Debt (Tables)

12 Months Ended

Dec. 31, 2025

The following is a summary of our debt and finance leases as of December 31, 2025 (in millions):


	Net Carrying Value				Unpaid Principal Balance		Unused Committed Amount (1)		Contractual Interest Rates	Contractual Maturity Date
	Current		Long-Term
Recourse debt:
RCF Credit Agreement	—		—		—		5,000		Not applicable	January 2028
Other	1		2		3		—		4.70-5.75%	January 2026-January 2031
Total recourse debt	1		2		3		5,000
Non-recourse debt:
Automotive Asset-backed Notes	1,492		1,745		3,249		—		2.47-6.57%	October 2026-June 2035
China Working Capital Facility	—		4,288		4,288		1,429		2.01-2.11%	March 2026-December 2026 (2)
Energy Asset-backed Notes	55		337		397		—		5.08-6.25%	June 2050
Cash Equity Debt	21		212		240		—		5.25-5.81%	July 2034-January 2035
Total non-recourse debt	1,568		6,582		8,174		1,429
Total debt	1,569		6,584		$	8,177	$	6,429
Finance leases	71		152
Total debt and finance leases	$	1,640	$	6,736

The following is a summary of our debt and finance leases as of December 31, 2024 (in millions):


	Net Carrying Value				Unpaid Principal Balance		Unused Committed Amount (1)		Contractual Interest Rates		Contractual Maturity Date
	Current		Long-Term
Recourse debt:
RCF Credit Agreement	—		—		—		5,000		Not applicable		January 2028
Other	4		3		7		—		4.70-5.75%		March 2025-January 2031
Total recourse debt	4		3		7		5,000
Non-recourse debt:
Automotive Asset-backed Notes	2,255		2,059		4,329		—		3.45-6.57%		September 2025-June 2035
China Working Capital Facility	—		2,740		2,740		—		1.92	%	April 2025 (2)
Energy Asset-backed Notes	54		434		493		—		4.80-6.25%		December 2025-June 2050
Cash Equity Debt	30		299		338		—		5.25-5.81%		July 2033-January 2035
Total non-recourse debt	2,339		5,532		7,900		—
Total debt	2,343		5,535		$	7,907	$	5,000
Finance leases	113		222
Total debt and finance leases	$	2,456	$	5,757

(1)Refer to the respective sections below for restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our debt facilities, as applicable.

(2)As we have the intent and ability to refinance the loan on a long-term basis, we recorded it in Debt and finance leases, net of current portion in the consolidated balance sheets.

Schedule of Future Principal Maturities of Debt

The future scheduled principal maturities of debt as of December 31, 2025 were as follows (in millions):


	Recourse debt		Non-recourse debt		Total
2026	$	1	$	1,575	$	1,576
2027	—		1,233		1,233
2028	—		649		649
2029	—		4,386		4,386
2030	2		87		89
Thereafter	—		244		244
Total	$	3	$	8,174	$	8,177