| Summary of Debt and Finance Leases |
The following is a summary of our debt and finance leases as of September 30, 2022 (in millions):
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Unpaid |
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Unused |
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Net Carrying Value |
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Principal |
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Committed |
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Contractual |
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Contractual |
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Current |
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Long-Term |
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Balance |
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Amount (1) |
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Interest Rates |
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Maturity Date |
Recourse debt: |
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2024 Notes |
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$ |
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— |
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$ |
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44 |
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$ |
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45 |
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$ |
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— |
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2.00 |
% |
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May 2024 |
Credit Agreement |
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— |
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— |
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— |
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2,266 |
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Not applicable |
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July 2023 |
Solar Bonds |
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— |
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7 |
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7 |
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— |
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4.70-5.75 |
% |
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March 2025-January 2031 |
Total recourse debt |
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— |
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51 |
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52 |
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2,266 |
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Non-recourse debt: |
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Automotive Asset-backed Notes |
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949 |
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972 |
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1,927 |
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— |
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0.36-5.48 |
% |
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December 2022-September 2025 |
Solar Asset-backed Notes |
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4 |
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14 |
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18 |
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— |
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4.80 |
% |
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December 2026 |
Cash Equity Debt |
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26 |
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370 |
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406 |
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— |
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5.25-5.81 |
% |
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July 2033-January 2035 |
Automotive Lease-backed Credit Facilities |
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— |
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— |
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— |
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139 |
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Not applicable |
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September 2024 |
Other Loans |
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— |
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11 |
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11 |
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— |
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5.10 |
% |
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February 2033 |
Total non-recourse debt |
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979 |
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1,367 |
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2,362 |
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139 |
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Total debt |
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979 |
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1,418 |
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$ |
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2,414 |
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$ |
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2,405 |
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Finance leases |
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478 |
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678 |
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Total debt and finance leases |
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$ |
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1,457 |
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$ |
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2,096 |
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The following is a summary of our debt and finance leases as of December 31, 2021 (in millions):
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Unpaid |
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Unused |
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Net Carrying Value |
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Principal |
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Committed |
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Contractual |
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Contractual |
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Current |
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Long-Term |
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Balance |
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Amount (1) |
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Interest Rates |
|
Maturity Date |
Recourse debt: |
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2022 Notes |
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$ |
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29 |
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$ |
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— |
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$ |
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29 |
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$ |
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— |
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2.375 |
% |
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March 2022 |
2024 Notes |
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1 |
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89 |
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|
91 |
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— |
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2.00 |
% |
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May 2024 |
Credit Agreement |
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— |
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1,250 |
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1,250 |
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920 |
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3.25 |
% |
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July 2023 |
Solar Bonds |
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0 |
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7 |
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7 |
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— |
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4.00-5.75 |
% |
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January 2022-January 2031 |
Total recourse debt |
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30 |
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1,346 |
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1,377 |
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920 |
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Non-recourse debt: |
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Automotive Asset-backed Notes |
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1,007 |
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1,706 |
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2,723 |
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— |
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0.12%-5.48 |
% |
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September 2022-September 2025 |
Solar Asset and Loan-backed Notes |
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27 |
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800 |
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|
844 |
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— |
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2.87%-7.74 |
% |
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September 2024-September 2049 |
Cash Equity Debt |
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24 |
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388 |
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|
422 |
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— |
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5.25-5.81 |
% |
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July 2033-January 2035 |
Automotive Lease-backed Credit Facilities |
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— |
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|
— |
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|
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|
— |
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|
167 |
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Not applicable |
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September 2023 |
Other Loans |
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|
— |
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|
14 |
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|
14 |
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21 |
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5.10 |
% |
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February 2033 |
Total non-recourse debt |
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1,058 |
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2,908 |
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4,003 |
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|
188 |
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Total debt |
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1,088 |
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4,254 |
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$ |
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5,380 |
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$ |
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1,108 |
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Finance leases |
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|
501 |
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|
991 |
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Total debt and finance leases |
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$ |
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1,589 |
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$ |
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5,245 |
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(1)There are no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our credit facilities, except certain specified conditions prior to draw-down, including pledging to our lenders sufficient amounts of qualified receivables, inventories, leased vehicles and our interests in those leases or various other assets and as may be described below and in the notes to the consolidated financial statements included in our report on Form 10-K for the year ended December 31, 2021.
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| Schedule of Interest Expense |
The following table presents the interest expense related to the contractual interest coupon and the amortization of debt issuance costs, which include the 1.25% Convertible Senior Notes due in 2021 (fully settled in March 2021), the 2022 Notes (fully settled in March 2022) and the 2024 Notes (in millions):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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|
2021 |
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|
2022 |
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|
2021 |
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Contractual interest coupon |
|
$ |
0 |
|
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$ |
1 |
|
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$ |
1 |
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$ |
11 |
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Amortization of debt issuance costs |
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0 |
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|
1 |
|
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|
1 |
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|
4 |
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Total |
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$ |
0 |
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|
$ |
2 |
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|
$ |
2 |
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$ |
15 |
|
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