| Summary of Debt and Finance Leases |
The following is a summary of our debt and finance leases as of March 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 | 4 | | | 2 | | | 6 | | | — | | | 4.70-5.75% | | April 2025-January 2031 | | Total recourse debt | 4 | | | 2 | | | 6 | | | 5,000 | | | | | | | Non-recourse debt: | | | | | | | | | | | | | Automotive Asset-backed Notes | 2,083 | | | 1,620 | | | 3,715 | | | — | | | 2.96-6.57% | | June 2026-June 2035 | | China Working Capital Facility | — | | | 2,755 | | | 2,755 | | | — | | | 1.92-2.11% | | April 2025-March 2026 (2) | | Energy Asset-backed Notes | 47 | | | 413 | | | 464 | | | — | | | 4.83-6.25% | | December 2025-June 2050 | | Cash Equity Debt | 30 | | | 290 | | | 328 | | | — | | | 5.25-5.81% | | July 2033-January 2035 | | Total non-recourse debt | 2,160 | | | 5,078 | | | 7,262 | | | — | | | | | | | Total debt | 2,164 | | | 5,080 | | | $ | 7,268 | | | $ | 5,000 | | | | | | | Finance leases | 73 | | | 212 | | | | | | | | | | | Total debt and finance leases | $ | 2,237 | | | $ | 5,292 | | | | | | | | | |
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)There are no restrictions on draw-down or use for general corporate purposes with respect to any available committed funds under our RCF Credit Agreement, except certain specified conditions prior to draw-down. Refer to the notes to the consolidated financial statements included in our reporting on Form 10-K for the year ended December 31, 2024 for the terms of the facility. (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.
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