Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 21, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | TSLA | |
Security 12b Title | Common stock | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | Tesla, Inc. | |
Entity Central Index Key | 0001318605 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,004,264,852 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-34756 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 91-2197729 | |
Entity Address, Address Line One | 3500 Deer Creek Road | |
Entity Address, City or Town | Palo Alto | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94304 | |
City Area Code | 650 | |
Local Phone Number | 681-5000 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 16,065 | $ 19,384 |
Short-term marketable securities | 30 | |
Accounts receivable, net | 1,962 | 1,886 |
Inventory | 5,199 | 4,101 |
Prepaid expenses and other current assets | 1,746 | 1,346 |
Total current assets | 25,002 | 26,717 |
Property, plant and equipment, net | 17,298 | 12,747 |
Operating lease right-of-use assets | 1,962 | 1,558 |
Digital assets, net | 1,260 | 0 |
Intangible assets, net | 269 | 313 |
Goodwill | 201 | 207 |
Other non-current assets | 1,854 | 1,536 |
Total assets | 57,834 | 52,148 |
Current liabilities | ||
Accounts payable | 8,260 | 6,051 |
Accrued liabilities and other | 5,443 | 3,855 |
Deferred revenue | 1,801 | 1,458 |
Customer deposits | 831 | 752 |
Current portion of debt and finance leases | 1,716 | 2,132 |
Total current liabilities | 18,051 | 14,248 |
Debt and finance leases, net of current portion | 6,438 | 9,556 |
Deferred revenue, net of current portion | 1,365 | 1,284 |
Other long-term liabilities | 3,486 | 3,330 |
Total liabilities | 29,340 | 28,418 |
Commitments and contingencies (Note 12) | ||
Redeemable noncontrolling interests in subsidiaries | 605 | 604 |
Convertible senior notes (Note 10) | 51 | |
Stockholders' equity | ||
Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding | ||
Common stock; $0.001 par value; 2,000 shares authorized; [open] shares and 960 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 1 | 1 |
Additional paid-in capital | 28,922 | 27,260 |
Accumulated other comprehensive income | 120 | 363 |
Accumulated deficit | (1,990) | (5,399) |
Total stockholders' equity | 27,053 | 22,225 |
Noncontrolling interests in subsidiaries | 836 | 850 |
Total liabilities and equity | 57,834 | 52,148 |
Operating Lease Vehicles [Member] | ||
Current assets | ||
Operating lease vehicles, net | 4,167 | 3,091 |
Solar Energy Systems [Member] | ||
Current assets | ||
Solar energy systems, net | $ 5,821 | $ 5,979 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value | $ 0.001 | $ 0.001 |
Preferred stock shares authorized | 100,000,000 | 100,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock shares issued | 1,004,000,000 | 960,000,000 |
Common stock shares outstanding | 1,004,000,000 | 960,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | ||||
Total revenues | $ 13,757 | $ 8,771 | $ 36,104 | $ 20,792 |
Cost of revenues | ||||
Total cost of revenues | 10,097 | 6,708 | 27,345 | 16,228 |
Gross profit | 3,660 | 2,063 | 8,759 | 4,564 |
Operating expenses | ||||
Research and development | 611 | 366 | 1,853 | 969 |
Selling, general and administrative | 994 | 888 | 3,023 | 2,176 |
Restructuring and other | 51 | (27) | ||
Total operating expenses | 1,656 | 1,254 | 4,849 | 3,145 |
Income from operations | 2,004 | 809 | 3,910 | 1,419 |
Interest income | 10 | 6 | 31 | 24 |
Interest expense | (126) | (163) | (300) | (502) |
Other (expense) income, net | (6) | (97) | 67 | (166) |
Income before income taxes | 1,882 | 555 | 3,708 | 775 |
Provision for income taxes | 223 | 186 | 407 | 209 |
Net income (loss) | 1,659 | 369 | 3,301 | 566 |
Net income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries | 41 | 38 | 103 | 115 |
Net income attributable to common stockholders | 1,618 | 331 | 3,198 | 451 |
Less: Buy-out of noncontrolling interest | 31 | 31 | ||
Net income used in computing net income per share of common stock | $ 1,618 | $ 300 | $ 3,198 | $ 420 |
Net income (loss) per share of common stock attributable to common stockholders | ||||
Basic | $ 1.62 | $ 0.32 | $ 3.27 | $ 0.45 |
Diluted | $ 1.44 | $ 0.27 | $ 2.84 | $ 0.40 |
Weighted average shares used in computing net income (loss) per share of common stock | ||||
Basic | 998 | 937 | 977 | 927 |
Diluted | 1,123 | 1,105 | 1,130 | 1,059 |
Automobiles [Member] | ||||
Revenues | ||||
Revenues | $ 11,672 | $ 7,346 | $ 30,251 | $ 17,150 |
Automotive leasing | 385 | 265 | 1,014 | 772 |
Total revenues | 12,057 | 7,611 | 31,265 | 17,922 |
Cost of revenues | ||||
Cost of revenues | 8,150 | 5,361 | 21,726 | 12,774 |
Automotive leasing | 234 | 145 | 582 | 415 |
Total cost of revenues | 8,384 | 5,506 | 22,308 | 13,189 |
Energy Generation and Storage [Member] | ||||
Revenues | ||||
Total revenues | 806 | 579 | 2,101 | 1,242 |
Cost of revenues | ||||
Total cost of revenues | 803 | 558 | 2,179 | 1,189 |
Services And Other [Member] | ||||
Revenues | ||||
Revenues | 894 | 581 | 2,738 | 1,628 |
Cost of revenues | ||||
Total cost of revenues | 910 | 644 | 2,858 | 1,850 |
Automotive Segment [Member] | ||||
Revenues | ||||
Total revenues | 12,951 | 8,192 | 34,003 | 19,550 |
Cost of revenues | ||||
Gross profit | 3,657 | 2,042 | 8,837 | 4,511 |
Energy Generation And Storage Segment [Member] | ||||
Revenues | ||||
Total revenues | 806 | 579 | 2,101 | 1,242 |
Cost of revenues | ||||
Gross profit | $ 3 | $ 21 | $ (78) | $ 53 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,659 | $ 369 | $ 3,301 | $ 566 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (86) | 165 | (243) | 161 |
Comprehensive income | 1,573 | 534 | 3,058 | 727 |
Less: Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests in subsidiaries | 41 | 38 | 103 | 115 |
Comprehensive income attributable to common stockholders | $ 1,532 | $ 496 | $ 2,955 | $ 612 |
Consolidated Statements of Rede
Consolidated Statements of Redeemable Noncontrolling Interest and Stockholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | February 2020 Public Offering [Member] | At-the-Market Offering Program [Member] | Redeemable Noncontrolling Interests [Member] | Common Stock [Member] | Common Stock [Member]February 2020 Public Offering [Member] | Common Stock [Member]At-the-Market Offering Program [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]February 2020 Public Offering [Member] | Additional Paid-In Capital [Member]At-the-Market Offering Program [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Total Stockholder's Equity [Member] | Total Stockholder's Equity [Member]February 2020 Public Offering [Member] | Total Stockholder's Equity [Member]At-the-Market Offering Program [Member] | Noncontrolling Interests in Subsidiaries [Member] |
Redeemable Noncontrolling Interests, Balance at Dec. 31, 2019 | $ 643 | |||||||||||||||
Balance at Dec. 31, 2019 | $ 7,467 | $ 1 | $ 12,736 | $ (6,083) | $ (36) | $ 6,618 | $ 849 | |||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | (37) | (37) | (37) | |||||||||||||
Balance, shares at Dec. 31, 2019 | 905 | |||||||||||||||
Reclassification between equity and mezzanine equity for convertible senior notes | (48) | (48) | (48) | |||||||||||||
Exercises of conversion feature of convertible senior notes | 97 | $ 0 | 97 | 97 | ||||||||||||
Exercises of conversion feature of convertible senior notes, Shares | 2 | |||||||||||||||
Issuance of common stock for equity incentive awards | 361 | $ 0 | 361 | 361 | ||||||||||||
Issuance of common stock for equity incentive awards, Shares | 15 | |||||||||||||||
Issuance of common stock market offering | $ 2,309 | $ 4,973 | $ 0 | $ 0 | $ 2,309 | $ 4,973 | $ 2,309 | $ 4,973 | ||||||||
Issuance of common stock market offering, shares | 15 | 11 | ||||||||||||||
Stock-based compensation | 1,177 | 1,177 | 1,177 | |||||||||||||
Contributions from noncontrolling interests | 17 | 6 | 17 | |||||||||||||
Distributions to noncontrolling interests | (107) | (52) | (107) | |||||||||||||
Buy-outs of noncontrolling interests | (31) | (2) | (31) | (31) | ||||||||||||
Net (loss) income | 553 | 13 | 451 | 451 | 102 | |||||||||||
Other comprehensive income (loss) | 161 | 161 | 161 | |||||||||||||
Redeemable Noncontrolling Interests, Balance at Sep. 30, 2020 | 608 | |||||||||||||||
Balance at Sep. 30, 2020 | 16,892 | $ 1 | 21,574 | (5,669) | 125 | 16,031 | 861 | |||||||||
Balance, shares at Sep. 30, 2020 | 948 | |||||||||||||||
Redeemable Noncontrolling Interests, Balance at Jun. 30, 2020 | 613 | |||||||||||||||
Balance at Jun. 30, 2020 | 10,724 | $ 1 | 15,894 | (6,000) | (40) | 9,855 | 869 | |||||||||
Balance, shares at Jun. 30, 2020 | 932 | |||||||||||||||
Reclassification between equity and mezzanine equity for convertible senior notes | (4) | $ 0 | (4) | (4) | ||||||||||||
Exercises of conversion feature of convertible senior notes | 32 | $ 0 | 32 | 32 | ||||||||||||
Exercises of conversion feature of convertible senior notes, Shares | 1 | |||||||||||||||
Issuance of common stock for equity incentive awards | 144 | $ 0 | 144 | 144 | ||||||||||||
Issuance of common stock for equity incentive awards, Shares | 4 | |||||||||||||||
Issuance of common stock market offering | $ 4,973 | $ 0 | $ 4,973 | $ 4,973 | ||||||||||||
Issuance of common stock market offering, shares | 11 | |||||||||||||||
Stock-based compensation | 566 | $ 0 | 566 | 566 | ||||||||||||
Contributions from noncontrolling interests | 4 | 0 | ||||||||||||||
Distributions to noncontrolling interests | (30) | (25) | 0 | (30) | ||||||||||||
Buy-outs of noncontrolling interests | 31 | 0 | 31 | 31 | ||||||||||||
Net (loss) income | 353 | 16 | 0 | 331 | 331 | 22 | ||||||||||
Other comprehensive income (loss) | 165 | 165 | 165 | |||||||||||||
Redeemable Noncontrolling Interests, Balance at Sep. 30, 2020 | 608 | |||||||||||||||
Balance at Sep. 30, 2020 | 16,892 | $ 1 | 21,574 | (5,669) | 125 | 16,031 | 861 | |||||||||
Balance, shares at Sep. 30, 2020 | 948 | |||||||||||||||
Redeemable Noncontrolling Interests, Balance at Dec. 31, 2020 | 604 | 604 | ||||||||||||||
Balance at Dec. 31, 2020 | 23,075 | $ 1 | 27,260 | (5,399) | 363 | 22,225 | 850 | |||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2020 | (263) | (474) | 211 | (263) | ||||||||||||
Balance, shares at Dec. 31, 2020 | 960 | |||||||||||||||
Exercises of conversion feature of convertible senior notes | 6 | $ 0 | 6 | 6 | ||||||||||||
Exercises of conversion feature of convertible senior notes, Shares | 1 | |||||||||||||||
Settlements of warrants | $ 0 | |||||||||||||||
Warrants Settlement Shares | 35 | |||||||||||||||
Issuance of common stock for equity incentive awards | 444 | $ 0 | 444 | 444 | ||||||||||||
Issuance of common stock for equity incentive awards, Shares | 8 | |||||||||||||||
Stock-based compensation | 1,686 | 1,686 | 1,686 | |||||||||||||
Contributions from noncontrolling interests | 2 | |||||||||||||||
Distributions to noncontrolling interests | (76) | (42) | (76) | |||||||||||||
Net (loss) income | 3,260 | 41 | 3,198 | 3,198 | 62 | |||||||||||
Other comprehensive income (loss) | (243) | (243) | (243) | |||||||||||||
Redeemable Noncontrolling Interests, Balance at Sep. 30, 2021 | 605 | 605 | ||||||||||||||
Balance at Sep. 30, 2021 | 27,889 | $ 1 | 28,922 | (1,990) | 120 | 27,053 | 836 | |||||||||
Balance, shares at Sep. 30, 2021 | 1,004 | |||||||||||||||
Redeemable Noncontrolling Interests, Balance at Jun. 30, 2021 | 605 | |||||||||||||||
Balance at Jun. 30, 2021 | 25,645 | $ 1 | 28,205 | (3,608) | 206 | 24,804 | 841 | |||||||||
Balance, shares at Jun. 30, 2021 | 984 | |||||||||||||||
Exercises of conversion feature of convertible senior notes | 1 | $ 0 | 1 | 1 | ||||||||||||
Exercises of conversion feature of convertible senior notes, Shares | 0 | |||||||||||||||
Settlements of warrants | $ 0 | |||||||||||||||
Warrants Settlement Shares | 18 | |||||||||||||||
Issuance of common stock for equity incentive awards | 192 | $ 0 | 192 | 192 | ||||||||||||
Issuance of common stock for equity incentive awards, Shares | 2 | |||||||||||||||
Stock-based compensation | 524 | 524 | 524 | |||||||||||||
Distributions to noncontrolling interests | (30) | 16 | (30) | |||||||||||||
Net (loss) income | 1,643 | 16 | 1,618 | 1,618 | 25 | |||||||||||
Other comprehensive income (loss) | (86) | (86) | (86) | |||||||||||||
Redeemable Noncontrolling Interests, Balance at Sep. 30, 2021 | 605 | $ 605 | ||||||||||||||
Balance at Sep. 30, 2021 | $ 27,889 | $ 1 | $ 28,922 | $ (1,990) | $ 120 | $ 27,053 | $ 836 | |||||||||
Balance, shares at Sep. 30, 2021 | 1,004 |
Consolidated Statements of Re_2
Consolidated Statements of Redeemable Noncontrolling Interest and Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
February 2020 Public Offering [Member] | ||
Common stock public offering issuance costs | $ 28 | |
At-the-Market Offering Program [Member] | ||
Common stock public offering issuance costs | $ 26 | $ 26 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 3,301 | $ 566 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation, amortization and impairment | 2,063 | 1,704 |
Stock-based compensation | 1,563 | 1,101 |
Inventory and purchase commitments write-downs | 128 | 140 |
Foreign currency transaction net loss | 8 | 144 |
Non-cash interest and other operating activities | 213 | 327 |
Digital assets gain, net | (27) | 0 |
Changes in operating assets and liabilities, net of effect of business combinations: | ||
Accounts receivable | (148) | (550) |
Inventory | (1,175) | (602) |
Operating lease vehicles | (1,526) | (640) |
Prepaid expenses and other current assets | (287) | (290) |
Other non-current assets | (744) | (105) |
Accounts payable and accrued liabilities | 2,764 | 765 |
Deferred revenue | 452 | 118 |
Customer deposits | 80 | (15) |
Other long-term liabilities | 247 | 261 |
Net cash provided by operating activities | 6,912 | 2,924 |
Cash Flows from Investing Activities | ||
Purchases of property and equipment excluding finance leases, net of sales | (4,672) | (2,006) |
Purchases of solar energy systems, net of sales | (28) | (62) |
Purchases of digital assets | (1,500) | 0 |
Proceeds from sales of digital assets | 272 | 0 |
Purchases of marketable securities | (30) | |
Receipt of government grants | 6 | 1 |
Purchase of intangible assets | (1,500) | (5) |
Business combinations, net of cash acquired | 0 | (13) |
Net cash used in investing activities | (5,952) | (2,085) |
Cash Flows from Financing Activities | ||
Proceeds from issuances of common stock in public offerings, net of issuance costs | 0 | 7,282 |
Proceeds from issuances of convertible and other debt | 7,633 | 7,826 |
Repayments of convertible and other debt | (11,589) | (7,537) |
Collateralized lease repayments | (9) | (224) |
Proceeds from exercises of stock options and other stock issuances | 445 | 361 |
Principal payments on finance leases | (311) | (248) |
Debt issuance costs | (9) | (6) |
Proceeds from investments by noncontrolling interests in subsidiaries | 2 | 23 |
Distributions paid to noncontrolling interests in subsidiaries | (108) | (163) |
Payments for buy-outs of noncontrolling interests in subsidiaries | 0 | (33) |
Net cash (used in) provided by financing activities | (3,946) | 7,281 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (221) | 100 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (3,207) | 8,220 |
Cash and cash equivalents and restricted cash, beginning of period | 19,901 | 6,783 |
Cash and cash equivalents and restricted cash, end of period | 16,694 | 15,003 |
Supplemental Non-Cash Investing and Financing Activities | ||
Acquisitions of property and equipment included in liabilities | 2,040 | 913 |
Leased assets obtained in exchange for finance lease liabilities | 355 | 116 |
Leased assets obtained in exchange for operating lease liabilities | $ 670 | $ 333 |
Overview
Overview | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Overview | Note 1 – Overview Tesla, Inc. (“Tesla”, the “Company”, “we”, “us” or “our”) was incorporated in the State of Delaware on July 1, 2003. We design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell solar energy generation and energy storage products. Our Chief Executive Officer, as the chief operating decision maker (“CODM”), organizes our company, manages resource allocations and measures performance among two operating and reportable segments: (i) automotive and (ii) energy generation and storage. Beginning in the first quarter of 2021, there has been a trend in many parts of the world of increasing availability and administration of vaccines against COVID-19, as well as an easing of restrictions on social, business, travel and government activities and functions. On the other hand, infection rates and regulations continue to fluctuate in various regions and there are ongoing global impacts resulting from the pandemic, including challenges and increases in costs for logistics and supply chains, such as increased port congestion, intermittent supplier delays and a shortfall of semiconductor supply. We have also previously been affected by temporary manufacturing closures, employment and compensation adjustments and impediments to administrative activities supporting our product deliveries and deployments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Unaudited Interim Financial Statements The consolidated balance sheet as of September 30, 2021, the consolidated statements of operations, the consolidated statements of comprehensive income, the consolidated statements of redeemable noncontrolling interests and equity for the three and nine months ended September 30, 2021 and 2020 and the consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2020 was derived from the audited consolidated financial statements as of that date. The interim consolidated financial statements and the accompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanying notes contained in our Annual Report on Form 10-K for the year ended December 31, 2020. The interim consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future years or interim periods. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets which could impact our estimates and assumptions. We have assessed the impact and are not aware of any specific events or circumstances that required an update to our estimates and assumptions or materially affected the carrying value of our assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. Revenue Recognition Revenue by source The following table disaggregates our revenue by major source (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Automotive sales without resale value guarantee $ 11,230 $ 6,788 $ 28,575 $ 15,578 Automotive sales with resale value guarantee 163 161 525 393 Automotive regulatory credits 279 397 1,151 1,179 Energy generation and storage sales 662 439 1,698 837 Services and other 894 581 2,738 1,628 Total revenues from sales and services 13,228 8,366 34,687 19,615 Automotive leasing 385 265 1,014 772 Energy generation and storage leasing 144 140 403 405 Total revenues $ 13,757 $ 8,771 $ 36,104 $ 20,792 Automotive Segment Automotive Sales Revenue Automotive Sales with and without Resale Value Guarantee We recognize revenue when control transfers upon delivery to customers in accordance with ASC 606 as a sale with a right of return when we do not believe the customer has a significant economic incentive to exercise the resale value guarantee provided to them at contract inception. The total sales return reserve on vehicles previously sold under our buyback options program was $ 526 million and $ 703 million as of September 30, 2021 and December 31, 2020, respectively, of which $ 201 million and $ 202 million was short term, respectively. Deferred revenue is related to the access to our Supercharger network, internet connectivity, Full Self Driving (“FSD”) features and over-the-air software updates on automotive sales with and without resale value guarantee, which amounted to $ 2.22 billion and $ 1.93 billion as of September 30, 2021 and December 31, 2020, respectively. Deferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the balance sheet date. Revenue recognized from the deferred revenue balance as of December 31, 2020 and 2019 was $ 230 million and $ 223 million for the nine months ended September 30, 2021 and 2020, respectively. Of the total deferred revenue on automotive sales with and without resale value guarantees as of September 30, 2021, we expect to recognize $ 1.39 billion of revenue in the next 12 months. The remaining balance will be recognized over the performance period which is generally the expected ownership life of the vehicle or the eight-year life of the vehicle. Automotive Regulatory Credits We earn tradable credits in the operation of our automotive business under various regulations related to zero-emission vehicles, greenhouse gas, fuel economy and clean fuel. We sell these credits to other regulated entities who can use the credits to comply with emission standards and other regulatory requirements. Payments for automotive regulatory credits are typically received at the point control transfers to the customer, or in accordance with payment terms customary to the business. We recognize revenue on the sale of automotive regulatory credits at the time control of the regulatory credits is transferred to the purchasing party as automotive sales revenue in the consolidated statements of operations. Deferred revenue related to sales of automotive regulatory credits was $ 20 million and $ 21 million as of September 30, 2021 and December 31, 2020, respectively. We expect to recognize the majority of the deferred revenue as of September 30, 2021 in the next 12 months . Revenue recognized from the deferred revenue balance as of December 31, 2020 and 2019 was immaterial and $ 140 million for the nine months ended September 30, 2021 and 2020, respectively. Automotive Leasing Revenue Direct Sales-Type Leasing Program For the three and nine months ended September 30, 2021, we recognized $ 59 million and $ 156 million, respectively, of sales-type leasing revenue and $ 35 million and $ 97 million, respectively, of sales-type leasing cost of revenue. For the three and nine months ended September 30, 2020 , we recognized $ 59 million and $ 63 million, respectively, of sales-typing leasing revenue and $ 41 million and $ 44 million, respectively, of sales-type leasing cost of revenue. Net investment in sales-type leases, which is the sum of the present value of the future contractual lease payments, is presented on the consolidated balance sheets as a component of prepaid expenses and other current assets for the current portion and as other non-current assets for the long-term portion. Lease receivables relating to sales-type leases are presented on the consolidated balance sheets as follows (in millions): September 30, 2021 December 31, 2020 Gross lease receivables $ 221 $ 102 Unearned interest income ( 23 ) ( 11 ) Net investment in sales-type leases $ 198 $ 91 Reported as: Prepaid expenses and other current assets $ 38 $ 17 Other non-current assets 161 74 Net investment in sales-type leases $ 198 $ 91 Energy Generation and Storage Segment Energy Generation and Storage Sales We record as deferred revenue any non-refundable amounts that are collected from customers related to fees charged for prepayments and remote monitoring service and operations and maintenance service, which is recognized as revenue ratably over the respective customer contract term. As of September 30, 2021 and December 31, 2020, deferred revenue related to such customer payments amounted to $ 262 million and $ 187 million, respectively. Revenue recognized from the deferred revenue balance as of December 31, 2020 and 2019 was $ 90 million and $ 31 million for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, total transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied for contracts with an original expected length of more than one year was $ 152 million. Of this amount, we expect to recognize $ 9 million in the next 12 months and the remaining over a period up to 26 years. Income Taxes There are transactions that occur during the ordinary course of business for which the ultimate tax determination is uncertain. As of September 30, 2021 and December 31, 2020, the aggregate balances of our gross unrecognized tax benefits were $ 411 million and $ 380 million, respectively, of which $ 359 million and $ 353 million, respectively, would not give rise to changes in our effective tax rate since these tax benefits would increase a deferred tax asset that is currently fully offset by a valuation allowance. The local government of Shanghai granted a beneficial corporate income tax rate of 15 % to certain eligible enterprises, compared to the 25 % statutory corporate income tax rate in China. Our Gigafactory Shanghai subsidiary was granted this beneficial income tax rate of 15 % for 2019 through 2023. We file income tax returns in the U.S., California and various state and foreign jurisdictions. We are currently under examination by the IRS for the years 2015 to 2018 . Additional tax years within the periods 2004 to 2014 and 2019 to 2020 remain subject to examination for federal income tax purposes, and 2004 and subsequent tax years remain subject to examination for California income tax purposes. All net operating losses and tax credits generated to date are subject to adjustment for U.S. federal and California income tax purposes. Our returns for 2008 and subsequent tax years remain subject to examination in other U.S. state and foreign jurisdictions. The potential outcome of the current examination could result in a change to unrecognized tax benefits within the next twelve months. However, we cannot reasonably estimate possible adjustments at this time. Net Income per Share of Common Stock Attributable to Common Stockholders Basic net income per share of common stock attributable to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards, warrants and convertible senior notes using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income per share of common stock attributable to common stockholders when their effect is dilutive. On January 1, 2021, we adopted ASU 2020-06 using the modified retrospective method. Following this adoption, we utilize the if-converted method for diluted net income per share calculation of our convertible debt instruments (see Recent Accounting Pronouncements section below for further details). During the three and nine months ended September 30, 2021 , we increased net income attributable to common stockholders by $ 1 million and $ 8 million, respectively, to arrive at the numerator used to calculate diluted net income per share, which represents the interest expense recognized on the convertible debt instruments that were subject to this change in methodology. Prior to the adoption, we applied the treasury stock method when calculating the potential dilutive effect, if any, of the following convertible senior notes which we intended to settle or have settled in cash the principal outstanding. Furthermore, in connection with the offerings of our convertible senior notes, we entered into convertible note hedges and warrants (see Note 10, Debt ). However, our convertible note hedges are not included when calculating potentially dilutive shares since their effect is always anti-dilutive. The strike price on the warrants were below our average share price during the period and were in the money and included in the tables below. Warrants have been included in the weighted-average shares used in computing basic net income per share of common stock in the period(s) they are settled. The following table presents the reconciliation of basic to diluted weighted average shares used in computing net income per share of common stock attributable to common stockholders (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average shares used in computing 998 937 977 927 Add: Stock-based awards 98 74 101 59 Convertible senior notes (1) 4 52 12 45 Warrants 23 42 40 28 Weighted average shares used in computing 1,123 1,105 1,130 1,059 The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income per share of common stock attributable to common stockholders, because their effect was anti-dilutive (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock-based awards 0 1 0 0 Convertible senior notes (1) 0 0 0 1 (1) Under the modified retrospective method of adoption of ASU 2020-06, the dilutive impact of convertible senior notes was calculated using the if-converted method for the three and nine months ended September 30, 2021. Certain convertible senior notes were calculated using the treasury stock method for the three and nine months ended September 30, 2020. Refer to discussion above for further details . Restricted Cash We maintain certain cash balances restricted as to withdrawal or use. Our restricted cash is comprised primarily of cash held to service certain payments under various secured debt facilities. In addition, restricted cash includes cash held as collateral for certain permits as well as sales to lease partners with a resale value guarantee, letters of credit, real estate leases, insurance policies, credit card borrowing facilities, certain operating leases and cash received from certain fund investors that have not been released for use by us. We record restricted cash as other assets in the consolidated balance sheets and determine current or non-current classification based on the expected duration of the restriction. Our total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, was as follows (in millions): September 30, December 31, September 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 16,065 $ 19,384 $ 14,531 $ 6,268 Restricted cash included in prepaid expenses and other 327 238 174 246 Restricted cash included in other non-current assets 302 279 298 269 Total as presented in the consolidated statements of cash flows $ 16,694 $ 19,901 $ 15,003 $ 6,783 Marketable Securities Marketable securities may be comprised of a combination of U.S government securities and corporate debt securities and are all designated as available-for-sale and reported at estimated fair value, with unrealized gains and losses recorded in accumulated other comprehensive income which is included within stockholders’ equity. Available-for-sale marketable securities with maturities greater than three months at the date of purchase are included in short-term marketable securities on our consolidated balance sheet. Interest, dividends, amortization and accretion of purchase premiums and discounts on our marketable securities are included in other income (expense), net. The cost of available-for-sale marketable securities sold is based on the specific identification method. Realized gains and losses on the sale of available-for-sale marketable securities are recorded in other income (expense), net. We regularly review all of our marketable securities for declines in fair value. The review includes but is not limited to (i) the consideration of the cause of the decline, (ii) any currently recorded expected credit losses, and (iii) the creditworthiness of the respective security issuers. Accoun ts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily include amounts related to receivables from financial institutions and leasing companies offering various financing products to our customers, sales of energy generation and storage products, sales of regulatory credits to other automotive manufacturers, government rebates already passed through to customers and maintenance services on vehicles owned by leasing companies. We provide an allowance against accounts receivable for the amount we expect to be uncollectible. We write-off accounts receivable against the allowance when they are deemed uncollectible. Depending on the day of the week on which the end of a fiscal quarter falls, our accounts receivable balance may fluctuate as we are waiting for certain customer payments to clear through our banking institutions and receipts of payments from our financing partners, which can take up to approximately two weeks based on the contractual payment terms with such partners. Our accounts receivable balances associated with our sales of regulatory credits, which are typically transferred to other manufacturers during the last few days of the quarter, is dependent on contractual payment terms. Additionally, government rebates can take up to a year or more to be collected depending on the customary processing timelines of the specific jurisdictions issuing them. These various factors may have a significant impact on our accounts receivable balance from period to period. As of September 30, 2021 and December 31, 2020, we had $ 384 million and $ 46 million of long-term government rebates receivables in Other non-current assets on our consolidated balance sheets. MyPower Customer Notes Receivable As of September 30, 2021 and December 31, 2020, the total outstanding balance of MyPower customer notes receivable, net of allowance for credit losses, was $ 304 million and $ 334 million, respectively, of which $ 11 million and $ 9 million were due in the next 12 months as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 and December 31, 2020, the allowance for credit losses was $ 45 million. In addition, there were no material non-accrual or past due customer notes receivable as of September 30, 2021 and December 31, 2020 . Concentration of Risk Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist of cash, cash equivalents, marketable securities, restricted cash, accounts receivable, convertible note hedges, and interest rate swaps. Our cash balances are primarily invested in money market funds or on deposit at high credit quality financial institutions in the U.S. These deposits are typically in excess of insured limits. As of September 30, 2021 and December 31, 2020 , no entity represented 10 % or more of our total accounts receivable balance. The risk of concentration for our convertible note hedges and interest rate swaps is mitigated by transacting with several highly-rated multinational banks. Supply Risk We are dependent on our suppliers, including single source suppliers, and the inability of these suppliers to deliver necessary components of our products in a timely manner at prices, quality levels and volumes acceptable to us, or our inability to efficiently manage these components from these suppliers, could have a material adverse effect on our business, prospects, financial condition and operating results. Operating Lease Vehicles The gross cost of operating lease vehicles as of September 30, 2021 and December 31, 2020 was $ 4.85 billion and $ 3.54 billion, respectively. Operating lease vehicles on the consolidated balance sheets are presented net of accumulated depreciation of $ 683 million and $ 446 million as of September 30, 2021 and December 31, 2020 , respectively. Digital Assets, Net During the nine months ended September 30, 2021, we purchased an aggregate of $ 1.50 billion in bitcoin. In addition, during the three months ended March 31, 2021, we accepted bitcoin as a payment for sales of certain of our products in specified regions, subject to applicable laws, and suspended this practice in May 2021. We may in the future restart the practice of transacting in cryptocurrencies ("digital assets") for our products and services. We account for such non-cash consideration at the time we enter into transactions with our customers in accordance with the non-cash consideration guidance included in the Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , based on the then current quoted market prices of the digital assets. We currently account for all digital assets held as a result of these transactions as indefinite-lived intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other . We have ownership of and control over our digital assets and we may use third-party custodial services to secure it. The digital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheet at cost, net of any impairment losses incurred since acquisition. We determine the fair value of our digital assets on a nonrecurring basis in accordance with ASC 820, Fair Value Measurement , based on quoted prices on the active exchange(s) that we have determined is the principal market for such assets (Level 1 inputs). We perform an analysis each quarter to identify whether events or changes in circumstances, principally decreases in the quoted prices on active exchanges, indicate that it is more likely than not that our digital assets are impaired. In determining if an impairment has occurred, we consider the lowest market price of one unit of digital asset quoted on the active exchange since acquiring the digital asset. If the then current carrying value of a digital asset exceeds the fair value so determined, an impairment loss has occurred with respect to those digital assets in the amount equal to the difference between their carrying values and the price determined. Impairment losses are recognized within Restructuring and other in the consolidated statements of operations in the period in which the impairment is identified. The impaired digital assets are written down to their fair value at the time of impairment and this new cost basis will not be adjusted upward for any subsequent increase in fair value. Gains are not recorded until realized upon sale(s), at which point they are presented net of any impairment losses for the same digital assets held within Restructuring and other. In determining the gain to be recognized upon sale, we calculate the difference between the sales price and carrying value of the digital assets sold immediately prior to sale. See Note 3, Digital Assets, Net , for further information regarding digital assets. Warranties We provide a manufacturer’s warranty on all new and used vehicles and a warranty on the installation and components of the energy generation and storage systems we sell for periods typically between 10 to 25 years. We accrue a warranty reserve for the products sold by us, which includes our best estimate of the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given our relatively short history of sales, and changes to our historical or projected warranty experience may cause material changes to the warranty reserve in the future. The warranty reserve does not include projected warranty costs associated with our vehicles subject to operating lease accounting and our solar energy systems under lease contracts or Power Purchase Agreements ("PPAs"), as the costs to repair these warranty claims are expensed as incurred. The portion of the warranty reserve expected to be incurred within the next 12 months is included within Accrued liabilities and other, while the remaining balance is included within Other long-term liabilities on the consolidated balance sheets. Warranty expense is recorded as a component of Cost of revenues in the consolidated statements of operations. Due to the magnitude of our automotive business, accrued warranty balance is primarily related to our automotive segment. Accrued warranty activity consisted of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Accrued warranty—beginning of period $ 1,691 $ 1,197 $ 1,468 $ 1,089 Warranty costs incurred ( 140 ) ( 77 ) ( 381 ) ( 220 ) Net changes in liability for pre-existing warranties, ( 64 ) ( 26 ) ( 22 ) 6 Provision for warranty 249 175 671 394 Accrued warranty—end of period $ 1,736 $ 1,269 $ 1,736 $ 1,269 Recent Accounting Pronouncements Recently adopted accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU include removing exceptions to incremental intraperiod tax allocation of losses and gains from different financial statement components, exceptions to the method of recognizing income taxes on interim period losses, and exceptions to deferred tax liability recognition related to foreign subsidiary investments. In addition, the ASU requires that entities recognize franchise tax based on an incremental method and requires an entity to evaluate the accounting for step-ups in the tax basis of goodwill as inside or outside of a business combination. We adopted ASU 2019-12 starting 2021, which did not have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). The ASU provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate (e.g., LIBOR) reform if certain criteria are met, for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The ASU is effective as of March 12, 2020 through December 31, 2022. We continue to evaluate transactions or contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis. We adopted ASU 2020-04 during 2021. The ASU has not and is currently not expected to have a material impact on our consolidated financial statements. In May 2021, the FASB issued ASU No. 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The ASU addresses the previous lack of specific guidance in the accounting standards codification related to modifications or exchanges of freestanding equity-classified written call options (such as warrants) by specifying the accounting for various modification scenarios. The ASU is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted for any periods after issuance to be applied as of the beginning of the fiscal year that includes the interim period. We adopted the ASU during 2021 as of the beginning of our fiscal year, which did not have a material impact on our consolidated financial statements. ASU 2020-06 In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies the accounting for convertible instruments by removing certain separation models in ASC 470-20, Debt—Debt with Conversion and Other Options, for convertible instruments. The ASU updates the guidance on certain embedded conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital, such that those features are no longer required to be separated from the host contract. The convertible debt instruments will be accounted for as a single liability measured at amortized cost. This will also result in the interest expense recognized for convertible debt instruments to be typically closer to the coupon interest rate when applying the guidance in Topic 835, Interest. Further, the ASU made amendments to the EPS guidance in Topic 260 for convertible debt instruments, the most significant impact of which is requiring the use of the if-converted method for diluted EPS calculation, and no longer allowing the net share settlement method. The ASU also made revisions to Topic 815-40, which provides guidance on how an entity must determine whether a contract qualifies for a scope exception from derivative accounting. The amendments to Topic 815-40 change the scope of contracts that are recognized as assets or liabilities. The ASU is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted for periods beginning after December 15, 2020. Adoption of the ASU can either be on a modified retrospective or full retrospective basis. On January 1, 2021, we adopted the ASU using the modified retrospective method. We recognized a cumulative effect of initially applying the ASU as an adjustment to the January 1, 2021 opening balance of accumulated deficit. Due to the recombination of the equity conversion component of our convertible debt remaining outstanding, additional paid in capital and convertible senior notes (mezzanine equity) were reduced. The removal of the remaining debt discounts recorded for this previous separation had the effect of increasing our net debt balance and the reduction of property, plant and equipment was related to previously capitalized interest. The prior period consolidated financial statements have not been retrospectively adjusted and continue to be reported under the accounting standards in effect for those periods. Accordingly, the cumulative effect of the changes made on our January 1, 2021 consolidated balance sheet for the adoption of the ASU was as follows (in millions): Balances at Adjustments from Balances at Assets Property, plant and equipment, net $ 12,747 $ ( 45 ) $ 12,702 Liabilities Current portion of debt and finance leases 2,132 50 2,182 Debt and finance leases, net of current portion 9,556 219 9,775 Mezzanine equity Convertible senior notes 51 ( 51 ) — Equity Additional paid-in capital 27,260 ( 474 ) 26,786 Accumulated deficit ( 5,399 ) 211 ( 5,188 ) The impact of adoption on our consolidated statements of operations for the three and nine months ended September 30, 2021 was primarily to decrease net interest expense by $ 5 million and $ 196 million, respectively, and to decrease depreciation expense by immaterial amounts. This had the effect of increasing our basic and diluted net income per share of common stock attributable to common stockholders by $ 0.01 for the three months ended September 30, 2021 and by $ 0.21 and $ 0.19 , respectively, for the nine months ended September 30, 2021 . The change in methodology to determine the denominator used in the calculation of diluted net income per share of common stock attributable to common stockholders contributed less than $ 0.01 of the increase by requiring the use of the if-converted method as discussed above for the three and nine months ended September 30, 2021. |
Digital Assets, Net
Digital Assets, Net | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Digital Assets, Net | Note 3 – Digital Assets, Net During the nine months ended September 30, 2021, we purchased and received $ 1.50 billion of bitcoin. During the three and nine months ended September 30, 2021 , we recorded $ 51 million and $ 101 million, respectively, of impairment losses on such digital assets. We also realized gains of $ 128 million in March 2021. Such gains are presented net of impairment losses in Restructuring and other in the consolidated statement of operations. As of September 30, 2021, the carrying value of our digital assets held was $ 1.26 billion , which reflects cumulative impairments of $ 101 million. The fair market value of such digital assets held as of September 30, 2021 was $ 1.83 billion. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 4 – Intangible Assets Information regarding our intangible assets including assets recognized from our acquisitions was as follows (in millions): September 30, 2021 December 31, 2020 Gross Carrying Accumulated Other Net Carrying Gross Carrying Accumulated Other Net Carrying Finite-lived Developed technology $ 299 $ ( 141 ) $ 3 $ 161 $ 302 $ ( 111 ) $ 3 $ 194 Trade names 2 ( 1 ) — 1 3 ( 1 ) — 2 Favorable contracts and 113 ( 38 ) — 75 113 ( 32 ) — 81 Other 36 ( 20 ) 1 17 38 ( 18 ) 1 21 Total finite-lived 450 ( 200 ) 4 254 456 ( 162 ) 4 298 Indefinite-lived Gigafactory Nevada 15 — — 15 15 — — 15 Total intangible assets $ 465 $ ( 200 ) $ 4 $ 269 $ 471 $ ( 162 ) $ 4 $ 313 Total future amortization expense for finite-lived intangible assets was estimated as follows (in millions): Three months ending December 31, 2021 $ 12 2022 49 2023 43 2024 28 2025 28 Thereafter 94 Total $ 254 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 5 – Fair Value of Financial Instruments ASC 820 , Fair Value Measurements , states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes which inputs should be used in measuring fair value, is comprised of: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than quoted prices in active markets that are observable either directly or indirectly and (Level III) unobservable inputs for which there is little or no market data. The fair value hierarchy requires the use of observable market data when available in determining fair value. Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions): September 30, 2021 December 31, 2020 Fair Value Level I Level II Level III Fair Value Level I Level II Level III Money market funds (cash and $ 8,586 $ 8,586 $ — $ — $ 13,847 $ 13,847 $ — $ — U.S. government securities 100 — 100 — — — — — Corporate debt securities 30 — 30 — — — — — Interest rate swap liabilities 32 — 32 — 58 — 58 — Total $ 8,748 $ 8,586 $ 162 $ — $ 13,905 $ 13,847 $ 58 $ — All of our money market funds were classified within Level I of the fair value hierarchy because they were valued using quoted prices in active markets. Our U.S. government securities and marketable securities are classified within Level II of the fair value hierarchy and the market approach was used to determine fair value of these investments. Our interest rate swaps were classified within Level II of the fair value hierarchy because they were valued using alternative pricing sources or models that utilized market observable inputs, including current and forward interest rates. Interest Rate Swaps We enter into fixed-for-floating interest rate swap agreements to swap variable interest payments on certain debt for fixed interest payments, as required by certain of our lenders. We do not designate our interest rate swaps as hedging instruments. Accordingly, our interest rate swaps are recorded at fair value on the consolidated balance sheets within Other non-current assets or Other long-term liabilities, with any changes in their fair values recognized as Other income (expense), net, in the consolidated statements of operations and with any cash flows recognized as operating activities in the consolidated statements of cash flows. Our interest rate swaps outstanding were as follows (in millions): September 30, 2021 December 31, 2020 Aggregate Notional Gross Asset at Gross Liability at Aggregate Notional Gross Asset at Gross Liability at Interest rate swaps $ 312 $ — $ 32 $ 554 $ — $ 58 Our interest rate swaps activity was as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Gross losses $ — $ — $ 9 $ 42 Gross gains $ 1 $ 1 $ 21 $ 1 Disclosure of Fair Values Our financial instruments that are not re-measured at fair value include accounts receivable, MyPower customer notes receivable, accounts payable, accrued liabilities, customer deposits and debt. The carrying values of these financial instruments other than our 1.25 % Convertible Senior Notes due in 2021 (“ 2021 Notes”), 2.375 % Convertible Senior Notes due in 2022 (“ 2022 Notes”), 2.00 % Convertible Senior Notes due in 2024 (“ 2024 Notes”) and our subsidiary’s 5.50 % Convertible Senior Notes due in 2022 (collectively referred to as “Convertible Senior Notes” below), 5.30 % Senior Notes due in 2025 (“ 2025 Notes”), Solar Asset-backed Notes and Solar Loan-backed Notes approximate their fair values. We estimate the fair value of the Convertible Senior Notes and the 2025 Notes using commonly accepted valuation methodologies and market-based risk measurements that are indirectly observable, such as credit risk (Level II). In addition, we estimate the fair values of our Solar Asset-backed Notes and Solar Loan-backed Notes based on rates currently offered for instruments with similar maturities and terms (Level III). The following table presents the estimated fair values and the carrying values (in millions): September 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Convertible Senior Notes $ 228 $ 2,814 $ 1,971 $ 24,596 2025 Notes $ — $ — $ 1,785 $ 1,877 Solar Asset-backed Notes $ 1,080 $ 1,101 $ 1,115 $ 1,137 Solar Loan-backed Notes $ 108 $ 115 $ 146 $ 152 |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 6 – Inventory Our inventory consisted of the following (in millions): September 30, December 31, 2021 2020 Raw materials $ 2,355 $ 1,508 Work in process 1,061 493 Finished goods (1) 1,252 1,666 Service parts 531 434 Total $ 5,199 $ 4,101 (1) Finished goods inventory includes vehicles in transit to fulfill customer orders, new vehicles available for sale, used vehicles, energy storage products and Solar Roof products available for sale. For solar energy systems, we commence transferring component parts from inventory to construction in progress, a component of solar energy systems, once a lease or PPA contract with a customer has been executed and installation has been initiated. Additional costs incurred on the leased solar energy systems, including labor and overhead, are recorded within solar energy systems under construction. We write-down inventory for any excess or obsolete inventories or when we believe that the net realizable value of inventories is less than the carrying value. During the three and nine months ended September 30, 2021, we recorded write-downs of $ 36 million and $ 106 million, respectively, in cost of revenues and research and development expense in the consolidated statements of operations. During the three and nine months ended September 30, 2020, we recorded write-downs of $ 26 million and $ 108 million , respectively, in cost of revenues in the consolidated statements of operations. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 7 – Property, Plant and Equipment, Net Our property, plant and equipment, net, consisted of the following (in millions): September 30, December 31, 2021 2020 Machinery, equipment, vehicles and office furniture $ 9,458 $ 8,493 Tooling 2,120 1,811 Leasehold improvements 1,706 1,421 Land and buildings 3,853 3,662 Computer equipment, hardware and software 1,284 856 Construction in progress 5,109 1,621 23,530 17,864 Less: Accumulated depreciation ( 6,232 ) ( 5,117 ) Total $ 17,298 $ 12,747 Construction in progress is primarily comprised of construction of Gigafactory Berlin and Gigafactory Texas, expansion of Gigafactory Shanghai and equipment and tooling related to the manufacturing of our products. We are currently constructing Gigafactory Berlin under conditional permits in anticipation of being granted final permits. Completed assets are transferred to their respective asset classes, and depreciation begins when an asset is ready for its intended use. Interest on outstanding debt is capitalized during periods of significant capital asset construction and amortized over the useful lives of the related assets. During the three and nine months ended September 30, 2021, we capitalized $ 14 million and $ 52 million, respectively, of interest. During the three and nine months ended September 30, 2020, we capitalized $ 13 million and $ 33 million, respectively, of interest. Depreciation expense during the three and nine months ended September 30, 2021 was $ 495 million and $ 1.38 billion, respectively. Depreciation expense during the three and nine months ended September 30, 2020 was $ 403 million and $ 1.13 billion, respectively. Gross property, plant and equipment under finance leases as of September 30, 2021 and December 31, 2020 was $ 2.60 billion and $ 2.28 billion, respectively, with accumulated depreciation of $ 1.11 billion and $ 816 million, respectively. Panasonic has partnered with us on Gigafactory Nevada with investments in the production equipment that it uses to manufacture and supply us with battery cells. Under our arrangement with Panasonic, we plan to purchase the full output from their production equipment at negotiated prices. As the terms of the arrangement convey a finance lease under ASC 842, Leases , we account for their production equipment as leased assets when production commences. We account for each lease and any non-lease components associated with that lease as a single lease component for all asset classes, except production equipment classes embedded in supply agreements. This results in us recording the cost of their production equipment within Property, plant and equipment, net, on the consolidated balance sheets with a corresponding liability recorded to debt and finance leases. Depreciation on Panasonic production equipment is computed using the units-of-production method whereby capitalized costs are amortized over the total estimated productive life of the respective assets. As of September 30, 2021 and December 31, 2020, we had cumulatively capitalized costs of $ 1.89 billion and $ 1.77 billion , respectively, on the consolidated balance sheets in relation to the production equipment under our Panasonic arrangement. |
Accrued Liabilities and Other
Accrued Liabilities and Other | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities and Other | Note 8 – Accrued Liabilities and Other As of September 30, 2021 and December 31, 2020, accrued liabilities and other current liabilities consisted of the following (in millions): September 30, December 31, 2021 2020 Accrued purchases (1) $ 1,867 $ 901 Taxes payable (2) 1,084 777 Payroll and related costs 823 654 Accrued warranty reserve, current portion 621 479 Sales return reserve, current portion 386 417 Operating lease liabilities, current portion 343 286 Accrued interest 18 77 Other current liabilities 301 264 Total $ 5,443 $ 3,855 (1) Accrued purchases primarily reflects receipts of goods and services that we had not been invoiced yet. As we are invoiced for these goods and services, this balance will reduce and accounts payable will increase. (2) Taxes payable includes value added tax, sales tax, property tax, use tax and income tax payables. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities [Abstract] | |
Other Long-term Liabilities | Note 9 – Other Long-Term Liabilities As of September 30, 2021 and December 31, 2020, other long-term liabilities consisted of the following (in millions): September 30, December 31, 2021 2020 Operating lease liabilities $ 1,629 $ 1,254 Accrued warranty reserve 1,115 989 Sales return reserve 325 500 Deferred tax liability 40 151 Other non-current liabilities 377 436 Total other long-term liabilities $ 3,486 $ 3,330 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 10 – Debt The following is a summary of our debt and finance leases as of September 30, 2021 (in millions): Unpaid Unused Net Carrying Value Principal Committed Contractual Contractual Current Long-Term Balance Amount (1) Interest Rates Maturity Date Recourse debt: 2022 Notes $ 86 $ — $ 87 $ — 2.375 % March 2022 2024 Notes 6 136 143 — 2.00 % May 2024 Credit Agreement — 1,865 1,865 284 3.3 % July 2023 Solar Bonds and other Loans 1 7 8 — 4.0 - 5.8 % October 2021 - January 2031 Total recourse debt 93 2,008 2,103 284 Non-recourse debt: Automotive Asset-backed Notes 1,033 1,890 2,934 — 0.1 %- 5.5 % April 2022 - September 2025 Solar Asset-backed Notes 43 1,037 1,106 — 2.9 %- 7.7 % September 2024 - February 2048 Cash Equity Debt 23 397 431 — 5.3 - 5.8 % July 2033 - January 2035 Solar Loan-backed Notes 15 93 114 — 4.8 - 7.5 % September 2048 - September 2049 Automotive Lease-backed Credit Facilities — — — 169 Not applicable September 2023 Other Loans — 14 14 22 5.1 % February 2033 Total non-recourse debt 1,114 3,431 4,599 191 Total debt 1,207 5,439 $ 6,702 $ 475 Finance leases 509 999 Total debt and finance leases $ 1,716 $ 6,438 The following is a summary of our debt and finance leases as of December 31, 2020 (in millions): Unpaid Unused Net Carrying Value Principal Committed Contractual Contractual Current Long-Term Balance Amount (1) Interest Rates Maturity Date Recourse debt: 2021 Notes $ 419 $ — $ 422 $ — 1.25 % March 2021 2022 Notes 115 366 503 — 2.375 % March 2022 2024 Notes 171 856 1,282 — 2.00 % May 2024 2025 Notes — 1,785 1,800 — 5.30 % August 2025 Credit Agreement — 1,895 1,895 278 3.3 % July 2023 Solar Bonds and other Loans 4 49 55 — 3.6 %- 5.8 % January 2021 - January 2031 Total recourse debt 709 4,951 5,957 278 Non-recourse debt: Automotive Asset-backed Notes 777 921 1,705 — 0.6 %- 7.9 % August 2021 - August 2024 Solar Asset-backed Notes 39 1,076 1,141 — 3.0 %- 7.7 % September 2024 - February 2048 China Loan Agreements — 616 616 1,372 4.0 % June 2021 - December 2024 Cash Equity Debt 18 408 439 — 5.3 %- 5.8 % July 2033 - January 2035 Solar Loan-backed Notes 13 133 152 — 4.8 %- 7.5 % September 2048 - September 2049 Warehouse Agreements 37 257 294 806 1.7 %- 1.8 % September 2022 Solar Term Loan 151 — 151 — 3.7 % January 2021 Automotive Lease-backed Credit Facility 14 19 33 153 1.9 %- 5.9 % September 2022 - November 2022 Solar Revolving Credit Facility and — 81 81 23 2.7 %- 5.1 % June 2022 - February 2033 Total non-recourse debt 1,049 3,511 4,612 2,354 Total debt 1,758 8,462 $ 10,569 $ 2,632 Finance leases 374 1,094 Total debt and finance leases $ 2,132 $ 9,556 (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, solar energy systems and the associated customer contracts 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, 2020. Recourse debt refers to debt that is recourse to our general assets. Non-recourse debt refers to debt that is recourse to only assets of our subsidiaries. The differences between the unpaid principal balances and the net carrying values are due to debt discounts or deferred financing costs. The debt discounts were updated as of January 1, 2021 for our convertible notes with the adoption of ASU 2020-06 as discussed in Note 2, Summary of Significant Accounting Policies . As of September 30, 2021, we were in material compliance with all financial debt covenants. 2021 Notes, 2022 Notes and 2024 Notes During each of the quarters of 2021 through September 30, 2021, the closing price of our common stock continued to exceed 130 % of the applicable conversion price of each of our 2022 Notes and 2024 Notes on at least 20 of the last 30 consecutive trading days of the quarter; causing the 2022 Notes and 2024 Notes to be convertible by their holders during the second, third and fourth quarters of 2021. As we now expect to settle a portion of the 2024 Notes in the fourth quarter of 2021, we reclassified $ 6 million of the carrying value of the 2024 Notes from debt and finance leases, net of current portion to current portion of debt and finance leases on our consolidated balance sheet as of September 30, 2021. Should the closing price conditions continue to be met in a future quarter for the 2024 Notes, the 2024 Notes will be convertible at their holders’ option during the immediately following quarter. In addition, the 2022 Notes will be convertible at their holders' option regardless of the closing price condition on or after December 15, 2021. On January 1, 2021, we adopted ASU 2020-06 using the modified retrospective method. As a result of this adoption, we have de-recognized the remaining debt discounts on the 2022 Notes and 2024 Notes and therefore no longer recognize any amortization of debt discounts as interest expense (see Note 2, Summary of Significant Accounting Policies ). During the nine months ended September 30, 2021, $ 422 million, $ 416 million and $ 1.14 billion in aggregate principal amount of the 2021 Notes, 2022 Notes and 2024 Notes, respectively, were converted and settled for $ 422 million, $ 416 million and $ 1.14 billion in cash for their par amount, and the issuance of 5.3 million, 5.7 million and 16.8 million shares of our common stock for the applicable conversion premium, respectively. The note hedges we entered into in connection with the issuance of the 2021 Notes, 2022 Notes and 2024 Notes were automatically settled with the respective conversions of the 2021 Notes, 2022 Notes and 2024 Notes, resulting in the receipt of 5.3 million, 5.7 million and 16.8 million shares of our common stock, respectively, during the nine months ended September 30, 2021. In March 2021, the 2021 Notes were fully settled. Additionally, during the second and third quarters of 2021, we fully settled the warrants entered into in connection with the issuance of the 2021 Notes and partially settled the warrants entered into in connection with the issuance of the 2024 Notes, resulting in the issuance of 15.8 million and 18.7 million shares of our common stock, respectively. 2025 Notes In August 2021, we fully repaid the $ 1.80 billion in aggregate principal of the 2025 Notes and recorded an extinguishment of debt charge of $ 60 million related to the redemption. Automotive Asset-backed Notes and Warehouse Agreements In March 2021, we transferred beneficial interests related to certain leased vehicles into an SPE and issued $ 1.08 billion in aggregate principal amount of Automotive Asset-backed Notes, with terms similar to our other, previously issued, Automotive Asset-backed Notes. The proceeds from the issuance, net of discounts and fees, were $ 1.07 billion. In conjunction with this financing we repaid the remaining outstanding balance of our vehicle lease-backed loan and security agreement ( the "2016 Warehouse Agreement"), for which committed funds remained available for future borrowings. During the third quarter of 2021, we terminated the 2016 Warehouse Agreement and the committed funds are no longer available for future borrowings. In September 2021, we transferred beneficial interests related to certain leased vehicles into an SPE and issued $ 904 million in aggregate principal amount of Automotive Asset-backed Notes, with terms similar to our other, previously issued, Automotive Asset-backed Notes. The proceeds from the issuance, net of discounts and fees, were $ 900 million. Solar Asset-backed Notes and Solar Loan-backed Notes In October 2021, we early repaid $ 321 million and $ 53 million in aggregate principal of the Solar Asset-backed Notes and the Solar Loan-backed Notes, respectively. China Loan Agreements In April 2021, we fully repaid the $ 614 million in aggregate principal of our secured term loan facility in connection with the construction of Gigafactory Shanghai (the “Fixed Asset Facility”) and the facility was terminated. In June 2021, our Working Capital Loan Contract entered in May 2020 (the “2020 China Working Capital Facility”) matured and the facility was terminated. Solar Term Loan In January 2021, our Solar Term Loan matured and was repaid. Automotive Lease-backed Credit Facilities In June 2021, we fully repaid $ 32 million in aggregate principal of our Automotive Lease-backed Credit Facilities and terminated one of the facilities. Solar Revolving Credit Facility and other Loans In April 2021, we fully repaid the $ 67 million in aggregate principal of our Solar Revolving Credit Facility and the facility was terminated. Interest Expense The following table presents the interest expense related to the contractual interest coupon, the amortization of debt issuance costs and the amortization of debt discounts on our convertible senior notes with cash conversion features, which include the 2021 Notes, the 2022 Notes and the 2024 Notes (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Contractual interest coupon $ 1 $ 19 $ 11 $ 58 Amortization of debt issuance costs 1 2 4 5 Amortization of debt discounts (1) — 50 — 138 Total $ 2 $ 71 $ 15 $ 201 (1) Under the modified retrospective method of adoption of ASU 2020-06, there was neither amortization of debt discounts, nor losses on extinguishment of debt recognized for the three and nine months ended September 30, 2021. Refer to discussion above for further details. |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Note 11 – Equity Incentive Plans 2018 CEO Performance Award In March 2018, our stockholders approved the Board of Directors’ grant of 101.3 million stock option awards, as adjusted to give effect to the five-for-one stock split effected in the form of a stock dividend in August 2020, to our CEO (the “2018 CEO Performance Award”). The 2018 CEO Performance Award consists of 12 vesting tranches with a vesting schedule based entirely on the attainment of both operational milestones (performance conditions) and market conditions, assuming continued employment either as the CEO or as both Executive Chairman and Chief Product Officer and service through each vesting date. Each of the 12 vesting tranches of the 2018 CEO Performance Award will vest upon certification by the Board of Directors that both (i) the market capitalization milestone for such tranche, which begins at $ 100.0 billion for the first tranche and increases by increments of $ 50.0 billion thereafter (based on both a six calendar month trailing average and a 30 calendar day trailing average, counting only trading days), has been achieved, and (ii) any one of the following eight operational milestones focused on total revenue or any one of the eight operational milestones focused on Adjusted EBITDA have been achieved for the four consecutive fiscal quarters on an annualized basis and subsequently reported by us in our consolidated financial statements filed with our Forms 10-Q and/or 10-K. Adjusted EBITDA is defined as net income (loss) attributable to common stockholders before interest expense, provision (benefit) for income taxes, depreciation and amortization and stock-based compensation. Upon vesting and exercise, including the payment of the exercise price of $ 70.01 per share, our CEO must hold shares that he acquires for five years post-exercise, other than a cashless exercise where shares are simultaneously sold to pay for the exercise price and any required tax withholding. The achievement status of the operational milestones as of September 30, 2021 is provided below. Although an operational milestone is deemed achieved in the last quarter of the relevant annualized period, it may be certified only after the financial statements supporting its achievement have been filed with our Forms 10-Q and/or 10-K. Total Annualized Revenue Annualized Adjusted EBITDA Milestone Achievement Status Milestone Achievement Status $ 20.0 Achieved $ 1.5 Achieved $ 35.0 Achieved $ 3.0 Achieved $ 55.0 Probable $ 4.5 Achieved $ 75.0 - $ 6.0 Achieved $ 100.0 - $ 8.0 Achieved (1) $ 125.0 - $ 10.0 Probable $ 150.0 - $ 12.0 Probable $ 175.0 - $ 14.0 - (1) Achieved in the third quarter of 2021 and expected to be certified following the filing of this Quarterly Report on Form 10-Q. Stock-based compensation under the 2018 CEO Performance Award represents a non-cash expense and is recorded as a Selling, general, and administrative operating expense in our consolidated statement of operations. In each quarter since the grant of the 2018 CEO Performance Award, we have recognized expense, generally on a pro-rated basis, for only the number of tranches (up to the maximum of 12 tranches) that corresponds to the number of operational milestones that have been achieved or have been determined probable of being achieved in the future, in accordance with the following principles. On the grant date, a Monte Carlo simulation was used to determine for each tranche (i) a fixed amount of expense for such tranche and (ii) the future time when the market capitalization milestone for such tranche was expected to be achieved, or its “expected market capitalization milestone achievement time.” Separately, based on a subjective assessment of our future financial performance, each quarter we determine whether it is probable that we will achieve each operational milestone that has not previously been achieved or deemed probable of achievement and if so, the future time when we expect to achieve that operational milestone, or its “expected operational milestone achievement time.” When we first determine that an operational milestone has become probable of being achieved, we allocate the entire expense for the related tranche over the number of quarters between the grant date and the then-applicable “expected full achievement time.” The “expected full achievement time” at any given time is the later of (i) the expected operational milestone achievement time (if the related operational milestone has not yet been achieved) and (ii) the expected market capitalization milestone achievement time (if the related market capitalization milestone had not yet been achieved). We immediately recognize a catch-up expense for all accumulated expense for the quarters from the grant date through the quarter in which the operational milestone was first deemed probable of being achieved. Each quarter thereafter, we recognize the prorated portion of the then-remaining expense for the tranche based on the number of quarters between such quarter and the then-applicable expected full achievement time, except that upon the achievement of both a market capitalization milestone and operational milestone with respect to a tranche, all remaining expense for that tranche is immediately recognized. As a result, we have experienced, and may experience in the future, significant catch-up expenses in quarters when one or more operational milestones are first determined to be probable of being achieved. Historically, the expected market capitalization achievement times were generally later than the related expected operational milestone achievement times. Therefore, when market capitalization milestones are achieved earlier than originally forecasted, for example due to periods of rapid stock price appreciation, this has resulted, and may result in the future, in higher catch-up expenses and the remaining expenses being recognized over shorter periods of time at a higher per-quarter rate. All market capitalization milestones were achieved as of the second quarter of 2021. During the first quarter of 2021, the operational milestone of annualized revenue of $ 55.0 billion became probable of being achieved and consequently, we recognized a catch-up expense of $ 116 million. During the second quarter of 2021, the operational milestone of annualized Adjusted EBITDA of $ 10.0 billion became probable of being achieved and consequently, we recognized a catch-up expense of $ 124 million. During the third quarter of 2021, the operational milestone of annualized Adjusted EBITDA of $ 12.0 billion became probable of being achieved and consequently, we recognized a catch-up expense of $ 124 million. As of September 30, 2021, we had $ 55 million of total unrecognized stock-based compensation expense for the operational milestones that were considered probable of achievement, which will be recognized over a weighted-average period of 0.4 years. As of September 30, 2021, we had unrecognized stock-based compensation expense of $ 255 million for the operational milestones that were considered not probable of achievement. For the three and nine months ended September 30, 2021, we recorded stock-based compensation expense of $ 190 million and $ 665 million, respectively, related to the 2018 CEO Performance Award, and $ 338 million and $ 571 million, respectively, for the same periods in 2020. Summary Stock-Based Compensation Information The following table summarizes our stock-based compensation expense by line item in the consolidated statements of operations (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenues $ 99 $ 62 $ 310 $ 147 Research and development 105 76 334 214 Selling, general and administrative 271 405 919 740 Total $ 475 $ 543 $ 1,563 $ 1,101 Our income tax benefits recognized from stock-based compensation arrangements in each of the periods presented were immaterial due to cumulative losses and valuation allowances. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 – Commitments and Contingencies Operating Lease Arrangement in Buffalo, New York We have an operating lease through the Research Foundation for the State University of New York (the “SUNY Foundation”) with respect to Gigafactory New York. Under the lease and a related research and development agreement, we are continuing to further develop the facility. Under this agreement, we are obligated to, among other things, meet employment targets as well as specified minimum numbers of personnel in the State of New York and in Buffalo, New York and spend or incur $ 5.00 billion in combined capital, operational expenses, costs of goods sold and other costs in the State of New York during the 10-year period beginning April 30, 2018. On an annual basis during the initial lease term, as measured on each anniversary of such date, if we fail to meet these specified investment and job creation requirements, then we would be obligated to pay a $ 41 million “program payment” to the SUNY Foundation for each year that we fail to meet these requirements. Furthermore, if the arrangement is terminated due to a material breach by us, then additional amounts may become payable by us. As we temporarily suspended most of our manufacturing operations at Gigafactory New York pursuant to a New York State executive order issued in March 2020 as a result of the COVID-19 pandemic, we were granted a one-year deferral of our obligation to be compliant with our applicable targets under such agreement on April 30, 2020, which was memorialized in an amendment to our agreement with the SUNY Foundation in July 2020. In April 2021, we were granted an additional deferral through December 31, 2021, which was memorialized in an amendment to our agreement with the SUNY Foundation in August 2021, as our operations at Gigafactory New York have not yet fully ramped due to a number of factors related to the pandemic. Given that we would have met all targets originally required as of April 30, 2020 if they had been measured prior to the mandated reduction of operations in March 2020, and we are currently in excess of such targets relating to investments and personnel in the State of New York and Buffalo, we do not currently expect any issues meeting our applicable obligations following this expected deferral or in the years beyond. However, if our expectations as to the costs and timelines of our investment and operations at Buffalo or our production ramp of the Solar Roof prove incorrect, we may incur additional expenses or be required to make substantial payments to the SUNY Foundation. Operating Lease Arrangement in Shanghai, China We have an operating lease arrangement for an initial term of 50 years with the local government of Shanghai for land use rights where we are constructing Gigafactory Shanghai. Under the terms of the arrangement, we are required to spend RMB 14.08 billion in capital expenditures by the end of 2023, and to generate RMB 2.23 billion of annual tax revenues starting at the end of 2023. If we are unwilling or unable to meet such target or obtain periodic project approvals, in accordance with the Chinese government’s standard terms for such arrangements, we would be required to revert the site to the local government and receive compensation for the remaining value of the land lease, buildings and fixtures. We believe the capital expenditure requirement and the tax revenue target will be attainable even if our actual vehicle production was far lower than the volumes we are forecasting. Legal Proceedings Litigation Relating to the SolarCity Acquisition Between September 1, 2016 and October 5, 2016, seven lawsuits were filed in the Delaware Court of Chancery by purported stockholders of Tesla challenging our acquisition of SolarCity Corporation (“SolarCity”). Following consolidation, the lawsuit names as defendants the members of Tesla’s board of directors as then constituted and alleges, among other things, that board members breached their fiduciary duties in connection with the acquisition. The complaint asserts both derivative claims and direct claims on behalf of a purported class and seeks, among other relief, unspecified monetary damages, attorneys’ fees and costs. On January 27, 2017, defendants filed a motion to dismiss the operative complaint. Rather than respond to the defendants’ motion, the plaintiffs filed an amended complaint. On March 17, 2017, defendants filed a motion to dismiss the amended complaint. On December 13, 2017, the Court heard oral argument on the motion. On March 28, 2018, the Court denied defendants’ motion to dismiss. Defendants filed a request for interlocutory appeal, and the Delaware Supreme Court denied that request without ruling on the merits but electing not to hear an appeal at this early stage of the case. Defendants filed their answer on May 18, 2018, and mediations were held on June 10, 2019. Plaintiffs and defendants filed respective motions for summary judgment on August 25, 2019, and further mediations were held on October 3, 2019. The Court held a hearing on the motions for summary judgment on November 4, 2019. On January 22, 2020, all of the director defendants except Elon Musk reached a settlement to resolve the lawsuit against them for an amount to be paid entirely under the applicable insurance policy. The settlement, which does not involve an admission of any wrongdoing by any party, was approved by the Court on August 17, 2020. Tesla received payment of approximately $ 43 million on September 16, 2020, which has been recognized in our consolidated statement of operations as a reduction to Selling, general and administrative operating expenses for costs previously incurred related to the acquisition of SolarCity. On February 4, 2020, the Court issued a ruling that denied plaintiffs’ previously-filed motion for summary judgment and granted in part and denied in part defendants’ previously-filed motion for summary judgment. The case was set for trial in March 2020 until it was postponed by the Court due to safety precautions concerning COVID-19. The trial was held from July 12 to July 23, 2021, and August 16, 2021, to be followed by certain post-trial proceedings, including post-trial argument on January 18, 2022 . These plaintiffs and others filed parallel actions in the U.S. District Court for the District of Delaware on or about April 21, 2017. They include claims for violations of the federal securities laws and breach of fiduciary duties by Tesla’s board of directors. Those actions have been consolidated and stayed pending the above-referenced Chancery Court litigation. Litigation Relating to 2018 CEO Performance Award On June 4, 2018, a purported Tesla stockholder filed a putative class and derivative action in the Delaware Court of Chancery against Elon Musk and the members of Tesla’s board of directors as then constituted, alleging corporate waste, unjust enrichment and that such board members breached their fiduciary duties by approving the stock-based compensation plan awarded to Elon Musk in 2018. The complaint seeks, among other things, monetary damages and rescission or reformation of the stock-based compensation plan. On August 31, 2018, defendants filed a motion to dismiss the complaint; plaintiff filed its opposition brief on November 1, 2018; and defendants filed a reply brief on December 13, 2018. The hearing on the motion to dismiss was held on May 9, 2019. On September 20, 2019, the Court granted the motion to dismiss as to the corporate waste claim but denied the motion as to the breach of fiduciary duty and unjust enrichment claims. Defendants' answer was filed on December 3, 2019. On January 25, 2021, the Court conditionally certified certain claims and a class of Tesla stockholders as a class action. On September 30, 2021, plaintiff filed a motion for leave to file a verified amended derivative complaint. On October 1, 2021, defendants Kimbal Musk and Steve Jurvetson moved for summary judgment as to the claims against them. Following the motion, plaintiff agreed to voluntarily dismiss the claims against Kimbal Musk and Steve Jurvetson. Plaintiff also moved for summary judgment on October 1, 2021. Oral argument on summary judgment is set for January 6, 2022 and trial is set for April 2022. Litigation Related to Directors’ Compensation On June 17, 2020, a purported Tesla stockholder filed a derivative action in the Delaware Court of Chancery, purportedly on behalf of Tesla, against certain of Tesla’s current and former directors regarding compensation awards granted to Tesla’s directors, other than Elon Musk, between 2017 and 2020. The suit asserts claims for breach of fiduciary duty and unjust enrichment and seeks declaratory and injunctive relief, unspecified damages and other relief. Defendants filed their answer on September 17, 2020. Trial is set for December 2022. Litigation Relating to Potential Going Private Transaction Between August 10, 2018 and September 6, 2018, nine purported stockholder class actions were filed against Tesla and Elon Musk in connection with Mr. Musk’s August 7, 2018 Twitter post that he was considering taking Tesla private. All of the suits are now pending in the U.S. District Court for the Northern District of California. Although the complaints vary in certain respects, they each purport to assert claims for violations of federal securities laws related to Mr. Musk’s statement and seek unspecified compensatory damages and other relief on behalf of a purported class of purchasers of Tesla’s securities. Plaintiffs filed their consolidated complaint on January 16, 2019 and added as defendants the members of Tesla’s board of directors. The now-consolidated purported stockholder class action was stayed while the issue of selection of lead counsel was briefed and argued before the Ninth Circuit. The Ninth Circuit ruled regarding lead counsel. Defendants filed a motion to dismiss the complaint on November 22, 2019. The hearing on the motion was held on March 6, 2020. On April 15, 2020, the Court denied defendants’ motion to dismiss. The parties stipulated to certification of a class of stockholders, which the court granted on November 25, 2020. Trial is set for May 2022. Between October 17, 2018 and March 8, 2021, seven derivative lawsuits were filed in the Delaware Court of Chancery, purportedly on behalf of Tesla, against Mr. Musk and the members of Tesla’s board of directors, as constituted at relevant times, in relation to statements made and actions connected to a potential going private transaction, with certain of the lawsuits challenging additional Twitter posts by Mr. Musk, among other things. Five of those actions were consolidated, and all seven actions have been stayed pending resolution of the above-referenced consolidated purported stockholder class action. In addition to these cases, two derivative lawsuits were filed on October 25, 2018 and February 11, 2019 in the U.S. District Court for the District of Delaware, purportedly on behalf of Tesla, against Mr. Musk and the members of the Tesla board of directors as then constituted. Those cases have also been consolidated and stayed pending resolution of the above-referenced consolidated purported stockholder class action. Unless otherwise stated, the individual defendants named in the stockholder proceedings described above and the Company with respect to the stockholder class action proceedings described above believe that the claims in such proceedings have no merit and intend to defend against them vigorously. We are unable to estimate the possible loss or range of loss, if any, associated with these claims. Litigation Relating to Alleged Race Discrimination On October 4, 2021, in a case captioned Diaz v. Tesla , a jury in the Northern District of California returned a verdict of $136.9 million against Tesla on claims by a former contingent worker that he was subjected to race discrimination while assigned to work at Tesla's Fremont factory from 2015-2016. The Company does not believe that the facts and law justify the verdict and intends to pursue next steps in post-trial motions and on appeal. Certain Investigations and Other Matters We receive requests for information from regulators and governmental authorities, such as the National Highway Traffic Safety Administration, the National Transportation Safety Board, the SEC, the Department of Justice (“DOJ”) and various state, federal, and international agencies. We routinely cooperate with such regulatory and governmental requests, including subpoenas, formal and informal requests and other investigations and inquiries. For example, the SEC had issued subpoenas to Tesla in connection with (a) Elon Musk’s prior statement that he was considering taking Tesla private and (b) certain projections that we made for Model 3 production rates during 2017 and other public statements relating to Model 3 production. The take-private investigation was resolved and closed with a settlement entered into with the SEC in September 2018 and as further clarified in April 2019 in an amendment. On December 4, 2019, the SEC (i) closed the investigation into the projections and other public statements regarding Model 3 production rates and (ii) issued a subpoena seeking information concerning certain financial data and contracts including Tesla’s regular financing arrangements. Separately, the DOJ had also asked us to voluntarily provide it with information about the above matters related to taking Tesla private and Model 3 production rates. Aside from the settlement, as amended, with the SEC relating to Mr. Musk’s statement that he was considering taking Tesla private, there have not been any developments in these matters that we deem to be material, and to our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred. As is our normal practice, we have been cooperating and will continue to cooperate with government authorities. We cannot predict the outcome or impact of any ongoing matters. Should the government decide to pursue an enforcement action, there exists the possibility of a material adverse impact on our business, results of operation, prospects, cash flows and financial position. We are also subject to various other legal proceedings and claims that arise from the normal course of business activities. If an unfavorable ruling or development were to occur, there exists the possibility of a material adverse impact on our business, results of operations, prospects, cash flows, financial position and brand. Indemnification and Guaranteed Returns We are contractually obligated to compensate certain fund investors for any losses that they may suffer in certain limited circumstances resulting from reductions in investment tax credits claimed under U.S. federal laws for the installation of solar power facilities and energy storage systems that are charged from a co-sited solar power facility (“ITC”s). Generally, such obligations would arise as a result of reductions to the value of the underlying solar energy systems as assessed by the U.S. Internal Revenue Service (the “IRS”) for purposes of claiming ITCs. For each balance sheet date, we assess and recognize, when applicable, a distribution payable for the potential exposure from this obligation based on all the information available at that time, including any audits undertaken by the IRS. We believe that any payments to the fund investors in excess of the amounts already recognized by us for this obligation are not probable or material based on the facts known at the filing date. The maximum potential future payments that we could have to make under this obligation would depend on the difference between the fair values of the solar energy systems sold or transferred to the funds as determined by us and the values that the IRS would determine as the fair value for the systems for purposes of claiming ITCs. We claim ITCs based on guidelines provided by the U.S. Treasury department and the statutory regulations from the IRS. We use fair values determined with the assistance of independent third-party appraisals commissioned by us as the basis for determining the ITCs that are passed-through to and claimed by the fund investors. Since we cannot determine exactly how the IRS will evaluate system values used in claiming ITCs, we are unable to reliably estimate the maximum potential future payments that it could have to make under this obligation as of each balance sheet date. We are eligible to receive certain state and local incentives that are associated with renewable energy generation. The amount of incentives that can be claimed is based on the projected or actual solar energy system size and/or the amount of solar energy produced. We also currently participate in one state’s incentive program that is based on either the fair market value or the tax basis of solar energy systems placed in service. State and local incentives received are allocated between us and fund investors in accordance with the contractual provisions of each fund. We are not contractually obligated to indemnify any fund investor for any losses they may incur due to a shortfall in the amount of state or local incentives actually received. |
Variable Interest Entity Arrang
Variable Interest Entity Arrangements | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entity Disclosure [Abstract] | |
Variable Interest Entity Arrangements | Note 13 – Variable Interest Entity Arrangements We have entered into various arrangements with investors to facilitate the funding and monetization of our solar energy systems and vehicles. In particular, our wholly owned subsidiaries and fund investors have formed and contributed cash and assets into various financing funds and entered into related agreements. We have determined that the funds are variable interest entities (“VIEs”) and we are the primary beneficiary of these VIEs by reference to the power and benefits criterion under ASC 810, Consolidation . We have considered the provisions within the agreements, which grant us the power to manage and make decisions that affect the operation of these VIEs, including determining the solar energy systems and the associated customer contracts to be sold or contributed to these VIEs, redeploying solar energy systems and managing customer receivables. We consider that the rights granted to the fund investors under the agreements are more protective in nature rather than participating. As the primary beneficiary of these VIEs, we consolidate in the financial statements the financial position, results of operations and cash flows of these VIEs, and all intercompany balances and transactions between us and these VIEs are eliminated in the consolidated financial statements. Cash distributions of income and other receipts by a fund, net of agreed upon expenses, estimated expenses, tax benefits and detriments of income and loss and tax credits, are allocated to the fund investor and our subsidiary as specified in the agreements. Generally, our subsidiary has the option to acquire the fund investor’s interest in the fund for an amount based on the market value of the fund or the formula specified in the agreements. Upon the sale or liquidation of a fund, distributions would occur in the order and priority specified in the agreements. Pursuant to management services, maintenance and warranty arrangements, we have been contracted to provide services to the funds, such as operations and maintenance support, accounting, lease servicing and performance reporting. In some instances, we have guaranteed payments to the fund investors as specified in the agreements. A fund’s creditors have no recourse to our general credit or to that of other funds. None of the assets of the funds had been pledged as collateral for their obligations. The aggregate carrying values of the VIEs’ assets and liabilities, after elimination of any intercompany transactions and balances, in the consolidated balance sheets were as follows (in millions): September 30, December 31, 2021 2020 Assets Current assets Cash and cash equivalents $ 100 $ 87 Accounts receivable, net 44 28 Prepaid expenses and other current assets 144 105 Total current assets 288 220 Solar energy systems, net 4,605 4,749 Other non-current assets 204 182 Total assets $ 5,097 $ 5,151 Liabilities Current liabilities Accrued liabilities and other $ 72 $ 63 Deferred revenue 11 11 Customer deposits — 14 Current portion of debt and finance leases 1,057 797 Total current liabilities 1,140 885 Deferred revenue, net of current portion 166 168 Debt and finance leases, net of current portion 2,286 1,346 Other long-term liabilities 15 19 Total liabilities $ 3,607 $ 2,418 |
Segment Reporting and Informati
Segment Reporting and Information about Geographic Areas | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting and Information about Geographic Areas | Note 14 – Segment Reporting and Information about Geographic Areas We have two operating and reportable segments: (i) automotive and (ii) energy generation and storage. The automotive segment includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits. Additionally, the automotive segment is also comprised of services and other, which includes non-warranty after-sales vehicle services, sales of used vehicles, retail merchandise, sales by our acquired subsidiaries to third party customers, and vehicle insurance revenue. The energy generation and storage segment includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products and related services and sales of solar energy systems incentives. Our CODM does not evaluate operating segments using asset or liability information. The following table presents revenues and gross profit by reportable segment (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Automotive segment Revenues $ 12,951 $ 8,192 $ 34,003 $ 19,550 Gross profit $ 3,657 $ 2,042 $ 8,837 $ 4,511 Energy generation and storage segment Revenues $ 806 $ 579 $ 2,101 $ 1,242 Gross profit $ 3 $ 21 $ ( 78 ) $ 53 The following table presents revenues by geographic area based on the sales location of our products (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 6,414 $ 4,215 $ 16,043 $ 10,073 China 3,113 1,744 9,015 4,044 Other 4,230 2,812 11,046 6,675 Total $ 13,757 $ 8,771 $ 36,104 $ 20,792 The following table presents long-lived assets by geographic area (in millions): September 30, December 31, 2021 2020 United States $ 18,208 $ 15,989 International 4,911 2,737 Total $ 23,119 $ 18,726 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The consolidated balance sheet as of September 30, 2021, the consolidated statements of operations, the consolidated statements of comprehensive income, the consolidated statements of redeemable noncontrolling interests and equity for the three and nine months ended September 30, 2021 and 2020 and the consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2020 was derived from the audited consolidated financial statements as of that date. The interim consolidated financial statements and the accompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanying notes contained in our Annual Report on Form 10-K for the year ended December 31, 2020. The interim consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future years or interim periods. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures in the accompanying notes. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets which could impact our estimates and assumptions. We have assessed the impact and are not aware of any specific events or circumstances that required an update to our estimates and assumptions or materially affected the carrying value of our assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. |
Revenue Recognition | Revenue Recognition Revenue by source The following table disaggregates our revenue by major source (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Automotive sales without resale value guarantee $ 11,230 $ 6,788 $ 28,575 $ 15,578 Automotive sales with resale value guarantee 163 161 525 393 Automotive regulatory credits 279 397 1,151 1,179 Energy generation and storage sales 662 439 1,698 837 Services and other 894 581 2,738 1,628 Total revenues from sales and services 13,228 8,366 34,687 19,615 Automotive leasing 385 265 1,014 772 Energy generation and storage leasing 144 140 403 405 Total revenues $ 13,757 $ 8,771 $ 36,104 $ 20,792 Automotive Segment Automotive Sales Revenue Automotive Sales with and without Resale Value Guarantee We recognize revenue when control transfers upon delivery to customers in accordance with ASC 606 as a sale with a right of return when we do not believe the customer has a significant economic incentive to exercise the resale value guarantee provided to them at contract inception. The total sales return reserve on vehicles previously sold under our buyback options program was $ 526 million and $ 703 million as of September 30, 2021 and December 31, 2020, respectively, of which $ 201 million and $ 202 million was short term, respectively. Deferred revenue is related to the access to our Supercharger network, internet connectivity, Full Self Driving (“FSD”) features and over-the-air software updates on automotive sales with and without resale value guarantee, which amounted to $ 2.22 billion and $ 1.93 billion as of September 30, 2021 and December 31, 2020, respectively. Deferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the balance sheet date. Revenue recognized from the deferred revenue balance as of December 31, 2020 and 2019 was $ 230 million and $ 223 million for the nine months ended September 30, 2021 and 2020, respectively. Of the total deferred revenue on automotive sales with and without resale value guarantees as of September 30, 2021, we expect to recognize $ 1.39 billion of revenue in the next 12 months. The remaining balance will be recognized over the performance period which is generally the expected ownership life of the vehicle or the eight-year life of the vehicle. Automotive Regulatory Credits We earn tradable credits in the operation of our automotive business under various regulations related to zero-emission vehicles, greenhouse gas, fuel economy and clean fuel. We sell these credits to other regulated entities who can use the credits to comply with emission standards and other regulatory requirements. Payments for automotive regulatory credits are typically received at the point control transfers to the customer, or in accordance with payment terms customary to the business. We recognize revenue on the sale of automotive regulatory credits at the time control of the regulatory credits is transferred to the purchasing party as automotive sales revenue in the consolidated statements of operations. Deferred revenue related to sales of automotive regulatory credits was $ 20 million and $ 21 million as of September 30, 2021 and December 31, 2020, respectively. We expect to recognize the majority of the deferred revenue as of September 30, 2021 in the next 12 months . Revenue recognized from the deferred revenue balance as of December 31, 2020 and 2019 was immaterial and $ 140 million for the nine months ended September 30, 2021 and 2020, respectively. Automotive Leasing Revenue Direct Sales-Type Leasing Program For the three and nine months ended September 30, 2021, we recognized $ 59 million and $ 156 million, respectively, of sales-type leasing revenue and $ 35 million and $ 97 million, respectively, of sales-type leasing cost of revenue. For the three and nine months ended September 30, 2020 , we recognized $ 59 million and $ 63 million, respectively, of sales-typing leasing revenue and $ 41 million and $ 44 million, respectively, of sales-type leasing cost of revenue. Net investment in sales-type leases, which is the sum of the present value of the future contractual lease payments, is presented on the consolidated balance sheets as a component of prepaid expenses and other current assets for the current portion and as other non-current assets for the long-term portion. Lease receivables relating to sales-type leases are presented on the consolidated balance sheets as follows (in millions): September 30, 2021 December 31, 2020 Gross lease receivables $ 221 $ 102 Unearned interest income ( 23 ) ( 11 ) Net investment in sales-type leases $ 198 $ 91 Reported as: Prepaid expenses and other current assets $ 38 $ 17 Other non-current assets 161 74 Net investment in sales-type leases $ 198 $ 91 Energy Generation and Storage Segment Energy Generation and Storage Sales We record as deferred revenue any non-refundable amounts that are collected from customers related to fees charged for prepayments and remote monitoring service and operations and maintenance service, which is recognized as revenue ratably over the respective customer contract term. As of September 30, 2021 and December 31, 2020, deferred revenue related to such customer payments amounted to $ 262 million and $ 187 million, respectively. Revenue recognized from the deferred revenue balance as of December 31, 2020 and 2019 was $ 90 million and $ 31 million for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, total transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied for contracts with an original expected length of more than one year was $ 152 million. Of this amount, we expect to recognize $ 9 million in the next 12 months and the remaining over a period up to 26 years. |
Income Taxes | Income Taxes There are transactions that occur during the ordinary course of business for which the ultimate tax determination is uncertain. As of September 30, 2021 and December 31, 2020, the aggregate balances of our gross unrecognized tax benefits were $ 411 million and $ 380 million, respectively, of which $ 359 million and $ 353 million, respectively, would not give rise to changes in our effective tax rate since these tax benefits would increase a deferred tax asset that is currently fully offset by a valuation allowance. The local government of Shanghai granted a beneficial corporate income tax rate of 15 % to certain eligible enterprises, compared to the 25 % statutory corporate income tax rate in China. Our Gigafactory Shanghai subsidiary was granted this beneficial income tax rate of 15 % for 2019 through 2023. We file income tax returns in the U.S., California and various state and foreign jurisdictions. We are currently under examination by the IRS for the years 2015 to 2018 . Additional tax years within the periods 2004 to 2014 and 2019 to 2020 remain subject to examination for federal income tax purposes, and 2004 and subsequent tax years remain subject to examination for California income tax purposes. All net operating losses and tax credits generated to date are subject to adjustment for U.S. federal and California income tax purposes. Our returns for 2008 and subsequent tax years remain subject to examination in other U.S. state and foreign jurisdictions. The potential outcome of the current examination could result in a change to unrecognized tax benefits within the next twelve months. However, we cannot reasonably estimate possible adjustments at this time. |
Net Income per Share of Common Stock Attributable to Common Stockholders | Net Income per Share of Common Stock Attributable to Common Stockholders Basic net income per share of common stock attributable to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards, warrants and convertible senior notes using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income per share of common stock attributable to common stockholders when their effect is dilutive. On January 1, 2021, we adopted ASU 2020-06 using the modified retrospective method. Following this adoption, we utilize the if-converted method for diluted net income per share calculation of our convertible debt instruments (see Recent Accounting Pronouncements section below for further details). During the three and nine months ended September 30, 2021 , we increased net income attributable to common stockholders by $ 1 million and $ 8 million, respectively, to arrive at the numerator used to calculate diluted net income per share, which represents the interest expense recognized on the convertible debt instruments that were subject to this change in methodology. Prior to the adoption, we applied the treasury stock method when calculating the potential dilutive effect, if any, of the following convertible senior notes which we intended to settle or have settled in cash the principal outstanding. Furthermore, in connection with the offerings of our convertible senior notes, we entered into convertible note hedges and warrants (see Note 10, Debt ). However, our convertible note hedges are not included when calculating potentially dilutive shares since their effect is always anti-dilutive. The strike price on the warrants were below our average share price during the period and were in the money and included in the tables below. Warrants have been included in the weighted-average shares used in computing basic net income per share of common stock in the period(s) they are settled. The following table presents the reconciliation of basic to diluted weighted average shares used in computing net income per share of common stock attributable to common stockholders (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average shares used in computing 998 937 977 927 Add: Stock-based awards 98 74 101 59 Convertible senior notes (1) 4 52 12 45 Warrants 23 42 40 28 Weighted average shares used in computing 1,123 1,105 1,130 1,059 The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income per share of common stock attributable to common stockholders, because their effect was anti-dilutive (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock-based awards 0 1 0 0 Convertible senior notes (1) 0 0 0 1 (1) Under the modified retrospective method of adoption of ASU 2020-06, the dilutive impact of convertible senior notes was calculated using the if-converted method for the three and nine months ended September 30, 2021. Certain convertible senior notes were calculated using the treasury stock method for the three and nine months ended September 30, 2020. Refer to discussion above for further details . |
Restricted Cash | Restricted Cash We maintain certain cash balances restricted as to withdrawal or use. Our restricted cash is comprised primarily of cash held to service certain payments under various secured debt facilities. In addition, restricted cash includes cash held as collateral for certain permits as well as sales to lease partners with a resale value guarantee, letters of credit, real estate leases, insurance policies, credit card borrowing facilities, certain operating leases and cash received from certain fund investors that have not been released for use by us. We record restricted cash as other assets in the consolidated balance sheets and determine current or non-current classification based on the expected duration of the restriction. Our total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, was as follows (in millions): September 30, December 31, September 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 16,065 $ 19,384 $ 14,531 $ 6,268 Restricted cash included in prepaid expenses and other 327 238 174 246 Restricted cash included in other non-current assets 302 279 298 269 Total as presented in the consolidated statements of cash flows $ 16,694 $ 19,901 $ 15,003 $ 6,783 |
Marketable Securities | Marketable Securities Marketable securities may be comprised of a combination of U.S government securities and corporate debt securities and are all designated as available-for-sale and reported at estimated fair value, with unrealized gains and losses recorded in accumulated other comprehensive income which is included within stockholders’ equity. Available-for-sale marketable securities with maturities greater than three months at the date of purchase are included in short-term marketable securities on our consolidated balance sheet. Interest, dividends, amortization and accretion of purchase premiums and discounts on our marketable securities are included in other income (expense), net. The cost of available-for-sale marketable securities sold is based on the specific identification method. Realized gains and losses on the sale of available-for-sale marketable securities are recorded in other income (expense), net. We regularly review all of our marketable securities for declines in fair value. The review includes but is not limited to (i) the consideration of the cause of the decline, (ii) any currently recorded expected credit losses, and (iii) the creditworthiness of the respective security issuers. |
Accounts Receivable and Allowance for Doubtful Accounts | Accoun ts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily include amounts related to receivables from financial institutions and leasing companies offering various financing products to our customers, sales of energy generation and storage products, sales of regulatory credits to other automotive manufacturers, government rebates already passed through to customers and maintenance services on vehicles owned by leasing companies. We provide an allowance against accounts receivable for the amount we expect to be uncollectible. We write-off accounts receivable against the allowance when they are deemed uncollectible. Depending on the day of the week on which the end of a fiscal quarter falls, our accounts receivable balance may fluctuate as we are waiting for certain customer payments to clear through our banking institutions and receipts of payments from our financing partners, which can take up to approximately two weeks based on the contractual payment terms with such partners. Our accounts receivable balances associated with our sales of regulatory credits, which are typically transferred to other manufacturers during the last few days of the quarter, is dependent on contractual payment terms. Additionally, government rebates can take up to a year or more to be collected depending on the customary processing timelines of the specific jurisdictions issuing them. These various factors may have a significant impact on our accounts receivable balance from period to period. As of September 30, 2021 and December 31, 2020, we had $ 384 million and $ 46 million of long-term government rebates receivables in Other non-current assets on our consolidated balance sheets. |
MyPower Customer Notes Receivable | MyPower Customer Notes Receivable As of September 30, 2021 and December 31, 2020, the total outstanding balance of MyPower customer notes receivable, net of allowance for credit losses, was $ 304 million and $ 334 million, respectively, of which $ 11 million and $ 9 million were due in the next 12 months as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 and December 31, 2020, the allowance for credit losses was $ 45 million. In addition, there were no material non-accrual or past due customer notes receivable as of September 30, 2021 and December 31, 2020 . |
Concentration of Risk | Concentration of Risk Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist of cash, cash equivalents, marketable securities, restricted cash, accounts receivable, convertible note hedges, and interest rate swaps. Our cash balances are primarily invested in money market funds or on deposit at high credit quality financial institutions in the U.S. These deposits are typically in excess of insured limits. As of September 30, 2021 and December 31, 2020 , no entity represented 10 % or more of our total accounts receivable balance. The risk of concentration for our convertible note hedges and interest rate swaps is mitigated by transacting with several highly-rated multinational banks. Supply Risk We are dependent on our suppliers, including single source suppliers, and the inability of these suppliers to deliver necessary components of our products in a timely manner at prices, quality levels and volumes acceptable to us, or our inability to efficiently manage these components from these suppliers, could have a material adverse effect on our business, prospects, financial condition and operating results. |
Operating Lease Vehicles | Operating Lease Vehicles The gross cost of operating lease vehicles as of September 30, 2021 and December 31, 2020 was $ 4.85 billion and $ 3.54 billion, respectively. Operating lease vehicles on the consolidated balance sheets are presented net of accumulated depreciation of $ 683 million and $ 446 million as of September 30, 2021 and December 31, 2020 , respectively. |
Digital Assets, Net | During the nine months ended September 30, 2021, we purchased an aggregate of $ 1.50 billion in bitcoin. In addition, during the three months ended March 31, 2021, we accepted bitcoin as a payment for sales of certain of our products in specified regions, subject to applicable laws, and suspended this practice in May 2021. We may in the future restart the practice of transacting in cryptocurrencies ("digital assets") for our products and services. We account for such non-cash consideration at the time we enter into transactions with our customers in accordance with the non-cash consideration guidance included in the Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , based on the then current quoted market prices of the digital assets. We currently account for all digital assets held as a result of these transactions as indefinite-lived intangible assets in accordance with ASC 350, Intangibles—Goodwill and Other . We have ownership of and control over our digital assets and we may use third-party custodial services to secure it. The digital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheet at cost, net of any impairment losses incurred since acquisition. We determine the fair value of our digital assets on a nonrecurring basis in accordance with ASC 820, Fair Value Measurement , based on quoted prices on the active exchange(s) that we have determined is the principal market for such assets (Level 1 inputs). We perform an analysis each quarter to identify whether events or changes in circumstances, principally decreases in the quoted prices on active exchanges, indicate that it is more likely than not that our digital assets are impaired. In determining if an impairment has occurred, we consider the lowest market price of one unit of digital asset quoted on the active exchange since acquiring the digital asset. If the then current carrying value of a digital asset exceeds the fair value so determined, an impairment loss has occurred with respect to those digital assets in the amount equal to the difference between their carrying values and the price determined. Impairment losses are recognized within Restructuring and other in the consolidated statements of operations in the period in which the impairment is identified. The impaired digital assets are written down to their fair value at the time of impairment and this new cost basis will not be adjusted upward for any subsequent increase in fair value. Gains are not recorded until realized upon sale(s), at which point they are presented net of any impairment losses for the same digital assets held within Restructuring and other. In determining the gain to be recognized upon sale, we calculate the difference between the sales price and carrying value of the digital assets sold immediately prior to sale. See Note 3, Digital Assets, Net , for further information regarding digital assets. |
Warranties | Warranties We provide a manufacturer’s warranty on all new and used vehicles and a warranty on the installation and components of the energy generation and storage systems we sell for periods typically between 10 to 25 years. We accrue a warranty reserve for the products sold by us, which includes our best estimate of the projected costs to repair or replace items under warranties and recalls if identified. These estimates are based on actual claims incurred to date and an estimate of the nature, frequency and costs of future claims. These estimates are inherently uncertain given our relatively short history of sales, and changes to our historical or projected warranty experience may cause material changes to the warranty reserve in the future. The warranty reserve does not include projected warranty costs associated with our vehicles subject to operating lease accounting and our solar energy systems under lease contracts or Power Purchase Agreements ("PPAs"), as the costs to repair these warranty claims are expensed as incurred. The portion of the warranty reserve expected to be incurred within the next 12 months is included within Accrued liabilities and other, while the remaining balance is included within Other long-term liabilities on the consolidated balance sheets. Warranty expense is recorded as a component of Cost of revenues in the consolidated statements of operations. Due to the magnitude of our automotive business, accrued warranty balance is primarily related to our automotive segment. Accrued warranty activity consisted of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Accrued warranty—beginning of period $ 1,691 $ 1,197 $ 1,468 $ 1,089 Warranty costs incurred ( 140 ) ( 77 ) ( 381 ) ( 220 ) Net changes in liability for pre-existing warranties, ( 64 ) ( 26 ) ( 22 ) 6 Provision for warranty 249 175 671 394 Accrued warranty—end of period $ 1,736 $ 1,269 $ 1,736 $ 1,269 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently adopted accounting pronouncements In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU include removing exceptions to incremental intraperiod tax allocation of losses and gains from different financial statement components, exceptions to the method of recognizing income taxes on interim period losses, and exceptions to deferred tax liability recognition related to foreign subsidiary investments. In addition, the ASU requires that entities recognize franchise tax based on an incremental method and requires an entity to evaluate the accounting for step-ups in the tax basis of goodwill as inside or outside of a business combination. We adopted ASU 2019-12 starting 2021, which did not have a material impact on our consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). The ASU provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate (e.g., LIBOR) reform if certain criteria are met, for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The ASU is effective as of March 12, 2020 through December 31, 2022. We continue to evaluate transactions or contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis. We adopted ASU 2020-04 during 2021. The ASU has not and is currently not expected to have a material impact on our consolidated financial statements. In May 2021, the FASB issued ASU No. 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The ASU addresses the previous lack of specific guidance in the accounting standards codification related to modifications or exchanges of freestanding equity-classified written call options (such as warrants) by specifying the accounting for various modification scenarios. The ASU is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted for any periods after issuance to be applied as of the beginning of the fiscal year that includes the interim period. We adopted the ASU during 2021 as of the beginning of our fiscal year, which did not have a material impact on our consolidated financial statements. ASU 2020-06 In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The ASU simplifies the accounting for convertible instruments by removing certain separation models in ASC 470-20, Debt—Debt with Conversion and Other Options, for convertible instruments. The ASU updates the guidance on certain embedded conversion features that are not required to be accounted for as derivatives under Topic 815, Derivatives and Hedging, or that do not result in substantial premiums accounted for as paid-in capital, such that those features are no longer required to be separated from the host contract. The convertible debt instruments will be accounted for as a single liability measured at amortized cost. This will also result in the interest expense recognized for convertible debt instruments to be typically closer to the coupon interest rate when applying the guidance in Topic 835, Interest. Further, the ASU made amendments to the EPS guidance in Topic 260 for convertible debt instruments, the most significant impact of which is requiring the use of the if-converted method for diluted EPS calculation, and no longer allowing the net share settlement method. The ASU also made revisions to Topic 815-40, which provides guidance on how an entity must determine whether a contract qualifies for a scope exception from derivative accounting. The amendments to Topic 815-40 change the scope of contracts that are recognized as assets or liabilities. The ASU is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted for periods beginning after December 15, 2020. Adoption of the ASU can either be on a modified retrospective or full retrospective basis. On January 1, 2021, we adopted the ASU using the modified retrospective method. We recognized a cumulative effect of initially applying the ASU as an adjustment to the January 1, 2021 opening balance of accumulated deficit. Due to the recombination of the equity conversion component of our convertible debt remaining outstanding, additional paid in capital and convertible senior notes (mezzanine equity) were reduced. The removal of the remaining debt discounts recorded for this previous separation had the effect of increasing our net debt balance and the reduction of property, plant and equipment was related to previously capitalized interest. The prior period consolidated financial statements have not been retrospectively adjusted and continue to be reported under the accounting standards in effect for those periods. Accordingly, the cumulative effect of the changes made on our January 1, 2021 consolidated balance sheet for the adoption of the ASU was as follows (in millions): Balances at Adjustments from Balances at Assets Property, plant and equipment, net $ 12,747 $ ( 45 ) $ 12,702 Liabilities Current portion of debt and finance leases 2,132 50 2,182 Debt and finance leases, net of current portion 9,556 219 9,775 Mezzanine equity Convertible senior notes 51 ( 51 ) — Equity Additional paid-in capital 27,260 ( 474 ) 26,786 Accumulated deficit ( 5,399 ) 211 ( 5,188 ) The impact of adoption on our consolidated statements of operations for the three and nine months ended September 30, 2021 was primarily to decrease net interest expense by $ 5 million and $ 196 million, respectively, and to decrease depreciation expense by immaterial amounts. This had the effect of increasing our basic and diluted net income per share of common stock attributable to common stockholders by $ 0.01 for the three months ended September 30, 2021 and by $ 0.21 and $ 0.19 , respectively, for the nine months ended September 30, 2021 . The change in methodology to determine the denominator used in the calculation of diluted net income per share of common stock attributable to common stockholders contributed less than $ 0.01 of the increase by requiring the use of the if-converted method as discussed above for the three and nine months ended September 30, 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Disaggregation of Revenue by Major Source | The following table disaggregates our revenue by major source (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Automotive sales without resale value guarantee $ 11,230 $ 6,788 $ 28,575 $ 15,578 Automotive sales with resale value guarantee 163 161 525 393 Automotive regulatory credits 279 397 1,151 1,179 Energy generation and storage sales 662 439 1,698 837 Services and other 894 581 2,738 1,628 Total revenues from sales and services 13,228 8,366 34,687 19,615 Automotive leasing 385 265 1,014 772 Energy generation and storage leasing 144 140 403 405 Total revenues $ 13,757 $ 8,771 $ 36,104 $ 20,792 |
Lease Receivable Relating to Sales-Type Lease | Lease receivables relating to sales-type leases are presented on the consolidated balance sheets as follows (in millions): September 30, 2021 December 31, 2020 Gross lease receivables $ 221 $ 102 Unearned interest income ( 23 ) ( 11 ) Net investment in sales-type leases $ 198 $ 91 Reported as: Prepaid expenses and other current assets $ 38 $ 17 Other non-current assets 161 74 Net investment in sales-type leases $ 198 $ 91 |
Schedule of Reconciliation of Basic to Diluted Weighted Average Shares Used in Computing Net Income Per Share of Common Stock, as Adjusted to Give Effect to Stock Split | The following table presents the reconciliation of basic to diluted weighted average shares used in computing net income per share of common stock attributable to common stockholders (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Weighted average shares used in computing 998 937 977 927 Add: Stock-based awards 98 74 101 59 Convertible senior notes (1) 4 52 12 45 Warrants 23 42 40 28 Weighted average shares used in computing 1,123 1,105 1,130 1,059 |
Schedule of Potentially Dilutive Shares that were Excluded from Computation of Diluted Net Income (Loss) per Share of Common Stock | The following table presents the potentially dilutive shares that were excluded from the computation of diluted net income per share of common stock attributable to common stockholders, because their effect was anti-dilutive (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Stock-based awards 0 1 0 0 Convertible senior notes (1) 0 0 0 1 (1) Under the modified retrospective method of adoption of ASU 2020-06, the dilutive impact of convertible senior notes was calculated using the if-converted method for the three and nine months ended September 30, 2021. Certain convertible senior notes were calculated using the treasury stock method for the three and nine months ended September 30, 2020. Refer to discussion above for further details . |
Schedule of Cash and Cash Equivalents and Restricted Cash | Our total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, was as follows (in millions): September 30, December 31, September 30, December 31, 2021 2020 2020 2019 Cash and cash equivalents $ 16,065 $ 19,384 $ 14,531 $ 6,268 Restricted cash included in prepaid expenses and other 327 238 174 246 Restricted cash included in other non-current assets 302 279 298 269 Total as presented in the consolidated statements of cash flows $ 16,694 $ 19,901 $ 15,003 $ 6,783 |
Schedule of Accrued Warranty Activity | Accrued warranty activity consisted of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Accrued warranty—beginning of period $ 1,691 $ 1,197 $ 1,468 $ 1,089 Warranty costs incurred ( 140 ) ( 77 ) ( 381 ) ( 220 ) Net changes in liability for pre-existing warranties, ( 64 ) ( 26 ) ( 22 ) 6 Provision for warranty 249 175 671 394 Accrued warranty—end of period $ 1,736 $ 1,269 $ 1,736 $ 1,269 |
Schedule of Cumulative Effect of Changes Made to Consolidated Balance Sheet for Adoption of New Lease Standard | Accordingly, the cumulative effect of the changes made on our January 1, 2021 consolidated balance sheet for the adoption of the ASU was as follows (in millions): Balances at Adjustments from Balances at Assets Property, plant and equipment, net $ 12,747 $ ( 45 ) $ 12,702 Liabilities Current portion of debt and finance leases 2,132 50 2,182 Debt and finance leases, net of current portion 9,556 219 9,775 Mezzanine equity Convertible senior notes 51 ( 51 ) — Equity Additional paid-in capital 27,260 ( 474 ) 26,786 Accumulated deficit ( 5,399 ) 211 ( 5,188 ) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Acquired Intangible Assets | Information regarding our intangible assets including assets recognized from our acquisitions was as follows (in millions): September 30, 2021 December 31, 2020 Gross Carrying Accumulated Other Net Carrying Gross Carrying Accumulated Other Net Carrying Finite-lived Developed technology $ 299 $ ( 141 ) $ 3 $ 161 $ 302 $ ( 111 ) $ 3 $ 194 Trade names 2 ( 1 ) — 1 3 ( 1 ) — 2 Favorable contracts and 113 ( 38 ) — 75 113 ( 32 ) — 81 Other 36 ( 20 ) 1 17 38 ( 18 ) 1 21 Total finite-lived 450 ( 200 ) 4 254 456 ( 162 ) 4 298 Indefinite-lived Gigafactory Nevada 15 — — 15 15 — — 15 Total intangible assets $ 465 $ ( 200 ) $ 4 $ 269 $ 471 $ ( 162 ) $ 4 $ 313 |
Total Future Amortization Expense for Finite-lived Intangible Assets | Total future amortization expense for finite-lived intangible assets was estimated as follows (in millions): Three months ending December 31, 2021 $ 12 2022 49 2023 43 2024 28 2025 28 Thereafter 94 Total $ 254 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions): September 30, 2021 December 31, 2020 Fair Value Level I Level II Level III Fair Value Level I Level II Level III Money market funds (cash and $ 8,586 $ 8,586 $ — $ — $ 13,847 $ 13,847 $ — $ — U.S. government securities 100 — 100 — — — — — Corporate debt securities 30 — 30 — — — — — Interest rate swap liabilities 32 — 32 — 58 — 58 — Total $ 8,748 $ 8,586 $ 162 $ — $ 13,905 $ 13,847 $ 58 $ — |
Schedule of Interest Rate Swaps Outstanding | Our interest rate swaps outstanding were as follows (in millions): September 30, 2021 December 31, 2020 Aggregate Notional Gross Asset at Gross Liability at Aggregate Notional Gross Asset at Gross Liability at Interest rate swaps $ 312 $ — $ 32 $ 554 $ — $ 58 Our interest rate swaps activity was as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Gross losses $ — $ — $ 9 $ 42 Gross gains $ 1 $ 1 $ 21 $ 1 |
Schedule of Estimated Fair Values and Carrying Values | The following table presents the estimated fair values and the carrying values (in millions): September 30, 2021 December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Convertible Senior Notes $ 228 $ 2,814 $ 1,971 $ 24,596 2025 Notes $ — $ — $ 1,785 $ 1,877 Solar Asset-backed Notes $ 1,080 $ 1,101 $ 1,115 $ 1,137 Solar Loan-backed Notes $ 108 $ 115 $ 146 $ 152 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Our inventory consisted of the following (in millions): September 30, December 31, 2021 2020 Raw materials $ 2,355 $ 1,508 Work in process 1,061 493 Finished goods (1) 1,252 1,666 Service parts 531 434 Total $ 5,199 $ 4,101 (1) Finished goods inventory includes vehicles in transit to fulfill customer orders, new vehicles available for sale, used vehicles, energy storage products and Solar Roof products available for sale. |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Our property, plant and equipment, net, consisted of the following (in millions): September 30, December 31, 2021 2020 Machinery, equipment, vehicles and office furniture $ 9,458 $ 8,493 Tooling 2,120 1,811 Leasehold improvements 1,706 1,421 Land and buildings 3,853 3,662 Computer equipment, hardware and software 1,284 856 Construction in progress 5,109 1,621 23,530 17,864 Less: Accumulated depreciation ( 6,232 ) ( 5,117 ) Total $ 17,298 $ 12,747 |
Accrued Liabilities and Other (
Accrued Liabilities and Other (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities and Other Current Liabilities | As of September 30, 2021 and December 31, 2020, accrued liabilities and other current liabilities consisted of the following (in millions): September 30, December 31, 2021 2020 Accrued purchases (1) $ 1,867 $ 901 Taxes payable (2) 1,084 777 Payroll and related costs 823 654 Accrued warranty reserve, current portion 621 479 Sales return reserve, current portion 386 417 Operating lease liabilities, current portion 343 286 Accrued interest 18 77 Other current liabilities 301 264 Total $ 5,443 $ 3,855 (1) Accrued purchases primarily reflects receipts of goods and services that we had not been invoiced yet. As we are invoiced for these goods and services, this balance will reduce and accounts payable will increase. (2) Taxes payable includes value added tax, sales tax, property tax, use tax and income tax payables. |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Liabilities [Abstract] | |
Schedule of Other Long-term Liabilities | As of September 30, 2021 and December 31, 2020, other long-term liabilities consisted of the following (in millions): September 30, December 31, 2021 2020 Operating lease liabilities $ 1,629 $ 1,254 Accrued warranty reserve 1,115 989 Sales return reserve 325 500 Deferred tax liability 40 151 Other non-current liabilities 377 436 Total other long-term liabilities $ 3,486 $ 3,330 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt and Finance Leases | The following is a summary of our debt and finance leases as of September 30, 2021 (in millions): Unpaid Unused Net Carrying Value Principal Committed Contractual Contractual Current Long-Term Balance Amount (1) Interest Rates Maturity Date Recourse debt: 2022 Notes $ 86 $ — $ 87 $ — 2.375 % March 2022 2024 Notes 6 136 143 — 2.00 % May 2024 Credit Agreement — 1,865 1,865 284 3.3 % July 2023 Solar Bonds and other Loans 1 7 8 — 4.0 - 5.8 % October 2021 - January 2031 Total recourse debt 93 2,008 2,103 284 Non-recourse debt: Automotive Asset-backed Notes 1,033 1,890 2,934 — 0.1 %- 5.5 % April 2022 - September 2025 Solar Asset-backed Notes 43 1,037 1,106 — 2.9 %- 7.7 % September 2024 - February 2048 Cash Equity Debt 23 397 431 — 5.3 - 5.8 % July 2033 - January 2035 Solar Loan-backed Notes 15 93 114 — 4.8 - 7.5 % September 2048 - September 2049 Automotive Lease-backed Credit Facilities — — — 169 Not applicable September 2023 Other Loans — 14 14 22 5.1 % February 2033 Total non-recourse debt 1,114 3,431 4,599 191 Total debt 1,207 5,439 $ 6,702 $ 475 Finance leases 509 999 Total debt and finance leases $ 1,716 $ 6,438 The following is a summary of our debt and finance leases as of December 31, 2020 (in millions): Unpaid Unused Net Carrying Value Principal Committed Contractual Contractual Current Long-Term Balance Amount (1) Interest Rates Maturity Date Recourse debt: 2021 Notes $ 419 $ — $ 422 $ — 1.25 % March 2021 2022 Notes 115 366 503 — 2.375 % March 2022 2024 Notes 171 856 1,282 — 2.00 % May 2024 2025 Notes — 1,785 1,800 — 5.30 % August 2025 Credit Agreement — 1,895 1,895 278 3.3 % July 2023 Solar Bonds and other Loans 4 49 55 — 3.6 %- 5.8 % January 2021 - January 2031 Total recourse debt 709 4,951 5,957 278 Non-recourse debt: Automotive Asset-backed Notes 777 921 1,705 — 0.6 %- 7.9 % August 2021 - August 2024 Solar Asset-backed Notes 39 1,076 1,141 — 3.0 %- 7.7 % September 2024 - February 2048 China Loan Agreements — 616 616 1,372 4.0 % June 2021 - December 2024 Cash Equity Debt 18 408 439 — 5.3 %- 5.8 % July 2033 - January 2035 Solar Loan-backed Notes 13 133 152 — 4.8 %- 7.5 % September 2048 - September 2049 Warehouse Agreements 37 257 294 806 1.7 %- 1.8 % September 2022 Solar Term Loan 151 — 151 — 3.7 % January 2021 Automotive Lease-backed Credit Facility 14 19 33 153 1.9 %- 5.9 % September 2022 - November 2022 Solar Revolving Credit Facility and — 81 81 23 2.7 %- 5.1 % June 2022 - February 2033 Total non-recourse debt 1,049 3,511 4,612 2,354 Total debt 1,758 8,462 $ 10,569 $ 2,632 Finance leases 374 1,094 Total debt and finance leases $ 2,132 $ 9,556 (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, solar energy systems and the associated customer contracts 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, 2020. |
Schedule of Interest Expense | The following table presents the interest expense related to the contractual interest coupon, the amortization of debt issuance costs and the amortization of debt discounts on our convertible senior notes with cash conversion features, which include the 2021 Notes, the 2022 Notes and the 2024 Notes (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Contractual interest coupon $ 1 $ 19 $ 11 $ 58 Amortization of debt issuance costs 1 2 4 5 Amortization of debt discounts (1) — 50 — 138 Total $ 2 $ 71 $ 15 $ 201 (1) Under the modified retrospective method of adoption of ASU 2020-06, there was neither amortization of debt discounts, nor losses on extinguishment of debt recognized for the three and nine months ended September 30, 2021. Refer to discussion above for further details. |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Operational Milestone Based on Revenue or Adjusted EBITDA | The achievement status of the operational milestones as of September 30, 2021 is provided below. Although an operational milestone is deemed achieved in the last quarter of the relevant annualized period, it may be certified only after the financial statements supporting its achievement have been filed with our Forms 10-Q and/or 10-K. Total Annualized Revenue Annualized Adjusted EBITDA Milestone Achievement Status Milestone Achievement Status $ 20.0 Achieved $ 1.5 Achieved $ 35.0 Achieved $ 3.0 Achieved $ 55.0 Probable $ 4.5 Achieved $ 75.0 - $ 6.0 Achieved $ 100.0 - $ 8.0 Achieved (1) $ 125.0 - $ 10.0 Probable $ 150.0 - $ 12.0 Probable $ 175.0 - $ 14.0 - (1) Achieved in the third quarter of 2021 and expected to be certified following the filing of this Quarterly Report on Form 10-Q. |
Summary of Stock-Based Compensation Expense | The following table summarizes our stock-based compensation expense by line item in the consolidated statements of operations (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenues $ 99 $ 62 $ 310 $ 147 Research and development 105 76 334 214 Selling, general and administrative 271 405 919 740 Total $ 475 $ 543 $ 1,563 $ 1,101 |
Variable Interest Entity Arra_2
Variable Interest Entity Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entity Disclosure [Abstract] | |
Carrying Values of Assets and Liabilities of Subsidiary in Consolidated Balance Sheets | The aggregate carrying values of the VIEs’ assets and liabilities, after elimination of any intercompany transactions and balances, in the consolidated balance sheets were as follows (in millions): September 30, December 31, 2021 2020 Assets Current assets Cash and cash equivalents $ 100 $ 87 Accounts receivable, net 44 28 Prepaid expenses and other current assets 144 105 Total current assets 288 220 Solar energy systems, net 4,605 4,749 Other non-current assets 204 182 Total assets $ 5,097 $ 5,151 Liabilities Current liabilities Accrued liabilities and other $ 72 $ 63 Deferred revenue 11 11 Customer deposits — 14 Current portion of debt and finance leases 1,057 797 Total current liabilities 1,140 885 Deferred revenue, net of current portion 166 168 Debt and finance leases, net of current portion 2,286 1,346 Other long-term liabilities 15 19 Total liabilities $ 3,607 $ 2,418 |
Segment Reporting and Informa_2
Segment Reporting and Information about Geographic Areas (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Total Revenues and Gross Profit by Reportable Segment | The following table presents revenues and gross profit by reportable segment (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Automotive segment Revenues $ 12,951 $ 8,192 $ 34,003 $ 19,550 Gross profit $ 3,657 $ 2,042 $ 8,837 $ 4,511 Energy generation and storage segment Revenues $ 806 $ 579 $ 2,101 $ 1,242 Gross profit $ 3 $ 21 $ ( 78 ) $ 53 |
Schedule of Revenues by Geographic Area | The following table presents revenues by geographic area based on the sales location of our products (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 6,414 $ 4,215 $ 16,043 $ 10,073 China 3,113 1,744 9,015 4,044 Other 4,230 2,812 11,046 6,675 Total $ 13,757 $ 8,771 $ 36,104 $ 20,792 |
Schedule of Long-Lived Assets by Geographic Area | The following table presents long-lived assets by geographic area (in millions): September 30, December 31, 2021 2020 United States $ 18,208 $ 15,989 International 4,911 2,737 Total $ 23,119 $ 18,726 |
Overview - Additional Informati
Overview - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021Segment | |
Accounting Policies [Abstract] | |
Number of operating segment | 2 |
Number of reportable segment | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenue by Major Source (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 13,757 | $ 8,771 | $ 36,104 | $ 20,792 |
Energy Generation and Storage Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues from sales and services | 662 | 439 | 1,698 | 837 |
Services and Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues from sales and services | 894 | 581 | 2,738 | 1,628 |
Sales and Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues from sales and services | 13,228 | 8,366 | 34,687 | 19,615 |
Automotive [Member] | Automotive Sales without Resale Value Guarantee [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues from sales and services | 11,230 | 6,788 | 28,575 | 15,578 |
Automotive [Member] | Automotive Sales with Resale Value Guarantee [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues from sales and services | 163 | 161 | 525 | 393 |
Automotive [Member] | Automotive Regulatory Credits [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues from sales and services | 279 | 397 | 1,151 | 1,179 |
Automotive [Member] | Automotive Leasing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Leasing revenue | 385 | 265 | 1,014 | 772 |
Energy Generation and Storage [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 806 | 579 | 2,101 | 1,242 |
Energy Generation and Storage [Member] | Energy Generation and Storage Leasing [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Leasing revenue | $ 144 | $ 140 | $ 403 | $ 405 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred revenue | $ 2,220 | $ 2,220 | $ 1,930 | |||
Deferred revenue recognized out of prior period balance | 223 | $ 223 | 230 | $ 230 | ||
Deferred revenue recognized in next 12 months | $ 1,390 | |||||
Performance period of vehicles description | expected ownership life of the vehicle or the eight-year life of the vehicle. | |||||
Total sales return reserve from buyback options | 526 | $ 526 | 703 | |||
Sales return reserve from short term buyback options | 201 | 201 | 202 | |||
Deferred revenue | 1,801 | 1,801 | 1,458 | |||
Unrecognized tax benefits | 411 | 411 | 380 | |||
Unrecognized tax benefits, that would not affect effective tax rate | 359 | 359 | 353 | |||
Increase in net loss attributable to common stockholders | 1 | 8 | ||||
Allowance for credit losses | 45 | 45 | 45 | |||
MyPower customer notes receivable, net of allowance for credit losses | 304 | 304 | 334 | |||
MyPower customer notes receivable, net of allowance for credit losses, current | 11 | 11 | 9 | |||
Other non-current assets | 1,854 | $ 1,854 | $ 1,536 | |||
Accounts receivable from OEM customers excess percentage | 10.00% | 10.00% | ||||
Gross cost of operating lease vehicles | 4,850 | $ 4,850 | $ 3,540 | |||
Net accumulated depreciation related to leased vehicles | 683 | 683 | 446 | |||
Decrease in net interest expense | $ 5 | $ 196 | ||||
Increase in basic net income per share of common stock | $ 0.01 | $ 0.21 | ||||
Increase in diluted net income per share of common stock | $ 0.01 | $ 0.19 | ||||
Sales-type leasing revenue | $ 59 | $ 59 | $ 156 | 63 | ||
Sales-type leasing cost of revenue | $ 35 | $ 41 | 97 | 44 | ||
Purchases of digital assets, amount | $ 1,500 | $ 5 | ||||
Earnings Per Share, Diluted | $ 1.44 | $ 0.27 | $ 2.84 | $ 0.40 | ||
Government Rebates Receivables [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Other non-current assets | $ 384 | $ 384 | $ 46 | |||
Federal [Member] | Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2004 | |||||
Federal [Member] | Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2019 | |||||
California [Member] | Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2004 | |||||
U.S. and foreign jurisdictions [Member] | Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2008 | |||||
U.S. and foreign jurisdictions [Member] | Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2020 | |||||
IRS [Member] | Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2015 | |||||
IRS [Member] | Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Income tax examination, years | 2018 | |||||
Shanghai, China [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Corporate income tax rate to certain enterprises | 15.00% | |||||
Corporate income tax rate | 25.00% | |||||
Beneficial income tax rate | 15.00% | |||||
Cumulative Effect Period Of Adoption Adjustment [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Earnings Per Share, Diluted | $ 0.01 | |||||
1.25% Convertible Senior Notes due in 2021 (2021 Notes) [Member] | Recourse debt [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest Rate | 1.25% | 1.25% | 1.25% | |||
Maturity year | 2021 | 2021 | ||||
2.375% Convertible Senior Notes due in 2022 [Member] | Recourse debt [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest Rate | 2.375% | 2.375% | 2.375% | |||
Maturity year | 2022 | 2022 | ||||
2.00% Convertible Senior Notes due in 2024 [Member] | Recourse debt [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest Rate | 2.00% | 2.00% | 2.00% | |||
Maturity year | 2024 | 2024 | ||||
5.50% Convertible Senior Notes due in 2022 [Member] | Recourse debt [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Interest Rate | 5.50% | 5.50% | ||||
Customer payments [Member] | Energy Generation and Storage [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred revenue | $ 262 | $ 262 | $ 187 | |||
Deferred revenue recognized in next 12 months | 9 | |||||
Revenue recognized | 31 | $ 31 | 90 | $ 90 | ||
Unbilled transaction price allocated to performance obligations, expected of more than one year | 152 | $ 152 | ||||
Solar Energy Systems [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Product warranty description | a warranty on the installation and components of the energy generation and storage systems we sell for periods typically between 10 to 25 years. | |||||
Automotive Regulatory Credits [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Deferred revenue recognized out of prior period balance | $ 140 | $ 140 | ||||
Deferred revenue | $ 20 | $ 20 | $ 21 | |||
Deferred revenue, recognition period | 12 months |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Detail1) | Sep. 30, 2021 |
Customer payments [Member] | Energy Generation and Storage [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Deferred revenue, expected to recognize period | 26 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Lease Receivables Relating to Sales-Type Leases (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Sales-type Lease, Net Investment in Lease, Past Due [Line Items] | ||
Gross lease receivables | $ 221 | $ 102 |
Unearned interest income | (23) | (11) |
Net investment in sales-type leases | 198 | 91 |
Prepaid Expenses and Other Current Assets [Member] | ||
Sales-type Lease, Net Investment in Lease, Past Due [Line Items] | ||
Net investment in sales-type leases | 38 | 17 |
Other Non-current Assets [Member] | ||
Sales-type Lease, Net Investment in Lease, Past Due [Line Items] | ||
Net investment in sales-type leases | $ 161 | $ 74 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Reconciliation of Basic to Diluted Weighted Average Shares Used in Computing Net Income Per Share of Common Stock, as Adjusted to Give Effect to Stock Split (Detail) - shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Accounting Policies [Abstract] | |||||
Weighted average shares used in computing net income per share of common stock, basic | 998,000,000 | 937,000,000 | 977,000,000 | 927,000,000 | |
Stock-based awards | 98,000,000 | 74,000,000 | 101,000,000 | 59,000,000 | |
Convertible senior notes | [1] | 4,000,000 | 52,000,000 | 12,000,000 | 45,000,000 |
Warrants | 23,000,000 | 42,000,000 | 40,000,000 | 28,000,000 | |
Weighted average shares used in computing net income per share of common stock, diluted | 1,123,000,000 | 1,105,000,000 | 1,130,000,000 | 1,059,000,000 | |
[1] | Under the modified retrospective method of adoption of ASU 2020-06, the dilutive impact of convertible senior notes was calculated using the if-converted method for the three and nine months ended September 30, 2021. Certain convertible senior notes were calculated using the treasury stock method for the three and nine months ended September 30, 2020. Refer to discussion above for further details |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Shares that were Excluded from Computation of Diluted Net Income (Loss) per Share of Common Stock (Detail) - shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Stock-based awards [Member] | |||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Potential common shares excluded from computation of net income (loss) per share | 0 | 1,000,000 | 0 | 0 | |
Convertible Senior Notes [Member] | |||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Potential common shares excluded from computation of net income (loss) per share | [1] | 0 | 0 | 0 | 1,000,000 |
[1] | Under the modified retrospective method of adoption of ASU 2020-06, the dilutive impact of convertible senior notes was calculated using the if-converted method for the three and nine months ended September 30, 2021. Certain convertible senior notes were calculated using the treasury stock method for the three and nine months ended September 30, 2020. Refer to discussion above for further details |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 16,065 | $ 19,384 | $ 14,531 | $ 6,268 |
Restricted cash included in prepaid expenses and other current assets | 327 | 238 | 174 | 246 |
Restricted cash included in other non-current assets | 302 | 279 | 298 | 269 |
Total as presented in the consolidated statements of cash flows | $ 16,694 | $ 19,901 | $ 15,003 | $ 6,783 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Schedule of Accrued Warranty Activity (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Standard Product Warranty Disclosure [Abstract] | ||||
Accrued warranty—beginning of period | $ 1,691 | $ 1,197 | $ 1,468 | $ 1,089 |
Warranty costs incurred | (140) | (77) | (381) | (220) |
Net changes in liability for pre-existing warranties, including expirations and foreign exchange impact | (64) | (26) | (22) | 6 |
Provision for warranty | 249 | 175 | 671 | 394 |
Accrued warranty—end of period | $ 1,736 | $ 1,269 | $ 1,736 | $ 1,269 |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Cumulative Effect of Changes Made on Consolidated Balance Sheet For Adoption of ASU 2020-06 (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Assets | |||
Property, plant and equipment, net | $ 17,298 | $ 12,702 | $ 12,747 |
Liabilities | |||
Current portion of debt and finance leases | 1,716 | 2,182 | 2,132 |
Debt and finance leases, net of current portion | 6,438 | 9,775 | 9,556 |
Mezzanine equity | |||
Convertible senior notes | 51 | ||
Equity | |||
Additional Paid in Capital | 26,786 | 27,260 | |
Accumulated deficit | $ (1,990) | $ (5,188) | (5,399) |
Restatement Adjustment [Member] | Accounting Standards Update 2020-06 [Member] | |||
Assets | |||
Property, plant and equipment, net | (45) | ||
Liabilities | |||
Current portion of debt and finance leases | 50 | ||
Debt and finance leases, net of current portion | 219 | ||
Mezzanine equity | |||
Convertible senior notes | (51) | ||
Equity | |||
Additional Paid in Capital | (474) | ||
Accumulated deficit | $ 211 |
Digital Assets, Net - Additiona
Digital Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Purchases of digital assets, amount | $ 1,500 | $ 5 | ||
Impairment losses | $ 51 | 101 | ||
Gain on sale | $ 128 | |||
Carrying value | 1,260 | 1,260 | ||
Cumulative impairments | 101 | 101 | ||
Fair market value of bitcoin | $ 1,830 | $ 1,830 |
Intangible Assets - Summary of
Intangible Assets - Summary of Acquired Intangible Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Carrying Amount | $ 450 | $ 456 |
Finite-lived intangible assets, Accumulated Amortization | (200) | (162) |
Finite-lived intangible assets, Other | 4 | 4 |
Finite-lived intangible assets, Net Carrying Amount | 254 | 298 |
Indefinite-lived intangible assets, Net Carrying Amount | 1,260 | |
Intangible Assets, Gross Carrying Amount | 465 | 471 |
Intangible assets, Other | 4 | 4 |
Intangible Assets, Net Carrying Amount | 269 | 313 |
Gigafactory Nevada Water Rights [Member] | ||
Acquired Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, Gross Carrying Amount | 15 | 15 |
Indefinite-lived intangible assets, Net Carrying Amount | 15 | 15 |
Developed Technology [Member] | ||
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Carrying Amount | 299 | 302 |
Finite-lived intangible assets, Accumulated Amortization | (141) | (111) |
Finite-lived intangible assets, Other | 3 | 3 |
Finite-lived intangible assets, Net Carrying Amount | 161 | 194 |
Trade names [Member] | ||
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Carrying Amount | 2 | 3 |
Finite-lived intangible assets, Accumulated Amortization | (1) | (1) |
Finite-lived intangible assets, Net Carrying Amount | 1 | 2 |
Favorable Contracts and Leases, Net [Member] | ||
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Carrying Amount | 113 | 113 |
Finite-lived intangible assets, Accumulated Amortization | (38) | (32) |
Finite-lived intangible assets, Net Carrying Amount | 75 | 81 |
Other [Member] | ||
Acquired Intangible Assets [Line Items] | ||
Finite-lived intangible assets, Gross Carrying Amount | 36 | 38 |
Finite-lived intangible assets, Accumulated Amortization | (20) | (18) |
Finite-lived intangible assets, Other | 1 | 1 |
Finite-lived intangible assets, Net Carrying Amount | $ 17 | $ 21 |
Intangible Assets - Total Futur
Intangible Assets - Total Future Amortization Expense for Finite-lived Intangible Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Three months ending December 31, 2021 | $ 12 | |
2022 | 49 | |
2023 | 43 | |
2024 | 28 | |
2025 | 28 | |
Thereafter | 94 | |
Finite-lived intangible assets, Net Carrying Amount | $ 254 | $ 298 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 8,748 | $ 13,905 |
Corporate debt securities(short-term marketable securities) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 30 | 0 |
U.S. government securities(cash and cash equivalents) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 100 | 0 |
Money market funds (Cash and cash equivalents) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 8,586 | 13,847 |
Interest Rate Swap Assets (Liabilities) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities, Fair Value | 32 | 58 |
Level I [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 8,586 | 13,847 |
Level I [Member] | Corporate debt securities(short-term marketable securities) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | 0 |
Level I [Member] | U.S. government securities(cash and cash equivalents) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | 0 |
Level I [Member] | Money market funds (Cash and cash equivalents) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 8,586 | 13,847 |
Level I [Member] | Interest Rate Swap Assets (Liabilities) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities, Fair Value | 0 | 0 |
Level II [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 162 | 58 |
Level II [Member] | Corporate debt securities(short-term marketable securities) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 30 | 0 |
Level II [Member] | U.S. government securities(cash and cash equivalents) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 100 | 0 |
Level II [Member] | Money market funds (Cash and cash equivalents) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | 0 |
Level II [Member] | Interest Rate Swap Assets (Liabilities) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities, Fair Value | 32 | 58 |
Level III [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Level III [Member] | Corporate debt securities(short-term marketable securities) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | 0 |
Level III [Member] | U.S. government securities(cash and cash equivalents) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | 0 |
Level III [Member] | Money market funds (Cash and cash equivalents) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets, Fair Value | 0 | 0 |
Level III [Member] | Interest Rate Swap Assets (Liabilities) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial liabilities, Fair Value | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Interest Rate Swaps Outstanding (Detail) - Interest Rate Swaps [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Aggregate Notional Amount | $ 312 | $ 312 | $ 554 | ||
Gross Asset at Fair Value | 0 | 0 | 0 | ||
Gross Liability at Fair Value | 32 | 32 | $ 58 | ||
Gross losses | 0 | $ 0 | 9 | $ 42 | |
Gross gains | $ 1 | $ 1 | $ 21 | $ 1 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Additional Information (Detail) - Recourse debt [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
1.25% Convertible Senior Notes due in 2021 (2021 Notes) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate | 1.25% | 1.25% |
Maturity year | 2021 | 2021 |
Maturity Date | Mar. 31, 2021 | Mar. 31, 2021 |
5.30% Senior Notes due in 2025 (2025 Notes) [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate | 5.30% | 5.30% |
Maturity year | 2025 | 2025 |
Maturity Date | Aug. 31, 2025 | Aug. 31, 2025 |
2.375% Convertible Senior Notes due in 2022 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate | 2.375% | 2.375% |
Maturity year | 2022 | 2022 |
Maturity Date | Mar. 31, 2022 | Mar. 31, 2022 |
2.00% Convertible Senior Notes due in 2024 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate | 2.00% | 2.00% |
Maturity year | 2024 | 2024 |
Maturity Date | May 31, 2024 | May 31, 2024 |
5.50% Convertible Senior Notes due in 2022 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate | 5.50% | |
Maturity Date | Mar. 31, 2022 | Mar. 31, 2022 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Estimated Fair Values and Carrying Values (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 5,439 | $ 8,462 |
Convertible Senior Notes [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Value | 228 | 1,971 |
Fair Value | 2,814 | 24,596 |
2025 Notes [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 1,785 |
Fair Value | 0 | 1,877 |
Solar Asset-backed Notes [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,080 | 1,115 |
Fair Value | 1,101 | 1,137 |
Solar Loan-backed Notes [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Carrying Value | 108 | 146 |
Fair Value | $ 115 | $ 152 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 2,355 | $ 1,508 | |
Work in process | 1,061 | 493 | |
Finished goods | [1] | 1,252 | 1,666 |
Service parts | 531 | 434 | |
Total | $ 5,199 | $ 4,101 | |
[1] | Finished goods inventory includes vehicles in transit to fulfill customer orders, new vehicles available for sale, used vehicles, energy storage products and Solar Roof products available for sale. |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Inventory [Line Items] | ||||
Inventory write-downs | $ 128 | $ 140 | ||
Cost of Revenues [Member] | ||||
Inventory [Line Items] | ||||
Inventory write-downs | $ 36 | $ 26 | 106 | $ 108 |
Research and Development Expenses [Member] | ||||
Inventory [Line Items] | ||||
Inventory write-downs | $ 36 | $ 106 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jan. 01, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Line Items] | ||||||
Interest expense capitalized | $ 14 | $ 13 | $ 52 | $ 33 | ||
Depreciation expense | 495 | $ 403 | 1,380 | $ 1,130 | ||
Gross finance leased assets | 2,600 | 2,600 | $ 2,280 | |||
Accumulated depreciation on property and equipment under finance leases | 1,110 | 1,110 | 816 | |||
Property, plant and equipment, net | 17,298 | 17,298 | $ 12,702 | 12,747 | ||
Production Equipment [Member] | ||||||
Property Plant And Equipment [Line Items] | ||||||
Property, plant and equipment, net | $ 1,890 | $ 1,890 | $ 1,770 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 23,530 | $ 17,864 | |
Less: Accumulated depreciation | (6,232) | (5,117) | |
Property, plant and equipment, net | 17,298 | $ 12,702 | 12,747 |
Machinery, equipment, vehicles and office furniture [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 9,458 | 8,493 | |
Tooling [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,120 | 1,811 | |
Leasehold improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,706 | 1,421 | |
Land and buildings [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 3,853 | 3,662 | |
Computer equipment, hardware and software [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,284 | 856 | |
Construction in progress [Member] | |||
Property Plant And Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 5,109 | $ 1,621 |
Accrued Liabilities and Other -
Accrued Liabilities and Other - Schedule of Accrued Liabilities and Other Current Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |||
Accrued purchases | [1] | $ 1,867 | $ 901 |
Taxes payable | [2] | 1,084 | 777 |
Payroll and related costs | 823 | 654 | |
Accrued warranty reserve, current portion | 621 | 479 | |
Sales return reserve, current portion | 386 | 417 | |
Operating lease liabilities, current portion | 343 | 286 | |
Accrued interest | 18 | 77 | |
Other current liabilities | 301 | 264 | |
Total | $ 5,443 | $ 3,855 | |
[1] | Accrued purchases primarily reflects receipts of goods and services that we had not been invoiced yet. As we are invoiced for these goods and services, this balance will reduce and accounts payable will increase. | ||
[2] | Taxes payable includes value added tax, sales tax, property tax, use tax and income tax payables. |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Schedule of Other Long-term Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other Liabilities, Noncurrent [Abstract] | ||
Operating lease liabilities | $ 1,629 | $ 1,254 |
Accrued warranty reserve | 1,115 | 989 |
Sales return reserve | 325 | 500 |
Deferred tax liability | 40 | 151 |
Other non-current liabilities | 377 | 436 |
Total other long-term liabilities | $ 3,486 | $ 3,330 |
Debt - Summary of Debt and Fina
Debt - Summary of Debt and Finance Leases (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Jan. 01, 2021 | ||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | $ 1,207 | $ 1,758 | ||
Net Carrying Value, Long-Term | 5,439 | 8,462 | ||
Unpaid Principal Balance | 6,702 | 10,569 | ||
Unused Committed Amount | [1] | 475 | 2,632 | |
Net Carrying Value Finance leases, Current | 509 | 374 | ||
Net Carrying Value Finance leases, Long-Term | 999 | 1,094 | ||
Current portion of debt and finance leases | 1,716 | 2,132 | $ 2,182 | |
Net Carrying Value Total debt and finance leases, Long-Term | 6,438 | 9,556 | $ 9,775 | |
5.30% Senior Notes due in 2025 (2025 Notes) [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Long-Term | 0 | 1,785 | ||
Solar Asset-backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Long-Term | 1,080 | 1,115 | ||
Solar Loan-backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Long-Term | 108 | 146 | ||
Recourse debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | 93 | 709 | ||
Net Carrying Value, Long-Term | 2,008 | 4,951 | ||
Unpaid Principal Balance | 2,103 | 5,957 | ||
Unused Committed Amount | [1] | 284 | 278 | |
Recourse debt [Member] | 2.375% Convertible Senior Notes due in 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | 86 | 115 | ||
Net Carrying Value, Long-Term | 366 | |||
Unpaid Principal Balance | $ 87 | $ 503 | ||
Debt Instrument Interest Rate Stated Percentage | 2.375% | 2.375% | ||
Contractual Maturity Date | 2022-03 | 2022-03 | ||
Recourse debt [Member] | 2.00% Convertible Senior Notes due in 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | $ 6 | $ 171 | ||
Net Carrying Value, Long-Term | 136 | 856 | ||
Unpaid Principal Balance | $ 143 | $ 1,282 | ||
Debt Instrument Interest Rate Stated Percentage | 2.00% | 2.00% | ||
Contractual Maturity Date | 2024-05 | 2024-05 | ||
Net Carrying Value Total debt and finance leases, Long-Term | $ 6 | |||
Recourse debt [Member] | 5.30% Senior Notes due in 2025 (2025 Notes) [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Long-Term | $ 1,785 | |||
Unpaid Principal Balance | $ 1,800 | |||
Debt Instrument Interest Rate Stated Percentage | 5.30% | 5.30% | ||
Contractual Maturity Date | 2025-08 | |||
Recourse debt [Member] | 1.25% Convertible Senior Notes due in 2021 (2021 Notes) [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | $ 419 | |||
Unpaid Principal Balance | $ 422 | |||
Debt Instrument Interest Rate Stated Percentage | 1.25% | 1.25% | ||
Contractual Maturity Date | 2021-03 | |||
Recourse debt [Member] | Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Long-Term | $ 1,865 | $ 1,895 | ||
Unpaid Principal Balance | 1,865 | 1,895 | ||
Unused Committed Amount | [1] | $ 284 | $ 278 | |
Debt Instrument Interest Rate Stated Percentage | 3.30% | 3.30% | ||
Contractual Maturity Date | 2023-07 | 2023-07 | ||
Recourse debt [Member] | Solar Bonds and other Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | $ 1 | $ 4 | ||
Net Carrying Value, Long-Term | 7 | 49 | ||
Unpaid Principal Balance | $ 8 | $ 55 | ||
Contractual Maturity Date, Start | 2021-10 | 2021-01 | ||
Contractual Maturity Date, End | 2031-01 | 2031-01 | ||
Recourse debt [Member] | Solar Bonds and other Loans [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 4.00% | 3.60% | ||
Recourse debt [Member] | Solar Bonds and other Loans [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 5.80% | 5.80% | ||
Non-recourse debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | $ 1,114 | $ 1,049 | ||
Net Carrying Value, Long-Term | 3,431 | 3,511 | ||
Unpaid Principal Balance | 4,599 | 4,612 | ||
Unused Committed Amount | [1] | 191 | 2,354 | |
Non-recourse debt [Member] | Automotive Asset-backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | 1,033 | 777 | ||
Net Carrying Value, Long-Term | 1,890 | 921 | ||
Unpaid Principal Balance | $ 2,934 | 1,705 | ||
Unused Committed Amount | [1] | $ 153 | ||
Contractual Maturity Date, Start | 2022-04 | 2021-08 | ||
Contractual Maturity Date, End | 2025-09 | 2024-08 | ||
Non-recourse debt [Member] | Automotive Asset-backed Notes [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 0.10% | 0.60% | ||
Non-recourse debt [Member] | Automotive Asset-backed Notes [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 5.50% | 7.90% | ||
Non-recourse debt [Member] | Solar Asset-backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | $ 43 | $ 39 | ||
Net Carrying Value, Long-Term | 1,037 | 1,076 | ||
Unpaid Principal Balance | $ 1,106 | $ 1,141 | ||
Contractual Maturity Date, Start | 2024-09 | 2024-09 | ||
Contractual Maturity Date, End | 2048-02 | 2048-02 | ||
Non-recourse debt [Member] | Solar Asset-backed Notes [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 2.90% | 3.00% | ||
Non-recourse debt [Member] | Solar Asset-backed Notes [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 7.70% | 7.70% | ||
Non-recourse debt [Member] | China Loan Agreements [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Long-Term | $ 616 | |||
Unpaid Principal Balance | 616 | |||
Unused Committed Amount | [1] | $ 1,372 | ||
Debt Instrument Interest Rate Stated Percentage | 4.00% | |||
Contractual Maturity Date, Start | 2021-06 | |||
Contractual Maturity Date, End | 2024-12 | |||
Non-recourse debt [Member] | Cash Equity Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | $ 23 | $ 18 | ||
Net Carrying Value, Long-Term | 397 | 408 | ||
Unpaid Principal Balance | $ 431 | $ 439 | ||
Contractual Maturity Date, Start | 2033-07 | 2033-07 | ||
Contractual Maturity Date, End | 2035-01 | 2035-01 | ||
Non-recourse debt [Member] | Cash Equity Debt [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 5.30% | 5.30% | ||
Non-recourse debt [Member] | Cash Equity Debt [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 5.80% | 5.80% | ||
Non-recourse debt [Member] | Solar Loan-backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | $ 15 | |||
Net Carrying Value, Long-Term | 93 | $ 133 | ||
Unpaid Principal Balance | $ 114 | $ 152 | ||
Debt Instrument Interest Rate Stated Percentage | 13.00% | |||
Contractual Maturity Date, Start | 2048-09 | 2048-09 | ||
Contractual Maturity Date, End | 2049-09 | 2049-09 | ||
Non-recourse debt [Member] | Solar Loan-backed Notes [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 4.80% | 4.80% | ||
Non-recourse debt [Member] | Solar Loan-backed Notes [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 7.50% | 7.50% | ||
Non-recourse debt [Member] | Warehouse Agreements [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | $ 37 | |||
Net Carrying Value, Long-Term | 257 | |||
Unpaid Principal Balance | 294 | |||
Unused Committed Amount | [1] | $ 806 | ||
Contractual Maturity Date | 2022-09 | |||
Non-recourse debt [Member] | Warehouse Agreements [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 1.70% | |||
Non-recourse debt [Member] | Warehouse Agreements [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 1.80% | |||
Non-recourse debt [Member] | Automotive Lease-backed Credit Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | $ 14 | |||
Net Carrying Value, Long-Term | 19 | |||
Unpaid Principal Balance | $ 33 | |||
Unused Committed Amount | [1] | $ 169 | ||
Contractual Maturity Date | 2023-09 | |||
Contractual Maturity Date, Start | 2022-09 | |||
Contractual Maturity Date, End | 2022-11 | |||
Non-recourse debt [Member] | Automotive Lease-backed Credit Facilities [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 1.90% | |||
Non-recourse debt [Member] | Automotive Lease-backed Credit Facilities [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 5.90% | |||
Non-recourse debt [Member] | Solar Revolving Credit Facility and Other Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Long-Term | $ 14 | $ 81 | ||
Unpaid Principal Balance | 14 | 81 | ||
Unused Committed Amount | [1] | $ 22 | $ 23 | |
Debt Instrument Interest Rate Stated Percentage | 5.10% | |||
Contractual Maturity Date | 2033-02 | |||
Contractual Maturity Date, Start | 2022-06 | |||
Contractual Maturity Date, End | 2033-02 | |||
Non-recourse debt [Member] | Solar Revolving Credit Facility and Other Loans [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 2.70% | |||
Non-recourse debt [Member] | Solar Revolving Credit Facility and Other Loans [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Interest Rate Stated Percentage | 5.10% | |||
Non-recourse debt [Member] | Solar Term Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Net Carrying Value, Current | $ 151 | |||
Unpaid Principal Balance | $ 151 | |||
Debt Instrument Interest Rate Stated Percentage | 3.70% | |||
Contractual Maturity Date | 2021-01 | |||
[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, solar energy systems and the associated customer contracts 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, 2020. |
Debt - 2021 Notes, 2022 Notes a
Debt - 2021 Notes, 2022 Notes and 2024 Notes - Additional Information (Detail) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($)shares | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021USD ($)dshares | Jan. 01, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||||||
Debt and finance leases, net of current portion | $ 6,438 | $ 6,438 | $ 9,775 | $ 9,556 | ||
Current portion of debt and finance leases | $ 1,716 | 1,716 | $ 2,182 | $ 2,132 | ||
1.25% Convertible Senior Notes due in 2021 (2021 Notes) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible principal amount | 422 | |||||
Debt Conversion Converted For Cash | $ 422 | |||||
Shares issued upon conversion of each $1000 principal amount | shares | 5.3 | |||||
Number of common shares received | shares | 5.3 | 5.3 | ||||
1.25% Convertible Senior Notes due in 2021 (2021 Notes) [Member] | Common Stock [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Common stock issued in settlement of warrants | shares | 15.8 | 15.8 | ||||
2.375% Convertible Senior Notes due in 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible principal amount | $ 416 | |||||
Debt Conversion Converted For Cash | $ 416 | |||||
Shares issued upon conversion of each $1000 principal amount | shares | 5.7 | |||||
Number of common shares received | shares | 5.7 | 5.7 | ||||
2.00% Convertible Senior Notes due in 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible principal amount | $ 1,140 | |||||
Debt Conversion Converted For Cash | $ 1,140 | |||||
Shares issued upon conversion of each $1000 principal amount | shares | 16.8 | |||||
Number of common shares received | shares | 16.8 | 16.8 | ||||
2.00% Convertible Senior Notes due in 2024 [Member] | Common Stock [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Common stock issued in settlement of warrants | shares | 18.7 | 18.7 | ||||
2021 Notes, 2022 Notes and 2024 Notes [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument convertible, percentage of conversion price | 130.00% | 130.00% | 130.00% | |||
2021 Notes, 2022 Notes and 2024 Notes [Member] | One Hundred Thirty Percent Applicable Conversion Price [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument convertible trading days | d | 20 | |||||
2021 Notes, 2022 Notes and 2024 Notes [Member] | One Hundred Thirty Percent Applicable Conversion Price [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument convertible trading days | d | 30 | |||||
Recourse debt [Member] | 2.00% Convertible Senior Notes due in 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt and finance leases, net of current portion | $ 6 | $ 6 |
Debt - 2025 Notes - Additional
Debt - 2025 Notes - Additional Information (Detail) - 5.30% Senior Notes due in 2025 (2025 Notes) [Member] $ in Thousands | 1 Months Ended |
Aug. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument redemption description | In August 2021, we fully repaid the $1.80 billion in aggregate principal of the 2025 Notes and recorded an extinguishment of debt charge of $60 million related to the redemption. |
Aggregate principal amount | $ 1,800 |
Extinguishment of debt related to the redemption | $ 60,000 |
Debt - Automotive Asset-backed
Debt - Automotive Asset-backed Notes and Warehouse Agreements - Additional Information (Detail) - Automotive Asset-backed Notes [Member] - USD ($) $ in Millions | 1 Months Ended | |
Sep. 30, 2021 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Debt principal issued | $ 904 | $ 1,080 |
Proceeds from issuance of secured debt | $ 900 | $ 1,070 |
Debt - Solar Asset-backed Notes
Debt - Solar Asset-backed Notes and Solar Loan-backed Notes (Additional Information) (Details) - Solar Asset Backed Notes and Solar Loan Backed Notes [Member] - Subsequent Event [Member] $ in Millions | 1 Months Ended |
Oct. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |
Repayments of lines of credit | $ 321 |
Repayment of aggregate principal amount | $ 53 |
Debt - China Loan Agreements -
Debt - China Loan Agreements - Additional Information (Detail) $ in Millions | 1 Months Ended |
Apr. 30, 2021USD ($) | |
China Loan Agreements [Member] | Secured Term Loan Facility [Member] | |
Debt Instrument [Line Items] | |
Repayment of aggregate principal amount | $ 614 |
Debt - Automotive Lease-backed
Debt - Automotive Lease-backed Credit Facilities - Additional Information (Detail) $ in Millions | 1 Months Ended |
Jun. 30, 2021USD ($) | |
Automotive Lease-backed Credit Facilities [Member] | |
Debt Instrument [Line Items] | |
Repayment of aggregate principal amount | $ 32 |
Debt - Solar Revolving Credit F
Debt - Solar Revolving Credit Facility and other Loans - Additional Information (Detail) $ in Millions | 1 Months Ended |
Apr. 30, 2021USD ($) | |
Solar Revolving Credit Facility and Other Loans [Member] | |
Debt Instrument [Line Items] | |
Repayment of aggregate principal amount | $ 67 |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Debt Disclosure [Abstract] | |||||
Contractual interest coupon | $ 1 | $ 19 | $ 11 | $ 58 | |
Amortization of debt issuance costs | 1 | 2 | 4 | 5 | |
Amortization of debt discounts | [1] | 50 | 138 | ||
Total | $ 2 | $ 71 | $ 15 | $ 201 | |
[1] | Under the modified retrospective method of adoption of ASU 2020-06, there was neither amortization of debt discounts, nor losses on extinguishment of debt recognized for the three and nine months ended September 30, 2021. Refer to discussion above for further details. |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2018USD ($)MilestoneTranchesshares | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)$ / shares | Sep. 30, 2020USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation | $ 1,563 | $ 1,101 | |||||
2018 CEO Performance Award [Member] | Chief Executive Officer [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of stock options grant | shares | 101,300,000 | ||||||
Stockholders equity reverse stock split | five-for-one stock split | ||||||
Number of vesting tranches CEO Performance Award consists | Tranches | 12 | ||||||
Increase to market capitalization for each remaining milestone | $ 50,000 | ||||||
Number of operational milestones focused on total revenue | Milestone | 8 | ||||||
Number of operational milestones focused on adjusted EBITDA | Milestone | 8 | ||||||
Award vesting description | The 2018 CEO Performance Award consists of 12 vesting tranches with a vesting schedule based entirely on the attainment of both operational milestones (performance conditions) and market conditions, assuming continued employment either as the CEO or as both Executive Chairman and Chief Product Officer and service through each vesting date. Each of the 12 vesting tranches of the 2018 CEO Performance Award will vest upon certification by the Board of Directors that both (i) the market capitalization milestone for such tranche, which begins at $100.0 billion for the first tranche and increases by increments of $50.0 billion thereafter (based on both a six calendar month trailing average and a 30 calendar day trailing average, counting only trading days), has been achieved, and (ii) any one of the following eight operational milestones focused on total revenue or any one of the eight operational milestones focused on Adjusted EBITDA have been achieved for the four consecutive fiscal quarters on an annualized basis and subsequently reported by us in our consolidated financial statements filed with our Forms 10-Q and/or 10-K. | ||||||
Holding period of shares post-exercise | 5 years | ||||||
Payment of exercise price per share | $ / shares | $ 70.01 | ||||||
Stock-based compensation | $ 190 | $ 338 | $ 665 | $ 571 | |||
2018 CEO Performance Award [Member] | Chief Executive Officer [Member] | Operational Milestones Probable of Being Achieved [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Operational milestones based on total revenue | $ 55,000 | ||||||
Operational milestones based on annualized adjusted EBITDA | 12,000 | $ 10,000 | |||||
Recognized catch-up expense during period | 124 | $ 124 | $ 116 | ||||
Unrecognized compensation expense | 55 | $ 55 | |||||
Weighted-average period of recognition of unrecognized compensation, in years | 4 months 24 days | ||||||
2018 CEO Performance Award [Member] | Chief Executive Officer [Member] | Operational Milestones Not Considered Probable Achievement [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation expense | $ 255 | $ 255 | |||||
2018 CEO Performance Award [Member] | Chief Executive Officer [Member] | First Tranche Milestone [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Market capitalization | $ 100,000 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Operational Milestone Based on Revenue or Adjusted EBITDA (Detail) - Chief Executive Officer [Member] - 2018 CEO Performance Award [Member] $ in Billions | 9 Months Ended | |
Sep. 30, 2021USD ($) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Total annualized revenue of operational milestone, one | $ 20 | |
Total annualized revenue of operational milestone, two | 35 | |
Total annualized revenue of operational milestone, three | 55 | |
Total annualized revenue of operational milestone, four | 75 | |
Total annualized revenue of operational milestone, five | 100 | |
Total annualized revenue of operational milestone, six | 125 | |
Total annualized revenue of operational milestone, seven | 150 | |
Total annualized revenue of operational milestone, eight | $ 175 | |
Total annualized revenue of operational milestone, achievement status, one | Achieved | |
Total annualized revenue of operational milestone, achievement status, two | Achieved | |
Total annualized revenue of operational milestone, achievement status, three | Probable | |
Annualized Adjusted EBITDA of operational milestone, one | $ 1.5 | |
Annualized Adjusted EBITDA of operational milestone, two | 3 | |
Annualized Adjusted EBITDA of operational milestone, three | 4.5 | |
Annualized Adjusted EBITDA of operational milestone, four | 6 | |
Annualized Adjusted EBITDA of operational milestone, five | 8 | |
Annualized Adjusted EBITDA of operational milestone, six | 10 | |
Annualized Adjusted EBITDA of operational milestone, seven | 12 | |
Annualized Adjusted EBITDA of operational milestone, eight | $ 14 | |
Annualized Adjusted EBITDA of operational milestone, achievement status, one | Achieved | |
Annualized Adjusted EBITDA of operational milestone, achievement status, two | Achieved | |
Annualized Adjusted EBITDA of operational milestone, achievement status, three | Achieved | |
Annualized Adjusted EBITDA of operational milestone, achievement status, four | Achieved | |
Annualized Adjusted EBITDA of operational milestone, achievement status, five | Achieved | [1] |
Annualized Adjusted EBITDA of operational milestone, achievement status, six | Probable | |
Annualized Adjusted EBITDA of operational milestone, achievement status, seven | Probable | |
[1] | Achieved in the third quarter of 2021 and expected to be certified following the filing of this Quarterly Report on Form 10-Q. |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 475 | $ 543 | $ 1,563 | $ 1,101 |
Cost of revenues [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 99 | 62 | 310 | 147 |
Research and development [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 105 | 76 | 334 | 214 |
Selling, general and administrative [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 271 | $ 405 | $ 919 | $ 740 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) ¥ in Millions, $ in Millions | Sep. 16, 2020USD ($) | Apr. 30, 2020 | Sep. 06, 2018Plaintiff | Oct. 05, 2016Plaintiff | Feb. 11, 2019Plaintiff | Mar. 08, 2021Plaintiff | Sep. 30, 2021USD ($) | Sep. 30, 2021CNY (¥) |
Commitments And Contingencies [Line Items] | ||||||||
Loss contingency number of purported stockholder class actions filed | Plaintiff | 9 | |||||||
Number of lawsuits filed | Plaintiff | 2 | 7 | ||||||
Lawsuit in the Court of Chancery of the State of Delaware by purported stockholders of Tesla challenging SolarCity Acquisition [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Number of lawsuits filed | Plaintiff | 7 | |||||||
Received payment from litigation | $ | $ 43 | |||||||
Shanghai, China [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating lease arrangement, initial term | 50 years | 50 years | ||||||
Capital expenditures | ¥ | ¥ 14,080 | |||||||
Annual tax revenues to be generated end of 2023 | ¥ | ¥ 2,230 | |||||||
SUNY Foundation [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Operating lease arrangement, initial term | 10 years | 10 years | ||||||
Build-to-suit Lease Arrangement [Member] | SUNY Foundation [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Lease arrangement, amount obligated to spend or incur | $ | $ 5,000 | |||||||
Contractual obligation | $ | $ 41 | |||||||
Target projects deferred period | 1 year |
Variable Interest Entity Arra_3
Variable Interest Entity Arrangements - Carrying Values of Assets and Liabilities of Subsidiary in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets | |||||
Cash and cash equivalents | $ 16,065 | $ 19,384 | $ 14,531 | $ 6,268 | |
Accounts receivable, net | 1,962 | 1,886 | |||
Prepaid expenses and other current assets | 1,746 | 1,346 | |||
Total current assets | 25,002 | 26,717 | |||
Non-current assets | |||||
Other non-current assets | 1,854 | 1,536 | |||
Total assets | 57,834 | 52,148 | |||
Current liabilities | |||||
Accrued liabilities and other | 5,443 | 3,855 | |||
Deferred revenue | 1,801 | 1,458 | |||
Customer deposits | 831 | 752 | |||
Current portion of debt and finance leases | 1,716 | $ 2,182 | 2,132 | ||
Total current liabilities | 18,051 | 14,248 | |||
Deferred revenue, net of current portion | 1,365 | 1,284 | |||
Debt and finance leases, net of current portion | 6,438 | $ 9,775 | 9,556 | ||
Other long-term liabilities | 3,486 | 3,330 | |||
Total liabilities | 29,340 | 28,418 | |||
Operating Lease Vehicles [Member] | |||||
Non-current assets | |||||
Operating lease vehicles, net | 4,167 | 3,091 | |||
Variable Interest Entities (VIEs) [Member] | |||||
Current assets | |||||
Cash and cash equivalents | 100 | 87 | |||
Accounts receivable, net | 44 | 28 | |||
Prepaid expenses and other current assets | 144 | 105 | |||
Total current assets | 288 | 220 | |||
Non-current assets | |||||
Other non-current assets | 204 | 182 | |||
Total assets | 5,097 | 5,151 | |||
Current liabilities | |||||
Accrued liabilities and other | 72 | 63 | |||
Deferred revenue | 11 | 11 | |||
Customer deposits | 14 | ||||
Current portion of debt and finance leases | 1,057 | 797 | |||
Total current liabilities | 1,140 | 885 | |||
Deferred revenue, net of current portion | 166 | 168 | |||
Debt and finance leases, net of current portion | 2,286 | 1,346 | |||
Other long-term liabilities | 15 | 19 | |||
Total liabilities | 3,607 | 2,418 | |||
Variable Interest Entities (VIEs) [Member] | Solar Energy Systems [Member] | |||||
Non-current assets | |||||
Operating lease net | $ 4,605 | $ 4,749 |
Segment Reporting and Informa_3
Segment Reporting and Information about Geographic Areas - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of operating segment | 2 |
Number of reportable segment | 2 |
Segment Reporting and Informa_4
Segment Reporting and Information about Geographic Areas - Schedule of Total Revenues and Gross Profit by Reportable Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 13,757 | $ 8,771 | $ 36,104 | $ 20,792 |
Gross profit | 3,660 | 2,063 | 8,759 | 4,564 |
Automotive Segment [Member] | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||
Revenues | 12,951 | 8,192 | 34,003 | 19,550 |
Gross profit | 3,657 | 2,042 | 8,837 | 4,511 |
Energy Generation and Storage [Member] | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||
Revenues | 806 | 579 | 2,101 | 1,242 |
Gross profit | $ 3 | $ 21 | $ (78) | $ 53 |
Segment Reporting and Informa_5
Segment Reporting and Information about Geographic Areas - Schedule of Revenues by Geographic Area (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 13,757 | $ 8,771 | $ 36,104 | $ 20,792 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 6,414 | 4,215 | 16,043 | 10,073 |
China [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 3,113 | 1,744 | 9,015 | 4,044 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 4,230 | $ 2,812 | $ 11,046 | $ 6,675 |
Segment Reporting and Informa_6
Segment Reporting and Information about Geographic Areas - Schedule of Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | $ 23,119 | $ 18,726 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | 18,208 | 15,989 |
International [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived Assets | $ 4,911 | $ 2,737 |