Table of ContentsDeferred 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 balances as ofDecember 31, 2023 and 2022 was $711 million and $360 million for the nine months ended September 30, 2024 and 2023,respectively. Of the total deferred revenue balance as of September 30, 2024, we expect to recognize $821 million of revenue inthe next 12 months. The remaining balance will be recognized at the time of transfer of control of the product or over theperformance period.We have financing receivables on our consolidated balance sheets related to loans we provide for financing ourautomotive deliveries. As of September 30, 2024 and December 31, 2023, we had current net financing receivables of $245million and $242 million, respectively, in Accounts receivable, net, and $868 million and $1.04 billion, respectively, in Othernon-current assets for the long-term portion.We offer resale value guarantees to our commercial banking partners in connection with certain vehicle leasingprograms. Under these programs, we originate the lease with our end customer and immediately transfer the lease and theunderlying vehicle to our commercial banking partner, with the transaction being accounted for as a sale under ASC 606,Revenue from Contracts with Customers. We estimate a guarantee liability in accordance with ASC 460, Guarantees and recordit within other liabilities on our consolidated balance sheet. On a quarterly basis, we assess the estimated market value ofvehicles sold under this program to determine whether there have been changes to the amount of expected resale valueguarantee liabilities. The total recorded guarantee liabilities on vehicles sold under this program were immaterial as ofSeptember 30, 2024 and December 31, 2023. Our maximum exposure on the guarantees we provide if they are unable to sellthe vehicle at or above the vehicle’s contractual residual value at the end of the lease term was $1.04 billion and $166 million asof September 30, 2024 and December 31, 2023, respectively.Automotive Regulatory CreditsAs of September 30, 2024, total transaction price allocated to performance obligations that were unsatisfied or partiallyunsatisfied for contracts with an original expected length of more than one year was $4.72 billion. Of this amount, we expect torecognize $683 million in the next 12 months and the rest over the remaining performance obligation period. Additionally,changes in regulations on automotive regulatory credits may significantly impact our remaining performance obligations andrevenue to be recognized under these contracts.Automotive Leasing RevenueDirect Sales-Type Leasing ProgramLease receivables relating to sales-type leases are presented on the consolidated balance sheets as follows (in millions):September 30, 2024 December 31, 2023Gross lease receivables $ 584 $ 780Unearned interest income (48) (78)Allowance for expected credit losses(7) (6)Net investment in sales-type leases$ 529 $ 696Reported as:Prepaid expenses and other current assets $ 171 $ 189Other non-current assets358 507Net investment in sales-type leases$ 529 $ 69611
tsla-20240930https://www.sec.gov/Archives/edgar/data/1318605/00016282802404...
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