Operating Lease Equipment

9 Months Ended

Sep. 30, 2024

Operating lease equipment was $357 million and $459 million at September 30, 2024 and December 31, 2023, respectively, net of accumulated depreciation of $345 million and $355 million at September 30, 2024 and December 31, 2023, respectively. The Bancorp recorded lease income of $24 million and $33 million relating to lease payments for operating leases in leasing business revenue in the Condensed Consolidated Statements of Income during the three months ended September 30, 2024 and 2023, respectively, and $78 million and $105 million during the nine months ended September 30, 2024 and 2023, respectively. Depreciation expense related to operating lease equipment was $20 million and $26 million for the three months ended September 30, 2024 and 2023, respectively, and $63 million and $86 million for the nine months ended September 30, 2024 and 2023 respectively. The Bancorp received payments of $78 million and $109 million related to operating leases during the nine months ended September 30, 2024 and 2023, respectively.

The following table presents future lease payments receivable from operating leases for the remainder of 2024 through 2029 and thereafter:


As of September 30, 2024 ($ in millions)	Undiscounted Cash Flows
Remainder of 2024	$	25
2025	76
2026	50
2027	26
2028	11
2029	6
Thereafter	9
Total operating lease payments	$	203