Leasing (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Investment in Operating Leases

The following table details our total investment in operating leases.

($ in millions)	March 31, 2019		January 1, 2019 (a)
Assets
Operating lease right-of-use assets (b)	$	177	$	161
Liabilities
Operating lease liabilities (c)	$	206	$	190

(a) Date of adoption.

(b) Included in other assets on our Condensed Consolidated Balance Sheet.

(c) Included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.

Lessee, Operating Lease, Liability, Maturity

The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2019, and that have noncancellable lease terms expiring after March 31, 2019.

($ in millions)
2019	$	36
2020	46
2021	36
2022	24
2023	16
2024 and thereafter	71
Total undiscounted cash flows	229
Difference between undiscounted cash flows and discounted cash flows	(23		)
Total lease liability	$	206

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum rental payments required under operating leases as of December 31, 2018, prior to the date of adoption and as defined by the previous lease accounting guidance, with noncancellable lease terms expiring after December 31, 2018, were as follows.

Year ended December 31, ($ in millions)
2019	$	48
2020	47
2021	46
2022	37
2023	31
2024 and thereafter	294
Total minimum payments required	$	503

Lease, Cost

The following table details the components of total net operating lease expense.

	Three months ended March 31,
($ in millions)	2019		2018
Operating lease expense	$	11	$	10
Variable lease expense	2		2
Total lease expense, net (a)	$	13	$	12

(a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.

Schedule of Property Subject to or Available for Operating Lease

The following table details our investment in operating leases.

($ in millions)	March 31, 2019			December 31, 2018
Vehicles	$	9,903		$	9,995
Accumulated depreciation	(1,564		)	(1,578		)
Investment in operating leases, net	$	8,339		$	8,417

Lessor, Operating Lease, Payments to be Received, Maturity

The following table presents future minimum rental payments we have the right to receive under operating leases with noncancellable lease terms expiring after March 31, 2019.

($ in millions)
2019	$	1,024
2020	933
2021	402
2022	57
2023	5
2024 and thereafter	—
Total lease payments from operating leases	$	2,421

Depreciation Expense on Operating Lease Assets

Depreciation expense on operating lease assets includes remarketing gains and losses recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.

	Three months ended March 31,
($ in millions)	2019			2018
Depreciation expense on operating lease assets (excluding remarketing gains)	$	261		$	291
Remarketing gains, net	(15		)	(18		)
Net depreciation expense on operating lease assets	$	246		$	273

Finance Lease, Liability, Maturity

The following table presents future minimum rental payments we have the right to receive under finance leases with noncancellable lease terms expiring after March 31, 2019.

($ in millions)
2019	$	110
2020	139
2021	134
2022	67
2023	38
2024 and thereafter	29
Total undiscounted cash flows	517
Difference between undiscounted cash flows and discounted cash flows	(52		)
Present value of lease payments recorded as lease receivable	$	465