Leasing (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

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 December 31, 2020, and that have noncancelable lease terms expiring after December 31, 2020.

Year ended December 31, ($ in millions)
2021	$	45
2022	35
2023	26
2024	19
2025	18
2026 and thereafter	58
Total undiscounted cash flows	201
Difference between undiscounted cash flows and discounted cash flows	(14)
Total lease liability	$	187

Lease, Cost

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

Year ended December 31, ($ in millions)	2020		2019		2018
Operating lease expense	$	46	$	45	$	43
Variable lease expense	8		8		7
Total lease expense, net (a)	$	54	$	53	$	50

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

Schedule of Property Subject to or Available for Operating Lease

The following table details our investment in operating leases.

Year ended December 31, ($ in millions)	2020		2019
Vehicles	$	11,182	$	10,426
Accumulated depreciation	(1,543)		(1,562)
Investment in operating leases, net	$	9,639	$	8,864

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 noncancelable lease terms expiring after December 31, 2020.

Year ended December 31, ($ in millions)
2021	$	1,395
2022	954
2023	498
2024	94
2025	6
2026 and thereafter	—
Total lease payments from operating leases	$	2,947

Depreciation Expense on Operating Lease Assets

We recognized operating lease revenue of $1.4 billion for the year ended December 31, 2020, and $1.5 billion for both the years ended December 31, 2019, and 2018. Depreciation expense on operating lease assets includes net remarketing gains recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.

Year ended December 31, ($ in millions)	2020		2019		2018
Depreciation expense on operating lease assets (excluding remarketing gains) (a)	$	978	$	1,050	$	1,115
Remarketing gains, net	(127)		(69)		(90)
Net depreciation expense on operating lease assets	$	851	$	981	$	1,025

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $23 million during the year ended December 31, 2020, $19 million during the year ended December 31, 2019, and $24 million during the year ended December 31, 2018.

Finance Lease, Liability, Maturity

The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after December 31, 2020.

Year ended December 31, ($ in millions)
2021	$	158
2022	121
2023	95
2024	63
2025	31
2026 and thereafter	17
Total undiscounted cash flows	485
Difference between undiscounted cash flows and discounted cash flows	(48)
Present value of lease payments recorded as lease receivable	$	437