Leasing (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021, and that have noncancelable lease terms expiring after March 31, 2021.

($ in millions)
2021	$	33
2022	35
2023	26
2024	19
2025	17
2026 and thereafter	58
Total undiscounted cash flows	188
Difference between undiscounted cash flows and discounted cash flows	(12)
Total lease liability	$	176

Lease, Cost

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

	Three months ended March 31,
($ in millions)	2021		2020
Operating lease expense	$	12	$	13
Variable lease expense	2		2
Total lease expense, net (a)	$	14	$	15

(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, 2021		December 31, 2020
Vehicles	$	11,434	$	11,182
Accumulated depreciation	(1,490)		(1,543)
Investment in operating leases, net	$	9,944	$	9,639

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 March 31, 2021.

($ in millions)
2021	$	1,114
2022	1,111
2023	655
2024	149
2025	11
2026 and thereafter	—
Total lease payments from operating leases	$	3,040

Depreciation Expense on Operating Lease Assets

We recognized operating lease revenue of $370 million for the three months ended March 31, 2021, and $367 million for the three months ended March 31, 2020. 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.

	Three months ended March 31,
($ in millions)	2021		2020
Depreciation expense on operating lease assets (excluding remarketing gains) (a)	$	227	$	250
Remarketing gains, net	(64)		(2)
Net depreciation expense on operating lease assets	$	163	$	248

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $5 million during the three months ended March 31, 2021, and $6 million during the three months ended March 31, 2020.

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 March 31, 2021.

($ in millions)
2021	$	128
2022	141
2023	112
2024	82
2025	37
2026 and thereafter	21
Total undiscounted cash flows	521
Difference between undiscounted cash flows and discounted cash flows	(52)
Present value of lease payments recorded as lease receivable	$	469