Leasing (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2021, and that have noncancelable lease terms expiring after September 30, 2021.

($ in millions)
2021	$	11
2022	38
2023	28
2024	23
2025	21
2026 and thereafter	66
Total undiscounted cash flows	187
Difference between undiscounted cash flows and discounted cash flows	(12)
Total lease liability	$	175

Lease, Cost

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

	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2021		2020		2021		2020
Operating lease expense	$	10	$	11	$	36	$	35
Variable lease expense	2		2		6		6
Total lease expense, net (a)	$	12	$	13	$	42	$	41

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

Schedule of Investment in Operating Lease

The following table details our investment in operating leases.

($ in millions)	September 30, 2021		December 31, 2020
Vehicles	$	12,445	$	11,182
Accumulated depreciation	(1,476)		(1,543)
Investment in operating leases, net	$	10,969	$	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 September 30, 2021.

($ in millions)
2021	$	430
2022	1,461
2023	1,027
2024	396
2025	72
2026 and thereafter	5
Total lease payments from operating leases	$	3,391

Depreciation Expense on Operating Lease Assets

The following table summarizes the components of depreciation expense on operating lease assets.

	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2021		2020		2021		2020
Depreciation expense on operating lease assets (excluding remarketing gains) (a)	$	225	$	246	$	662	$	737
Remarketing gains, net	(86)		(71)		(278)		(62)
Net depreciation expense on operating lease assets	$	139	$	175	$	384	$	675

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $3 million and $13 million during the three months and nine months ended September 30, 2021, respectively, and $6 million and $18 million during the three months and nine months ended September 30, 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 September 30, 2021.

($ in millions)
2021	$	45
2022	158
2023	129
2024	106
2025	51
2026 and thereafter	37
Total undiscounted cash flows	526
Difference between undiscounted cash flows and discounted cash flows	(475)
Present value of lease payments recorded as lease receivable	$	51