Leasing (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022, and that have noncancelable lease terms expiring after March 31, 2022.

($ in millions)
2022	$	28
2023	29
2024	23
2025	18
2026	17
2027 and thereafter	28
Total undiscounted cash flows	143
Difference between undiscounted cash flows and discounted cash flows	(8)
Total lease liability	$	135

Lease, Cost

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

	Three months ended March 31,
($ in millions)	2022		2021
Operating lease expense	$	8	$	12
Variable lease expense	1		2
Total lease expense, net (a)	$	9	$	14

(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)	March 31, 2022		December 31, 2021
Vehicles	$	12,316	$	12,384
Accumulated depreciation	(1,586)		(1,522)
Investment in operating leases, net	$	10,730	$	10,862

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, 2022.

($ in millions)
2022	$	1,201
2023	1,247
2024	623
2025	169
2026	13
Total lease payments from operating leases	$	3,253

Depreciation Expense on Operating Lease Assets

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

	Three months ended March 31,
($ in millions)	2022		2021
Depreciation expense on operating lease assets (excluding remarketing gains) (a)	$	267	$	227
Remarketing gains, net	(50)		(64)
Net depreciation expense on operating lease assets	$	217	$	163

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during the three months ended March 31, 2022, and $5 million during the three months ended March 31, 2021.

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, 2022.

($ in millions)
2022	$	121
2023	140
2024	114
2025	65
2026	38
2027 and thereafter	17
Total undiscounted cash flows	495
Difference between undiscounted cash flows and discounted cash flows	(447)
Present value of lease payments recorded as lease receivable	$	48