Leasing (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022, and that have noncancelable lease terms expiring after June 30, 2022.

($ in millions)
2022	$	20
2023	31
2024	26
2025	21
2026	18
2027 and thereafter	29
Total undiscounted cash flows	145
Difference between undiscounted cash flows and discounted cash flows	(9)
Total lease liability	$	136

Lease, Cost

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

	Three months ended June 30,				Six months ended June 30,
($ in millions)	2022		2021		2022		2021
Operating lease expense	$	9	$	14	$	17	$	26
Variable lease expense	1		2		2		4
Total lease expense, net (a)	$	10	$	16	$	19	$	30

(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)	June 30, 2022		December 31, 2021
Vehicles	$	12,173	$	12,384
Accumulated depreciation	(1,657)		(1,522)
Investment in operating leases, net	$	10,516	$	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 June 30, 2022.

($ in millions)
2022	$	824
2023	1,345
2024	732
2025	246
2026	33
2027 and thereafter	2
Total lease payments from operating leases	$	3,182

Depreciation Expense on Operating Lease Assets

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

	Three months ended June 30,				Six months ended June 30,
($ in millions)	2022		2021		2022		2021
Depreciation expense on operating lease assets (excluding remarketing gains) (a)	$	269	$	210	$	536	$	437
Remarketing gains, net	(50)		(128)		(100)		(192)
Net depreciation expense on operating lease assets	$	219	$	82	$	436	$	245

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million and $4 million during the three months and six months ended June 30, 2022, respectively, and $5 million and $10 million during the three months and six months ended June 30, 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 June 30, 2022.

($ in millions)
2022	$	86
2023	146
2024	123
2025	77
2026	44
2027 and thereafter	23
Total undiscounted cash flows	499
Difference between undiscounted cash flows and discounted cash flows	(49)
Present value of lease payments recorded as lease receivable	$	450