Leasing (Tables)

9 Months Ended

Sep. 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 September 30, 2022, and that have noncancelable lease terms expiring after September 30, 2022.

($ in millions)
2022	$	10
2023	33
2024	28
2025	24
2026	20
2027 and thereafter	33
Total undiscounted cash flows	148
Difference between undiscounted cash flows and discounted cash flows	(9)
Total lease liability	$	139

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)	2022		2021		2022		2021
Operating lease expense	$	8	$	10	$	25	$	36
Variable lease expense	1		2		3		6
Total lease expense, net (a)	$	9	$	12	$	28	$	42

(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, 2022		December 31, 2021
Vehicles	$	12,323	$	12,384
Accumulated depreciation	(1,746)		(1,522)
Investment in operating leases, net	$	10,577	$	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 September 30, 2022.

($ in millions)
2022	$	433
2023	1,464
2024	866
2025	354
2026	72
2027 and thereafter	5
Total lease payments from operating leases	$	3,194

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)	2022		2021		2022		2021
Depreciation expense on operating lease assets (excluding remarketing gains) (a)	$	277	$	225	$	813	$	662
Remarketing gains, net	(39)		(86)		(139)		(278)
Net depreciation expense on operating lease assets	$	238	$	139	$	674	$	384

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million and $5 million during the three months and nine months ended September 30, 2022, respectively, and $3 million and $13 million during the three months and nine months ended September 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 September 30, 2022.

($ in millions)
2022	$	44
2023	155
2024	124
2025	101
2026	51
2027 and thereafter	31
Total undiscounted cash flows	506
Difference between undiscounted cash flows and discounted cash flows	(49)
Present value of lease payments recorded as lease receivable	$	457