Leasing (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023, and that have noncancelable lease terms expiring after June 30, 2023.

($ in millions)
2023	$	17
2024	32
2025	26
2026	21
2027	16
2028 and thereafter	18
Total undiscounted cash flows	130
Difference between undiscounted cash flows and discounted cash flows	(8)
Total lease liability	$	122

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)	2023		2022		2023		2022
Operating lease expense	$	7	$	9	$	14	$	17
Variable lease expense	1		1		2		2
Total lease expense, net (a)	$	8	$	10	$	16	$	19

(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)	June 30, 2023		December 31, 2022
Vehicles	$	11,854	$	12,304
Accumulated depreciation	(1,924)		(1,860)
Investment in operating leases, net	$	9,930	$	10,444

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, 2023.

($ in millions)
2023	$	802
2024	1,157
2025	639
2026	227
2027	31
2028 and thereafter	1
Total lease payments from operating leases	$	2,857

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)	2023		2022		2023		2022
Depreciation expense on operating lease assets (excluding remarketing gains) (a)	$	270	$	269	$	543	$	536
Remarketing gains, net	(70)		(50)		(117)		(100)
Net depreciation expense on operating lease assets	$	200	$	219	$	426	$	436

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during both the three months ended June 30, 2023, and 2022, and $4 million during both the six months ended June 30, 2023, and 2022.

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, 2023.

($ in millions)
2023	$	95
2024	166
2025	144
2026	106
2027	51
2028 and thereafter	24
Total undiscounted cash flows	586
Difference between undiscounted cash flows and discounted cash flows	(62)
Present value of lease payments recorded as lease receivable	$	524