Leasing (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of 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, 2023, and that have noncancelable lease terms expiring after September 30, 2023.

($ in millions)
2023	$	9
2024	35
2025	30
2026	23
2027	17
2028 and thereafter	17
Total undiscounted cash flows	131
Difference between undiscounted cash flows and discounted cash flows	(8)
Total lease liability	$	123

Schedule of 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)	2023		2022		2023		2022
Operating lease expense	$	7	$	8	$	21	$	25
Variable lease expense	1		1		3		3
Total lease expense, net (a)	$	8	$	9	$	24	$	28

(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)	September 30, 2023		December 31, 2022
Vehicles	$	11,496	$	12,304
Accumulated depreciation	(1,927)		(1,860)
Investment in operating leases, net	$	9,569	$	10,444

Schedule of 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, 2023.

($ in millions)
2023	$	408
2024	1,240
2025	733
2026	302
2027	50
2028 and thereafter	3
Total lease payments from operating leases	$	2,736

Schedule of 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)	2023		2022		2023		2022
Depreciation expense on operating lease assets (excluding remarketing gains) (a)	$	269	$	277	$	812	$	813
Remarketing gains, net	(57)		(39)		(174)		(139)
Net depreciation expense on operating lease assets	$	212	$	238	$	638	$	674

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $3 million and $7 million for the three months and nine months ended September 30, 2023, respectively, and $2 million and $5 million during the three months and nine months ended September 30, 2022.

Schedule of 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, 2023.

($ in millions)
2023	$	53
2024	172
2025	149
2026	119
2027	59
2028 and thereafter	33
Total undiscounted cash flows	585
Difference between undiscounted cash flows and discounted cash flows	(66)
Present value of lease payments recorded as lease receivable	$	519