Leasing (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, and that have noncancelable lease terms expiring after March 31, 2024.

($ in millions)
2024	$	28
2025	34
2026	27
2027	21
2028	15
2029 and thereafter	3
Total undiscounted cash flows	128
Difference between undiscounted cash flows and discounted cash flows	(8)
Total lease liability	$	120

Schedule of Lease, Cost

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

	Three months ended March 31,
($ in millions)	2024		2023
Operating lease expense	$	7	$	7
Variable lease expense	1		1
Total lease expense, net (a)	$	8	$	8

(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive (Loss) Income.

Schedule of Property Subject to or Available for Operating Lease

The following table details our investment in operating leases.

($ in millions)	March 31, 2024		December 31, 2023
Vehicles	$	10,565	$	11,101
Accumulated depreciation	(1,834)		(1,930)
Investment in operating leases, net	$	8,731	$	9,171

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 March 31, 2024.

($ in millions)
2024	$	991
2025	914
2026	480
2027	101
2028	7
Total lease payments from operating leases	$	2,493

Schedule of 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)	2024		2023
Depreciation expense on operating lease assets (excluding remarketing gains) (a)	$	250	$	273
Remarketing gains, net	(46)		(47)
Net depreciation expense on operating lease assets	$	204	$	226

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $4 million during the three months ended March 31, 2024, and $2 million during the three months ended March 31, 2023.

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 March 31, 2024.

($ in millions)
2024	$	149
2025	172
2026	149
2027	90
2028	40
2029 and thereafter	17
Total undiscounted cash flows	617
Difference between undiscounted cash flows and discounted cash flows	(84)
Present value of lease payments recorded as lease receivable	$	533