Leasing (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024, and that have noncancelable lease terms expiring after September 30, 2024.

($ in millions)
2024	$	9
2025	34
2026	27
2027	22
2028	16
2029 and thereafter	3
Total undiscounted cash flows	111
Difference between undiscounted cash flows and discounted cash flows	(6)
Total lease liability	$	105

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)	2024		2023		2024		2023
Operating lease expense	$	7	$	7	$	22	$	21
Variable lease expense	1		1		3		3
Total lease expense, net (a)	$	8	$	8	$	25	$	24

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

Schedule of Property Subject to or Available for Operating Lease

The following table details our investment in operating leases.

($ in millions)	September 30, 2024		December 31, 2023
Vehicles	$	9,865	$	11,101
Accumulated depreciation	(1,547)		(1,930)
Investment in operating leases, net	$	8,318	$	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 September 30, 2024.

($ in millions)
2024	$	362
2025	1,165
2026	752
2027	254
2028	25
2029 and thereafter	2
Total lease payments from operating leases	$	2,560

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)	2024		2023		2024		2023
Depreciation expense on operating lease assets (excluding remarketing gains) (a)	$	225	$	269	$	711	$	812
Remarketing gains, net	(24)		(57)		(129)		(174)
Net depreciation expense on operating lease assets	$	201	$	212	$	582	$	638

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $6 million and $16 million for the three months and nine months ended September 30, 2024, respectively, and $3 million and $7 million for the three months and nine months ended September 30, 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 September 30, 2024.

($ in millions)
2024	$	53
2025	187
2026	162
2027	118
2028	57
2029 and thereafter	33
Total undiscounted cash flows	610
Difference between undiscounted cash flows and discounted cash flows	(84)
Present value of lease payments recorded as lease receivable	$	526