Selected Quarterly Financial Data (unaudited)

12 Months Ended

Dec. 31, 2024

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (unaudited)

During the fourth quarter of 2024, we elected to change our method of accounting for ITCs from the flow-through method to the deferral method using the retrospective approach, refer to Note 1 for additional information. Accordingly, the financial statements for all quarters during the year ended December 31, 2023, and the first, second and third quarters of 2024 have been retrospectively adjusted from what was previously reported in our Quarterly Reports on Form 10-Q. The change did not have an impact to the Consolidated Financial Statements for any quarter during the year ended December 31, 2022.

The following tables summarize the effects of the change in accounting method for select quarterly financial data.


	December 31, 2024 (a)		September 30, 2024				June 30, 2024				March 31, 2024
Three months ended ($ in millions, except per share data)	As Reported		As Originally Reported		As Adjusted		As Originally Reported		As Adjusted		As Originally Reported		As Adjusted
Consolidated Statement of Income
Net depreciation expense on operating lease assets	$	220	$	201	$	169	$	177	$	155	$	204	$	192
Income tax (benefit) expense from continuing operations	—		(124)		67		(37)		60		14		40
Net income	108		357		198		294		219		157		143
Basic earnings per common share (b)
Net income	$	0.26	$	1.07	$	0.55	$	0.87	$	0.63	$	0.42	$	0.38
Diluted earnings per common share (b)
Net income	$	0.26	$	1.06	$	0.55	$	0.86	$	0.62	$	0.42	$	0.37
Consolidated Statement of Comprehensive Income (Loss)
Comprehensive (loss) income	$	(423)	$	973	$	814	$	274	$	199	$	(16)	$	(30)

(a)During the fourth quarter of 2024, we elected to change our method of accounting for ITCs from the flow-through method to the deferral method, therefore no adjustments are necessary for the three months ended December 31, 2024.

(b)Earnings per share is calculated based on unrounded numbers.


	December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023
Three months ended ($ in millions, except per share data)	As Originally Reported		As Adjusted		As Originally Reported		As Adjusted		As Originally Reported		As Adjusted		As Originally Reported		As Adjusted
Consolidated Statement of Income
Net depreciation expense on operating lease assets	$	222	$	213	$	212	$	206	$	200	$	196	$	226	$	225
Income tax (benefit) expense from continuing operations	(13)		10		(68)		(51)		74		96		68		89
Net income	76		62		296		285		329		311		319		299
Basic earnings per common share (a)
Net income	$	0.16	$	0.11	$	0.88	$	0.85	$	0.99	$	0.93	$	0.96	$	0.90
Diluted earnings per common share (a)
Net income	$	0.16	$	0.11	$	0.88	$	0.84	$	0.99	$	0.93	$	0.96	$	0.89
Consolidated Statement of Comprehensive Income (Loss)
Comprehensive income (loss)	$	1,025	$	1,011	$	(606)	$	(617)	$	242	$	224	$	602	$	582

(a)Earnings per share is calculated based on unrounded numbers.


	December 31, 2024 (a)		September 30, 2024				June 30, 2024				March 31, 2024
($ in millions)	As Reported		As Originally Reported		As Adjusted		As Originally Reported		As Adjusted		As Originally Reported		As Adjusted

Consolidated Balance Sheet
Investment in operating leases, net	$	7,991	$	8,318	$	7,967	$	8,374	$	8,126	$	8,731	$	8,582
Other assets	10,660		9,907		9,947		9,853		9,949		9,348		9,420
Retained earnings	$	270	$	595	$	284	$	360	$	208	$	188	$	111


	December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023
($ in millions)	As Originally Reported		As Adjusted		As Originally Reported		As Adjusted		As Originally Reported		As Adjusted		As Originally Reported		As Adjusted

Consolidated Balance Sheet
Investment in operating leases, net	$	9,171	$	9,085	$	9,569	$	9,509	$	9,930	$	9,890	$	10,236	$	10,218
Other assets	9,395		9,418		9,601		9,612		9,153		9,155		9,144		9,142
Retained earnings (accumulated deficit)	$	154	$	91	$	197	$	148	$	23	$	(15)	$	(185)	$	(205)


	Year ended December 31, (a)		Nine months ended September 30,				Six months ended June 30,				Three months ended March 31,
($ in millions)	As Reported		As Originally Reported		As Adjusted		As Originally Reported		As Adjusted		As Originally Reported		As Adjusted
Consolidated Statement of Cash Flows
2024
Operating activities
Net income	$	668	$	808	$	560	$	451	$	362	$	157	$	143
Reconciliation of net income to net cash provided by operating activities
Depreciation and amortization	1,199		930		864		616		582		322		310
Net change in
Deferred income taxes	(436)		(201)		(218)		(44)		(117)		(1)		(50)
Net cash provided by operating activities	4,528		3,908		3,577		2,916		2,720		1,341		1,266
Investing Activities
Disposals of operating lease assets	3,808		2,782		3,113		1,968		2,164		889		964
Net cash provided by investing activities	$	4,991	$	3,454	$	3,785	$	2,394	$	2,590	$	3,501	$	3,576


	Year ended December 31,				Nine months ended September 30,				Six months ended June 30,				Three months ended March 31,
($ in millions)	As Originally Reported		As Adjusted		As Originally Reported		As Adjusted		As Originally Reported		As Adjusted		As Originally Reported		As Adjusted
Consolidated Statement of Cash Flows
2023
Operating activities
Net income	$	1,020	$	957	$	944	$	895	$	648	$	610	$	319	$	299
Reconciliation of net income to net cash provided by operating activities
Depreciation and amortization	1,247		1,227		923		912		613		608		317		316
Net change in
Deferred income taxes	(58)		(81)		(62)		(73)		53		51		24		26
Net cash provided by operating activities	4,663		4,557		4,680		4,609		3,020		2,975		1,432		1,413
Investing Activities
Disposals of operating lease assets	3,122		3,228		2,384		2,455		1,580		1,625		706		725
Net cash used in investing activities	$	(7,288)	$	(7,182)	$	(4,215)	$	(4,144)	$	(2,480)	$	(2,435)	$	(382)	$	(363)