Leases

3 Months Ended

Mar. 31, 2021

Leases

Leases

9. Leases:

Accounting for Leases as a Lessor

The following table presents amounts included in the Consolidated Income Statement related to lessor activity:

(Dollars in millions)
For the three months ended March 31:	2021		2020
Lease income – sales-type and direct financing leases:
Sales-type lease selling price	$	363	$	211
Less: Carrying value of underlying assets*		59		76
Gross profit	$	304	$	135
Interest income on lease receivables		51		74
Total sales-type and direct financing lease income	$	355	$	208
Lease income – operating leases		51		71
Variable lease income		57		30
Total lease income	$	463	$	310

* Excludes unguaranteed residual value.