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LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Lease Income - Operating
The components of revenue from leases were as follows:
 Years ended December 31,
(In millions)
202320222021
Operating leases
Lease income related to ChoiceLease$1,483 $1,490 $1,538 
Lease income related to commercial rental (1)
$1,123 $1,286 $1,062 
 
Sales-type leases
Interest income related to net investment in leases$56 $45 $48 
 
Variable lease income excluding commercial rental (1)
$308 $323 $312 
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(1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates.
Schedule of Lease Income - Sales Type
The components of the net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Consolidated Balance Sheets, were as follows:
 December 31,
(In millions)
20232022
Net investment in the lease - lease payment receivable$723 $598 
Net investment in the lease - unguaranteed residual value in assets43 43 
766 641 
Estimated loss allowance(4)(6)
Total$762 $635 
Schedule of Maturity of Sales-Type Lease Receivable
Maturities of sales-type lease receivables as of December 31, 2023, were as follows:
Years ending December 31,
(In millions)
2024$198 
2025181 
2026169 
2027129 
2028113 
Thereafter123 
Total undiscounted cash flows913 
Present value of lease payments (recognized as lease receivables)(723)
Difference between undiscounted cash flows and discounted cash flows$190 
Schedule of Maturity of Operating Lease Payments
Operating lease payments expected to be received as of December 31, 2023, were as follows:
Years ending December 31,
(In millions)
2024$1,238 
2025969 
2026716 
2027496 
2028333 
Thereafter300 
Total undiscounted cash flows$4,052 
Schedule of Lease Cost, Lease Term, and Discount Rate
The components of lease expense were as follows:
 Years ended December 31,
(In millions)202320222021
Finance lease cost
Amortization of right-of-use-assets$15 $13 $14 
Interest on lease liabilities2 2 2 
Operating lease cost271 199 98 
Short-term lease and other10 10 9 
Variable lease cost50 26 16 
Sublease income(41)(39)(27)
Total lease cost$307 $211 $112 
 December 31,
 20232022
Weighted-average remaining lease term
Operating5 years5 years
Finance4 years4 years
Weighted-average discount rate
Operating5.1 %4.0 %
Finance5.0 %4.4 %
Schedule of Leases, Assets and Liabilities
Operating and finance lease ROU assets and lease liabilities included in the Consolidated Balance Sheets were as follows:
 December 31,
2023
2022
(In millions)
OperatingFinanceOperatingFinance
Noncurrent assets (1)
$1,016 $48 $715 $38 
Current liabilities (2)
$234 $16 $191 $13 
Noncurrent liabilities (3)
$800 $33 $541 $29 
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(1)Finance lease ROU assets are included in "Operating property and equipment, net" and "Revenue earning equipment, net."
(2)Operating and finance lease liabilities are included in "Accrued expenses and other current liabilities" and "Short-term debt and current portion of long-term debt," respectively.
(3)Operating and finance lease liabilities are included in "Other non-current liabilities" and "Long-term debt," respectively.
Schedule of Operating Lease Maturities
Maturities of operating and finance lease liabilities were as follows (in millions):
Operating Leases
Finance Leases
 
Years ending December 31,
Total
2024$278 $18 $296 
2025252 14 265 
2026206 9 215 
2027160 6 166 
2028111 4 115 
Thereafter178 4 182 
Total lease payments1,185 55 1,239 
Less: Imputed Interest(151)(6)(156)
Present value of lease liabilities$1,034 $49 $1,083 
Schedule of Finance Lease Maturities
Maturities of operating and finance lease liabilities were as follows (in millions):
Operating Leases
Finance Leases
 
Years ending December 31,
Total
2024$278 $18 $296 
2025252 14 265 
2026206 9 215 
2027160 6 166 
2028111 4 115 
Thereafter178 4 182 
Total lease payments1,185 55 1,239 
Less: Imputed Interest(151)(6)(156)
Present value of lease liabilities$1,034 $49 $1,083