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Customer Financing | 12 Months Ended
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Dec. 31, 2024
Financing Receivables and Operating Lease Equipment [Abstract] |
Financing Receivables and Operating Lease Equipment | Financing Receivables and Operating Lease Equipment Financing receivables and operating lease equipment, net consisted of the following at December 31:
| 2024 |  | 2023
Financing receivables: |  |  |
Investment in sales-type leases | $203 |  |  | $556 |
Notes | 85 |  |  | 102 |
Total financing receivables | 288 |  |  | 658 |
Less allowance for losses on receivables | 7 |  |  | 51 |
Financing receivables, net | 281 |  |  | 607 |
Operating lease equipment, at cost, less accumulated depreciation of $46 and $70 | 240 |  |  | 352 |
Total | $521 |  |  | $959 |
Our financing arrangements range in terms from 1 to 8 years, and include $196 of investment in sales-type leases, net of allowances, that will be repaid in one year or less. Financing arrangements may include options to extend or terminate. Certain leases include provisions to allow the lessee to purchase the underlying aircraft at a specified price. At December 31, 2024 and 2023, $7 and $44 were determined to be uncollectible financing receivables and placed on non-accrual status. The allowance for losses on financing receivables decreased primarily due to cash collections during the year ended December 31, 2024. The components of investment in sales-type leases at December 31 were as follows:
| 2024 |  | 2023
Gross lease payments receivable | $229 |  |  | $697 |
Unearned income | (26) |  |  | (162) |
Net lease payments receivable | 203 |  |  | 535 |
Unguaranteed residual assets |  |  |  | 21 |
Total | $203 |  |  | $556 |
Financing interest income recorded for the years ended December 31, 2024 and 2023, was $7 and $108. Financing receivables that were past due as of December 31, 2024 and 2023, totaled $0 and $9. Our financing receivable balances at December 31, 2024, by internal credit rating category and year of origination, consisted of the following:
Rating categories | Current | 2023 | 2022 | 2021 | 2020 | Prior | Total
BBB |  | $32 |  | $28 |  | $122 |  | $5 |  | $9 |  | $196 |
B |  |  |  |  |  | 85 |  | 85 |
CCC |  |  |  | 7 |  |  |  | 7 |
Total carrying value of financing receivables |  |  | $32 |  | $28 |  | $129 |  | $5 |  | $94 |  | $288 |
At December 31, 2024, our allowance for losses related to receivables with ratings of CCC, B, and BBB. We applied default rates that averaged 100.0%, 0.0%, and 0.1%, respectively, to the exposure associated with those receivables. The majority of our financing receivables and operating lease equipment portfolio is concentrated in the following aircraft models at December 31:
| 2024 |  | 2023
717 Aircraft (Accounted for as sales-type leases) | $196 |  |  | $478 |
777 Aircraft (Accounted for as operating leases) | 183 |  |  | 194 |
747-8 Aircraft (Primarily accounted for as notes) | 92 |  |  | 129 |
737 Aircraft (Primarily accounted for as operating leases) | 47 |  |  | 156 |
747-400 Aircraft (Accounted for as sales-type leases) |  |  | 43 |
Impairment charges related to operating lease assets were $5, $0, and $7 for the years ended December 31, 2024, 2023 and 2022, respectively. Lease income recorded in Sales of services on the Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, included $45, $55, and $69 of interest income from sales-type leases and $56, $60, and $65 from operating lease payments, respectively. Variable lease payments for sales-type leases recognized in interest income for the years ended December 31, 2024, 2023 and 2022, were insignificant. Profit at the commencement of sales-type leases was recorded in Sales of services for the years ended December 31, 2024, 2023 and 2022 in the amount of $9, $32, and $28, respectively. As of December 31, 2024, undiscounted cash flows for notes receivable, sales-type and operating leases over the next five years and thereafter are as follows:
| Notes receivable |  | Sales-type leases |  | Operating leases
Year 1 | $9 |  |  | $189 |  |  | $47 |
Year 2 | 10 |  |  | 13 |  |  | 39 |
Year 3 | 11 |  |  | 13 |  |  | 34 |
Year 4 | 12 |  |  | 14 |  |  | 32 |
Year 5 | 13 |  |  |  |  |  | 13 |
Thereafter | 30 |  |  |  |  |  |  |
Total financing receipts | 85 |  |  | 229 |  |  | 165 |
Less imputed interest |  |  | (26) |  |  |
Total | $85 |  |  | $203 |  |  | $165 |
At December 31, 2024 and 2023, unguaranteed residual values were $0 and $21.

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- Definition The entire disclosure for customer financing receivables. Examples of customer financing receivables include, but are not limited to, notes receivable, finance lease receivables, and operating lease equipment less allowance for losses on receivables. + References No definition available. + Details
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- Definition Financing Receivables and Operating Lease Equipment + References No definition available. + Details
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