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Financing Receivables and Operating Lease Equipment | 3 Months Ended
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Mar. 31, 2025
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:
| March 31 2025 |  | December 31 2024
Financing receivables: |  |  |
Investment in sales-type leases | $195 |  |  | $203 |
Notes | 82 |  |  | 85 |
Total financing receivables | 277 |  |  | 288 |
Less allowance for losses on receivables | 4 |  |  | 7 |
Financing receivables, net | 273 |  |  | 281 |
Operating lease equipment, at cost, less accumulated depreciation of $49 and $46 | 237 |  |  | 240 |
Total | $510 |  |  | $521 |
Our financing arrangements range in terms from 1 to 7 years, and include $191 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 March 31, 2025 and December 31, 2024, $4 and $7 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 three months ended March 31, 2025. The components of investment in sales-type leases consisted of the following:
| March 31 2025 |  | December 31 2024
Gross lease payments receivable | $216 |  |  | $229 |
Unearned income | (21) |  |  | (26) |
Net lease payments receivable | 195 |  |  | 203 |
Unguaranteed residual assets |  |  |  |  |
Total | $195 |  |  | $203 |
Financing interest income recorded for the three months ended March 31, 2025 and 2024, was $2 and $2. Our financing receivable balances at March 31, 2025 by internal credit rating category and year of origination consisted of the following:
Rating categories |  |  | 2023 | 2022 | 2021 | Prior | Total
BBB |  |  | $31 |  | $27 |  | $121 |  | $13 |  | $192 |
B |  |  |  |  |  | 82 |  | 82 |
CCC |  |  |  |  | 3 |  |  | 3 |
Total carrying value of financing receivables |  |  | $31 |  | $27 |  | $124 |  | $95 |  | $277 |
At March 31, 2025, 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:
| March 31 2025 |  | December 31 2024
717 Aircraft (Accounted for as sales-type leases) | $192 |  |  | $196 |
777 Aircraft (Accounted for as operating leases) | 179 |  |  | 183 |
747-8 Aircraft (Primarily accounted for as notes) | 86 |  |  | 92 |
737 Aircraft (Primarily accounted for as operating leases) | 47 |  |  | 47 |
Lease income recorded in Sales of services on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, included $5 and $10 of interest income from sales-type leases and $12 and $18 from operating lease payments. Variable lease payments for sales-type leases recognized in interest income for the three months ended March 31, 2025 and 2024, were insignificant. Variable lease payments on operating leases for the three and three months ended March 31, 2025 and 2024, were insignificant. Profit at the commencement of sales-type leases for the three months ended March 31, 2025 and 2024, was insignificant.

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- Definition Financing Receivables and Operating Lease Equipment + References No definition available. + Details
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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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