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Net Investment in Operating Leases (Notes) | 12 Months Ended
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Dec. 31, 2021
Leases, Operating [Abstract] |
NET INVESTMENT IN OPERATING LEASES | NET INVESTMENT IN OPERATING LEASES Net investment in operating leases consists primarily of lease contracts for vehicles with individuals, daily rental companies, government entities, and fleet customers. Assets subject to operating leases are depreciated using the straight-line method over the term of the lease to reduce the asset to its estimated residual value. Estimated residual values are based on assumptions for used vehicle prices at lease termination and the number of vehicles that are expected to be returned. The net investment in operating leases at December 31 was as follows (in millions):
| 2020 |  | 2021
Company excluding Ford Credit |  |  |
Vehicles, net of depreciation | $ | 1,304 |  |  | $ | 1,194 |
Ford Credit Segment |  |  |
Vehicles and other equipment, at cost (a) | 32,486 |  |  | 29,982 |
Accumulated depreciation | (5,839) |  |  | (4,815) |
Total Ford Credit Segment | 26,647 |  |  | 25,167 |
Total | $ | 27,951 |  |  | $ | 26,361 |
__________ (a)Includes Ford Credit’s operating lease assets of $12.8 billion and $7.5 billion at December 31, 2020 and 2021, respectively, that have been included in securitization transactions. These net investments in operating leases are available only for payment of the debt or other obligations issued or arising in the securitization transactions; they are not available to pay other obligations or the claims of other creditors. Ford Credit Segment Included in Ford Credit interest, operating, and other expense is operating lease depreciation expense, which includes gains and losses on disposal of assets along with fees assessed to a customer at lease termination such as excess wear and use and excess mileage that are considered variable lease payments. Operating lease depreciation expense for the years ended December 31 was as follows (in millions):
| 2019 |  | 2020 |  | 2021
Operating lease depreciation expense | $ | 3,635 |  |  | $ | 3,235 |  |  | $ | 1,626 |
The amounts contractually due on operating leases at December 31, 2021 were as follows (in millions):
| 2022 |  | 2023 |  | 2024 |  | 2025 |  | Thereafter |  | Total
Operating lease payments | $ | 3,848 |  |  | $ | 2,278 |  |  | $ | 855 |  |  | $ | 138 |  |  | $ | 7 |  |  | $ | 7,126 |

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
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