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Leasing (Tables) | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Investment in Operating Leases | The following table details our total investment in operating leases.
($ in millions) |  | June 30, 2020 |  | December 31, 2019
Assets |  |  |  |
Operating lease right-of-use assets (a) |  | $ | 137 |  |  | $ | 168 |
Liabilities |  |  |  |
Operating lease liabilities (b) |  | $ | 163 |  |  | $ | 196 |
(a) | Included in other assets on our Condensed Consolidated Balance Sheet.
(b) Included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheet.
Lessee, Operating Lease, Liability, Maturity | The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of June 30, 2020, and that have noncancelable lease terms expiring after June 30, 2020.
($ in millions) |  |
2020 |  | $ | 25 |
2021 |  | 43 |
2022 |  | 30 |
2023 |  | 20 |
2024 |  | 13 |
2025 and thereafter |  | 46 |
Total undiscounted cash flows |  | 177 |
Difference between undiscounted cash flows and discounted cash flows |  | (14 | )
Total lease liability |  | $ | 163 |
Lease, Cost | The following table details the components of total net operating lease expense.
|  | Three months ended June 30, |  | Six months ended June 30,
($ in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease expense |  | $ | 11 |  |  | $ | 12 |  |  | $ | 24 |  |  | $ | 23 |
Variable lease expense |  | 2 |  |  | 2 |  |  | 4 |  |  | 4 |
Total lease expense, net (a) |  | $ | 13 |  |  | $ | 14 |  |  | $ | 28 |  |  | $ | 27 |
(a) Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.
Schedule of Property Subject to or Available for Operating Lease | The following table details our investment in operating leases.
($ in millions) |  | June 30, 2020 |  | December 31, 2019
Vehicles |  | $ | 10,656 |  |  | $ | 10,426 |
Accumulated depreciation |  | (1,568 | ) |  | (1,562 | )
Investment in operating leases, net |  | $ | 9,088 |  |  | $ | 8,864 |
Lessor, Operating Lease, Payments to be Received, Maturity | The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after June 30, 2020.
($ in millions) |  |
2020 |  | $ | 722 |
2021 |  | 1,114 |
2022 |  | 635 |
2023 |  | 228 |
2024 |  | 26 |
2025 and thereafter |  | 1 |
Total lease payments from operating leases |  | $ | 2,726 |
Depreciation Expense on Operating Lease Assets | We recognized operating lease revenue of $343 million and $710 million, and $363 million and $724 million for the three months and six months ended June 30, 2020, and June 30, 2019, respectively. Depreciation expense on operating lease assets includes remarketing gains and losses recognized on the sale of operating lease assets. The following table summarizes the components of depreciation expense on operating lease assets.
|  | Three months ended June 30, |  | Six months ended June 30,
($ in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Depreciation expense on operating lease assets (excluding remarketing losses and gains) (a) |  | $ | 241 |  |  | $ | 262 |  |  | $ | 491 |  |  | $ | 523 |
Remarketing losses (gains), net |  | 11 |  |  | (23 | ) |  | 9 |  |  | (38 | )
Net depreciation expense on operating lease assets |  | $ | 252 |  |  | $ | 239 |  |  | $ | 500 |  |  | $ | 485 |
(a) Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $5 million and $12 million during the three months and six months ended June 30, 2020, respectively, and $5 million and $9 million during the three months and six months ended June 30, 2019.
Finance Lease, Liability, Maturity | The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after June 30, 2020.
($ in millions) |  |
2020 |  | $ | 75 |
2021 |  | 149 |
2022 |  | 112 |
2023 |  | 78 |
2024 |  | 46 |
2025 and thereafter |  | 31 |
Total undiscounted cash flows |  | 491 |
Difference between undiscounted cash flows and discounted cash flows |  | (49 | )
Present value of lease payments recorded as lease receivable |  | $ | 442 |

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