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Leasing (Tables) | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Schedule of 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 March 31, 2024, and that have noncancelable lease terms expiring after March 31, 2024.
($ in millions) |  |
2024 |  | $ | 28 |
2025 |  | 34 |
2026 |  | 27 |
2027 |  | 21 |
2028 |  | 15 |
2029 and thereafter |  | 3 |
Total undiscounted cash flows |  | 128 |
Difference between undiscounted cash flows and discounted cash flows |  | (8) |
Total lease liability |  | $ | 120 |
Schedule of Lease, Cost | The following table details the components of total net operating lease expense.
|  |  |  | Three months ended March 31, |  |
($ in millions) |  |  |  |  |  | 2024 |  | 2023 |  |
Operating lease expense |  |  |  |  |  | $ | 7 |  |  | $ | 7 |  |  |
Variable lease expense |  |  |  |  |  | 1 |  |  | 1 |  |  |
Total lease expense, net (a) |  |  |  |  |  | $ | 8 |  |  | $ | 8 |  |  |
(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive (Loss) Income.
Schedule of Property Subject to or Available for Operating Lease | The following table details our investment in operating leases.
($ in millions) |  | March 31, 2024 |  | December 31, 2023
Vehicles |  | $ | 10,565 |  |  | $ | 11,101 |
Accumulated depreciation |  | (1,834) |  |  | (1,930) |
Investment in operating leases, net |  | $ | 8,731 |  |  | $ | 9,171 |
Schedule of 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 March 31, 2024.
($ in millions) |  |
2024 |  | $ | 991 |
2025 |  | 914 |
2026 |  | 480 |
2027 |  | 101 |
2028 |  | 7 |
Total lease payments from operating leases |  | $ | 2,493 |
Schedule of Depreciation Expense on Operating Lease Assets | The following table summarizes the components of depreciation expense on operating lease assets.
|  |  |  | Three months ended March 31, |  |
($ in millions) |  |  |  |  |  | 2024 |  | 2023 |  |
Depreciation expense on operating lease assets (excluding remarketing gains) (a) |  |  |  |  |  | $ | 250 |  |  | $ | 273 |  |  |
Remarketing gains, net |  |  |  |  |  | (46) |  |  | (47) |  |  |
Net depreciation expense on operating lease assets |  |  |  |  |  | $ | 204 |  |  | $ | 226 |  |  |
(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $4 million during the three months ended March 31, 2024, and $2 million during the three months ended March 31, 2023.
Schedule of Finance Lease, Liability, Maturity | The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2024.
($ in millions) |  |
2024 |  | $ | 149 |
2025 |  | 172 |
2026 |  | 149 |
2027 |  | 90 |
2028 |  | 40 |
2029 and thereafter |  | 17 |
Total undiscounted cash flows |  | 617 |
Difference between undiscounted cash flows and discounted cash flows |  | (84) |
Present value of lease payments recorded as lease receivable |  | $ | 533 |

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