Description of Business, Basis of Presentation, and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting Standards Update and Change in Accounting Principle

The following tables summarize the impacts to the Consolidated Financial Statements resulting from the change in the method of accounting for ITCs from the flow-through method to the deferral method. The change did not have an impact to the Consolidated Financial Statements for the year ended December 31, 2022.


	Year Ended December 31, 2023
($ in millions, except per share data)	As Originally Reported		Adjustments		As Adjusted
Consolidated Statement of Income
Net depreciation expense on operating lease assets	$	860	$	(20)	$	840
Income tax expense from continuing operations	61		83		144
Net income	1,020		(63)		957
Net income attributable to common shareholders	910		(63)		847
Basic earnings per common share
Net income	$	3.00	$	(0.21)	$	2.79
Diluted earnings per common share
Net income	$	2.98	$	(0.21)	$	2.77
Consolidated Statement of Comprehensive Income
Comprehensive income (loss)	$	1,263	$	(63)	$	1,200


	As of December 31, 2023
($ in millions)	As Originally Reported		Adjustments		As Adjusted
Consolidated Balance Sheet
Investment in operating leases, net	$	9,171	$	(86)	$	9,085
Other assets	9,395		23		9,418
Retained earnings	$	154	$	(63)	$	91


	Year Ended December 31, 2023
($ in millions)	As Originally Reported		Adjustments		As Adjusted
Consolidated Statement of Cash Flows
Operating activities
Net income	$	1,020	$	(63)	$	957
Reconciliation of net income to net cash provided by operating activities
Depreciation and amortization	1,247		(20)		1,227
Net change in
Deferred income taxes	(58)		(23)		(81)
Net cash provided by operating activities	$	4,663	$	(106)	$	4,557
Investing Activities
Disposals of operating lease assets	3,122		106		3,228
Net cash used in investing activities	$	(7,288)	$	106	$	(7,182)