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NET INVESTMENT IN OPERATING LEASES
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
NET INVESTMENT IN OPERATING LEASES NET INVESTMENT IN OPERATING LEASES
In 2021, we purchased a leasing entity and the sales-type financing and operating leases it manages.

Net investment in operating leases consists primarily of lease contracts for vehicles with individuals and business entities. 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.

Net investment in operating leases was as follows:

(in millions) September 30, 2022December 31, 2021
Vehicles, at cost1
$86.8 $66.0 
Accumulated depreciation1
(6.4)(0.9)
Net investment in operating leases$80.4 $65.1 
1Vehicles, at cost and accumulated depreciation are recorded in other current assets, on the Consolidated Balance Sheets.