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v3.23.1

LEASES | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
LEASES | LEASES The components of revenue from leases were as follows:
|  |  | Three months ended March 31,
(In millions) |  |  | 2023 |  | 2022
Operating leases |  |  |  |  |
Lease income related to ChoiceLease |  |  | $ | 360 |  |  | $ | 382 |
Lease income related to commercial rental (1) |  |  | $ | 288 |  |  | $ | 298 |
Sales-type leases |  |  |  |  |
Interest income related to net investment in leases |  |  | $ | 15 |  |  | $ | 11 |
Variable lease income excluding commercial rental (1) |  |  | $ | 72 |  |  | $ | 74 |
———————————— (1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 20% of total commercial rental income. The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows:
(In millions) |  | March 31, 2023 |  | December 31, 2022 |  |
Net investment in the lease — lease payment receivable |  | $ | 738 |  |  | $ | 598 |  |  |
Net investment in the lease — unguaranteed residual value in assets |  | 55 |  |  | 43 |  |  |
|  | 793 |  |  | 641 |  |  |
Estimated loss allowance |  | (5) |  |  | (6) |  |  |
Total |  | $ | 788 |  |  | $ | 635 |  |  |
LEASES | LEASES The components of revenue from leases were as follows:
|  |  | Three months ended March 31,
(In millions) |  |  | 2023 |  | 2022
Operating leases |  |  |  |  |
Lease income related to ChoiceLease |  |  | $ | 360 |  |  | $ | 382 |
Lease income related to commercial rental (1) |  |  | $ | 288 |  |  | $ | 298 |
Sales-type leases |  |  |  |  |
Interest income related to net investment in leases |  |  | $ | 15 |  |  | $ | 11 |
Variable lease income excluding commercial rental (1) |  |  | $ | 72 |  |  | $ | 74 |
———————————— (1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% to 20% of total commercial rental income. The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows:
(In millions) |  | March 31, 2023 |  | December 31, 2022 |  |
Net investment in the lease — lease payment receivable |  | $ | 738 |  |  | $ | 598 |  |  |
Net investment in the lease — unguaranteed residual value in assets |  | 55 |  |  | 43 |  |  |
|  | 793 |  |  | 641 |  |  |
Estimated loss allowance |  | (5) |  |  | (6) |  |  |
Total |  | $ | 788 |  |  | $ | 635 |  |  |

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