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LEASES | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
LEASES | LEASES Leases as Lessor The components of lease income were as follows:
|  | Three months ended June 30, |  | Six months ended June 30,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating leases |  |  |  |  |  |  |  |
Lease income related to ChoiceLease |  | $ | 359 |  |  | $ | 368 |  |  | $ | 740 |  |  | $ | 728 |
Lease income related to commercial rental (1) |  | $ | 233 |  |  | $ | 287 |  |  | $ | 452 |  |  | $ | 575 |
Sales-type leases |  |  |  |  |  |  |  |
Interest income related to net investment in leases |  | $ | 19 |  |  | $ | 11 |  |  | $ | 36 |  |  | $ | 26 |
Variable lease income excluding commercial rental (1) |  | $ | 99 |  |  | $ | 70 |  |  | $ | 171 |  |  | $ | 142 |
———————————— (1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates. 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) |  | June 30, 2024 |  | December 31, 2023 |  |
Net investment in the lease — lease payment receivable |  | $ | 768 |  |  | $ | 723 |  |  |
Net investment in the lease — unguaranteed residual value in assets |  | 47 |  |  | 43 |  |  |
|  | 815 |  |  | 766 |  |  |
Estimated loss allowance |  | (3) |  |  | (4) |  |  |
Total |  | $ | 812 |  |  | $ | 762 |  |  |
LEASES | LEASES Leases as Lessor The components of lease income were as follows:
|  | Three months ended June 30, |  | Six months ended June 30,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating leases |  |  |  |  |  |  |  |
Lease income related to ChoiceLease |  | $ | 359 |  |  | $ | 368 |  |  | $ | 740 |  |  | $ | 728 |
Lease income related to commercial rental (1) |  | $ | 233 |  |  | $ | 287 |  |  | $ | 452 |  |  | $ | 575 |
Sales-type leases |  |  |  |  |  |  |  |
Interest income related to net investment in leases |  | $ | 19 |  |  | $ | 11 |  |  | $ | 36 |  |  | $ | 26 |
Variable lease income excluding commercial rental (1) |  | $ | 99 |  |  | $ | 70 |  |  | $ | 171 |  |  | $ | 142 |
———————————— (1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates. 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) |  | June 30, 2024 |  | December 31, 2023 |  |
Net investment in the lease — lease payment receivable |  | $ | 768 |  |  | $ | 723 |  |  |
Net investment in the lease — unguaranteed residual value in assets |  | 47 |  |  | 43 |  |  |
|  | 815 |  |  | 766 |  |  |
Estimated loss allowance |  | (3) |  |  | (4) |  |  |
Total |  | $ | 812 |  |  | $ | 762 |  |  |

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