Operating Lease Equipment

6 Months Ended

Jun. 30, 2020

Operating lease equipment was $809 million and $848 million at June 30, 2020 and December 31, 2019, respectively. The Bancorp recorded lease income of $39 million and $45 million relating to lease payments for operating leases in leasing business revenue in the Condensed Consolidated Statements of Income during the three months ended June 30, 2020 and 2019, respectively, and $78 million and $66 million during the six months ended June 30, 2020 and 2019, respectively. The Bancorp received payments of $80 million and $67 million related to operating leases during the six months ended June 30, 2020 and 2019, respectively.

The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. As a result of these recoverability assessments, the Bancorp recognized an immaterial amount and $3 million of impairment losses associated with operating lease assets for the three and six months ended June 30, 2020, respectively, and did not recognize impairment losses for both the three and six months ended June 30, 2019. The recognized impairment losses were recorded in leasing business revenue in the Condensed Consolidated Statements of Income.

The following table presents undiscounted future lease payments for operating leases for the remainder of 2020 through 2025 and thereafter:


As of June 30, 2020 ($ in millions)	Undiscounted Cash Flows
Remainder of 2020	$	78
2021	134
2022	105
2023	77
2024	46
2025	28
Thereafter	41
Total operating lease payments	$	509