Operating Lease Equipment

3 Months Ended

Mar. 31, 2019

9. Operating Lease Equipment

Operating lease equipment was $908 million and $518 million at March 31, 2019 and December 31, 2018, respectively. Lease income relating to lease payments for operating leases was $21 million and $23 million for the three months ended March 31, 2019 and 2018, 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 did not recognize impairment losses associated with operating lease assets for the three months ended March 31, 2019 and recognized $2 million of impairment losses for the three months ended March 31, 2018. The recognized impairment losses were recorded in corporate banking revenue in the Condensed Consolidated Statements of Income.

The following table presents undiscounted future lease payments for operating leases for the remainder of 2019 through 2024 and thereafter:

		Undiscounted Cash Flows
As of March 31, 2019 ($ in millions)		Undiscounted Cash Flows
Remainder of 2019	$	139
2020		140
2021		109
2022		81
2023		60
2024		37
Thereafter		68
Total operating lease payments	$	634