Operating Lease Equipment

9 Months Ended

Sep. 30, 2019

Operating Lease Equipment

Operating Lease Equipment

9. Operating Lease Equipment

Operating lease equipment was $869 million and $518 million at September 30, 2019 and December 31, 2018, respectively. Lease income relating to lease payments for operating leases was $44 million and $20 million for the three months ended September 30, 2019 and 2018, respectively and $110 million and $65 million for the nine months ended September 30, 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 both the three months and nine months ended September 30, 2019 and recognized $2 million and $4 million of impairment losses for the three and nine months ended September 30, 2018, respectively. 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 September 30, 2019 ($ in millions)
Remainder of 2019	$	41
2020		143
2021		114
2022		85
2023		61
2024		36
Thereafter		62
Total operating lease payments	$	542