Leases (Tables)

12 Months Ended

Dec. 31, 2021

Text Block [Abstract]

Components of Net Investment in Sales-Type and Direct Financing Leases

The components of the net investment in sales-type and direct financing leases, at December 31, were as follows:

(Dollars in Millions)	2021		2020
Lease receivables	$	10,738	$	11,890
Unguaranteed residual values accruing to the lessor’s benefit		1,610		1,787
Total net investment in sales-type and direct financing leases	$	12,348	$	13,677

Contractual Future Lease Payments to be Received

The contractual future lease payments to be received by the Company, at December 31, 2021, were as follows:    

(Dollars in Millions)	Sales-type and direct financing leases			Operating leases
2022	$	3,926		$	136
2023		3,293			104
2024		2,402			68
2025		963			44
2026		281			15
Thereafter		540			8
Total lease payments		11,405		$	375
Amounts representing interest		(667	)
Lease receivables	$	10,738

Summary of Amounts Relevant to Company's Assets Leased for Use in its Operations

The following table presents amounts relevant to the Company’s assets leased for use in its operations for the years ended December 31:

(Dollars in Millions)	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	288	$	305	$	302
Operating cash flows from finance leases		5		6		7
Financing cash flows from finance leases		12		12		10
Right of use assets obtained in exchange for new operating lease liabilities		164		128		134
Right of use assets obtained in exchange for new finance lease liabilities		75		6		10

Summary of Weighted-Average Remaining Lease Terms and Discount Rates

The following table presents the weighted-average remaining lease terms and discount rates of the Company’s assets leased for use in its operations at December 31:

	2021			2020
Weighted-average remaining lease term of operating leases (in years)		7.0			7.0
Weighted-average remaining lease term of finance leases (in years)		9.5			9.6
Weighted-average discount rate of operating leases		2.7	%		3.0	%
Weighted-average discount rate of finance leases		9.3	%		12.5	%

Schedule of Contractual Future Lease Obligations

The contractual future lease obligations of the Company at December 31, 2021, were as follows:

(Dollars in Millions)	Operating leases			Finance leases
2022	$	278		$	27
2023		240			27
2024		194			24
2025		145			16
2026		105			10
Thereafter		329			32
Total lease payments		1,291			136
Amounts representing interest		(121	)		(23	)
Lease liabilities	$	1,170		$	113