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Net Investment in Operating Leases (Notes)
12 Months Ended
Dec. 31, 2019
Leases, Operating [Abstract]  
NET INVESTMENT IN OPERATING LEASES NET INVESTMENT IN OPERATING LEASES

Net investment in operating leases consists primarily of lease contracts for vehicles with individuals, daily rental companies, government entities, and fleet customers. Assets subject to operating leases are depreciated using the straight-line method over the term of the lease to reduce the asset to its estimated residual value. Estimated residual values are based on assumptions for used vehicle prices at lease termination and the number of vehicles that are expected to be returned.

The net investment in operating leases at December 31 was as follows (in millions):
 
2018
 
2019
Automotive Segment
 
 
 
Vehicles, net of depreciation
$
1,705

 
$
1,612

Ford Credit Segment
 
 
 
Vehicles and other equipment, at cost (a)
33,557

 
33,386

Accumulated depreciation
(6,143
)
 
(5,768
)
Total Ford Credit Segment
27,414

 
27,618

Total
$
29,119

 
$
29,230

__________
(a)
Includes Ford Credit’s operating lease assets of $16.3 billion and $14.9 billion at December 31, 2018 and 2019, respectively, that have been included in securitization transactions.  These net investments in operating leases are available only for payment of the debt or other obligations issued or arising in the securitization transactions; they are not available to pay other obligations or the claims of other creditors.

Ford Credit Segment

Included in Ford Credit interest, operating, and other expense is operating lease depreciation expense, which includes gains and losses on disposal of assets. Operating lease depreciation expense for the years ended December 31 was as follows (in millions):
 
2017
 
2018
 
2019
Operating lease depreciation expense
$
4,254

 
$
3,972

 
$
3,635



Included in Ford Credit revenues are rents on operating leases. The amounts contractually due for minimum rentals on operating leases at December 31, 2018 were as follows (in millions):
 
2019
 
2020
 
2021
 
2022
 
Thereafter
 
Total
Minimum rentals on operating leases
$
4,708

 
$
2,929

 
$
1,083

 
$
83

 
$
6

 
$
8,809



The amounts contractually due on operating leases at December 31, 2019 were as follows (in millions):
 
2020
 
2021
 
2022
 
2023
 
Thereafter
 
Total
Operating lease payments
$
4,705

 
$
2,898

 
$
1,011

 
$
78

 
$
5

 
$
8,697