Equipment on Operating Leases, net
Automotive
Equipment on operating leases, net is composed of vehicle sales to daily rental car companies. The following table summarizes information related to Equipment on operating leases, net (dollars in millions):
|
| | | | | | | |
| December 31, 2013 | | December 31, 2012 |
Equipment on operating leases | $ | 2,605 |
| | $ | 1,946 |
|
Less: accumulated depreciation | (207 | ) | | (164 | ) |
Equipment on operating leases, net | $ | 2,398 |
| | $ | 1,782 |
|
The following table summarizes depreciation expense and impairment charges related to Equipment on operating leases, net (dollars in millions):
|
| | | | | | | | | | | |
| Years Ended December 31, |
| 2013 | | 2012 | | 2011 |
Depreciation expense | $ | 218 |
| | $ | 227 |
| | $ | 431 |
|
Impairment charges | $ | 168 |
| | $ | 181 |
| | $ | 151 |
|
Automotive Financing - GM Financial
GM Financial originates leases in the U.S. and Canada that are recorded as operating leases. A Canadian subsidiary of GM Financial originates and sells leases to a third-party with servicing retained. The following table summarizes GM Financial equipment on operating leases, net (dollars in millions):
|
| | | | | | | |
| December 31, 2013 | | December 31, 2012 |
GM Financial equipment on operating leases | $ | 4,025 |
| | $ | 1,910 |
|
Less: accumulated depreciation | (642 | ) | | (261 | ) |
GM Financial equipment on operating leases, net | $ | 3,383 |
| | $ | 1,649 |
|
Depreciation expense related to GM Financial equipment on operating leases, net was $450 million, $205 million and $70 million in the years ended December 31, 2013, 2012 and 2011.
The following table summarizes minimum rental payments due to GM Financial as lessor under operating leases (dollars in millions):
|
| | | | | | | | | | | | | | | | | | | |
| 2014 |
| 2015 |
| 2016 |
| 2017 |
| 2018 |
Minimum rental receipts under operating leases | $ | 628 |
|
| $ | 512 |
|
| $ | 266 |
|
| $ | 43 |
|
| $ | 4 |
|
