Operating Leases |
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| Property, Plant, and Equipment, Lessor Asset under Operating Lease [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Leases | Operating Leases Operating Leases Our portfolio of leases primarily consists of real estate office space, manufacturing and warehousing facilities, land, and equipment. Certain leases contain escalation clauses and renewal or purchase options, and generally our leases have no residual value guarantees or material covenants. We exclude leases with a term of one year or less from our balance sheet, and do not separate non-lease components from our real estate leases. Rent expense under operating leases was $378 million, $369 million, and $346 million in the years ended December 31, 2025, 2024, and 2023. Variable lease costs were insignificant in the years ended December 31, 2025, 2024, and 2023. At December 31, 2025 and 2024, in Other assets were $1.0 billion and $919 million, in Accrued liabilities were $266 million and $254 million, and in Other liabilities were $1.0 billion. Operating lease right of use assets obtained in exchange for lease obligations were $351 million and $368 million in the years ended December 31, 2025 and 2024. Our undiscounted future lease obligations related to operating leases having initial terms in excess of one year are $321 million, $254 million, $216 million, $185 million, $156 million, and $416 million for the years 2026, 2027, 2028, 2029, 2030, and thereafter, with imputed interest of $248 million as of December 31, 2025. The weighted-average discount rate was 5.0% and 4.6% and the weighted-average remaining lease term was 6.6 years and 5.9 years at December 31, 2025 and 2024. Payments for operating leases included in Net cash provided by (used in) operating activities were $393 million, $416 million, and $359 million in the years ended December 31, 2025, 2024, and 2023. Lease agreements that have not yet commenced were insignificant at December 31, 2025. Equipment on Operating Leases Equipment on operating leases primarily consists of leases to retail customers of GM Financial.
At December 31, 2025, the estimated residual value of our leased assets at the end of the lease term was $25.0 billion. Depreciation expense related to Equipment on operating leases, net was $4.9 billion, $4.8 billion, and $4.9 billion in the years ended December 31, 2025, 2024, and 2023. In September 2025, GM Financial entered into $2.1 billion of purchase commitments with various dealers to acquire certain EVs through June 30, 2026. As of December 31, 2025, GM Financial has up to approximately $293 million of purchase commitments remaining for any EVs that have not been placed in service by June 30, 2026. The following table summarizes lease payments due to GM Financial on leases to retail customers:
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