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Premises, Equipment and Leases | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment and Lease Commitments [Abstract] |
Premises, Equipment and Leases |
NOTE 8—PREMISES, EQUIPMENT AND LEASES
Premises and Equipment The following table presents our premises and equipment as of December 31, 2024 and 2023. Table 8.1 Components of Premises and Equipment
(Dollars in millions) |  | December 31, 2024 |  | December 31, 2023
Land |  | $ | 303 |  |  | $ | 305 |
Buildings and improvements |  | 4,276 |  |  | 4,297 |
Furniture and equipment |  | 1,751 |  |  | 1,800 |
Computer software |  | 3,357 |  |  | 2,863 |
In progress |  | 426 |  |  | 291 |
Total premises and equipment, gross |  | 10,113 |  |  | 9,556 |
Less: Accumulated depreciation and amortization |  | (5,602) |  |  | (5,181) |
Total premises and equipment, net |  | $ | 4,511 |  |  | $ | 4,375 |
Depreciation and amortization expense was $1.1 billion, $939 million and $790 million for the years ended December 31, 2024, 2023 and 2022, respectively. Leases Our primary involvement with leases is in the capacity as a lessee where we lease premises to support our business. The majority of our leases are operating leases of office space, retail bank branches and cafés. Our operating leases expire at various dates through 2071, although some have extension or termination options, and we assess the likelihood of exercising such options. If it is reasonably certain that we will exercise the options, then we include the impact in the measurement of our right-of-use assets and lease liabilities. Our right-of-use assets and lease liabilities for operating leases are included in other assets and other liabilities on our consolidated balance sheets. As most of our operating leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of future lease payments. Our operating lease expense is included in occupancy and equipment within non-interest expense in our consolidated statements of income. Total operating lease expense consists of operating lease cost, which is recognized on a straight-line basis over the lease term, and variable lease cost, which is recognized based on actual amounts incurred. We also sublease certain premises, and sublease income is included in other non-interest income in our consolidated statements of income. The following tables present information about our operating lease portfolio and the related lease costs as of and for the years ended December 31, 2024 and 2023. Table 8.2 Operating Lease Portfolio
(Dollars in millions) |  | December 31, 2024 |  | December 31, 2023 |  |  |  |  |  |
Right-of-use assets |  | $ | 974 |  |  | $ | 1,009 |  |  |  |  |  |  |
Lease liabilities |  | 1,265 |  |  | 1,312 |  |  |  |  |  |  |
Weighted-average remaining lease term |  | 7.9 years |  | 8.2 years |  |  |  |  |  |
Weighted-average discount rate |  | 3.3 | % |  | 3.2 | % |  |  |  |  |  |
Table 8.3 Total Operating Lease Expense and Other Information
|  |  |  | Year Ended December 31, |  |  |  |  |  |  |  |  |  |
(Dollars in millions) |  |  |  | 2024 |  | 2023 |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  |  |  | $ | 224 |  |  | $ | 241 |  |  |  |  |  |  |  |  |  |  |  |  |
Variable lease cost |  |  |  | 48 |  |  | 47 |  |  |  |  |  |  |  |  |  |  |  |  |
Total lease cost |  |  |  | 272 |  |  | 288 |  |  |  |  |  |  |  |  |  |  |  |  |
Sublease income |  |  |  | (14) |  |  | (18) |  |  |  |  |  |  |  |  |  |  |  |  |
Net lease cost |  |  |  | $ | 258 |  |  | $ | 270 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  | $ | 261 |  |  | $ | 285 |  |  |  |  |  |  |  |  |  |  |  |  |
Right-of-use assets obtained in exchange for lease liabilities |  |  |  | 145 |  |  | 83 |  |  |  |  |  |  |  |  |  |  |  |  |
The following table presents a maturity analysis of our operating leases and a reconciliation of the undiscounted cash flows to our lease liabilities as of December 31, 2024. Table 8.4 Maturities of Operating Leases and Reconciliation to Lease Liabilities
(Dollars in millions) |  | December 31, 2024
2025 |  | $ | 235 |
2026 |  | 223 |
2027 |  | 196 |
2028 |  | 177 |
2029 |  | 161 |
Thereafter |  | 488 |
Total undiscounted lease payments |  | 1,480 |
Less: Imputed interest |  | 215 |
Total lease liabilities |  | $ | 1,265 |
As of December 31, 2024, we had approximately $20 million and $29 million of right-of-use assets and lease liabilities, respectively, for finance leases with a weighted-average remaining lease term of 4.1 years. As of December 31, 2023, we had approximately $15 million and $27 million of right-of-use assets and lease liabilities, respectively, for finance leases with a weighted-average remaining lease term of 4.1 years. These right-of-use assets and lease liabilities are included in premises and equipment, net and other borrowings, respectively, on our consolidated balance sheets. We recognized $10 million and $16 million of total finance lease expense for the years ended December 31, 2024 and 2023, respectively.

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- Definition Disclosure of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. This includes assets that are purchased or leased. Examples include land, building and production equipment. This disclosure may include a schedule of property, plant and equipment gross, depreciation, and net, accumulated depreciation, depletion, useful lives, and income statement disclosures. + References No definition available. + Details
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