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Premises and equipment | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Premises and equipment | Premises and equipment The detail of premises and equipment was as follows:
| December 31,
(Dollars in millions) | 2024 |  | 2023
Land | $ | 146 |  |  | $ | 148 |
Buildings | 703 |  |  | 685 |
Leasehold improvements | 423 |  |  | 413 |
Furniture and equipment | 1,190 |  |  | 1,097 |
| 2,462 |  |  | 2,343 |
Less: accumulated depreciation and amortization | 1,326 |  |  | 1,220 |
Right-of-use assets — operating leases | 569 |  |  | 616 |
Premises and equipment, net | $ | 1,705 |  |  | $ | 1,739 |
The right-of-use assets and lease liabilities relate to banking offices and other space occupied by the Company and use of certain equipment under noncancelable operating lease agreements. As of December 31, 2024 and 2023, the Company recognized $677 million and $717 million respectively, of operating lease liabilities as a component of Accrued interest and other liabilities in the Consolidated Balance Sheet. In calculating the present value of lease payments, the Company utilized its incremental secured borrowing rate based on lease term. The Company’s noncancelable operating lease agreements expire at various dates over the next 17 years. Real estate leases generally consist of fixed monthly rental payments with certain leases containing escalation clauses. Any variable lease payments or payments for nonlease components are recognized in the Consolidated Statement of Income as a component of Equipment and net occupancy expense based on actual costs incurred. Some leases contain lessee options to extend the term. Those options are included in the lease term when it is determined that it is reasonably certain the option will be exercised. The Company has noncancelable operating lease agreements for certain equipment related to ATMs, servers, printers and mail machines that are used in the normal course of operations. The ATM leases are either based on the rights to a specific square footage or a license agreement whereby the Company has the right to operate an ATM in a lessor's location. The lease terms generally contain both fixed payments and variable payments that are transaction-based. Given the transaction-based nature of the variable payments, such payments are excluded from the measurement of the right-of-use asset and lease liability and are recognized in the Consolidated Statement of Income as a component of Equipment and net occupancy expense when incurred. In December 2024, M&T vacated certain floors of a leased office facility resulting in a write-down of the associated right-of-use asset and leasehold improvements of $12 million. Also in December 2024, M&T fully vacated and listed for sale an owned office building. The building and associated leasehold improvements were written-down to fair value less cost to sell, resulting in a loss of $15 million. These asset write-downs were recognized in Other costs of operations in the Consolidated Statement of Income in 2024. The following table presents information about the Company’s lease costs for operating leases recorded in the Consolidated Balance Sheet, cash paid toward lease liabilities and the weighted-average remaining term and discount rates of the operating leases.
| Year Ended December 31,
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Lease cost |  |  |  |  |
Operating lease cost | $ | 155 |  |  | $ | 154 |  |  | $ | 139 |
Short-term lease cost | — |  |  | — |  |  | 8 |
Variable lease cost | 5 |  |  | 4 |  |  | 4 |
Total lease cost | $ | 160 |  |  | $ | 158 |  |  | $ | 151 |
Other information |  |  |  |  |
Right-of-use assets: |  |  |  |  |
Obtained in exchange for new operating lease liabilities | $ | 101 |  |  | $ | 134 |  |  | $ | 138 |
Acquired in business combination | — |  |  | — |  |  | 226 |
Cash paid toward lease liabilities | 164 |  |  | 158 |  |  | 143 |
Weighted-average remaining lease term | 7 years |  | 7 years |  | 7 years
Weighted-average discount rate | 3.64 | % |  | 3.37 | % |  | 2.97 | %
Minimum lease payments under noncancelable operating leases are summarized in the following table.
(Dollars in millions) |
Year ending December 31: |
2025 | $ | 160 |
2026 | 142 |
2027 | 120 |
2028 | 95 |
2029 | 70 |
Later years | 182 |
Total lease payments | 769 |
Imputed interest | (92) |
Total | $ | 677 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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