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Leases (Tables) | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Lessee, Operating Leases [Text Block] | LESSEE As of December 31, 2022, assets and liabilities recorded under operating leases for properties were $474 million and $553 million, respectively, and $459 million and $529 million, respectively, as of December 31, 2021. The difference between the asset and liability balance is largely driven by increases in rent over the lease term and any strategic decisions to exit a lease location early, resulting in derecognition of the asset. The asset is recorded within other assets, and the lease liability is recorded within other liabilities on the consolidated balance sheets. Lease expense, which is operating lease costs recorded within net occupancy expense, was $86 million, $87 million, and $85 million for the years ended December 31, 2022, 2021, and 2020, respectively. Other information related to operating leases at December 31 is as follows:
| 2022 |  | 2021
Weighted-average remaining lease term (years) | 10.0 years |  | 9.9 years
Weighted-average discount rate (%) | 2.6 | % |  | 2.5 | %
Future, undiscounted minimum lease payments on operating leases are as follows:
| December 31, 2022
| (In millions)
2023 | $ | 95 |
2024 | 86 |
2025 | 78 |
2026 | 64 |
2027 | 53 |
Thereafter | 277 |
Total lease payments | 653 |
Less: Imputed interest | 100 |
Total present value of lease liabilities | $ | 553 |
LESSOR The following tables present a summary of Regions' sales-type, direct financing and leveraged leases for the years ended December 31. Due to the immaterial nature of operating leases on the consolidated financial statements, prior periods have been revised to reflect the December 31, 2022 presentation.
| Net Interest Income
| 2022 |  | 2021 |  | 2020
| (In millions)
Sales-Type and Direct Financing | $ | 52 |  |  | $ | 59 |  |  | $ | 67 |
Leveraged(1) | 12 |  |  | 14 |  |  | 14 |
| $ | 64 |  |  | $ | 73 |  |  | $ | 81 |
_________ (1)Leveraged lease income is shown pre-tax with related tax expense of $7 million for December 31, 2022 and $8 million for both December 31, 2021 and 2020, respectively. Leveraged lease termination gains excluded from amounts presented above were immaterial for all periods presented.
| As of December 31, 2022
| Sales-Type and Direct Financing |  | Leveraged |  | Total
| (In millions)
Lease receivable | $ | 1,236 |  |  | $ | 140 |  |  | $ | 1,376 |
Unearned income | (189) |  |  | (62) |  |  | (251) |
Guaranteed residual | 71 |  |  | — |  |  | 71 |
Unguaranteed residual | 173 |  |  | 134 |  |  | 307 |
Total net investment | $ | 1,291 |  |  | $ | 212 |  |  | $ | 1,503 |
| As of December 31, 2021
| Sales-Type and Direct Financing |  | Leveraged |  | Total
| (In millions)
Lease receivable | $ | 1,231 |  |  | $ | 159 |  |  | $ | 1,390 |
Unearned income | (198) |  |  | (76) |  |  | (274) |
Guaranteed residual | 49 |  |  | — |  |  | 49 |
Unguaranteed residual | 213 |  |  | 137 |  |  | 350 |
Total net investment | $ | 1,295 |  |  | $ | 220 |  |  | $ | 1,515 |
The following table presents the minimum future payments due from customers for sales-type and direct financing leases:
| December 31, 2022
| Sales-Type and Direct Financing
| (In millions)
2023 | $ | 289 |
2024 | 211 |
2025 | 166 |
2026 | 125 |
2027 | 101 |
Thereafter | 344 |
| $ | 1,236 |
Future, undiscounted minimum lease payments on operating leases | Future, undiscounted minimum lease payments on operating leases are as follows:
| December 31, 2022
| (In millions)
2023 | $ | 95 |
2024 | 86 |
2025 | 78 |
2026 | 64 |
2027 | 53 |
Thereafter | 277 |
Total lease payments | 653 |
Less: Imputed interest | 100 |
Total present value of lease liabilities | $ | 553 |
Summary of sales-type, direct financing, operating, and leveraged leases | The following tables present a summary of Regions' sales-type, direct financing and leveraged leases for the years ended December 31. Due to the immaterial nature of operating leases on the consolidated financial statements, prior periods have been revised to reflect the December 31, 2022 presentation.
| Net Interest Income
| 2022 |  | 2021 |  | 2020
| (In millions)
Sales-Type and Direct Financing | $ | 52 |  |  | $ | 59 |  |  | $ | 67 |
Leveraged(1) | 12 |  |  | 14 |  |  | 14 |
| $ | 64 |  |  | $ | 73 |  |  | $ | 81 |
_________ (1)Leveraged lease income is shown pre-tax with related tax expense of $7 million for December 31, 2022 and $8 million for both December 31, 2021 and 2020, respectively. Leveraged lease termination gains excluded from amounts presented above were immaterial for all periods presented.
| As of December 31, 2022
| Sales-Type and Direct Financing |  | Leveraged |  | Total
| (In millions)
Lease receivable | $ | 1,236 |  |  | $ | 140 |  |  | $ | 1,376 |
Unearned income | (189) |  |  | (62) |  |  | (251) |
Guaranteed residual | 71 |  |  | — |  |  | 71 |
Unguaranteed residual | 173 |  |  | 134 |  |  | 307 |
Total net investment | $ | 1,291 |  |  | $ | 212 |  |  | $ | 1,503 |
| As of December 31, 2021
| Sales-Type and Direct Financing |  | Leveraged |  | Total
| (In millions)
Lease receivable | $ | 1,231 |  |  | $ | 159 |  |  | $ | 1,390 |
Unearned income | (198) |  |  | (76) |  |  | (274) |
Guaranteed residual | 49 |  |  | — |  |  | 49 |
Unguaranteed residual | 213 |  |  | 137 |  |  | 350 |
Total net investment | $ | 1,295 |  |  | $ | 220 |  |  | $ | 1,515 |
Minimum future payments due from customers for sales-type, direct financing, and operating leases | The following table presents the minimum future payments due from customers for sales-type and direct financing leases:
| December 31, 2022
| Sales-Type and Direct Financing
| (In millions)
2023 | $ | 289 |
2024 | 211 |
2025 | 166 |
2026 | 125 |
2027 | 101 |
Thereafter | 344 |
| $ | 1,236 |

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=124258985&loc=SL77919391-209981 + Details
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