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Leases (Tables) | 12 Months Ended
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Dec. 31, 2019
Leases [Abstract] |
Components of Lease Expense | Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
| December 31, 2019
Weighted-average remaining lease term: |
Operating leases | 7.5 |
Finance leases | 6.06 |
Weighted-average discount rate: |
Operating leases | 3.26 | %
Finance leases | 3.94 | %
The components of lease expense are summarized as follows:
in millions | Twelve months ended December 31, 2019
Operating lease cost | $ | 136 |
Finance lease cost: |
Amortization of right-of-use assets | 2 |
Interest on lease liabilities | 1 |
Variable lease cost | 24 |
Total lease cost (a) | $ | 163 |
(a) | Short-term lease cost was less than less than $1 million for the twelve months ended December 31, 2019.
Summary of Cash Flows Related to Leases | Cash flows related to leases are summarized as follows:
in millions | Twelve months ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities: |
Operating cash flows from finance leases | $ | 1 |
Operating cash flows from operating leases | 146 |
Financing cash flows from finance leases | 2 |
Right-of-use assets obtained in exchange for lease obligations: (a) |
Operating leases | $ | 81 |
Net gain recognized from sale leaseback transaction (b) | $ | 14 |
(a) | There were no right-of-use assets obtained in exchange for finance lease obligations for the twelve months ended December 31, 2019.
(b) During the third quarter of 2019, we entered into a sale leaseback transaction related to one branch which resulted in total proceeds of $16 million.
Summary of Additional Balance Sheet Information Related to Leases | Additional balance sheet information related to leases is summarized as follows:
in millions | Balance sheet classification | December 31, 2019
Operating lease assets | Accrued income and other assets | $ | 654 |
Operating lease liabilities | Accrued expense and other liabilities | 748 |
Finance leases: |  |
Property and equipment, gross | Premises and equipment | 28 |
Accumulated depreciation | Premises and equipment | (17 | )
Property and equipment, net |  | 11 |
Finance lease liabilities | Long-term debt | 13 |
Finance Lease, Maturities of Lease Liabilities | Maturities of lease liabilities are summarized as follows:
in millions | Operating Leases | Finance Leases | Total
2020 | $ | 142 |  | $ | 3 |  | $ | 145 |
2021 | 131 |  | 3 |  | 134 |
2022 | 117 |  | 2 |  | 119 |
2023 | 101 |  | 2 |  | 103 |
2024 | 82 |  | 1 |  | 83 |
Thereafter | 265 |  | 4 |  | 269 |
Total lease payments | 838 |  | 15 |  | 853 |
Less imputed interest | 90 |  | 2 |  | 92 |
Total | $ | 748 |  | $ | 13 |  | $ | 761 |
Lessee, Operating Lease, Maturities of Lease Liabilities | Maturities of lease liabilities are summarized as follows:
in millions | Operating Leases | Finance Leases | Total
2020 | $ | 142 |  | $ | 3 |  | $ | 145 |
2021 | 131 |  | 3 |  | 134 |
2022 | 117 |  | 2 |  | 119 |
2023 | 101 |  | 2 |  | 103 |
2024 | 82 |  | 1 |  | 83 |
Thereafter | 265 |  | 4 |  | 269 |
Total lease payments | 838 |  | 15 |  | 853 |
Less imputed interest | 90 |  | 2 |  | 92 |
Total | $ | 748 |  | $ | 13 |  | $ | 761 |
Operating Lease, Lease Income | The components of equipment leasing income are summarized in the table below:
in millions | Twelve months ended December 31, 2019
Sales-type and direct financing leases |
Interest income on lease receivable | $ | 121 |
Interest income related to accretion of unguaranteed residual asset | 13 |
Interest income on deferred fees and costs | — |
Total sales-type and direct financing lease income | 134 |
Operating leases |
Operating lease income related to lease payments | 133 |
Other operating leasing gains | 28 |
Total operating lease income and other leasing gains | 161 |
Total lease income | $ | 295 |
Sales-type Lease, Lease Income | The components of equipment leasing income are summarized in the table below:
in millions | Twelve months ended December 31, 2019
Sales-type and direct financing leases |
Interest income on lease receivable | $ | 121 |
Interest income related to accretion of unguaranteed residual asset | 13 |
Interest income on deferred fees and costs | — |
Total sales-type and direct financing lease income | 134 |
Operating leases |
Operating lease income related to lease payments | 133 |
Other operating leasing gains | 28 |
Total operating lease income and other leasing gains | 161 |
Total lease income | $ | 295 |
Direct Financing Lease, Lease Income | The components of equipment leasing income are summarized in the table below:
in millions | Twelve months ended December 31, 2019
Sales-type and direct financing leases |
Interest income on lease receivable | $ | 121 |
Interest income related to accretion of unguaranteed residual asset | 13 |
Interest income on deferred fees and costs | — |
Total sales-type and direct financing lease income | 134 |
Operating leases |
Operating lease income related to lease payments | 133 |
Other operating leasing gains | 28 |
Total operating lease income and other leasing gains | 161 |
Total lease income | $ | 295 |
Composition of Net Investment in Sales-Type and Direct Financing Leases | The composition of the net investment in sales-type and direct financing leases is as follows:
in millions | December 31, 2019
Lease receivables | $ | 3,792 |
Unearned income | (329 | )
Unguaranteed residual value | 490 |
Deferred fees and costs | 16 |
Net investment in sales-type and direct financing leases | $ | 3,969 |
Minimum Future Lease Payments to be Received for Sales-Type and Direct Financing Leases | At December 31, 2019, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
in millions | Sales-type and direct financing lease payments
2020 | $ | 1,127 |
2021 | 867 |
2022 | 634 |
2023 | 413 |
2024 | 258 |
Thereafter | 496 |
Total lease payments | $ | 3,795 |
Minimum Future Lease Payments to be Received for Operating Leases | At December 31, 2019, minimum future lease payments to be received for operating leases are as follows:
in millions | Operating lease payments
2020 | $ | 129 |
2021 | 114 |
2022 | 97 |
2023 | 80 |
2024 | 69 |
Thereafter | 167 |
Total lease payments | $ | 656 |

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