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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases [Text Block] | LEASES As a lessee, the Corporation has entered into operating leases for the majority of its real estate locations, primarily retail and office space. Total lease expense for the years ended December 31, 2022, 2021 and 2020 were as follows:
(in millions) |  |  |  |  |
Years Ended December 31 | 2022 |  | 2021 |  | 2020
Operating lease expense | $ | 68 |  |  | $ | 65 |  |  | $ | 64 |
Variable lease expense | 17 |  |  | 15 |  |  | 16 |
Less sublease income | (1) |  |  | (1) |  |  | (1) |
Total lease expense | $ | 84 |  |  | $ | 79 |  |  | $ | 79 |
Supplemental balance sheet information related to leases is summarized as follows:
(dollar amounts in millions) |  |  |  |  |
Years Ended December 31 | 2022 |  | 2021 |  | 2020
Included in accrued income and other assets |  |  |  |  |
Right-of-use (ROU) assets | $ | 338 |  |  | $ | 317 |  |  | $ | 306 |
Included in accrued expenses and other liabilities |  |  |  |  |
Operating lease liabilities | 406 |  |  | 356 |  |  | 344 |
Weighted average discount rate | 3.53 | % |  | 3.33 | % |  | 3.61 | %
Weighted average lease term in years | 9 |  |  | 8 |  |  | 8 |
Supplemental cash flow information related to leases is summarized as follows:
(in millions) |  |  |  |  |
Years Ended December 31 | 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |
Operating cash flows from operating leases | $ | 66 |  |  | $ | 66 |  |  | $ | 65 |
ROU assets obtained in exchange for new liabilities (a) | 80 |  |  | 64 |  |  | 28 |
(a) Includes a $24 million reduction to both ROU assets and lease liabilities for a partial termination related to the Company's Texas headquarters for the year ended December 31, 2022. As of December 31, 2022, the contractual maturities of operating lease liabilities were as follows:
(in millions) |
Years Ending December 31 |
2023 | $ | 63 |
2024 | 69 |
2025 | 63 |
2026 | 55 |
2027 | 45 |
Thereafter | 185 |
Total contractual maturities | 480 |
Less imputed interest | (74) |
Total operating lease liabilities | $ | 406 |
As a lessor, the Corporation leases certain types of manufacturing and warehouse equipment as well as public and private transportation vehicles to its customers. The Corporation recognized lease-related revenue, primarily interest income from sales-type and direct financing leases of $21 million, $12 million and $13 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Corporation's net investment in sales-type and direct financing leases was $659 million and $464 million at December 31, 2022 and 2021, respectively. As of December 31, 2022, the contractual maturities of sales-type and direct financing lease receivables were as follows:
(in millions) |
Years Ending December 31 |
2023 | $ | 101 |
2024 | 127 |
2025 | 137 |
2026 | 71 |
2027 | 36 |
Thereafter | 148 |
Total lease payments receivable | 620 |
Unguaranteed residual values | 61 |
Less deferred interest income | (22) |
Total lease receivables (a) | $ | 659 |
(a)Excludes net investment in leveraged leases of $101 million.

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- Definition Leases [Text Block] + References No definition available. + Details
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