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Leases (Tables) | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Components of Lease Income | The components of lease income were as follows:
(in millions) | For the three months ended September 30, 2023 |  | For the nine months ended September 30, 2023 |  | For the three months ended September 30, 2022 |  | For the nine months ended September 30, 2022
Interest income on lease financing (1) | $ | 28 |  |  | $ | 80 |  |  | $ | 14 |  |  | $ | 38 |
(1)Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income.
Components of Net Investment in Direct Financing Leases | The components of net investment in direct financing leases, including the carrying amount of the lease receivables, as well as the unguaranteed residual asset were as follows:
(in millions) | September 30, 2023 |  | December 31, 2022
Net investment in the lease - lease payments receivable | $ | 3,161 |  |  | $ | 1,685 |
Net investment in the lease - unguaranteed residual assets | 296 |  |  | 60 |
Total lease payments | $ | 3,457 |  |  | $ | 1,745 |
Maturity Analysis of Undiscounted Lease Receivables | The following table presents the remaining maturity analysis of the undiscounted lease receivables, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition:
(in millions) | September 30, 2023
2023 | $ | 159 |
2024 | 573 |
2025 | 659 |
2026 | 800 |
2027 | 503 |
Thereafter | 763 |
Total lease payments | $ | 3,457 |
Plus: deferred origination costs | 17 |
Less: unearned income | (243) |
Less: purchase accounting adjustment | $ | (83) |
Total lease finance receivables, net | $ | 3,148 |
Lease Cost Information | The components of lease expense were as follows:
(in millions) |  | For the three months ended September 30, 2023 |  | For the nine months ended September 30, 2023 |  | For the three months ended September 30, 2022 |  | For the nine months ended September 30, 2022
Operating lease cost |  | $ | 25 |  |  | $ | 60 |  |  | $ | 7 |  |  | $ | 21 |
Sublease income |  | — |  |  | — |  |  | — |  |  | — |
Total lease cost |  | $ | 25 |  |  | $ | 60 |  |  | $ | 7 |  |  | $ | 21 |
Supplemental cash flow information related to the leases for the following periods:
(in millions) | For the three months ended September 30, 2023 |  | For the nine months ended September 30, 2023 |  | For the three months ended September 30, 2022 |  | For the nine months ended September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 16 |  |  | $ | 46 |  |  | $ | 7 |  |  | $ | 21 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to the leases for the following periods:
(in millions, except lease term and discount rate) | September 30, 2023 |  | December 31, 2022
Operating Leases: |  |  |
Operating lease right-of-use assets (1) | $ | 442 |  |  | $ | 119 |
Operating lease liabilities (2) | $ | 456 |  |  | $ | 122 |
Weighted average remaining lease term | 11.9 years |  | 6 years
Weighted average discount rate % | 4.53 | % |  | 3.85 | %
(1)Included in Other assets in the Consolidated Statements of Condition. (2)Included in Other liabilities in the Consolidated Statements of Condition.
Schedule of Minimum Contractual Lease Obligations |
(in millions) | September 30, 2023
Maturities of lease liabilities: |
2023 | $ | 6 |
2024 | 68 |
2025 | 62 |
2026 | 54 |
2027 | 48 |
Thereafter | 379 |
Total lease payments | $ | 617 |
Less: imputed interest | $ | (161) |
Total present value of lease liabilities | $ | 456 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + 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 -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-10 + Details
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