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Leases (Tables) | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Components of Lease Income | The components of lease income were as follows:
| Three Months Ended, |  |  |  |
(in millions) | March 31, 2024 |  | March 31, 2023 |  |  |  |
Interest income on lease financing (1) | $ | 38 |  |  | $ | 20 |  |  |  |  |
(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) | March 31, 2024 |  | December 31, 2023
Net investment in the lease - lease payments receivable | $ | 2,960 |  |  | $ | 3,187 |
Net investment in the lease - unguaranteed residual assets | 329 |  |  | 321 |
Total lease payments | $ | 3,289 |  |  | $ | 3,508 |
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) | March 31, 2024
2024 | $ | 410 |
2025 | 565 |
2026 | 837 |
2027 | 509 |
2028 | 296 |
Thereafter | 672 |
Total lease payments | $ | 3,289 |
Plus: deferred origination costs | 14 |
Less: unearned income | (243) |
Less: purchase accounting adjustment | $ | (70) |
Total lease finance receivables, net | $ | 2,990 |
Lease Cost Information | The components of lease expense were as follows:
|  | Three Months Ended, |  |
(in millions) |  | March 31, 2024 |  |  |  | March 31, 2023 |  |
Operating lease cost |  | $ | 18 |  |  |  |  | $ | 11 |  |  |
Total lease cost |  | $ | 18 |  |  |  |  | $ | 11 |  |  |
Supplemental cash flow information related to the leases for the following periods:
| Three Months Ended, |  |
(in millions) | March 31, 2024 |  |  |  | March 31, 2023 |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 18 |  |  |  |  | $ | 10 |  |  |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to the leases for the following periods:
(in millions, except lease term and discount rate) | March 31, 2024 |  | December 31, 2023
Operating Leases: |  |  |
Operating lease right-of-use assets (1) | $ | 415 |  |  | $ | 426 |
Operating lease liabilities (2) | $ | 437 |  |  | $ | 446 |
Weighted average remaining lease term | 10.9 years |  | 11.2 years
Weighted average discount rate % | 4.70 | % |  | 4.71 | %
(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) | March 31, 2024
Maturities of lease liabilities: |
2024 | $ | 54 |
2025 | 67 |
2026 | 59 |
2027 | 53 |
2028 | 46 |
Thereafter | 290 |
Total lease payments | $ | 569 |
Less: imputed interest | $ | (132) |
Total present value of lease liabilities | $ | 437 |

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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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