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Leases | 12 Months Ended
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Dec. 31, 2023
Leases | 22 Leases The Bank enters into both lessee and lessor arrangements. > Refer to “Note 1 – Summary of significant accounting policies” and “Note 21 – Other assets and other liabilities” for further information. Lessee arrangements The Bank primarily enters into operating leases. When a real estate lease has both lease and non-lease components, the Bank allocates the consideration in the contract based on the relative standalone selling price. For all leases other than real estate leases, the Bank does not separate lease and non-lease components. The Bank’s finance leases are not material. The Bank has entered into leases for real estate, equipment and vehicles. Certain equipment and real estate have subsequently been subleased. Sublease income is recognized in other revenues. Lease costs
end of |  | 2023 |  | 2022 |  | 2021 |
Lease costs (CHF million)
Operating lease costs |  | 370 |  | 279 |  | 293 |
Variable lease costs |  | 42 |  | 46 |  | 50 |
Sublease income |  | (51) |  | (65) |  | (75) |
Total lease costs |  | 361 |  | 260 |  | 268 |
From time to time, the Bank enters into sale-leaseback transactions in which an asset is sold and immediately leased back. If specific criteria are met, the asset is derecognized from the balance sheet and an operating lease is recognized. During 2023, the Bank had no sale-leaseback transactions. During 2022, the Bank entered into 12 sale-leaseback transactions with lease terms ranging from 5 to 10 years. During 2021, the Bank entered into 13 sale-leaseback transaction with lease terms ranging from 3 to 10 years. Other information
end of |  | 2023 |  | 2022 |  | 2021 |
Other information (CHF million)
Gains/(losses) on sale-leaseback transactions |  | 0 |  | 336 |  | 225 |
Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows |  | (344) |  | (336) |  | (334) |
Right-of-use assets obtained in exchange for new operating lease liabilities 1 |  | 35 |  | 165 |  | 107 |
Changes to right-of-use assets due to lease modifications for operating leases |  | (1) |  | 74 |  | 29 |
1 Represents non-cash transactions and includes right-of-use assets relating to changes in classification of scope of variable interest entities.
The weighted average remaining lease terms and discount rates are based on all outstanding operating leases as well as their respective lease terms and remaining lease obligations. Weighted average remaining lease term and discount rate
end of |  | 2023 |  | 2022 |
Operating leases
Remaining lease term (years) |  | 8.7 |  | 9.2 |
Discount rate (%) |  | 3.3 |  | 3.0 |
The following table reflects the undiscounted cash flows from leases for the next five years and thereafter, based on the expected lease term. Maturities relating to operating lease arrangements
end of |  | 2023 |  | 2022 |
Maturity (CHF million)
Due within 1 year |  | 247 |  | 312 |
Due between 1 and 2 years |  | 236 |  | 260 |
Due between 2 and 3 years |  | 215 |  | 236 |
Due between 3 and 4 years |  | 171 |  | 219 |
Due between 4 and 5 years |  | 139 |  | 186 |
Thereafter |  | 638 |  | 811 |
Operating lease obligations |  | 1,646 |  | 2,024 |
Future interest payable |  | (226) |  | (275) |
Operating lease liabilities |  | 1,420 |  | 1,749 |
Lessor arrangements The Bank enters into sales-type, direct financing and operating leases for real estate, equipment and vehicles. When a real estate lease has both lease and non-lease components, the Bank allocates the consideration in the contract based on the relative standalone selling price. For all leases other than real estate leases, the Bank does not separate lease and non-lease components. As of December 31, 2023 and 2022, the Bank had approximately CHF 1.5 billion and CHF 1.3 billion, respectively, of residual value guarantees associated with lessor arrangements. The Bank’s risk of loss relating to the residual value of leased assets is mitigated through contractual arrangements with manufactures or suppliers. Leased assets are also monitored through projections of the residual values at lease origination and periodic reviews of residual values. Net investments
|  | 2023 |  | 2022 |
end of |  | Sales- type leases |  | Direct financing leases |  | Sales- type leases |  | Direct financing leases |
Net investments (CHF million)
Lease receivables |  | 1,461 |  | 2,530 |  | 1,324 |  | 2,473 |
Unguaranteed residual assets |  | 125 |  | 4 |  | 129 |  | 25 |
Valuation allowances |  | (10) |  | (21) |  | (10) |  | (20) |
Total net investments |  | 1,576 |  | 2,513 |  | 1,443 |  | 2,478 |
Maturities relating to lessor arrangements
|  | 2023 |  | 2022 |
end of |  | Sales- type leases |  | Direct financing leases |  | Operating leases |  | Sales- type leases |  | Direct financing leases |  | Operating leases |
Maturity (CHF million)
Due within 1 year |  | 618 |  | 782 |  | 48 |  | 550 |  | 738 |  | 57 |
Due between 1 and 2 years |  | 352 |  | 741 |  | 47 |  | 317 |  | 694 |  | 58 |
Due between 2 and 3 years |  | 262 |  | 634 |  | 45 |  | 224 |  | 627 |  | 55 |
Due between 3 and 4 years |  | 175 |  | 449 |  | 37 |  | 149 |  | 460 |  | 53 |
Due between 4 and 5 years |  | 84 |  | 103 |  | 19 |  | 88 |  | 115 |  | 44 |
Thereafter |  | 96 |  | 12 |  | 116 |  | 93 |  | 19 |  | 136 |
Total |  | 1,587 |  | 2,721 |  | 312 |  | 1,421 |  | 2,653 |  | 403 |
Future interest receivable |  | (126) |  | (191) |  | – |  | (97) |  | (180) |  | – |
Lease receivables |  | 1,461 |  | 2,530 |  | – |  | 1,324 |  | 2,473 |  | – |
The Bank elected the practical expedient to not evaluate whether certain sales taxes and other similar taxes are lessor cost or lessee cost and excludes these costs from being reported as lease income with an associated expense. The Bank enters into leases with fixed or variable lease payments, or with lease payments that depend on an index or a referenced rate which are included in the net investment in the lease at lease commencement, as such payments are considered unavoidable. Other variable lease payments, as well as subsequent changes in an index or referenced rate, are excluded from the net investment in the lease. Lease payments are recorded when due and payable by the lessee. Lease income
end of |  | 2023 |  | 2022 |  | 2021 |
Lease income (CHF million)
Interest income on sales-type leases |  | 44 |  | 33 |  | 25 |
Interest income on direct financing leases |  | 81 |  | 70 |  | 68 |
Lease income from operating leases |  | 65 |  | 80 |  | 93 |
Variable lease income |  | 1 |  | 3 |  | 1 |
Total lease income |  | 191 |  | 186 |  | 187 |
As of December 31, 2023 and 2022, the Bank had CHF 185 million and CHF 188 million, respectively, of related party operating leases.

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