Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Operating 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, 2023, 2022 and 2021 were as follows:

(in millions)
Years Ended December 31	2023		2022		2021
Operating lease expense	$	67	$	68	$	65
Variable lease expense	18		17		15
Less sublease income	(1)		(1)		(1)
Total lease expense	$	84	$	84	$	79

Leases - Supplemental balance sheet information

Supplemental balance sheet information related to leases is summarized as follows:

(dollar amounts in millions)
Years Ended December 31	2023			2022			2021
Included in accrued income and other assets
Right-of-use (ROU) assets	$	317		$	338		$	317
Included in accrued expenses and other liabilities
Operating lease liabilities	388			406			356
Weighted average discount rate	3.72		%	3.53		%	3.33		%
Weighted average remaining lease term in years	9			9			8

Leases - Supplemental cash flow information

Supplemental cash flow information related to leases is summarized as follows:

(in millions)
Years Ended December 31	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	69	$	66	$	66
ROU assets obtained in exchange for new liabilities	28		80		64

Contractual maturities of sales-type and direct financing lease receivables

As of December 31, 2023, the contractual maturities of operating lease liabilities were as follows:

(in millions)
Years Ended December 31
2024	$	70
2025	68
2026	61
2027	50
2028	42
Thereafter	169
Total contractual maturities	460
Less imputed interest	(72)
Total operating lease liabilities	$	388

Contractual maturities of operating lease liabilities

As of December 31, 2023, the contractual maturities of sales-type and direct financing lease receivables were as follows:

(in millions)
Years Ended December 31
2024	$	118
2025	154
2026	90
2027	49
2028	39
Thereafter	268
Total lease payments receivable	718
Unguaranteed residual values	61
Less deferred interest income	(18)
Total lease receivables (a)	$	761

(a)Excludes net investment in leveraged leases of $46 million.