Lease Obligations - Lessee (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Assets and Lease Liabilities

The following table provides a summary of lease assets and lease liabilities as of December 31:

($ in millions)	Consolidated Balance Sheets Caption	2020		2019
Assets
Operating lease right-of-use assets	Other assets	$	423	473
Finance lease right-of-use assets	Bank premises and equipment	129		34
Total right-of-use assets(a)		$	552	507
Liabilities
Operating lease liabilities	Accrued taxes, interest and expenses	$	527	555
Finance lease liabilities	Long-term debt	130		35
Total lease liabilities		$	657	590

(a)Operating and finance lease right-of-use assets are recorded net of accumulated amortization of $152 and $29, respectively, as of December 31, 2020, and $75 and $27, respectively, as of December 31, 2019.

Components of Lease Costs, Weighted-Average Lease Term and Discount Rate

The following table presents the components of lease costs for the years ended December 31:

($ in millions)	Consolidated Statements of Income Caption	2020		2019
Lease costs:
Amortization of ROU assets	Net occupancy and equipment expense	$	11	6
Interest on lease liabilities	Interest on long-term debt	3		1
Total finance lease costs		$	14	7
Operating lease cost	Net occupancy expense	$	110	96
Short-term lease cost	Net occupancy expense	1		1
Variable lease cost	Net occupancy expense	29		30
Sublease income	Net occupancy expense	(3)		(3)
Total operating lease costs		$	137	124
Total lease costs		$	151	131

The following table presents the weighted-average remaining lease term and weighted-average discount rate as of December 31:

	2020		2019
Weighted-average remaining lease term (years):
Operating leases	9.06		9.48
Finance leases	12.93		14.17
Weighted-average discount rate:
Operating leases	3.05	%	3.19
Finance leases	2.39		4.30

The following table presents information related to lease transactions for the years ended December 31:

($ in millions)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:(a)
Operating cash flows from operating leases	$	91	97
Operating cash flows from finance leases	3		1
Financing cash flows from finance leases	11		5
Gains on sale and leaseback transactions	3		5

(a)The cash flows related to the short-term and variable lease payments are not included in the amounts in the table as they were not included in the measurement of lease liabilities.

Undiscounted Cash Flows for Operating Leases

The following table presents undiscounted cash flows for both operating leases and finance leases for 2021 through 2025 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities as follows:

As of December 31, 2020 ($ in millions)	Operating Leases		Finance Leases	Total
2021	$	86	18	104
2022	81		19	100
2023	74		16	90
2024	65		17	82
2025	58		10	68
Thereafter	246		78	324
Total undiscounted cash flows	$	610	158	768
Less: Difference between undiscounted cash flows and discounted cash flows	83		28	111
Present value of lease liabilities	$	527	130	657

Undiscounted Cash Flows for Finance Leases

The following table presents undiscounted cash flows for both operating leases and finance leases for 2021 through 2025 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities as follows:

As of December 31, 2020 ($ in millions)	Operating Leases		Finance Leases	Total
2021	$	86	18	104
2022	81		19	100
2023	74		16	90
2024	65		17	82
2025	58		10	68
Thereafter	246		78	324
Total undiscounted cash flows	$	610	158	768
Less: Difference between undiscounted cash flows and discounted cash flows	83		28	111
Present value of lease liabilities	$	527	130	657