Lease Obligations - Lessee (Tables)

12 Months Ended

Dec. 31, 2021

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	2021		2020
Assets
Operating lease right-of-use assets	Other assets	$	427	423
Finance lease right-of-use assets	Bank premises and equipment	145		129
Total right-of-use assets(a)		$	572	552
Liabilities
Operating lease liabilities	Accrued taxes, interest and expenses	$	520	527
Finance lease liabilities	Long-term debt	149		130
Total lease liabilities		$	669	657

(a)Operating and finance lease right-of-use assets are recorded net of accumulated amortization of $198 and $47, respectively, as of December 31, 2021, and $152 and $29, respectively, as of December 31, 2020.

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	2021		2020	2019
Lease costs:
Amortization of ROU assets	Net occupancy and equipment expense	$	18	11	6
Interest on lease liabilities	Interest on long-term debt	4		3	1
Total finance lease costs		$	22	14	7
Operating lease cost	Net occupancy expense	$	80	110	96
Short-term lease cost	Net occupancy expense	2		1	1
Variable lease cost	Net occupancy expense	31		29	30
Sublease income	Net occupancy expense	(3)		(3)	(3)
Total operating lease costs		$	110	137	124
Total lease costs		$	132	151	131

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

	2021		2020
Weighted-average remaining lease term (years):
Operating leases	8.92		9.06
Finance leases	14.70		12.93
Weighted-average discount rate:
Operating leases	2.88	%	3.05
Finance leases	2.74		2.39

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

($ in millions)	2021		2020	2019
Cash paid for amounts included in the measurement of lease liabilities:(a)
Operating cash flows from operating leases	$	88	91	97
Operating cash flows from finance leases	4		3	1
Financing cash flows from finance leases	16		11	5
Gains on sale and leaseback transactions	2		3	5

(a)The cash flows related to short-term leases 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 2022 through 2026 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities as follows:

As of December 31, 2021 ($ in millions)	Operating Leases		Finance Leases	Total
2022	$	87	21	108
2023	80		18	98
2024	72		18	90
2025	64		12	76
2026	55		7	62
Thereafter	238		111	349
Total undiscounted cash flows	$	596	187	783
Less: Difference between undiscounted cash flows and discounted cash flows	76		38	114
Present value of lease liabilities	$	520	149	669

Undiscounted Cash Flows for Finance Leases

The following table presents undiscounted cash flows for both operating leases and finance leases for 2022 through 2026 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities as follows:

As of December 31, 2021 ($ in millions)	Operating Leases		Finance Leases	Total
2022	$	87	21	108
2023	80		18	98
2024	72		18	90
2025	64		12	76
2026	55		7	62
Thereafter	238		111	349
Total undiscounted cash flows	$	596	187	783
Less: Difference between undiscounted cash flows and discounted cash flows	76		38	114
Present value of lease liabilities	$	520	149	669