Lease Obligations - Lessee (Tables)

12 Months Ended

Dec. 31, 2023

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	2023		2022
Assets
Operating lease right-of-use assets	Other assets	$	511	508
Finance lease right-of-use assets	Bank premises and equipment	126		150
Total right-of-use assets(a)		$	637	658
Liabilities
Operating lease liabilities	Accrued taxes, interest and expenses	$	601	599
Finance lease liabilities	Long-term debt	134		156
Total lease liabilities		$	735	755

(a)Operating and finance lease right-of-use assets are recorded net of accumulated amortization of $292 and $77, respectively, as of December 31, 2023, and $255 and $66, respectively, as of December 31, 2022.

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	2023		2022	2021
Lease costs:
Amortization of ROU assets	Net occupancy and equipment expense	$	19	19	18
Interest on lease liabilities	Interest on long-term debt	5		5	4
Total finance lease costs		$	24	24	22
Operating lease cost	Net occupancy expense	$	87	84	80
Short-term lease cost	Net occupancy expense	2		1	2
Variable lease cost	Net occupancy expense	29		28	31
Sublease income	Net occupancy expense	(2)		(3)	(3)
Total operating lease costs		$	116	110	110
Total lease costs		$	140	134	132

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

	2023		2022
Weighted-average remaining lease term (years):
Operating leases	11.07		10.80
Finance leases	15.21		15.31
Weighted-average discount rate:
Operating leases	3.72	%	3.35
Finance leases	3.02		2.94

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

($ in millions)	2023		2022	2021
Cash paid for amounts included in the measurement of lease liabilities:(a)
Operating cash flows from operating leases	$	91	90	88
Operating cash flows from finance leases	5		5	4
Financing cash flows from finance leases	16		23	16
Gains on sale-leaseback transactions	2		4	2

(a)The cash flows related to short-term and variable lease payments are not included in the amounts presented 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 2024 through 2028 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities:

As of December 31, 2023 ($ in millions)	Operating Leases		Finance Leases	Total
2024	$	93	20	113
2025	86		14	100
2026	77		9	86
2027	69		8	77
2028	61		8	69
Thereafter	369		113	482
Total undiscounted cash flows	$	755	172	927
Less: Difference between undiscounted cash flows and discounted cash flows	154		38	192
Present value of lease liabilities	$	601	134	735

Undiscounted Cash Flows for Finance Leases

The following table presents undiscounted cash flows for both operating leases and finance leases for 2024 through 2028 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities:

As of December 31, 2023 ($ in millions)	Operating Leases		Finance Leases	Total
2024	$	93	20	113
2025	86		14	100
2026	77		9	86
2027	69		8	77
2028	61		8	69
Thereafter	369		113	482
Total undiscounted cash flows	$	755	172	927
Less: Difference between undiscounted cash flows and discounted cash flows	154		38	192
Present value of lease liabilities	$	601	134	735