Bank Premises and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

The following table provides a summary of bank premises and equipment as of:


($ in millions)	March 31, 2024		December 31, 2023
Equipment	$	2,641	2,578
Buildings(a)	1,743		1,742
Leasehold improvements	692		685
Land and improvements(a)	621		618
Construction in progress(a)	148		180
Bank premises and equipment held for sale:
Land and improvements	12		15
Buildings	4		4

Accumulated depreciation and amortization	(3,485)		(3,473)
Total bank premises and equipment	$	2,376	2,349

(a)Buildings, land and improvements and construction in progress included $9 associated with parcels of undeveloped land intended for future branch expansion at both March 31, 2024 and December 31, 2023.

The Bancorp monitors changing customer preferences associated with the channels it uses for banking transactions to evaluate the efficiency, competitiveness and quality of the customer service experience in its consumer distribution network. As part of this ongoing assessment, the Bancorp may determine that it is no longer fully committed to maintaining full-service banking centers at certain locations. Similarly, the Bancorp may also determine that it is no longer fully committed to building banking centers on certain parcels of land which had previously been held for future branch expansion. The Bancorp closed a total of 20 banking centers throughout its footprint during the three months ended March 31, 2024.

The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. Impairment losses associated with such assessments and lower of cost or market adjustments were immaterial and $1 million for the three months ended March 31, 2024 and 2023, respectively. The recognized impairment losses were recorded in other noninterest income in the Condensed Consolidated Statements of Income.