Leasing Activity (Tables)

6 Months Ended

Jun. 30, 2023

Noninterest income on leases, included in Table 8.1, is included in other noninterest income on our consolidated statement of income. Lease expense, included in other noninterest expense on our consolidated statement of income, was $180 million and $185 million for the quarters ended June 30, 2023 and 2022, respectively, and $357 million and $373 million for the first half of 2023 and 2022, respectively.

Table 8.1: Leasing Revenue


	Quarter ended June 30,			Six months ended June 30,
(in millions)	2023		2022	2023		2022
Interest income on lease financing	$	176	152	$	345	304
Other lease revenue:
Variable revenue on lease financing	24		27	49		57
Fixed revenue on operating leases	245		242	494		487
Variable revenue on operating leases	13		14	24		29
Other lease-related revenue (1)	25		50	87		87
Noninterest income on leases	307		333	654		660
Total leasing revenue	$	483	485	$	999	964

(1) Predominantly includes net gains (losses) on disposition of assets leased under operating leases or lease financings.

Lessee Disclosure [Abstract]

Operating Lease Right-of-Use (ROU) Assets and Lease Liabilities

Table 8.2 presents balances for our operating leases.Table 8.2: Operating Lease Right-of-Use (ROU) Assets and Lease Liabilities


(in millions)	Jun 30, 2023		Dec 31, 2022
ROU assets	$	3,659	3,837
Lease liabilities	4,262		4,465

Lease Costs

Table 8.3 provides the composition of our lease costs, which are predominantly included in net occupancy expense.

Table 8.3: Lease Costs


	Quarter ended June 30,			Six months ended June 30,
(in millions)	2023		2022	2023		2022
Fixed lease expense – operating leases	$	248	253	$	499	506
Variable lease expense	70		70	141		143
Other (1)	(10)		(8)	(26)		(18)
Total lease costs	$	308	315	$	614	631

(1)Predominantly includes gains recognized from sale leaseback transactions and sublease rental income.