Premises and Equipment

12 Months Ended

Dec. 31, 2011

Property, Plant and Equipment [Abstract]

NOTE 8 - PREMISES AND EQUIPMENT

Premises and equipment as of December 31 consisted of the following:



(Dollars in millions)	Useful Life	2011		2010
Land	Indefinite		$358		$353
Buildings and improvements	2 - 40 years	1,033		1,008
Leasehold improvements	1 - 30 years	580		577
Furniture and equipment	1 - 20 years	1,322		1,385
Construction in progress		105		168
		3,398		3,491
Less accumulated depreciation and amortization		1,834		1,871
Total premises and equipment			$1,564		$1,620

The carrying amounts of premises and equipment subject to mortgage indebtedness (included in long-term debt) were immaterial as of December 31, 2011 and 2010.

Various Company facilities are leased under both capital and noncancelable operating leases with initial remaining terms in excess of one year. Minimum payments, by year and in aggregate, as of December 31, 2011 were as follows:



(Dollars in millions)	Operating Leases		Capital Leases
2012		$214		$2
2013	205		2
2014	194		2
2015	177		2
2016	169		2
Thereafter	509		6
Total minimum lease payments		$1,468	16
Amounts representing interest			4
Present value of net minimum lease payments				$12

Net premises and equipment included $7 million related to capital leases as of both December 31, 2011 and 2010. Aggregate rent expense (principally for offices), including contingent rent expense and sublease income, totaled $184 million, $179 million, and $171 million for the years ended December 31, 2011, 2010, and 2009, respectively. Depreciation/amortization expense for the years ended December 31, 2011, 2010, and 2009 totaled $181 million, $177 million, and $182 million, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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