Properties and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Properties and equipment, net is summarized in the following table:


At December 31,	2021		2020
	(in millions)
Land	$	2	$	5
Buildings and improvements(1)	291		543
Furniture and equipment(1)	67		129
Total	360		677
Accumulated depreciation and amortization(1)	(320)		(533)
Properties and equipment, net	$	40	$	144

(1)The decreases since December 31, 2020 are due primarily to the impact of our decision to exit our mass market retail banking business which resulted in the transfer of assets to other branch related assets held for sale during the second quarter of 2021 as well as the retirement of assets associated with certain branches and office space which we exited in 2021 as part of our Restructuring Plan. See Note 3, "Strategic Initiatives," and Note 4, "Branch Assets and Liabilities Held for Sale," for further discussion. During 2020, we also recognized $18 million of gains on sales of certain owned retail branch properties. These gains are reflected in other income (loss) in the consolidated statement of income (loss) and were reported in the Corporate Center business segment.

Depreciation and amortization expense totaled $22 million, $34 million and $43 million in 2021, 2020 and 2019, respectively.