Other Assets and Liabilites

3 Months Ended

Mar. 31, 2023

Other Assets [Abstract]

Other Assets and Liabilities Disclosure

Other Assets and Liabilities

Lessee Operating and Finance Leases

The Company leases certain assets, consisting primarily of real estate, and assesses at contract inception whether a contract is, or contains, a lease. The following tables present additional information on leases, excluding leases related to the lease financing businesses:

	March 31, 2023						December 31, 2022
(Dollars in millions)	Operating Leases			Finance Leases			Operating Leases			Finance Leases
ROU assets	$	1,151		$	19		$	1,193		$	20
Total lease liabilities	1,498			22			1,545			23
Weighted average remaining term	6.4 years			5.4 years			6.6 years			5.6 years
Weighted average discount rate	2.8		%	3.4		%	2.7		%	3.4		%

	Three Months Ended March 31,
(Dollars in millions)	2023		2022
Operating lease costs	$	82	$	85

Lessor Operating Leases

The Company’s two primary lessor businesses are equipment financing and structured real estate with income recorded in Operating lease income on the Consolidated Statements of Income. The following table presents a summary of assets under operating leases. This table excludes subleases on assets included in premises and equipment.

(Dollars in millions)	Mar 31, 2023		Dec 31, 2022
Assets held under operating leases(1)	$	2,090	$	2,090
Accumulated depreciation	(554)		(550)
Net	$	1,536	$	1,540

(1) Includes certain land parcels subject to operating leases that have indefinite lives.

Bank-Owned Life Insurance

Bank-owned life insurance consists of life insurance policies held on certain teammates for which the Company is the beneficiary. The carrying value of bank-owned life insurance was $7.7 billion at March 31, 2023 and $7.6 billion at December 31, 2022.