Leases (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Leases [Abstract] |
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| Lease, Cost |
The table below provides the components of lease cost and supplemental information for the three and nine months ended September 30, 2019.
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Lease Cost and Supplemental Information |
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(Dollars in millions) |
Three Months Ended September 30, 2019 |
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Nine Months Ended September 30, 2019 |
Operating lease cost |
$ |
522 |
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$ |
1,561 |
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Variable lease cost (1)
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124 |
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364 |
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Total lease cost (2)
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$ |
646 |
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$ |
1,925 |
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Right-of-use assets obtained in exchange for new operating lease liabilities (3)
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$ |
108 |
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$ |
756 |
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Operating cash flows from operating leases (4)
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507 |
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1,507 |
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(1) |
Primarily consists of payments for common area maintenance and property taxes. |
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(2) |
Amounts are recorded in occupancy and equipment expense in the Consolidated Statement of Income. |
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(3) |
Represents non-cash activity and, accordingly, is not reflected in the Consolidated Statement of Cash Flows. |
(4)
Represents cash paid for amounts included in the measurement of lease liabilities.
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| Lessor, Maturity of Operating Lease Payments to be Received |
The maturities of lessor and lessee arrangements outstanding at September 30, 2019 are presented in the table below based on undiscounted cash flows.
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Maturities of Lessor and Lessee Arrangements |
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Lessor |
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Lessee (1)
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Operating
Leases
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Sales-type and
Direct Financing
Leases (2)
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Operating
Leases
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(Dollars in millions) |
September 30, 2019 |
Remainder of 2019 |
$ |
204 |
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$ |
1,540 |
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$ |
503 |
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2020 |
775 |
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5,810 |
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1,944 |
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2021 |
672 |
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4,858 |
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1,722 |
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2022 |
578 |
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3,674 |
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1,464 |
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2023 |
466 |
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1,654 |
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1,202 |
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Thereafter |
1,369 |
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3,432 |
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5,036 |
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Total undiscounted
cash flows
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$ |
4,064 |
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$ |
20,968 |
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$ |
11,871 |
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Less: Net present
value adjustment
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1,510 |
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1,741 |
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Total (3)
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$ |
19,458 |
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$ |
10,130 |
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(1) |
Excludes $1.7 billion in commitments under lessee arrangements that have not yet commenced with lease terms that will begin later in 2019.
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(2) |
Includes $15.5 billion in commercial lease financing receivables and $4.0 billion in direct/indirect consumer lease financing receivables.
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(3)
Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements.
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| Lessor, Maturity of Lease Receivable of Sales-type and Direct Financing Lease |
The maturities of lessor and lessee arrangements outstanding at September 30, 2019 are presented in the table below based on undiscounted cash flows.
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Maturities of Lessor and Lessee Arrangements |
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Lessor |
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Lessee (1)
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Operating
Leases
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Sales-type and
Direct Financing
Leases (2)
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Operating
Leases
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(Dollars in millions) |
September 30, 2019 |
Remainder of 2019 |
$ |
204 |
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$ |
1,540 |
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$ |
503 |
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2020 |
775 |
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5,810 |
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1,944 |
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2021 |
672 |
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4,858 |
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1,722 |
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2022 |
578 |
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3,674 |
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1,464 |
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2023 |
466 |
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1,654 |
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1,202 |
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Thereafter |
1,369 |
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3,432 |
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5,036 |
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Total undiscounted
cash flows
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$ |
4,064 |
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$ |
20,968 |
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$ |
11,871 |
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Less: Net present
value adjustment
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1,510 |
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1,741 |
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Total (3)
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$ |
19,458 |
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$ |
10,130 |
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(1) |
Excludes $1.7 billion in commitments under lessee arrangements that have not yet commenced with lease terms that will begin later in 2019.
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(2) |
Includes $15.5 billion in commercial lease financing receivables and $4.0 billion in direct/indirect consumer lease financing receivables.
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(3)
Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements.
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| Lessee, Maturity of Operating Lease Liability |
The maturities of lessor and lessee arrangements outstanding at September 30, 2019 are presented in the table below based on undiscounted cash flows.
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Maturities of Lessor and Lessee Arrangements |
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Lessor |
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Lessee (1)
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Operating
Leases
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Sales-type and
Direct Financing
Leases (2)
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Operating
Leases
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(Dollars in millions) |
September 30, 2019 |
Remainder of 2019 |
$ |
204 |
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$ |
1,540 |
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$ |
503 |
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2020 |
775 |
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5,810 |
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1,944 |
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2021 |
672 |
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4,858 |
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1,722 |
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2022 |
578 |
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3,674 |
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1,464 |
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2023 |
466 |
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1,654 |
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1,202 |
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Thereafter |
1,369 |
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3,432 |
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5,036 |
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Total undiscounted
cash flows
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$ |
4,064 |
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$ |
20,968 |
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$ |
11,871 |
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Less: Net present
value adjustment
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1,510 |
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1,741 |
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Total (3)
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$ |
19,458 |
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$ |
10,130 |
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(1) |
Excludes $1.7 billion in commitments under lessee arrangements that have not yet commenced with lease terms that will begin later in 2019.
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(2) |
Includes $15.5 billion in commercial lease financing receivables and $4.0 billion in direct/indirect consumer lease financing receivables.
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(3)
Represents lease receivables for lessor arrangements and lease liabilities for lessee arrangements.
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