Quarterly report pursuant to Section 13 or 15(d)

Leases

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Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases Leases
The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses.
Lessor Arrangements
The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.
The table below presents the net investment in sales-type and direct financing leases at March 31, 2024 and December 31, 2023.
Net Investment (1)
(Dollars in millions) March 31
2024		 December 31
2023
Lease receivables $ 16,685  $ 16,565 
Unguaranteed residuals 2,427  2,485 
   Total net investment in sales-type and direct
      financing leases		 $ 19,112  $ 19,050 
(1)In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $6.9 billion and $6.8 billion at March 31, 2024 and December 31, 2023.
The table below presents lease income for the three months ended March 31, 2024 and 2023.
Lease Income
Three Months Ended March 31
(Dollars in millions) 2024 2023
Sales-type and direct financing leases $ 250  $ 172 
Operating leases 227  238 
   Total lease income $ 477  $ 410 
Lessee Arrangements
The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant.
The table below provides information on the right-of-use assets and lease liabilities at March 31, 2024 and December 31, 2023.
Lessee Arrangements
(Dollars in millions) March 31
2024		 December 31
2023
Right-of-use assets $ 8,988  $ 9,150 
Lease liabilities 9,592  9,782 
Leases Leases
The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses.
Lessor Arrangements
The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.
The table below presents the net investment in sales-type and direct financing leases at March 31, 2024 and December 31, 2023.
Net Investment (1)
(Dollars in millions) March 31
2024		 December 31
2023
Lease receivables $ 16,685  $ 16,565 
Unguaranteed residuals 2,427  2,485 
   Total net investment in sales-type and direct
      financing leases		 $ 19,112  $ 19,050 
(1)In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $6.9 billion and $6.8 billion at March 31, 2024 and December 31, 2023.
The table below presents lease income for the three months ended March 31, 2024 and 2023.
Lease Income
Three Months Ended March 31
(Dollars in millions) 2024 2023
Sales-type and direct financing leases $ 250  $ 172 
Operating leases 227  238 
   Total lease income $ 477  $ 410 
Lessee Arrangements
The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant.
The table below provides information on the right-of-use assets and lease liabilities at March 31, 2024 and December 31, 2023.
Lessee Arrangements
(Dollars in millions) March 31
2024		 December 31
2023
Right-of-use assets $ 8,988  $ 9,150 
Lease liabilities 9,592  9,782 
Leases Leases
The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses.
Lessor Arrangements
The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.
The table below presents the net investment in sales-type and direct financing leases at March 31, 2024 and December 31, 2023.
Net Investment (1)
(Dollars in millions) March 31
2024		 December 31
2023
Lease receivables $ 16,685  $ 16,565 
Unguaranteed residuals 2,427  2,485 
   Total net investment in sales-type and direct
      financing leases		 $ 19,112  $ 19,050 
(1)In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $6.9 billion and $6.8 billion at March 31, 2024 and December 31, 2023.
The table below presents lease income for the three months ended March 31, 2024 and 2023.
Lease Income
Three Months Ended March 31
(Dollars in millions) 2024 2023
Sales-type and direct financing leases $ 250  $ 172 
Operating leases 227  238 
   Total lease income $ 477  $ 410 
Lessee Arrangements
The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant.
The table below provides information on the right-of-use assets and lease liabilities at March 31, 2024 and December 31, 2023.
Lessee Arrangements
(Dollars in millions) March 31
2024		 December 31
2023
Right-of-use assets $ 8,988  $ 9,150 
Lease liabilities 9,592  9,782 
Leases Leases
The Corporation enters into both lessor and lessee arrangements. For more information on lease accounting, see Note 1 – Summary of Significant Accounting Principles and Note 8 – Leases to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K. For more information on lease financing receivables, see Note 5 – Outstanding Loans and Leases and Allowance for Credit Losses.
Lessor Arrangements
The Corporation’s lessor arrangements primarily consist of operating, sales-type and direct financing leases for equipment. Lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term.
The table below presents the net investment in sales-type and direct financing leases at March 31, 2024 and December 31, 2023.
Net Investment (1)
(Dollars in millions) March 31
2024		 December 31
2023
Lease receivables $ 16,685  $ 16,565 
Unguaranteed residuals 2,427  2,485 
   Total net investment in sales-type and direct
      financing leases		 $ 19,112  $ 19,050 
(1)In certain cases, the Corporation obtains third-party residual value insurance to reduce its residual asset risk. The carrying value of residual assets with third-party residual value insurance for at least a portion of the asset value was $6.9 billion and $6.8 billion at March 31, 2024 and December 31, 2023.
The table below presents lease income for the three months ended March 31, 2024 and 2023.
Lease Income
Three Months Ended March 31
(Dollars in millions) 2024 2023
Sales-type and direct financing leases $ 250  $ 172 
Operating leases 227  238 
   Total lease income $ 477  $ 410 
Lessee Arrangements
The Corporation's lessee arrangements predominantly consist of operating leases for premises and equipment; the Corporation's financing leases are not significant.
The table below provides information on the right-of-use assets and lease liabilities at March 31, 2024 and December 31, 2023.
Lessee Arrangements
(Dollars in millions) March 31
2024		 December 31
2023
Right-of-use assets $ 8,988  $ 9,150 
Lease liabilities 9,592  9,782