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LEASES (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Operating and Finance Lease Assets and Liabilities
The following table presents supplemental balance sheet information and remaining weighted average lease terms and discount rates:

Supplemental Lease Information
dollars in millionsClassificationDecember 31, 2024December 31, 2023
Lease assets:
Operating lease ROU assetsOther assets$316 $354 
Finance leasesPremises and equipment15 9 
Total lease assets$331 $363 
Lease liabilities:
Operating leasesOther liabilities$357 $396 
Finance leasesOther borrowings15 9 
Total lease liabilities$372 $405 
Weighted-average remaining lease terms:
Operating leases7.4 years8.1 years
Finance leases11.7 years15.4 years
Weighted-average discount rate:
Operating leases2.94 %2.70 %
Finance leases3.96 3.52 
Schedule of Net Lease Cost
The following table presents components of lease cost:

Components of Net Lease Cost
dollars in millionsYear Ended December 31,
Classification202420232022
Operating lease cost (1)
Occupancy expense$76 $64 $58 
Finance lease ROU asset amortizationEquipment expense2 2 2 
Variable lease cost (2)
Occupancy expense28 25 12 
Sublease income Occupancy expense(6)(3)(2)
Net lease cost (1), (2)
$100 $88 $70 
(1) In addition, approximately $34 million and $6 million related to subleases or closures of leased real estate were included in acquisition-related expenses in the Consolidated Statements of Income for the years ended December 31, 2023 and December 31, 2022, respectively.
(2) Includes short-term lease cost.
Schedule of Supplemental Cash Flow Information
The following table presents supplemental cash flow information related to leases:

Supplemental Cash Flow Information
dollars in millionsYear Ended December 31,
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$77 $63 $54 
Financing cash flows from finance leases2 2 2 
ROU assets obtained in exchange for new operating lease liabilities28 69 19 
ROU assets obtained in exchange for new finance lease liabilities8 4 5 
Schedule of Operating Lease Liability Maturities
The following table presents lease liability maturities at December 31, 2024:

Maturity of Lease Liabilities
dollars in millionsOperating LeasesFinance LeasesTotal
202568 3 71 
202667 3 70 
202756 2 58 
202842 1 43 
202937 1 38 
Thereafter124 10 134 
Total undiscounted lease payments394 20 414 
Difference between undiscounted cash flows and discounted cash flows37 5 42 
Lease liabilities, at present value357 15 372 
Schedule of Finance Lease Liability Maturities
The following table presents lease liability maturities at December 31, 2024:

Maturity of Lease Liabilities
dollars in millionsOperating LeasesFinance LeasesTotal
202568 3 71 
202667 3 70 
202756 2 58 
202842 1 43 
202937 1 38 
Thereafter124 10 134 
Total undiscounted lease payments394 20 414 
Difference between undiscounted cash flows and discounted cash flows37 5 42 
Lease liabilities, at present value357 15 372 
Schedule of Net Book Value of Assets Subject to Leases
The following table provides the net book value of operating lease equipment (net of accumulated depreciation of $941 million at December 31, 2024, which includes $4 million of impairment on operating lease equipment, and $658 million at December 31, 2023) by equipment type.

Operating Lease Equipment
dollars in millionsDecember 31, 2024December 31, 2023
Railcars and locomotives(1)
$8,573 $7,966 
Other equipment750 780 
Total(1)
$9,323 $8,746 
(1) Includes off-lease rail equipment of $219 million at December 31, 2024 and $253 million at December 31, 2023.
Schedule of Net Investment In Finance Leases
The following table presents the components of the finance lease net investment on a discounted basis:

Components of Net Investment in Finance Leases
dollars in millionsDecember 31, 2024December 31, 2023
Lease receivables$1,764 $1,780 
Unguaranteed residual assets235 262 
Total net investment in finance leases1,999 2,042 
Leveraged lease net investment(1)
15 13 
Total$2,014 $2,055 
(1) Leveraged leases are reported net of non-recourse debt of $2 million at December 31, 2024 and $5 million at December 31, 2023. Our leveraged lease arrangements commenced before the ASC 842, Leases, effective date of January 1, 2019, and continue to be reported under the leveraged lease accounting model. ASC 842 eliminated leveraged lease accounting for new leases and for existing leases modified on or after the standard’s effective date.
Schedule of Operating Lease Income
The table that follows presents lease income related to BancShares’ operating and finance leases:

Lease Income
dollars in millionsYear Ended December 31,
202420232022
Lease income – operating leases$966 $895 $796 
Variable lease income – operating leases (1)
82 76 68 
Rental income on operating leases1,048 971 864 
Interest income – sales type and direct financing leases175 171 169 
Variable lease income included in other noninterest income (2)
61 59 51 
Interest income – leveraged leases4 12 20 
Total lease income$1,288 $1,213 $1,104 
(1)     Primarily includes per diem railcar operating lease rental income earned on a time or mileage usage basis.
(2) Includes revenue related to insurance coverage on leased equipment and leased equipment property tax reimbursements due from customers.
Schedule of Maturity Analysis of Operating Lease Payments
The following tables present lease payments due on non-cancellable operating leases and lease receivables due on finance leases at December 31, 2024. Excluded from these tables are variable lease payments, including rentals calculated based on asset usage levels, rentals from future renewal and re-leasing activity, and expected sales proceeds from remarketing equipment at lease expiration, all of which are components of lease profitability.

Maturity Analysis of Operating Lease Payments
dollars in millions
2025$864 
2026713 
2027543 
2028361 
2029216 
Thereafter348 
Total$3,045 
Schedule of Maturity Analysis of Sales-type and Direct Financing Leases
Maturity Analysis of Lease Receivable Payments - Sales Type and Direct Financing Leases
dollars in millions
2025$741 
2026541 
2027360 
2028205 
202994 
Thereafter48 
Total undiscounted lease receivables$1,989 
Difference between undiscounted cash flows and discounted cash flows225 
Lease receivables, at present value$1,764