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Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Components of Lease Income
The Company uses the interest rate implicit in the lease to determine the present value of its lease financing receivables.
The components of lease income were as follows:
For the Years Ended December 31,
(in millions)202320222021
Interest income on lease financing (1)
$119 $53 $53 
(1)Included in Interest Income – Loans and leases in the Consolidated Statements of Income and Comprehensive Income.
Net Investment in Lease, Past Due The components of net investment in direct financing leases, including the carrying amount of the lease receivables, as well as the unguaranteed residual asset were as follows:
(in millions)December 31, 2023December 31, 2022
Net investment in the lease - lease payments receivable$3,187 $1,685 
Net investment in the lease - unguaranteed residual assets321 60 
Total lease payments$3,508 $1,745 
Maturity Analysis of Undiscounted Lease Receivables
The following table presents the remaining maturity analysis of the undiscounted lease receivables, as well as the reconciliation to the total amount of receivables recognized in the Consolidated Statements of Condition:

(in millions)December 31, 2023
2024549 
2025602 
2026874 
2027521 
2028293 
Thereafter669 
Total lease payments$3,508 
Plus: deferred origination costs15 
Less: unearned income(258)
Less: purchase accounting adjustment$(76)
Total lease finance receivables, net$3,189 
Lease Cost Information
The components of lease expense were as follows:

For the Years Ended December 31,
(in millions)202320222021
Operating lease cost$86 $28 $27 
Total lease cost$86 $28 $27 

Supplemental cash flow information related to the leases for the following periods:

(in millions)For the Years Ended December 31,
20232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$64 $28 
Supplemental Balance Sheet Information
Supplemental balance sheet information related to the leases for the following periods:

(in millions, except lease term and discount rate)December 31, 2023December 31, 2022
Operating Leases:
Operating lease right-of-use assets (1)
$426 $119 
Operating lease liabilities (2)
$446 $122 
Weighted average remaining lease term11.2 years6 years
Weighted average discount rate percent
4.71 %3.85 %
(1)Included in Other assets in the Consolidated Statements of Condition.
(2)Included in Other liabilities in the Consolidated Statements of Condition.
Schedule of Minimum Contractual Lease Obligations

(in millions)		December 31, 2023
Maturities of lease liabilities:
202471 
202565 
202658 
202752 
202845 
Thereafter296 
Total lease payments$587 
Less: imputed interest$(141)
Total present value of lease liabilities$446