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Other Assets and Liabilites
 6 Months Ended
Jun. 30, 2020
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. At June 30, 2020, the Company had $35 million of operating leases that had not yet commenced. The following tables present additional information on leases, and excludes assets related to the lease financing businesses:
June 30, 2020December 31, 2019
(Dollars in millions)Operating LeasesFinance LeasesOperating LeasesFinance Leases
ROU assets$1,724  $41  $1,823  $113  
Lease liabilities2,061  48  2,121  123  
Weighted average remaining term7.4 years6.7 years7.7 years11.4 years
Weighted average discount rate2.5 %4.8 %2.6 %3.4 %

Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2020201920202019
Operating lease costs$97  $49  $193  $98  

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 and activity related to assets under operating leases. This table excludes subleases on assets included in premises and equipment.
(Dollars in millions)Jun 30, 2020Dec 31, 2019
Assets held under operating leases (1)$2,203  $2,236  
Accumulated depreciation (497) (391) 
Net$1,706  $1,845  
(1) Includes certain land parcels subject to operating leases that have indefinite lives.

The residual value of assets no longer under operating leases was immaterial.

Bank-Owned Life Insurance

Bank-owned life insurance consists of life insurance policies held on certain employees for which the Company is the beneficiary. These policies provide the Company an efficient form of funding for retirement and other employee benefits costs. The carrying value of bank-owned life insurance was $6.4 billion at June 30, 2020 and December 31, 2019.