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Premises, Equipment, Lease Commitments and Other Assets
 12 Months Ended
Dec. 31, 2012
Other Assets [Abstract]  
Premises, Equipment, Lease Commitments and Other Assets
        
      December 31,
(in millions)  2012 2011
Land$ 1,832 1,825
Buildings  7,670 7,441
Furniture and equipment  7,194 7,195
Leasehold improvements  1,839 1,725
Premises and equipment leased   
 under capital leases  122 147
  Total premises and equipment  18,657 18,333
Less: Accumulated depreciation   
 and amortization  9,229 8,802
   Net book value,   
    premises and equipment$ 9,428 9,531
        

Depreciation and amortization expense for premises and equipment was $1.3 billion, $1.4 billion and $1.5 billion in 2012, 2011 and 2010, respectively.

       Dispositions of premises and equipment, included in noninterest expense, resulted in a net gain of $7 million in 2012, and net losses of $17 million and $115 million in 2011 and 2010, respectively.

       We have obligations under a number of noncancelable operating leases for premises and equipment. The leases predominantly expire over the next 15 years, with the longest expiring in 2105, and many provide for periodic adjustment of rentals based on changes in various economic indicators. Some leases also include a renewal option. The following table provides the future minimum payments under capital leases and noncancelable operating leases, net of sublease rentals, with terms greater than one year as of December 31, 2012.

       
    Operating Capital
(in millions) leases leases
Year ended December 31,    
2013$ 1,311  3
2014  1,184  3
2015  970  3
2016  808  3
2017  657  2
Thereafter  2,594  15
 Total minimum lease payments$ 7,524  29
Executory costs  $ (8)
Amounts representing interest    (9)
Present value of net minimum    
 lease payments  $ 12

Operating lease rental expense (predominantly for premises), net of rental income, was $1.1 billion, $1.2 billion and $1.3 billion in 2012, 2011 and 2010, respectively.

       The components of other assets were:

         
      December 31,
(in millions)  2012 2011
Nonmarketable equity investments:  
 Cost method:   
  Private equity investments$ 2,572 3,444
  Federal bank stock  4,227 4,617
   Total cost method  6,799 8,061
 Equity method and other:   
  LIHTC investments (1)  4,767 4,077
  Private equity and other  6,156 4,670
   Total equity method and other  10,923 8,747
    Total nonmarketable    
     equity investments (2) 17,722 16,808
Corporate/bank-owned life insurance  18,649 20,146
Accounts receivable  25,828 25,939
Interest receivable  5,006 5,296
Core deposit intangibles  5,915 7,311
Customer relationship and    
 other amortized intangibles  1,352 1,639
Foreclosed assets:   
 GNMA (3)  1,509 1,319
 Other  2,514 3,342
Operating lease assets  2,001 1,825
Due from customers on acceptances 282 225
Other  12,800 17,172
     Total other assets$ 93,578 101,022
         

  • Represents low income housing tax credit investments.
  • Proceeds from sales of nonmarketable equity investments totaled $2.3 billion and $2.4 billion and purchases totaled $2.6 billion and $2.7 billion for 2012 and 2011, respectively.        

(3)       These are foreclosed real estate securing GNMA loans. Both principal and interest for government insured/guaranteed loans secured by the foreclosed real estate are collectible because the loans are insured by the FHA or guaranteed by the VA.

Income related to nonmarketable equity investments was:

         
      Year ended December 31,
(in millions)  2012 2011 2010
Net realized gains from private    
 equity investments$ 1,086 842 534
All other  (185) (298) (188)
 Total$ 901 544 346