v3.20.4
Leases (Notes)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases of Lessor Disclosure [Text Block]
LESSEE
As of December 31, 2020, assets and liabilities recorded under operating leases for properties were $475 million and $545 million, respectively, and $443 million and $514 million, respectively, as of December 31, 2019. The difference between the asset and liability balance is largely driven by increases in rent over the lease term and any strategic decisions to exit a lease location early, resulting in derecognition of the asset. The asset is recorded within other assets, and the lease liability is recorded within other liabilities on the consolidated balance sheets. Lease expense, which is operating lease costs recorded within net occupancy expense in the consolidated statements of income, was $85 and $81 million for the years ended December 31, 2020 and 2019, respectively.
Other information related to operating leases at December 31 is as follows:
 20202019
Weighted-average remaining lease term (years)9.6 years9.3 years
Weighted-average discount rate (%)2.7 %3.2 %
Future, undiscounted minimum lease payments on operating leases are as follows:
 December 31, 2020
 (In millions)
2021$99 
202292 
202384 
202470 
202558 
Thereafter248 
Total lease payments651 
Less: Imputed interest106 
Total present value of lease liabilities$545 
LESSOR
The following tables present a summary of Regions' sales-type, direct financing, operating, and leveraged leases for the years ended December 31:
Net Interest Income
 20202019
(In millions)
Sales-Type and Direct Financing$59 $33 
Operating8 11 
Leveraged(1)
14 14 
$81 $58 
_________
(1)Leveraged lease income is shown pre-tax with related tax expense of $8 million for December 31, 2020 and $9 million for December 31, 2019. Leveraged lease termination gains excluded from amounts presented above were immaterial at both December 31, 2020 and 2019.

 As of December 31, 2020
Sales-Type and Direct FinancingOperatingLeveragedTotal
(In millions)
Lease receivable$1,293 $60 $174 $1,527 
Unearned income(232)(15)(96)(343)
Guaranteed residual36 — — 36 
Unguaranteed residual183 155 144 482 
Total net investment$1,280 $200 $222 $1,702 

As of December 31, 2019
Sales-Type and Direct FinancingOperatingLeveragedTotal
(In millions)
Lease receivable$1,068 $113 $182 $1,363 
Unearned income(215)(29)(113)(357)
Guaranteed residual32 — — 32 
Unguaranteed residual152 213 147 512 
Total net investment$1,037 $297 $216 $1,550 
The following table presents the minimum future payments due from customers for sales-type, direct financing, and operating leases:
 December 31, 2020
Sales-Type and Direct FinancingOperatingTotal
(In millions)
2021$297 $24 $321 
2022236 14 250 
2023178 7 185 
2024118 6 124 
202576 3 79 
Thereafter388 6 394 
$1,293 $60 $1,353