Leases (Tables)

12 Months Ended

Dec. 31, 2020

Other information related to operating leases at December 31 is as follows:


	2020		2019
Weighted-average remaining lease term (years)	9.6 years		9.3 years
Weighted-average discount rate (%)	2.7	%	3.2	%

Future, undiscounted minimum lease payments on operating leases

Future, undiscounted minimum lease payments on operating leases are as follows:


	December 31, 2020
	(In millions)
2021	$	99
2022	92
2023	84
2024	70
2025	58
Thereafter	248
Total lease payments	651
Less: Imputed interest	106
Total present value of lease liabilities	$	545

Summary of sales-type, direct financing, operating, and leveraged leases

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
	2020		2019
	(In millions)
Sales-Type and Direct Financing	$	59	$	33
Operating	8		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 Financing		Operating		Leveraged		Total
	(In millions)
Lease receivable	$	1,293	$	60	$	174	$	1,527
Unearned income	(232)		(15)		(96)		(343)
Guaranteed residual	36		—		—		36
Unguaranteed residual	183		155		144		482
Total net investment	$	1,280	$	200	$	222	$	1,702


	As of December 31, 2019
	Sales-Type and Direct Financing		Operating		Leveraged		Total
	(In millions)
Lease receivable	$	1,068	$	113	$	182	$	1,363
Unearned income	(215)		(29)		(113)		(357)
Guaranteed residual	32		—		—		32
Unguaranteed residual	152		213		147		512
Total net investment	$	1,037	$	297	$	216	$	1,550

Minimum future payments due from customers for sales-type, direct financing, and operating leases

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 Financing		Operating		Total
	(In millions)
2021	$	297	$	24	$	321
2022	236		14		250
2023	178		7		185
2024	118		6		124
2025	76		3		79
Thereafter	388		6		394
	$	1,293	$	60	$	1,353