Note 7: Premises, Equipment, Lease Commitments and Other Assets
| December 31, | |||||||
| (in millions) | 2013 | 2012 | |||||
| Land | $ | 1,759 | 1,832 | ||||
| Buildings | 7,931 | 7,670 | |||||
| Furniture and equipment | 7,517 | 7,194 | |||||
| Leasehold improvements | 1,939 | 1,839 | |||||
| Premises and equipment leased | |||||||
| under capital leases | 82 | 122 | |||||
| Total premises and equipment | 19,228 | 18,657 | |||||
| Less: Accumulated depreciation | |||||||
| and amortization | 10,072 | 9,229 | |||||
| Net book value, | |||||||
| premises and equipment | $ | 9,156 | 9,428 | ||||
Depreciation and amortization expense for premises and equipment was $1.2 billion, $1.3 billion and $1.4 billion in 2013, 2012 and 2011, respectively.
Dispositions of premises and equipment, included in noninterest expense, resulted in a net loss of $15 million in 2013, a net gain of $7 million in 2012 and a net loss of $17 million in 2011, 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, 2013.
| Operating | Capital | |||||
| (in millions) | leases | leases | ||||
| Year ended December 31, | ||||||
| 2014 | $ | 1,155 | 3 | |||
| 2015 | 1,052 | 2 | ||||
| 2016 | 908 | 3 | ||||
| 2017 | 778 | 3 | ||||
| 2018 | 648 | 3 | ||||
| Thereafter | 2,812 | 13 | ||||
| Total minimum lease payments | $ | 7,353 | 27 | |||
| Executory costs | $ | (9) | ||||
| Amounts representing interest | (7) | |||||
| Present value of net minimum | ||||||
| lease payments | $ | 11 | ||||
Operating lease rental expense (predominantly for premises), net of rental income, was $1.3 billion, $1.1 billion and $1.2 billion in 2013, 2012 and 2011, respectively.
The components of other assets were:
| Dec. 31, | Dec. 31, | |||||||
| (in millions) | 2013 | 2012 | ||||||
| Nonmarketable equity investments: | ||||||||
| Cost method: | ||||||||
| Private equity | $ | 2,308 | 2,572 | |||||
| Federal bank stock | 4,670 | 4,227 | ||||||
| Total cost method | 6,978 | 6,799 | ||||||
| Equity method: | ||||||||
| LIHTC investments (1) | 6,209 | 4,767 | ||||||
| Private equity and other | 5,782 | 6,156 | ||||||
| Total equity method | 11,991 | 10,923 | ||||||
| Fair value (2) | 1,386 | - | ||||||
| Total nonmarketable | ||||||||
| equity investments | 20,355 | 17,722 | ||||||
| Corporate/bank-owned life insurance | 18,738 | 18,649 | ||||||
| Accounts receivable | 21,422 | 25,828 | ||||||
| Interest receivable | 5,019 | 5,006 | ||||||
| Core deposit intangibles | 4,674 | 5,915 | ||||||
| Customer relationship and | ||||||||
| other amortized intangibles | 1,084 | 1,352 | ||||||
| Foreclosed assets: | ||||||||
| Government insured/guaranteed (3) | 2,093 | 1,509 | ||||||
| Non-government insured/guaranteed | 1,844 | 2,514 | ||||||
| Operating lease assets | 2,047 | 2,001 | ||||||
| Due from customers on acceptances | 279 | 282 | ||||||
| Other | 8,787 | 12,800 | ||||||
| Total other assets | $ | 86,342 | 93,578 | |||||
Income (expense) related to nonmarketable equity investments was:
| Year ended December 31, | ||||||||
| (in millions) | 2013 | 2012 | 2011 | |||||
| Net realized gains from nonmarketable | ||||||||
| equity investments | $ | 1,158 | 1,086 | 842 | ||||
| All other | (287) | (185) | (298) | |||||
| Total | $ | 871 | 901 | 544 | ||||