Bank of New York Mellon CorpBNY

Bank of New York Mellon Corp Leases Disclosure

10-KFiled Feb 25, 20262 min read
Leasing
We have operating leases for corporate offices, data centers and certain equipment. Our leases have remaining lease terms up to 15 years, some of which include options to extend or terminate the lease. In some of our corporate office locations, we may enter into sublease arrangements for portions or all of the space and/or lease term.

The table below presents the consolidated balance sheet information related to operating leases.

Operating leasesDec. 31,
(dollars in millions)20252024
ROU assets (a)
$1,126$1,076
Lease liability (b)
$1,443$1,321
Weighted average:
Remaining lease term
9.4 years9.0 years
Discount rate (annualized)
3.68%3.50%
(a)    Included in premises and equipment on the consolidated balance sheet.
(b)    Operating lease liabilities are included in other liabilities on the consolidated balance sheet.
The table below presents the components of lease expense.

Lease expenseYear ended Dec. 31,
(in millions)202520242023
Operating lease expense$231 $229 $215 
Variable lease expense43 44 43 
Sublease income(29)(31)(34)
Total lease expense$245 $242 $224 


Operating cash flows from operating leases totaled $225 million for year ended Dec. 31, 2025, $217 million for year ended Dec. 31, 2024 and $224 million for year ended Dec. 31, 2023.


See Note 25 for information on non-cash operating lease transactions.

The table below presents the maturities of our operating lease liabilities.

Maturities of operating lease liabilities
(in millions)
For the year ended Dec. 31,
2026$214 
2027202 
2028186 
2029174 
2030152 
2031 and thereafter784 
Total lease payments1,712 
Less: Imputed interest269 
Total$1,443 

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 27, 2025
2023Feb 28, 2024
2022Feb 27, 2023
2021Feb 25, 2022

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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