NOTE 8. PREMISES, EQUIPMENT AND SOFTWARE, NET
A summary of premises, equipment and software, net at December 31 is as follows: 
20252024
 (In millions)
Land$409 $409 
Premises and improvements1,603 1,568 
Furniture and equipment977 1,122 
Software494 378 
Leasehold improvements465 457 
Construction in progress208 273 
4,156 4,207 
Accumulated depreciation and amortization(2,497)(2,534)
$1,659 $1,673 
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Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 21, 2025
2023Feb 23, 2024
2022Feb 24, 2023
2021Feb 24, 2022
2020Feb 24, 2021
2019Feb 21, 2020
2018Feb 22, 2019
2017Feb 26, 2018
2016Feb 24, 2017
2015Feb 16, 2016

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.