Leases
 12 Months Ended
Dec. 31, 2021
Leases
24 Leases
The Group enters into both lessee and lessor arrangements.
> Refer to “Note 1 – Summary of significant accounting policies” and “Note 23 – Other assets and other liabilities” for further information.
Lessee arrangements
The Group primarily enters into operating leases. When a real estate lease has both lease and non-lease components, the Group allocates the consideration in the contract based on the relative standalone selling price. For all leases other than real estate leases, the Group does not separate lease and non-lease components. The Group’s finance leases are not material.
The Group has entered into leases for real estate, equipment and vehicles.
Certain equipment and real estate have subsequently been subleased. Sublease income is recognized in other revenues.
Lease costs
end of 2021 2020 2019
Lease costs (CHF million)   
Operating lease costs 357 369 388
Variable lease costs 52 50 40
Sublease income (57) (71) (78)
Net lease costs  352 348 350
From time to time, the Group enters into sale-leaseback transactions in which an asset is sold and immediately leased back. If specific criteria are met, the asset is derecognized from the balance sheet and an operating lease is recognized.
During 2021, the Group entered into 13 sale-leaseback transactions with lease terms ranging from 3 to 10 years. During 2020, the Group entered into one sale-leaseback transaction, with a lease term of one year. During 2019, the Group entered into four sale-leaseback transactions, with lease terms ranging from five to ten years.
Other information
end of 2021 2020 2019
Other information (CHF million)   
Gains/(losses) on sale and leaseback transactions 225 15 274
Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows (399) (403) (464)
Right-of-use assets obtained in exchange of new operating lease liabilities 1 107 32 102
Changes to right-of-use assets due to lease modifications for operating leases 29 32 221
1
Represents non-cash transactions and includes right-of-use assets relating to changes in classification of scope of variable interest entities.
The weighted average remaining lease terms and discount rates are based on all outstanding operating leases as well as their respective lease terms and remaining lease obligations.
Weighted average remaining lease term and discount rate
end of 2021 2020
Operating leases   
Remaining lease term (years) 11.1 11.9
Discount rate (%) 2.6 2.6
The following table reflects the undiscounted cash flows from leases for the next five years and thereafter, based on the expected lease term.
Maturities relating to operating lease arrangements
end of 2021 2020
Maturity (CHF million)   
Due within 1 year 374 385
Due between 1 and 2 years 339 364
Due between 2 and 3 years 293 323
Due between 3 and 4 years 293 278
Due between 4 and 5 years 255 249
Thereafter 1,450 1,642
Operating lease obligations  3,004 3,241
Future interest payable (413) (482)
Operating lease liabilities  2,591 2,759
Lessor arrangements
The Group enters into sales-type, direct financing and operating leases for real estate, equipment and vehicles. When a real estate lease has both lease and non-lease components, the Group allocates the consideration in the contract based on the relative standalone selling price. For all leases other than real estate leases, the Group does not separate lease and non-lease components.
As of December 31, 2021 and 2020, the Group had approximately CHF 1.1 billion and CHF 0.9 billion, respectively, of residual value guarantees associated with lessor arrangements.
The Group’s risk of loss relating to the residual value of leased assets is mitigated through contractual arrangements with manufactures or suppliers. Leased assets are also monitored through projections of the residual values at lease origination and periodic reviews of residual values.
Net investments
   2021 2020

end of 		Sales-
type
leases 		Direct
financing
leases 		Sales-
type
leases 		Direct
financing
leases
Net investments (CHF million)   
Lease receivables 1,107 2,395 862 2,299
Unguaranteed residual values 119 80 43 188
Valuation allowances (7) (18) (6) (23)
Total net investments  1,219 2,457 899 2,464
Maturities relating to lessor arrangements
   2021 2020

end of 		Sales-
type
leases 		Direct
financing
leases
Operating
leases 		Sales-
type
leases 		Direct
financing
leases
Operating
leases
Maturity (CHF million)   
Due within 1 year 467 727 46 359 755 48
Due between 1 and 2 years 263 641 43 213 620 41
Due between 2 and 3 years 179 583 42 142 514 37
Due between 3 and 4 years 113 458 40 84 402 36
Due between 4 and 5 years 62 125 37 43 125 34
Thereafter 83 31 34 66 48 63
Total  1,167 2,565 242 907 2,464 259
Future interest receivable (60) (170) – (45) (165) –
Lease receivables  1,107 2,395 – 862 2,299 –
The Group elected the practical expedient to not evaluate whether certain sales taxes and other similar taxes are lessor cost or lessee cost and excludes these costs from being reported as lease income with an associated expense.
The Group enters into leases with fixed or variable lease payments, or with lease payments that depend on an index or a referenced rate which are included in the net investment in the lease at lease commencement, as such payments are considered unavoidable. Other variable lease payments, as well as subsequent changes in an index or referenced rate, are excluded from the net investment in the lease. Lease payments are recorded when due and payable by the lessee.
Lease income
end of 2021 2020 2019
Lease income (CHF million)
Interest income on sales-type leases 25 19 13
Interest income on direct financing leases 68 74 97
Lease income from operating leases 76 93 103
Variable lease income 1 0 3
Total lease income  170 186 216
Certain leases include i) termination options that allow lessees to terminate the leases within three months of the commencement date, with a notice period of 30 days; ii) termination options that allow the Group to terminate the lease but do not provide the lessee with the same option; iii) termination penalties; iv) options to prepay the payments for the remaining lease term; or v) options that permit the lessee to purchase the leased asset at market value or at the greater of market value and the net present value of the remaining payments.
The Group may enter into vehicle leases as a lessor with members of the Board of Directors or the Executive Board. The terms of such leases with members of the Board of Directors are similar to those with third parties and the terms of such leases with members of the Executive Board reflect standard employee conditions.
Bank  
Leases
23 Leases
> Refer to “Note 24 – Leases” in VI – Consolidated financial statements – Credit Suisse Group for further information.
Lessee arrangements
Lease costs
end of 2021 2020 2019
Lease costs (CHF million)      
Operating lease costs 293 305 324
Variable lease costs 50 45 37
Sublease income (75) (87) (95)
Total lease costs  268 263 266
During 2021, the Bank entered into 13 sale-leaseback transactions with lease terms ranging from 3 to 10 years. During 2020, the Bank entered into one sale-leaseback transaction with a lease term of one year. During 2019, the Bank entered into 4 sale-leaseback transactions, with lease terms ranging from 5 to 10 years.
Other information
end of 2021 2020 2019
Other information (CHF million)
Gains/(losses) on sale and leaseback transactions 225 15 274
Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows (334) (340) (400)
Right-of-use assets obtained in exchange of new operating lease liabilities 1 107 32 100
Changes to right-of-use assets due to lease modifications for operating leases 29 26 214
1
Represents non-cash transactions and includes right-of-use assets relating to changes in classification of scope of variable interest entities.
Weighted average remaining lease term and discount rate
end of 2021 2020
Operating leases   
Remaining lease term (years) 9.6 10.4
Discount rate (%) 2.8 2.9
Maturities relating to operating lease arrangements
end of 2021 2020
Maturity (CHF million)
Due within 1 year 309 320
Due between 1 and 2 years 278 299
Due between 2 and 3 years 234 262
Due between 3 and 4 years 234 219
Due between 4 and 5 years 197 190
Thereafter 919 1,054
Operating lease obligations  2,171 2,344
Future interest payable (310) (363)
Operating lease liabilities  1,861 1,981
Lessor arrangements
As of December 31, 2021 and 2020, the Bank had approximately CHF 1.1 billion and CHF 0.9 billion, respectively, of residual value guarantees associated with lessor arrangements.
Net investments
   2021 2020

end of 		Sales-
type
leases 		Direct
financing
leases 		Sales-
type
leases 		Direct
financing
leases
Net investments (CHF million)   
Lease receivables 1,107 2,395 862 2,299
Unguaranteed residual assets 119 80 43 188
Valuation allowances (7) (18) (6) (23)
Total net investments  1,219 2,457 899 2,464
Maturities relating to lessor arrangements
   2021 2020

end of 		Sales-
type
leases 		Direct
financing
leases
Operating
leases 		Sales-
type
leases 		Direct
financing
leases
Operating
leases
Maturity (CHF million)   
Due within 1 year 467 727 61 359 755 63
Due between 1 and 2 years 263 641 59 213 620 57
Due between 2 and 3 years 179 583 59 142 514 53
Due between 3 and 4 years 113 458 56 84 402 52
Due between 4 and 5 years 62 125 54 43 125 50
Thereafter 83 31 177 66 48 217
Total  1,167 2,565 466 907 2,464 492
Future interest receivable (60) (170) – (45) (165) –
Lease receivables  1,107 2,395 – 862 2,299 –
As of December 31, 2021 and 2020, the Bank had CHF 224 million and CHF 234 million, respectively, of related party operating leases.
Lease income
end of 2021 2020 2019
Lease income (CHF million)   
Interest income on sales-type leases 25 19 13
Interest income on direct financing leases 68 74 97
Lease income from operating leases 93 107 119
Variable lease income 1 0 3
Total lease income  187 200 232