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Premises, Equipment, and Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Summary of Premises and Equipment
Premises and equipment were comprised of the following at December 31, 2021 and 2020:
Table 8.6.1
PREMISES & EQUIPMENT
(Dollars in millions)December 31, 2021December 31, 2020
Land$163 $182 
Buildings543 594 
Leasehold improvements74 73 
Furniture, fixtures, and equipment276 269 
Fixed assets held for sale (a)16 18 
Total premises and equipment1,072 1,136 
Less accumulated depreciation and amortization(407)(377)
Premises and equipment, net$665 $759 
(a) Primarily comprised of land and buildings.
Summary of Lease Assets and Liabilities The following table provides details of the classification of FHN's right-of-use assets and lease liabilities included in the Consolidated Balance Sheets.
Table 8.6.2
RIGHT-OF-USE ASSETS & LEASE LIABILITIES
(Dollars in millions)December 31, 2021December 31, 2020
Lease right-of-use assets:Classification
Operating lease right-of-use assetsOther assets$345 $367 
Finance lease right-of-use assetsOther assets3 4 
Total lease right-of-use assets$348 $371 
Lease liabilities:
Operating lease liabilitiesOther liabilities$382 $407 
Finance lease liabilitiesOther liabilities4 4 
Total lease liabilities$386 $411 
Components of Lease Expense, Other Information, and Supplemental Cash Flow The following table details the weighted average remaining lease term and discount rate for FHN's operating and finance leases as of December 31, 2021 and 2020.
Table 8.6.3
REMAINING LEASE TERMS
& DISCOUNT RATES
December 31, 2021December 31, 2020
Weighted Average Remaining Lease Terms
Operating leases12.37 years12.49 years
Finance leases10.61 years11.45 years
Weighted Average Discount Rate
Operating leases2.35 %2.39 %
Finance leases2.85 %3.05 %
The following table provides a detail of the components of lease expense and other lease information for the years ended December 31, 2021, 2020, and 2019:
Table 8.6.4
LEASE EXPENSE &
OTHER INFORMATION
(Dollars in millions)202120202019
Lease cost
Operating lease cost$48 $39 $25 
Sublease income(1)(1)— 
Total lease cost$47 $38 $25 
Other information
(Gain) loss on right-of-use asset impairment - operating leases$3 $6 $3 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases53 41 23 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases19 216 48 
Finance leases— 2 1 
Maturity of Lease Liabilities, Operating
The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of December 31, 2021:
Table 8.6.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2021
2022$49 
202345 
202440 
202539 
202637 
2027 and thereafter238 
Total lease payments448 
Less lease liability interest(62)
Total lease liability$386 
Maturity of Lease Liabilities, Finance
The following table provides a detail of the maturities of FHN's operating and finance lease liabilities as of December 31, 2021:
Table 8.6.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2021
2022$49 
202345 
202440 
202539 
202637 
2027 and thereafter238 
Total lease payments448 
Less lease liability interest(62)
Total lease liability$386 
Summary of Lease Net Investments
The components of the Company’s net investment in leases as of December 31, 2021 and 2020 were as follows:
Table 8.6.6
LEASE NET INVESTMENTS
(Dollars in millions)December 31, 2021December 31, 2020
Lease receivable$729 $535 
Unearned income(135)(108)
Guaranteed residual97 92 
Unguaranteed residual102 68 
Total net investment$793 $587 
Maturity of Lease Receivables as Lessor
Maturities of the Company's lease receivables as of December 31, 2021 were as follows:
Table 8.6.7
LEASE RECEIVABLE MATURITIES
(Dollars in millions)December 31, 2021
2022$136 
2023122 
202496 
202573 
202657 
2027 and thereafter245 
Total future minimum lease payments$729