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Premises, Equipment, and Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Summary of Premises and Equipment
Premises and equipment were comprised of the following at December 31, 2022 and 2021:
Table 8.5.1
PREMISES & EQUIPMENT
(Dollars in millions)December 31, 2022December 31, 2021
Land$163 $163 
Buildings544 543 
Leasehold improvements82 74 
Furniture, fixtures, and equipment277 276 
Fixed assets held for sale (a)1 16 
Total premises and equipment1,067 1,072 
Less accumulated depreciation and amortization(455)(407)
Premises and equipment, net$612 $665 
(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 8.5.2
RIGHT-OF-USE ASSETS & LEASE LIABILITIES
(Dollars in millions)December 31, 2022December 31, 2021
Lease right-of-use assets:Classification
Operating lease right-of-use assetsOther assets$331 $345 
Finance lease right-of-use assetsOther assets3 3 
Total lease right-of-use assets$334 $348 
Lease liabilities:
Operating lease liabilitiesOther liabilities$367 $382 
Finance lease liabilitiesOther liabilities4 4 
Total lease liabilities$371 $386 
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, 2022 and 2021.
Table 8.5.3
REMAINING LEASE TERMS
& DISCOUNT RATES
December 31, 2022December 31, 2021
Weighted Average Remaining Lease Terms
Operating leases12.22 years12.37 years
Finance leases9.83 years10.61 years
Weighted Average Discount Rate
Operating leases2.69 %2.35 %
Finance leases2.62 %2.85 %
The following table provides a detail of the components of lease expense and other lease information for the years ended December 31, 2022, 2021, and 2020:
Table 8.5.4
LEASE EXPENSE &
OTHER INFORMATION
(Dollars in millions)202220212020
Lease cost
Operating lease cost$47 $48 $39 
Sublease income(2)(1)(1)
Total lease cost$45 $47 $38 
Other information
(Gain) loss on right-of-use asset impairment - operating leases$1 $3 $6 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases50 53 41 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases31 19 216 
Finance leases— — 2 
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, 2022:
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2022
2023$46 
202444 
202542 
202640 
202739 
2028 and thereafter228 
Total lease payments439 
Less lease liability interest(68)
Total lease liability$371 
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, 2022:
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2022
2023$46 
202444 
202542 
202640 
202739 
2028 and thereafter228 
Total lease payments439 
Less lease liability interest(68)
Total lease liability$371 
Summary of Lease Net Investments
The components of the Company’s net investment in leases as of December 31, 2022 and 2021 were as follows:
Table 8.5.6
LEASE NET INVESTMENTS
(Dollars in millions)December 31, 2022December 31, 2021
Lease receivable$984 $729 
Unearned income(198)(135)
Guaranteed residual121 97 
Unguaranteed residual153 102 
Total net investment$1,060 $793 
Maturity of Lease Receivables as Lessor
Maturities of the Company's lease receivables as of December 31, 2022 were as follows:
Table 8.5.7
LEASE RECEIVABLE MATURITIES
(Dollars in millions)December 31, 2022
2023$185 
2024160 
2025140 
2026112 
202785 
2028 and thereafter$302 
Total future minimum lease payments$984