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Premises, Equipment, and Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Premises and Equipment
Premises and equipment was comprised of the following at December 31, 2024 and 2023.
Table 8.5.1
PREMISES & EQUIPMENT
(Dollars in millions)December 31, 2024December 31, 2023
Land$163 $163 
Buildings570 554 
Leasehold improvements88 84 
Furniture, fixtures, and equipment304 295 
Fixed assets held for sale (a)1 — 
Total premises and equipment1,126 1,096 
Less accumulated depreciation and amortization(552)(506)
Premises and equipment, net$574 $590 
(a) Primarily comprised of land and buildings.
Schedule of Lease Liabilities Included in the Consolidated Balance Sheet
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, 2024December 31, 2023
Lease right-of-use assets:Classification
Operating lease right-of-use assetsOther assets$296 $306 
Finance lease right-of-use assetsOther assets2 3 
Total lease right-of-use assets$298 $309 
Lease liabilities:
Operating lease liabilitiesOther liabilities$330 $342 
Finance lease liabilitiesOther liabilities3 3 
Total lease liabilities$333 $345 
Schedule of 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, 2024 and 2023.
Table 8.5.3
REMAINING LEASE TERMS
& DISCOUNT RATES
December 31, 2024December 31, 2023
Weighted Average Remaining Lease Terms
Operating leases11.68 years11.79 years
Finance leases8.60 years9.15 years
Weighted Average Discount Rate
Operating leases3.19 %2.84 %
Finance leases2.16 %2.39 %
The following table provides a detail of the components of lease expense and other lease information for the years ended December 31, 2024, 2023, and 2022.
Table 8.5.4
LEASE EXPENSE &
OTHER INFORMATION
(Dollars in millions)202420232022
Lease cost
Operating lease cost$44 $45 $47 
Sublease income(1)(2)(2)
Total lease cost$43 $43 $45 
Other information
(Gain) loss on right-of-use asset impairment - operating leases$— $1 $1 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases43 46 50 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases22 11 31 
Schedule of 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, 2024.
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2024
2025$45 
202644 
202743 
202837 
202934 
2030 and thereafter199 
Total lease payments402 
Less lease liability interest(69)
Total lease liability$333 
Schedule of 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, 2024.
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2024
2025$45 
202644 
202743 
202837 
202934 
2030 and thereafter199 
Total lease payments402 
Less lease liability interest(69)
Total lease liability$333 
Schedule of Lease Net Investments
The components of the Company’s net investment in leases as of December 31, 2024 and 2023 were as follows.
Table 8.5.6
LEASE NET INVESTMENTS
(Dollars in millions)December 31, 2024December 31, 2023
Lease receivable$1,300 $1,143 
Unearned income(279)(244)
Guaranteed residual166 147 
Unguaranteed residual228 189 
Total net investment$1,415 $1,235 
Schedule of Maturity of Lease Receivables as Lessor
Maturities of the Company's lease receivables as of December 31, 2024 were as follows.
Table 8.5.7
LEASE RECEIVABLE MATURITIES
(Dollars in millions)December 31, 2024
2025$292 
2026266 
2027226 
2028164 
2029128 
2030 and thereafter224 
Total future minimum lease payments$1,300