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Premises, Equipment, and Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Summary of Premises and Equipment
Premises and equipment were comprised of the following at December 31, 2020 and 2019:
(Dollars in millions)December 31, 2020December 31, 2019
Land$182 $99 
Buildings594 429 
Leasehold improvements73 50 
Furniture, fixtures, and equipment269 205 
Fixed assets held for sale (a)18 10 
Total premises and equipment1,136 793 
Less accumulated depreciation and amortization(377)(338)
Premises and equipment, net$759 $455 
(a) Primarily comprised of land and buildings
Assets and Liabilities, Lessee
The following table provides a detail of the classification of FHN's right-of-use assets and lease liabilities included in the Consolidated Balance Sheets.
(Dollars in millions)December 31, 2020December 31, 2019
Lease Right-of-Use Assets:Classification
Operating lease right-of use assetsOther assets$367 $202 
Finance lease right-of use assetsOther assets4 2 
Total Lease Right-of Use Assets$371 $204 
Lease Liabilities:
Operating lease liabilitiesOther liabilities$407 $223 
Finance lease liabilitiesOther liabilities4 3 
Total Lease Liabilities$411 $226 
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, 2020 and 2019.
December 31, 2020December 31, 2019
Weighted Average Remaining Lease Terms
Operating leases12.49 years12.36 years
Finance leases11.45 years9.61 years
Weighted Average Discount Rate
Operating leases2.39 %3.24 %
Finance leases3.05 %4.77 %

The following table provides a detail of the components of lease expense and other lease information for the years ended December 31, 2020 and 2019:
(Dollars in millions)20202019
Lease cost
Operating lease cost$39 $25 
Sublease income(1)— 
Total lease cost$38 $25 
Other information
(Gain) loss on right-of-use asset impairment - operating leases$6 $3 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases41 23 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases216 48 
Finance leases2 1 
Maturities 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, 2020:

(Dollars in millions)December 31, 2020
2021$52 
202249 
202344 
202440 
202538 
2026 and thereafter257 
Total lease payments480 
Less lease liability interest(69)
Total$411 
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, 2020:

(Dollars in millions)December 31, 2020
2021$52 
202249 
202344 
202440 
202538 
2026 and thereafter257 
Total lease payments480 
Less lease liability interest(69)
Total$411 
Net Investment in Lease
The components of the Company’s net investment in leases as of December 31, 2020 were as follows:

(Dollars in millions)
Lease receivable$535 
Unearned income(99)
Guaranteed residual92 
Unguaranteed residual68 
Total net investment$596 
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity
Maturities of the Company's lease receivables as of December 31, 2020 were as follows:

(Dollars in millions)December 31, 2020
2021$97 
202292 
202375 
202454 
202538 
2026 and thereafter179 
Total future minimum lease payments$535