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Premises, Equipment, and Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Premises and Equipment
Premises and equipment was comprised of the following at December 31, 2023 and 2022:
Table 8.5.1
PREMISES & EQUIPMENT
(Dollars in millions)December 31, 2023December 31, 2022
Land$163 $163 
Buildings554 544 
Leasehold improvements84 82 
Furniture, fixtures, and equipment295 277 
Fixed assets held for sale (a)— 1 
Total premises and equipment1,096 1,067 
Less accumulated depreciation and amortization(506)(455)
Premises and equipment, net$590 $612 
(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, 2023December 31, 2022
Lease right-of-use assets:Classification
Operating lease right-of-use assetsOther assets$306 $331 
Finance lease right-of-use assetsOther assets3 3 
Total lease right-of-use assets$309 $334 
Lease liabilities:
Operating lease liabilitiesOther liabilities$342 $367 
Finance lease liabilitiesOther liabilities3 4 
Total lease liabilities$345 $371 
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, 2023 and 2022.
Table 8.5.3
REMAINING LEASE TERMS
& DISCOUNT RATES
December 31, 2023December 31, 2022
Weighted Average Remaining Lease Terms
Operating leases11.79 years12.22 years
Finance leases9.15 years9.83 years
Weighted Average Discount Rate
Operating leases2.84 %2.69 %
Finance leases2.39 %2.62 %
The following table provides a detail of the components of lease expense and other lease information for the years ended December 31, 2023, 2022, and 2021:
Table 8.5.4
LEASE EXPENSE &
OTHER INFORMATION
(Dollars in millions)202320222021
Lease cost
Operating lease cost$45 $47 $48 
Sublease income(2)(2)(1)
Total lease cost$43 $45 $47 
Other information
(Gain) loss on right-of-use asset impairment - operating leases$1 $1 $3 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases46 50 53 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases11 31 19 
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, 2023:
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2023
2024$44 
202543 
202642 
202741 
202835 
2029 and thereafter204 
Total lease payments409 
Less lease liability interest(64)
Total lease liability$345 
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, 2023:
Table 8.5.5
LEASE LIABILITY MATURITIES
(Dollars in millions)December 31, 2023
2024$44 
202543 
202642 
202741 
202835 
2029 and thereafter204 
Total lease payments409 
Less lease liability interest(64)
Total lease liability$345 
Schedule of Lease Net Investments
The components of the Company’s net investment in leases as of December 31, 2023 and 2022 were as follows:
Table 8.5.6
LEASE NET INVESTMENTS
(Dollars in millions)December 31, 2023December 31, 2022
Lease receivable$1,143 $984 
Unearned income(244)(198)
Guaranteed residual147 121 
Unguaranteed residual189 153 
Total net investment$1,235 $1,060 
Schedule of Maturity of Lease Receivables as Lessor
Maturities of the Company's lease receivables as of December 31, 2023 were as follows:
Table 8.5.7
LEASE RECEIVABLE MATURITIES
(Dollars in millions)December 31, 2023
2024$214 
2025193 
2026168 
2027132 
202898 
2029 and thereafter338 
Total future minimum lease payments$1,143