Annual report pursuant to Section 13 and 15(d)

OPERATING LEASES

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OPERATING LEASES
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Operating Leases OPERATING LEASES
At December 31, 2022, Huntington was obligated under non-cancelable leases for branch and office space. These leases are all classified as operating due to the amount of time such spaces are occupied relative to the underlying assets useful lives. Many of these leases contain renewal options, most of which are not included in measurement of the right-of-use asset as they are not considered reasonably certain of exercise (i.e., Huntington does not currently have a significant economic incentive to exercise these options).
Net lease assets and liabilities are as follows:
At December 31,
(dollar amounts in millions) Classification 2022 2021
Assets
Operating lease assets Other assets $ 279  $ 316 
Liabilities
Lease liabilities Other liabilities $ 401  $ 441 
Net lease cost are as follows:
Year Ended December 31,
(dollar amounts in millions) Classification 2022 2021
Operating lease cost Net occupancy $ 81  $ 102 
Short-term lease cost Net occupancy 2  3 
Net lease cost $ 83  $ 105 

Maturity of lease liabilities at December 31, 2022 are as follows:
(dollar amounts in millions) Total
2023 $ 70 
2024 67 
2025 58 
2026 43 
2027 36 
Thereafter 262 
Total lease payments 536 
Less: Interest (135)
Total lease liabilities $ 401 
Additional supplemental information related to the Company’s operating leases is as follows:
Year Ended December 31,
(dollar amounts in millions) 2022 2021
Cash paid for amounts included in the measurement of lease liabilities for operating cash flows $ (80) $ (50)
Right-of-use assets obtained in exchange for lease obligations for operating leases 22  174 
Weighted-average remaining lease term (years) for operating leases 11.48 11.24
Weighted-average discount rate for operating leases 4.64  % 3.87  %