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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Consolidated Statements of Income and Equity

The aggregate amount of income taxes included in the Consolidated Statements of Income and the Consolidated Statements of Changes in Equity for the years ended December 31, were as follows:

(Dollars in millions)						2020						2019						2018
Consolidated Statements of Income:
Income tax expense						$	76					$	134					$	157
Consolidated Statements of Changes in Equity:
Income tax expense (benefit) related to:
Net unrealized gains on pension and other postretirement plans						3						5						—
Net unrealized gains (losses) on securities available for sale						25						35						(16)
Net unrealized gains (losses) on cash flow hedges						3						5						(1)
Total						$	107					$	179					$	140

Schedule of Components of Income Tax Expense/(Benefit)

The components of income tax expense (benefit) for the years ended December 31, were as follows:

(Dollars in millions)						2020						2019						2018
Current:
Federal						$	80					$	106					$	43
State						14						14						10
Deferred:
Federal						(15)						5						82
State						(3)						9						22
Total						$	76					$	134					$	157

Schedule of Computation of Income Tax Expense Differed from The Amounts Computed By Applying Statutory Federal Income Tax Rate To Income/(Loss) From Continuing Operations Before Income Taxes

A reconciliation of expected income tax expense (benefit) at the federal statutory rate of 21% for 2020, 2019, and 2018, respectively to the total income tax expense follows:

(Dollars in millions)						2020						2019						2018
Federal income tax rate						21%						21%						21%
Tax computed at statutory rate						$	196					$	123					$	151
Increase (decrease) resulting from:
State income taxes, net of federal income tax benefit						9						15						25
Bank-owned life insurance						(6)						(5)						(4)
401(k) – employee stock ownership plan						(1)						(1)						(1)
Tax-exempt interest						(8)						(6)						(7)
Non-deductible expenses						13						11						8
LIHTC credits and benefits, net of amortization						(9)						(4)						(7)
Other tax credits						(5)						—						(3)
Other changes in unrecognized tax benefits						(9)						4						6
Purchase accounting gain						(112)						—						—
Effect of TCJA						—						—						(7)
Other						8						(3)						(4)
Total						$	76					$	134					$	157

Net DTA Balances Related to Income Tax Carryforwards

As of December 31, 2020, FHN had net deferred tax asset balances related to federal and state income tax carryforwards of $47 million and $9 million, respectively, which will expire at various dates as follows:

(Dollars in millions)						Expiration Dates						Net Deferred Tax Asset Balance
Losses - federal						2026 - 2035						$	44
Net operating losses - states						2026 - 2040						9
Credits - federal						2040						3

Schedule of Deferred Tax Assets and Liabilities

Temporary differences which gave rise to deferred tax assets and deferred tax liabilities on December 31, 2020 and 2019 were as follows:

(Dollars in millions)						2020						2019
Deferred tax assets:
Loss reserves						$	205					$	58
Employee benefits						86						68
Accrued expenses						7						4
Lease liability						100						56
Federal loss carryforwards						44						44
State loss carryforwards						9						1
Other						20						19
Gross deferred tax assets						471						250
Deferred tax liabilities:
Depreciation and amortization						$	83					$	51
Investment in debt securities (ASC 320) (a)						35						10
Equity investments						11						4
Other intangible assets						93						56
Prepaid expenses						15						10
ROU lease asset						89						50
Leasing						135						—
Other						10						—
Gross deferred tax liabilities						471						181
Net deferred tax assets						$	—					$	69

(a) Tax effects of unrealized gains and losses are tracked on a security-by-security basis.

Schedule of Rollforward of Unrecognized Tax Benefits

The rollforward of unrecognized tax benefits is shown below:

(Dollars in millions)
Balance at December 31, 2018						$	20
Increases related to prior year tax positions						3
Increases related to current year tax positions						2
Lapse of statutes						(1)
Balance at December 31, 2019						$	24
Increases related to prior year tax positions						56
Increases related to current year tax positions						1
Settlements						(10)
Lapse of statutes						(1)
Balance at December 31, 2020						$	70

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