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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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: Table 8.15.1 INCOME TAX EXPENSE
(Dollars in millions) |  | 2021 |  | 2020 |  | 2019
Consolidated Statements of Income: |  |  |  |  |  |
Income tax expense |  | $ | 274 |  |  | $ | 76 |  |  | $ | 134 |
Consolidated Statements of Changes in Equity: |  |  |  |  |  |
Income tax expense (benefit) related to: |  |  |  |  |  |
Net unrealized gains on pension and other postretirement plans |  | 2 |  |  | 3 |  |  | 5 |
Net unrealized gains (losses) on securities available for sale |  | (46) |  |  | 25 |  |  | 35 |
Net unrealized gains (losses) on cash flow hedges |  | (3) |  |  | 3 |  |  | 5 |
Total |  | $ | 227 |  |  | $ | 107 |  |  | $ | 179 |
Schedule of Components of Income Tax Expense/(Benefit) | The components of income tax expense (benefit) for the years ended December 31, were as follows: Table 8.15.2 INCOME TAX EXPENSE COMPONENTS
(Dollars in millions) |  | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |  |
Federal |  | $ | 235 |  |  | $ | 80 |  |  | $ | 106 |
State |  | 39 |  |  | 14 |  |  | 14 |
Deferred: |  |  |  |  |  |
Federal |  | (1) |  |  | (15) |  |  | 5 |
State |  | 1 |  |  | (3) |  |  | 9 |
Total |  | $ | 274 |  |  | $ | 76 |  |  | $ | 134 |
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 2021, 2020, and 2019, respectively to the total income tax expense follows: Table 8.15.3 RECONCILIATION FROM STATUTORY RATES
(Dollars in millions) |  | 2021 |  | 2020 |  | 2019
Federal income tax rate |  | 21 | % |  | 21 | % |  | 21 | %
Tax computed at statutory rate |  | $ | 270 |  |  | $ | 196 |  |  | $ | 123 |
Increase (decrease) resulting from: |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  | 32 |  |  | 9 |  |  | 15 |
Bank-owned life insurance |  | (7) |  |  | (6) |  |  | (5) |
401(k) – employee stock ownership plan |  | (1) |  |  | (1) |  |  | (1) |
Tax-exempt interest |  | (10) |  |  | (8) |  |  | (6) |
Non-deductible expenses |  | 8 |  |  | 13 |  |  | 11 |
LIHTC credits and benefits, net of amortization |  | (14) |  |  | (9) |  |  | (4) |
Other tax credits |  | (4) |  |  | (5) |  |  | — |
Other changes in unrecognized tax benefits |  | 4 |  |  | (9) |  |  | 4 |
Purchase accounting gain |  | — |  |  | (112) |  |  | — |
Other |  | (4) |  |  | 8 |  |  | (3) |
Total |  | $ | 274 |  |  | $ | 76 |  |  | $ | 134 |
Net DTA Balances Related to Income Tax Carryforwards | As of December 31, 2021, FHN had net deferred tax asset balances related to federal and state income tax carryforwards of $38 million and $2 million, respectively, which will expire at various dates as follows: Table 8.15.4 TAX CARRYFORWARD DTA EXPIRATION DATES
(Dollars in millions) |  | Expiration Dates |  | Net Deferred Tax Asset Balance
Losses - federal |  | 2026 - 2035 |  | $ | 38 |
Net operating losses - states |  | 2027 - 2040 |  | 2 |
Schedule of Deferred Tax Assets and Liabilities | Temporary differences which gave rise to deferred tax assets and deferred tax liabilities on December 31, 2021 and 2020 were as follows: Table 8.15.5 COMPONENTS OF DTAs & DTLs
(Dollars in millions) |  | 2021 |  | 2020
Deferred tax assets: |  |  |  |
Loss reserves |  | $ | 161 |  |  | $ | 205 |
Employee benefits |  | 83 |  |  | 86 |
Accrued expenses |  | 16 |  |  | 7 |
Depreciation and amortization |  | 13 |  |  | — |
Lease liability |  | 94 |  |  | 100 |
Federal loss carryforwards |  | 38 |  |  | 44 |
State loss carryforwards |  | 2 |  |  | 9 |
Investment in debt securities (ASC 320) (a) |  | 12 |  |  | — |
Other |  | 29 |  |  | 20 |
Gross deferred tax assets |  | 448 |  |  | 471 |
Deferred tax liabilities: |  |  |  |
Depreciation and amortization |  | $ | — |  |  | $ | 83 |
Investment in debt securities (ASC 320) (a) |  | — |  |  | 35 |
Equity investments |  | 4 |  |  | 11 |
Other intangible assets |  | 86 |  |  | 93 |
Prepaid expenses |  | 18 |  |  | 15 |
ROU lease asset |  | 85 |  |  | 89 |
Leasing |  | 198 |  |  | 135 |
Other |  | 5 |  |  | 10 |
Gross deferred tax liabilities |  | 396 |  |  | 471 |
Net deferred tax assets |  | $ | 52 |  |  | $ | — |
(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 in the following table: Table 8.15.6 ROLLFORWARD OF UNRECOGNIZED TAX BENEFITS
(Dollars in millions) |  |
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 |
Increases related to prior year tax positions |  | 24 |
Increases related to current year tax positions |  | 1 |
Lapse of statutes |  | (3) |
Balance at December 31, 2021 |  | $ | 92 |

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