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Preferred Stock | 12 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
Preferred Stock | Preferred Stock FHN Preferred Stock The following table presents a summary of FHN's non-cumulative perpetual preferred stock: Table 8.12.1 FHN PREFERRED STOCK
|  |  |  |  |  |  |  |  |  |  |  |  | December 31,
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  | 2021 |  | 2020
| Issuance Date |  | Earliest Redemption Date (a) |  | Annual Dividend Rate |  | Dividend Payments |  | Shares Outstanding |  | Liquidation Amount |  | Carrying Amount |  | Carrying Amount
Series A | 1/31/2013 |  | 4/10/2018 |  | 6.200 | % |  | Quarterly |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 95 |
Series B | 7/2/2020 |  | 8/1/2025 |  | 6.625 | % | (b) | Semi-annually |  | 8,000 |  |  | 80 |  |  | 77 |  |  | 77 |
Series C | 7/2/2020 |  | 5/1/2026 |  | 6.600 | % | (c) | Quarterly |  | 5,750 |  |  | 58 |  |  | 59 |  |  | 59 |
Series D | 7/2/2020 |  | 5/1/2024 |  | 6.100 | % | (d) | Semi-annually |  | 10,000 |  |  | 100 |  |  | 94 |  |  | 94 |
Series E | 5/28/2020 |  | 10/10/2025 |  | 6.500 | % |  | Quarterly |  | 1,500 |  |  | 150 |  |  | 145 |  |  | 145 |
Series F | 5/3/2021 |  | 7/10/2026 |  | 4.700 | % |  | Quarterly |  | 1,500 |  |  | 150 |  |  | 145 |  |  | — |
|  |  |  |  |  |  |  |  | 26,750 |  |  | $ | 538 |  |  | $ | 520 |  |  | $ | 470 |
(a) Denotes earliest optional redemption date. Earlier redemption is possible, at FHN's election, if certain regulatory capital events occur. (b) Fixed dividend rate will reset on August 1, 2025 to three-month LIBOR plus 4.262% (c) Fixed dividend rate will reset on May 1, 2026 to three-month LIBOR plus 4.920% (d) Fixed dividend rate will reset on May 1, 2024 to three-month LIBOR plus 3.859% During 2021, FHN issued $150 million of 4.70% Series F Non-Cumulative Perpetual Preferred Stock (the Series F Preferred Stock). The Series F Preferred Stock is redeemable at FHN's option, in whole or in part, on or after July 10, 2026. Earlier redemption is possible, at FHN's election, if certain regulatory capital events occur. The $145 million carrying value of the Series F Preferred Stock currently qualifies as Tier 1 Capital. During 2021, FHN redeemed all outstanding shares of Series A Preferred Stock. The difference between the $100 million liquidation preference and the carrying value of the Series A Preferred Stock resulted in a $5 million deemed dividend that was included in EPS for the year ended December 31, 2021. Subsidiary Preferred Stock First Horizon Bank has issued 300,000 shares of Class A Non-Cumulative Perpetual Preferred Stock (Class A Preferred Stock) with a liquidation preference of $1,000 per share. Dividends on the Class A Preferred Stock, if declared, accrue and are payable each quarter, in arrears, at a floating rate equal to the greater of the three month LIBOR plus 0.85% or 3.75% per annum. These securities qualify fully as Tier 1 capital for both First Horizon Bank and FHN. On December 31, 2021 and 2020, $295 million of Class A Preferred Stock was recognized as noncontrolling interest on the Consolidated Balance Sheets. FT Real Estate Securities Company, Inc. (FTRESC), an indirect subsidiary of FHN, has issued 50 shares of 9.50% Cumulative Preferred Stock, Class B (Class B Preferred Shares), with a liquidation preference of $1 million per share; of those shares, 47 were issued to nonaffiliates. FTRESC is a real estate investment trust established for the purpose of acquiring, holding, and managing real estate mortgage assets. Dividends on the Class B Preferred Shares are cumulative and are payable semi-annually. At December 31, 2021, the Class B Preferred Shares partially qualified as Tier 2 regulatory capital. For all periods presented, these securities are presented in the Consolidated Balance Sheets as Term borrowings. The Class B Preferred Shares are mandatorily redeemable on March 31, 2031, and redeemable at the discretion of FTRESC in the event that the Class B Preferred Shares cannot be accounted for as Tier 2 regulatory capital or there is more than an insubstantial risk that dividends paid with respect to the Class B Preferred Shares will not be fully deductible for tax purposes.

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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