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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives Associated With Fixed Income Trading Activities | The following tables summarize derivatives associated with FHNF's trading activities as of September 30, 2022 and December 31, 2021:
DERIVATIVES ASSOCIATED WITH TRADING
|  | September 30, 2022
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer interest rate contracts |  | $ | 3,112 |  |  | $ | 3 |  |  | $ | 291 |
Offsetting upstream interest rate contracts |  | 3,112 |  |  | 80 |  |  | 3 |
Option contracts purchased |  | 10 |  |  | — |  |  | — |
Forwards and futures purchased |  | 2,089 |  |  | 4 |  |  | 36 |
Forwards and futures sold |  | 2,204 |  |  | 40 |  |  | 3 |
|  | December 31, 2021
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer interest rate contracts |  | $ | 3,587 |  |  | $ | 84 |  |  | $ | 41 |
Offsetting upstream interest rate contracts |  | 3,587 |  |  | 4 |  |  | 8 |
Option contracts purchased |  | 13 |  |  | — |  |  | — |
Forwards and futures purchased |  | 4,430 |  |  | 2 |  |  | 9 |
Forwards and futures sold |  | 5,044 |  |  | 10 |  |  | 2 |
Derivatives Associated With Interest Rate Risk Management Activities | The following tables summarize FHN’s derivatives associated with interest rate risk management activities as of September 30, 2022 and December 31, 2021:
DERIVATIVES ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
|  | September 30, 2022
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |
Customer interest rate contracts |  | $ | 8,315 |  |  | $ | — |  |  | $ | 611 |
Offsetting upstream interest rate contracts |  | 8,315 |  |  | 184 |  |  | — |
|  | December 31, 2021
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |
Customer interest rate contracts |  | $ | 8,037 |  |  | $ | 202 |  |  | $ | 29 |
Offsetting upstream interest rate contracts |  | 8,037 |  |  | 4 |  |  | 15 |
Gains/(Losses) on Derivatives Associated with Interest Rate Risk Management Activities | The following table summarizes gains (losses) on FHN’s derivatives associated with interest rate risk management activities for the three and nine months ended September 30, 2022 and 2021:
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses)
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |  |  |
Customer interest rate contracts (a) |  | $ | 271 |  |  | $ | (29) |  |  | $ | 788 |  |  | $ | (197) |
Offsetting upstream interest rate contracts (a) |  | (271) |  |  | 29 |  |  | (788) |  |  | 197 |
(a)Gains (losses) included in other expense within the Consolidated Statements of Income.
Derivative Associated With Cash Flow Hedges | The following tables summarize FHN’s derivative activities associated with cash flow hedges as of September 30, 2022 and December 31, 2021:
DERIVATIVES ASSOCIATED WITH CASH FLOW HEDGES
|  | September 30, 2022
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |
Interest rate contracts |  | $ | 5,525 |  |  | $ | — |  |  | $ | 82 |
Hedged Items: |  |  |  |  |  |
Variability in cash flows related to debt instruments (primarily loans) |  | N/A |  | $ | 5,525 |  |  | N/A
|  | December 31, 2021
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |
Interest rate contracts |  | $ | 1,100 |  |  | $ | 13 |  |  | $ | — |
Hedged Items: |  |  |  |  |  |
Variability in cash flows related to debt instruments (primarily loans) |  | N/A |  | $ | 1,100 |  |  | N/A
Gains/(Losses) on Derivatives Associated with Cash Flow Hedges | The following table summarizes gains (losses) on FHN’s derivatives associated with cash flow hedges for the three and nine months ended September 30, 2022 and 2021:
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH CASH FLOW HEDGES
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses)
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |  |  |
Interest rate contracts (a) |  | $ | (138) |  |  | $ | (6) |  |  | $ | (105) |  |  | $ | (20) |
Gain (loss) recognized in other comprehensive income (loss) |  | (103) |  |  | — |  |  | (149) |  |  | (1) |
Gain (loss) reclassified from AOCI into interest income |  | 4 |  |  | (1) |  |  | 7 |  |  | (4) |
(a)Approximately $20 million of pre-tax losses are expected to be reclassified into earnings in the next twelve months.
Derivatives Gains/Losses Associated With Mortgage Banking Hedges | The notional and fair values of these contracts are presented in the table below.
DERIVATIVES ASSOCIATED WITH MORTGAGE BANKING HEDGES
|  | September 30, 2022
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Mortgage Banking Hedges |  |  |  |  |  |
Option contracts written |  | $ | 92 |  |  | $ | — |  |  | $ | 1 |
Forward contracts written |  | 136 |  |  | 5 |  |  | — |
|  | December 31, 2021
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Mortgage Banking Hedges |  |  |  |  |  |
Option contracts written |  | $ | 241 |  |  | $ | 4 |  |  | $ | — |
Forward contracts written |  | 404 |  |  | — |  |  | — |
The following table summarizes gains (losses) on FHN's derivatives associated with mortgage banking activities for the three and nine months ended September 30, 2022 and 2021:
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH MORTGAGE BANKING HEDGES
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses)
Mortgage Banking Hedges |  |  |  |  |  |  |  |
Option contracts written |  | $ | 4 |  |  | $ | (3) |  |  | $ | 5 |  |  | $ | (12) |
Forward contracts written |  | 6 |  |  | — |  |  | 33 |  |  | — |
Forward contracts purchased |  | — |  |  | (2) |  |  | — |  |  | 10 |
Derivative Assets And Collateral Received | The following table provides details of derivative assets and collateral received as presented on the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021:
DERIVATIVE ASSETS & COLLATERAL RECEIVED
|  |  |  |  |  |  |  | Gross amounts not offset in the Balance Sheets |  |
(Dollars in millions) |  | Gross amounts of recognized assets |  | Gross amounts offset in the Balance Sheets |  | Net amounts of assets presented in the Balance Sheets (a) |  | Derivative liabilities available for offset |  | Collateral received |  | Net amount
Derivative assets: |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 267 |  |  | $ | — |  |  | $ | 267 |  |  | $ | (54) |  |  | $ | (196) |  |  | $ | 17 |
Forward contracts |  | 44 |  |  | — |  |  | 44 |  |  | (11) |  |  | (28) |  |  | 5 |
|  | $ | 311 |  |  | $ | — |  |  | $ | 311 |  |  | $ | (65) |  |  | $ | (224) |  |  | $ | 22 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 311 |  |  | $ | — |  |  | $ | 311 |  |  | $ | (32) |  |  | $ | (181) |  |  | $ | 98 |
Forward contracts |  | 12 |  |  | — |  |  | 12 |  |  | (4) |  |  | (3) |  |  | 5 |
|  | $ | 323 |  |  | $ | — |  |  | $ | 323 |  |  | $ | (36) |  |  | $ | (184) |  |  | $ | 103 |
(a)Included in other assets on the Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, $7 million and $2 million, respectively, of derivative assets have been excluded from these tables because they are generally not subject to master netting or similar agreements.
Derivative Liabilities and Collateral Pledged | The following table provides details of derivative liabilities and collateral pledged as presented on the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021:
DERIVATIVE LIABILITIES & COLLATERAL PLEDGED
|  |  |  |  |  |  |  | Gross amounts not offset in the Balance Sheets |  |
(Dollars in millions) |  | Gross amounts of recognized liabilities |  | Gross amounts offset in the Balance Sheets |  | Net amounts of liabilities presented in the Balance Sheets (a) |  | Derivative assets available for offset |  | Collateral pledged |  | Net amount
Derivative liabilities: |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 988 |  |  | $ | — |  |  | $ | 988 |  |  | $ | (54) |  |  | $ | (180) |  |  | $ | 754 |
Forward contracts |  | 39 |  |  | — |  |  | 39 |  |  | (11) |  |  | (10) |  |  | 18 |
|  | $ | 1,027 |  |  | $ | — |  |  | $ | 1,027 |  |  | $ | (65) |  |  | $ | (190) |  |  | $ | 772 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 93 |  |  | $ | — |  |  | $ | 93 |  |  | $ | (32) |  |  | $ | (38) |  |  | $ | 23 |
Forward contracts |  | 10 |  |  | — |  |  | 10 |  |  | (4) |  |  | (1) |  |  | 5 |
|  | $ | 103 |  |  | $ | — |  |  | $ | 103 |  |  | $ | (36) |  |  | $ | (39) |  |  | $ | 28 |
(a)Included in other liabilities on the Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, $21 million and $24 million, respectively, of derivative liabilities (primarily Visa-related derivatives) have been excluded from these tables because they are generally not subject to master netting or similar agreements.

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