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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives Associated With Fixed Income Trading Activities | The following table summarizes derivatives associated with FHNF's trading activities as of December 31, 2022 and 2021: Table 8.21.1 DERIVATIVES ASSOCIATED WITH TRADING
|  | December 31, 2022
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer interest rate contracts |  | $ | 3,076 |  |  | $ | 3 |  |  | $ | 270 |
Offsetting upstream interest rate contracts |  | 3,076 |  |  | 91 |  |  | 6 |
Option contracts purchased |  | 40 |  |  | — |  |  | — |
Forwards and futures purchased |  | 1,127 |  |  | 5 |  |  | 2 |
Forwards and futures sold |  | 1,256 |  |  | 4 |  |  | 5 |
|  | 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 table summarizes FHN’s derivatives associated with interest rate risk management activities as of December 31, 2022 and 2021: Table 8.21.2 DERIVATIVES ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
|  | December 31, 2022
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |
Customer interest rate contracts |  | $ | 8,377 |  |  | $ | 3 |  |  | $ | 570 |
Offsetting upstream interest rate contracts |  | 8,377 |  |  | 351 |  |  | 5 |
|  | 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 years ended December 31, 2022, 2021, and 2020: Table 8.21.3 DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses)
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |
Customer interest rate contracts (a) |  | $ | (744) |  |  | $ | (268) |  |  | $ | 357 |
Offsetting upstream interest rate contracts (a) |  | 744 |  |  | 268 |  |  | (357) |
Debt Hedging |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |
Interest rate swaps (b) |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Hedged Items: |  |  |  |  |  |
Term borrowings (a) (c) |  | — |  |  | — |  |  | (2) |
(a)Gains (losses) included in other expense within the Consolidated Statements of Income. (b)Gains (losses) included in interest expense. (c)Represents gains and losses attributable to changes in fair value due to interest rate risk as designated in ASC 815-20 hedging relationships.
Derivative Associated With Cash Flow Hedges | The following table summarizes FHN’s derivative activities associated with cash flow hedges as of December 31, 2022 and 2021: Table 8.21.4 DERIVATIVES ASSOCIATED WITH CASH FLOW HEDGES
|  | December 31, 2022
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |
Interest rate contracts |  | $ | 5,350 |  |  | $ | — |  |  | $ | 71 |
Hedged Items: |  |  |  |  |  |
Variability in cash flows related to debt instruments (primarily loans) |  | N/A |  | $ | 5,350 |  |  | 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 years ended December 31, 2022, 2021, and 2020: Table 8.21.5 DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH CASH FLOW HEDGES
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses)
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |
Interest rate contracts (a) |  | $ | 195 |  |  | $ | 29 |  |  | $ | 3 |
Gain (loss) recognized in other comprehensive income (loss) |  | 15 |  |  | (3) |  |  | 15 |
Gain (loss) reclassified from AOCI into interest income |  | (129) |  |  | (7) |  |  | (6) |
(a)Approximately $20 million of pre-tax losses are expected to be reclassified into earnings in the next twelve months.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The notional and fair values of these contracts are presented in the table below. Table 8.21.6 DERIVATIVES ASSOCIATED WITH MORTGAGE BANKING HEDGES
|  | December 31, 2022
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Mortgage Banking Hedges |  |  |  |  |  |
Option contracts written |  | $ | 35 |  |  | $ | — |  |  | $ | — |
Forward contracts written |  | 61 |  | — |  |  | — |
|  | 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 years ended December 31, 2022 and 2021: Table 8.21.7 DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH MORTGAGE BANKING HEDGES
|  |  | Year Ended December 31,
|  |  | 2022 |  | 2021 |  | 2020
(Dollars in millions) |  |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses)
Mortgage Banking Hedges |  |  |  |  |  |  |
Option contracts written |  |  | $ | 3 |  |  | $ | 15 |  |  | $ | 15 |
Forward contracts written |  |  | 32 |  |  | 11 |  |  | (37) |
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 December 31, 2022 and 2021: Table 8.21.8 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: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 449 |  |  | $ | — |  |  | $ | 449 |  |  | $ | (58) |  |  | $ | (378) |  |  | $ | 13 |
Forward contracts |  | 9 |  |  | — |  |  | 9 |  |  | (6) |  |  | (2) |  |  | 1 |
|  | $ | 458 |  |  | $ | — |  |  | $ | 458 |  |  | $ | (64) |  |  | $ | (380) |  |  | $ | 14 |
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 December 31, 2022 and 2021, $2 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 December 31, 2022 and 2021: Table 8.21.9 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: |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 921 |  |  | $ | — |  |  | $ | 921 |  |  | $ | (58) |  |  | $ | (175) |  |  | $ | 688 |
Forward contracts |  | 8 |  |  | — |  |  | 8 |  |  | (6) |  |  | (1) |  |  | 1 |
|  | $ | 929 |  |  | $ | — |  |  | $ | 929 |  |  | $ | (64) |  |  | $ | (176) |  |  | $ | 689 |
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 December 31, 2022 and 2021, $29 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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