XML 79 R46.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
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 8.14.1 INCOME TAX EXPENSE
(Dollars in millions) |  | 2022 |  | 2021 |  | 2020
Consolidated Statements of Income: |  |  |  |  |  |
Income tax expense |  | $ | 247 |  |  | $ | 274 |  |  | $ | 76 |
Consolidated Statements of Changes in Equity: |  |  |  |  |  |
Income tax expense (benefit) related to: |  |  |  |  |  |
Net unrealized gains (losses) on pension and other postretirement plans |  | (5) |  |  | 2 |  |  | 3 |
Net unrealized gains (losses) on securities available for sale |  | (302) |  |  | (46) |  |  | 25 |
Net unrealized gains (losses) on cash flow hedges |  | (42) |  |  | (3) |  |  | 3 |
Total |  | $ | (102) |  |  | $ | 227 |  |  | $ | 107 |
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 8.14.2 INCOME TAX EXPENSE COMPONENTS
(Dollars in millions) |  | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |  |
Federal |  | $ | 123 |  |  | $ | 235 |  |  | $ | 80 |
State |  | 33 |  |  | 39 |  |  | 14 |
Deferred: |  |  |  |  |  |
Federal |  | 87 |  |  | (1) |  |  | (15) |
State |  | 4 |  |  | 1 |  |  | (3) |
Total |  | $ | 247 |  |  | $ | 274 |  |  | $ | 76 |
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 2022, 2021, and 2020, respectively to the total income tax expense follows: Table 8.14.3 RECONCILIATION FROM STATUTORY RATES
(Dollars in millions) |  | 2022 |  | 2021 |  | 2020
Federal income tax rate |  | 21 | % |  | 21 | % |  | 21 | %
Tax computed at statutory rate |  | $ | 243 |  |  | $ | 270 |  |  | $ | 196 |
Increase (decrease) resulting from: |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  | 31 |  |  | 32 |  |  | 9 |
Bank-owned life insurance |  | (4) |  |  | (7) |  |  | (6) |
401(k) – employee stock ownership plan |  | (1) |  |  | (1) |  |  | (1) |
Tax-exempt interest |  | (10) |  |  | (10) |  |  | (8) |
Non-deductible expenses |  | 11 |  |  | 8 |  |  | 13 |
LIHTC credits and benefits, net of amortization |  | (16) |  |  | (14) |  |  | (9) |
Other tax credits |  | (4) |  |  | (4) |  |  | (5) |
Other changes in unrecognized tax benefits |  | (2) |  |  | 4 |  |  | (9) |
Purchase accounting gain |  | — |  |  | — |  |  | (112) |
Other |  | (1) |  |  | (4) |  |  | 8 |
Total |  | $ | 247 |  |  | $ | 274 |  |  | $ | 76 |
Net DTA Balances Related to Income Tax Carryforwards | As of December 31, 2022, FHN had net deferred tax asset balances related to federal and state income tax carryforwards of $34 million and $2 million, respectively, which will expire at various dates as follows: Table 8.14.4 TAX CARRYFORWARD DTA EXPIRATION DATES
(Dollars in millions) |  | Expiration Dates |  | Net Deferred Tax Asset Balance
Losses - federal |  | 2026 - 2035 |  | $ | 34 |
Net operating losses - states |  | 2027 - 2042 |  | 2 |
Schedule of Deferred Tax Assets and Liabilities | Temporary differences which gave rise to deferred tax assets and deferred tax liabilities on December 31, 2022 and 2021 were as follows: Table 8.14.5 COMPONENTS OF DTAs & DTLs
(Dollars in millions) |  | 2022 |  | 2021
Deferred tax assets: |  |  |  |
Loan valuations and loss reserves |  | $ | 108 |  |  | $ | 161 |
Employee benefits |  | 93 |  |  | 83 |
Accrued expenses |  | 22 |  |  | 16 |
Depreciation and amortization |  | 24 |  |  | 13 |
Lease liability |  | 91 |  |  | 94 |
Federal loss carryforwards |  | 34 |  |  | 38 |
State loss carryforwards |  | 2 |  |  | 2 |
Securities available-for-sale and financial instruments (a) |  | 355 |  |  | 12 |
Other |  | 32 |  |  | 29 |
Gross deferred tax assets |  | 761 |  |  | 448 |
Deferred tax liabilities: |  |  |  |
Equity investments |  | $ | 3 |  |  | $ | 4 |
Other intangible assets |  | 80 |  |  | 86 |
Prepaid expenses |  | 17 |  |  | 18 |
ROU lease asset |  | 82 |  |  | 85 |
Leasing |  | 265 |  |  | 198 |
Other |  | 1 |  |  | 5 |
Gross deferred tax liabilities |  | 448 |  |  | 396 |
Net deferred tax assets |  | $ | 313 |  |  | $ | 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 8.14.6 ROLLFORWARD OF UNRECOGNIZED TAX BENEFITS
(Dollars in millions) |  |
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 |
Increases related to prior year tax positions |  | 3 |
Increases related to current year tax positions |  | 1 |
Decreases related to prior year tax positions |  | (7) |
Balance at December 31, 2022 |  | $ | 89 |

X
- Definition Schedule Of Components Of Consolidated Statements Of Income And Equity[Table Text Block] + References No definition available. + Details
Name: | fhn_ScheduleOfComponentsOfConsolidatedStatementsOfIncomeAndEquityTableTextBlock
Namespace Prefix: | fhn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32559-109319 + Details
Name: | us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration