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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivatives Associated With Fixed Income Trading Activities | The following table summarizes derivatives associated with FHNF's trading activities as of December 31, 2023 and 2022: Table 8.21.1 DERIVATIVES ASSOCIATED WITH TRADING
|  | December 31, 2023
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer interest rate contracts |  | $ | 4,067 |  |  | $ | 22 |  |  | $ | 197 |
Offsetting upstream interest rate contracts |  | 4,273 |  |  | 135 |  |  | 23 |
Forwards and futures purchased |  | 777 |  |  | 9 |  |  | — |
Forwards and futures sold |  | 912 |  |  | — |  |  | 9 |
|  | 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 |
Schedule of 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, 2023 and 2022: Table 8.21.2 DERIVATIVES ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
|  | December 31, 2023
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |
Customer interest rate contracts |  | $ | 8,375 |  |  | $ | 21 |  |  | $ | 392 |
Offsetting upstream interest rate contracts |  | 8,375 |  |  | 389 |  |  | 22 |
|  | 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 |
Schedule of 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, 2023, 2022, and 2021: Table 8.21.3 DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses)
Customer Interest Rate Contracts Hedging |  |  |  |  |  |
Hedging Instruments and Hedged Items: |  |  |  |  |  |
Customer interest rate contracts (a) |  | $ | 195 |  |  | $ | (744) |  |  | $ | (268) |
Offsetting upstream interest rate contracts (a) |  | (195) |  |  | 744 |  |  | 268 |
(a)Gains (losses) included in other expense within the Consolidated Statements of Income.
Schedule of Derivative Associated With Cash Flow Hedges | The following tables summarize FHN’s derivative activities associated with cash flow hedges as of December 31, 2023 and 2022: Table 8.21.4 DERIVATIVES ASSOCIATED WITH CASH FLOW HEDGES
|  | December 31, 2023
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |
Interest rate contracts |  | $ | 5,200 |  |  | $ | — |  |  | $ | 32 |
Hedged Items: |  |  |  |  |  |
Variability in cash flows related to debt instruments (primarily loans) |  | N/A |  | $ | 5,200 |  |  | N/A
|  | 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
Schedule of 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, 2023, 2022, and 2021: Table 8.21.5 DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH CASH FLOW HEDGES
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
(Dollars in millions) |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses)
Cash Flow Hedges |  |  |  |  |  |
Hedging Instruments: |  |  |  |  |  |
Interest rate contracts (a) |  | $ | 45 |  |  | $ | 195 |  |  | $ | 29 |
Gain (loss) recognized in other comprehensive income (loss) |  | 52 |  |  | 15 |  |  | (3) |
Gain (loss) reclassified from AOCI into interest income |  | 47 |  |  | (129) |  |  | (7) |
(a)Approximately $9 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, 2023
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Mortgage Banking Hedges |  |  |  |  |  |
Option contracts written |  | $ | 55 |  |  | $ | 1 |  |  | $ | — |
Forward contracts written |  | 93 |  |  | — |  |  | 1 |
|  | December 31, 2022
(Dollars in millions) |  | Notional |  | Assets |  | Liabilities
Mortgage Banking Hedges |  |  |  |  |  |
Option contracts written |  | $ | 35 |  |  | $ | — |  |  | $ | — |
Forward contracts written |  | 61 |  |  | — |  |  | — |
The following table summarizes gains (losses) on FHN's derivatives associated with mortgage banking activities for the years ended December 31, 2023 and 2022: Table 8.21.7 DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH MORTGAGE BANKING HEDGES
|  |  | Year Ended December 31,
|  |  | 2023 |  | 2022 |  | 2021
(Dollars in millions) |  |  | Gains (Losses) |  | Gains (Losses) |  | Gains (Losses)
Mortgage Banking Hedges |  |  |  |  |  |  |
Option contracts written |  |  | $ | — |  |  | $ | 3 |  |  | $ | 15 |
Forward contracts written |  |  | 1 |  |  | 32 |  |  | 11 |
Schedule of 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, 2023 and 2022: 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, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 567 |  |  | $ | — |  |  | $ | 567 |  |  | $ | (75) |  |  | $ | (486) |  |  | $ | 6 |
Forward contracts |  | 9 |  |  | — |  |  | 9 |  |  | (4) |  |  | (3) |  |  | 2 |
|  | $ | 576 |  |  | $ | — |  |  | $ | 576 |  |  | $ | (79) |  |  | $ | (489) |  |  | $ | 8 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 449 |  |  | $ | — |  |  | $ | 449 |  |  | $ | (58) |  |  | $ | (378) |  |  | $ | 13 |
Forward contracts |  | 9 |  |  | — |  |  | 9 |  |  | (6) |  |  | (2) |  |  | 1 |
|  | $ | 458 |  |  | $ | — |  |  | $ | 458 |  |  | $ | (64) |  |  | $ | (380) |  |  | $ | 14 |
(a)Included in other assets on the Consolidated Balance Sheets. As of December 31, 2023 and 2022, $1 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.
Schedule of 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, 2023 and 2022: 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, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 666 |  |  | $ | — |  |  | $ | 666 |  |  | $ | (75) |  |  | $ | (164) |  |  | $ | 427 |
Forward contracts |  | 9 |  |  | — |  |  | 9 |  |  | (4) |  |  | (5) |  |  | — |
|  | $ | 675 |  |  | $ | — |  |  | $ | 675 |  |  | $ | (79) |  |  | $ | (169) |  |  | $ | 427 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivative contracts |  | $ | 921 |  |  | $ | — |  |  | $ | 921 |  |  | $ | (58) |  |  | $ | (175) |  |  | $ | 688 |
Forward contracts |  | 8 |  |  | — |  |  | 8 |  |  | (6) |  |  | (1) |  |  | 1 |
|  | $ | 929 |  |  | $ | — |  |  | $ | 929 |  |  | $ | (64) |  |  | $ | (176) |  |  | $ | 689 |
(a)Included in other liabilities on the Consolidated Balance Sheets. As of December 31, 2023 and 2022, $24 million and $29 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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