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Variable Interest Entities (Tables) | 9 Months Ended
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Sep. 30, 2024
Variable Interest Entities [Abstract] |
Schedule of VIEs Consolidated by FHN | The following table summarizes the carrying value of assets and liabilities associated with rabbi trusts used for deferred compensation plans which are consolidated by FHN as of September 30, 2024 and December 31, 2023:
CONSOLIDATED VIEs
(Dollars in millions) |  |  |  | September 30, 2024 |  |  |  | December 31, 2023
Assets: |  |  |  |  |  |  |  |
Other assets |  |  |  | $ | 193 |  |  |  |  | $ | 177 |
Liabilities: |  |  |  |  |  |  |  |
Other liabilities |  |  |  | $ | 167 |  |  |  |  | $ | 150 |
Schedule of the Impact of Qualifying LIHTC Investments | The following table summarizes the impact to income tax expense on the Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 for investments accounted for under the PAM. The impact of these investments is Included in other operating activities, net in the Consolidated Statements of Cash Flows.
TAX CREDIT IMPACTS ON TAX EXPENSE |  |  |  |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(Dollars in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Amortization of qualifying investments |  | $ | 18 |  |  | $ | 13 |  |  | $ | 48 |  |  | $ | 39 |  |  |  |  |
Tax credits |  | (19) |  |  | (14) |  |  | (52) |  |  | (41) |  |  |  |  |
Other tax benefits related to qualifying investments |  | (3) |  |  | (3) |  |  | (9) |  |  | (8) |  |  |  |  |
Schedule of VIEs not Consolidated by FHN | The following tables summarize FHN’s nonconsolidated VIEs as of September 30, 2024 and December 31, 2023:
NONCONSOLIDATED VIEs AT SEPTEMBER 30, 2024
(Dollars in millions) |  | Maximum Loss Exposure |  | Liability Recognized |  | Classification
Type |  |  |  |  |  |
Low income housing partnerships |  | $ | 592 |  |  | $ | 201 |  |  | (a)
Other tax credit investments (b) |  | 98 |  |  | 82 |  |  | Other assets
Small issuer trust preferred holdings (c) |  | 171 |  |  | — |  |  | Loans and leases
On-balance sheet trust preferred securitization |  | 26 |  |  | 88 |  |  | (d)
Holdings of agency mortgage-backed securities (c) |  | 8,263 |  |  | — |  |  | (e)
Commercial loan modifications to borrowers experiencing financial difficulty (f) |  | 152 |  |  | — |  |  | Loans and leases
Proprietary trust preferred issuances (g) |  | — |  |  | 167 |  |  | Term borrowings
(a)Maximum loss exposure represents $391 million of current investments and $201 million of accrued contractual funding commitments. Accrued funding commitments represent unconditional contractual obligations for future funding events and are also recognized in other liabilities. FHN currently expects to be required to fund these accrued commitments by the end of 2024. (b)Maximum loss exposure represents the value of current investments. (c)Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts’ securities. (d)Includes $113 million classified as loans and leases and $2 million classified as trading securities, which are offset by $88 million classified as term borrowings. (e)Includes $428 million classified as trading securities, $1.3 billion classified as held to maturity, and $6.6 billion classified as securities available for sale. (f)Maximum loss exposure represents $152 million of current receivables with no additional contractual funding commitments on loans related to commercial loan modifications to borrowers experiencing financial difficulty. (g)No exposure to loss due to nature of FHN's involvement.
NONCONSOLIDATED VIEs AT DECEMBER 31, 2023
(Dollars in millions) |  | Maximum Loss Exposure |  | Liability Recognized |  | Classification
Type |  |  |  |  |  |
Low income housing partnerships |  | $ | 587 |  |  | $ | 223 |  |  | (a)
Other tax credit investments (b) |  | 79 |  |  | 64 |  |  | Other assets
Small issuer trust preferred holdings (c) |  | 173 |  |  | — |  |  | Loans and leases
On-balance sheet trust preferred securitization |  | 26 |  |  | 88 |  |  | (d)
Holdings of agency mortgage-backed securities (c) |  | 8,402 |  |  | — |  |  | (e)
Commercial loan modifications to borrowers experiencing financial difficulty (f) |  | 129 |  |  | — |  |  | Loans and leases
Proprietary trust preferred issuances (g) |  | — |  |  | 167 |  |  | Term borrowings
(a)Maximum loss exposure represents $364 million of current investments and $223 million of accrued contractual funding commitments. Accrued funding commitments represent unconditional contractual obligations for future funding events and are also recognized in other liabilities. FHN currently expects to be required to fund these accrued commitments by the end of 2024. (b)Maximum loss exposure represents current investments. (c)Maximum loss exposure represents the value of current investments. A liability is not recognized as FHN is solely a holder of the trusts’ securities. (d)Includes $113 million classified as loans and leases and $2 million classified as trading securities, which are offset by $88 million classified as term borrowings. (e)Includes $450 million classified as trading securities, $1.3 billion classified as held to maturity, and $6.6 billion classified as securities available for sale. (f)Maximum loss exposure represents $129 million of current receivables with no additional contractual funding commitments on loans related to commercial loan modifications to borrowers experiencing financial difficulty. (g)No exposure to loss due to nature of FHN's involvement.

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