Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Impact of Adoption of ASU 2016-13

A significant portion of the adoption impact for ASU 2016-13 relates to increased reserves within the consumer portfolios, given the longer contractual maturities associated with many of these products as well as increased reserves for acquired loans that previously considered purchase discounts. Based on its implementation efforts, FHN recorded the following adoption adjustments effective January 1, 2020.

(Dollars in millions)	January 1, 2020
Loans and leases (a)	$	3
Allowance for loan and lease losses	(107)
Other assets (deferred taxes)	32
Total assets	$	(72)
Other liabilities (unfunded commitments)	$	24
Retained earnings	(96)
Total liabilities and equity	$	(72)

(a) The effect on loans represents the increase in amortized cost for recognition of the allowance for credit losses on PCD loans.