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Derivatives (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Associated With Fixed Income Trading Activities
The following tables summarize derivatives associated with FHNF's trading activities as of December 31, 2020 and 2019:
 December 31, 2020
(Dollars in millions)NotionalAssetsLiabilities
Customer interest rate contracts$3,950 $207 $7 
Offsetting upstream interest rate contracts3,950 2 17 
Forwards and futures purchased10,795 62 — 
Forwards and futures sold11,633 1 65 
 
 December 31, 2019
(Dollars in millions)NotionalAssetsLiabilities
Customer interest rate contracts$2,698 $66 $7 
Offsetting upstream interest rate contracts2,698 3 4 
Option contracts purchased40 — — 
Forwards and futures purchased9,217 17 3 
Forwards and futures sold9,403 4 17 
Derivatives Associated With Interest Rate Risk Management Activities
The following tables summarize FHN’s derivatives associated with interest rate risk management activities as of December 31, 2020 and 2019:
 December 31, 2020
(Dollars in millions)NotionalAssetsLiabilities
Customer Interest Rate Contracts Hedging 
Hedging Instruments and Hedged Items: 
Customer interest rate contracts$6,868 $436 $1 
Offsetting upstream interest rate contracts6,868 5 35 
 
 December 31, 2019
(Dollars in millions)NotionalAssetsLiabilities
Customer Interest Rate Contracts Hedging
Hedging Instruments and Hedged Items: 
Customer interest rate contracts$3,044 $90 $4 
Offsetting upstream interest rate contracts3,044 4 10 
Debt Hedging
Hedging Instruments:
Interest rate swaps$500 N/A$— 
Hedged Items:
Term borrowings:
ParN/AN/A$500 
Cumulative fair value hedging adjustmentsN/AN/A(2)
Unamortized premium (discount) and issuance costsN/AN/A(1)
Total carrying valueN/AN/A$497 
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, 2020, 2019, and 2018:
Year Ended December 31,
202020192018
(Dollars in millions)Gains (Losses)Gains (Losses)Gains (Losses)
Customer Interest Rate Contracts Hedging
Hedging Instruments and Hedged Items:
Customer interest rate contracts (a)$357 $92 $2 
Offsetting upstream interest rate contracts (a)(357)(92)(2)
Debt Hedging
Hedging Instruments:
Interest rate swaps (b)$2 $13 $(2)
Hedged Items:
Term borrowings (a) (c)(2)(13)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 tables summarize FHN’s derivative activities associated with cash flow hedges as of December 31, 2020 and 2019:
 December 31, 2020
(Dollars in millions)NotionalAssetsLiabilities
Cash Flow Hedges 
Hedging Instruments: 
Interest rate contracts$1,500 $32 $— 
Hedged Items:
Variability in cash flows related to debt instruments (primarily loans)N/A$1,500 N/A
 
 December 31, 2019
(Dollars in millions)NotionalAssetsLiabilities
Cash Flow Hedges
Hedging Instruments: 
Interest rate contracts$900 N/A$— 
Hedged Items:
Variability in cash flows related to debt instruments (primarily loans)N/A$900 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, 2020, 2019, and 2018:
Year Ended December 31,
202020192018
(Dollars in millions)Gains (Losses)Gains (Losses)Gains (Losses)
Cash Flow Hedges
Hedging Instruments:
Interest rate contracts (a) $3 $21 $(6)
Gain (loss) recognized in Other comprehensive income (loss)15 11 (6)
Gain (loss) reclassified from AOCI into Interest income(6)4 2 
(a)Approximately $28 million of pre-tax gains are expected to be reclassified into earnings in the next twelve months.
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, 2020 and 2019:
    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, 2020
Interest rate derivative contracts$702 $— $702 $(7)$(327)$368 
Forward contracts63 — 63 (14)(20)29 
$765 $— $765 $(21)$(347)$397 
December 31, 2019
Interest rate derivative contracts$162 $— $162 $(6)$(143)$13 
Forward contracts21 — 21 (13)(2)6 
$183 $— $183 $(19)$(145)$19 
(a)Included in Other assets on the Consolidated Balance Sheets. As of December 31, 2020 and 2019, $4 million and $0.1 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, 2020 and 2019:
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, 2020
Interest rate derivative contracts$60 $— $60 $(7)$(31)$22 
Forward contracts65 — 65 (14)(51)— 
$125 $— $125 $(21)$(82)$22 
December 31, 2019
Interest rate derivative contracts$24 $— $24 $(6)$(18)$— 
Forward contracts20 — 20 (13)(7)— 
$44 $— $44 $(19)$(25)$— 
(a)Included in Other liabilities on the Consolidated Balance Sheets. As of December 31, 2020 and 2019, $22 million and $23 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.
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. Balances and activity for periods prior to the IBKC merger were not significant.
December 31, 2020
(Dollars in millions)NotionalAssetsLiabilities
Mortgage Banking Hedges
Option contracts written$667 $20 $— 
Forward contracts purchased725 — 6 

The following table summarizes gains (losses) on FHN's derivatives associated with mortgage banking activities for the year ended December 31, 2020.
 Year Ended
December 31,
2020
(Dollars in millions)Gains (Losses)
Mortgage Banking Hedges
Option contracts written$15 
Forward contracts purchased(37)