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Derivatives (Tables)
 3 Months Ended
Mar. 31, 2022
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 March 31, 2022 and December 31, 2021:
DERIVATIVES ASSOCIATED WITH TRADING
 March 31, 2022
(Dollars in millions)NotionalAssetsLiabilities
Customer interest rate contracts$3,301 $16 $136 
Offsetting upstream interest rate contracts3,301 17 1 
Option contracts purchased8 — — 
Forwards and futures purchased6,607 5 68 
Forwards and futures sold7,072 73 3 
 
 December 31, 2021
(Dollars in millions)NotionalAssetsLiabilities
Customer interest rate contracts$3,587 $84 $41 
Offsetting upstream interest rate contracts3,587 4 8 
Option contracts purchased13 — — 
Forwards and futures purchased4,430 2 9 
Forwards and futures sold5,044 10 2 
Derivatives Associated With Interest Rate Risk Management Activities The following tables summarize FHN’s derivatives associated with interest rate risk management activities as of March 31, 2022 and December 31, 2021:
 
DERIVATIVES ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
 March 31, 2022
(Dollars in millions)NotionalAssetsLiabilities
Customer Interest Rate Contracts Hedging 
Hedging Instruments and Hedged Items: 
Customer interest rate contracts$8,068 $35 $215 
Offsetting upstream interest rate contracts8,068 35 6 
 December 31, 2021
(Dollars in millions)NotionalAssetsLiabilities
Customer Interest Rate Contracts Hedging
Hedging Instruments and Hedged Items: 
Customer interest rate contracts$8,037 $202 $29 
Offsetting upstream interest rate contracts8,037 4 15 
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 three months ended March 31, 2022 and 2021:
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH INTEREST RATE RISK MANAGEMENT
Three Months Ended
March 31,
20222021
(Dollars in millions)Gains (Losses)Gains (Losses)
Customer Interest Rate Contracts Hedging
Hedging Instruments and Hedged Items:
Customer interest rate contracts (a)$353 $214 
Offsetting upstream interest rate contracts (a)(353)(214)
(a)Gains (losses) included in other expense within the Consolidated Statements of Income.
Derivative Associated With Cash Flow Hedges The following tables summarize FHN’s derivative activities associated with cash flow hedges as of March 31, 2022 and December 31, 2021:
DERIVATIVES ASSOCIATED WITH CASH FLOW HEDGES
 March 31, 2022
(Dollars in millions)NotionalAssetsLiabilities
Cash Flow Hedges 
Hedging Instruments: 
Interest rate contracts$2,350 $30 $— 
Hedged Items:
Variability in cash flows related to debt instruments (primarily loans)N/A$2,350 N/A
 
 December 31, 2021
(Dollars in millions)NotionalAssetsLiabilities
Cash Flow Hedges
Hedging Instruments: 
Interest rate contracts$1,100 $13 $— 
Hedged Items:
Variability in cash flows related to debt instruments (primarily loans)N/A$1,100 N/A
Gains/(Losses) on Derivatives Associated with Cash Flow Hedges
The following table summarizes gains (losses) on FHN’s derivatives associated with cash flow hedges for the three months ended March 31, 2022 and 2021:
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH CASH FLOW HEDGES
Three Months Ended
March 31,
20222021
(Dollars in millions)Gains (Losses)Gains (Losses)
Cash Flow Hedges
Hedging Instruments:
Interest rate contracts (a)$(32)$8 
       Gain (loss) recognized in other comprehensive income (loss)(20)(3)
       Gain (loss) reclassified from AOCI into interest income(1)1 
(a)Approximately $9 million of pre-tax gains are expected to be reclassified into earnings in the next twelve months.
Schedule of Fair Value Derivative Instruments, Statements of Financial Performance and Financial Position, Location The notional and fair values of these contracts are presented in the table below.
DERIVATIVES ASSOCIATED WITH MORTGAGE BANKING HEDGES
March 31, 2022
(Dollars in millions)NotionalAssetsLiabilities
Mortgage Banking Hedges
Option contracts written$249 $2 $1 
Forward contracts written349 7 — 

December 31, 2021
(Dollars in millions)NotionalAssetsLiabilities
Mortgage Banking Hedges
Option contracts written$241 $4 $— 
Forward contracts written404 — — 
The following table summarizes gains (losses) on FHN's derivatives associated with mortgage banking activities for the three months ended March 31, 2022 and 2021:
DERIVATIVE GAINS (LOSSES) ASSOCIATED WITH MORTGAGE BANKING HEDGES
Three Months Ended March 31,
20222021
(Dollars in millions)Gains (Losses)Gains (Losses)
Mortgage Banking Hedges
Option contracts written$(4)$(11)
Forward contracts written18 23 
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 March 31, 2022 and December 31, 2021:

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:
March 31, 2022
Interest rate derivative contracts$133 $— $133 $(27)$(101)$5 
Forward contracts78 — 78 (19)(3)56 
$211 $— $211 $(46)$(104)$61 
December 31, 2021
Interest rate derivative contracts$311 $— $311 $(32)$(181)$98 
Forward contracts12 — 12 (4)(3)5 
$323 $— $323 $(36)$(184)$103 
(a)Included in other assets on the Consolidated Balance Sheets. As of March 31, 2022 and December 31, 2021, $8 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.
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 March 31, 2022 and December 31, 2021:
 
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:
March 31, 2022
Interest rate derivative contracts$359 $— $359 $(27)$(137)$195 
Forward contracts71 — 71 (19)(36)16 
$430 $— $430 $(46)$(173)$211 
December 31, 2021
Interest rate derivative contracts$93 $— $93 $(32)$(38)$23 
Forward contracts10 — 10 (4)(1)5 
$103 $— $103 $(36)$(39)$28 
(a)Included in other liabilities on the Consolidated Balance Sheets. As of March 31, 2022 and December 31, 2021, $18 million and $24 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.