FIRST HORIZON CORP
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
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Accounting Changes
Refer to Note 1 – Basis of Presentation and Accounting Policies in the Consolidated Financial Statements in Part I, Item 1 of this report for details of accounting changes adopted in the current year, which section is incorporated into MD&A by this reference.
Accounting and Reporting Developments
The following table describes updates to accounting standards that have been issued by the FASB but that are not yet effective.
Table I.2.27
ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE
| Standard | Summary of Guidance | Effects on Financial Statements |
|---|---|---|
| ASU 2024-03Disaggregation of Income Statement Expenses Issued November 2024 | •Requires tabular disclosure, on an annual and interim basis, of additional disaggregated information about prescribed expense categories if they are present in any expense caption on the face of the income statement within continuing operations. The prescribed categories applicable to FHN are employee compensation, depreciation, and intangible asset amortization. Other required expense disclosures must be included in the tabular disclosure when they are included in the same income statement caption as a prescribed expense category. •Requires disclosure of the total amount of selling expenses and, annually, an entity’s definition of selling expenses. | •Effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. •Early adoption and retrospective application are permitted. •Required to be applied prospectively. •FHN is currently assessing the effects of adopting ASU 2024-03 on its financial statement disclosures. |
| ASU 2025-06Targeted Improvements to the Accounting for Internal-Use Software Issued September 2025 | •Simplifies the capitalization guidance by removing all references to software development project stages. •Requires entities to begin capitalizing incurred software costs after management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. | •Effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. •Early adoption is permitted. •The amendments in this update permit an entity to apply the new guidance using a prospective, retrospective or modified transition approach. •FHN is currently assessing the effects of adopting ASU 2025-06 on its Consolidated Financial Statements and related disclosures. |
| 104 | 2Q26 FORM 10-Q REPORT |
PART I, ITEM 2. MANAGEMENT'S DISCUSSION & ANALYSIS (MD&A)
Table of Contents
| ASU 2025-10Accounting for Government Grants Received by Business Entities Issued December 2025 | •Provides guidance on how business entities should recognize, measure, and present government grants received. | •Effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years. •Early adoption is permitted. •May be applied using a modified prospective, modified retrospective, or retrospective approach. •FHN is currently assessing the effects of adopting ASU 2025-10 on its consolidated financial statements and related disclosures. |
|---|---|---|
| ASU 2025-11Narrow-Scope Improvements Issued December 2025 | •Provides clarifications intended to improve the consistency and usability of interim disclosure requirements. •Includes a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. | •Effective for interim periods within annual reporting periods beginning after December 15, 2027. •Early adoption is permitted. •May be applied using a prospective or retrospective approach. •FHN is currently assessing the effects of adopting ASU 2025-11 on its financial statement disclosures. |
SEC Final Rule
In March 2024, the SEC adopted final rules, “The Enhancement and Standardization of Climate-Related Disclosures for Investors” (the “Climate Disclosures Rules”) to require registrants to disclose certain climate-related information in registration statements and annual reports. Information required for inclusion within the footnotes to the financial statements for severe weather events and other natural conditions includes 1) income statement effects before insurance recoveries above 1% of pre-tax income/loss, 2) balance sheet effects above 1% of shareholders’ equity, and 3) certain carbon offsets and renewable energy credits. Qualitative discussion is also required for material impacts on financial estimates and assumptions that are due to severe weather events and other natural conditions or disclosed climate-related targets or transition plans.
These rules have yet to come into effect because the SEC suspended their effectiveness in April 2024, pending the resolution of legal challenges. In May 2026, the SEC issued a proposed rule to rescind the Climate Disclosures Rules. The SEC has not yet taken final action on that proposal.
| 105 | 2Q26 FORM 10-Q REPORT |
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