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Retirement Plans and Other Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Actuarial Assumptions Used The actuarial assumptions used in the defined benefit pension plans and other employee benefit plans were as follows:
Table 8.18.1
ACTUARIAL ASSUMPTIONS FOR DEFINED BENEFIT PLANS
 Benefit ObligationsNet Periodic Benefit Cost
202120202019202120202019
Discount rate      
Qualified pension2.95%2.63%3.31%2.64%3.31%4.43%
Nonqualified pension2.65%2.24%3.08%2.24%3.08%4.26%
Other nonqualified pension1.99%1.41%2.57%1.41%2.57%3.83%
Postretirement benefits
2.43%-3.07%
1.92% - 2.81%
2.85% - 3.44%
1.93%-2.81%
2.87% - 3.44%
4.04% - 4.56%
Expected long-term rate of return      
Qualified pension/
postretirement benefits		N/AN/AN/A2.30%3.45%4.80%
Postretirement benefit (retirees post January 1, 1993)N/AN/AN/A5.80%6.40%6.85%
Postretirement benefit (retirees prior to January 1, 1993)N/AN/AN/A1.00%0.90%0.05%
Schedule of Projected Benefit Obligation and Interest Credit Rates FHN has one pension plan where participants' benefits are affected by interest crediting rates. The plan's projected benefit obligation as of December 31, 2021, 2020 and 2019 and interest crediting rates for the respective years were as follows:
Table 8.18.2
PROJECTED BENEFIT OBLIGATION
& CREDITING RATE
(Dollars in millions)202120202019
Projected benefit obligation$12 $15 $16 
Interest crediting rate9.07 %8.20 %9.66 %
Schedule of Components of Net Periodic Benefit Cost The components of net periodic benefit cost for the plan years 2021, 2020 and 2019 were as follows:
Table 8.18.3
COMPONENTS OF NET PERIODIC BENEFIT COST
(Dollars in millions)Pension BenefitsOther Benefits
202120202019202120202019
Components of net periodic benefit cost      
Interest cost$17 $24 $30 $1 $1 $1 
Expected return on plan assets(20)(26)(37)(1)(1)(1)
Amortization of unrecognized:      
Actuarial (gain) loss10 13 10 — — — 
Net periodic benefit cost$7 $11 $3 $— $— $— 
Schedule of Plan's Benefit Obligations and Plan Assets The following tables set forth the plans’ benefit obligations and plan assets for 2021 and 2020:
Table 8.18.4
BENEFIT OBLIGATIONS & PLAN ASSETS
(Dollars in millions)Pension BenefitsOther Benefits
2021202020212020
Change in benefit obligation    
Benefit obligation, beginning of year$893 $836 $46 $42 
Interest cost17 24 1 1 
Actuarial (gain) loss (a)(26)70 (5)4 
Actual benefits paid(39)(37)(1)(1)
Benefit obligation, end of year$845 $893 $41 $46 
Change in plan assets    
Fair value of plan assets, beginning of year$896 $826 $23 $20 
Actual return on plan assets(18)103 3 3 
Employer contributions10 4 1 1 
Actual benefits paid – settlement payments(3)(36)(1)(1)
Actual benefits paid – other payments(2)(1)— — 
Premium paid for annuity purchase (b)(34)— — — 
Fair value of plan assets, end of year$849 $896 $26 $23 
Funded (unfunded) status of the plans$4 $3 $(15)$(23)
Amounts recognized in the Balance Sheets    
Other assets$37 $40 $23 $20 
Other liabilities(33)(37)(38)(43)
Net asset (liability) at end of year$4 $3 $(15)$(23)
(a)Variances in the actuarial (gain) loss are due to normal activity such as changes in discount rates, updates to participant demographic information and revisions to life expectancy assumptions.
(b)2021 amount represents settlements of certain retired participants in the qualified pension plan that occurred during the year.
Schedule of Funded Status for Pension and Post Retirement Plans
The projected benefit obligation for unfunded plans was as follows:
Table 8.18.5
BENEFIT OBLIGATION - UNFUNDED PLANS
Pension BenefitsOther Benefits
(Dollars in millions)2021202020212020
Projected benefit obligation$33 $37 $38 $43 
Schedule of Defined Benefit Plan Balances Reflected in AOCI on Pre-tax Basis Balances reflected in accumulated other comprehensive income on a pre-tax basis for the years ended December 31, 2021 and 2020 consist of:
Table 8.18.6
PRE-TAX ACTUARIAL GAINS (LOSSES) REFLECTED IN AOCI
(Dollars in millions)Pension BenefitsOther Benefits
2021202020212020
Amounts recognized in accumulated other comprehensive income    
Net actuarial (gain) loss$342 $342 $(6)$1 
Schedule of Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income on Pre-tax Basis
The pre-tax amounts recognized in other comprehensive income during 2021, 2020, and 2019 were as follows:
Table 8.18.7
PRE-TAX AMOUNTS RECOGNIZED IN OCI
(Dollars in millions)Pension BenefitsOther Benefits
202120202019202120202019
Changes in plan assets and benefit obligation recognized in other comprehensive income    
Net actuarial (gain) loss arising during measurement period$13 $(8)$(14)$(7)$3 $5 
Items amortized during the measurement period:    
Net actuarial gain (loss)(10)(13)(10)— — — 
Total recognized in other comprehensive income$3 $(21)$(24)$(7)$3 $5 
Schedule of Expected Benefit Payments
The following table provides detail on expected benefit payments, which reflect expected future service, as appropriate:
Table 8.18.8
EXPECTED BENEFIT PAYMENTS
(Dollars in millions)Pension
Benefits		Other
Benefits
2022$40 $2 
202342 2 
202443 2 
202545 2 
202646 2 
2027-2031232 11 
Schedule of Fair Value of Pension Plan Assets The fair value of FHN’s pension plan assets at December 31, 2021 and 2020, by asset category classified using the Fair Value measurement hierarchy, is shown in the tables below. See Note 24 – Fair Value of Assets and Liabilities for more details about fair value measurements.
Tables 8.18.9a-b
FAIR VALUE OF PENSION ASSETS
(Dollars in millions)December 31, 2021
Level 1Level 2Level 3Total
Cash equivalents and money market funds$45 $— $— $45 
Fixed income securities:    
U.S. treasuries— 15 — 15 
Corporate, municipal and foreign bonds— 445 — 445 
Common and collective funds:    
Fixed income— 344 — 344 
Total$45 $804 $— $849 
(Dollars in millions)December 31, 2020
Level 1Level 2Level 3Total
Cash equivalents and money market funds$23 $— $— $23 
Fixed income securities:    
U.S. treasuries— 6 — 6 
Corporate, municipal and foreign bonds— 488 — 488 
Common and collective funds:
Fixed income— 379 — 379 
Total$23 $873 $— $896 
Schedule of Fair Value of Retiree Medical Plan Assets The fair value of FHN’s retiree medical plan assets at December 31, 2021 and 2020 by asset category are as follows:
Tables 8.18.10a-b
FAIR VALUE OF RETIREE MEDICAL PLAN ASSETS
(Dollars in millions)December 31, 2021
Level 1Level 2Level 3Total
Mutual funds:    
Equity mutual funds$17 $— $— $17 
Fixed income mutual funds9 — — 9 
Total$26 $— $— $26 
(Dollars in millions)December 31, 2020
Level 1Level 2Level 3Total
Mutual funds:    
Equity mutual funds$15 $— $— $15 
Fixed income mutual funds8 — — 8 
Total$23 $— $— $23