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Retirement Plans and Other Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Assumptions Used in the Defined Benefit Plans
The actuarial assumptions used in the defined benefit pension plans and other employee benefit plans were as follows:
Table 8.17.1
ACTUARIAL ASSUMPTIONS FOR DEFINED BENEFIT PLANS
 Benefit ObligationsNet Periodic Benefit Cost
202320222021202320222021
Discount rate      
Qualified pension5.00%5.20%2.95%5.20%2.96%2.64%
Nonqualified pension4.90%5.10%2.65%5.10%2.65%2.24%
Other nonqualified pension4.75%4.94%1.99%4.94%1.99%1.41%
Postretirement benefits
4.84% - 5.06%
5.04% - 5.25%
2.43% - 3.07%
4.88% - 5.25%
2.42% - 5.08%
1.93% - 2.81%
Expected long-term rate of return      
Qualified pension/
postretirement benefits		N/AN/AN/A5.15%2.85%2.30%
Postretirement benefit (retirees post January 1, 1993)N/AN/AN/A5.50%5.95%5.80%
Postretirement benefit (retirees prior to January 1, 1993)N/AN/AN/AN/A1.05%1.00%
Schedule of Projected Benefit Obligation and Interest Credit Ratings
FHN has one pension plan where participants' benefits are affected by interest crediting rates. The plan's projected benefit obligation as of December 31, 2023, 2022 and 2021 and interest crediting rates for the respective years were as follows:
Table 8.17.2
PROJECTED BENEFIT OBLIGATION
& CREDITING RATE
(Dollars in millions)202320222021
Projected benefit obligation$8 $10 $12 
Interest crediting rate12.04 %10.77 %9.07 %
Schedule of Components of Net Periodic Benefit Cost
The components of net periodic benefit cost for the plan years 2023, 2022 and 2021 were as follows:
Table 8.17.3
COMPONENTS OF NET PERIODIC BENEFIT COST
(Dollars in millions)Pension BenefitsOther Benefits
202320222021202320222021
Components of net periodic benefit cost      
Interest cost$33 $20 $17 $2 $1 $1 
Expected return on plan assets(32)(24)(20)(1)(2)(1)
Amortization of unrecognized:      
Actuarial (gain) loss13 12 10 (1)— — 
Net periodic benefit cost$14 $8 $7 $— $(1)$— 
Schedule of Plan's Benefit Obligations and Plan Assets
The following table presents the plans’ benefit obligations and plan assets for 2023 and 2022:
Table 8.17.4
BENEFIT OBLIGATIONS & PLAN ASSETS
(Dollars in millions)Pension BenefitsOther Benefits
2023202220232022
Change in benefit obligation    
Benefit obligation, beginning of year$663 $845 $32 $41 
Interest cost33 20 2 1 
Actuarial (gain) loss (a)20 (163)— (9)
Actual benefits paid(41)(39)(3)(1)
Benefit obligation, end of year$675 $663 $31 $32 
Change in plan assets    
Fair value of plan assets, beginning of year$641 $849 $21 $26 
Actual return on plan assets35 (172)2 (4)
Employer contributions3 3 3 1 
Actual benefits paid – settlement payments(2)(2)(3)(2)
Actual benefits paid – other payments(1)(1)— — 
Premium paid for annuity purchase (b)(38)(36)— — 
Fair value of plan assets, end of year$638 $641 $23 $21 
Funded (unfunded) status of the plans$(37)$(22)$(8)$(11)
Amounts recognized in the Balance Sheets    
Other assets$— $4 $21 $19 
Other liabilities(37)(26)(29)(30)
Net asset (liability) at end of year$(37)$(22)$(8)$(11)
(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)Amounts represent settlements of certain retired participants in the qualified pension plan that occurred during the year.
Schedule of Funded (Unfunded) Status of Plan
The projected benefit obligation for unfunded plans was as follows:
Table 8.17.5
BENEFIT OBLIGATION - UNFUNDED PLANS
Pension BenefitsOther Benefits
(Dollars in millions)2023202220232022
Projected benefit obligation$24 $26 $29 $30 
Schedule of 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, 2023 and 2022 consist of:
Table 8.17.6
PRE-TAX ACTUARIAL (GAINS) LOSSES REFLECTED IN AOCI
(Dollars in millions)Pension BenefitsOther Benefits
2023202220232022
Amounts recognized in accumulated other comprehensive income    
Net actuarial (gain) loss$367 $363 $(8)$(8)
Schedule of Amounts Recognized in Other Comprehensive Income
The pre-tax amounts recognized in other comprehensive income during 2023, 2022, and 2021 were as follows:
Table 8.17.7
PRE-TAX AMOUNTS RECOGNIZED IN OCI
(Dollars in millions)Pension BenefitsOther Benefits
202320222021202320222021
Changes in plan assets and benefit obligation recognized in other comprehensive income    
Net actuarial (gain) loss arising during measurement period$17 $32 $13 $— $(3)$(7)
Items amortized during the measurement period:    
Net actuarial gain (loss)(13)(11)(10)1 — — 
Total recognized in other comprehensive income$4 $21 $3 $1 $(3)$(7)
Schedule of Expected Benefit Payments
The following table provides detail on expected benefit payments, which reflect expected future service, as appropriate:
Table 8.17.8
EXPECTED BENEFIT PAYMENTS
(Dollars in millions)Pension
Benefits		Other
Benefits
2024$44 $2 
202546 2 
202647 2 
202748 2 
202848 2 
2029-2033239 11 
Schedule of Fair Value of Pension Plan Assets
The fair value of FHN’s pension plan assets at December 31, 2023 and 2022, by asset category classified using the Fair Value measurement hierarchy, is shown in the table below. See Note 23 – Fair Value of Assets and Liabilities for more details about fair value measurements.
Table 8.17.9
FAIR VALUE OF PENSION ASSETS
(Dollars in millions)December 31, 2023
Level 1Level 2Level 3Total
Cash equivalents and money market funds$6 $— $— $6 
Fixed income securities:    
U.S. treasuries— 9 — 9 
Corporate, municipal and foreign bonds— 317 — 317 
Common and collective funds:    
Fixed income— 306 — 306 
Total$6 $632 $— $638 
(Dollars in millions)December 31, 2022
Level 1Level 2Level 3Total
Cash equivalents and money market funds$20 $— $— $20 
Fixed income securities:    
U.S. treasuries— 15 — 15 
Corporate, municipal and foreign bonds— 300 — 300 
Common and collective funds:
Fixed income— 306 — 306 
Total$20 $621 $— $641 
Schedule of Fair Value of Retiree Medical Plan Assets By Asset Category
The fair value of FHN’s retiree medical plan assets at December 31, 2023 and 2022 by asset category are as follows:
Table 8.17.10
FAIR VALUE OF RETIREE MEDICAL PLAN ASSETS
(Dollars in millions)December 31, 2023
Level 1Level 2Level 3Total
Mutual funds:    
Equity mutual funds$7 $— $— $7 
Fixed income mutual funds16 — — 16 
Total$23 $— $— $23 
(Dollars in millions)December 31, 2022
Level 1Level 2Level 3Total
Mutual funds:    
Equity mutual funds$6 $— $— $6 
Fixed income mutual funds15 — — 15 
Total$21 $— $— $21