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Retirement Plans and Other Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
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
202420232022202420232022
Discount rate      
Qualified pension5.66%5.00%5.20%5.00%5.20%2.96%
Nonqualified pension5.50%4.90%5.10%4.90%5.10%2.65%
Other nonqualified pension5.20%4.75%4.94%4.75%4.94%1.99%
Postretirement benefits
5.40% - 5.74%
4.84% - 5.06%
5.04% - 5.25%
4.84% - 5.49%
4.88% - 5.25%
2.42% - 5.08%
Expected long-term rate of return      
Qualified pension/
postretirement benefits		N/AN/AN/A5.00%5.15%2.85%
Postretirement benefit (retirees post January 1, 1993)N/AN/AN/A5.25%5.50%5.95%
Postretirement benefit (retirees prior to January 1, 1993)N/AN/AN/AN/AN/A1.05%
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, 2024, 2023 and 2022 and interest crediting rates for the respective years were as follows.
Table 8.17.2
PROJECTED BENEFIT OBLIGATION
& CREDITING RATE
(Dollars in millions)202420232022
Projected benefit obligation$7 $8 $10 
Interest crediting rate12.25 %12.04 %10.77 %
Schedule of Components of Net Periodic Benefit Cost
The components of net periodic benefit cost for the plan years 2024, 2023 and 2022 were as follows.
Table 8.17.3
COMPONENTS OF NET PERIODIC BENEFIT COST
(Dollars in millions)Pension BenefitsOther Benefits
202420232022202420232022
Components of net periodic benefit cost      
Interest cost$32 $33 $20 $2 $2 $1 
Expected return on plan assets(32)(32)(24)(1)(1)(2)
Amortization of unrecognized:      
Actuarial (gain) loss13 13 12 (1)(1)— 
Net periodic benefit cost$13 $14 $8 $— $— $(1)
Schedule of Plan's Benefit Obligations and Plan Assets
The following table presents the plans’ benefit obligations and plan assets for 2024 and 2023.
Table 8.17.4
BENEFIT OBLIGATIONS & PLAN ASSETS
(Dollars in millions)Pension BenefitsOther Benefits
2024202320242023
Change in benefit obligation    
Benefit obligation, beginning of year$675 $663 $31 $32 
Interest cost32 33 2 2 
Actuarial (gain) loss (a)(38)20 (1)— 
Actual benefits paid(42)(41)(2)(3)
Premium paid for annuity purchase (b)(28)— — — 
Benefit obligation, end of year$599 $675 $30 $31 
Change in plan assets    
Fair value of plan assets, beginning of year$638 $641 $23 $21 
Actual return on plan assets7 35 2 2 
Employer contributions3 3 1 3 
Actual benefits paid – settlement payments(41)(40)(2)(3)
Actual benefits paid – other payments(1)(1)— — 
Premium paid for annuity purchase (b)(28)— — — 
Fair value of plan assets, end of year$578 $638 $24 $23 
Funded (unfunded) status of the plans$(21)$(37)$(6)$(8)
Amounts recognized in the Balance Sheets    
Other assets$1 $— $22 $21 
Other liabilities(22)(37)(28)(29)
Net asset (liability) at end of year$(21)$(37)$(6)$(8)
(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)2024202320242023
Projected benefit obligation$22 $24 $28 $29 
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, 2024 and 2023 consist of the following.
Table 8.17.6
PRE-TAX ACTUARIAL (GAINS) LOSSES REFLECTED IN AOCI
(Dollars in millions)Pension BenefitsOther Benefits
2024202320242023
Amounts recognized in accumulated other comprehensive income    
Net actuarial (gain) loss$341 $367 $(9)$(8)
Schedule of Amounts Recognized in Other Comprehensive Income
The pre-tax amounts recognized in other comprehensive income during 2024, 2023, and 2022 were as follows.
Table 8.17.7
PRE-TAX AMOUNTS RECOGNIZED IN OCI
(Dollars in millions)Pension BenefitsOther Benefits
202420232022202420232022
Changes in plan assets and benefit obligation recognized in other comprehensive income    
Net actuarial (gain) loss arising during measurement period$(13)$17 $32 $(2)$— $(3)
Items amortized during the measurement period:    
Net actuarial gain (loss)(13)(13)(11)1 1 — 
Total recognized in other comprehensive income$(26)$4 $21 $(1)$1 $(3)
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
2025$44 $2 
202645 2 
202746 2 
202846 2 
202946 2 
2030-2034229 12 
Schedule of Fair Value of Pension Plan Assets
The fair value of FHN’s pension plan assets at December 31, 2024 and 2023, 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, 2024
Level 1Level 2Level 3Total
Cash equivalents and money market funds$11 $— $— $11 
Fixed income securities:    
U.S. treasuries— 8 — 8 
Corporate, municipal and foreign bonds— 295 — 295 
Common and collective funds:    
Fixed income— 264 — 264 
Total$11 $567 $— $578 
(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 
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, 2024 and 2023 by asset category is as follows.
Table 8.17.10
FAIR VALUE OF RETIREE MEDICAL PLAN ASSETS
(Dollars in millions)December 31, 2024
Level 1Level 2Level 3Total
Mutual funds:    
Equity mutual funds$8 $— $— $8 
Fixed income mutual funds16 — — 16 
Total$24 $— $— $24 
(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