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Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Pension and Other Postretirement Benefits
NOTE 7. PENSION AND OTHER POSTRETIREMENT BENEFITS
Regions' defined benefit pension plans cover certain employees as the pension plans are closed to new entrants. The Company also sponsors a SERP, which is a non-qualified pension plan that provides certain senior executive officers defined benefits in relation to their compensation.
Net periodic pension cost (credit) includes the following components:
Three Months Ended September 30
202220212022202120222021
Qualified PlansNon-qualified PlansTotal
(In millions)
Service cost$7 $9 $1 $— $8 $9 
Interest cost14 12 1 — 15 12 
Expected return on plan assets(35)(35)— — (35)(35)
Amortization of actuarial loss7 12 2 1 9 13 
Settlement charge— — — 8 — 8 
Net periodic pension cost (credit)$(7)$(2)$4 $9 $(3)$7 
Nine Months Ended September 30
202220212022202120222021
Qualified PlansNon-qualified PlansTotal
(In millions)
Service cost$25 $28 $2 $3 $27 $31 
Interest cost42 36 2 1 44 37 
Expected return on plan assets(105)(106)— — (105)(106)
Amortization of actuarial loss20 35 5 5 25 40 
Settlement charge— — — 8 — 8 
Net periodic pension cost (credit)$(18)$(7)$9 $17 $(9)$10 
The service cost component of net periodic pension cost (credit) is recorded in salaries and employee benefits on the consolidated statements of income. Components other than service cost are recorded in other non-interest expense on the consolidated statements of income.
Regions' funding policy for the qualified plans is to contribute annually at least the amount required by IRS minimum funding standards. Regions made no contributions during the nine months ended September 30, 2022.Regions also provides other postretirement benefits, such as defined benefit health care plans and life insurance plans, that cover certain retired employees. There was no material impact from other postretirement benefits on the consolidated financial statements for the nine months ended September 30, 2022 or 2021.