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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Defined Benefit Plans Disclosures

The following table sets forth the plans’ change in benefit obligation, plan assets and funded status, using a December 31 measurement date, and amounts recognized in the consolidated balance sheets at December 31:

			Qualified Plans												Non-qualified Plans												Total
			2022						2021						2022						2021						2022						2021
			(In millions)
Change in benefit obligation
Projected benefit obligation, beginning of year			$	2,281					$	2,435					$	156					$	188					$	2,437					$	2,623
Service cost			34						38						2						3						36						41
Interest cost			56						49						3						2						59						51
Actuarial (gains) losses			(568)						(73)						(17)						—						(585)						(73)
Benefit payments			(108)						(165)						(8)						(8)						(116)						(173)
Administrative expenses			(3)						(3)						—						—						(3)						(3)
Plan settlements			(69)						—						(9)						(29)						(78)						(29)
Projected benefit obligation, end of year			$	1,623					$	2,281					$	127					$	156					$	1,750					$	2,437
Change in plan assets
Fair value of plan assets, beginning of year			$	2,554					$	2,469					$	—					$	—					$	2,554					$	2,469
Actual return on plan assets			(404)						253						—						—						(404)						253
Company contributions			—						—						17						37						17						37
Benefit payments			(108)						(165)						(8)						(8)						(116)						(173)
Administrative expenses			(3)						(3)						—						—						(3)						(3)
Plan settlements			(69)						—						(9)						(29)						(78)						(29)
Fair value of plan assets, end of year			$	1,970					$	2,554					$	—					$	—					$	1,970					$	2,554
Funded status and accrued benefit (cost) at measurement date			$	347					$	273					$	(127)					$	(156)					$	220					$	117
Amount recognized in the Consolidated Balance Sheets:
Other assets			$	347					$	273					$	—					$	—					$	347					$	273
Other liabilities			—						—						(127)						(156)						(127)						(156)
			$	347					$	273					$	(127)					$	(156)					$	220					$	117
Pre-tax amounts recognized in Accumulated Other Comprehensive (Income) Loss:
Net actuarial loss			$	537					$	590					$	36					$	62					$	573					$	652

Components Of Net Periodic Benefit Costs

Net periodic pension cost (benefit) included the following components for the years ended December 31:

						Qualified Plans																		Non-qualified Plans																		Total
						2022						2021						2020						2022						2021						2020						2022						2021						2020
						(In millions)
Service cost						$	34					$	38					$	34					$	2					$	3					$	5					$	36					$	41					$	39
Interest cost						56						49						64						3						2						4						59						51						68
Expected return on plan assets						(139)						(142)						(148)						—						—						—						(139)						(142)						(148)
Amortization of actuarial loss						25						46						39						7						8						8						32						54						47
Settlement charge						4						—						—						2						11						—						6						11						—
Net periodic pension (benefit) cost						$	(20)					$	(9)					$	(11)					$	14					$	24					$	17					$	(6)					$	15					$	6

Schedule of Assumptions Used

The assumptions used to determine benefit obligations at December 31 are as follows:

			Qualified Plans												Non-qualified Plans
			2022						2021						2022						2021
Discount rate			5.42		%				2.85		%				5.38		%				2.64		%
Rate of annual compensation increase			4.00		%				4.00		%				3.00		%				3.00		%

The weighted-average assumptions used to determine net periodic pension (benefit) cost for the years ended December 31 are as follows:

			Qualified Plans																		Non-qualified Plans
			2022						2021						2020						2022						2021						2020
Discount rate			2.85		%				2.48		%				3.37		%				2.72		%				2.20		%				3.00		%
Expected long-term rate of return on plan assets			5.62		%				5.87		%				6.65		%				N/A						N/A						N/A
Rate of annual compensation increase			4.00		%				4.00		%				4.00		%				3.00		%				3.00		%				3.00		%

Presentation Of The Fair Value Of Regions' Qualified Defined-Benefit Pension Plans'

The following table presents the fair value of Regions’ qualified pension plans’ financial assets as of December 31:

			2022																								2021
			Level 1						Level 2						Level 3						Fair Value						Level 1						Level 2						Level 3						Fair Value
			(In millions)
Cash and cash equivalents			$	34					$	—					$	—					$	34					$	116					$	—					$	—					$	116
Fixed income securities:
U.S. Treasury securities			$	280					$	—					$	—					$	280					$	346					$	—					$	—					$	346
Federal agency securities			—						15						—						15						—						36						—						36
Corporate bonds and other debt			—						354						—						354						—						509						—						509
Total fixed income securities			$	280					$	369					$	—					$	649					$	346					$	545					$	—					$	891
Equity securities:
Domestic			$	135					$	—					$	—					$	135					$	146					$	—					$	—					$	146
International			130						—						—						130						142						—						—						142
Total equity securities			$	265					$	—					$	—					$	265					$	288					$	—					$	—					$	288
International mutual funds			$	125					$	—					$	—					$	125					$	148					$	—					$	—					$	148
Total assets in the fair value hierarchy			$	704					$	369					$	—					$	1,073					$	898					$	545					$	—					$	1,443
Collective trust funds:
Fixed income fund (1)																					$	340																							$	468
Common stock fund (1)																					168																								204
International fund (1)																					40																								45
Total collective trust funds																					$	548																							$	717
Real estate funds measured at NAV (1)																					$	177																							$	167
Private equity funds measured at NAV (1)																					$	172																							$	227
																					$	1,970																							$	2,554

__________

(1)In accordance with accounting guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not required to be classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of amounts reported in the fair value hierarchy to amounts reported on the balance sheet.

Information About The Expected Cash Flows For The Qualified Pension Plan

Information about the expected cash flows for the qualified and non-qualified plans is as follows:

			Qualified Plans						Non-qualified Plans
			(In millions)
Expected Employer Contributions:
2023			$	—					$	43
Expected Benefit Payments:
2023			$	125					$	43
2024			127						9
2025			126						10
2026			127						10
2027			126						10
Next five years			601						44

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

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Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

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