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v3.23.1

Pension and Other Postretirement Benefits | 3 Months Ended
--- | ---
Mar. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Employee Benefit Plans | 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 (benefit) included the following components:
| Qualified Plans |  | Non-qualified Plans |  | Total
|  | Three Months Ended March 31 |  |
| 2023 |  | 2022 |  |  |  | 2023 |  | 2022 |  |  |  | 2023 |  | 2022 |  |
| (In millions)
Service cost | $ | 5 |  |  | $ | 9 |  |  |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 5 |  |  | $ | 9 |  |  |
Interest cost | 21 |  |  | 14 |  |  |  |  | 2 |  |  | 1 |  |  |  |  | 23 |  |  | 15 |  |  |
Expected return on plan assets | (30) |  |  | (35) |  |  |  |  | — |  |  | — |  |  |  |  | (30) |  |  | (35) |  |  |
Amortization of actuarial loss | 6 |  |  | 6 |  |  |  |  | 1 |  |  | 2 |  |  |  |  | 7 |  |  | 8 |  |  |
Net periodic pension (benefit) cost | $ | 2 |  |  | $ | (6) |  |  |  |  | $ | 3 |  |  | $ | 3 |  |  |  |  | $ | 5 |  |  | $ | (3) |  |  |
The service cost component of net periodic pension (benefit) cost 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 three months ended March 31, 2023. 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 three months ended March 31, 2023 or 2022.

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