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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

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
			2023						2022						2023						2022						2023						2022
			(In millions)
Change in benefit obligation
Projected benefit obligation, beginning of year			$	1,623					$	2,281					$	127					$	156					$	1,750					$	2,437
Service cost			21						34						1						2						22						36
Interest cost			86						56						6						3						92						59
Actuarial (gains) losses			49						(568)						14						(17)						63						(585)
Benefit payments			(132)						(108)						(8)						(8)						(140)						(116)
Administrative expenses			(3)						(3)						—						—						(3)						(3)
Plan settlements			—						(69)						(58)						(9)						(58)						(78)
Projected benefit obligation, end of year			$	1,644					$	1,623					$	82					$	127					$	1,726					$	1,750
Change in plan assets
Fair value of plan assets, beginning of year			$	1,970					$	2,554					$	—					$	—					$	1,970					$	2,554
Actual return on plan assets			101						(404)						—						—						101						(404)
Company contributions			—						—						66						17						66						17
Benefit payments			(132)						(108)						(8)						(8)						(140)						(116)
Administrative expenses			(3)						(3)						—						—						(3)						(3)
Plan settlements			—						(69)						(58)						(9)						(58)						(78)
Fair value of plan assets, end of year			$	1,936					$	1,970					$	—					$	—					$	1,936					$	1,970
Funded status and accrued benefit (cost) at measurement date			$	292					$	347					$	(82)					$	(127)					$	210					$	220
Amount recognized in the Consolidated Balance Sheets:
Other assets			$	292					$	347					$	—					$	—					$	292					$	347
Other liabilities			—						—						(82)						(127)						(82)						(127)
			$	292					$	347					$	(82)					$	(127)					$	210					$	220
Pre-tax amounts recognized in Accumulated Other Comprehensive (Income) Loss:
Net actuarial loss			$	580					$	537					$	29					$	36					$	609					$	573

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
						2023						2022						2021						2023						2022						2021						2023						2022						2021
						(In millions)
Service cost						$	21					$	34					$	38					$	1					$	2					$	3					$	22					$	36					$	41
Interest cost						86						56						49						6						3						2						92						59						51
Expected return on plan assets						(120)						(139)						(142)						—						—						—						(120)						(139)						(142)
Amortization of actuarial loss						24						25						46						4						7						8						28						32						54
Settlement charge						—						4						—						17						2						11						17						6						11
Net periodic pension (benefit) cost						$	11					$	(20)					$	(9)					$	28					$	14					$	24					$	39					$	(6)					$	15

Schedule of Assumptions Used

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

			Qualified Plans												Non-qualified Plans
			2023						2022						2023						2022
Discount rate			5.15		%				5.42		%				5.08		%				5.38		%
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
			2023						2022						2021						2023						2022						2021
Discount rate			5.42		%				2.85		%				2.48		%				5.42		%				2.72		%				2.20		%
Expected long-term rate of return on plan assets			6.37		%				5.62		%				5.87		%				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:

			2023																								2022
			Level 1						Level 2						Level 3						Fair Value						Level 1						Level 2						Level 3						Fair Value
			(In millions)
Cash and cash equivalents			$	74					$	—					$	—					$	74					$	34					$	—					$	—					$	34
Fixed income securities:
U.S. Treasury securities			$	359					$	—					$	—					$	359					$	280					$	—					$	—					$	280
Federal agency securities			—						7						—						7						—						15						—						15
Corporate bonds and other debt			—						603						—						603						—						354						—						354
Total fixed income securities			$	359					$	610					$	—					$	969					$	280					$	369					$	—					$	649
Equity securities:
Domestic			$	132					$	—					$	—					$	132					$	135					$	—					$	—					$	135
International			—						—						—						—						130						—						—						130
Total equity securities			$	132					$	—					$	—					$	132					$	265					$	—					$	—					$	265
International mutual funds			$	103					$	—					$	—					$	103					$	125					$	—					$	—					$	125
Total assets in the fair value hierarchy			$	668					$	610					$	—					$	1,278					$	704					$	369					$	—					$	1,073
Collective trust funds:
Fixed income fund (1)																					$	111																							$	340
Common stock fund (1)																					119																								168
International fund (1)																					117																								40
Total collective trust funds																					$	347																							$	548
Real estate funds measured at NAV (1)																					$	144																							$	177
Private equity funds measured at NAV (1)																					$	167																							$	172
																					$	1,936																							$	1,970

__________

(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:
2024			$	—					$	9
Expected Benefit Payments:
2024			$	122					$	9
2025			124						9
2026			125						10
2027			127						9
2028			126						9
Next five years			602						35

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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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