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Pension, Savings, and Other Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2018
Retirement Benefits [Abstract] |
Schedule of Actuarial Assumptions Used | The actuarial assumptions used in the defined benefit pension plans and other employee benefit plans were as follows:
|  | Benefit Obligations |  | Net Periodic Benefit Cost
2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Discount rate |  |  |  |  |  |  |  |  |  |  |  |
Qualified pension |  | 4.43% |  | 3.76% |  | 4.39% |  | 3.75% |  | 4.37% |  | 4.69%
Nonqualified pension |  | 4.26% |  | 3.59% |  | 4.07% |  | 3.59% |  | 4.07% |  | 4.34%
Other nonqualified pension |  | 3.83% |  | 3.19% |  | 3.39% |  | 3.19% |  | 3.39% |  | 3.57%
Postretirement benefits |  | 4.03% - 4.56% |  | 3.37% - 3.87% |  | 3.67% - 4.57% |  | 3.35% - 3.87% |  | 3.68% - 4.57% |  | 3.84% - 4.87%
Expected long-term rate of return |  |  |  |  |  |  |  |  |  |  |  |
Qualified pension/ postretirement benefits |  | N/A |  | N/A |  | N/A |  | 4.20% |  | 4.50% |  | 6.00%
Postretirement benefit (retirees post January 1, 1993) |  | N/A |  | N/A |  | N/A |  | 5.95% |  | 6.00% |  | 6.15%
Postretirement benefit (retirees prior to January 1, 1993) |  | N/A |  | N/A |  | N/A |  | 2.15% |  | 2.15% |  | 2.10%
Schedule of Projected Benefit Obligation and Interest Credit Rates | FHN has one pension plan where participants' benefits are affected by interest crediting rates. The plan's projected benefit obligation as of December 31, 2018, 2017 and 2016 and interest crediting rates for the respective years are:
(Dollars in thousands) |  | 2018 |  | 2017 |  | 2016
Projected benefit obligation |  | $ | 16,947 |  |  | $ | 19,115 |  |  | $ | 22,196 |
Interest crediting rate |  | 10.12 | % |  | 9.28 | % |  | 10.16 | %
Schedule of Components of Net Periodic Benefit Cost | The amounts reclassified are presented in the table below.
|  |  |  |  | Fiscal Years Ended December 31 |
(Dollars in thousands) |  |  |  |  | 2017 |  | 2016 |
Net periodic benefit cost/(credit) reclassified |  |  |  |  | $ | 1,946 |  |  | $ | (843 | ) |
The components of net periodic benefit cost for the plan years 2018, 2017 and 2016 are as follows:
(Dollars in thousands) |  | Total Pension Benefits |  | Other Benefits
2018 |  | 2017 |  | 2016 |  | 2018 |  | 2017 |  | 2016
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 41 |  |  | $ | 37 |  |  | $ | 39 |  |  | $ | 133 |  |  | $ | 107 |  |  | $ | 110 |
Interest cost |  | 27,877 |  |  | 29,380 |  |  | 31,216 |  |  | 1,309 |  |  | 1,305 |  |  | 1,292 |
Expected return on plan assets |  | (32,897 | ) |  | (36,015 | ) |  | (39,123 | ) |  | (1,074 | ) |  | (947 | ) |  | (913 | )
Amortization of unrecognized: |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost/(credit) |  | — |  |  | 52 |  |  | 196 |  |  | — |  |  | 95 |  |  | 170 |
Actuarial (gain)/loss |  | 12,102 |  |  | 9,521 |  |  | 8,141 |  |  | (387 | ) |  | (567 | ) |  | (810 | )
Net periodic benefit cost |  | 7,123 |  |  | 2,975 |  |  | 469 |  |  | (19 | ) |  | (7 | ) |  | (151 | )
ASC 715 settlement expense |  | — |  |  | 43 |  |  | — |  |  | 99 |  |  | — |  |  | — |
Total periodic benefit costs |  | $ | 7,123 |  |  | $ | 3,018 |  |  | $ | 469 |  |  | $ | 80 |  |  | $ | (7 | ) |  | $ | (151 | )
Schedule of Plan's Benefit Obligations and Plan Assets | The following tables set forth the plans’ benefit obligations and plan assets for 2018 and 2017:
(Dollars in thousands) |  | Total Pension Benefits |  | Other Benefits
2018 |  | 2017 |  | 2018 |  | 2017
Change in benefit obligation |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 840,884 |  |  | $ | 804,542 |  |  | $ | 39,562 |  |  | $ | 35,403 |
Service cost |  | 41 |  |  | 37 |  |  | 133 |  |  | 107 |
Interest cost |  | 27,877 |  |  | 29,380 |  |  | 1,309 |  |  | 1,305 |
Actuarial (gain)/loss (a) |  | (68,724 | ) |  | 63,876 |  |  | (3,648 | ) |  | 3,733 |
Actual benefits paid (b) |  | (34,769 | ) |  | (56,951 | ) |  | (2,182 | ) |  | (986 | )
Benefit obligation, end of year |  | $ | 765,309 |  |  | $ | 840,884 |  |  | $ | 35,174 |  |  | $ | 39,562 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 811,244 |  |  | $ | 778,872 |  |  | $ | 18,753 |  |  | $ | 16,717 |
Actual return on plan assets |  | (49,470 | ) |  | 84,534 |  |  | (928 | ) |  | 2,458 |
Employer contributions |  | 3,948 |  |  | 4,789 |  |  | 1,789 |  |  | 564 |
Actual benefits paid – settlement payments |  | — |  |  | — |  |  | (2,182 | ) |  | (986 | )
Actual benefits paid – other payments |  | (34,769 | ) |  | (56,951 | ) |  | — |  |  | — |
Fair value of plan assets, end of year |  | $ | 730,953 |  |  | $ | 811,244 |  |  | $ | 17,432 |  |  | $ | 18,753 |
Funded (unfunded) status of the plans |  | $ | (34,356 | ) |  | $ | (29,640 | ) |  | $ | (17,742 | ) |  | $ | (20,809 | )
Amounts recognized in the Statements of Condition |  |  |  |  |  |  |  |
Other assets |  | $ | 1,911 |  |  | $ | 11,238 |  |  | $ | 14,356 |  |  | $ | 15,254 |
Other liabilities |  | (36,267 | ) |  | (40,878 | ) |  | (32,098 | ) |  | (36,063 | )
Net asset/(liability) at end of year |  | $ | (34,356 | ) |  | $ | (29,640 | ) |  | $ | (17,742 | ) |  | $ | (20,809 | )
(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) | 2017 amounts are higher due to the settlements of certain terminated, vested participants in the qualified pension plan that occurred during the year.
Schedule of Funded Status for Pension and Post Retirement Plans | The projected benefit obligation for unfunded plans are as follows:
|  | Total Pension Benefits |  | Other Benefits
(Dollars in thousands |  | 2018 |  | 2017 |  | 2018 |  | 2017
Projected benefit obligation |  | $ | 36,267 |  |  | $ | 40,878 |  |  | $ | 32,098 |  |  | $ | 36,063 |
Schedule of Defined Benefit Plan 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, 2018 and 2017 consist of:
(Dollars in thousands) |  | Total Pension Benefits |  | Other Benefits
2018 |  | 2017 |  | 2018 |  | 2017
Amounts recognized in accumulated other comprehensive income |  |  |  |  |  |  |  |
Prior service cost/(credit) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net actuarial (gain)/loss |  | 387,058 |  |  | 385,517 |  |  | (6,451 | ) |  | (5,093 | )
Total |  | $ | 387,058 |  |  | $ | 385,517 |  |  | $ | (6,451 | ) |  | $ | (5,093 | )
Schedule of Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income on Pre-tax Basis | The pre-tax amounts recognized in other comprehensive income during 2018 and 2017 were as follows:
(Dollars in thousands) |  | Total Pension Benefits |  | Other Benefits
2018 |  | 2017 |  | 2018 |  | 2017
Changes in plan assets and benefit obligation recognized in other comprehensive income |  |  |  |  |  |  |  |
Net actuarial (gain)/loss arising during measurement period |  | $ | 13,643 |  |  | $ | 15,357 |  |  | $ | (1,646 | ) |  | $ | 2,222 |
Items amortized during the measurement period: |  |  |  |  |  |  |  |
Prior service credit/(cost) |  | — |  |  | (52 | ) |  | — |  |  | (95 | )
Net actuarial gain/(loss) |  | (12,102 | ) |  | (9,521 | ) |  | 288 |  |  | 567 |
Total recognized in other comprehensive income |  | $ | 1,541 |  |  | $ | 5,784 |  |  | $ | (1,358 | ) |  | $ | 2,694 |
Schedule of Expected Benefit Payments | The following table provides detail on expected benefit payments, which reflect expected future service, as appropriate:
(Dollars in thousands) |  | Pension Benefits |  | Other Benefits
2019 |  | $ | 38,642 |  |  | $ | 1,663 |
2020 |  | 40,904 |  |  | 1,717 |
2021 |  | 42,708 |  |  | 1,775 |
2022 |  | 43,480 |  |  | 1,836 |
2023 |  | 44,781 |  |  | 1,900 |
2024-2028 |  | 238,274 |  |  | 10,344 |
Schedule of Fair Value of Pension Plan Assets | The fair value of FHN’s pension plan assets at December 31, 2018 and 2017, by asset category classified using the Fair Value measurement hierarchy is shown in the table below. See Note 24 – Fair Value of Assets and Liabilities for more details about Fair Value measurements.
(Dollars in thousands) |  | December 31, 2018
Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents and money market funds |  | $ | 13,855 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,855 |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. treasuries |  | — |  |  | 28,626 |  |  | — |  |  | 28,626 |
Corporate, municipal and foreign bonds |  | — |  |  | 688,472 |  |  | — |  |  | 688,472 |
Total |  | $ | 13,855 |  |  | $ | 717,098 |  |  | $ | — |  |  | $ | 730,953 |
(Dollars in thousands) |  | December 31, 2017
Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents and money market funds |  | $ | 21,152 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,152 |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. treasuries |  | — |  |  | 27,173 |  |  | — |  |  | 27,173 |
Corporate, municipal and foreign bonds |  | — |  |  | 762,919 |  |  | — |  |  | 762,919 |
Total |  | $ | 21,152 |  |  | $ | 790,092 |  |  | $ | — |  |  | $ | 811,244 |
Schedule of Fair Value of Retiree Medical Plan Assets | The fair value of FHN’s retiree medical plan assets at December 31, 2018 and 2017 by asset category are as follows:
(Dollars in thousands) |  | December 31, 2018
Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents and money market funds |  | $ | 207 |  |  | $ | — |  |  | $ | — |  |  | $ | 207 |
Mutual funds: |  |  |  |  |  |  |  |
Equity mutual funds |  | 10,387 |  |  | — |  |  | — |  |  | 10,387 |
Fixed income mutual funds |  | 6,838 |  |  | — |  |  | — |  |  | 6,838 |
Total |  | $ | 17,432 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,432 |
(Dollars in thousands) |  | December 31, 2017
Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents and money market funds |  | $ | 364 |  |  | $ | — |  |  | $ | — |  |  | $ | 364 |
Mutual funds: |  |  |  |  |  |  |  |
Equity mutual funds |  | 11,402 |  |  | — |  |  | — |  |  | 11,402 |
Fixed income mutual funds |  | 6,987 |  |  | — |  |  | — |  |  | 6,987 |
Total |  | $ | 18,753 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,753 |

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