XML 79 R52.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Retirement Plans and Other Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
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: Table 8.18.1 ACTUARIAL ASSUMPTIONS FOR DEFINED BENEFIT PLANS
|  | Benefit Obligations |  | Net Periodic Benefit Cost
2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Discount rate |  |  |  |  |  |  |  |  |  |  |  |
Qualified pension |  | 2.95% |  | 2.63% |  | 3.31% |  | 2.64% |  | 3.31% |  | 4.43%
Nonqualified pension |  | 2.65% |  | 2.24% |  | 3.08% |  | 2.24% |  | 3.08% |  | 4.26%
Other nonqualified pension |  | 1.99% |  | 1.41% |  | 2.57% |  | 1.41% |  | 2.57% |  | 3.83%
Postretirement benefits |  | 2.43%-3.07% |  | 1.92% - 2.81% |  | 2.85% - 3.44% |  | 1.93%-2.81% |  | 2.87% - 3.44% |  | 4.04% - 4.56%
Expected long-term rate of return |  |  |  |  |  |  |  |  |  |  |  |
Qualified pension/ postretirement benefits |  | N/A |  | N/A |  | N/A |  | 2.30% |  | 3.45% |  | 4.80%
Postretirement benefit (retirees post January 1, 1993) |  | N/A |  | N/A |  | N/A |  | 5.80% |  | 6.40% |  | 6.85%
Postretirement benefit (retirees prior to January 1, 1993) |  | N/A |  | N/A |  | N/A |  | 1.00% |  | 0.90% |  | 0.05%
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, 2021, 2020 and 2019 and interest crediting rates for the respective years were as follows: Table 8.18.2 PROJECTED BENEFIT OBLIGATION & CREDITING RATE
(Dollars in millions) |  | 2021 |  | 2020 |  | 2019
Projected benefit obligation |  | $ | 12 |  |  | $ | 15 |  |  | $ | 16 |
Interest crediting rate |  | 9.07 | % |  | 8.20 | % |  | 9.66 | %
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the plan years 2021, 2020 and 2019 were as follows: Table 8.18.3 COMPONENTS OF NET PERIODIC BENEFIT COST
(Dollars in millions) |  | Pension Benefits |  | Other Benefits
2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 17 |  |  | $ | 24 |  |  | $ | 30 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Expected return on plan assets |  | (20) |  |  | (26) |  |  | (37) |  |  | (1) |  |  | (1) |  |  | (1) |
Amortization of unrecognized: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial (gain) loss |  | 10 |  |  | 13 |  |  | 10 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | 7 |  |  | $ | 11 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Plan's Benefit Obligations and Plan Assets | The following tables set forth the plans’ benefit obligations and plan assets for 2021 and 2020: Table 8.18.4 BENEFIT OBLIGATIONS & PLAN ASSETS
(Dollars in millions) |  | Pension Benefits |  | Other Benefits
2021 |  | 2020 |  | 2021 |  | 2020
Change in benefit obligation |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 893 |  |  | $ | 836 |  |  | $ | 46 |  |  | $ | 42 |
Interest cost |  | 17 |  |  | 24 |  |  | 1 |  |  | 1 |
Actuarial (gain) loss (a) |  | (26) |  |  | 70 |  |  | (5) |  |  | 4 |
Actual benefits paid |  | (39) |  |  | (37) |  |  | (1) |  |  | (1) |
Benefit obligation, end of year |  | $ | 845 |  |  | $ | 893 |  |  | $ | 41 |  |  | $ | 46 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 896 |  |  | $ | 826 |  |  | $ | 23 |  |  | $ | 20 |
Actual return on plan assets |  | (18) |  |  | 103 |  |  | 3 |  |  | 3 |
Employer contributions |  | 10 |  |  | 4 |  |  | 1 |  |  | 1 |
Actual benefits paid – settlement payments |  | (3) |  |  | (36) |  |  | (1) |  |  | (1) |
Actual benefits paid – other payments |  | (2) |  |  | (1) |  |  | — |  |  | — |
Premium paid for annuity purchase (b) |  | (34) |  |  | — |  |  | — |  |  | — |
Fair value of plan assets, end of year |  | $ | 849 |  |  | $ | 896 |  |  | $ | 26 |  |  | $ | 23 |
Funded (unfunded) status of the plans |  | $ | 4 |  |  | $ | 3 |  |  | $ | (15) |  |  | $ | (23) |
Amounts recognized in the Balance Sheets |  |  |  |  |  |  |  |
Other assets |  | $ | 37 |  |  | $ | 40 |  |  | $ | 23 |  |  | $ | 20 |
Other liabilities |  | (33) |  |  | (37) |  |  | (38) |  |  | (43) |
Net asset (liability) at end of year |  | $ | 4 |  |  | $ | 3 |  |  | $ | (15) |  |  | $ | (23) |
(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)2021 amount represents settlements of certain retired 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 was as follows: Table 8.18.5 BENEFIT OBLIGATION - UNFUNDED PLANS
|  | Pension Benefits |  | Other Benefits
(Dollars in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Projected benefit obligation |  | $ | 33 |  |  | $ | 37 |  |  | $ | 38 |  |  | $ | 43 |
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, 2021 and 2020 consist of: Table 8.18.6 PRE-TAX ACTUARIAL GAINS (LOSSES) REFLECTED IN AOCI
(Dollars in millions) |  | Pension Benefits |  | Other Benefits
2021 |  | 2020 |  | 2021 |  | 2020
Amounts recognized in accumulated other comprehensive income |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | 342 |  |  | $ | 342 |  |  | $ | (6) |  |  | $ | 1 |
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 2021, 2020, and 2019 were as follows: Table 8.18.7 PRE-TAX AMOUNTS RECOGNIZED IN OCI
(Dollars in millions) |  | Pension Benefits |  | Other Benefits
2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Changes in plan assets and benefit obligation recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss arising during measurement period |  | $ | 13 |  |  | $ | (8) |  |  | $ | (14) |  |  | $ | (7) |  |  | $ | 3 |  |  | $ | 5 |
Items amortized during the measurement period: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain (loss) |  | (10) |  |  | (13) |  |  | (10) |  |  | — |  |  | — |  |  | — |
Total recognized in other comprehensive income |  | $ | 3 |  |  | $ | (21) |  |  | $ | (24) |  |  | $ | (7) |  |  | $ | 3 |  |  | $ | 5 |
Schedule of Expected Benefit Payments | The following table provides detail on expected benefit payments, which reflect expected future service, as appropriate: Table 8.18.8 EXPECTED BENEFIT PAYMENTS
(Dollars in millions) |  | Pension Benefits |  | Other Benefits
2022 |  | $ | 40 |  |  | $ | 2 |
2023 |  | 42 |  |  | 2 |
2024 |  | 43 |  |  | 2 |
2025 |  | 45 |  |  | 2 |
2026 |  | 46 |  |  | 2 |
2027-2031 |  | 232 |  |  | 11 |
Schedule of Fair Value of Pension Plan Assets | The fair value of FHN’s pension plan assets at December 31, 2021 and 2020, by asset category classified using the Fair Value measurement hierarchy, is shown in the tables below. See Note 24 – Fair Value of Assets and Liabilities for more details about fair value measurements. Tables 8.18.9a-b FAIR VALUE OF PENSION ASSETS
(Dollars in millions) |  | December 31, 2021
Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents and money market funds |  | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | 45 |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. treasuries |  | — |  |  | 15 |  |  | — |  |  | 15 |
Corporate, municipal and foreign bonds |  | — |  |  | 445 |  |  | — |  |  | 445 |
Common and collective funds: |  |  |  |  |  |  |  |
Fixed income |  | — |  |  | 344 |  |  | — |  |  | 344 |
Total |  | $ | 45 |  |  | $ | 804 |  |  | $ | — |  |  | $ | 849 |
(Dollars in millions) |  | December 31, 2020
Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents and money market funds |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. treasuries |  | — |  |  | 6 |  |  | — |  |  | 6 |
Corporate, municipal and foreign bonds |  | — |  |  | 488 |  |  | — |  |  | 488 |
Common and collective funds: |  |  |  |  |  |  |  |
Fixed income |  | — |  |  | 379 |  |  | — |  |  | 379 |
Total |  | $ | 23 |  |  | $ | 873 |  |  | $ | — |  |  | $ | 896 |
Schedule of Fair Value of Retiree Medical Plan Assets | The fair value of FHN’s retiree medical plan assets at December 31, 2021 and 2020 by asset category are as follows: Tables 8.18.10a-b FAIR VALUE OF RETIREE MEDICAL PLAN ASSETS
(Dollars in millions) |  | December 31, 2021
Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual funds: |  |  |  |  |  |  |  |
Equity mutual funds |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |
Fixed income mutual funds |  | 9 |  |  | — |  |  | — |  |  | 9 |
Total |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 26 |
(Dollars in millions) |  | December 31, 2020
Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual funds: |  |  |  |  |  |  |  |
Equity mutual funds |  | $ | 15 |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |
Fixed income mutual funds |  | 8 |  |  | — |  |  | — |  |  | 8 |
Total |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |

X
- Definition Tabular disclosure of defined benefit plan amounts recognized in accumulated other comprehensive income on a pre-tax basis. + References No definition available. + Details
Name: | fhn_ScheduleOfDefinedBenefitPlanBalancesReflectedInAccumulatedOtherComprehensiveIncomeOnPreTaxBasisTableTextBlock
Namespace Prefix: | fhn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of pension plan assets at the balance sheet date by asset category classified using the Fair Value measurement hierarchy. + References No definition available. + Details
Name: | fhn_ScheduleOfFairValueOfPensionPlanAssetsTableTextBlock
Namespace Prefix: | fhn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of the retiree medical plan assets by asset category at the balance sheet date. + References No definition available. + Details
Name: | fhn_ScheduleOfFairValueOfRetireeMedicalPlanAssetsTableTextBlock
Namespace Prefix: | fhn_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration