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Retirement Plans and Other Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Assumptions Used in the Defined Benefit Plans | The actuarial assumptions used in the defined benefit pension plans and other employee benefit plans were as follows: Table 8.17.1 ACTUARIAL ASSUMPTIONS FOR DEFINED BENEFIT PLANS
|  | Benefit Obligations |  | Net Periodic Benefit Cost
2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate |  |  |  |  |  |  |  |  |  |  |  |
Qualified pension |  | 5.00% |  | 5.20% |  | 2.95% |  | 5.20% |  | 2.96% |  | 2.64%
Nonqualified pension |  | 4.90% |  | 5.10% |  | 2.65% |  | 5.10% |  | 2.65% |  | 2.24%
Other nonqualified pension |  | 4.75% |  | 4.94% |  | 1.99% |  | 4.94% |  | 1.99% |  | 1.41%
Postretirement benefits |  | 4.84% - 5.06% |  | 5.04% - 5.25% |  | 2.43% - 3.07% |  | 4.88% - 5.25% |  | 2.42% - 5.08% |  | 1.93% - 2.81%
Expected long-term rate of return |  |  |  |  |  |  |  |  |  |  |  |
Qualified pension/ postretirement benefits |  | N/A |  | N/A |  | N/A |  | 5.15% |  | 2.85% |  | 2.30%
Postretirement benefit (retirees post January 1, 1993) |  | N/A |  | N/A |  | N/A |  | 5.50% |  | 5.95% |  | 5.80%
Postretirement benefit (retirees prior to January 1, 1993) |  | N/A |  | N/A |  | N/A |  | N/A |  | 1.05% |  | 1.00%
Schedule of Projected Benefit Obligation and Interest Credit Ratings | FHN has one pension plan where participants' benefits are affected by interest crediting rates. The plan's projected benefit obligation as of December 31, 2023, 2022 and 2021 and interest crediting rates for the respective years were as follows: Table 8.17.2 PROJECTED BENEFIT OBLIGATION & CREDITING RATE
(Dollars in millions) |  | 2023 |  | 2022 |  | 2021
Projected benefit obligation |  | $ | 8 |  |  | $ | 10 |  |  | $ | 12 |
Interest crediting rate |  | 12.04 | % |  | 10.77 | % |  | 9.07 | %
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the plan years 2023, 2022 and 2021 were as follows: Table 8.17.3 COMPONENTS OF NET PERIODIC BENEFIT COST
(Dollars in millions) |  | Pension Benefits |  | Other Benefits
2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | $ | 33 |  |  | $ | 20 |  |  | $ | 17 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |
Expected return on plan assets |  | (32) |  |  | (24) |  |  | (20) |  |  | (1) |  |  | (2) |  |  | (1) |
Amortization of unrecognized: |  |  |  |  |  |  |  |  |  |  |  |
Actuarial (gain) loss |  | 13 |  |  | 12 |  |  | 10 |  |  | (1) |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | 14 |  |  | $ | 8 |  |  | $ | 7 |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |
Schedule of Plan's Benefit Obligations and Plan Assets | The following table presents the plans’ benefit obligations and plan assets for 2023 and 2022: Table 8.17.4 BENEFIT OBLIGATIONS & PLAN ASSETS
(Dollars in millions) |  | Pension Benefits |  | Other Benefits
2023 |  | 2022 |  | 2023 |  | 2022
Change in benefit obligation |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 663 |  |  | $ | 845 |  |  | $ | 32 |  |  | $ | 41 |
Interest cost |  | 33 |  |  | 20 |  |  | 2 |  |  | 1 |
Actuarial (gain) loss (a) |  | 20 |  |  | (163) |  |  | — |  |  | (9) |
Actual benefits paid |  | (41) |  |  | (39) |  |  | (3) |  |  | (1) |
Benefit obligation, end of year |  | $ | 675 |  |  | $ | 663 |  |  | $ | 31 |  |  | $ | 32 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 641 |  |  | $ | 849 |  |  | $ | 21 |  |  | $ | 26 |
Actual return on plan assets |  | 35 |  |  | (172) |  |  | 2 |  |  | (4) |
Employer contributions |  | 3 |  |  | 3 |  |  | 3 |  |  | 1 |
Actual benefits paid – settlement payments |  | (2) |  |  | (2) |  |  | (3) |  |  | (2) |
Actual benefits paid – other payments |  | (1) |  |  | (1) |  |  | — |  |  | — |
Premium paid for annuity purchase (b) |  | (38) |  |  | (36) |  |  | — |  |  | — |
Fair value of plan assets, end of year |  | $ | 638 |  |  | $ | 641 |  |  | $ | 23 |  |  | $ | 21 |
Funded (unfunded) status of the plans |  | $ | (37) |  |  | $ | (22) |  |  | $ | (8) |  |  | $ | (11) |
Amounts recognized in the Balance Sheets |  |  |  |  |  |  |  |
Other assets |  | $ | — |  |  | $ | 4 |  |  | $ | 21 |  |  | $ | 19 |
Other liabilities |  | (37) |  |  | (26) |  |  | (29) |  |  | (30) |
Net asset (liability) at end of year |  | $ | (37) |  |  | $ | (22) |  |  | $ | (8) |  |  | $ | (11) |
(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)Amounts represent settlements of certain retired participants in the qualified pension plan that occurred during the year.
Schedule of Funded (Unfunded) Status of Plan | The projected benefit obligation for unfunded plans was as follows: Table 8.17.5 BENEFIT OBLIGATION - UNFUNDED PLANS
|  | Pension Benefits |  | Other Benefits
(Dollars in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Projected benefit obligation |  | $ | 24 |  |  | $ | 26 |  |  | $ | 29 |  |  | $ | 30 |
Schedule of 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, 2023 and 2022 consist of: Table 8.17.6 PRE-TAX ACTUARIAL (GAINS) LOSSES REFLECTED IN AOCI
(Dollars in millions) |  | Pension Benefits |  | Other Benefits
2023 |  | 2022 |  | 2023 |  | 2022
Amounts recognized in accumulated other comprehensive income |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | 367 |  |  | $ | 363 |  |  | $ | (8) |  |  | $ | (8) |
Schedule of Amounts Recognized in Other Comprehensive Income | The pre-tax amounts recognized in other comprehensive income during 2023, 2022, and 2021 were as follows: Table 8.17.7 PRE-TAX AMOUNTS RECOGNIZED IN OCI
(Dollars in millions) |  | Pension Benefits |  | Other Benefits
2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Changes in plan assets and benefit obligation recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss arising during measurement period |  | $ | 17 |  |  | $ | 32 |  |  | $ | 13 |  |  | $ | — |  |  | $ | (3) |  |  | $ | (7) |
Items amortized during the measurement period: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain (loss) |  | (13) |  |  | (11) |  |  | (10) |  |  | 1 |  |  | — |  |  | — |
Total recognized in other comprehensive income |  | $ | 4 |  |  | $ | 21 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | (3) |  |  | $ | (7) |
Schedule of Expected Benefit Payments | The following table provides detail on expected benefit payments, which reflect expected future service, as appropriate: Table 8.17.8 EXPECTED BENEFIT PAYMENTS
(Dollars in millions) |  | Pension Benefits |  | Other Benefits
2024 |  | $ | 44 |  |  | $ | 2 |
2025 |  | 46 |  |  | 2 |
2026 |  | 47 |  |  | 2 |
2027 |  | 48 |  |  | 2 |
2028 |  | 48 |  |  | 2 |
2029-2033 |  | 239 |  |  | 11 |
Schedule of Fair Value of Pension Plan Assets | The fair value of FHN’s pension plan assets at December 31, 2023 and 2022, by asset category classified using the Fair Value measurement hierarchy, is shown in the table below. See Note 23 – Fair Value of Assets and Liabilities for more details about fair value measurements. Table 8.17.9 FAIR VALUE OF PENSION ASSETS
(Dollars in millions) |  | December 31, 2023
Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents and money market funds |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. treasuries |  | — |  |  | 9 |  |  | — |  |  | 9 |
Corporate, municipal and foreign bonds |  | — |  |  | 317 |  |  | — |  |  | 317 |
Common and collective funds: |  |  |  |  |  |  |  |
Fixed income |  | — |  |  | 306 |  |  | — |  |  | 306 |
Total |  | $ | 6 |  |  | $ | 632 |  |  | $ | — |  |  | $ | 638 |
(Dollars in millions) |  | December 31, 2022
Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalents and money market funds |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. treasuries |  | — |  |  | 15 |  |  | — |  |  | 15 |
Corporate, municipal and foreign bonds |  | — |  |  | 300 |  |  | — |  |  | 300 |
Common and collective funds: |  |  |  |  |  |  |  |
Fixed income |  | — |  |  | 306 |  |  | — |  |  | 306 |
Total |  | $ | 20 |  |  | $ | 621 |  |  | $ | — |  |  | $ | 641 |
Schedule of Fair Value of Retiree Medical Plan Assets By Asset Category | The fair value of FHN’s retiree medical plan assets at December 31, 2023 and 2022 by asset category are as follows: Table 8.17.10 FAIR VALUE OF RETIREE MEDICAL PLAN ASSETS
(Dollars in millions) |  | December 31, 2023
Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual funds: |  |  |  |  |  |  |  |
Equity mutual funds |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
Fixed income mutual funds |  | 16 |  |  | — |  |  | — |  |  | 16 |
Total |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |
(Dollars in millions) |  | December 31, 2022
Level 1 |  | Level 2 |  | Level 3 |  | Total
Mutual funds: |  |  |  |  |  |  |  |
Equity mutual funds |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |
Fixed income mutual funds |  | 15 |  |  | — |  |  | — |  |  | 15 |
Total |  | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 21 |

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