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Retirement Plans | 9 Months Ended
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Sep. 30, 2025
Retirement Benefits, Description [Abstract] |
Retirement Plans | Retirement Plans FHN sponsors a noncontributory, qualified defined benefit pension plan to associates hired or rehired on or before September 1, 2007. Pension benefits are based on years of service, average compensation near retirement or other termination, and estimated social security benefits at age 65. Benefits under the plan are “frozen” so that years of service and compensation changes after 2012 do not affect the benefit owed. Minimum contributions are based upon actuarially determined amounts necessary to fund the total benefit obligation. Decisions to contribute to the plan are based upon pension funding requirements under the Pension Protection Act, the maximum amount deductible under the Internal Revenue Code, the actual performance of plan assets, and trends in the regulatory environment. FHN made no contributions to the qualified pension plan in 2024. Management does not currently anticipate that FHN will make a contribution to the qualified pension plan in 2025. FHN also maintains non-qualified plans, including a supplemental retirement plan that covers certain associates whose benefits under the qualified pension plan have been limited by tax rules. These other non-qualified plans are unfunded, and contributions to these plans cover all benefits paid under the non-qualified plans. Payments made under the non-qualified plans were $4 million for 2024. FHN anticipates making benefit payments under the non-qualified plans of $5 million in 2025. Service cost is included in personnel expense in the Consolidated Statements of Income. All other components of net periodic benefit cost are included in other expense. For more information on FHN's pension plan and other postretirement benefit plans, see Note 17 - Retirement Plans and Other Employee Benefits in FHN's 2024 Annual Report on Form 10-K. The components of net periodic benefit cost for the three and nine months ended September 30 were as follows.
COMPONENTS OF NET PERIODIC BENEFIT COST
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Components of net periodic benefit cost |  |  |  |  |  |  |
Interest cost | $ | 9 |  |  | $ | 8 |  |  | $ | 25 |  |  | $ | 25 |
Expected return on plan assets | (9) |  |  | (8) |  |  | (25) |  |  | (24) |
Amortization of unrecognized: |  |  |  |  |  |  |
Actuarial (gain) loss | 2 |  |  | 3 |  |  | 8 |  |  | 9 |
Net periodic benefit cost | $ | 2 |  |  | $ | 3 |  |  | $ | 8 |  |  | $ | 10 |

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