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Pension, Savings, and Other Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
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 ObligationsNet Periodic Benefit Cost
202020192018202020192018
Discount rate      
Qualified pension2.63%3.31%4.43%3.31%4.43%3.75%
Nonqualified pension2.24%3.08%4.26%3.08%4.26%3.59%
Other nonqualified pension1.41%2.57%3.83%2.57%3.83%3.19%
Postretirement benefits
1.92%-2.81%
2.85% - 3.44%
4.03% - 4.56%
2.87%-3.44%
4.04% - 4.56%
3.35% - 3.87%
Expected long-term rate of return      
Qualified pension/
postretirement benefits		N/AN/AN/A3.45%4.80%4.20%
Postretirement benefit (retirees post January 1, 1993)N/AN/AN/A6.40%6.85%5.95%
Postretirement benefit (retirees prior to January 1, 1993)N/AN/AN/A0.90%0.05%2.15%
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, 2020, 2019 and 2018 and interest crediting rates for the respective years are:
(Dollars in millions)202020192018
Projected benefit obligation$15 $16 $17 
Interest crediting rate8.2 %9.66 %10.12 %
Schedule of Components of Net Periodic Benefit Cost
The components of net periodic benefit cost for the plan years 2020, 2019 and 2018 were as follows:
(Dollars in millions)Pension BenefitsOther Benefits
202020192018202020192018
Components of net periodic benefit cost      
Interest cost$24 $30 $28 $1 $1 $1 
Expected return on plan assets(26)(37)(33)(1)(1)(1)
Amortization of unrecognized:      
Actuarial (gain) loss13 10 12 — — — 
Net periodic benefit cost$11 $3 $7 $— $— $— 
Schedule of Plan's Benefit Obligations and Plan Assets
The following tables set forth the plans’ benefit obligations and plan assets for 2020 and 2019:
(Dollars in millions)Pension BenefitsOther Benefits
2020201920202019
Change in benefit obligation    
Benefit obligation, beginning of year$836 $765 $42 $35 
Interest cost24 30 1 1 
Plan amendments— — — 1 
Actuarial (gain) loss (a)70 103 4 7 
Actual benefits paid(37)(38)(1)(2)
Premium paid for annuity purchase (b)— (24)— — 
Benefit obligation, end of year$893 $836 $46 $42 
Change in plan assets    
Fair value of plan assets, beginning of year$826 $731 $20 $18 
Actual return on plan assets103 154 3 3 
Employer contributions4 3 1 1 
Actual benefits paid – settlement payments(36)— (1)(2)
Actual benefits paid – other payments(1)(38)— — 
Premium paid for annuity purchase (b)— (24)— — 
Fair value of plan assets, end of year$896 $826 $23 $20 
Funded (unfunded) status of the plans$3 $(10)$(23)$(22)
Amounts recognized in the Balance Sheets    
Other assets$40 $27 $20 $18 
Other liabilities(37)(37)(43)(40)
Net asset (liability) at end of year$3 $(10)$(23)$(22)
(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)2019 amounts represent 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:
Pension BenefitsOther Benefits
(Dollars in millions)2020201920202019
Projected benefit obligation$37 $37 $43 $39 
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, 2020 and 2019 consist of:
(Dollars in millions)Pension BenefitsOther Benefits
2020201920202019
Amounts recognized in accumulated other comprehensive income    
Net actuarial (gain) loss$342 $363 $1 $(2)
Schedule of Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income on Pre-tax Basis
The pre-tax amounts recognized in other comprehensive income during 2020 and 2019 were as follows:
(Dollars in millions)Pension BenefitsOther Benefits
2020201920202019
Changes in plan assets and benefit obligation recognized in other comprehensive income    
Net actuarial (gain) loss arising during measurement period$(8)$(14)$3 $5 
Items amortized during the measurement period:    
Net actuarial gain (loss)(13)(10)— — 
Total recognized in other comprehensive income$(21)$(24)$3 $5 
Schedule of Expected Benefit Payments
The following table provides detail on expected benefit payments, which reflect expected future service, as appropriate:
(Dollars in millions)Pension
Benefits		Other
Benefits
2021$41 $2 
202241 2 
202343 2 
202444 2 
202545 2 
2026-2030231 12 
Schedule of Fair Value of Pension Plan Assets The fair value of FHN’s pension plan assets at December 31, 2020 and 2019, 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 millions)December 31, 2020
Level 1Level 2Level 3Total
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 
(Dollars in millions)December 31, 2019
Level 1Level 2Level 3Total
Cash equivalents and money market funds$9 $— $— $9 
Fixed income securities:    
U.S. treasuries— 5 — 5 
Corporate, municipal and foreign bonds— 515 — 515 
Common and collective funds:
Fixed income— 297 — 297 
Total$9 $817 $— $826 
Schedule of Fair Value of Retiree Medical Plan Assets
The fair value of FHN’s retiree medical plan assets at December 31, 2020 and 2019 by asset category are as follows:
(Dollars in millions)December 31, 2020
Level 1Level 2Level 3Total
Mutual funds:    
Equity mutual funds$15 $— $— $15 
Fixed income mutual funds8 — — 8 
Total$23 $— $— $23 
(Dollars in millions)December 31, 2019
Level 1Level 2Level 3Total
Mutual funds:    
Equity mutual funds$13 $— $— $13 
Fixed income mutual funds7 — — 7 
Total$20 $— $— $20