Pension, Savings, and Other Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2019

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
	2019	2018	2017	2019	2018	2017
Discount rate
Qualified pension	3.31%	4.43%	3.76%	4.43%	3.75%	4.37%
Nonqualified pension	3.08%	4.26%	3.59%	4.26%	3.59%	4.07%
Other nonqualified pension	2.57%	3.83%	3.19%	3.83%	3.19%	3.39%
Postretirement benefits	2.85% - 3.44%	4.03% - 4.56%	3.37% - 3.87%	4.04% - 4.56%	3.35% - 3.87%	3.68% - 4.57%
Expected long-term rate of return
Qualified pension/ postretirement benefits	N/A	N/A	N/A	4.80%	4.20%	4.50%
Postretirement benefit (retirees post January 1, 1993)	N/A	N/A	N/A	6.85%	5.95%	6.00%
Postretirement benefit (retirees prior to January 1, 1993)	N/A	N/A	N/A	0.05%	2.15%	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, 2019, 2018 and 2017 and interest crediting rates for the respective years are:

(Dollars in thousands)	2019			2018			2017
Projected benefit obligation	$	16,213		$	16,947		$	19,115
Interest crediting rate	9.66		%	10.12		%	9.28		%

Schedule of Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for the plan years 2019, 2018 and 2017 are as follows:

(Dollars in thousands)	Total Pension Benefits									Other Benefits
	2019			2018			2017			2019			2018			2017
Components of net periodic benefit cost
Service cost	$	30		$	41		$	37		$	94		$	133		$	107
Interest cost	30,207			27,877			29,380			1,413			1,309			1,305
Expected return on plan assets	(36,908		)	(32,897		)	(36,015		)	(1,136		)	(1,074		)	(947		)
Amortization of unrecognized:
Prior service cost/(credit)	—			—			52			32			—			95
Actuarial (gain)/loss	9,888			12,102			9,521			(493		)	(387		)	(567		)
Net periodic benefit cost	3,217			7,123			2,975			(90		)	(19		)	(7		)
ASC 715 settlement expense	—			—			43			194			99			—
Total periodic benefit costs	$	3,217		$	7,123		$	3,018		$	104		$	80		$	(7	)

Schedule of Plan's Benefit Obligations and Plan Assets

The following tables set forth the plans’ benefit obligations and plan assets for 2019 and 2018:

(Dollars in thousands)	Total Pension Benefits						Other Benefits
	2019			2018			2019			2018
Change in benefit obligation
Benefit obligation, beginning of year	$	765,309		$	840,884		$	35,174		$	39,562
Service cost	30			41			94			133
Interest cost	30,207			27,877			1,413			1,309
Plan Amendments	—			—			408			—
Actuarial (gain)/loss (a)	102,775			(68,724		)	6,848			(3,648		)
Actual benefits paid	(38,450		)	(34,769		)	(1,641		)	(2,182		)
Premium paid for annuity purchase (b)	(23,997		)	—			—			—
Benefit obligation, end of year	$	835,874		$	765,309		$	42,296		$	35,174
Change in plan assets
Fair value of plan assets, beginning of year	$	730,953		$	811,244		$	17,432		$	18,753
Actual return on plan assets	154,054			(49,470		)	3,355			(928		)
Employer contributions	3,510			3,948			1,259			1,789
Actual benefits paid – settlement payments	—			—			(1,641		)	(2,182		)
Actual benefits paid – other payments	(38,450		)	(34,769		)	—			—
Premium paid for annuity purchase (b)	(23,997		)	—			—			—
Fair value of plan assets, end of year	$	826,070		$	730,953		$	20,405		$	17,432
Funded (unfunded) status of the plans	$	(9,804	)	$	(34,356	)	$	(21,891	)	$	(17,742	)
Amounts recognized in the Statements of Condition
Other assets	$	27,433		$	1,911		$	17,240		$	14,356
Other liabilities	(37,237		)	(36,267		)	(39,131		)	(32,098		)
Net asset/(liability) at end of year	$	(9,804	)	$	(34,356	)	$	(21,891	)	$	(17,742	)

(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 are as follows:

	Total Pension Benefits				Other Benefits
(Dollars in thousands	2019		2018		2019		2018
Projected benefit obligation	$	37,237	$	36,267	$	39,131	$	32,098

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, 2019 and 2018 consist of:

(Dollars in thousands)	Total Pension Benefits				Other Benefits
	2019		2018		2019			2018
Amounts recognized in accumulated other comprehensive income
Prior service cost/(credit)	$	—	$	—	$	408		$	—
Net actuarial (gain)/loss	362,799		387,058		(1,555		)	(6,451		)
Total	$	362,799	$	387,058	$	(1,147	)	$	(6,451	)

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 2019 and 2018 were as follows:

(Dollars in thousands)	Total Pension Benefits						Other Benefits
	2019			2018			2019			2018
Changes in plan assets and benefit obligation recognized in other comprehensive income
Net actuarial (gain)/loss arising during measurement period	$	(14,371	)	$	13,643		$	4,629		$	(1,646	)
Prior service cost/(credit) arising during measurement period	—			—			408			—
Items amortized during the measurement period:
Prior service credit/(cost)	—			—			(32		)	—
Net actuarial gain/(loss)	(9,888		)	(12,102		)	299			288
Total recognized in other comprehensive income	$	(24,259	)	$	1,541		$	5,304		$	(1,358	)

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
2020	$	38,304	$	1,675
2021	40,215		1,744
2022	41,152		1,818
2023	42,631		1,897
2024	43,752		1,977
2025-2029	231,267		11,127

Schedule of Fair Value of Pension Plan Assets

The fair value of FHN’s pension plan assets at December 31, 2019 and 2018, 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, 2019
	Level 1		Level 2		Level 3		Total
Cash equivalents and money market funds	$	9,300	$	—	$	—	$	9,300
Fixed income securities:
U.S. treasuries	—		5,377		—		5,377
Corporate, municipal and foreign bonds	—		514,965		—		514,965
Common and collective funds:
Fixed income	—		296,428		—		296,428
Total	$	9,300	$	816,770	$	—	$	826,070

(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

Schedule of Fair Value of Retiree Medical Plan Assets

The fair value of FHN’s retiree medical plan assets at December 31, 2019 and 2018 by asset category are as follows:

(Dollars in thousands)	December 31, 2019
	Level 1		Level 2		Level 3		Total
Cash equivalents and money market funds	$	130	$	—	$	—	$	130
Mutual funds:
Equity mutual funds	13,163		—		—		13,163
Fixed income mutual funds	7,112		—		—		7,112
Total	$	20,405	$	—	$	—	$	20,405

(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