Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Defined Benefit Plans Disclosures

The following table sets forth the plans’ change in benefit obligation, plan assets and funded status, using a December 31 measurement date, and amounts recognized in the consolidated balance sheets at December 31:



	Qualified Plans						Non-qualified Plans						Total
	2019			2018			2019			2018			2019			2018
	(In millions)
Change in benefit obligation
Projected benefit obligation, beginning of year	$	1,865		$	2,134		$	145		$	151		$	2,010		$	2,285
Service cost	28			35			3			3			31			38
Interest cost	75			70			5			5			80			75
Actuarial (gains) losses	349			(211		)	33			(3		)	382			(214		)
Benefit payments	(122		)	(159		)	(7		)	(11		)	(129		)	(170		)
Administrative expenses	(3		)	(4		)	—			—			(3		)	(4		)
Plan settlements	—			—			(7		)	—			(7		)	—
Projected benefit obligation, end of year	$	2,192		$	1,865		$	172		$	145		$	2,364		$	2,010
Change in plan assets
Fair value of plan assets, beginning of year	$	2,105		$	2,218		$	—		$	—		$	2,105		$	2,218
Actual return on plan assets	319			(50		)	—			—			319			(50		)
Company contributions	—			100			14			11			14			111
Benefit payments	(122		)	(159		)	(7		)	(11		)	(129		)	(170		)
Administrative expenses	(3		)	(4		)	—			—			(3		)	(4		)
Plan settlements	—			—			(7		)	—			(7		)	—
Fair value of plan assets, end of year	$	2,299		$	2,105		$	—		$	—		$	2,299		$	2,105
Funded status and accrued benefit (cost) at measurement date	$	107		$	240		$	(172	)	$	(145	)	$	(65	)	$	95
Amount recognized in the Consolidated Balance Sheets:
Other assets	$	107		$	240		$	—		$	—		$	107		$	240
Other liabilities	—			—			(172		)	(145		)	(172		)	(145		)
	$	107		$	240		$	(172	)	$	(145	)	$	(65	)	$	95
Pre-tax amounts recognized in Accumulated Other Comprehensive (Income) Loss:
Net actuarial loss	$	736		$	604		$	66		$	39		$	802		$	643
Prior service cost (credit)	—			—			—			1			—			1
	$	736		$	604		$	66		$	40		$	802		$	644

Components Of Net Periodic Benefit Costs

Net periodic pension cost (benefit) included the following components for the years ended December 31:



	Qualified Plans									Non-qualified Plans						Total
	2019			2018			2017			2019		2018		2017		2019			2018			2017
	(In millions)
Service cost	$	28		$	35		$	34		$	3	$	3	$	4	$	31		$	38		$	38
Interest cost	75			70			72			5		5		5		80			75			77
Expected return on plan assets	(137		)	(153		)	(143		)	—		—		—		(137		)	(153		)	(143		)
Amortization of actuarial loss	36			31			32			5		5		4		41			36			36
Settlement charge	—			—			—			2		—		12		2			—			12
Net periodic pension (benefit) cost	$	2		$	(17	)	$	(5	)	$	15	$	13	$	25	$	17		$	(4	)	$	20

Schedule of Assumptions Used

The assumptions used to determine benefit obligations at December 31 are as follows:



	Qualified Plans				Non-qualified Plans
	2019		2018		2019		2018
Discount rate	3.35	%	4.38	%	3.05	%	4.18	%
Rate of annual compensation increase	4.00	%	3.75	%	3.00	%	3.75	%

The weighted-average assumptions used to determine net periodic pension (benefit) cost for the years ended December 31 are as follows:



	Qualified Plans						Non-qualified Plans
	2019		2018		2017		2019		2018		2017
Discount rate	4.39	%	3.70	%	4.34	%	4.18	%	3.49	%	3.93	%
Expected long-term rate of return on plan assets	6.84	%	6.84	%	7.25	%	N/A		N/A		N/A
Rate of annual compensation increase	3.75	%	3.75	%	3.75	%	3.75	%	3.75	%	3.75	%

Presentation Of The Fair Value Of Regions' Qualified Defined-Benefit Pension Plans'

The following table presents the fair value of Regions’ qualified pension plans’ financial assets as of December 31:



	2019								2018
	Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3		Fair Value
	(In millions)
Cash and cash equivalents	$	25	$	—	$	—	$	25	$	158	$	—	$	—	$	158
Fixed income securities:
U.S. Treasury securities	$	400	$	—	$	—	$	400	$	127	$	—	$	—	$	127
Federal agency securities	—		24		—		24		—		21		—		21
Corporate bonds	—		—		—		—		—		216		—		216
Total fixed income securities	$	400	$	24	$	—	$	424	$	127	$	237	$	—	$	364
Equity securities:
Domestic	$	346	$	—	$	—	$	346	$	287	$	—	$	—	$	287
International	176		—		—		176		186		—		—		186
Total equity securities	$	522	$	—	$	—	$	522	$	473	$	—	$	—	$	473
International mutual funds	$	181	$	—	$	—	$	181	$	159	$	—	$	—	$	159
Total assets in the fair value hierarchy	$	1,128	$	24	$	—	$	1,152	$	917	$	237	$	—	$	1,154
Collective trust funds:
Fixed income fund⁽¹⁾							$	681							$	405
Common stock fund⁽¹⁾							178								246
International fund⁽¹⁾							—								—
Total collective trust funds							$	859							$	651
Hedge funds measured at NAV⁽¹⁾							$	—							$	1
Real estate funds measured at NAV⁽¹⁾							$	187							$	200
Private equity funds measured at NAV⁽¹⁾							$	101							$	99
							$	2,299							$	2,105

__________

(1) In accordance with accounting guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not required to be classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of amounts reported in the fair value hierarchy to amounts reported on the balance sheet.

Information About The Expected Cash Flows For The Qualified Pension Plan

Information about the expected cash flows for the qualified and non-qualified plans is as follows:



	Qualified Plans		Non-qualified Plans
	(In millions)
Expected Employer Contributions:
2020	$	—	$	11
Expected Benefit Payments:
2020	$	126	$	11
2021	135		30
2022	135		29
2023	134		14
2024	135		10
Next five years	667		59