v3.20.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
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 PlansNon-qualified PlansTotal
 202020192020201920202019
 (In millions)
Change in benefit obligation
Projected benefit obligation, beginning of year$2,192 $1,865 $172 $145 $2,364 $2,010 
Service cost34 28 5 3 39 31 
Interest cost64 75 4 5 68 80 
Actuarial (gains) losses 278 349 21 33 299 382 
Benefit payments (130)(122)(14)(7)(144)(129)
Administrative expenses(3)(3)— — (3)(3)
Plan settlements— — — (7)— (7)
Projected benefit obligation, end of year$2,435 $2,192 $188 $172 $2,623 $2,364 
Change in plan assets
Fair value of plan assets, beginning of year$2,299 $2,105 $— $— $2,299 $2,105 
Actual return on plan assets303 319 — — 303 319 
Company contributions— — 14 14 14 14 
Benefit payments (130)(122)(14)(7)(144)(129)
Administrative expenses(3)(3)— — (3)(3)
Plan settlements— — — (7)— (7)
Fair value of plan assets, end of year$2,469 $2,299 $— $— $2,469 $2,299 
Funded status and accrued benefit (cost) at measurement date$34 $107 $(188)$(172)$(154)$(65)
Amount recognized in the Consolidated Balance Sheets:
Other assets$34 $107 $— $— $34 $107 
Other liabilities— — (188)(172)(188)(172)
$34 $107 $(188)$(172)$(154)$(65)
Pre-tax amounts recognized in Accumulated Other Comprehensive (Income) Loss:
Net actuarial loss $819 $736 $80 $66 $899 $802 
Components Of Net Periodic Benefit Costs Net periodic pension cost (benefit) included the following components for the years ended December 31:
Qualified PlansNon-qualified PlansTotal
202020192018202020192018202020192018
(In millions)
Service cost$34 $28 $35 $5 $3 $3 $39 $31 $38 
Interest cost64 75 70 4 5 5 68 80 75 
Expected return on plan assets(148)(137)(153)— — — (148)(137)(153)
Amortization of actuarial loss39 36 31 8 5 5 47 41 36 
Settlement charge— — — — 2 — — 2 — 
Net periodic pension (benefit) cost$(11)$2 $(17)$17 $15 $13 $6 $17 $(4)
Schedule of Assumptions Used
The assumptions used to determine benefit obligations at December 31 are as follows:
 Qualified PlansNon-qualified Plans
 2020201920202019
Discount rate2.48 %3.35 %2.07 %3.05 %
Rate of annual compensation increase4.00 %4.00 %3.00 %3.00 %
The weighted-average assumptions used to determine net periodic pension (benefit) cost for the years ended December 31 are as follows:
 Qualified PlansNon-qualified Plans
 202020192018202020192018
Discount rate3.37 %4.39 %3.70 %3.00 %4.18 %3.49 %
Expected long-term rate of return on plan assets6.65 %6.84 %6.84 %N/AN/AN/A
Rate of annual compensation increase4.00 %3.75 %3.75 %3.00 %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:
 20202019
 Level 1Level 2Level 3Fair ValueLevel 1Level 2Level 3Fair Value
 (In millions)
Cash and cash equivalents$50 $— $— $50 $25 $— $— $25 
Fixed income securities:
U.S. Treasury securities$299 $— $— $299 $481 $— $— $481 
Federal agency securities— 18 — 18 — 26 — 26 
Corporate bonds— 490 — 490 — 111 — 111 
Total fixed income securities$299 $508 $— $807 $481 $137 $— $618 
Equity securities:
Domestic$130 $— $— $130 $346 $— $— $346 
International164 — — 164 176 — — 176 
Total equity securities$294 $— $— $294 $522 $— $— $522 
International mutual funds$179 $— $— $179 $181 $— $— $181 
Total assets in the fair value hierarchy$822 $508 $— $1,330 $1,209 $137 $— $1,346 
Collective trust funds:
Fixed income fund(1)
$408 $440 
Common stock fund(1)
217 178 
International fund(1)
46 47 
Total collective trust funds$671 $665 
Real estate funds measured at NAV(1)
$188 $187 
Private equity funds measured at NAV(1)
$280 $101 
$2,469 $2,299 
__________
(1)In accordance with accounting guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not required to be classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of amounts reported in the fair value hierarchy to amounts reported on the balance sheet.
Information About The Expected Cash Flows For The Qualified Pension Plan
Information about the expected cash flows for the qualified and non-qualified plans is as follows:
Qualified PlansNon-qualified Plans
 (In millions)
Expected Employer Contributions:
2021$— $33 
Expected Benefit Payments:
2021$138 $33 
2022138 31 
2023136 15 
2024138 11 
2025137 12 
Next five years673 57