v3.22.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
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
 202120202021202020212020
 (In millions)
Change in benefit obligation
Projected benefit obligation, beginning of year$2,435 $2,192 $188 $172 $2,623 $2,364 
Service cost38 34 3 5 41 39 
Interest cost49 64 2 4 51 68 
Actuarial (gains) losses (73)278 — 21 (73)299 
Benefit payments (165)(130)(8)(14)(173)(144)
Administrative expenses(3)(3)— — (3)(3)
Plan settlements— — (29)— (29)— 
Projected benefit obligation, end of year$2,281 $2,435 $156 $188 $2,437 $2,623 
Change in plan assets
Fair value of plan assets, beginning of year$2,469 $2,299 $— $— $2,469 $2,299 
Actual return on plan assets253 303 — — 253 303 
Company contributions— — 37 14 37 14 
Benefit payments (165)(130)(8)(14)(173)(144)
Administrative expenses(3)(3)— — (3)(3)
Plan settlements— — (29)— (29)— 
Fair value of plan assets, end of year$2,554 $2,469 $— $— $2,554 $2,469 
Funded status and accrued benefit (cost) at measurement date$273 $34 $(156)$(188)$117 $(154)
Amount recognized in the Consolidated Balance Sheets:
Other assets$273 $34 $— $— $273 $34 
Other liabilities— — (156)(188)(156)(188)
$273 $34 $(156)$(188)$117 $(154)
Pre-tax amounts recognized in Accumulated Other Comprehensive (Income) Loss:
Net actuarial loss $590 $819 $62 $80 $652 $899 
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
202120202019202120202019202120202019
(In millions)
Service cost$38 $34 $28 $3 $5 $3 $41 $39 $31 
Interest cost49 64 75 2 4 5 51 68 80 
Expected return on plan assets(142)(148)(137)— — — (142)(148)(137)
Amortization of actuarial loss46 39 36 8 8 5 54 47 41 
Settlement charge— — — 11 — 2 11 — 2 
Net periodic pension (benefit) cost$(9)$(11)$2 $24 $17 $15 $15 $6 $17 
Schedule of Assumptions Used
The assumptions used to determine benefit obligations at December 31 are as follows:
 Qualified PlansNon-qualified Plans
 2021202020212020
Discount rate2.85 %2.48 %2.64 %2.07 %
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
 202120202019202120202019
Discount rate2.48 %3.37 %4.39 %2.20 %3.00 %4.18 %
Expected long-term rate of return on plan assets5.87 %6.65 %6.84 %N/AN/AN/A
Rate of annual compensation increase4.00 %4.00 %3.75 %3.00 %3.00 %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:
 20212020
 Level 1Level 2Level 3Fair ValueLevel 1Level 2Level 3Fair Value
 (In millions)
Cash and cash equivalents$116 $— $— $116 $50 $— $— $50 
Fixed income securities:
U.S. Treasury securities$346 $— $— $346 $299 $— $— $299 
Federal agency securities— 36 — 36 — 18 — 18 
Corporate bonds— 509 — 509 — 490 — 490 
Total fixed income securities$346 $545 $— $891 $299 $508 $— $807 
Equity securities:
Domestic$146 $— $— $146 $130 $— $— $130 
International142 — — 142 164 — — 164 
Total equity securities$288 $— $— $288 $294 $— $— $294 
International mutual funds$148 $— $— $148 $179 $— $— $179 
Total assets in the fair value hierarchy$898 $545 $— $1,443 $822 $508 $— $1,330 
Collective trust funds:
Fixed income fund(1)
$468 $408 
Common stock fund(1)
204 217 
International fund(1)
45 46 
Total collective trust funds$717 $671 
Real estate funds measured at NAV(1)
$167 $188 
Private equity funds measured at NAV(1)
$227 $280 
$2,554 $2,469 
__________
(1)In accordance with accounting guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient are not required to be classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of amounts reported in the fair value hierarchy to amounts reported on the balance sheet.
Information About The Expected Cash Flows For The Qualified Pension Plan
Information about the expected cash flows for the qualified and non-qualified plans is as follows:
Qualified PlansNon-qualified Plans
 (In millions)
Expected Employer Contributions:
2022$— $35 
Expected Benefit Payments:
2022$137 $35 
2023134 13 
2024137 10 
2025135 11 
2026134 11 
Next five years650 50