XML 96 R45.htm IDEA: XBRL DOCUMENT

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following table provides a summary of the classifications of consolidated VIE assets and liabilities included in the Condensed Consolidated Balance Sheets for automobile loan securitizations as of:


($ in millions)	September 30, 2020		December 31, 2019
Assets:
Other short-term investments	$	61	74
Indirect secured consumer loans	887		1,354
ALLL	(9)		(7)
Other assets	5		8
Total assets	$	944	1,429
Liabilities:
Other liabilities	$	2	2
Long-term debt	786		1,253
Total liabilities	$	788	1,255

Assets and Liabilities Related to Non-consolidated VIEs and Maximum Exposure to Losses

The following tables provide a summary of assets and liabilities carried on the Condensed Consolidated Balance Sheets related to non-consolidated VIEs for which the Bancorp holds an interest, but is not the primary beneficiary of the VIE, as well as the Bancorp’s maximum exposure to losses associated with its interests in the entities as of:


September 30, 2020 ($ in millions)	Total Assets		Total Liabilities	Maximum Exposure
CDC investments	$	1,473	436	1,473
Private equity investments	96		—	182
Loans provided to VIEs	2,515		—	3,781
Lease pool entities	75		—	75


December 31, 2019 ($ in millions)	Total Assets		Total Liabilities	Maximum Exposure
CDC investments	$	1,435	428	1,435
Private equity investments	89		—	164
Loans provided to VIEs	2,715		—	4,083
Lease pool entities	74		—	74

Investments in Qualified Affordable Housing Tax Credits

The following table summarizes the impact to the Condensed Consolidated Statements of Income related to these investments:


	Condensed Consolidated Statements of Income Caption(a)	For the three months ended September 30,			For the nine months ended September 30,
($ in millions)		2020		2019	2020		2019
Proportional amortization	Applicable income tax expense	$	62	31	$	94	105
Tax credits and other benefits	Applicable income tax expense	(74)		(35)	(111)		(122)

(a)The Bancorp did not recognize impairment losses resulting from the forfeiture or ineligibility of tax credits or other circumstances during both the three and nine months ended September 30, 2020 and 2019.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details