Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Summary of the Bancorp's Long-Term Borrowings

The following table is a summary of the Bancorp’s long-term borrowings at December 31:


($ in millions)	Maturity			Interest Rate			2020		2019
Parent Company
Senior:
Fixed-rate notes	2020			2.875%			$	—	1,099
Floating-rate notes(b)	2021			0.70%			250		250
Fixed-rate notes	2022			2.60%			699		699
Fixed-rate notes	2022			3.50%			499		499
Fixed-rate notes	2023			1.625%			498		—
Fixed-rate notes	2024			3.65%			1,494		1,493
Fixed-rate notes	2025			2.375%			747		746
Fixed-rate notes	2027			2.55%			746		—
Fixed-rate notes	2028			3.95%			647		646
Subordinated:(a)
Fixed-rate notes	2024			4.30%			748		748
Fixed-rate notes	2038			8.25%			1,433		1,333
Subsidiaries
Senior:
Fixed-rate notes	2020			2.20%			—		752
Floating-rate notes(c)	2020			2.186%			—		300
Fixed-rate notes	2021			2.25%			1,249		1,249
Fixed-rate notes	2021			2.875%			849		848
Fixed-rate notes	2021			3.35%			506		508
Floating-rate notes(b)	2021			0.655%			300		299
Floating-rate notes(b)	2022			0.854%			300		299
Fixed-rate notes	2023			1.80%			648		—
Fixed-rate notes	2025			3.95%			836		797
Fixed-rate notes	2027			2.25%			598		—
Subordinated:(a)
Fixed-rate bank notes	2026			3.85%			748		748
Fixed-rate bank notes	2027			4.00%			172		171
Junior subordinated:
Floating-rate debentures(b)	2035			1.73%	-	1.91%	54		53
FHLB advances	2021	-	2047	0.05%	-	5.91	67		91
Notes associated with consolidated VIEs:
Automobile loan securitizations:
Fixed-rate notes	2022	-	2026	1.80%	-	2.69%	623		1,147
Floating-rate notes(b)	2022			0.33%			—		42
Other	2021	-	2041	Varies			262		153
Total							$	14,973	14,970

(a)In aggregate, $2.8 billion and $2.7 billion qualifies as Tier II capital for regulatory capital purposes for the years ended December 31, 2020 and 2019, respectively.

(b)These rates reflect the floating rates as of December 31, 2020.

(c)These rates reflect the floating rates as of December 31, 2019.

Schedule of Long-term Debt Maturities

The Bancorp pays down long-term debt in accordance with contractual terms over maturity periods summarized in the previous table. The aggregate annual maturities of long-term debt obligations (based on final maturity dates) as of December 31, 2020 are presented in the following table:


($ in millions)	Parent		Subsidiaries	Total
2021	$	250	2,912	3,162
2022	1,198		325	1,523
2023	498		1,143	1,641
2024	2,242		98	2,340
2025	747		910	1,657
Thereafter	2,826		1,824	4,650
Total	$	7,761	7,212	14,973

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details