Retirement and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Defined Benefit Retirement Plans with an Underfunded Status

The following table summarizes the defined benefit retirement plans as of and for the years ended December 31:

($ in millions)	2021		2020
Fair value of plan assets at January 1	$	173	175
Actual return on assets	(3)		13
Contributions	1		2
Settlement	(12)		(9)
Benefits paid	(7)		(8)
Fair value of plan assets at December 31	$	152	173
Projected benefit obligation at January 1	$	203	194
Interest cost	4		6
Settlement	(12)		(9)
Actuarial (gain) loss	(12)		20
Benefits paid	(7)		(8)
Projected benefit obligation at December 31	$	176	203
Underfunded projected benefit obligation at December 31	$	(24)	(30)
Accumulated benefit obligation at December 31(a)	$	176	203

(a)Since the Plan’s benefits are frozen, the rate of compensation increase is no longer an assumption used to calculate the accumulated benefit obligation. Therefore, the accumulated benefit obligation was the same as the projected benefit obligation at both December 31, 2021 and 2020.

Net Periodic Benefit Cost and Other Changes In Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

The following table summarizes net periodic benefit cost and other changes in the Plan’s assets and benefit obligations recognized in OCI for the years ended December 31:

($ in millions)	2021		2020	2019
Components of net periodic benefit cost:
Interest cost	$	4	6	7
Expected return on assets	(4)		(4)	(8)
Amortization of net actuarial loss	6		6	6
Settlement	3		3	3
Net periodic benefit cost	$	9	11	8
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gain) loss	$	(5)	12	5
Amortization of net actuarial loss	(6)		(6)	(6)
Settlement	(3)		(3)	(3)
Total recognized in other comprehensive income	(14)		3	(4)
Total recognized in net periodic benefit cost and other comprehensive income	$	(5)	14	4

Plan Assets Measured at Fair Value on a Recurring Basis

The following tables summarize Plan assets measured at fair value on a recurring basis as of December 31:

	Fair Value Measurements Using(a)
2021 ($ in millions)	Level 1		Level 2	Level 3	Total Fair Value
Cash equivalents	$	5	—	—	5
Mutual and exchange-traded funds	51		—	—	51
Debt securities:
U.S. Treasury and federal agencies securities	54		5	—	59
Mortgage-backed securities:
Non-agency commercial mortgage-backed securities	—		1	—	1
Asset-backed securities and other debt securities(b)	—		36	—	36
Total debt securities	$	54	42	—	96
Total Plan assets	$	110	42	—	152

(a)For further information on fair value hierarchy levels, refer to Note 1.

(b)Includes corporate bonds.

	Fair Value Measurements Using(a)
2020 ($ in millions)	Level 1		Level 2	Level 3	Total Fair Value
Cash equivalents	$	4	—	—	4
Mutual and exchange-traded funds	68		—	—	68
Debt securities:
U.S. Treasury and federal agencies securities	57		6	—	63
Mortgage-backed securities:
Non-agency commercial mortgage-backed securities	—		1	—	1
Asset-backed securities and other debt securities(b)	—		37	—	37
Total debt securities	$	57	44	—	101
Total Plan assets	$	129	44	—	173

(a)For further information on fair value hierarchy levels, refer to Note 1.

(b)Includes corporate bonds.

Plan Assumptions

The following table summarizes the weighted-average plan assumptions for the years ended December 31:

	2021		2020	2019
For measuring benefit obligations at year end:
Discount rate	2.85	%	2.26	3.05
For measuring net periodic benefit cost:
Discount rate	2.26		3.05	4.10
Expected return on plan assets	2.43		2.64	5.50

Weighted Average Allocation of Plan Assets

The following table provides the Bancorp’s targeted and actual weighted-average asset allocations by asset category, with mutual and exchange-traded funds incorporated according to their underlying investments, for the years ended December 31:

	Targeted Range	2021		2020
Equity securities	0-55  %	—		3
Fixed-income securities	50-100	96		90
Alternative strategies	0-5	—		—
Cash or cash equivalents	0-100	4		7
Total		100	%	100