Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

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			2022		2021
Parent Company
Senior:
Fixed-rate notes	2022			2.60%			$	—	700
Fixed-rate notes	2022			3.50%			—		500
Fixed-rate notes	2023			1.625%			500		499
Fixed-rate notes	2024			3.65%			1,498		1,496
Fixed-rate notes	2025			2.375%			748		748
Fixed-rate notes	2027			2.55%			747		746
Fixed-rate/floating-rate notes(c)	2027			1.707%			448		496
Fixed-rate notes	2028			3.95%			648		647
Fixed-rate/floating-rate notes(c)	2028			4.055%			381		—
Fixed-rate/floating-rate notes(c)	2028			6.361%			1,012		—
Fixed-rate/floating-rate notes(c)	2030			4.772%			936		—
Fixed-rate/floating-rate notes(c)	2033			4.337%			556		—
Subordinated:(a)
Fixed-rate notes	2024			4.30%			749		749
Fixed-rate notes	2038			8.25%			1,108		1,346
Subsidiaries
Senior:
Floating-rate notes(a)(e)	2022			0.772%			—		300
Fixed-rate notes	2023			1.80%			650		649
Fixed-rate notes	2025			3.95%			723		795
Fixed-rate/floating-rate notes(c)	2025			5.852%			999		—
Fixed-rate notes	2027			2.25%			599		598
Subordinated:(a)
Fixed-rate notes	2026			3.85%			749		748
Fixed-rate notes	2027			4.00%			173		172
Junior subordinated:
Floating-rate debentures(a)(b)	2035			6.189%	-	6.459%	53		54
FHLB advances(d)	2023	-	2047	3.81%			21		44
Notes associated with consolidated VIEs:
Automobile loan securitization, fixed-rate notes	2023	-	2026	2.64%	-	2.69%	75		250
Solar loan securitization, fixed-rate notes	2038			4.05%	‘-	7.00%	39		—
Other	2023	-	2052	Varies			302		284
Total							$	13,714	11,821

(a)In aggregate, $1.9 billion and $2.5 billion qualifies as Tier 2 capital for regulatory capital purposes for the years ended December 31, 2022 and 2021, respectively.

(b)These rates reflect the floating rates as of December 31, 2022.

(c)This rate reflects the fixed rate in effect as of December 31, 2022.

(d)This rate reflects the weighted-average rate as of December 31, 2022.

(e)These rates reflect the floating rates as of December 31, 2021.

Schedule of Long-term Debt Maturities

The aggregate annual maturities of long-term debt obligations (based on final maturity dates) as of December 31, 2022 are presented in the following table:


($ in millions)	Parent Company		Subsidiaries	Total
2023	$	500	669	1,169
2024	2,247		12	2,259
2025	748		1,772	2,520
2026	—		843	843
2027	1,195		789	1,984
Thereafter	4,641		298	4,939
Total	$	9,331	4,383	13,714

- 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