Retirement and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Fair value of plan assets at January 1	$	109	152
Actual return on assets	5		(27)
Contributions	2		2
Settlement	(7)		(11)
Benefits paid	(7)		(7)
Fair value of plan assets at December 31	$	102	109
Projected benefit obligation at January 1	$	120	176
Interest cost	6		5
Settlement	(7)		(11)
Actuarial loss (gain)	1		(43)
Benefits paid	(7)		(7)
Projected benefit obligation at December 31	$	113	120
Underfunded projected benefit obligation at December 31	$	(11)	(11)
Accumulated benefit obligation at December 31(a)	$	113	120

(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, 2023 and 2022.

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)	2023		2022	2021
Components of net periodic benefit cost:
Interest cost	$	6	5	4
Expected return on assets	(5)		(4)	(4)
Amortization of net actuarial loss	2		3	6
Settlement	2		3	3
Net periodic benefit cost	$	5	7	9
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial loss (gain)	$	1	(11)	(5)
Amortization of net actuarial loss	(2)		(3)	(6)
Settlement	(2)		(3)	(3)
Total recognized in other comprehensive income	(3)		(17)	(14)
Total recognized in net periodic benefit cost and other comprehensive income	$	2	(10)	(5)

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)
2023 ($ in millions)	Level 1		Level 2	Level 3	Total Fair Value
Cash equivalents	$	7	—	—	7
Debt securities:
U.S. Treasury and federal agencies securities	52		3	—	55
Asset-backed securities and other debt securities(b)	—		40	—	40
Total debt securities	$	52	43	—	95
Total Plan assets	$	59	43	—	102

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

(b)Includes corporate bonds.

	Fair Value Measurements Using(a)
2022 ($ in millions)	Level 1		Level 2	Level 3	Total Fair Value
Cash equivalents	$	8	—	—	8
Debt securities:
U.S. Treasury and federal agencies securities	54		3	—	57
Asset-backed securities and other debt securities(b)	—		44	—	44
Total debt securities	$	54	47	—	101
Total Plan assets	$	62	47	—	109

(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:

	2023		2022	2021
For measuring benefit obligations at year end:
Discount rate	5.04	%	5.37	2.85
For measuring net periodic benefit cost:
Discount rate	5.50		3.69	2.26
Expected return on plan assets	5.52		3.91	2.43

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	2023		2022
Equity securities	0-55  %	—		—
Fixed-income securities	50-100	90		92
Alternative strategies	0-5	—		—
Cash or cash equivalents	0-100	10		8
Total		100	%	100