Retirement and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013


The overfunded and underfunded amounts recognized in other assets and other liabilities, respectively, on the Consolidated Balance Sheets were as follows as of December 31:

($ in millions)		2013	2012
Prepaid benefit cost	$	6	0
Accrued benefit liability		(27)	(71)
Net underfunded status	$	(21)	(71)

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

Plans with an Overfunded Status^(a)
($ in millions)		2013	2012
Fair value of plan assets at January 1	$	185	-
Actual return on assets		30	-
Contributions		5	-
Settlement		(13)	-
Benefits paid		(7)	-
Fair value of plan assets at December 31	$	200	-
Projected benefit obligation at January 1	$	224	-
Service cost		-	-
Interest cost		10	-
Settlement		(13)	-
Actuarial gain		(20)	-
Benefits paid		(7)	-
Projected benefit obligation at December 31	$	194	-
Overfunded projected benefit obligation at December 31	$	6	-

The Bancorp's defined benefit plan had an Overfunded status at December 31, 2013. The plan was Underfunded at December 31, 2012 and is reflected in the Underfunded Status table.

Plans with an Underfunded Status
($ in millions)		2013	2012
Fair value of plan assets at January 1	$	-	181
Actual return on assets		-	21
Contributions		4	4
Settlement		-	(10)
Benefits paid		(4)	(11)
Fair value of plan assets at December 31	$	-	185
Projected benefit obligation at January 1	$	32	253
Service cost		-	-
Interest cost		1	10
Settlement		-	(10)
Actuarial (gain)/loss		(2)	14
Benefits paid		(4)	(11)
Projected benefit obligation at December 31	$	27	256
Unfunded projected benefit obligation at December 31	$	(27)	(71)

The following table summarizes net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31:

($ in millions)			2013	2012	2011
Components of net periodic benefit cost:
	Service cost	$	-	-	-
	Interest cost		10	10	11
	Expected return on assets		(13)	(13)	(15)
	Amortization of net actuarial loss		11	14	11
	Amortization of net prior service cost		-	-	1
	Settlement		5	6	6
Net periodic benefit cost		$	13	17	14
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
	Net actuarial (gain)/loss	$	(38)	7	50
	Net prior service cost		-	-	-
	Amortization of net actuarial loss		(11)	(14)	(11)
	Amortization of prior service cost		-	-	(1)
	Settlement		(5)	(6)	(6)
Total recognized in other comprehensive income			(54)	(13)	32
Total recognized in net periodic benefit cost and
	other comprehensive income	$	(41)	4	46

The following table summarizes plan assets measured at fair value on a recurring basis as of December 31:

		Fair Value Measurements Using^(a)
2013 ($ in millions)			Level 1	Level 2	Level 3		Total Fair Value
Equity securities:
	Equity securities (Value)	$	8	-	-	$	8
	Equity securities (Blended)^(b)		40	-	-		40
Total equity securities			48	-	-		48

Mutual and exchange traded funds:
	Money market funds		7	-	-		7
	International funds		-	43	-		43
	Domestic funds		-	41	-		41
	Debt funds		-	20	-		20
	Alternative strategies		-	17	-		17
	Commodity funds		6	-	-		6
Total mutual and exchange traded funds			13	121	-		134

Debt securities:
	U.S. Treasury obligations		3	-	-		3
	Agency mortgage backed		-	13	-		13
	Non-agency mortgage backed		-	2	-		2
	Corporate bonds^(c)		-	-	-		-
Total debt securities			3	15	-		18
Total plan assets		$	64	136	-	$	200

		Fair Value Measurements Using^(a)
2012 ($ in millions)			Level 1	Level 2	Level 3		Total Fair Value
Equity Securities:
	Equity securities (Growth)^(b)	$	50	-	-	$	50
	Equity securities (Value)		52	-	-		52
	Equity securities (Blended)		4	-	-		4
Total equity securities			106	-	-		106

Mutual and exchange traded funds:
	Money market funds		4	-	-		4
	International funds		29	-	-		29
	Commodity funds		9	-	-		9
Total mutual and exchange traded funds			42	-	-		42

Debt securities:
	U.S. Treasury obligations		13	-	-		13
	Agency mortgage backed		-	21	-		21
	Non-agency mortgage backed		-	2	-		2
	Corporate bonds^(c)		-	1	-		1
Total debt securities			13	24	-		37
Total plan assets		$	161	24	-	$	185


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

Weighted-Average Assumptions		2013		2012	2011
For measuring benefit obligations at year end:
	Discount rate	4.72	%	3.83	4.27
	Rate of compensation increase	4.00		4.00	5.00
	Expected return on plan assets	7.50		8.00	8.25
For measuring net periodic benefit cost:
	Discount rate	3.83		4.27	5.39
	Rate of compensation increase	4.00		5.00	5.00
	Expected return on plan assets	7.50		8.00	8.25

The following table provides the Bancorp’s targeted and actual weighted-average asset allocations by asset category for the years ended December 31:

Weighted-average asset allocation	Targeted range		2013		2012
Equity securities			65	%	76
Bancorp common stock			2		1
Total equity securities^(a)	39-78	%	67		77
Total fixed income securities	11-41		22		20
Alternative strategies	0-18		7		-
Cash^(b)	0-10		4		3
Total			100	%	100

Includes mutual and exchange traded funds
Cash was held in a Federated Prime Cash Obligation Fund in 2013 and in a Fifth Third Money Market Fund in 2012.

Amounts relating to the Bancorp’s defined benefit plans with assets exceeding benefit obligations were as follows at December 31:

($ in millions)		2013	2012
Projected benefit obligation	$	194	-
Accumulated benefit obligation		194	-
Fair value of plan assets		200	-

Amounts relating to the Bancorp’s defined benefit plans with benefit obligations exceeding assets were as follows at December 31:

($ in millions)		2013	2012
Projected benefit obligation	$	27	256
Accumulated benefit obligation		27	256
Fair value of plan assets		-	185