Retirement and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014


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)		2014	2013
Prepaid benefit cost	$	0	6
Accrued benefit liability		(52)	(27)
Net underfunded status	$	(52)	(21)

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)		2014	2013
Fair value of plan assets at January 1	$	0	185
Actual return on assets		0	30
Contributions		0	5
Settlement		0	(13)
Benefits paid		0	(7)
Fair value of plan assets at December 31	$	0	200
Projected benefit obligation at January 1	$	0	224
Service cost		-	-
Interest cost		0	10
Settlement		0	(13)
Actuarial gain		0	(20)
Benefits paid		0	(7)
Projected benefit obligation at December 31	$	0	194
Overfunded projected benefit obligation at December 31	$	0	6

The Bancorp's defined benefit plan had an Overfunded status at December 31, 2013. The plan was Underfunded at December 31, 2014 and is reflected in the Underfunded Status table.

Plans with an Underfunded Status
($ in millions)		2014	2013
Fair value of plan assets at January 1	$	200	-
Actual return on assets		12	-
Contributions		3	4
Settlement		(11)	-
Benefits paid		(9)	(4)
Fair value of plan assets at December 31	$	195	-
Projected benefit obligation at January 1	$	221	32
Service cost		-	-
Interest cost		10	1
Settlement		(11)	-
Actuarial loss (gain)		36	(2)
Benefits paid		(9)	(4)
Projected benefit obligation at December 31	$	247	27
Unfunded projected benefit obligation at December 31	$	(52)	(27)

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

($ in millions)			2014	2013	2012
Components of net periodic benefit cost:
	Service cost	$	-	-	-
	Interest cost		10	10	10
	Expected return on assets		(14)	(13)	(13)
	Amortization of net actuarial loss		7	11	14
	Amortization of net prior service cost		-	-	0
	Settlement		5	5	6
Net periodic benefit cost		$	8	13	17
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
	Net actuarial loss (gain)	$	37	(38)	7
	Net prior service cost		-	-	-
	Amortization of net actuarial loss		(7)	(11)	(14)
	Amortization of prior service cost		-	-	0
	Settlement		(5)	(5)	(6)
Total recognized in other comprehensive income			25	(54)	(13)
Total recognized in net periodic benefit cost and
	other comprehensive income	$	33	(41)	4

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

		Fair Value Measurements Using^(a)
2014 ($ in millions)			Level 1	Level 2	Level 3		Total Fair Value
Equity securities:
	Equity securities (Value)	$	10	-	-	$	10
	Equity securities (Blended)^(b)		46	-	-		46
Total equity securities			56	-	-		56

Mutual and exchange traded funds:
	Money market funds		7	-	-		7
	International funds		-	38	-		38
	Domestic funds		-	31	-		31
	Debt funds		-	22	-		22
	Alternative strategies		-	22	-		22
Total mutual and exchange traded funds			7	113	-		120

Debt securities:
	U.S. Treasury obligations		3	-	-		3
	Agency mortgage-backed		-	11	-		11
	Non-agency mortgage-backed		-	2	-		2
	Corporate bonds^(c)		-	3	-		3
Total debt securities			3	16	-		19
Total plan assets		$	66	129	-	$	195

		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		0	43	-		43
	Domestic funds		0	41	-		41
	Debt funds		0	20	-		20
	Alternative strategies		0	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
Total debt securities			3	15	-		18
Total plan assets		$	64	136	-	$	200


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

		2014		2013	2012
For measuring benefit obligations at year end:
	Discount rate	3.82	%	4.72	3.83
	Rate of compensation increase	N/A^(a)		4.00	4.00
	Expected return on plan assets	7.25		7.50	8.00
For measuring net periodic benefit cost:
	Discount rate	4.72		3.83	4.27
	Rate of compensation increase	N/A^(a)		4.00	5.00
	Expected return on plan assets	7.25		7.50	8.00

Since the Bancorp's qualified defined benefit plan's benefits were frozen in 1998, except for grandfathered employees, the rate of compensation increase is no longer applicable beginning in 2014 since minimal grandfathered employees are still accruing benefits.

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

	Targeted range		2014		2013
Equity securities			62	%	65
Bancorp common stock			2		2
Total equity securities^(a)	39-78	%	64		67
Total fixed-income securities	11-41		20		22
Alternative strategies	8-18		12		7
Cash	0-10		4		4
Total			100	%	100

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

($ in millions)		2014	2013
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)		2014	2013
Projected benefit obligation	$	247	27
Accumulated benefit obligation		247	27
Fair value of plan assets		195	-