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Retirement and Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Retirement and Benefit Plans  
Defined Benefit Retirement Plans with an Underfunded Status
    
The following table summarizes the Plan as of and for the years ended December 31:
    
($ in millions) 20152014
Fair value of plan assets at January 1$ 195 200
Actual return on assets  (6) 12
Contributions  4 3
Settlement  (17) (11)
Benefits paid  (10) (9)
Fair value of plan assets at December 31$ 166 195
Projected benefit obligation at January 1$ 247 221
Interest cost  9 10
Settlement  (17) (11)
Actuarial (gain) loss  (9) 36
Benefits paid  (10) (9)
Projected benefit obligation at December 31$ 220 247
Underfunded projected benefit obligation at December 31$ (54) (52)
Accumulated benefit obligation at December 31(a)$ 220 247

  • Since the Plan's benefits were 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, 2015 and 2014.
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) 201520142013
Components of net periodic benefit cost:    
 Interest cost$91010
 Expected return on assets (13)(14)(13)
 Amortization of net actuarial loss 10711
 Settlement 755
Net periodic benefit cost$13813
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 Net actuarial loss (gain)$937(38)
 Amortization of net actuarial loss (10)(7)(11)
 Settlement (7)(5)(5)
Total recognized in other comprehensive income (8)25(54)
Total recognized in net periodic benefit cost and other comprehensive income$533(41)
      
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)
2015 ($ in millions) Level 1Level 2Level 3 Total Fair Value
Equity securities(b)$ 52  -  -   52 
Mutual and exchange-traded funds:          
 Money market funds  15  -  -   15 
 International funds  -  35  -   35 
 Domestic funds  -  31  -   31 
 Debt funds  -  3  -   3 
 Alternative strategies  -  11  -   11 
 Commodity funds  6  -  -   6 
Total mutual and exchange-traded funds$ 21  80  -   101 
Debt securities:          
 U.S. Treasury and federal agencies securities  2  2  -   4 
 Mortgage-backed securities:          
  Agency residential mortgage-backed securities  -  3  -   3 
  Agency commercial mortgage-backed securities  -  2  -   2 
  Non-agency commercial mortgage-backed securities  -  1  -   1 
 Asset-backed securities and other debt securities(c)  -  3  -   3 
Total debt securities$ 2  11  -   13 
Total plan assets$ 75  91  -   166 

  • For further information on fair value hierarchy levels, refer to Note 1.
  • Includes holdings in Bancorp common stock.
  • Includes corporate bonds.

            
  Fair Value Measurements Using(a)
2014 ($ in millions) Level 1 Level 2 Level 3  Total Fair Value
Equity securities(b)$ 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 and federal agencies securities  3  -  -   3 
 Mortgage-backed securities:          
  Agency residential mortgage-backed securities  -  4  -   4 
  Agency commercial mortgage-backed securities  -  7  -   7 
  Non-agency commercial mortgage-backed securities  -  2  -   2 
 Asset-backed securities and other debt securities(c)  -  3  -   3 
Total debt securities$ 3  16  -   19 
Total plan assets$ 66  129  -   195 

  • For further information on fair value hierarchy levels, refer to Note 1.
  • Includes holdings in Bancorp common stock.
  • Includes corporate bonds.
Plan Assumptions
         
The following table summarizes the weighted-average plan assumptions for the years ended December 31:
         
 2015 20142013
For measuring benefit obligations at year end:       
 Discount rate 4.16%  3.82  4.72 
 Rate of compensation increaseN/A(a)  N/A(a)  4.00 
 Expected return on plan assets 7.00   7.25  7.50 
For measuring net periodic benefit cost:       
 Discount rate 3.82   4.72  3.83 
 Rate of compensation increaseN/A(a)  N/A(a)  4.00 
 Expected return on plan assets 7.00   7.25  7.50 

  • Since the Plan's benefits were frozen, except for grandfathered employees, the rate of compensation increase is no longer applicable beginning in 2014 since minimal grandfathered employees are still accruing benefits.
Weighted Average Allocation of Plan Assets
       
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(b) 20152014
Equity securities  69%62 
Bancorp common stock  2 2 
Total equity securities(a)60-90%71 64 
Fixed-income securities5-25 16 20 
Alternative strategies3-11 7 12 
Cash0-13 6 4 
Total  100%100 

  • Includes mutual and exchange-traded funds.
  • These reflect the targeted ranges for the year ended December 31, 2015.