Retirement and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

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)		2016	2015
Fair value of plan assets at January 1	$	166	195
Actual return on assets		11	(6)
Contributions		20	4
Settlement		(15)	(17)
Benefits paid		(10)	(10)
Fair value of plan assets at December 31	$	172	166
Projected benefit obligation at January 1	$	220	247
Interest cost		9	9
Settlement		(15)	(17)
Actuarial (gain) loss		2	(9)
Benefits paid		(10)	(10)
Projected benefit obligation at December 31	$	206	220
Underfunded projected benefit obligation at December 31	$	(34)	(54)
Accumulated benefit obligation at December 31(a)	$	206	220

(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, 2016 and 2015.

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)			2016	2015	2014
Components of net periodic benefit cost:
	Interest cost	$	9	9	10
	Expected return on assets		(11)	(13)	(14)
	Amortization of net actuarial loss		11	10	7
	Settlement		7	7	5
Net periodic benefit cost		$	16	13	8
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
	Net actuarial loss	$	2	9	37
	Amortization of net actuarial loss		(11)	(10)	(7)
	Settlement		(7)	(7)	(5)
Total recognized in other comprehensive income			(16)	(8)	25
Total recognized in net periodic benefit cost and other comprehensive income		$	-	5	33

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)
2016 ($ in millions)			Level 1	Level 2	Level 3	Total Fair Value
Equity securities(b)		$	56	-	-	56
Mutual and exchange-traded funds:
	Money market funds		6	-	-	6
	International funds		-	31	-	31
	Domestic funds		-	39	-	39
	Debt funds		-	5	-	5
	Alternative strategies		1	9	-	10
	Commodity funds		6	-	-	6
Total mutual and exchange-traded funds		$	13	84	-	97
Debt securities:
	U.S. Treasury and federal agencies securities		7	1	-	8
	Mortgage-backed securities:
	Agency residential mortgage-backed securities		-	1	-	1
	Agency commercial mortgage-backed securities		-	2	-	2
	Asset-backed securities and other debt securities(c)		-	8	-	8
Total debt securities		$	7	12	-	19
Total plan assets		$	76	96	-	172

• 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)
2015 ($ in millions)			Level 1	Level 2	Level 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.

Plan Assumptions

The following table summarizes the weighted-average plan assumptions for the years ended December 31:
		2016		2015	2014
For measuring benefit obligations at year end:
	Discount rate	3.97	%	4.16	3.82
	Rate of compensation increase(a)	N/A		N/A	N/A
	Expected return on plan assets	7.00		7.00	7.25
For measuring net periodic benefit cost:
	Discount rate	4.16		3.82	4.72
	Rate of compensation increase(a)	N/A		N/A	N/A
	Expected return on plan assets	7.00		7.00	7.25

(a) 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)		2016		2015
Equity securities			73	%	69
Bancorp common stock			2		2
Total equity securities(a)	60-90	%	75		71
Fixed-income securities	5-25		14		16
Alternative strategies	3-11		6		7
Cash	0-13		5		6
Total			100	%	100

• Includes mutual and exchange-traded funds.
• These reflect the targeted ranges for both the years ended December 31, 2016 and 2015.