Company: FITBI
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000035527-25-000079
Chunk: 284

Company: FIFTH THIRD BANCORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 284
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 recoverability assessments, the Bancorp recognized impairment losses associated with operating lease assets of an immaterial amount for the years ended December 31, 2024 and 2023 and $2 million for the year ended December 31, 2022. The recognized impairment losses were recorded in commercial banking revenue in the Consolidated Statements of Income.The following table presents future lease payments receivable from operating leases for 2025 through 2029 and thereafter:As of December 31, 2024 ($ in millions)UndiscountedCash Flows2025$73 202647 202725 202811 20296 Thereafter9 Total operating lease payments$171 

145 Fifth Third Bancorp

Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9. Lease Obligations - Lessee

The Bancorp leases certain banking centers, ATM sites, land for owned buildings and equipment. The Bancorp’s lease agreements typically do not contain any residual value guarantees or any material restrictive covenants.The following table provides a summary of lease assets and lease liabilities as of December 31:($ in millions)Consolidated Balance Sheets Caption20242023AssetsOperating lease ROU assetsOther assets$526 511 Finance lease ROU assetsBank premises and equipment146 126 Total ROU assets(a)$672 637 LiabilitiesOperating lease liabilitiesAccrued taxes, interest and expenses$606 601 Finance lease liabilitiesLong-term debt161 134 Total lease liabilities$767 735 (a)Operating and finance lease ROU assets are recorded net of accumulated amortization of $328 and $54, respectively, as of December 31, 2024, and $292 and $77, respectively, as of December 31, 2023.The following table presents the components of lease costs for the years ended December 31:($ in millions)Consolidated Statements of Income Caption202420232022Lease costs:   Amortization of ROU assetsNet occupancy and equipment expense$21 19 19 Interest on lease liabilitiesInterest on long-term debt6 5 5 Total finance lease costs$27 24 24 Operating lease costNet occupancy expense$89 87 84 Short-term lease costNet occupancy expense1 2 1 Variable lease costNet occupancy expense30 29 28 Sublease incomeNet occupancy expense(3)(2)(3)Total operating lease costs$117