Company: FITBI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000035527-25-000137
Chunk: 260

Company: FIFTH THIRD BANCORP
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 260
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 the line items in the Condensed Consolidated Statements of Income in which the corresponding gains or losses are recorded:Condensed ConsolidatedStatements ofIncome CaptionFor the three months endedMarch 31,($ in millions)20252024Long-term debt:Change in fair value of interest rate swaps hedging long-term debtInterest on long-term debt$68 (91)Change in fair value of hedged long-term debt attributable to the risk being hedgedInterest on long-term debt(68)91 

89

Table of ContentsFifth Third Bancorp and SubsidiariesNotes to Condensed Consolidated Financial Statements (unaudited)

The following amounts were recorded in the Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of:($ in millions)Condensed ConsolidatedBalance Sheets CaptionMarch 31,2025December 31,2024Long-term debt:Carrying amount of the hedged itemsLong-term debt$4,907 4,838 Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged itemsLong-term debt(35)(103)Available-for-sale debt and other securities:Cumulative amount of fair value hedging adjustments remaining for hedged items for which hedge accounting has been discontinuedAvailable-for-sale debt and other securities(9)(9)Cash Flow HedgesThe Bancorp may enter into interest rate swaps to convert floating-rate assets and liabilities to fixed rates or to hedge certain forecasted transactions for the variability in cash flows attributable to the contractually specified interest rate. As of March 31, 2025, the maximum length of time over which the Bancorp is hedging its exposure to the variability in future cash flows is 82 months.Reclassified gains and losses on interest rate contracts related to commercial loans are recorded within interest income in the Condensed Consolidated Statements of Income. As of March 31, 2025 and December 31, 2024, respectively, $419 million and $654 million of net deferred losses, net of tax, on cash flow hedges were recorded in AOCI in the Condensed Consolidated Balance Sheets. As of March 31, 2025, $178 million in net unrealized losses, net of tax, recorded in AOCI are expected to be reclassified into earnings during the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations or the addition of other hedges subsequent to March 31, 2025