Company: FITBI
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000035527-25-000079
Chunk: 142

Company: FIFTH THIRD BANCORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7A
Chunk 142
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 absorb bad debt losses, they will be subject to federal income tax at the current corporate tax rate. 

175 Fifth Third Bancorp

Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

22. Retirement and Benefit Plans

The Bancorp’s qualified defined benefit plan’s benefits were frozen in 1998, except for grandfathered employees. The Bancorp’s other defined benefit retirement plans consist of non-qualified plans which are frozen and funded on an as-needed basis. A majority of these plans were obtained in acquisitions and are included with the qualified defined benefit plan in the following tables (“the Plan”). The Bancorp recognizes the overfunded or underfunded status of the Plan in other assets and accrued taxes, interest and expenses, respectively, in the Consolidated Balance Sheets. The following table summarizes the defined benefit retirement plans as of and for the years ended December 31:($ in millions)20242023Fair value of plan assets at January 1$102 109 Actual return on assets(3)5 Contributions1 2 Settlement(7)(7)Benefits paid(6)(7)Fair value of plan assets at December 31$87 102 Projected benefit obligation at January 1$113 120 Interest cost5 6 Settlement(7)(7)Actuarial (gain) loss(5)1 Benefits paid(6)(7)Projected benefit obligation at December 31$100 113 Underfunded projected benefit obligation at December 31$(13)(11)Accumulated benefit obligation at December 31(a)$100 113 (a)Since the Plan’s benefits are frozen, the rate of compensation increase is no longer an assumption used to calculate the accumulated benefit obligation. Therefore, the accumulated benefit obligation was the same as the projected benefit obligation at both December 31, 2024 and 2023.The following table summarizes net periodic benefit cost and other changes in the Plan’s assets and benefit obligations recognized in OCI for the years ended December 31: ($ in millions)202420232022Components of net periodic benefit cost:Interest cost$5 6 5 Expected return on assets(5)(5)(4)Amortization of net actuarial loss2 2 3 Settlement2 2 3 Net periodic benefit cost$4 5 7 Other changes in plan assets and benefit obligations recognized in other comprehensive income:Net actuarial loss (gain)$2 1 (11