Company: FITBI
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000035527-25-000079
Chunk: 334

Company: FIFTH THIRD BANCORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 334
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 of the Bancorp’s unrecognized tax benefits:($ in millions)202420232022Unrecognized tax benefits at January 1$97 94 102 Gross increases for tax positions taken during prior period12 14 3 Gross decreases for tax positions taken during prior period(7)(5)(5)Gross increases for tax positions taken during current period21 15 11 Settlements with taxing authorities(1)(1)— Lapse of applicable statute of limitations(21)(20)(17)Unrecognized tax benefits at December 31(a)$101 97 94 (a)All amounts represent unrecognized tax benefits that, if recognized, would affect the annual effective tax rate.The Bancorp’s unrecognized tax benefits as of December 31, 2024, 2023 and 2022 primarily related to state income tax exposures from taking tax positions where the Bancorp believes it is likely that, upon examination, a state would take a position contrary to the position taken by the Bancorp. 

174 Fifth Third Bancorp

Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

While it is reasonably possible that the amount of the unrecognized tax benefits with respect to certain of the Bancorp’s uncertain tax positions could increase or decrease during the next twelve months, the Bancorp believes it is unlikely that its unrecognized tax benefits will change by a material amount during the next twelve months. Deferred income taxes are comprised of the following items at December 31:($ in millions)20242023Deferred tax assets:Other comprehensive income$1,459 1,395 Allowance for loan and lease losses494 488 Loan origination fees and costs199 195 Deferred compensation115 114 Reserves38 33 State deferred taxes35 43 Reserves for unfunded commitments28 35 Federal net operating loss carryforwards7 19 State net operating loss carryforwards6 11 Other138 135 Total deferred tax assets$2,519 2,468 Deferred tax liabilities:Lease financing$583 551 MSRs and related economic hedges153 141 Bank premises and equipment76 68 Goodwill and intangible assets64 70 Investments in joint ventures and partnership interests48 58 Other168 143 Total deferred tax liabilities$1,092 1,031 Total net deferred tax asset$1,427 1,437 At December 31, 2024 and 2023