Company: FITBI
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000035527-25-000079
Chunk: 337

Company: FIFTH THIRD BANCORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 337
---
)Amortization of net actuarial loss(2)(2)(3)Settlement(1)(2)(3)Total recognized in other comprehensive income(1)(3)(17)Total recognized in net periodic benefit cost and other comprehensive income$3 2 (10)Fair Value Measurements of Plan Assets   The following tables summarize Plan assets measured at fair value on a recurring basis as of December 31:Fair Value Measurements Using(a)2024 ($ in millions)Level 1Level 2Level 3    Total Fair ValueCash equivalents$3 — — 3 Debt securities:U.S. Treasury and federal agencies securities48 3 — 51 Asset-backed securities and other debt securities(b)— 33 — 33 Total debt securities$48 36 — 84 Total Plan assets$51 36 — 87 (a)For further information on fair value hierarchy levels, refer to Note 1.(b)Includes corporate bonds.

176 Fifth Third Bancorp

Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Fair Value Measurements Using(a)2023 ($ in millions)Level 1Level 2Level 3 Total Fair ValueCash equivalents$7 — — 7 Debt securities:U.S. Treasury and federal agencies securities52 3 — 55 Asset-backed securities and other debt securities(b)— 40 — 40 Total debt securities$52 43 — 95 Total Plan assets$59 43 — 102 (a)For further information on fair value hierarchy levels, refer to Note 1.(b)Includes corporate bonds.The following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Cash equivalents Cash equivalents are comprised of money market mutual funds that invest in short-term money market instruments that are issued and payable in U.S. dollars. The Plan measures its cash equivalent funds that are exchange-traded using the fund’s quoted price, which is in an active market. Therefore, these investments are classified within Level 1 of the valuation hierarchy. Debt securities Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury securities. If quoted market prices are not available, then fair values are estimated using pricing models which primarily utilize quoted prices of securities with similar characteristics