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Retirement and Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Defined Benefit Retirement Plans with an Underfunded Status
The following table summarizes the defined benefit retirement plans as of and for the years ended December 31:
($ in millions)
20242023
Fair 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)
$100 113 
(a)Since the Plan’s benefits are frozen, the rate of compensation increase is no longer an assumption used to calculate the accumulated benefit obligation. Therefore, the accumulated benefit obligation was the same as the projected benefit obligation at both December 31, 2024 and 2023.
Net Periodic Benefit Cost and Other Changes In Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
The following table summarizes net periodic benefit cost and other changes in the Plan’s assets and benefit obligations recognized in OCI for the years ended December 31:
($ in millions)202420232022
Components 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)
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$3 2 (10)
Plan Assets Measured at Fair Value on a Recurring Basis
The following tables summarize Plan assets measured at fair value on a recurring basis as of December 31:
Fair Value Measurements Using(a)
2024 ($ in millions)Level 1Level 2Level 3    Total Fair Value
Cash 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$51 36 — 87 
(a)For further information on fair value hierarchy levels, refer to Note 1.
(b)Includes corporate bonds.
Fair Value Measurements Using(a)
2023 ($ in millions)Level 1Level 2Level 3 Total Fair Value
Cash 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.
Plan Assumptions
The following table summarizes the weighted-average plan assumptions for the years ended December 31:
202420232022
For measuring benefit obligations at year end:
Discount rate5.58 %5.04 5.37 
For measuring net periodic benefit cost:
Discount rate5.08 5.50 3.69 
Expected return on plan assets5.09 5.52 3.91 
Weighted Average Allocation of Plan Assets
The following table provides the Bancorp’s targeted and actual weighted-average asset allocations by asset category, with mutual and exchange-traded funds incorporated according to their underlying investments, for the years ended December 31:
Targeted Range(a)  
20242023
Fixed-income securities
50-100 %  
95 90 
Cash or cash equivalents
0-100    
5 10 
Total100 %100 
(a)These reflect the targeted ranges for the year ended December 31, 2024.