FIFTH THIRD BANCORP, 10-K filed on 2/25/2022
Annual Report
v3.22.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2021
Jan. 31, 2022
Jun. 30, 2021
Entity Listings [Line Items]      
Document Type 10-K    
Document Period End Date Dec. 31, 2021    
Current Fiscal Year End Date --12-31    
Entity Registrant Name FIFTH THIRD BANCORP    
Document Annual Report true    
Document Transition Report false    
Entity File Number 001-33653    
Entity Incorporation, State or Country Code OH    
Entity Tax Identification Number 31-0854434    
Entity Address, Address Line One 38 Fountain Square Plaza    
Entity Address, City or Town Cincinnati    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 45263    
City Area Code 800    
Local Phone Number 972-3030    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   683,679,363  
Entity Public Float     $ 23,662,337,082
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE

This report incorporates into a single document the requirements of the U.S. Securities and Exchange Commission (the “SEC”) with respect to annual reports on Form 10-K and annual reports to shareholders. Sections of the Bancorp’s Proxy Statement for the 2022 Annual Meeting of Shareholders are incorporated by reference into Part III of this report.

Only those sections of this 2021 Annual Report to Shareholders that are specified in this Cross Reference Index constitute part of the registrant’s Form 10-K for the year ended December 31, 2021. No other information contained in this 2021 Annual Report to Shareholders shall be deemed to constitute any part of this Form 10-K nor shall any such information be incorporated into the Form 10-K and shall not be deemed “filed” as part of the registrant’s Form 10-K.
    
Amendment Flag false    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000035527    
Common Stock, Without Par Value      
Entity Listings [Line Items]      
Title of 12(b) Security Common Stock, Without Par Value    
Trading Symbol FITB    
Security Exchange Name NASDAQ    
Preferred stock, Series I      
Entity Listings [Line Items]      
Title of 12(b) Security 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I    
Trading Symbol FITBI    
Security Exchange Name NASDAQ    
Class B Preferred stock, Series A      
Entity Listings [Line Items]      
Title of 12(b) Security 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A    
Trading Symbol FITBP    
Security Exchange Name NASDAQ    
Preferred Stock, Series K      
Entity Listings [Line Items]      
Title of 12(b) Security 4.95% Non-Cumulative Perpetual Preferred Stock, Series K    
Trading Symbol FITBO    
Security Exchange Name NASDAQ    
v3.22.0.1
Audit Information
 12 Months Ended
Dec. 31, 2021
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Cincinnati, Ohio
Auditor Firm ID 34
v3.22.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Assets    
Cash and due from banks $ 2,994 $ 3,147
Other short-term investments [1] 34,572 33,399
Available-for-sale debt and other securities [2] 38,110 37,513
Held-to-maturity securities [3] 8 11
Trading debt securities 512 560
Equity securities 376 313
Loans and leases held for sale [4] 4,415 4,741
Total portfolio loans and leases [1],[5] 112,050 108,782
Allowance for loan and lease losses [1] (1,892) (2,453)
Portfolio loans and leases, net 110,158 106,329
Bank premises and equipment [6] 2,120 2,088
Operating lease equipment 616 777
Goodwill 4,514 4,258
Intangible assets 156 139
Servicing rights 1,121 656
Other assets [1] 11,444 10,749
Total Assets 211,116 204,680
Deposits:    
Noninterest-bearing deposits 65,088 57,711
Interest-bearing deposits [7] 104,236 101,370
Total deposits 169,324 159,081
Federal funds purchased 281 300
Other short-term borrowings 980 1,192
Accrued taxes, interest and expenses 2,233 2,614
Other liabilities [1] 4,267 3,409
Long-term debt [1] 11,821 14,973
Total Liabilities 188,906 181,569
Equity    
Common stock [8] 2,051 2,051
Preferred stock [9] 2,116 2,116
Capital surplus 3,624 3,635
Retained earnings 20,236 18,384
Accumulated other comprehensive income 1,207 2,601
Treasury stock [8] (7,024) (5,676)
Total Equity 22,210 23,111
Total Liabilities and Equity $ 211,116 $ 204,680
[1] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
[2] Amortized cost of $36,941 and $34,982 at December 31, 2021 and 2020, respectively.
[3] Fair value of $8 and $11 at December 31, 2021 and 2020, respectively.
[4] Includes $1,023 and $1,481 of residential mortgage loans held for sale measured at fair value at December 31, 2021 and 2020, respectively.
[5] Includes $154 and $161 of residential mortgage loans measured at fair value at December 31, 2021 and 2020, respectively.
[6] Includes $24 and $35 of bank premises and equipment held for sale at December 31, 2021 and 2020, respectively. For further information, refer to Note 7.
[7] Includes $351 of interest checking deposits held for sale at December 31, 2020.
[8] Common shares: Stated value $2.22 per share; authorized 2,000,000,000; outstanding at December 31, 2021 – 682,777,664 (excludes 241,114,917 treasury shares), 2020 – 712,760,325 (excludes 211,132,256 treasury shares).
[9] 500,000 shares of no par value preferred stock were authorized at both December 31, 2021 and 2020. There were 422,000 unissued shares of undesignated no par value preferred stock at both December 31, 2021 and 2020. Each issued share of no par value preferred stock has a liquidation preference of $25,000. 500,000 shares of no par value Class B preferred stock were authorized at both December 31, 2021 and 2020. There were 300,000 unissued shares of undesignated no par value Class B preferred stock at both December 31, 2021 and 2020. Each issued share of no par value Class B preferred stock has a liquidation preference of $1,000.
v3.22.0.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Other short-term investments [1] $ 34,572 $ 33,399
Allowance for loan and lease losses [1] (1,892) (2,453)
Other assets [1] 11,444 10,749
Other liabilities [1] 4,267 3,409
Long-term debt [1] 11,821 14,973
Available-for-sale debt and other securities, amortized cost 36,941 34,982
Held-to-maturity securities 8 11
Bank premises and equipment held for sale $ 24 35
Interest checking deposits held for sale   $ 351
Common stock, par value (in dollars per share) $ 2.22 $ 2.22
Common stock, authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, outstanding (in shares) 682,777,664 712,760,325
Treasury stock (in shares) 241,114,917 211,132,256
Preferred stock, authorized (in shares) 500,000 500,000
Preferred stock, unissued (in shares) 422,000 422,000
Preferred stock, liquidation preference per share (in dollars per share) $ 25,000 $ 25,000
Preferred Class B    
Preferred stock, authorized (in shares) 500,000 500,000
Preferred stock, unissued (in shares) 300,000 300,000
Preferred stock, liquidation preference per share (in dollars per share) $ 1,000 $ 1,000
Residential Mortgage    
Allowance for loan and lease losses $ (235) $ (294)
Loans held for sale 1,023 1,481
Loans measured at FV 154 161
Variable Interest Entity, Primary Beneficiary | Automobile Loans    
Other short-term investments 24 55
Portfolio loans and leases 322 756
Allowance for loan and lease losses (2) (7)
Other assets 2 5
Other liabilities 1 2
Long-term debt $ 263 $ 656
[1] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Interest Income      
Interest and fees on loans and leases $ 4,079 $ 4,424 $ 5,051
Interest on securities 1,090 1,119 1,162
Interest on other short-term investments 42 29 41
Total interest income 5,211 5,572 6,254
Interest Expense      
Interest on deposits 59 322 892
Interest on federal funds purchased 0 2 29
Interest on other short-term borrowings 2 14 28
Interest on long-term debt 380 452 508
Total interest expense 441 790 1,457
Net Interest Income 4,770 4,782 4,797
(Benefit from) provision for credit losses (377) 1,097 471
Net Interest Income After (Benefit from) Provision for Credit Losses 5,147 3,685 4,326
Noninterest Income      
Commercial banking revenue 637 528 460
Service charges on deposits 600 559 565
Wealth and asset management revenue 586 520 487
Card and processing revenue 402 352 360
Leasing business revenue 300 276 270
Mortgage banking net revenue 270 320 287
Other noninterest income 332 211 1,064
Securities (losses) gains, net (7) 62 40
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights (2) 2 3
Total noninterest income 3,118 2,830 3,536
Noninterest Expense      
Compensation and benefits 2,626 2,590 2,418
Technology and communications 388 362 422
Net occupancy expense 312 350 332
Equipment expense 138 130 129
Leasing business expense 137 140 133
Marketing expense 107 104 162
Card and processing expense 89 121 130
Other noninterest expense 951 921 934
Total noninterest expense 4,748 4,718 4,660
Income before income taxes 3,517 1,797 3,202
Applicable income tax expense 747 370 690
Net Income 2,770 1,427 2,512
Dividends on preferred stock 111 104 93
Net Income Available to Common Shareholders $ 2,659 $ 1,323 $ 2,419
Shares Disclosures      
Earnings per share - basic (in dollars per share) $ 3.78 $ 1.84 $ 3.38
Earnings per share - diluted (in dollars per share) $ 3.73 $ 1.83 $ 3.33
Average common shares outstanding - basic (in shares) 702,188,552 714,729,585 710,433,611
Average common shares outstanding - diluted (in shares) 711,197,805 719,735,415 720,065,498
v3.22.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net Income $ 2,770 $ 1,427 $ 2,512
Net unrealized gains on available-for-sale debt securities:      
Unrealized holding (losses) gains arising during the year (1,043) 1,153 1,046
Reclassification adjustment for net losses (gains) included in net income 3 (34) (7)
Net unrealized gains on cash flow hedge derivatives:      
Unrealized holding (losses) gains arising during the year (142) 483 275
Reclassification adjustment for net gains included in net income (223) (187) (13)
Defined benefit pension plans, net:      
Net actuarial gain (loss) arising during the year 4 (9) (5)
Reclassification of amounts to net periodic benefit costs 7 7 8
Other 0 (4) 0
Other comprehensive (loss) income, net of tax (1,394) 1,409 1,304
Comprehensive Income $ 1,376 $ 2,836 $ 3,816
v3.22.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Preferred stock, Series H
Preferred stock Series I
Preferred stock, Series J
Preferred Stock Series K
Preferred stock, Series L
Class B Preferred stock, Series A
Other
 [2]
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjusted Balance
Common Stock
Preferred Stock
Capital Surplus
Retained Earnings
Retained Earnings
Preferred stock, Series H
Retained Earnings
Preferred stock Series I
Retained Earnings
Preferred stock, Series J
Retained Earnings
Preferred Stock Series K
Retained Earnings
Preferred stock, Series L
Retained Earnings
Class B Preferred stock, Series A
Retained Earnings
Other
 [2]
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period of Adoption, Adjusted Balance
Treasury Stock
Total Bancorp Shareholders’ Equity
Total Bancorp Shareholders’ Equity
Preferred stock, Series H
Total Bancorp Shareholders’ Equity
Preferred stock Series I
Total Bancorp Shareholders’ Equity
Preferred stock, Series J
Total Bancorp Shareholders’ Equity
Preferred Stock Series K
Total Bancorp Shareholders’ Equity
Preferred stock, Series L
Total Bancorp Shareholders’ Equity
Class B Preferred stock, Series A
Total Bancorp Shareholders’ Equity
Other
 [2]
Total Bancorp Shareholders’ Equity
Cumulative Effect, Period of Adoption, Adjustment
Total Bancorp Shareholders’ Equity
Cumulative Effect, Period of Adoption, Adjusted Balance
Non- Controlling Interests
Beginning balance at Dec. 31, 2018 $ 16,250               $ 10 $ 16,260 $ 2,051 $ 1,331 $ 2,873 $ 16,578               $ 10 $ 16,588 $ (112) $ (112) $ (6,471) $ 16,250               $ 10 $ 16,260 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                                          
Net Income 2,512                         2,512                         2,512                    
Other comprehensive income (loss), net of tax 1,304                                             1,304     1,304                    
Cash dividends declared:                                                                          
Common stock (691)                         (691)                         (691)                    
Preferred stock [1]   $ (30) $ (30) $ (19) $ (4)   $ (4) $ (6)             $ (30) $ (30) $ (19) $ (4)   $ (4) $ (6)             $ (30) $ (30) $ (19) $ (4)   $ (4) $ (6)      
Shares acquired for treasury (1,763)                                                 (1,763) (1,763)                    
Issuance of preferred stock 242                     242                             242                    
Conversion of outstanding preferred stock issued by a Bancorp subsidiary 0                     197                             197                   (197)
Impact of MB Financial, Inc. acquisition 3,356                       712                         2,447 3,159                   197
Impact of stock transactions under stock compensation plans, net 72                       14 2                       56 72                    
Other 4                         (3)                       7 4                    
Ending balance at Dec. 31, 2019 21,203               $ (472) 20,731 2,051 1,770 3,599 18,315               $ (472) 17,843 1,192   (5,724) 21,203               $ (472) $ 20,731 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                                          
Net Income 1,427                         1,427                         1,427                    
Other comprehensive income (loss), net of tax 1,409                                             1,409     1,409                    
Cash dividends declared:                                                                          
Common stock (780)                         (780)                         (780)                    
Preferred stock [1]   (31) (30) (12) (12) $ (7) (12)               (31) (30) (12) (12) $ (7) (12)               $ (31) $ (30) $ (12) $ (12) $ (7) $ (12)        
Issuance of preferred stock 346                     346                             346                    
Impact of stock transactions under stock compensation plans, net 82                       36                         46 82                    
Other 0                         (2)                       2 0                    
Ending balance at Dec. 31, 2020 23,111                   2,051 2,116 3,635 18,384                   2,601   (5,676) $ 23,111                   $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                                          
Net Income 2,770                         2,770                                              
Other comprehensive income (loss), net of tax (1,394)                                             (1,394)                          
Cash dividends declared:                                                                          
Common stock (805)                         (805)                                              
Preferred stock [1]   $ (31) $ (30) $ (10) $ (12) $ (16) $ (12)               $ (31) $ (30) $ (10) $ (12) $ (16) $ (12)                                  
Shares acquired for treasury (1,393)                                                 (1,393)                      
Impact of stock transactions under stock compensation plans, net 33                       (11)                         44                      
Other (1)                         $ (2)                       1                      
Ending balance at Dec. 31, 2021 $ 22,210                 $ 22,210 $ 2,051 $ 2,116 $ 3,624                   $ 20,236 $ 1,207   $ (7,024)                      
[1] Refer to Note 24 for further information on dividends declared for preferred stock.
[2] Dividends declared for Perpetual Preferred Stock, Series C, of MB Financial, Inc., previously a subsidiary of the Bancorp.
v3.22.0.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Common stock, per share (in dollars per share) $ 1.14 $ 1.08 $ 0.94
Preferred stock, Series H      
Preferred stock, per share (in usd per share) 1,275 1,275 1,275
Preferred stock Series I      
Preferred stock, per share (in usd per share) 1,656.24 1,656.24 1,656.24
Preferred stock, Series J      
Preferred stock, per share (in usd per share) 839.62 1,043.48 1,559.42
Preferred Stock Series K      
Preferred stock, per share (in usd per share) 1,237.5 1,237.52 357.50
Preferred stock, Series L      
Preferred stock, per share (in usd per share) 1,125 468.75  
Class B Preferred stock, Series A      
Preferred stock, per share (in usd per share) $ 60.00 $ 60.00 20.83
Other      
Preferred stock, per share (in usd per share)     $ 30.00
v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net Income $ 2,770 $ 1,427 $ 2,512
Adjustments to reconcile net income to net cash provided by operating activities:      
(Benefit from) provision for credit losses (377) 1,097 471
Depreciation, amortization and accretion 349 492 472
Stock-based compensation expense 120 123 132
Benefit from deferred income taxes (14) (162) (246)
Securities losses (gains), net 16 (69) (50)
MSR fair value adjustment 139 565 376
Net gains on sales of loans and fair value adjustments on loans held for sale (335) (291) (137)
Net losses on disposition and impairment of bank premises and equipment and operating lease equipment 10 26 24
Gain on sale of HSA deposit portfolio (60) 0 0
Gain on sale of Worldpay, Inc. shares 0 0 (562)
Gain on the TRA associated with Worldpay, Inc. (46) (74) (346)
Proceeds from sales of loans held for sale 17,204 12,481 8,157
Loans originated or purchased for sale, net of repayments (16,888) (14,767) (8,896)
Dividends representing return on equity investments 55 17 66
Net change in:      
Equity and trading debt securities 15 12 (29)
Other assets (37) (855) 20
Accrued taxes, interest and expenses and other liabilities (217) 349 (140)
Net Cash Provided by Operating Activities 2,704 371 1,824
Proceeds from sales:      
AFS securities and other investments 3,125 1,743 10,596
Loans and leases 718 157 259
Bank premises and equipment 19 33 90
Proceeds from repayments / maturities of AFS and HTM securities and other investments 6,079 3,646 2,271
Purchases:      
AFS securities and other investments (11,713) (5,266) (13,959)
Bank premises and equipment (309) (305) (243)
MSRs (381) (44) (26)
Proceeds from settlement of BOLI 24 19 28
Proceeds from sales and dividends representing return of equity investments 63 69 1,057
Cash (paid on) received for acquisitions and divestitures (297) (4) 1,210
Net cash paid on sale of HSA deposit portfolio (431) 0 0
Net change in:      
Other short-term investments and federal funds sold (1,172) (31,446) (612)
Portfolio loans and leases (3,721) (451) (1,407)
Operating lease equipment 28 (53) (61)
Net Cash Used in Investing Activities (7,968) (31,902) (797)
Financing Activities      
Net change in deposits 10,734 32,019 3,742
Net change in other short-term borrowings and federal funds purchased (193) 182 (1,494)
Dividends paid on common and preferred stock (897) (858) (753)
Proceeds from issuance of long-term debt 562 2,557 3,866
Repayment of long-term debt (3,603) (2,799) (4,212)
Repurchase of treasury stock and related forward contract (1,393) 0 (1,763)
Issuance of preferred stock 0 346 242
Other (99) (47) (58)
Net Cash Provided by (Used in) Financing Activities 5,111 31,400 (430)
(Decrease) Increase in Cash and Due from Banks (153) (131) 597
Cash and Due from Banks at Beginning of Period 3,147 3,278 2,681
Cash and Due from Banks at End of Period $ 2,994 $ 3,147 $ 3,278
v3.22.0.1
Summary of Significant Accounting and Reporting Policies
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting and Reporting Policies Summary of Significant Accounting and Reporting Policies
Nature of Operations
Fifth Third Bancorp, an Ohio corporation, conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States as well as through other offices, telephone sales, the internet and mobile applications.

Basis of Presentation
The Consolidated Financial Statements include the accounts of the Bancorp and its majority-owned subsidiaries and VIEs in which the Bancorp has been determined to be the primary beneficiary. Other entities, including certain joint ventures, in which the Bancorp has the ability to exercise significant influence over operating and financial policies of the investee, but upon which the Bancorp does not possess control, are accounted for by the equity method of accounting and not consolidated. The investments in those entities in which the Bancorp does not have the ability to exercise significant influence are generally carried at fair value unless the investment does not have a readily determinable fair value. The Bancorp accounts for equity investments without a readily determinable fair value using the measurement alternative to fair value, representing the cost of the investment minus any impairment recorded, if any, and plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Intercompany transactions and balances among consolidated entities have been eliminated.

Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Updates to Significant Accounting and Reporting Policies
In conjunction with the prospective adoption of ASU 2016-13 and ASU 2017-04 on January 1, 2020, the Bancorp updated its accounting and reporting policies for investment securities, portfolio loans and leases, the ALLL, the reserve for unfunded commitments and goodwill. The accounting and reporting policies for these sections for periods prior to January 1, 2020 are provided in the Significant Accounting and Reporting Policies Applicable Prior to January 1, 2020 section below. Further, for loans and leases that were part of the Bancorp’s COVID-19 customer relief programs, the Bancorp has elected certain accounting relief provisions that were provided by the FASB and/or various national banking regulatory agencies. Refer to the Regulatory Developments Related to the COVID-19 Pandemic section for additional information.

Cash and Due from Banks
Cash and due from banks consist of currency and coin, cash items in the process of collection and due from banks. Currency and coin includes both U.S. and foreign currency owned and held at Fifth Third offices and that is in-transit to the FRB. Cash items in the process of collection include checks and drafts that are drawn on another depository institution or the FRB that are payable immediately upon presentation in the U.S. Balances due from banks include noninterest-bearing balances that are funds on deposit at other depository institutions or the FRB.

Investment Securities
Debt securities are classified as held-to-maturity, available-for-sale or trading on the date of purchase. Only those securities which management has the intent and ability to hold to maturity are classified as held-to-maturity and reported at amortized cost. Debt securities are classified as available-for-sale when, in management’s judgment, they may be sold in response to, or in anticipation of, changes in market conditions. Debt securities are classified as trading when bought and held principally for the purpose of selling them in the near term. Trading
debt securities are reported at fair value with unrealized gains and losses included in noninterest income. Available-for-sale debt securities are reported at fair value with unrealized gains and losses, net of related deferred income taxes, included in OCI. For available-for-sale debt securities hedged in a fair value hedge, the amortized cost basis of the hedged items (excluding unrealized gains and losses) includes the cumulative fair value hedging basis adjustments. Changes in the fair value of these securities which are attributable to changes in the hedged risk are recognized in earnings instead of OCI. Accrued interest receivable on investment securities is presented in the Consolidated Balance Sheets as a component of other assets.

Available-for-sale debt securities with unrealized losses are reviewed quarterly to determine if the decline in fair value is the result of a credit loss or other factors. An allowance for credit losses is recorded against available-for-sale securities to reflect the amount of the unrealized loss attributable to credit; however, this impairment is limited by the amount that the fair value is less than the amortized cost basis. Any remaining unrealized loss is recognized through OCI. Changes in the allowance for credit losses are recognized in earnings.

The determination of whether or not a credit loss exists is based on consideration of the cash flows expected to be collected from the debt security. The Bancorp develops these expectations after considering various factors such as agency ratings, the financial condition of the issuer or underlying obligors, payment history, payment structure of the security, industry and market conditions, underlying collateral and other factors which may be relevant based on the facts and circumstances pertaining to individual securities.
If the Bancorp intends to sell the debt security or will more likely than not be required to sell the debt security before recovery of its amortized cost basis, then the allowance for credit losses, if previously recorded, is written off and the security’s amortized cost is written down to the security’s fair value at the reporting date, with any incremental impairment recorded as a charge to noninterest income.

Held-to-maturity debt securities are assessed periodically to determine if a valuation allowance is necessary to absorb credit losses expected to occur over the remaining contractual life of the securities. The carrying amount of held-to-maturity debt securities is presented net of the valuation allowance for credit losses when such an allowance is deemed necessary.

Equity securities with readily determinable fair values not accounted for under the equity method are reported at fair value with unrealized gains and losses included in noninterest income in the Consolidated Statements of Income. Equity securities without readily determinable fair values are measured at cost minus impairment, if any, plus or minus changes as a result of an observable price change for the identical or similar investment of the same issuer. At each quarterly reporting period, the Bancorp performs a qualitative assessment to evaluate whether impairment indicators are present. If qualitative indicators are identified, the investment is measured at fair value with the impairment loss included in noninterest income in the Consolidated Statements of Income.

The fair value of a security is determined based on quoted market prices. If quoted market prices are not available, fair value is determined based on quoted prices of similar instruments.

Premiums on purchased callable debt securities are amortized to the earliest call date if the call feature meets certain criteria. Otherwise, premiums are amortized to maturity similar to discounts on callable debt securities.

Realized securities gains or losses are reported within noninterest income in the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method.

Portfolio Loans and Leases
Basis of accounting
Portfolio loans and leases are generally reported at the principal amount outstanding, net of unearned income, deferred direct loan origination fees and costs and any direct principal charge-offs. Direct loan origination fees and costs are deferred and the net amount is amortized over the estimated life of the related loans as a yield adjustment. Interest income is recognized based on the principal balance outstanding computed using the effective interest method.

Loans and leases acquired by the Bancorp through a purchase business combination are recorded at fair value as of the acquisition date. Purchased loans and finance leases (including both sales-type leases and direct financing leases) are evaluated for evidence of credit deterioration at acquisition and recorded at their initial fair value. For loans and finance leases that do not exhibit evidence of more-than-insignificant credit deterioration since origination, the Bancorp does not carry over the acquired company’s ALLL, but upon acquisition will record an ALLL and provision for credit losses reflective of credit losses expected to be incurred over the remaining contractual life of the acquired loans. Premiums and discounts reflected in the initial fair value are amortized over the contractual life of the loan as an adjustment to yield.

For loans and finance leases that exhibit evidence of more-than-insignificant credit quality deterioration since origination, the Bancorp’s estimate of expected credit losses is added to the ALLL upon acquisition and to the initial purchase price of the loans and leases to determine the initial amortized cost basis for the purchased financial assets with credit deterioration. Any resulting difference between the initial amortized cost basis (as adjusted for expected credit losses) and the par value of the loans and leases at the acquisition date represents the non-credit premium or discount, which is amortized over the contractual life of the loan or lease as an adjustment to yield. This method of accounting for loans acquired with deteriorated credit quality does not apply to loans carried at fair value or residential mortgage loans held for sale.

The Bancorp’s lease portfolio consists of sales-type, direct financing and leveraged leases. Leases are classified as sales-type if the Bancorp transfers control of the underlying asset to the lessee. The Bancorp classifies leases that do not meet any of the criteria for a sales-type lease as a direct financing lease if the present value of the sum of the lease payments and any residual value guaranteed by the lessee and/or any other third party equals or exceeds substantially all of the fair value of the underlying asset and the collection of the lease payments and residual value guarantee is probable. Sales-type and direct financing leases are carried at the aggregate of lease payments plus estimated residual value of the leased property, less unearned income. Interest income on sales-type and direct financing leases is recognized over the term of the lease to achieve a constant periodic rate of return on the outstanding investment.

Leveraged leases, entered into before January 1, 2019, are carried at the aggregate of lease payments (less nonrecourse debt payments) plus estimated residual value of the leased property, less unearned income. Interest income on leveraged leases is recognized over the term of the lease to achieve a constant rate of return on the outstanding investment in the lease, net of the related deferred income tax liability, in the years in which the net investment is positive. Leveraged lease accounting is no longer applied for leases entered into or modified after the Bancorp’s adoption of ASU 2016-02, Leases, on January 1, 2019.
Nonaccrual loans and leases
When a loan is placed on nonaccrual status, the accrual of interest, amortization of loan premium, accretion of loan discount and amortization/accretion of deferred net direct loan origination fees or costs are discontinued and all previously accrued and unpaid interest is charged against income. Commercial loans are placed on nonaccrual status when there is a clear indication that the borrower’s cash flows may not be sufficient to meet payments as they become due. Such loans are also placed on nonaccrual status when the principal or interest is past due 90 days or more, unless the loan is both well-secured and in the process of collection. The Bancorp classifies residential mortgage loans that have principal and interest payments that have become past due 150 days as nonaccrual unless the loan is both well-secured and in the process of collection. Residential mortgage loans may stay on nonaccrual status for an extended time as the foreclosure process typically lasts longer than 180 days. Home equity loans and lines of credit are reported on nonaccrual status if principal or interest has been in default for 90 days or more unless the loan is both well-secured and in the process of collection. Home equity loans and lines of credit that have been in default for 60 days or more are also reported on nonaccrual status if the senior lien has been in default 120 days or more, unless the loan is both well secured and in the process of collection. Loans discharged in a Chapter 7 bankruptcy and not reaffirmed by the borrower are classified as collateral-dependent TDRs and placed on nonaccrual status regardless of the borrower’s payment history or capacity to repay in the future. Residential mortgage, home equity, automobile and other consumer loans that have been modified in a TDR and subsequently become past due 90 days are placed on nonaccrual status unless the loan is both well-secured and in the process of collection. Commercial and credit card loans that have been modified in a TDR are classified as nonaccrual unless such loans have sustained repayment performance of six months or more and are reasonably assured of repayment in accordance with the restructured terms. Well-secured loans are collateralized by perfected security interests in real and/or personal property for which the Bancorp estimates proceeds from the sale would be sufficient to recover the outstanding principal and accrued interest balance of the loan and pay all costs to sell the collateral. The Bancorp considers a loan in the process of collection if collection efforts or legal action is proceeding and the Bancorp expects to collect funds sufficient to bring the loan current or recover the entire outstanding principal and accrued interest balance.

Nonaccrual commercial loans and nonaccrual credit card loans are generally accounted for on the cost recovery method. The Bancorp believes the cost recovery method is appropriate for nonaccrual commercial loans and nonaccrual credit card loans because the assessment of collectability of the remaining amortized cost basis of these loans involves a high degree of subjectivity and uncertainty due to the nature or absence of underlying collateral. Under the cost recovery method, any payments received are applied to reduce principal. Once the entire recorded investment is collected, additional payments received are treated as recoveries of amounts previously charged-off until recovered in full, and any subsequent payments are treated as interest income. Nonaccrual residential mortgage loans and other nonaccrual consumer loans are generally accounted for on the cash basis method. The Bancorp believes the cash basis method is appropriate for nonaccrual residential mortgage and other nonaccrual consumer loans because such loans have generally been written down to estimated collateral values and the collectability of the remaining investment involves only an assessment of the fair value of the underlying collateral, which can be measured more objectively with a lesser degree of uncertainty than assessments of typical commercial loan collateral. Under the cash basis method, interest income is recognized when cash is received, to the extent such income would have been accrued on the loan’s remaining balance at the contractual rate. Nonaccrual loans may be returned to accrual status when all delinquent interest and principal payments become current in accordance with the loan agreement and are reasonably assured of repayment in accordance with the contractual terms of the loan agreement, or when the loan is both well-secured and in the process of collection.

Commercial loans on nonaccrual status, including those modified in a TDR, as well as criticized commercial loans with aggregate borrower relationships exceeding $1 million, are subject to an individual review to identify charge-offs. The Bancorp does not have an established delinquency threshold for partially or fully charging off commercial loans. Residential mortgage loans, home equity loans and lines of credit and credit card loans that have principal and interest payments that have become past due 180 days are assessed for a charge-off to the ALLL, unless such loans are both well-secured and in the process of collection. Home equity loans and lines of credit are also assessed for charge-off to the ALLL when such loans or lines of credit have become past due 120 days if the senior lien is also 120 days past due, unless such loans are both well-secured and in the process of collection. Automobile and other consumer loans that have principal and interest payments that have become past due 120 days are assessed for a charge-off to the ALLL, unless such loans are both well-secured and in the process of collection.

Restructured loans and leases
A loan is accounted for as a TDR if the Bancorp, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. TDRs include concessions granted under reorganization, arrangement or other provisions of the Federal Bankruptcy Act. A TDR typically involves a modification of terms such as a reduction of the stated interest rate or remaining principal amount of the loan, a reduction of accrued interest or an extension of the maturity date at a stated interest rate lower than the current market rate for a new loan with similar risk.

Upon modification of a loan, the Bancorp measures the expected credit loss as either the difference between the amortized cost of the loan and the fair value of collateral less cost to sell or the difference between the estimated future cash flows expected to be collected on the modified loan, discounted at the original effective yield of the loan, and the carrying value of the loan. Except for loans discharged in a Chapter 7 bankruptcy that are not reaffirmed by the borrower, residential mortgage loans, home equity loans, automobile loans and other consumer loans modified as part of a TDR are maintained on accrual status, provided there is reasonable assurance of repayment and of performance according to the modified terms based upon a current, well-documented credit evaluation. Loans discharged in a Chapter 7 bankruptcy and not reaffirmed by the borrower are classified as collateral-dependent TDRs and placed on nonaccrual status regardless of the
borrower’s payment history or capacity to repay in the future. These loans are returned to accrual status provided there is a sustained payment history of twelve months after bankruptcy and collectability is reasonably assured for all remaining contractual payments.

Commercial loans and credit card loans modified as part of a TDR are maintained on accrual status provided there is a sustained payment history of six months or more prior to the modification in accordance with the modified terms and collectability is reasonably assured for all remaining contractual payments under the modified terms. TDRs of commercial loans and credit card loans that do not have a sustained payment history of six months or more in accordance with their modified terms remain on nonaccrual status until a six-month payment history is sustained. In certain cases, commercial TDRs on nonaccrual status may be accounted for using the cash basis method for income recognition, provided that full repayment of principal under the modified terms of the loan is reasonably assured.

Residential mortgage loans that were restructured after receiving a forbearance related to the COVID-19 pandemic but that were not classified as a TDR as a result of the CARES Act are placed on nonaccrual status if they subsequently become past due 90 days unless the loan is both well-secured and in the process of collection, consistent with the Bancorp’s treatment of residential mortgage loan TDRs which subsequently become past due. Refer to the Regulatory Developments Related to the COVID-19 Pandemic section for additional information.

Loans and Leases Held for Sale
Loans and leases held for sale primarily represent conforming fixed-rate residential mortgage loans originated or acquired with the intent to sell in the secondary market and jumbo residential mortgage loans, commercial loans, other residential mortgage loans and other consumer loans that management has the intent to sell. Loans and leases held for sale may be carried at the lower of cost or fair value, or carried at fair value where the Bancorp has elected the fair value option of accounting under U.S. GAAP. The Bancorp has elected to measure certain groups of loans held for sale under the fair value option, including certain residential mortgage loans originated as held for sale and certain purchased commercial loans designated as held for sale at acquisition. For loans in which the Bancorp has not elected the fair value option, the lower of cost or fair value is determined at the individual loan level.

The fair value of residential mortgage loans held for sale for which the fair value election has been made is estimated based upon mortgage-backed securities prices and spreads to those prices or, for certain ARM loans, DCF models that may incorporate the anticipated portfolio composition, credit spreads of asset-backed securities with similar collateral and market conditions. The anticipated portfolio composition includes the effects of interest rate spreads and discount rates due to loan characteristics such as the state in which the loan was originated, the loan amount and the ARM margin. These fair value marks are recorded as a component of noninterest income in mortgage banking net revenue in the Consolidated Statements of Income. For residential mortgage loans that it has originated as held for sale, the Bancorp generally has commitments to sell these loans in the secondary market. Gains or losses on sales are recognized in mortgage banking net revenue in the Consolidated Statements of Income.

Management’s intent to sell residential mortgage loans classified as held for sale may change over time due to such factors as changes in the overall liquidity in markets or changes in characteristics specific to certain loans held for sale. Consequently, these loans may be reclassified to loans held for investment and, thereafter, reported within the Bancorp’s residential mortgage class of portfolio loans and leases. In such cases, if the fair value election was made, the residential mortgage loans will continue to be measured at fair value, which is based on mortgage-backed securities prices, interest rate risk and an internally developed credit component.

Loans and leases held for sale are placed on nonaccrual status consistent with the Bancorp’s nonaccrual policy for portfolio loans and leases.

Other Real Estate Owned
OREO, which is included in other assets in the Consolidated Balance Sheets, represents property acquired through foreclosure or other proceedings and branch-related real estate no longer intended to be used for banking purposes. OREO is carried at the lower of cost or fair value, less costs to sell. All OREO property is periodically evaluated for impairment and decreases in carrying value are recognized as reductions in other noninterest income in the Consolidated Statements of Income. For government-guaranteed mortgage loans, upon foreclosure, a separate other receivable is recognized if certain conditions are met for the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. This receivable is also included in other assets, separate from OREO, in the Consolidated Balance Sheets.

ALLL
The Bancorp disaggregates its portfolio loans and leases into portfolio segments for purposes of determining the ALLL. The Bancorp’s portfolio segments include commercial, residential mortgage and consumer. The Bancorp further disaggregates its portfolio segments into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. Classes within the commercial portfolio segment include commercial and industrial, commercial mortgage owner-occupied, commercial mortgage nonowner-occupied, commercial construction and commercial leasing. The residential mortgage portfolio segment is also considered a class. Classes within the consumer portfolio segment include home equity, indirect secured consumer, credit card and other consumer loans. For an analysis of the Bancorp’s ALLL by portfolio segment and credit quality information by class, refer to Note 6.

The Bancorp maintains the ALLL to absorb the amount of credit losses that are expected to be incurred over the remaining contractual terms of the related loans and leases. Contractual terms are adjusted for expected prepayments but are not extended for expected extensions,
renewals or modifications except in circumstances where the Bancorp reasonably expects to execute a TDR with the borrower or where certain extension or renewal options are embedded in the original contract and not unconditionally cancellable by the Bancorp.

Accrued interest receivable on loans is presented in the Consolidated Financial Statements as a component of other assets. When accrued interest is deemed to be uncollectible (typically when a loan is placed on nonaccrual status), interest income is reversed. The Bancorp follows established policies for placing loans on nonaccrual status, so uncollectible accrued interest receivable is reversed in a timely manner. As a result, the Bancorp has elected not to measure an allowance for credit losses for accrued interest receivable. Refer to the Portfolio Loans and Leases section for additional information.

Credit losses are charged and recoveries are credited to the ALLL. The ALLL is maintained at a level the Bancorp considers to be adequate and is based on ongoing quarterly assessments and evaluations of the collectability of loans and leases, including historical credit loss experience, current and forecasted market and economic conditions and consideration of various qualitative factors that, in management’s judgment, deserve consideration in estimating credit losses. Provisions for credit losses are recorded for the amounts necessary to adjust the ALLL to the Bancorp’s current estimate of expected credit losses on portfolio loans and leases.

The Bancorp’s methodology for determining the ALLL includes an estimate of expected credit losses on a collective basis for groups of loans and leases with similar risk characteristics and specific allowances for loans and leases which are individually evaluated.

Larger commercial loans and leases included within aggregate borrower relationship balances exceeding $1 million that exhibit probable or observed credit weaknesses, as well as loans that have been modified in a TDR, are individually evaluated for an ALLL. The Bancorp considers the current value of collateral, credit quality of any guarantees, the guarantor’s liquidity and willingness to cooperate, the loan structure and other factors when determining the amount of ALLL. Other factors may include the borrower’s susceptibility to risks presented by the forecasted macroeconomic environment, the industry and geographic region of the borrower, size and financial condition of the borrower, cash flow and leverage of the borrower and the Bancorp’s evaluation of the borrower’s management. When loans and leases are individually evaluated, allowances are determined based on management’s estimate of the borrower’s ability to repay the loan or lease given the availability of collateral and other sources of cash flow, as well as an evaluation of legal options available to the Bancorp. Allowances for individually evaluated loans and leases that are collateral-dependent are measured based on the fair value of the underlying collateral, less expected costs to sell where applicable. Individually evaluated loans and leases that are not collateral-dependent are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate. The Bancorp evaluates the collectability of both principal and interest when assessing the need for a loss accrual. Specific allowances on individually evaluated commercial loans and leases, including TDRs, are reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience.

Consumer and residential mortgage loans that have been modified in a TDR are individually evaluated for an ALLL. Allowances for individually evaluated loans that are collateral-dependent are typically measured based on the fair value of the underlying collateral, less expected costs to sell where applicable. Individually evaluated loans that are not collateral-dependent are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate and a modeled expected credit loss amount. The Bancorp evaluates the collectability of both principal and interest when assessing the need for a loss accrual. Specific allowances on individually evaluated consumer and residential mortgage loans are reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience.

Expected credit losses are estimated on a collective basis for loans and leases that are not individually evaluated. These include commercial loans and leases that do not meet the criteria for individual evaluation as well as homogeneous loans and leases in the residential mortgage and consumer portfolio segments. For collectively evaluated loans and leases, the Bancorp uses models to forecast expected credit losses based on the probability of a loan or lease defaulting, the expected balance at the estimated date of default and the expected loss percentage given a default. The estimate of the expected balance at the time of default considers prepayments and, for loans with available credit, expected utilization rates. The Bancorp’s expected credit loss models were developed based on historical credit loss experience and observations of migration patterns for various credit risk characteristics (such as internal credit risk grades, external credit ratings or scores, delinquency status, loan-to-value trends, etc.) over time, with those observations evaluated in the context of concurrent macroeconomic conditions. The Bancorp developed its models from historical observations capturing a full economic cycle when possible.

The Bancorp’s expected credit loss models consider historical credit loss experience, current market and economic conditions, and forecasted changes in market and economic conditions if such forecasts are considered reasonable and supportable. Generally, the Bancorp considers its forecasts to be reasonable and supportable for a period of up to three years from the estimation date. For periods beyond the reasonable and supportable forecast period, expected credit losses are estimated by reverting to historical loss information without adjustment for changes in economic conditions. This reversion is phased in over a two-year period. The Bancorp evaluates the length of its reasonable and supportable forecast period, its reversion period and reversion methodology at least annually, or more often if warranted by economic conditions or other circumstances.

The Bancorp also considers qualitative factors in determining the ALLL. Qualitative factors are used to capture characteristics in the portfolio that impact expected credit losses but that are not fully captured within the Bancorp’s expected credit loss models. These include adjustments
for changes in policies or procedures in underwriting, monitoring or collections, lending and risk management personnel and results of internal audit and quality control reviews. These may also include adjustments, when deemed necessary, for specific idiosyncratic risks such as geopolitical events, natural disasters and their effects on regional borrowers, and changes in product structures. Qualitative factors may also be used to address the impacts of unforeseen events on key inputs and assumptions within the Bancorp’s expected credit loss models, such as the reasonable and supportable forecast period, changes to historical loss information or changes to the reversion period or methodology.

When evaluating the adequacy of allowances, consideration is also given to regional geographic concentrations and the closely associated effect changing economic conditions have on the Bancorp’s customers.

Reserve for Unfunded Commitments
The reserve for unfunded commitments is maintained at a level believed by management to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities and is included in other liabilities in the Consolidated Balance Sheets. The determination of the adequacy of the reserve is based upon expected credit losses over the remaining contractual life of the commitments, taking into consideration the current funded balance and estimated exposure over the reasonable and supportable forecast period. This process takes into consideration the same risk elements that are analyzed in the determination of the adequacy of the Bancorp’s ALLL, as previously discussed. Net adjustments to the reserve for unfunded commitments are included in the provision for credit losses in the Consolidated Statements of Income.

Loan Sales and Securitizations
The Bancorp periodically sells loans through either securitizations or individual loan sales in accordance with its investment policies. The sold loans are removed from the Consolidated Balance Sheet and a net gain or loss is recognized in the Consolidated Financial Statements at the time of sale. The Bancorp typically isolates the loans through the use of a VIE and thus is required to assess whether the entity holding the sold or securitized loans is a VIE and whether the Bancorp is the primary beneficiary and therefore consolidator of that VIE. If the Bancorp holds the power to direct activities most significant to the economic performance of the VIE and has the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE, then the Bancorp will generally be deemed the primary beneficiary of the VIE. If the Bancorp is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under the equity method of accounting or other accounting standards as appropriate. Refer to Note 12 for further information on consolidated and non-consolidated VIEs.

The Bancorp’s loan sales and securitizations are generally structured with servicing retained, which often results in the recording of servicing rights. The Bancorp may also purchase servicing rights. The Bancorp has elected to measure all existing classes of its residential mortgage servicing rights portfolio at fair value with changes in the fair value of servicing rights reported in mortgage banking net revenue in the Consolidated Statements of Income in the period in which the changes occur.

Servicing rights are valued using internal OAS models. Key economic assumptions used in estimating the fair value of the servicing rights include the prepayment speeds of the underlying loans, the weighted-average life, the OAS and the weighted-average coupon rate, as applicable. The primary risk of material changes to the value of the servicing rights resides in the potential volatility in the economic assumptions used, particularly the prepayment speeds. In order to assist in the assessment of the fair value of servicing rights, the Bancorp obtains external valuations of the servicing rights portfolio from third parties and participates in peer surveys that provide additional confirmation of the reasonableness of the key assumptions utilized in the internal OAS model.

Fees received for servicing loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in noninterest income in the Consolidated Statements of Income as loan payments are received. Costs of servicing loans are charged to expense as incurred.

Reserve for Representation and Warranty Provisions
Conforming residential mortgage loans sold to unrelated third parties are generally sold with representation and warranty provisions. A contractual liability arises only in the event of a breach of these representations and warranties and, in general, only when a loss results from the breach. The Bancorp may be required to repurchase any previously sold loan or indemnify (make whole) the investor or insurer for which the representation or warranty of the Bancorp proves to be inaccurate, incomplete or misleading. The Bancorp establishes a residential mortgage repurchase reserve related to various representations and warranties that reflects management’s estimate of losses based on a combination of factors.

The Bancorp’s estimation process requires management to make subjective and complex judgments about matters that are inherently uncertain, such as future demand expectations, economic factors and the specific characteristics of the loans subject to repurchase. Such factors incorporate historical investor audit and repurchase demand rates, appeals success rates, historical loss severity and any additional information obtained from the GSEs regarding future mortgage repurchase and file request criteria. At the time of a loan sale, the Bancorp records a representation and warranty reserve at the estimated fair value of the Bancorp’s guarantee and continually updates the reserve during the life of the loan as losses in excess of the reserve become probable and reasonably estimable. The provision for the estimated fair value of the representation and warranty guarantee arising from the loan sales is recorded as an adjustment to the gain on sale, which is
included in other noninterest income in the Consolidated Statements of Income at the time of sale. Updates to the reserve are recorded in other noninterest expense in the Consolidated Statements of Income.

Legal Contingencies
The Bancorp and its subsidiaries are parties to numerous claims and lawsuits as well as threatened or potential actions or claims concerning matters arising from the conduct of its business activities. The outcome of claims or litigation and the timing of ultimate resolution are inherently difficult to predict and significant judgment may be required in the determination of both the probability of loss and whether the amount of the loss is reasonably estimable. The Bancorp’s estimates are subjective and are based on the status of legal and regulatory proceedings, the merit of the Bancorp’s defenses and consultation with internal and external legal counsel. An accrual for a potential litigation loss is established when information related to the loss contingency indicates both that a loss is probable and that the amount of loss can be reasonably estimated. This accrual is included in other liabilities in the Consolidated Balance Sheets and is adjusted from time to time as appropriate to reflect changes in circumstances. Legal expenses are recorded in other noninterest expense in the Consolidated Statements of Income.

Bank Premises and Equipment and Other Long-Lived Assets
Bank premises and equipment, including leasehold improvements, and operating lease equipment are carried at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method based on estimated useful lives of the assets for book purposes, while accelerated depreciation is used for income tax purposes. Amortization of leasehold improvements is computed using the straight-line method over the lives of the related leases or useful lives of the related assets, whichever is shorter. Whenever events or changes in circumstances dictate, the Bancorp tests its long-lived assets for impairment by determining whether the sum of the estimated undiscounted future cash flows attributable to a long-lived asset or asset group is less than the carrying amount of the long-lived asset or asset group through a probability-weighted approach. In the event the carrying amount of the long-lived asset or asset group is not recoverable, an impairment loss is measured as the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Maintenance, repairs and minor improvements are charged to noninterest expense in the Consolidated Statements of Income as incurred. Lease payments received for operating lease equipment are recognized in leasing business revenue in the Consolidated Statements of Income over the lease term on a straight-line basis unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from use of the underlying equipment.

Lessee Accounting
ROU assets and lease liabilities are recognized for all leases unless the initial term of the lease is twelve months or less. Lease costs for operating leases are recognized on a straight-line basis over the lease term unless another systematic basis is more representative of the pattern of consumption. The lease term includes any renewal period that the Bancorp is reasonably certain to exercise. The Bancorp uses its incremental borrowing rate to discount the lease payments if the rate implicit in the lease is not readily determinable. Variable lease payments associated with operating leases are recognized in the period in which the obligation for payments is incurred.

For finance leases, the lease liability is measured using the effective interest method such that the liability is increased for interest based on the discount rate that is implicit in the lease or the Bancorp’s incremental borrowing rate if the implicit rate cannot be readily determined, offset by a decrease in the liability resulting from the periodic lease payments. The ROU asset associated with the finance lease is amortized on a straight-line basis unless there is another systematic and rational basis that better reflects how the benefits of the underlying assets are consumed over the lease term. The period over which the ROU asset is amortized is generally the lesser of the remaining lease term or the remaining useful life of the leased asset. Variable lease payments associated with finance leases are recognized in the period in which the obligation for those payments is incurred.

When the lease liability is remeasured to reflect changes to the lease payments as a result of a lease modification, the ROU asset is adjusted for the amount of the lease liability remeasurement. If a lease modification reduces the scope of a lease, the ROU asset would be reduced proportionately based on the change in the lease liability and the difference between the lease liability adjustment and the resulting ROU asset adjustment would be recognized as a gain or loss in the Consolidated Statements of Income. Additionally, the amortization of the ROU asset is adjusted prospectively from the date of remeasurement.

The Bancorp performs impairment assessments for ROU assets when events or changes in circumstances indicate that their carrying values may not be recoverable. Any impairment loss is recognized in net occupancy expense in the Consolidated Statements of Income. Refer to the Bank Premises and Equipment and Other Long-Lived Assets section of this note for further information.

Derivative Financial Instruments and Hedge Accounting
The Bancorp accounts for its derivatives as either assets or liabilities measured at fair value through adjustments to AOCI and/or current earnings, as appropriate. On the date the Bancorp enters into a derivative contract, the Bancorp designates the derivative instrument as either a fair value hedge, cash flow hedge or as a free-standing derivative instrument. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk are recorded in current period net income. For a cash flow hedge, changes in the fair value of the derivative instrument are recorded in AOCI and subsequently reclassified to net income in the same period(s) that the hedged transaction impacts net income. For free-standing derivative instruments, changes in fair values are reported in current period net income.
When entering into a hedge transaction, the Bancorp formally documents the relationship between the hedging instrument and the hedged item, as well as the risk management objective and strategy for undertaking the hedge transaction before the end of the quarter in which the transaction is consummated. This process includes linking the derivative instrument designated as a fair value or cash flow hedge to a specific asset or liability on the balance sheet or to specific forecasted transactions and the risk being hedged, along with a formal assessment at the inception of the hedge as to the effectiveness of the derivative instrument in offsetting changes in fair values or cash flows of the hedged item. The Bancorp continues to assess hedge effectiveness on an ongoing basis using either a qualitative or a quantitative assessment (regression analysis). Additionally, the Bancorp may also utilize the shortcut method to evaluate hedge effectiveness for certain qualifying hedges with matched terms that permit the assumption of perfect offset. If the shortcut method is no longer appropriate, the Bancorp would apply the long-haul method identified at inception of the hedging transaction for assessing hedge effectiveness as long as the hedge is highly effective. If it is determined that the derivative instrument is not highly effective as a hedge, hedge accounting is discontinued. For fair value hedges, if hedge accounting is discontinued, the cumulative basis adjustments related to the hedged asset or liability are amortized to earnings in the same manner as other components of the carrying amount of that asset of liability. For cash flow hedges, upon discontinuation of hedge accounting, any amounts in AOCI related to that relationship should affect earnings at the same time and in the same manner in which the hedged transaction affects earnings. However, if it becomes probable that the forecasted transaction will not occur, any related amounts in AOCI are reclassified to earnings immediately.

Investments in Qualified Affordable Housing Projects
The Bancorp invests in projects to create affordable housing, revitalize business and residential areas and preserve historic landmarks. These investments are classified as other assets on the Bancorp’s Consolidated Balance Sheets. Investments in affordable housing projects that qualify for LIHTC are accounted for using the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other benefits received and recognized as a component of applicable income tax expense in the Consolidated Statements of Income. Investments which do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting with impairment associated with the investments recognized in other noninterest expense in the Consolidated Statements of Income.

Income Taxes
The Bancorp accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for expected future tax consequences. Under the asset and liability method, deferred tax assets and liabilities are determined by applying the federal and state tax rates to the differences between financial statement carrying amounts and the corresponding tax bases of assets and liabilities. Deferred tax assets are also recorded for any tax attributes, such as tax credits and net operating loss carryforwards. The net balances of deferred tax assets and liabilities are reported in other assets and accrued taxes, interest and expenses in the Consolidated Balance Sheets. Any effect of a change in federal or state tax rates on deferred tax assets and liabilities is recognized in income tax expense in the period that includes the enactment date. The Bancorp reflects the expected amount of income tax to be paid or refunded during the year as current income tax expense or benefit. Accrued taxes represent the net expected amount due to and/or from taxing jurisdictions and are reported in accrued taxes, interest and expenses in the Consolidated Balance Sheets. The Bancorp uses the deferral method of accounting on investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction to the related asset.

The Bancorp evaluates the realization of deferred tax assets based on all positive and negative evidence available at the balance sheet date. Realization of deferred tax assets is based on the Bancorp’s judgment about relevant factors affecting their realization, including the taxable income within any applicable carry back periods, future projected taxable income, the reversal of taxable temporary differences and tax planning strategies. The Bancorp records a valuation allowance for deferred tax assets where the Bancorp does not believe that it is more likely than not that the deferred tax assets will be realized.

Income tax benefits from uncertain tax positions are recognized in the financial statements only if the Bancorp believes that it is more likely than not that the uncertain tax position will be sustained based solely on the technical merits of the tax position and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. If the Bancorp does not believe that it is more likely than not that an uncertain tax position will be sustained, the Bancorp records a liability for the uncertain tax position. If the Bancorp believes that it is more likely than not that an uncertain tax position will be sustained, the Bancorp only records a tax benefit for the portion of the uncertain tax position where the likelihood of realization is greater than 50% upon settlement with the relevant taxing authority that has full knowledge of all relevant information. The Bancorp recognizes interest expense, interest income and penalties related to unrecognized tax benefits within applicable income tax expense in the Consolidated Statements of Income. Refer to Note 21 for further discussion regarding income taxes.

Earnings Per Share
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Earnings per diluted share is computed by dividing adjusted net income available to common shareholders by the weighted-average number of shares of common stock outstanding, adjusted for the impact of potentially dilutive common shares arising from the exercise or settlement of stock-based awards and the settlement of outstanding forward contracts.
The Bancorp calculates earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share separately for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. For purposes of calculating earnings per share under the two-class method, restricted shares that contain nonforfeitable rights to dividends are considered participating securities until vested. While the dividends declared per share on such restricted shares are the same as dividends declared per common share outstanding, the dividends recognized on such restricted shares may be less because dividends paid on restricted shares that are expected to be forfeited are reclassified to compensation expense during the period when forfeiture is expected.

Goodwill
Business combinations entered into by the Bancorp typically include the recognition of goodwill. U.S. GAAP requires goodwill to be tested for impairment at the Bancorp’s reporting unit level on an annual basis, which for the Bancorp is September 30, and more frequently if events
or circumstances indicate that there may be impairment.

Impairment exists when a reporting unit’s carrying amount of goodwill exceeds its implied fair value. In testing goodwill for impairment, U.S. GAAP permits the Bancorp to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In this qualitative assessment, the Bancorp evaluates events and circumstances which may include, but are not limited to, the general economic environment, banking industry and market conditions, the overall financial performance of the Bancorp, the performance of the Bancorp’s common stock, the key financial performance metrics of the Bancorp’s reporting units and events affecting the reporting units to determine if it is not more likely than not that the fair value of a reporting unit is less than its carrying amount. If the quantitative impairment test is required or the decision to bypass the qualitative assessment is elected, the Bancorp performs the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. A recognized impairment loss cannot be reversed in future periods even if the fair value of the reporting unit subsequently recovers.

The fair value of a reporting unit is the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. As none of the Bancorp’s reporting units are publicly traded, individual reporting unit fair value determinations cannot be directly correlated to the Bancorp’s stock price. The determination of the fair value of a reporting unit is a subjective process that involves the use of estimates and judgments, particularly related to cash flows, the appropriate discount rates and an applicable control premium. The determination of the fair value of the Bancorp’s reporting units includes both an income-based approach and a market-based approach. The income-based approach utilizes the reporting unit’s forecasted cash flows (including a terminal value approach to estimate cash flows beyond the final year of the forecast) and the reporting unit’s estimated cost of equity as the discount rate. Significant management judgment is necessary in the preparation of each reporting unit’s forecasted cash flows surrounding expectations for earnings projections, growth and credit loss expectations and actual results may differ from forecasted results. Additionally, the Bancorp determines its market capitalization based on the average of the closing price of the Bancorp’s stock during the month including the measurement date, incorporating an additional control premium, and compares this market-based fair value measurement to the aggregate fair value of the Bancorp’s reporting units in order to corroborate the results of the income approach. Refer to Note 10 for further information regarding the Bancorp’s goodwill.

Fair Value Measurements
The Bancorp measures certain financial assets and liabilities at fair value in accordance with U.S. GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Bancorp employs various valuation approaches to measure fair value including the market, income and cost approaches. The market approach uses prices or relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach involves discounting future amounts to a single present amount and is based on current market expectations about those future amounts. The cost approach is based on the amount that currently would be required to replace the service capacity of the asset.

U.S. GAAP establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. The three levels within the fair value hierarchy are described as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Bancorp has the ability to access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 – Unobservable inputs for the asset or liability for which there is little, if any, market activity at the measurement date. Unobservable inputs reflect the Bancorp’s own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include the Bancorp’s own financial data such as internally developed pricing models and DCF methodologies, as well as instruments for which the fair value determination requires significant management judgment.

The Bancorp’s fair value measurements involve various valuation techniques and models, which involve inputs that are observable, when available. Valuation techniques and parameters used for measuring assets and liabilities are reviewed and validated by the Bancorp on a quarterly basis. Additionally, the Bancorp monitors the fair values of significant assets and liabilities using a variety of methods including the evaluation of pricing runs and exception reports based on certain analytical criteria, comparison to previous trades and overall review and assessments for reasonableness. The Bancorp may, as a practical expedient, measure the fair value of certain investments on the basis of the net asset value per share of the investment, or its equivalent. Any investments which are valued using this practical expedient are not classified in the fair value hierarchy. Refer to Note 28 for further information on fair value measurements.

Stock-Based Compensation
The Bancorp recognizes compensation expense for the grant-date fair value of stock-based awards that are expected to vest over the requisite service period. All awards, both those with cliff vesting and graded vesting, are expensed on a straight-line basis over the requisite service period. Awards to employees that meet eligible retirement status are expensed immediately. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time awards are exercised, cancelled, expire or restrictions are released, the Bancorp recognizes an adjustment to income tax expense for the difference between the previously estimated tax deduction and the actual tax deduction realized. For further information on the Bancorp’s stock-based compensation plans, refer to Note 25.

Pension Plans
The Bancorp uses an expected long-term rate of return applied to the fair market value of assets as of the beginning of the year and the expected cash flow during the year for calculating the expected investment return on all pension plan assets. Amortization of the net gain or loss resulting from experience different from that assumed and from changes in assumptions (excluding asset gains and losses not yet reflected in market-related value) is included as a component of net periodic benefit cost. If, as of the beginning of the year, that net gain or loss exceeds 10% of the greater of the projected benefit obligation and the market-related value of plan assets, the amortization is that excess divided by the average remaining service period of participating employees expected to receive benefits under the plan. The Bancorp uses a third-party actuary to compute the remaining service period of participating employees. This period reflects expected turnover, pre-retirement mortality and other applicable employee demographics.

Revenue Recognition
The Bancorp’s interest income is derived from loans and leases, securities and other short-term investments. The Bancorp recognizes interest income in accordance with the applicable guidance in U.S. GAAP for these assets. Refer to the Portfolio Loans and Leases and Investment Securities sections of this footnote for further information.

The Bancorp generally measures noninterest income revenue based on the amount of consideration the Bancorp expects to be entitled for the transfer of goods or services to a customer, then recognizes this revenue when or as the Bancorp satisfies its performance obligations under the contract, except in transactions where U.S. GAAP provides other applicable guidance. When the amount of consideration is variable, the Bancorp will only recognize revenue to the extent that it is probable that the cumulative amount recognized will not be subject to a significant reversal in the future. Substantially all of the Bancorp’s contracts with customers have expected durations of one year or less and payments are typically due when or as the services are rendered or shortly thereafter. When third parties are involved in providing goods or services to customers, the Bancorp recognizes revenue on a gross basis when it has control over those goods or services prior to transfer to the customer; otherwise, revenue is recognized for the net amount of any fee or commission. The Bancorp excludes sales taxes from the recognition of revenue and recognizes the incremental costs of obtaining contracts as an expense if the period of amortization for those costs would be one year or less. The following provides additional information about the components of noninterest income:
•Commercial banking revenue consists primarily of service fees and other income related to loans to commercial clients, underwriting revenue recognized by the Bancorp’s broker-dealer subsidiary and fees for other services provided to commercial clients. Revenue related to loans is recognized in accordance with the Bancorp’s policies for portfolio loans and leases. Underwriting revenue is generally recognized on the trade date, which is when the Bancorp’s performance obligations are satisfied.
•Service charges on deposits consist primarily of treasury management fees for commercial clients, monthly service charges on consumer deposit accounts, transaction-based fees (such as overdraft fees and wire transfer fees), and other deposit account-related charges. The Bancorp’s performance obligations for treasury management fees and consumer deposit account service charges are typically satisfied over time while performance obligations for transaction-based fees are typically satisfied at a point in time. Revenues are recognized on an accrual basis when or as the services are provided to the customer, net of applicable discounts, waivers and reversals. Payments are typically collected from customers directly from the related deposit account at the time the transaction is processed and/or at the end of the customer’s statement cycle (typically monthly).
•Wealth and asset management revenue consists primarily of service fees for investment management, custody, and trust administration services provided to commercial and consumer clients. The Bancorp’s performance obligations for these services are
generally satisfied over time and revenues are recognized monthly based on the fee structure outlined in individual contracts. Transaction prices are most commonly based on the market value of assets under management or care and/or a fee per transaction processed. The Bancorp also offers certain services for which the performance obligations are satisfied and revenue is recognized at a point in time, when the services are performed. Wealth and asset management revenue also includes trailing commissions received from investments and annuities held in customer accounts, which are recognized in revenue when the Bancorp determines that it has satisfied its performance obligations and has sufficient information to estimate the amount of the commissions to which it expects to be entitled.
•Card and processing revenue consists primarily of ATM fees and interchange fees earned when the Bancorp’s credit and debit cards are processed through card association networks. The Bancorp’s performance obligations are generally complete when the transactions generating the fees are processed. Revenue is recognized on an accrual basis as such services are performed, net of certain costs not controlled by the Bancorp (primarily interchange fees charged by credit card associations and expenses of certain transaction-based rewards programs offered to customers).
•Leasing business revenue consists primarily of operating lease income, leasing business solutions revenue, lease remarketing fees and lease syndication fees from lease arrangements to commercial clients. Revenue related to leases is recognized either in accordance with the Bancorp’s policies for portfolio loans and leases or when the Bancorp’s performance obligations are satisfied.
•Mortgage banking net revenue consists primarily of origination fees and gains on loan sales, mortgage servicing fees and the impact of MSRs. Refer to the Loans and Leases Held for Sale and Loan Sales and Securitizations sections of this footnote for further information.
•Other noninterest income includes certain fees derived from loans, BOLI income, gains and losses on other assets, and other miscellaneous revenues and gains.

Other
Securities and other property held by Fifth Third Wealth and Asset Management, a division of the Bancorp’s banking subsidiary, in a fiduciary or agency capacity are not included in the Consolidated Balance Sheets because such items are not assets of the subsidiaries.

Other short-term investments have original maturities less than one year and primarily include interest-bearing balances that are funds on deposit at other depository institutions or the FRB. The Bancorp uses other short-term investments as part of its liquidity risk management activities.

The Bancorp purchases life insurance policies on the lives of certain directors, officers and employees and is the owner and beneficiary of the policies. The Bancorp invests in these policies, known as BOLI, to provide an efficient form of funding for long-term retirement and other employee benefits costs. Certain BOLI policies have a stable value agreement through either a large, well-rated bank or multi-national insurance carrier that provides limited cash surrender value protection from declines in the value of each policy’s underlying investments. The Bancorp records these BOLI policies within other assets in the Consolidated Balance Sheets at each policy’s respective cash surrender value, with changes recorded in other noninterest income in the Consolidated Statements of Income.

Intangible assets are amortized on either a straight-line or an accelerated basis over their estimated useful lives and, based on the type of intangible asset, the amortization expense may be recorded in either leasing business revenue or other noninterest expense in the Consolidated Statements of Income. The Bancorp reviews intangible assets for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable.

Securities sold under repurchase agreements are accounted for as secured borrowings and included in other short-term borrowings in the Consolidated Balance Sheets at the amounts at which the securities were sold plus accrued interest.

Acquisitions of treasury stock are carried at cost. Reissuance of shares in treasury for acquisitions, exercises of stock-based awards or other corporate purposes is recorded based on the specific identification method.

Advertising costs are generally expensed as incurred.

Significant Accounting and Reporting Policies Applicable Prior to January 1, 2020
The following paragraphs describe the portions of the Bancorp’s accounting and reporting policies that were applicable prior to January 1, 2020 but were updated in conjunction with the prospective adoption of ASU 2016-13 and ASU 2017-04 on January 1, 2020. The following paragraphs do not include the portions of the respective policies that were not affected by the adoption of these new accounting standards.

Investment securities
Available-for-sale and held-to-maturity debt securities with unrealized losses were reviewed quarterly for possible OTTI. If the Bancorp intended to sell the debt security or would more likely than not be required to sell the debt security before recovery of the entire amortized cost basis, then an OTTI was deemed to have occurred. However, even if the Bancorp did not intend to sell the debt security and would not likely be required to sell the debt security before recovery of its entire amortized cost basis, the Bancorp evaluated expected cash flows to be received to determine if a credit loss had occurred. In the event of a credit loss, the credit component of the impairment was recognized within noninterest income and the non-credit component was recognized through OCI.
Portfolio loans and leases – basis of accounting
Loans acquired by the Bancorp through a purchase business combination were recorded at fair value as of the acquisition date. The Bancorp did not carry over the acquired company’s ALLL, nor did the Bancorp add to its existing ALLL as part of purchase accounting.

Purchased loans were evaluated for evidence of credit deterioration at acquisition and recorded at their initial fair value. For loans acquired with no evidence of credit deterioration, the fair value discount or premium was amortized over the contractual life of the loan as an adjustment to yield. For loans acquired with evidence of credit deterioration, the Bancorp determined at the acquisition date the excess of the loan’s contractually required payments over all cash flows expected to be collected as an amount that should not be accreted into interest income (nonaccretable difference). The remaining amount representing the difference in the expected cash flows of acquired loans and the initial investment in the acquired loans was accreted into interest income over the remaining life of the loan or pool of loans (accretable yield). Subsequent to the acquisition date, increases in expected cash flows over those expected at the acquisition date were recognized prospectively as interest income over the remaining life of the loan. The present values of any decreases in expected cash flows resulting directly from a change in the contractual interest rate were recognized prospectively as a reduction of the accretable yield. The present values of any decreases in expected cash flows after the acquisition date as a result of credit deterioration were recognized by recording an ALLL or a direct charge-off. Subsequent to the acquisition date, the methods utilized to estimate the required ALLL were similar to originated loans. This method of accounting for loans acquired with deteriorated credit quality did not apply to loans carried at fair value, residential mortgage loans held for sale and loans under revolving credit agreements.

Impaired loans and leases
A loan was considered to be impaired when, based on current information and events, it was probable that the Bancorp would be unable to collect all amounts due (including both principal and interest) according to the contractual terms of the loan agreement. Impaired loans generally consisted of nonaccrual loans and leases, loans modified in a TDR and loans over $1 million that were currently on accrual status and not yet modified in a TDR, but for which the Bancorp had determined that it was probable that it would grant a payment concession in the near term due to the borrower’s financial difficulties. For loans modified in a TDR, the contractual terms of the loan agreement referred to the terms specified in the original loan agreement. A loan restructured in a TDR was no longer considered impaired in years after the restructuring if the restructuring agreement specified a rate equal to or greater than the rate the Bancorp was willing to accept at the time of the restructuring for a new loan with comparable risk and the loan was not impaired based on the terms specified by the restructuring agreement. Refer to the following ALLL section for discussion regarding the Bancorp’s methodology for identifying impaired loans and determination of the need for a loss accrual.

ALLL
The Bancorp maintained the ALLL to absorb probable loan and lease losses inherent in its portfolio segments. The ALLL was maintained at a level the Bancorp considered to be adequate and was based on ongoing quarterly assessments and evaluations of the collectability and historical loss experience of loans and leases. Credit losses were charged and recoveries were credited to the ALLL. Provisions for loan and lease losses were based on the Bancorp’s review of the historical credit loss experience and such factors that, in management’s judgment, deserved consideration under existing economic conditions in estimating probable credit losses.

The Bancorp’s methodology for determining the ALLL required significant management judgment and was based on historical loss rates, current credit grades, specific allocation on loans modified in a TDR and impaired commercial credits above specified thresholds and other qualitative adjustments. Allowances on individual commercial loans and leases, TDRs and historical loss rates were reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience. An unallocated allowance was maintained to recognize the imprecision in estimating and measuring losses when evaluating allowances for pools of loans and leases.

Larger commercial loans and leases included within aggregate borrower relationship balances exceeding $1 million that exhibited probable or observed credit weaknesses, as well as loans that had been modified in a TDR, were subject to individual review for impairment. The Bancorp considered the current value of collateral, credit quality of any guarantees, the guarantor’s liquidity and willingness to cooperate, the loan or lease structure and other factors when evaluating whether an individual loan or lease was impaired. Other factors might include the industry and geographic region of the borrower, size and financial condition of the borrower, cash flow and leverage of the borrower and the Bancorp’s evaluation of the borrower’s management. When individual loans and leases were impaired, allowances were determined based on management’s estimate of the borrower’s ability to repay the loan or lease given the availability of collateral and other sources of cash flow, as well as an evaluation of legal options available to the Bancorp. Allowances for impaired loans and leases were measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, fair value of the underlying collateral or readily observable secondary market values. The Bancorp evaluated the collectability of both principal and interest when assessing the need for a loss accrual.

Historical credit loss rates were applied to commercial loans and leases that were not impaired or were impaired, but smaller than the established threshold of $1 million and thus not subject to specific allowance allocations. The loss rates were derived from migration analyses for several portfolio stratifications, which tracked the historical net charge-off experience sustained on loans and leases according to their
internal risk grade. The risk grading system utilized for allowance analysis purposes encompassed ten categories, which were based on regulatory guidance for credit risk systems.

Homogenous loans in the residential mortgage and consumer portfolio segments were not individually risk graded. Rather, standard credit scoring systems and delinquency monitoring were used to assess credit risks and allowances were established based on the expected net charge-offs. Loss rates were based on the trailing twelve-month net charge-off history by loan category. Historical loss rates were adjusted for certain prescriptive and qualitative factors that, in management’s judgment, were necessary to reflect losses inherent in the portfolio. The prescriptive loss rate factors included adjustments for delinquency trends, LTV trends, refreshed FICO score trends and product mix.

The Bancorp also considered qualitative factors in determining the ALLL. These included adjustments for changes in policies or procedures in underwriting, monitoring or collections, economic conditions, portfolio mix, lending and risk management personnel, results of internal audit and quality control reviews, collateral values, geographic concentrations, estimated loss emergence period and specific portfolio loans backed by enterprise valuations and private equity sponsors. The Bancorp considered home price index trends in its footprint and the volatility of collateral valuation trends when determining the collateral value qualitative factor.

Reserve for unfunded commitments
The reserve for unfunded commitments was maintained at a level believed by management to be sufficient to absorb estimated probable losses related to unfunded credit facilities and was included in other liabilities in the Consolidated Balance Sheets. The determination of the adequacy of the reserve was based upon an evaluation of the unfunded credit facilities, including an assessment of historical commitment utilization experience, credit risk grading and historical loss rates based on credit grade migration. This process took into consideration the same risk elements that were analyzed in the determination of the adequacy of the Bancorp’s ALLL, as previously discussed. Net adjustments to the reserve for unfunded commitments were included in provision for credit losses in the Consolidated Statements of Income.

Goodwill
Impairment existed when a reporting unit’s carrying amount of goodwill exceeded its implied fair value. In testing goodwill for impairment, U.S. GAAP permitted the Bancorp to first assess qualitative factors to determine whether it was more likely than not that the fair value of a reporting unit was less than its carrying amount. In this qualitative assessment, the Bancorp evaluated events and circumstances which might include, but were not limited to, the general economic environment, banking industry and market conditions, the overall financial performance of the Bancorp, the performance of the Bancorp’s common stock, the key financial performance metrics of the Bancorp’s reporting units and events affecting the reporting units. If, after assessing the totality of events and circumstances, the Bancorp determined it was not more likely than not that the fair value of a reporting unit was less than its carrying amount, then performing the two-step impairment test would be unnecessary. However, if the Bancorp concluded otherwise or elected to bypass the qualitative assessment, it would then be required to perform the first step (Step 1) of the goodwill impairment test, and continue to the second step (Step 2), if necessary. Step 1 of the goodwill impairment test compared the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeded its fair value, Step 2 of the goodwill impairment test was necessary to measure the amount of impairment loss, which was equal to any excess of the carrying amount of goodwill over its implied fair value with such loss limited to the carrying amount of goodwill.

The fair value of a reporting unit was the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. As none of the Bancorp’s reporting units were publicly traded, individual reporting unit fair value determinations could not be directly correlated to the Bancorp’s stock price. To determine the fair value of a reporting unit, the Bancorp employed an income-based approach, utilizing the reporting unit’s forecasted cash flows (including a terminal value approach to estimate cash flows beyond the final year of the forecast) and the reporting unit’s estimated cost of equity as the discount rate. Additionally, the Bancorp determined its market capitalization based on the average of the closing price of the Bancorp’s stock during the month including the measurement date, incorporating an additional control premium, and compared this market-based fair value measurement to the aggregate fair value of the Bancorp’s reporting units in order to corroborate the results of the income approach.

ACCOUNTING AND REPORTING DEVELOPMENTS
Standards Adopted in 2021
The Bancorp adopted the following new accounting standard effective January 1, 2021:

ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also clarify and amend existing guidance for other areas of Topic 740. The Bancorp adopted the amended guidance on January 1, 2021 on a modified retrospective basis, except for certain provisions of the amended guidance which were required to be adopted prospectively. The adoption of the amended guidance did not have a material impact on the Consolidated Financial Statements.

Reference Rate Reform and LIBOR Transition
In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in the ASU apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued
because of reference rate reform. Subsequently, in January 2021, the FASB issued ASU 2021-01, which clarified that the optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting also apply to derivatives that are affected by the discounting transition. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and that are retained through the end of the hedging relationship. The amendments in this ASU are effective for the Bancorp as of March 12, 2020 through December 31, 2022. The Bancorp is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships available through December 31, 2022.

Significant Accounting Standards Issued but Not Yet Adopted
The following significant accounting standards were issued but not yet adopted by the Bancorp as of December 31, 2021:

ASU 2020-06 – Debt -Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Equity’s Own Equity
In August 2020, the FASB issued ASU 2020-06, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The Bancorp adopted the amended guidance on January 1, 2022 using the modified retrospective transition method. The adoption did not have a material impact on the Bancorp’s Consolidated Financial Statements.

ASU 2021-08 – Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
In October 2021, the FASB issued ASU 2021-08, which provided guidance on the accounting for revenue contracts with customers which are acquired in a business combination. The amendments generally state that an acquirer accounts for an acquired revenue contract with a customer as if it had originated the contract. The amendments also provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and liabilities. The amended guidance is effective for the Bancorp on January 1, 2023, with early adoption permitted, and is to be applied prospectively to business combinations occurring on or after the adoption date. The amended guidance may be applied retrospectively to the beginning of the fiscal year of adoption if early adopted in an interim period.

Regulatory Developments Related to the COVID-19 Pandemic
On March 22, 2020, various national banking regulatory agencies jointly issued an interagency statement addressing loan modifications and reporting for financial institutions working with customers affected by the COVID-19 pandemic. The statement described the agencies’ interpretation of how existing guidance in U.S. GAAP applied to certain loan modifications related to COVID-19. Among other things, the statement affirmed that short-term modifications (e.g., six months) made on a good faith basis in response to COVID-19 to borrowers who were less than 30 days past due on contractual payments at the time a modification program was implemented would not be considered TDRs. The statement also clarified that loans modified in response to the COVID-19 pandemic should be evaluated on the basis of their modified terms when reporting loans as past due and evaluating for nonaccrual status and charge-off.

On March 27, 2020, the CARES Act was signed into law. Section 4013 of the CARES Act provided financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time in certain circumstances. This temporary suspension could only be applied to modifications of loans that were not more than 30 days past due as of December 31, 2019 and could not be applied to modifications that were not related to the COVID-19 pandemic. If elected, the temporary suspension could be applied to eligible modifications executed during the period beginning on March 1, 2020 and ending on the earlier of December 31, 2020 or 60 days after the termination of the COVID-19 national emergency. The December 31, 2020 expiration date was subsequently extended to January 1, 2022 upon passage of the Consolidated Appropriations Act of 2021. On April 7, 2020, the national banking regulatory agencies revised their previously issued interagency statement to clarify the interactions with the provisions of Section 4013 of the CARES Act.

The Bancorp elected to apply the temporary suspension of TDR requirements provided by the CARES Act for eligible loan modifications. For loan modifications that were not eligible for the suspension offered by the CARES Act or that were executed outside its applicable period, the Bancorp considered the interpretive guidance provided in the revised interagency statement to evaluate loan modifications within its scope, or existing TDR evaluation policies if the modification did not fall within the scope of the interagency statement.

Loans and leases which received payment deferrals or forbearances as part of the Bancorp’s COVID-19 hardship relief programs were generally not reported as delinquent during the forbearance or deferral period if the loan or lease was less than 30 days past due at March 1, 2020 (the effective date of the COVID-19 national emergency declaration) unless the loan or lease subsequently becomes delinquent according to its modified terms. Those loans and leases that were 30 days or more past due at March 1, 2020 continued to be reported at their March 1, 2020 delinquency status unless the borrower made supplemental payments to resolve the delinquency. After the conclusion of the payment deferral or forbearance period, borrowers who were delinquent as of March 1, 2020 could be returned to current status once they demonstrated a willingness and ability to repay the loan according to its modified terms. This may be evidenced by payment history after the payment deferral or forbearance period, or by completing an evaluation of the borrower’s creditworthiness upon exit from the Bancorp’s hardship programs. Residential mortgage loans enrolled in a COVID-19 forbearance are generally not reported as more delinquent than the status as of the forbearance enrollment date so long as the borrower is in compliance with the terms of the forbearance. If a borrower fails to comply with the forbearance terms, then the delinquency status of the loan is remeasured based on the terms in the original loan contract.
For loans that received payment deferrals or forbearances as part of the Bancorp’s COVID-19 hardship relief programs, the Bancorp continued to accrue interest and recognize interest income during the period of the deferral. Depending on the terms of each program, all or a portion of this accrued interest may be paid directly by the borrower (either during the relief period, at the end of the relief period or at maturity of the loan) or added to the customer’s outstanding balance. For certain programs, the maturity date of the loan may also be extended by the number of payments deferred. Interest income continued to be recognized at the original contractual interest rate unless that rate is concurrently modified upon entering the relief program (in which case, the modified rate would be used to recognize interest).

On April 10, 2020, the FASB staff issued a question-and-answer document (Q&A) to address questions on the application of the lease accounting guidance for lease concessions related to the effects of the COVID-19 pandemic. Under Topic 842, subsequent changes to lease payments that are not stipulated in the original lease contract are generally accounted for as lease modifications. Some contracts may contain explicit or implicit enforceable rights and obligations that require lease concessions in certain circumstances and therefore would not be considered a lease modification. Given the significant cost and complexity in assessing the large volume of lease contracts for which concessions were being granted due to the COVID-19 pandemic, the FASB clarified in this Q&A that an entity could elect to account for lease concessions associated with the COVID-19 pandemic as though enforceable rights and obligations for those concessions existed. This guidance eliminated the requirement to analyze each contract to determine whether enforceable rights and obligations to provide concessions existed and allowed an entity to elect to apply or not apply the lease modification guidance in Topic 842. This election was only available for concessions related to the effect of the COVID-19 pandemic that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee.

The Bancorp elected to not apply the lease modification accounting guidance in Topic 842 for lease concessions granted as a result of the COVID-19 pandemic as the deferrals only affected the timing of the payments and the amount of consideration to be received was substantially the same as that required by the original contract.

For commercial leases that received payment deferrals under the Bancorp’s COVID-19 hardship relief programs, the Bancorp continued to recognize interest income during the deferral period, but the yield was recalculated based on the timing and amount of remaining payments over the remaining lease term. The revised yield was used for prospectively recognizing interest income and adjusting the net investment in the lease. The Bancorp’s hardship relief programs for commercial leases affected the timing of payments but generally did not result in an increase in the rights of the lessor or the obligations of the lessee. Therefore, the Bancorp elected to forego certain requirements that would typically apply for lease modifications when accounting for the effects of the hardship relief programs.
v3.22.0.1
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2021
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Cash payments related to interest and income taxes in addition to non-cash investing and financing activities are presented in the following table for the years ended December 31:
($ in millions)202120202019
Cash Payments:
Interest$465 825 1,441 
Income taxes607 491 726 
Transfers:
Portfolio loans and leases to loans and leases held for sale(a)
$447 926 211 
Loans and leases held for sale to portfolio loans and leases49 49 37 
Portfolio loans and leases to OREO8 12 29 
Loans and leases held for sale to OREO— 2 — 
Bank premises and equipment to OREO21 2 30 
Supplemental Disclosures:
Net additions to lease liabilities under operating leases
$66 47 76 
Net additions to lease liabilities under finance leases
35 106 22 
Right-of-use assets recognized at adoption of ASU 2016-02— — 509 
Conversion of outstanding preferred stock issued by a Bancorp subsidiary— — 197 
(a)Includes $167 and $794 for the years ended December 31, 2021 and 2020, respectively, of residential mortgage loans previously sold to GNMA which the Bancorp was initially deemed to have regained effective control over under ASC Topic 860 and which were recorded as portfolio loans. The Bancorp subsequently repurchased these loans and classified them as held for sale.
v3.22.0.1
Restrictions on Dividends and Capital Actions
 12 Months Ended
Dec. 31, 2021
Cash and Cash Equivalents [Abstract]  
Restrictions on Dividends and Capital Actions Restrictions on Dividends and Capital Actions
Restrictions on Cash Dividends
The principal source of income and funds for the Bancorp (parent company) are dividends from its subsidiaries. The dividends paid by the Bancorp’s banking subsidiary are subject to regulations and limitations prescribed by state and federal supervisory agencies. The Bancorp’s banking subsidiary paid the Bancorp’s nonbank subsidiary holding company, which in turn paid the Bancorp $3.0 billion and $1.3 billion in dividends during the years ended December 31, 2021 and 2020, respectively. The Bancorp’s nonbank subsidiaries are also limited by certain federal and state statutory provisions and regulations covering the amount of dividends that may be paid in any given year. Additionally, as discussed below, during 2020 and 2021, the FRB took actions in response to the COVID-19 pandemic that limit the amount of cash dividends that the Bancorp may pay to its shareholders.

Capital Actions
The Bancorp is subject to restrictions on its capital actions, primarily as a result of supervisory policies set by the FRB. The Bancorp is required to develop and maintain a capital plan that governs its capacity to pay dividends and execute share repurchases and this plan is required to be submitted to the FRB periodically.

In June 2020, the FRB took several actions in connection with its announcement of stress test results in light of the uncertainty caused by the COVID-19 pandemic. Specifically, for the third quarter of 2020, the FRB required large banking organizations, including the Bancorp, to suspend share repurchases, cap dividend payments to the amount paid during the second quarter of 2020, and further limit dividends according to a formula based on recent income. These restrictions were extended, quarterly, with certain modifications, throughout the remainder of 2020.

The FRB extended these restrictions into the first and second quarters of 2021, with certain modifications to permit a limited amount of share repurchases. During the first and second quarters of 2021, the Bancorp was authorized to pay dividends and execute share repurchases according to a formula based on recent income provided the Bancorp did not increase the amount of its common dividend.

In June 2021, the FRB lifted the COVID-19 pandemic induced capital distribution limitations, which prohibited increases to the common dividend and placed limitations on share repurchases, and authorized the Bancorp, beginning July 1, 2021, to make capital distributions that are consistent with the requirements in the Board’s capital plan rule, inclusive of the Bancorp’s stress capital buffer requirement. As a result, in the third quarter of 2021 the Bancorp increased its quarterly common stock dividend to $0.30 per share. Additionally, the Bancorp entered into and settled accelerated share repurchase transactions during the year ended December 31, 2021. For more information related to these transactions, refer to Note 24.
v3.22.0.1
Investment Securities
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The following tables provide the amortized cost, unrealized gains and losses and fair value for the major categories of the available-for-sale debt and other securities and held-to-maturity securities portfolios as of December 31:
2021
($ in millions)Amortized CostUnrealized GainsUnrealized LossesFair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$85 1 — 86 
Obligations of states and political subdivisions securities18 — — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities8,432 368 (18)8,782 
Agency commercial mortgage-backed securities18,236 784 (69)18,951 
Non-agency commercial mortgage-backed securities4,364 128 (13)4,479 
Asset-backed securities and other debt securities5,287 32 (44)5,275 
Other securities(a)
519 — — 519 
Total available-for-sale debt and other securities$36,941 1,313 (144)38,110 
Held-to-maturity securities:
Obligations of states and political subdivisions securities$6 — — 6 
Asset-backed securities and other debt securities2 — — 2 
Total held-to-maturity securities$8 — — 8 
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $30, $486 and $3, respectively, at December 31, 2021, that are carried at cost.

2020
($ in millions)Amortized CostUnrealized GainsUnrealized LossesFair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$74 4 — 78 
Obligations of states and political subdivisions securities17 — — 17 
Mortgage-backed securities:
Agency residential mortgage-backed securities11,147 768 (8)11,907 
Agency commercial mortgage-backed securities16,745 1,481 (5)18,221 
Non-agency commercial mortgage-backed securities3,323 267 — 3,590 
Asset-backed securities and other debt securities3,152 48 (24)3,176 
Other securities(a)
524 — — 524 
Total available-for-sale debt and other securities$34,982 2,568 (37)37,513 
Held-to-maturity securities:
Obligations of states and political subdivisions securities$9 — — 9 
Asset-backed securities and other debt securities2 — — 2 
Total held-to-maturity securities$11 — — 11 
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $40, $482 and $2, respectively, at December 31, 2020, that are carried at cost.

The following table provides the fair value of trading debt securities and equity securities as of December 31:
($ in millions)20212020
Trading debt securities$512 560 
Equity securities376 313 

The amounts reported in the preceding tables exclude accrued interest receivable on investment securities of $82 million and $87 million at December 31, 2021 and 2020, respectively, which are presented as a component of other assets in the Consolidated Balance Sheets.

The Bancorp uses investment securities as a means of managing interest rate risk, providing collateral for pledging purposes and for liquidity to satisfy regulatory requirements. As part of managing interest rate risk, the Bancorp acquires securities as a component of its MSR non-qualifying hedging strategy, with net gains or losses recorded in securities (losses) gains, net – non-qualifying hedges on mortgage servicing rights in the Consolidated Statements of Income.
The following table presents securities (losses) gains recognized in the Consolidated Statements of Income for the years ended December 31:
($ in millions)202120202019
Available-for-sale debt and other securities:
Realized gains$34 47 60 
Realized losses(19)(2)(50)
Impairment losses(a)
(19)— (1)
Net realized (losses) gains on available-for-sale debt and other securities$(4)45 9 
Trading debt securities:
Net realized (losses) gains (2)2 3 
Net unrealized losses(3)— — 
Net trading debt securities (losses) gains$(5)2 3 
Equity securities:
Net realized gains 7 10 5 
Net unrealized (losses) gains(7)7 26 
Net equity securities gains$— 17 31 
Total (losses) gains recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(b)
$(9)64 43 
(a)Prior to adoption of ASU 2016-13 on January 1, 2020, investment securities were evaluated for OTTI with any identified OTTI recognized as a charge to income and a direct reduction of the amortized cost basis of the securities.
(b)Excludes $7 of net securities losses for the year ended December 31, 2021, and $5 and $7 of net securities gains for the years ended December 31, 2020 and 2019, respectively, related to securities held by FTS to facilitate the timely execution of customer transactions. These (losses) gains are included in commercial banking revenue and wealth and asset management revenue in the Consolidated Statements of Income.

The Bancorp recognized impairment losses on available-for-sale debt and other securities of $19 million during the year ended December 31, 2021. These losses related to certain securities in unrealized loss positions that the Bancorp intended to sell prior to recovery of their amortized cost bases. The Bancorp did not consider these losses to be credit-related.

At both December 31, 2021 and 2020, the Bancorp completed its evaluation of the available-for-sale debt and other securities in an unrealized loss position and did not recognize an allowance for credit losses. The Bancorp did not recognize provision expense for both the years ended December 31, 2021 and 2020 related to available-for-sale debt and other securities in an unrealized loss position.

At December 31, 2021 and 2020, investment securities with a fair value of $11.2 billion and $11.0 billion, respectively, were pledged to secure borrowings, public deposits, trust funds, derivative contracts and for other purposes as required or permitted by law.

The expected maturity distribution of the Bancorp’s mortgage-backed securities and the contractual maturity distribution of the remainder of the Bancorp’s available-for-sale debt and other securities and held-to-maturity securities as of December 31, 2021 are shown in the following table:
Available-for-Sale Debt and OtherHeld-to-Maturity
($ in millions)Amortized CostFair Value   Amortized CostFair Value    
Debt securities:(a)
Due in 1 year or less$984 1,003 3 3 
Due after 1 year through 5 years13,262 13,756 3 3 
Due after 5 years through 10 years11,951 12,466 — — 
Due after 10 years10,225 10,366 2 2 
Other securities519 519 — — 
Total$36,941 38,110 8 8 
(a)Actual maturities may differ from contractual maturities when a right to call or prepay obligations exists with or without call or prepayment penalties.
The following table provides the fair value and gross unrealized losses on available-for-sale debt and other securities in an unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31:
Less than 12 months12 months or moreTotal
($ in millions)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
2021
Agency residential mortgage-backed securities$935 (10)161 (8)1,096 (18)
Agency commercial mortgage-backed securities2,886 (49)424 (20)3,310 (69)
Non-agency commercial mortgage-backed securities1,052 (13)— — 1,052 (13)
Asset-backed securities and other debt securities2,870 (34)367 (10)3,237 (44)
Total$7,743 (106)952 (38)8,695 (144)
2020
Agency residential mortgage-backed securities$426 (8)1 — 427 (8)
Agency commercial mortgage-backed securities388 (5)— — 388 (5)
Non-agency commercial mortgage-backed securities2 — — — 2 — 
Asset-backed securities and other debt securities520 (7)603 (17)1,123 (24)
Total$1,336 (20)604 (17)1,940 (37)

At December 31, 2021 and 2020, $2 million and $1 million, respectively, of unrealized losses in the available-for-sale debt and other securities portfolio were related to non-rated securities.
v3.22.0.1
Loans and Leases
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Loans and Leases Loans and Leases
The Bancorp diversifies its loan and lease portfolio by offering a variety of loan and lease products with various payment terms and rate structures. The Bancorp’s commercial loan and lease portfolio consists of lending to various industry types. Management periodically reviews the performance of its loan and lease products to evaluate whether they are performing within acceptable interest rate and credit risk levels and changes are made to underwriting policies and procedures as needed. The Bancorp maintains an allowance to absorb loan and lease losses that are expected to be incurred over the remaining contractual terms of the related loans and leases. For further information on credit quality and the ALLL, refer to Note 6.

The following table provides a summary of commercial loans and leases classified by primary purpose and consumer loans classified based upon product or collateral as of December 31:
($ in millions)20212020
Loans and leases held for sale:
Commercial and industrial loans$7 230 
Commercial mortgage loans13 7 
Commercial leases1 39 
Residential mortgage loans4,394 4,465 
Total loans and leases held for sale$4,415 4,741 
Portfolio loans and leases:
Commercial and industrial loans(a)
$51,659 49,665 
Commercial mortgage loans10,316 10,602 
Commercial construction loans5,241 5,815 
Commercial leases3,052 2,915 
Total commercial loans and leases70,268 68,997 
Residential mortgage loans(b)
16,397 15,928 
Home equity4,084 5,183 
Indirect secured consumer loans16,783 13,653 
Credit card1,766 2,007 
Other consumer loans2,752 3,014 
Total consumer loans41,782 39,785 
Total portfolio loans and leases$112,050 108,782 
(a)Includes $1.3 billion and $4.8 billion as of December 31, 2021 and 2020, respectively, related to the SBA’s Paycheck Protection Program.
(b)Includes $39, as of December 31, 2020, of residential mortgage loans previously sold to GNMA for which the Bancorp was deemed to have regained effective control over under ASC Topic 860, but did not exercise its option to repurchase. Refer to Note 16 for further information.

Portfolio loans and leases are recorded net of unearned income, which totaled $244 million and $280 million as of December 31, 2021 and 2020, respectively. Additionally, portfolio loans and leases are recorded net of unamortized premiums and discounts, deferred direct loan origination fees and costs and fair value adjustments (associated with acquired loans or loans designated as fair value upon origination) which totaled a net premium of $498 million and $251 million as of December 31, 2021 and 2020, respectively. The amortized cost basis of loans and leases excludes accrued interest receivable of $332 million and $350 million at December 31, 2021 and 2020, respectively, which is presented as a component of other assets in the Consolidated Balance Sheets.

The Bancorp’s FHLB and FRB borrowings are primarily secured by loans. The Bancorp had loans of $15.3 billion and $15.5 billion at December 31, 2021 and 2020, respectively, pledged at the FHLB, and loans of $50.9 billion and $37.8 billion at December 31, 2021 and 2020, respectively, pledged at the FRB.
The following table presents a summary of the total loans and leases owned by the Bancorp and net charge-offs (recoveries) as of and for the years ended December 31:
Carrying Value
90 Days Past Due and Still Accruing(a)
Net Charge-Offs (Recoveries)
($ in millions)202120202021202020212020
Commercial and industrial loans$51,666 49,895 17 39 60 198 
Commercial mortgage loans10,329 10,609 1 8 8 45 
Commercial construction loans5,241 5,815 1 — — — 
Commercial leases3,053 2,954 — 1 (1)23 
Residential mortgage loans20,791 20,393 72 70 (4)2 
Home equity4,084 5,183 1 2 (4)5 
Indirect secured consumer loans16,783 13,653 9 10 14 32 
Credit card1,766 2,007 15 31 70 126 
Other consumer loans2,752 3,014 1 2 31 40 
Total loans and leases$116,465 113,523 117 163 174 471 
Less: Loans and leases held for sale$4,415 4,741 
Total portfolio loans and leases$112,050 108,782 
(a)Excludes government guaranteed residential mortgage loans.

The following table presents the components of the net investment in portfolio leases as of December 31:
($ in millions)(a)
20212020
Net investment in direct financing leases:
Lease payment receivable (present value)$886 1,400 
Unguaranteed residual assets (present value)147 181 
Net premium (discount) on acquired leases1 (1)
Net investment in sales-type leases:
Lease payment receivable (present value)1,678 976 
Unguaranteed residual assets (present value)55 36 
(a)Excludes $285 and $323 of leveraged leases at December 31, 2021 and 2020, respectively.

Interest income recognized in the Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019 was $42 million, $64 million and $88 million, respectively, for direct financing leases and $42 million, $28 million and $13 million, respectively, for sales-type leases.

The following table presents undiscounted cash flows for both direct financing and sales-type leases for 2022 through 2026 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease receivables as follows:
As of December 31, 2021 ($ in millions)Direct Financing
Leases		Sales-Type Leases
2022$294 548 
2023215 385 
2024155 301 
2025111 242 
202682 116 
Thereafter86 194 
Total undiscounted cash flows$943 1,786 
Less: Difference between undiscounted cash flows and discounted cash flows57 108 
Present value of lease payments (recognized as lease receivables)$886 1,678 

The lease residual value represents the present value of the estimated fair value of the leased equipment at the end of the lease. The Bancorp performs quarterly reviews of residual values associated with its leasing portfolio considering factors such as the subject equipment, structure of the transaction, industry, prior experience with the lessee and other factors that impact the residual value to assess for impairment. The Bancorp maintained an allowance of $15 million and $29 million at December 31, 2021 and 2020, respectively, to cover the losses that are expected to be incurred over the remaining contractual terms of the related leases, including the potential losses related to the residual value, in the net investment in leases. Refer to Note 6 for additional information on credit quality and the ALLL.
v3.22.0.1
Credit Quality and the Allowance for Loan and Lease Losses
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Credit Quality and the Allowance for Loan and Lease Losses Credit Quality and the Allowance for Loan and Lease Losses
The Bancorp disaggregates ALLL balances and transactions in the ALLL by portfolio segment. Credit quality related disclosures for loans and leases are further disaggregated by class.

Allowance for Loan and Lease Losses
The following tables summarize transactions in the ALLL by portfolio segment for the years ended December 31:
2021 ($ in millions)CommercialResidential MortgageConsumerTotal    
Balance, beginning of period$1,456 294 703 2,453 
Losses charged-off(a)
(119)(3)(222)(344)
Recoveries of losses previously charged-off(a)
52 7 111 170 
Benefit from loan and lease losses(287)(63)(37)(387)
Balance, end of period$1,102 235 555 1,892 
(a)The Bancorp recorded $33 in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

2020 ($ in millions)CommercialResidential MortgageConsumerUnallocatedTotal    
Balance, beginning of period$710 73 298 121 1,202 
Impact of adoption of ASU 2016-13(a)
160 196 408 (121)643 
Losses charged-off(b)
(282)(9)(320)— (611)
Recoveries of losses previously charged-off(b)
16 7 117 — 140 
Provision for loan and lease losses852 27 200 — 1,079 
Balance, end of period$1,456 294 703 — 2,453 
(a)Includes $31, $2 and $1 in Commercial, Residential Mortgage and Consumer, respectively, related to the initial recognition of an ALLL on PCD loans.
(b)The Bancorp recorded $42 in both losses previously charged-off and recoveries of losses charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

2019 ($ in millions)CommercialResidential MortgageConsumerUnallocatedTotal    
Balance, beginning of period$645 81 267 110 1,103 
Losses charged-off(a)
(127)(9)(374)— (510)
Recoveries of losses previously charged-off(a)
19 5 117 — 141 
Provision for (benefit from) loan and lease losses173 (4)288 11 468 
Balance, end of period$710 73 298 121 1,202 
(a)The Bancorp recorded $48 in both losses previously charged-off and recoveries of losses charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

The following tables provide a summary of the ALLL and related loans and leases classified by portfolio segment:
As of December 31, 2021 ($ in millions)CommercialResidential Mortgage ConsumerTotal    
ALLL:(a)
Individually evaluated$77 46 41 164 
Collectively evaluated1,025 189 514 1,728 
Total ALLL$1,102 235 555 1,892 
Portfolio loans and leases:(b)
Individually evaluated$579 460 313 1,352 
Collectively evaluated69,689 15,783 25,072 110,544 
Total portfolio loans and leases$70,268 16,243 25,385 111,896 
(a)Includes $2 related to commercial leveraged leases at December 31, 2021.
(b)Excludes $154 of residential mortgage loans measured at fair value and includes $285 of commercial leveraged leases, net of unearned income, at December 31, 2021.
As of December 31, 2020 ($ in millions)CommercialResidential MortgageConsumerTotal
ALLL:(a)
Individually evaluated$114 68 43 225 
Collectively evaluated1,342 226 660 2,228 
Total ALLL$1,456 294 703 2,453 
Portfolio loans and leases:(b)
Individually evaluated$962 628 273 1,863 
Collectively evaluated67,701 15,073 23,569 106,343 
Purchased credit deteriorated(c)
334 66 15 415 
Total portfolio loans and leases$68,997 15,767 23,857 108,621 
(a)Includes $3 related to commercial leveraged leases at December 31, 2020.
(b)Excludes $161 of residential mortgage loans measured at fair value and includes $323 of commercial leveraged leases, net of unearned income, at December 31, 2020.
(c)Includes $39, as of December 31, 2020, of residential mortgage loans previously sold to GNMA for which the Bancorp was deemed to have regained effective control over under ASC Topic 860, but did not exercise its option to repurchase. Refer to Note 16 for further information.

CREDIT RISK PROFILE
Commercial Portfolio Segment
For purposes of monitoring the credit quality and risk characteristics of its commercial portfolio segment, the Bancorp disaggregates the segment into the following classes: commercial and industrial, commercial mortgage owner-occupied, commercial mortgage nonowner-occupied, commercial construction and commercial leases.

To facilitate the monitoring of credit quality within the commercial portfolio segment, the Bancorp utilizes the following categories of credit grades: pass, special mention, substandard, doubtful and loss. The five categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter.

Pass ratings, which are assigned to those borrowers that do not have identified potential or well-defined weaknesses and for which there is a high likelihood of orderly repayment, are updated at least annually based on the size and credit characteristics of the borrower. All other categories are updated on a quarterly basis during the month preceding the end of the calendar quarter.

The Bancorp assigns a special mention rating to loans and leases that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the loan or lease or the Bancorp’s credit position.

The Bancorp assigns a substandard rating to loans and leases that are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. Substandard loans and leases have well-defined weaknesses or weaknesses that could jeopardize the orderly repayment of the debt. Loans and leases in this grade also are characterized by the distinct possibility that the Bancorp will sustain some loss if the deficiencies noted are not addressed and corrected.

The Bancorp assigns a doubtful rating to loans and leases that have all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage of and strengthen the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceeding, capital injection, perfecting liens on additional collateral or refinancing plans.

Loans and leases classified as loss are considered uncollectible and are charged off in the period in which they are determined to be uncollectible. Because loans and leases in this category are fully charged off, they are not included in the following tables.

For loans and leases that are collectively evaluated, the Bancorp utilizes models to forecast expected credit losses over a reasonable and supportable forecast period based on the probability of a loan or lease defaulting, the expected balance at the estimated date of default and the expected loss percentage given a default. For the commercial portfolio segment, the estimates for probability of default are primarily based on internal ratings assigned to each commercial borrower on a 13-point scale and historical observations of how those ratings migrate to a default over time in the context of macroeconomic conditions. For loans with available credit, the estimate of the expected balance at the time of default considers expected utilization rates, which are primarily based on macroeconomic conditions and the utilization history of similar borrowers under those economic conditions. The estimates for loss severity are primarily based on collateral type and coverage levels and the susceptibility of those characteristics to changes in macroeconomic conditions. Refer to Note 1 for additional information about the Bancorp’s processes for developing these models, estimating credit losses for periods beyond the reasonable and supportable forecast period and for estimating credit losses for individually evaluated loans.
The following tables present the amortized cost basis of the Bancorp’s commercial portfolio segment, by class and vintage, disaggregated by credit risk grade:
As of December 31, 2021 ($ in millions) Term Loans and Leases by Origination YearRevolving
Loans		Revolving Loans Converted to Term Loans
20212020201920182017PriorTotal
Commercial and industrial loans:
Pass$4,266 2,291 1,198 552 356 752 39,486 — 48,901 
Special mention37 22 12 29 22 5 665 — 792 
Substandard19 52 36 69 52 115 1,623 — 1,966 
Doubtful— — — — — — — — — 
Total commercial and industrial loans$4,322 2,365 1,246 650 430 872 41,774 — 51,659 
Commercial mortgage owner-occupied loans:

Pass$1,082 804 471 296 183 331 1,141 — 4,308 
Special mention— 31 46 17 2 40 69 — 205 
Substandard22 38 3 12 3 27 91 — 196 
Doubtful— — — — — — — — — 
Total commercial mortgage owner-occupied loans
$1,104 873 520 325 188 398 1,301 — 4,709 
Commercial mortgage nonowner-occupied loans:

Pass$635 733 595 284 141 302 1,977 — 4,667 
Special mention89 12 11 5 7 9 162 — 295 
Substandard160 78 4 3 9 3 388 — 645 
Doubtful— — — — — — — — — 
Total commercial mortgage nonowner-occupied loans
$884 823 610 292 157 314 2,527 — 5,607 
Commercial construction loans:

Pass$50 69 11 37 — 9 4,488 — 4,664 
Special mention— 39 — — — — 193 — 232 
Substandard17 — — — — — 328 — 345 
Doubtful— — — — — — — — — 
Total commercial construction loans$67 108 11 37 — 9 5,009 — 5,241 
Commercial leases:

Pass$1,019 436 284 231 233 776 — — 2,979 
Special mention4 4 5 9 — 8 — — 30 
Substandard7 3 8 10 13 2 — — 43 
Doubtful— — — — — — — — — 
Total commercial leases$1,030 443 297 250 246 786 — — 3,052 
Total commercial loans and leases:
Pass$7,052 4,333 2,559 1,400 913 2,170 47,092 — 65,519 
Special mention130 108 74 60 31 62 1,089 — 1,554 
Substandard225 171 51 94 77 147 2,430 — 3,195 
Doubtful— — — — — — — — — 
Total commercial loans and leases$7,407 4,612 2,684 1,554 1,021 2,379 50,611 — 70,268 
As of December 31, 2020 ($ in millions) Term Loans and Leases by Origination YearRevolving LoansRevolving Loans Converted to Term Loans
20202019201820172016PriorTotal
Commercial and industrial loans:
Pass$7,042 2,144 1,114 700 471 703 31,657 — 43,831 
Special mention66 46 167 46 5 21 2,317 — 2,668 
Substandard119 80 107 60 39 104 2,639 — 3,148 
Doubtful— 2 9 — — — 7 — 18 
Total commercial and industrial loans$7,227 2,272 1,397 806 515 828 36,620 — 49,665 
Commercial mortgage owner-occupied loans:
Pass$1,047 655 416 288 249 420 1,025 — 4,100 
Special mention58 12 16 7 2 17 64 — 176 
Substandard211 17 33 7 13 30 88 — 399 
Doubtful— — — — — — — — — 
Total commercial mortgage owner-occupied loans
$1,316 684 465 302 264 467 1,177 — 4,675 
Commercial mortgage nonowner-occupied loans:
Pass$902 679 548 247 223 341 1,626 — 4,566 
Special mention252 68 17 8 36 9 416 — 806 
Substandard149 3 49 14 2 25 301 — 543 
Doubtful12 — — — — — — — 12 
Total commercial mortgage nonowner-occupied loans
$1,315 750 614 269 261 375 2,343 — 5,927 
Commercial construction loans:
Pass$98 49 27 — 9 12 4,721 — 4,916 
Special mention67 — — — — — 591 — 658 
Substandard8 — — — — — 233 — 241 
Doubtful— — — — — — — — — 
Total commercial construction loans$173 49 27 — 9 12 5,545 — 5,815 
Commercial leases:
Pass$622 374 315 369 314 824 — — 2,818 
Special mention5 16 5 — — — — — 26 
Substandard7 4 16 21 6 17 — — 71 
Doubtful— — — — — — — — — 
Total commercial leases$634 394 336 390 320 841 — — 2,915 
Total commercial loans and leases:
Pass$9,711 3,901 2,420 1,604 1,266 2,300 39,029 — 60,231 
Special mention448 142 205 61 43 47 3,388 — 4,334 
Substandard494 104 205 102 60 176 3,261 — 4,402 
Doubtful12 2 9 — — — 7 — 30 
Total commercial loans and leases$10,665 4,149 2,839 1,767 1,369 2,523 45,685 — 68,997 
Age Analysis of Past Due Commercial Loans and Leases
The following tables summarize the Bancorp’s amortized cost basis in portfolio commercial loans and leases, by age and class:
Current Loans and Leases(a)
Past DueTotal Loans and Leases90 Days Past Due and Still Accruing
As of December 31, 2021 ($ in millions)
30-89 Days(a)
90 Days or More(a)
Total Past Due  
Commercial loans and leases:
Commercial and industrial loans(b)
$51,549 61 49 110 51,659 17 
Commercial mortgage owner-occupied loans4,701 4 4 8 4,709 1 
Commercial mortgage nonowner-occupied loans5,606 — 1 1 5,607 — 
Commercial construction loans5,241 — — — 5,241 1 
Commercial leases3,035 16 1 17 3,052 — 
Total portfolio commercial loans and leases$70,132 81 55 136 70,268 19 
(a)Includes accrual and nonaccrual loans and leases.
(b)Includes loans related to the SBA’s Paycheck Protection Program, of which $20 were 30-89 days past due and $6 were 90 days or more past due.

Current Loans and Leases(a)
Past DueTotal Loans and Leases90 Days Past Due and Still Accruing
As of December 31, 2020 ($ in millions)
30-89 Days(a)
90 Days or More(a)
Total Past Due  
Commercial loans and leases:
Commercial and industrial loans$49,421 119 125 244 49,665 39 
Commercial mortgage owner-occupied loans4,645 7 23 30 4,675 7 
Commercial mortgage nonowner-occupied loans5,860 31 36 67 5,927 1 
Commercial construction loans5,808 7 — 7 5,815 — 
Commercial leases2,906 7 2 9 2,915 1 
Total portfolio commercial loans and leases$68,640 171 186 357 68,997 48 
(a)Includes accrual and nonaccrual loans and leases.

Residential Mortgage and Consumer Portfolio Segments
For purposes of monitoring the credit quality and risk characteristics of its consumer portfolio segment, the Bancorp disaggregates the segment into the following classes: home equity, indirect secured consumer loans, credit card and other consumer loans. The Bancorp’s residential mortgage portfolio segment is also a separate class.

The Bancorp considers repayment performance as the best indicator of credit quality for residential mortgage and consumer loans, which includes both the delinquency status and performing versus nonperforming status of the loans. The delinquency status of all residential mortgage and consumer loans and the performing versus nonperforming status is presented in the following table. Loans and leases which received payment deferrals or forbearances as part of the Bancorp’s COVID-19 customer relief programs are generally not reported as delinquent during the forbearance or deferral period if the loan or lease was less than 30 days past due at March 1, 2020 (the effective date of the COVID-19 national emergency declaration) unless the loan or lease subsequently becomes delinquent according to its modified terms. Refer to Note 1 for additional information.

For collectively evaluated loans in the consumer and residential mortgage portfolio segments, the Bancorp’s expected credit loss models primarily utilize the borrower’s FICO score and delinquency history in combination with macroeconomic conditions when estimating the probability of default. The estimates for loss severity are primarily based on collateral type and coverage levels and the susceptibility of those characteristics to changes in macroeconomic conditions. The expected balance at the estimated date of default is also particularly significant for portfolio classes which generally have longer terms (such as residential mortgage loans and home equity) and portfolio classes containing a high concentration of loans with revolving privileges (such as home equity). The estimate of the expected balance at the time of default considers expected prepayment and utilization rates where applicable, which are primarily based on macroeconomic conditions and the utilization history of similar borrowers under those economic conditions. Refer to Note 1 for additional information about the Bancorp’s process for developing these models and its process for estimating credit losses for periods beyond the reasonable and supportable forecast period.
The following tables present the amortized cost basis of the Bancorp’s residential mortgage and consumer portfolio segments, by class and vintage, disaggregated by both age and performing versus nonperforming status:
As of December 31, 2021 ($ in millions) Term Loans by Origination YearRevolving
Loans		Revolving Loans Converted to Term Loans
20212020201920182017PriorTotal
Residential mortgage loans:
Performing:
Current(a)
$5,886 3,309 1,294 418 954 4,261 — — 16,122 
30-89 days past due1 1 1 1 1 13 — — 18 
90 days or more past due— 2 4 3 9 52 — — 70 
Total performing5,887 3,312 1,299 422 964 4,326 — — 16,210 
Nonperforming— — 1 — 2 30 — — 33 
Total residential mortgage loans(b)
$5,887 3,312 1,300 422 966 4,356 — — 16,243 
Home equity:

Performing:

Current$2 6 13 18 2 113 3,815 12 3,981 
30-89 days past due— — — — — 3 22 — 25 
90 days or more past due— — — — — 1 — — 1 
Total performing2 6 13 18 2 117 3,837 12 4,007 
Nonperforming— — — — — 9 67 1 77 
Total home equity$2 6 13 18 2 126 3,904 13 4,084 
Indirect secured consumer loans:

Performing:









Current$8,732 4,206 2,221 902 389 194 — — 16,644 
30-89 days past due26 24 25 17 8 3 — — 103 
90 days or more past due2 2 2 2 1 — — — 9 
Total performing8,760 4,232 2,248 921 398 197 — — 16,756 
Nonperforming— 12 5 5 3 2 — — 27 
Total indirect secured consumer loans$8,760 4,244 2,253 926 401 199 — — 16,783 
Credit card:

Performing:
Current$— — — — — — 1,710 — 1,710 
30-89 days past due— — — — — — 18 — 18 
90 days or more past due— — — — — — 15 — 15 
Total performing— — — — — — 1,743 — 1,743 
Nonperforming— — — — — — 23 — 23 
Total credit card$— — — — — — 1,766 — 1,766 
Other consumer loans:

Performing:

Current$692 530 275 174 105 47 913 — 2,736 
30-89 days past due3 2 3 2 1 — 2 1 14 
90 days or more past due— — 1 — — — — — 1 
Total performing695 532 279 176 106 47 915 1 2,751 
Nonperforming— — — — — — 1 — 1 
Total other consumer loans$695 532 279 176 106 47 916 1 2,752 
Total residential mortgage and consumer loans:
Performing:
Current$15,312 8,051 3,803 1,512 1,450 4,615 6,438 12 41,193 
30-89 days past due30 27 29 20 10 19 42 1 178 
90 days or more past due2 4 7 5 10 53 15 — 96 
Total performing15,344 8,082 3,839 1,537 1,470 4,687 6,495 13 41,467 
Nonperforming— 12 6 5 5 41 91 1 161 
Total residential mortgage and
    consumer loans(b)
$15,344 8,094 3,845 1,542 1,475 4,728 6,586 14 41,628 
(a)Information includes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. As of December 31, 2021, $49 of these loans were 30-89 days past due and $139 were 90 days or more past due. The Bancorp recognized $2 of losses during the year ended December 31, 2021 due to claim denials and curtailments associated with these insured or guaranteed loans.
(b)Excludes $154 of residential mortgage loans measured at fair value at December 31, 2021.
As of December 31, 2020 ($ in millions) Term Loans by Origination YearRevolving LoansRevolving Loans Converted to Term Loans
20202019201820172016PriorTotal
Residential mortgage loans:
Performing:
Current(a)
$4,006 2,128 827 1,635 2,301 4,719 — — 15,616 
30-89 days past due1 1 3 3 1 12 — — 21 
90 days or more past due— 6 2 7 7 48 — — 70 
Total performing4,007 2,135 832 1,645 2,309 4,779 — — 15,707 
Nonperforming1 — 2 2 3 52 — — 60 
Total residential mortgage loans(b)
$4,008 2,135 834 1,647 2,312 4,831 — — 15,767 
Home equity:
Performing:
Current$11 24 30 4 2 153 4,825 10 5,059 
30-89 days past due— — — — — 3 33 — 36 
90 days or more past due— — — — — 2 — — 2 
Total performing11 24 30 4 2 158 4,858 10 5,097 
Nonperforming— — — — — 10 75 1 86 
Total home equity$11 24 30 4 2 168 4,933 11 5,183 
Indirect secured consumer loans:
Performing:
Current$6,626 3,752 1,678 860 372 214 — — 13,502 
30-89 days past due25 41 31 17 7 4 — — 125 
90 days or more past due1 2 3 2 1 1 — — 10 
Total performing6,652 3,795 1,712 879 380 219 — — 13,637 
Nonperforming1 5 4 3 2 1 — — 16 
Total indirect secured consumer loans$6,653 3,800 1,716 882 382 220 — — 13,653 
Credit card:
Performing:
Current$— — — — — — 1,914 — 1,914 
30-89 days past due— — — — — — 30 — 30 
90 days or more past due— — — — — — 31 — 31 
Total performing— — — — — — 1,975 — 1,975 
Nonperforming— — — — — — 32 — 32 
Total credit card$— — — — — — 2,007 — 2,007 
Other consumer loans:
Performing:
Current$883 546 437 178 32 40 878 1 2,995 
30-89 days past due2 5 4 2 — — 2 — 15 
90 days or more past due— 2 — — — — — — 2 
Total performing885 553 441 180 32 40 880 1 3,012 
Nonperforming— — — — — 1 1 — 2 
Total other consumer loans$885 553 441 180 32 41 881 1 3,014 
Total residential mortgage and consumer loans:
Performing:
Current$11,526 6,450 2,972 2,677 2,707 5,126 7,617 11 39,086 
30-89 days past due28 47 38 22 8 19 65 — 227 
90 days or more past due1 10 5 9 8 51 31 — 115 
Total performing11,555 6,507 3,015 2,708 2,723 5,196 7,713 11 39,428 
Nonperforming2 5 6 5 5 64 108 1 196 
Total residential mortgage and consumer loans(b)
$11,557 6,512 3,021 2,713 2,728 5,260 7,821 12 39,624 
(a)Information includes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. As of December 31, 2020, $103 of these loans were 30-89 days past due and $242 were 90 days or more past due. The Bancorp recognized $3 of losses during the year ended December 31, 2020 due to claim denials and curtailments associated with these insured or guaranteed loans.
(b)Excludes $161 of residential mortgage loans measured at fair value at December 31, 2020.
Collateral-Dependent Loans and Leases
The Bancorp considers a loan or lease to be collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. When a loan or lease is collateral-dependent, its fair value is generally based on the fair value less cost to sell of the underlying collateral.

The following table presents the amortized cost basis of the Bancorp’s collateral-dependent loans and leases, by portfolio class, as of:
($ in millions)December 31,
2021		December 31,
2020
Commercial loans and leases:
Commercial and industrial loans$467 810 
Commercial mortgage owner-occupied loans22 101 
Commercial mortgage nonowner-occupied loans31 82 
Commercial construction loans56 19 
Commercial leases3 6 
Total commercial loans and leases579 1,018 
Residential mortgage loans60 80 
Consumer loans:
Home equity58 71 
Indirect secured consumer loans8 9 
Total consumer loans66 80 
Total portfolio loans and leases$705 1,178 

Nonperforming Assets
Nonperforming assets include nonaccrual loans and leases for which ultimate collectability of the full amount of the principal and/or interest is uncertain; restructured loans which have not yet met the requirements to be returned to accrual status; certain restructured consumer and residential mortgage loans which are 90 days past due based on the restructured terms unless the loan is both well-secured and in the process of collection; and certain other assets, including OREO and other repossessed property.

The following table presents the amortized cost basis of the Bancorp’s nonaccrual loans and leases, by class, and OREO and other repossessed property, as of:
December 31, 2021December 31, 2020
 ($ in millions)With an ALLLNo Related
ALLL		TotalWith an ALLLNo Related
ALLL		Total
Commercial loans and leases:
Commercial and industrial loans$151 128 279 213 260 473 
Commercial mortgage owner-occupied loans10 13 23 20 60 80 
Commercial mortgage nonowner-occupied loans22 3 25 34 43 77 
Commercial construction loans6 — 6 1 — 1 
Commercial leases3 1 4 6 1 7 
Total nonaccrual portfolio commercial loans and leases$192 145 337 274 364 638 
Residential mortgage loans14 19 33 11 49 60 
Consumer loans:
Home equity53 24 77 55 31 86 
Indirect secured consumer loans21 6 27 8 8 16 
Credit card23 — 23 32 — 32 
Other consumer loans1 — 1 2 — 2 
Total nonaccrual portfolio consumer loans$98 30 128 97 39 136 
Total nonaccrual portfolio loans and leases(a)(b)
$304 194 498 382 452 834 
OREO and other repossessed property— 29 29 — 30 30 
Total nonperforming portfolio assets(a)(b)
$304 223 527 382 482 864 
(a)Excludes $15 and $6 of nonaccrual loans held for sale as of December 31, 2021 and 2020, respectively.
(b)Includes $26 and $29 of nonaccrual government insured commercial loans whose repayments are insured by the SBA as of December 31, 2021 and 2020, respectively, of which $11 and $17 are restructured nonaccrual government insured commercial loans as of December 31, 2021 and 2020, respectively.
The following table presents the interest income recognized on the Bancorp’s nonaccrual loans and leases as of December 31, 2021 and 2020, by class:
For the years ended
December 31,
 ($ in millions)20212020
Commercial loans and leases:
Commercial and industrial loans$6 8 
Commercial mortgage nonowner-occupied loans— 1 
Commercial leases1 1 
Total nonaccrual portfolio commercial loans and leases$7 10 
Residential mortgage loans24 28 
Consumer loans:
Home equity7 9 
Indirect secured consumer loans2 — 
Credit card3 4 
Total nonaccrual portfolio consumer loans$12 13 
Total nonaccrual portfolio loans and leases$43 51 

The Bancorp’s amortized cost basis of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction was $84 million and $136 million as of December 31, 2021 and 2020, respectively.

Troubled Debt Restructurings
A loan is accounted for as a TDR if the Bancorp, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. TDRs include concessions granted under reorganization, arrangement or other provisions of the Federal Bankruptcy Act. Within each of the Bancorp’s loan classes, TDRs typically involve either a reduction of the stated interest rate of the loan, an extension of the loan’s maturity date with a stated rate lower than the current market rate for a new loan with similar risk, or in limited circumstances, a reduction of the principal balance of the loan or the loan’s accrued interest. Modifying the terms of a loan may result in an increase or decrease to the ALLL depending upon the terms modified, the method used to measure the ALLL for a loan prior to modification, the extent of collateral, and whether any charge-offs were recorded on the loan before or at the time of modification. Refer to the ALLL section of Note 1 for information on the Bancorp’s ALLL methodology. Upon modification of a loan, the Bancorp measures the expected credit loss as either the difference between the amortized cost of the loan and the fair value of collateral less cost to sell or the difference between the estimated future cash flows expected to be collected on the modified loan, discounted at the original effective yield of the loan, and the carrying value of the loan. The resulting measurement may result in the need for minimal or no allowance regardless of which is used because it is probable that all cash flows will be collected under the modified terms of the loan. In addition, if the stated interest rate was increased in a TDR that is not collateral-dependent, the cash flows on the modified loan, using the pre-modification interest rate as the discount rate, often exceed the amortized cost basis of the loan. Conversely, upon a modification that reduces the stated interest rate on a loan that is not collateral-dependent, the Bancorp recognizes an increase to the ALLL. If a TDR involves a reduction of the principal balance of the loan or the loan’s accrued interest, that amount is charged off to the ALLL. Loans discharged in a Chapter 7 bankruptcy and not reaffirmed by the borrower are treated as nonaccrual collateral-dependent loans with a charge-off recognized to reduce the carrying values of such loans to the fair value of the related collateral less costs to sell. Certain loan modifications which were made in response to the COVID-19 pandemic were not evaluated for classification as a TDR. Refer to the Regulatory Developments Related to the COVID-19 Pandemic section of Note 1 for additional information.

The Bancorp had commitments to lend additional funds to borrowers whose terms have been modified in a TDR, consisting of line of credit and letter of credit commitments of $121 million and $66 million, respectively, as of December 31, 2021 compared with $67 million and $72 million, respectively, as of December 31, 2020.
The following tables provide a summary of portfolio loans, by class, modified in a TDR by the Bancorp during the years ended December 31:
2021 ($ in millions)
Number of Loans
Modified in a TDR
During the Year(a)
Amortized Cost Basis of Loans Modified
in a TDR
During the Year		Increase
(Decrease)
to ALLL Upon
Modification		Charge-offs
Recognized Upon  
Modification
Commercial loans:
Commercial and industrial loans86 $150 1 — 
Commercial mortgage owner-occupied loans10 8 — — 
Commercial mortgage nonowner-occupied loans5 29 — — 
Commercial construction loans1 34 — — 
Residential mortgage loans519 93 4 — 
Consumer loans:
Home equity206 10 (3)— 
Indirect secured consumer loans4,567 96 1 — 
Credit card5,488 30 9 1 
Total portfolio loans10,882 $450 12 1 
(a)Represents number of loans post-modification and excludes loans previously modified in a TDR.

2020 ($ in millions)
Number of Loans
Modified in a TDR
During the Year(a)
Amortized Cost Basis of Loans Modified
in a TDR
During the Year		Increase
(Decrease)
to ALLL Upon
Modification		Charge-offs
Recognized Upon  
Modification
Commercial loans:
Commercial and industrial loans124 $305 26 7 
Commercial mortgage owner-occupied loans43 58 (11)— 
Commercial mortgage nonowner-occupied loans19 44 (2)— 
Commercial construction loans3 21 1 — 
Residential mortgage loans424 58 1 — 
Consumer loans:
Home equity147 7 (4)— 
Indirect secured consumer loans70 — — — 
Credit card5,701 32 11 1 
Total portfolio loans6,531 $525 22 8 
(a)Represents number of loans post-modification and excludes loans previously modified in a TDR.
2019 ($ in millions)(a)(b)
Number of Loans
Modified in a TDR
During the Year(c)
Recorded Investment
in Loans Modified
in a TDR
During the Year		(Decrease)
Increase
to ALLL Upon
Modification		Charge-offs
Recognized Upon  
Modification
Commercial loans:
Commercial and industrial loans97 $223 (19)5 
Commercial mortgage owner-occupied loans15 12 — — 
Commercial mortgage nonowner-occupied loans1 — — — 
Residential mortgage loans722 101 1 — 
Consumer loans:
Home equity80 4 — — 
Indirect secured consumer loans100 — — — 
Credit card6,041 34 8 3 
Total portfolio loans7,056 $374 (10)8 
(a)Excludes all loans acquired with deteriorated credit quality which were accounted for within a pool.
(b)Excludes loans classified as TDRs as a result of the Bancorp’s conformance to OCC guidance with regard to non-reaffirmed loans included in Chapter 7 bankruptcy filings.
(c)Represents number of loans post-modification and excludes loans previously modified in a TDR.

The Bancorp considers TDRs that become 90 days or more past due under the modified terms as subsequently defaulted. For commercial loans not subject to individual evaluation for an ALLL, the applicable commercial models are applied for purposes of determining the ALLL as well as qualitatively assessing whether those loans are reasonably expected to be further restructured prior to their maturity date and, if so, the impact such a restructuring would have on the remaining contractual life of the loans. When a residential mortgage, home equity, indirect secured consumer or other consumer loan that has been modified in a TDR subsequently defaults, the present value of expected cash flows used in the measurement of the expected credit loss is generally limited to the expected net proceeds from the sale of the loan’s underlying
collateral and any resulting collateral shortfall is reflected as a charge-off or an increase in ALLL. The Bancorp recognizes an ALLL for the entire balance of the credit card loans modified in a TDR that subsequently default.

The following tables provide a summary of TDRs that subsequently defaulted during the years ended December 31, 2021, 2020 and 2019 and were within 12 months of the restructuring date:
December 31, 2021 ($ in millions)(a)
Number of ContractsAmortized
Cost
Commercial loans:
Commercial and industrial loans7 $1 
Commercial mortgage owner-occupied loans3 1 
Commercial mortgage nonowner-occupied loans2 25 
Residential mortgage loans82 10 
Consumer loans:
Home equity28 1 
Indirect secured consumer loans130 2 
Credit card215 1 
Total portfolio loans467 $41 
(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.

December 31, 2020 ($ in millions)(a)
Number of
Contracts		Amortized
Cost
Commercial loans:
Commercial and industrial loans13 $5 
Commercial mortgage owner-occupied loans8 3 
Commercial mortgage nonowner-occupied loans3 11 
Residential mortgage loans149 23 
Consumer loans:
Home equity6 — 
Indirect secured consumer loans18 — 
Credit card260 1 
Total portfolio loans457 $43 
(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.

December 31, 2019 ($ in millions)(a)(b)
Number of
Contracts		Recorded
Investment
Commercial loans:
Commercial and industrial loans12 $20 
Commercial mortgage owner-occupied loans4 1 
Commercial mortgage nonowner-occupied loans1 — 
Residential mortgage loans274 42 
Consumer loans:
Home equity15 — 
Credit card655 3 
Total portfolio loans961 $66 
(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.
(b)Excludes loans classified as TDRs as a result of the Bancorp’s conformance to OCC guidance with regard to non-reaffirmed loans included in Chapter 7 bankruptcy filings.
v3.22.0.1
Bank Premises and Equipment
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Bank Premises and Equipment Bank Premises and Equipment
The following table provides a summary of bank premises and equipment as of December 31:
($ in millions)Estimated Useful Life20212020
Equipment2-20 years$2,392 2,302 
Buildings(a)
1-30 years1,668 1,612 
Land and improvements(a)
645 636 
Leasehold improvements1-30 years517 467 
Construction in progress(a)
84 108 
Bank premises and equipment held for sale:
Land and improvements18 27 
Buildings6 8 
Accumulated depreciation and amortization(3,210)(3,072)
Total bank premises and equipment$2,120 2,088 
(a)At December 31, 2021 and 2020, land and improvements, buildings and construction in progress included $39 and $46, respectively, associated with parcels of undeveloped land intended for future branch expansion.

Depreciation and amortization expense related to bank premises and equipment, including amortization of finance lease ROU assets, was $270 million, $256 million and $255 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The Bancorp monitors changing customer preferences associated with the channels it uses for banking transactions to evaluate the efficiency, competitiveness and quality of the customer service experience in its consumer distribution network. As part of this ongoing assessment, the Bancorp may determine that it is no longer fully committed to maintaining full-service banking centers at certain locations. Similarly, the Bancorp may also determine that it is no longer fully committed to building banking centers on certain parcels of land which had previously been held for future branch expansion. The Bancorp closed a total of 44 banking centers throughout its footprint during the year ended December 31, 2021.

The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. Impairment losses associated with such assessments and lower of cost or market adjustments were $7 million, $30 million and $28 million for the years ended December 31, 2021, 2020 and 2019, respectively. The recognized impairment losses were recorded in other noninterest income in the Consolidated Statements of Income.
v3.22.0.1
Operating Lease Equipment
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Operating Lease Equipment Operating Lease Equipment
Operating lease equipment was $616 million and $777 million at December 31, 2021 and 2020, respectively, net of accumulated depreciation of $304 million and $290 million at December 31, 2021 and 2020, respectively. The Bancorp recorded lease income of $152 million, $156 million and $151 million relating to lease payments for operating leases in leasing business revenue in the Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019, respectively. Depreciation expense related to operating lease equipment was $124 million, $126 million and $122 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Bancorp received payments of $155 million and $161 million related to operating leases during the years ended December 31, 2021 and 2020, respectively.

The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. As a result of these recoverability assessments, the Bancorp recognized $25 million, $7 million and $3 million of impairment losses associated with operating lease assets for the years ended December 31, 2021, 2020 and 2019, respectively. The recognized impairment losses were recorded in leasing business revenue in the Consolidated Statements of Income.

The following table presents future lease payments receivable from operating leases for 2022 through 2026 and thereafter:
As of December 31, 2021 ($ in millions)Undiscounted
Cash Flows
2022$138 
2023114 
202476 
202548 
202626 
Thereafter27 
Total operating lease payments$429 
v3.22.0.1
Lease Obligations - Lessee
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Lease Obligations, Lessee Lease Obligations - Lessee
The Bancorp leases certain banking centers, ATM sites, land for owned buildings and equipment. The Bancorp’s lease agreements typically do not contain any residual value guarantees or any material restrictive covenants.

The following table provides a summary of lease assets and lease liabilities as of December 31:
($ in millions)Consolidated Balance Sheets Caption20212020
Assets
Operating lease right-of-use assetsOther assets$427 423 
Finance lease right-of-use assetsBank premises and equipment145 129 
Total right-of-use assets(a)
$572 552 
Liabilities
Operating lease liabilitiesAccrued taxes, interest and expenses$520 527 
Finance lease liabilitiesLong-term debt149 130 
Total lease liabilities$669 657 
(a)Operating and finance lease right-of-use assets are recorded net of accumulated amortization of $198 and $47, respectively, as of December 31, 2021, and $152 and $29, respectively, as of December 31, 2020.

The following table presents the components of lease costs for the years ended December 31:
($ in millions)Consolidated Statements of Income Caption202120202019
Lease costs:
  Amortization of ROU assetsNet occupancy and equipment expense$18 11 6 
Interest on lease liabilitiesInterest on long-term debt4 3 1 
Total finance lease costs$22 14 7 
Operating lease costNet occupancy expense$80 110 96 
Short-term lease costNet occupancy expense2 1 1 
Variable lease costNet occupancy expense31 29 30 
Sublease incomeNet occupancy expense(3)(3)(3)
Total operating lease costs$110 137 124 
Total lease costs$132 151 131 

The Bancorp performs impairment assessments for ROU assets when events or changes in circumstances indicate that their carrying values may not be recoverable. In addition to the lease costs disclosed in the table above, the Bancorp recognized $3 million, $8 million and $15 million of impairment losses and termination charges for the ROU assets related to certain operating leases for the years ended
December 31, 2021, 2020 and 2019, respectively. The recognized losses were recorded in net occupancy expense in the Consolidated Statements of Income.

The following table presents undiscounted cash flows for both operating leases and finance leases for 2022 through 2026 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities as follows:
As of December 31, 2021 ($ in millions)Operating
Leases		Finance
Leases		Total
2022$87 21 108 
202380 18 98 
202472 18 90 
202564 12 76 
202655 7 62 
Thereafter238 111 349 
Total undiscounted cash flows$596 187 783 
Less: Difference between undiscounted cash flows and discounted cash flows76 38 114 
Present value of lease liabilities$520 149 669 

The following table presents the weighted-average remaining lease term and weighted-average discount rate as of December 31:
20212020
Weighted-average remaining lease term (years):
Operating leases8.929.06
Finance leases14.7012.93
Weighted-average discount rate:
Operating leases2.88 %3.05 
Finance leases2.74 2.39 

The following table presents information related to lease transactions for the years ended December 31:
($ in millions)202120202019
Cash paid for amounts included in the measurement of lease liabilities:(a)
Operating cash flows from operating leases$88 91 97 
Operating cash flows from finance leases4 3 1 
Financing cash flows from finance leases16 11 5 
Gains on sale and leaseback transactions2 3 5 
(a)The cash flows related to short-term leases and variable lease payments are not included in the amounts in the table as they were not included in the measurement of lease liabilities.
Lease Obligations, Lessee Lease Obligations - Lessee
The Bancorp leases certain banking centers, ATM sites, land for owned buildings and equipment. The Bancorp’s lease agreements typically do not contain any residual value guarantees or any material restrictive covenants.

The following table provides a summary of lease assets and lease liabilities as of December 31:
($ in millions)Consolidated Balance Sheets Caption20212020
Assets
Operating lease right-of-use assetsOther assets$427 423 
Finance lease right-of-use assetsBank premises and equipment145 129 
Total right-of-use assets(a)
$572 552 
Liabilities
Operating lease liabilitiesAccrued taxes, interest and expenses$520 527 
Finance lease liabilitiesLong-term debt149 130 
Total lease liabilities$669 657 
(a)Operating and finance lease right-of-use assets are recorded net of accumulated amortization of $198 and $47, respectively, as of December 31, 2021, and $152 and $29, respectively, as of December 31, 2020.

The following table presents the components of lease costs for the years ended December 31:
($ in millions)Consolidated Statements of Income Caption202120202019
Lease costs:
  Amortization of ROU assetsNet occupancy and equipment expense$18 11 6 
Interest on lease liabilitiesInterest on long-term debt4 3 1 
Total finance lease costs$22 14 7 
Operating lease costNet occupancy expense$80 110 96 
Short-term lease costNet occupancy expense2 1 1 
Variable lease costNet occupancy expense31 29 30 
Sublease incomeNet occupancy expense(3)(3)(3)
Total operating lease costs$110 137 124 
Total lease costs$132 151 131 

The Bancorp performs impairment assessments for ROU assets when events or changes in circumstances indicate that their carrying values may not be recoverable. In addition to the lease costs disclosed in the table above, the Bancorp recognized $3 million, $8 million and $15 million of impairment losses and termination charges for the ROU assets related to certain operating leases for the years ended
December 31, 2021, 2020 and 2019, respectively. The recognized losses were recorded in net occupancy expense in the Consolidated Statements of Income.

The following table presents undiscounted cash flows for both operating leases and finance leases for 2022 through 2026 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities as follows:
As of December 31, 2021 ($ in millions)Operating
Leases		Finance
Leases		Total
2022$87 21 108 
202380 18 98 
202472 18 90 
202564 12 76 
202655 7 62 
Thereafter238 111 349 
Total undiscounted cash flows$596 187 783 
Less: Difference between undiscounted cash flows and discounted cash flows76 38 114 
Present value of lease liabilities$520 149 669 

The following table presents the weighted-average remaining lease term and weighted-average discount rate as of December 31:
20212020
Weighted-average remaining lease term (years):
Operating leases8.929.06
Finance leases14.7012.93
Weighted-average discount rate:
Operating leases2.88 %3.05 
Finance leases2.74 2.39 

The following table presents information related to lease transactions for the years ended December 31:
($ in millions)202120202019
Cash paid for amounts included in the measurement of lease liabilities:(a)
Operating cash flows from operating leases$88 91 97 
Operating cash flows from finance leases4 3 1 
Financing cash flows from finance leases16 11 5 
Gains on sale and leaseback transactions2 3 5 
(a)The cash flows related to short-term leases and variable lease payments are not included in the amounts in the table as they were not included in the measurement of lease liabilities.
v3.22.0.1
Goodwill
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
Business combinations entered into by the Bancorp typically result in the recognition of goodwill. Acquisition activity includes acquisitions in the respective period in addition to purchase accounting adjustments related to previous acquisitions.

The Bancorp completed its annual goodwill impairment test as of September 30, 2021 by performing a qualitative assessment of goodwill at the reporting unit level to determine whether any indicators of impairment existed. In performing this qualitative assessment, the Bancorp evaluated events and circumstances since the last impairment analysis, macroeconomic conditions, banking industry and market conditions and key financial metrics of the Bancorp as well as reporting unit and overall Bancorp financial performance. After assessing the totality of the events and circumstances, the Bancorp determined that it was not more likely than not that the fair values of the Commercial Banking, Branch Banking and Wealth and Asset Management reporting units were less than their respective carrying amounts.

Changes in the net carrying amount of goodwill, by reporting unit, for the years ended December 31, 2021 and 2020 were as follows:
($ in millions)Commercial
Banking		Branch
Banking		Consumer
Lending		Wealth and Asset
Management		General Corporate and OtherTotal
Goodwill$2,704 2,046 215 252 — 5,217 
Accumulated impairment losses(750)— (215)— — (965)
Net carrying value as of December 31, 2019$1,954 2,046 — 252 — 4,252 
Acquisition activity26 1 — 1 — 28 
Sale of business— — — (22)— (22)
Net carrying value as of December 31, 2020$1,980 2,047 — 231 — 4,258 
Acquisition activity— 256 — — — 256 
Net carrying value as of December 31, 2021$1,980 2,303 — 231 — 4,514 
v3.22.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consist of core deposit intangibles, developed technology, customer relationships, operating leases, non-compete agreements, trade names and books of business. Intangible assets are amortized on either a straight-line or an accelerated basis over their estimated useful lives and, based on the type of intangible asset, the amortization may be recorded in either leasing business revenue or other noninterest expense in the Consolidated Statements of Income. The increase in the gross carrying amount of intangible assets during the year ended December 31, 2021 reflects acquisition activity during the year, which included the recognition of $62 million in developed technology. This asset will be amortized over its remaining useful life, which was estimated to be 8 years at the time of acquisition.

The details of the Bancorp’s intangible assets are shown in the following table:
($ in millions)Gross Carrying AmountAccumulated
Amortization		Net Carrying
Amount
As of December 31, 2021
Core deposit intangibles$229 (153)76 
Developed technology62 (3)59 
Customer relationships25 (7)18 
Operating leases11 (9)2 
Other4 (3)1 
Total intangible assets$331 (175)156 
As of December 31, 2020
Core deposit intangibles$229 (116)113 
Customer relationships24 (5)19 
Operating leases17 (12)5 
Other3 (1)2 
Total intangible assets$273 (134)139 

As of December 31, 2021, all of the Bancorp’s intangible assets were being amortized. Amortization expense recognized on intangible assets was $47 million, $55 million and $54 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Bancorp’s projections of amortization expense shown in the following table are based on existing asset balances as of December 31, 2021. Future amortization expense may vary from these projections.

Estimated amortization expense for the years ending December 31, 2022 through 2026 is as follows:
($ in millions)Total
2022$41 
202332 
202424 
202517 
202611 
v3.22.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
The Bancorp, in the normal course of business, engages in a variety of activities that involve VIEs, which are legal entities that lack sufficient equity at risk to finance their activities without additional subordinated financial support or the equity investors of the entities as a group lack any of the characteristics of a controlling interest. The Bancorp evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Bancorp is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. If the Bancorp is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Bancorp is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under the equity method of accounting or other accounting standards as appropriate.

Consolidated VIEs
The Bancorp has consolidated VIEs related to certain automobile loan securitizations where it has determined that it is the primary beneficiary. The following table provides a summary of assets and liabilities carried on the Consolidated Balance Sheets for consolidated VIEs as of:
($ in millions)December 31,
2021		December 31,
2020
Assets:
Other short-term investments$24 55 
Indirect secured consumer loans322 756 
ALLL(2)(7)
Other assets2 5 
Total assets$346 809 
Liabilities:
Other liabilities$1 2 
Long-term debt263 656 
Total liabilities$264 658 

The Bancorp has previously completed securitization transactions in which the Bancorp transferred certain consumer automobile loans to bankruptcy remote trusts which were deemed to be VIEs. In each of these securitization transactions, the primary purposes of the VIEs were to issue asset-backed securities with varying levels of credit subordination and payment priority, as well as residual interests, and to provide the Bancorp with access to liquidity for its originated loans. The Bancorp retained residual interests in the VIEs and, therefore, has an obligation to absorb losses and a right to receive benefits from the VIEs that could potentially be significant to the VIEs. In addition, the Bancorp retained servicing rights for the underlying loans and, therefore, holds the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs. As a result, the Bancorp concluded that it is the primary beneficiary of the VIEs and has consolidated these VIEs. The assets of the VIEs are restricted to the settlement of the asset-backed securities and other obligations of the VIEs. The third-party holders of the asset-backed notes do not have recourse to the general assets of the Bancorp.

The economic performance of the VIEs is most significantly impacted by the performance of the underlying loans. The principal risks to which the VIEs are exposed include credit risk and prepayment risk. The credit and prepayment risks are managed through credit enhancements in the form of reserve accounts, overcollateralization, excess interest on the loans and the subordination of certain classes of asset-backed securities to other classes.

Non-consolidated VIEs
The following tables provide a summary of assets and liabilities carried on the Consolidated Balance Sheets related to non-consolidated VIEs for which the Bancorp holds an interest, but is not the primary beneficiary of the VIE, as well as the Bancorp’s maximum exposure to losses associated with its interests in the entities as of:
December 31, 2021 ($ in millions)Total AssetsTotal LiabilitiesMaximum Exposure
CDC investments$1,705 580 1,705 
Private equity investments133 — 257 
Loans provided to VIEs3,386 — 4,873 
Lease pool entities68 — 68 
December 31, 2020 ($ in millions)Total AssetsTotal LiabilitiesMaximum Exposure
CDC investments$1,546 478 1,546 
Private equity investments117 — 200 
Loans provided to VIEs2,420 — 3,649 
Lease pool entities73 — 73 
CDC investments
CDC, a wholly-owned indirect subsidiary of the Bancorp, was created to invest in projects to create affordable housing and revitalize business and residential areas. CDC generally co-invests with other unrelated companies and/or individuals and typically makes investments in a separate legal entity that owns the property under development. The entities are usually formed as limited partnerships and LLCs and CDC typically invests as a limited partner/investor member in the form of equity contributions. The economic performance of the VIEs is driven by the performance of their underlying investment projects as well as the VIEs’ ability to operate in compliance with the rules and regulations necessary for the qualification of tax credits generated by equity investments. The Bancorp has determined that it is not the primary beneficiary of these VIEs because it lacks the power to direct the activities that most significantly impact the economic performance of the underlying project or the VIEs’ ability to operate in compliance with the rules and regulations necessary for the qualification of tax credits generated by equity investments. This power is held by the managing members who exercise full and exclusive control of the operations of the VIEs. For information regarding the Bancorp’s accounting for these investments, refer to Note 1.

The Bancorp’s funding requirements are limited to its invested capital and any additional unfunded commitments for future equity contributions. The Bancorp’s maximum exposure to loss as a result of its involvement with the VIEs is limited to the carrying amounts of the investments, including the unfunded commitments. The carrying amounts of these investments, which are included in other assets in the Consolidated Balance Sheets, and the liabilities related to the unfunded commitments, which are included in other liabilities in the Consolidated Balance Sheets, are included in the previous tables for all periods presented. The Bancorp has no other liquidity arrangements or obligations to purchase assets of the VIEs that would expose the Bancorp to a loss. In certain arrangements, the general partner/managing member of the VIE has guaranteed a level of projected tax credits to be received by the limited partners/investor members, thereby minimizing a portion of the Bancorp’s risk.

At December 31, 2021 and 2020, the Bancorp’s CDC investments included $1.4 billion and $1.3 billion, respectively, of investments in affordable housing tax credits recognized in other assets in the Consolidated Balance Sheets. The unfunded commitments related to these investments were $573 million and $478 million at December 31, 2021 and 2020, respectively. The unfunded commitments as of December 31, 2021 are expected to be funded from 2022 to 2039.

The Bancorp has accounted for all of its qualifying LIHTC investments using the proportional amortization method of accounting. The following table summarizes the impact to the Consolidated Statements of Income related to these investments for the years ended December 31:
Consolidated Statements of Income Caption(a)
202120202019
Proportional amortizationApplicable income tax expense$163 150 140 
Tax credits and other benefitsApplicable income tax expense(193)(175)(163)
(a)The Bancorp did not recognize impairment losses resulting from the forfeiture or ineligibility of tax credits or other circumstances during the years ended December 31, 2021, 2020 and 2019.

Private equity investments
The Bancorp invests as a limited partner in private equity investments which provide the Bancorp an opportunity to obtain higher rates of return on invested capital, while also providing strategic opportunities in certain cases. Each of the limited partnerships has an unrelated third-party general partner responsible for appointing the fund manager. The Bancorp has not been appointed fund manager for any of these private equity investments. The funds finance primarily all of their activities from the partners’ capital contributions and investment returns. The Bancorp has determined that it is not the primary beneficiary of the funds because it does not have the obligation to absorb the funds’ expected losses or the right to receive the funds’ expected residual returns that could potentially be significant to the funds and lacks the power to direct the activities that most significantly impact the economic performance of the funds. The Bancorp, as a limited partner, does not have substantive participating or substantive kick-out rights over the general partner. Therefore, the Bancorp accounts for its investments in these limited partnerships under the equity method of accounting.

The Bancorp is exposed to losses arising from the negative performance of the underlying investments in the private equity investments. As a limited partner, the Bancorp’s maximum exposure to loss is limited to the carrying amounts of the investments plus unfunded commitments. The carrying amounts of these investments, which are included in other assets in the Consolidated Balance Sheets, are presented in previous tables. Also, at December 31, 2021 and 2020, the Bancorp’s unfunded commitment amounts to the private equity funds were $124 million and $83 million, respectively. As part of previous commitments, the Bancorp made capital contributions to private equity investments of $17 million and $19 million during the years ended December 31, 2021 and 2020, respectively.

Loans provided to VIEs
The Bancorp has provided funding to certain unconsolidated VIEs sponsored by third parties. These VIEs are generally established to finance certain consumer and small business loans originated by third parties. The entities are primarily funded through the issuance of a loan from the Bancorp or a syndication through which the Bancorp is involved. The sponsor/administrator of the entities is responsible for servicing the underlying assets in the VIEs. Because the sponsor/administrator, not the Bancorp, holds the servicing responsibilities, which include the establishment and employment of default mitigation policies and procedures, the Bancorp does not hold the power to direct the activities that most significantly impact the economic performance of the entity and, therefore, is not the primary beneficiary.
The principal risk to which these entities are exposed is credit risk related to the underlying assets. The Bancorp’s maximum exposure to loss is equal to the carrying amounts of the loans and unfunded commitments to the VIEs. The Bancorp’s outstanding loans to these VIEs are included in commercial loans in Note 5. As of December 31, 2021 and 2020, the Bancorp’s unfunded commitments to these entities were $1.5 billion and $1.2 billion, respectively. The loans and unfunded commitments to these VIEs are included in the Bancorp’s overall analysis of the ALLL and reserve for unfunded commitments, respectively. The Bancorp does not provide any implicit or explicit liquidity guarantees or principal value guarantees to these VIEs.

Lease pool entities
The Bancorp is a co-investor with other unrelated leasing companies in three LLCs designed for the purpose of purchasing pools of residual interests in leases which have been originated or purchased by the other investing member. For each LLC, the leasing company is the managing member and has full authority over the day-to-day operations of the entity. While the Bancorp holds more than 50% of the equity interests in each LLC, the operating agreements require both members to consent to significant corporate actions, such as liquidating the entity or removing the manager. In addition, the Bancorp has a preference with regards to distributions such that all of the Bancorp’s equity contribution for each pool must be distributed, plus a pre-defined rate of return, before the other member may receive distributions. The leasing company is also entitled to the return of its investment plus a pre-defined rate of return before any residual profits are distributed to the members.

The lease pool entities are primarily subject to risk of losses on the lease residuals purchased. The Bancorp has determined that it is not the primary beneficiary of these VIEs because it does not have the power to direct the activities that most significantly impact the economic performance of the entities. This power is held by the leasing company, who as managing member controls the servicing of the leases and collection of the proceeds on the residual interests.
v3.22.0.1
Sales of Receivables and Servicing Rights
 12 Months Ended
Dec. 31, 2021
Transfers and Servicing [Abstract]  
Sales of Receivables and Servicing Rights Sales of Receivables and Servicing Rights
Residential Mortgage Loan Sales
The Bancorp sold fixed and adjustable-rate residential mortgage loans during the years ended December 31, 2021, 2020 and 2019. In those sales, the Bancorp obtained servicing responsibilities and provided certain standard representations and warranties; however, the investors have no recourse to the Bancorp’s other assets for failure of debtors to pay when due. The Bancorp receives servicing fees based on a percentage of the outstanding balance. The Bancorp identifies classes of servicing assets based on financial asset type and interest rates.

Information related to residential mortgage loan sales and the Bancorp’s mortgage banking activity, which is included in mortgage banking net revenue in the Consolidated Statements of Income, for the years ended December 31 is as follows:
($ in millions)202120202019
Residential mortgage loan sales(a)
$16,900 11,827 7,781 
Origination fees and gains on loan sales285 315 175 
Gross mortgage servicing fees247 263 267 
(a)Represents the unpaid principal balance at the time of the sale.

Servicing Rights
The Bancorp measures all of its servicing rights at fair value with changes in fair value reported in mortgage banking net revenue in the Consolidated Statements of Income.

The following table presents changes in the servicing rights related to residential mortgage loans for the years ended December 31:
($ in millions)20212020
Balance, beginning of period$656 993 
Servicing rights originated223 184 
Servicing rights purchased381 44 
Changes in fair value:
Due to changes in inputs or assumptions(a)
142 (311)
Other changes in fair value(b)
(281)(254)
Balance, end of period$1,121 656 
(a)Primarily reflects changes in prepayment speed and OAS assumptions which are updated based on market interest rates.
(b)Primarily reflects changes due to realized cash flows and the passage of time.

The Bancorp maintains a non-qualifying hedging strategy to manage a portion of the risk associated with changes in the value of the MSR portfolio. This strategy may include the purchase of free-standing derivatives and various available-for-sale debt and trading debt securities. The interest income, mark-to-market adjustments and gain or loss from sale activities associated with these portfolios are expected to economically hedge a portion of the change in value of the MSR portfolio caused by fluctuating OAS, earnings rates and prepayment speeds. The fair value of the servicing asset is based on the present value of expected future cash flows.

The following table presents activity related to valuations of the MSR portfolio and the impact of the non-qualifying hedging strategy for the years ended December 31:
($ in millions)202120202019
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights$(2)2 3 
Changes in fair value and settlement of free-standing derivatives purchased to economically
    hedge the MSR portfolio(a)
(123)307 221 
MSR fair value adjustment due to changes in inputs or assumptions(a)
142 (311)(203)
(a)Included in mortgage banking net revenue in the Consolidated Statements of Income.

The key economic assumptions used in measuring the servicing rights related to residential mortgage loans that continued to be held by the Bancorp at the date of sale, securitization, or purchase resulting from transactions completed during the years ended December 31 were as follows:
20212020
Weighted-
Average Life
(in years)		Prepayment
Speed
(annual)		OAS    
(bps)    		Weighted-Average Life
(in years)		Prepayment
Speed
(annual)		OAS
(bps)
Fixed-rate6.510.7 %6935.912.1 %727
Adjustable-rate2.728.8 6263.818.3 681
At December 31, 2021 and 2020, the Bancorp serviced $89.2 billion and $68.8 billion, respectively, of residential mortgage loans for other investors. The value of MSRs that continue to be held by the Bancorp is subject to credit, prepayment and interest rate risks on the sold financial assets.

At December 31, 2021, the sensitivity of the current fair value of residual cash flows to immediate 10%, 20% and 50% adverse changes in prepayment speed assumptions and immediate 10% and 20% adverse changes in OAS for servicing rights related to residential mortgage loans are as follows:
($ in millions)(a)
Fair ValueWeighted-
Average Life
(in years)		Prepayment Speed AssumptionOAS Assumption
Impact of Adverse Change
on Fair Value		OAS 
(bps)		Impact of Adverse 
Change on Fair Value
Rate 10%20%50%10%20%
Fixed-rate$1,116 6.310.7 %$(48)(93)(211)686$(30)(58)
Adjustable-rate5 4.120.6 — (1)(2)1087— — 
(a)The impact of the weighted-average default rate on the current fair value of residual cash flows for all scenarios is immaterial.

These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on these variations in the assumptions typically cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. The Bancorp believes that variations of these levels are reasonably possible; however, there is the potential that adverse changes in key assumptions could be even greater. Also, in the previous table, the effect of a variation in a particular assumption on the fair value of the interests that continue to be held by the Bancorp is calculated without changing any other assumption; in reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which might magnify or counteract these sensitivities.
v3.22.0.1
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Bancorp maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce certain risks related to interest rate, prepayment and foreign currency volatility. Additionally, the Bancorp holds derivative instruments for the benefit of its commercial customers and for other business purposes. The Bancorp does not enter into unhedged speculative derivative positions.

The Bancorp’s interest rate risk management strategy involves modifying the repricing characteristics of certain financial instruments so that changes in interest rates do not adversely affect the Bancorp’s net interest margin and cash flows. Derivative instruments that the Bancorp may use as part of its interest rate risk management strategy include interest rate swaps, interest rate floors, interest rate caps, forward contracts, forward starting interest rate swaps, options, swaptions and TBA securities. Interest rate swap contracts are exchanges of interest payments, such as fixed-rate payments for floating-rate payments, based on a stated notional amount and maturity date. Interest rate floors protect against declining rates, while interest rate caps protect against rising interest rates. Forward contracts are contracts in which the buyer agrees to purchase, and the seller agrees to make delivery of, a specific financial instrument at a predetermined price or yield. Options provide the purchaser with the right, but not the obligation, to purchase or sell a contracted item during a specified period at an agreed upon price. Swaptions are financial instruments granting the owner the right, but not the obligation, to enter into or cancel a swap.

Prepayment volatility arises mostly from changes in fair value of the largely fixed-rate MSR portfolio, mortgage loans and mortgage-backed securities. The Bancorp may enter into various free-standing derivatives (principal-only swaps, interest rate swaptions, interest rate floors, mortgage options, TBA securities and interest rate swaps) to economically hedge prepayment volatility. Principal-only swaps are total return swaps based on changes in the value of the underlying mortgage principal-only trust. TBA securities are a forward purchase agreement for a mortgage-backed securities trade whereby the terms of the security are undefined at the time the trade is made.

Foreign currency volatility occurs as the Bancorp enters into certain loans denominated in foreign currencies. Derivative instruments that the Bancorp may use to economically hedge these foreign denominated loans include foreign exchange swaps and forward contracts.

The Bancorp also enters into derivative contracts (including foreign exchange contracts, commodity contracts and interest rate contracts) for the benefit of commercial customers and other business purposes. The Bancorp economically hedges significant exposures related to these free-standing derivatives by entering into offsetting third-party contracts with approved, reputable and independent counterparties with substantially matching terms and currencies. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. The Bancorp’s exposure is limited to the replacement value of the contracts rather than the notional, principal or contract amounts. Credit risk is minimized through credit approvals, limits, counterparty collateral and monitoring procedures.

The fair value of derivative instruments is presented on a gross basis, even when the derivative instruments are subject to master netting arrangements. Derivative instruments with a positive fair value are reported in other assets in the Consolidated Balance Sheets while derivative instruments with a negative fair value are reported in other liabilities in the Consolidated Balance Sheets. Cash collateral payables and receivables associated with the derivative instruments are not added to or netted against the fair value amounts with the exception of certain variation margin payments that are considered legal settlements of the derivative contracts. For derivative contracts cleared through certain central clearing parties who have modified their rules to treat variation margin payments as settlements, the variation margin payments are applied to net the fair value of the respective derivative contracts.

The Bancorp’s derivative assets include certain contractual features in which the Bancorp requires the counterparties to provide collateral in the form of cash and securities to offset changes in the fair value of the derivatives, including changes in the fair value due to credit risk of the counterparty. As of December 31, 2021 and 2020, the balance of collateral held by the Bancorp for derivative assets was $1.1 billion and $1.0 billion, respectively. For derivative contracts cleared through certain central clearing parties whose rules treat variation margin payments as settlement of the derivative contract, the payments for variation margin of $771 million and $1.1 billion were applied to reduce the respective derivative contracts and were also not included in the total amount of collateral held as of December 31, 2021 and 2020, respectively. The credit component negatively impacting the fair value of derivative assets associated with customer accommodation contracts was $20 million and $42 million as of December 31, 2021 and 2020, respectively.

In measuring the fair value of derivative liabilities, the Bancorp considers its own credit risk, taking into consideration collateral maintenance requirements of certain derivative counterparties and the duration of instruments with counterparties that do not require collateral maintenance. When necessary, the Bancorp posts collateral primarily in the form of cash and securities to offset changes in fair value of the derivatives, including changes in fair value due to the Bancorp’s credit risk. As of December 31, 2021 and 2020, the balance of collateral posted by the Bancorp for derivative liabilities was $1.3 billion and $463 million, respectively. Additionally, $570 million and $1.1 billion of variation margin payments were applied to the respective derivative contracts to reduce the Bancorp’s derivative liabilities as of December 31, 2021 and 2020, respectively, and were also not included in the total amount of collateral posted. Certain of the Bancorp’s derivative liabilities contain credit-risk related contingent features that could result in the requirement to post additional collateral upon the occurrence of specified events. As of December 31, 2021 and 2020, the fair value of the additional collateral that could be required to be posted as a result of the credit-risk related contingent features being triggered was immaterial to the Bancorp’s Consolidated Financial Statements. The posting of collateral has been determined to remove the need for further consideration of credit risk. As a result, the Bancorp determined that the impact of the Bancorp’s credit risk to the valuation of its derivative liabilities was immaterial to the Bancorp’s Consolidated Financial Statements.
The Bancorp holds certain derivative instruments that qualify for hedge accounting treatment and are designated as either fair value hedges or cash flow hedges. Derivative instruments that do not qualify for hedge accounting treatment, or for which hedge accounting is not established, are held as free-standing derivatives. All customer accommodation derivatives are held as free-standing derivatives.

The following tables reflect the notional amounts and fair values for all derivative instruments included in the Consolidated Balance Sheets as of:
Fair Value
December 31, 2021 ($ in millions)Notional    
Amount    		Derivative
Assets		    Derivative    
Liabilities
Derivatives Designated as Qualifying Hedging Instruments
Fair value hedges:
Interest rate swaps related to long-term debt$1,955 393 2 
Interest rate swaps related to available-for-sale debt and other securities445 7 — 
Total fair value hedges400 2 
Cash flow hedges:
Interest rate floors related to C&I loans3,000 122 — 
Interest rate swaps related to C&I loans8,000 — 1 
Interest rate swaps related to commercial mortgage and commercial construction loans4,000 — — 
Total cash flow hedges122 1 
Total derivatives designated as qualifying hedging instruments522 3 
Derivatives Not Designated as Qualifying Hedging Instruments
Free-standing derivatives - risk management and other business purposes:
Interest rate contracts related to MSR portfolio6,260 140 — 
Forward contracts related to residential mortgage loans held for sale(b)
1,952 2 2 
Swap associated with the sale of Visa, Inc. Class B Shares3,545 — 214 
Foreign exchange contracts158 — 1 
Interest rate contracts for collateral management12,000 5 4 
Interest rate contracts for LIBOR transition2,372 — — 
Total free-standing derivatives - risk management and other business purposes147 221 
Free-standing derivatives - customer accommodation:
Interest rate contracts(a)
76,061 578 232 
Interest rate lock commitments673 12 — 
Commodity contracts12,376 1,326 1,260 
TBA securities55 — — 
Foreign exchange contracts23,148 323 297 
Total free-standing derivatives - customer accommodation2,239 1,789 
Total derivatives not designated as qualifying hedging instruments2,386 2,010 
Total$2,908 2,013 
(a)Derivative assets and liabilities are presented net of variation margin of $104 and $472, respectively.
(b)Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments.
Fair Value
December 31, 2020 ($ in millions)Notional    
Amount    		Derivative
Assets		    Derivative    
Liabilities
Derivatives Designated as Qualifying Hedging Instruments
Fair value hedges:
Interest rate swaps related to long-term debt$1,955 528 — 
Total fair value hedges528 — 
Cash flow hedges:
Interest rate floors related to C&I loans3,000 244 — 
Interest rate swaps related to C&I loans8,000 16 2 
Total cash flow hedges260 2 
Total derivatives designated as qualifying hedging instruments788 2 
Derivatives Not Designated as Qualifying Hedging Instruments
Free-standing derivatives - risk management and other business purposes:
Interest rate contracts related to MSR portfolio6,910 202 1 
Forward contracts related to residential mortgage loans held for sale(b)
2,903 1 16 
Swap associated with the sale of Visa, Inc. Class B Shares3,588 — 201 
Foreign exchange contracts204 — 3 
Interest rate contracts for collateral management12,000 3 1 
Interest rate contracts for LIBOR transition2,372 — — 
Total free-standing derivatives - risk management and other business purposes206 222 
Free-standing derivatives - customer accommodation:
Interest rate contracts(a)
77,806 1,238 265 
Interest rate lock commitments1,830 57 — 
Commodity contracts7,762 375 359 
Foreign exchange contracts14,587 255 224 
Total free-standing derivatives - customer accommodation1,925 848 
Total derivatives not designated as qualifying hedging instruments2,131 1,070 
Total$2,919 1,072 
(a)Derivative assets and liabilities are presented net of variation margin of $47 and $1,063, respectively.
(b)Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments.

Fair Value Hedges
The Bancorp may enter into interest rate swaps to convert its fixed-rate funding to floating-rate or to hedge the exposure to changes in fair value of a recognized asset attributable to changes in the benchmark interest rate. Decisions to enter into these interest rate swaps are made primarily through consideration of the asset/liability mix of the Bancorp, the desired asset/liability sensitivity and interest rate levels. As of December 31, 2021, certain interest rate swaps met the criteria required to qualify for the shortcut method of accounting that permits the assumption of perfect offset. For all designated fair value hedges of interest rate risk as of December 31, 2021 that were not accounted for under the shortcut method of accounting, the Bancorp performed an assessment of hedge effectiveness using regression analysis with changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk recorded in the same income statement line in current period net income.

The following table reflects the changes in fair value of interest rate contracts, designated as fair value hedges and the changes in fair value of the related hedged items attributable to the risk being hedged, as well as the line items in the Consolidated Statements of Income in which the corresponding gains or losses are recorded:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202120202019
Long-term debt:
Change in fair value of interest rate swaps hedging long-term debtInterest on long-term debt$(138)134 152 
Change in fair value of hedged long-term debt attributable to the risk
being hedged
Interest on long-term debt138 (133)(147)
Available-for-sale debt and other securities:
Change in fair value of interest rate swaps hedging available-for-sale
debt and other securities
Interest on securities7 — — 
Change in fair value of hedged available-for-sale debt and other
securities attributable to the risk being hedged
Interest on securities(7)— — 
The following amounts were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of December 31:
($ in millions)Consolidated Balance 
Sheets Caption		20212020
Long-term debt:
Carrying amount of the hedged itemsLong-term debt$2,339 2,478 
Cumulative amount of fair value hedging adjustments included in
the carrying amount of the hedged items
Long-term debt396 534 
Available-for-sale debt and other securities:
Carrying amount of the hedged items(a)
Available-for-sale debt and other securities465 — 
Cumulative amount of fair value hedging adjustments included in
the carrying amount of the hedged items
Available-for-sale debt and other securities(8)— 
(a)The carrying amount represents the amortized cost basis of the hedged items (which excludes unrealized gains and losses) plus the fair value hedging adjustments.

Cash Flow Hedges
The 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. The assets or liabilities may be grouped in circumstances where they share the same risk exposure that the Bancorp desires to hedge. The Bancorp may also enter into interest rate caps and floors to limit cash flow variability of floating rate assets and liabilities. As of December 31, 2021, all hedges designated as cash flow hedges were assessed for effectiveness using regression analysis. The entire change in the fair value of the interest rate swap included in the assessment of hedge effectiveness is recorded in AOCI and reclassified from AOCI to current period earnings when the hedged item affects earnings. As of December 31, 2021, the maximum length of time over which the Bancorp is hedging its exposure to the variability in future cash flows is 37 months.

Reclassified gains and losses on interest rate contracts related to commercial and industrial loans are recorded within interest income in the Consolidated Statements of Income. As of December 31, 2021 and 2020, $353 million and $718 million, respectively, of net deferred gains, net of tax, on cash flow hedges were recorded in AOCI in the Consolidated Balance Sheets. As of December 31, 2021, $212 million in net unrealized gains, 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 December 31, 2021.

During both the years ended December 31, 2021 and 2020, there were no gains or losses reclassified from AOCI into earnings associated with the discontinuance of cash flow hedges because it was probable that the original forecasted transaction would no longer occur by the end of the originally specified time period or within the additional period of time as defined by U.S. GAAP.

The following table presents the pre-tax net (losses) gains recorded in the Consolidated Statements of Income and in the Consolidated Statements of Comprehensive Income relating to derivative instruments designated as cash flow hedges:
For the years ended December 31 ($ in millions)202120202019
Amount of pre-tax net (losses) gains recognized in OCI$(185)611 348 
Amount of pre-tax net gains reclassified from OCI into net income293 237 16 

Free-Standing Derivative Instruments – Risk Management and Other Business Purposes
As part of its overall risk management strategy relative to its mortgage banking activity, the Bancorp may enter into various free-standing derivatives (principal-only swaps, interest rate swaptions, interest rate floors, mortgage options, TBA securities and interest rate swaps) to economically hedge changes in fair value of its largely fixed-rate MSR portfolio. Principal-only swaps hedge the spread between mortgage rates and LIBOR because these swaps appreciate in value as a result of tightening spreads. Principal-only swaps also provide prepayment protection by increasing in value when prepayment speeds increase, as opposed to MSRs that lose value in a faster prepayment environment. Receive fixed/pay floating interest rate swaps and swaptions increase in value when interest rates do not increase as quickly as expected.

The Bancorp enters into forward contracts and mortgage options to economically hedge the change in fair value of certain residential mortgage loans held for sale due to changes in interest rates. These contracts generally settle within one year or less. IRLCs issued on residential mortgage loan commitments that will be held for sale are also considered free-standing derivative instruments and the interest rate exposure on these commitments is economically hedged primarily with forward contracts. Revaluation gains and losses from free-standing derivatives related to mortgage banking activity are recorded as a component of mortgage banking net revenue in the Consolidated Statements of Income.

In conjunction with the sale of Visa, Inc. Class B Shares in 2009, the Bancorp entered into a total return swap in which the Bancorp will make or receive payments based on subsequent changes in the conversion rate of the Class B Shares into Class A Shares. This total return swap is accounted for as a free-standing derivative. Refer to Note 28 for further discussion of significant inputs and assumptions used in the valuation of this instrument.
The Bancorp entered into certain interest rate swap contracts for the purpose of managing its collateral positions across two central clearing parties. These interest rate swaps were perfectly offsetting positions that allowed the Bancorp to lower the cash posted as required initial margin at the clearing parties, which reduced its credit exposure to the clearing parties. Given that all relevant terms for these interest rate swaps are offsetting, these trades create no additional market risk for the Bancorp.

As part of the LIBOR to SOFR transition, the Bancorp received certain interest rate swap contracts from the two central clearing parties that are moving from an Effective Federal Funds Rate discounting curve to a SOFR discounting curve. The purpose of these interest rate swaps was to neutralize the impact on collateral requirements due to the change in discounting curves implemented by the central clearing parties.

The net (losses) gains recorded in the Consolidated Statements of Income relating to free-standing derivative instruments used for risk management and other business purposes are summarized in the following table:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202120202019
Interest rate contracts:
Forward contracts related to residential mortgage loans held for saleMortgage banking net revenue$15 (12)4 
Interest rate contracts related to MSR portfolioMortgage banking net revenue(123)307 221 
Foreign exchange contracts:
Foreign exchange contracts for risk management purposesOther noninterest income(3)(3)(7)
Equity contracts:
Swap associated with sale of Visa, Inc. Class B SharesOther noninterest income(86)(103)(107)

Free-Standing Derivative Instruments – Customer Accommodation
The majority of the free-standing derivative instruments the Bancorp enters into are for the benefit of its commercial customers. These derivative contracts are not designated against specific assets or liabilities on the Consolidated Balance Sheets or to forecasted transactions and, therefore, do not qualify for hedge accounting. These instruments include foreign exchange derivative contracts entered into for the benefit of commercial customers involved in international trade to hedge their exposure to foreign currency fluctuations and commodity contracts to hedge such items as natural gas and various other derivative contracts. The Bancorp may economically hedge significant exposures related to these derivative contracts entered into for the benefit of customers by entering into offsetting contracts with approved, reputable, independent counterparties with substantially matching terms. The Bancorp hedges its interest rate exposure on commercial customer transactions by executing offsetting swap agreements with primary dealers. Revaluation gains and losses on interest rate, foreign exchange, commodity and other commercial customer derivative contracts are recorded as a component of commercial banking revenue or other noninterest income in the Consolidated Statements of Income.

The Bancorp enters into risk participation agreements, under which the Bancorp assumes credit exposure relating to certain underlying interest rate derivative contracts. The Bancorp only enters into these risk participation agreements in instances in which the Bancorp has participated in the loan that the underlying interest rate derivative contract was designed to hedge. The Bancorp will make payments under these agreements if a customer defaults on its obligation to perform under the terms of the underlying interest rate derivative contract. As of December 31, 2021 and 2020, the total notional amount of the risk participation agreements was $3.8 billion and $3.4 billion, respectively, and the fair value was a liability of $8 million at both December 31, 2021 and 2020 which is included in other liabilities in the Consolidated Balance Sheets. As of December 31, 2021, the risk participation agreements had a weighted-average remaining life of 3.8 years.

The Bancorp’s maximum exposure in the risk participation agreements is contingent on the fair value of the underlying interest rate derivative contracts in an asset position at the time of default. The Bancorp monitors the credit risk associated with the underlying customers in the risk participation agreements through the same risk grading system currently utilized for establishing loss reserves in its loan and lease portfolio.

Risk ratings of the notional amount of risk participation agreements under this risk rating system are summarized in the following table as of December 31:
($ in millions)20212020
Pass$3,733 3,231 
Special mention13 113 
Substandard34 52 
Total$3,780 3,396 
The net gains (losses) recorded in the Consolidated Statements of Income relating to free-standing derivative instruments used for customer accommodation are summarized in the following table:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202120202019
Interest rate contracts:
Interest rate contracts for customers (contract revenue)Commercial banking revenue$38 36 40 
Interest rate contracts for customers (credit portion of fair value adjustment)Other noninterest expense21 (22)(15)
Interest rate lock commitmentsMortgage banking net revenue149 271 144 
Commodity contracts:
Commodity contracts for customers (contract revenue)Commercial banking revenue23 15 8 
Commodity contracts for customers (credit losses)Other noninterest expense(1)(1)— 
Commodity contracts for customers (credit portion of fair value adjustment)Other noninterest expense— (2)1 
Foreign exchange contracts:
Foreign exchange contracts for customers (contract revenue)Commercial banking revenue61 55 49 
Foreign exchange contracts for customers (contract revenue)Other noninterest expense2 (11)12 
Foreign exchange contracts for customers (credit portion of fair value adjustment)Other noninterest expense— (1)— 

Offsetting Derivative Financial Instruments
The Bancorp’s derivative transactions are generally governed by ISDA Master Agreements and similar arrangements, which include provisions governing the setoff of assets and liabilities between the parties. When the Bancorp has more than one outstanding derivative transaction with a single counterparty, the setoff provisions contained within these agreements generally allow the non-defaulting party the right to reduce its liability to the defaulting party by amounts eligible for setoff, including the collateral received as well as eligible offsetting transactions with that counterparty, irrespective of the currency, place of payment or booking office. The Bancorp’s policy is to present its derivative assets and derivative liabilities on the Consolidated Balance Sheets on a gross basis, even when provisions allowing for setoff are in place. However, for derivative contracts cleared through certain central clearing parties who have modified their rules to treat variation margin payments as settlements, the fair value of the respective derivative contracts is reported net of the variation margin payments.

Collateral amounts included in the tables below consist primarily of cash and highly rated government-backed securities and do not include variation margin payments for derivative contracts with legal rights of setoff for both periods shown.

The following table provides a summary of offsetting derivative financial instruments:
Gross Amount Recognized in the Consolidated Balance Sheets(a)
Gross Amounts Not Offset in the
Consolidated Balance Sheets
Derivatives
Collateral(b)
Net Amount
As of December 31, 2021
Derivative assets$2,896 (837)(548)1,511 
Derivative liabilities2,013 (837)(712)464 
As of December 31, 2020
Derivative assets$2,862 (621)(755)1,486 
Derivative liabilities1,072 (621)(221)230 
(a)Amount does not include IRLCs because these instruments are not subject to master netting or similar arrangements.
(b)Amount of collateral received as an offset to asset positions or pledged as an offset to liability positions. Collateral values in excess of related derivative amounts recognized in the Consolidated Balance Sheets were excluded from this table.
v3.22.0.1
Other Assets
 12 Months Ended
Dec. 31, 2021
Other Assets [Abstract]  
Other Assets Other Assets
The following table provides the components of other assets included in the Consolidated Balance Sheets as of December 31:
($ in millions)20212020
Derivative instruments$2,908 2,919 
Accounts receivable and drafts-in-process2,560 2,121 
Bank owned life insurance2,041 2,003 
Partnership investments2,022 1,872 
Accrued interest and fees receivable465 486 
Operating lease right-of-use assets427 423 
Worldpay, Inc. TRA receivable317 321 
Income tax receivable237 166 
Prepaid expenses139 129 
OREO and other repossessed property29 30 
Other299 279 
Total other assets$11,444 10,749 

In conjunction with Worldpay, Inc.’s IPO in 2012, the Bancorp entered into two TRAs with Worldpay, Inc. The TRAs provide for payments by Worldpay, Inc. to the Bancorp of 85% of the cash savings actually realized as a result of the increase in tax basis that results from the historical or future purchase of equity in Worldpay Holding, LLC from the Bancorp or from the exchange of equity units in Worldpay Holding, LLC for cash or Class A Stock, as well as any tax benefits attributable to payments made under the TRA.

During the fourth quarter of 2019, the Bancorp entered into an agreement with Fidelity National Information Services, Inc. and Worldpay, Inc. under which Worldpay, Inc. may be obligated to pay up to approximately $366 million to the Bancorp to terminate and settle a portion of the remaining TRA cash flows, totaling an estimated $720 million, upon the exercise of certain call options by Worldpay, Inc. or certain put options by the Bancorp. In 2019, the Bancorp recognized a gain of approximately $345 million in other noninterest income associated with these options. The Worldpay, Inc. TRA receivable associated with this transaction, recorded in other assets in the Consolidated Balance Sheets, was $317 million and $321 million as of December 31, 2021 and 2020, respectively.
Separate from the impact of the TRA settlement agreement discussed above, the Bancorp recognized $46 million, $74 million and $1 million in other noninterest income in the Consolidated Statements of Income associated with the TRA during the years ended December 31, 2021, 2020 and 2019, respectively. The Bancorp expects to receive approximately $78 million of future payments through 2025 under the TRA that are not subject to the call or put options. These remaining cash flows will be recognized in future periods when the related uncertainties are resolved
v3.22.0.1
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2021
Short-term Debt [Abstract]  
Short-Term Borrowings Short-Term Borrowings
Borrowings with original maturities of one year or less are classified as short-term and include federal funds purchased and other short-term borrowings. Federal funds purchased are excess balances in reserve accounts held at the FRB that the Bancorp purchased from other member banks on an overnight basis. Other short-term borrowings may include securities sold under repurchase agreements, derivative collateral, FHLB advances and other borrowings with original maturities of one year or less.

The following table summarizes short-term borrowings and weighted-average rates:
20212020
($ in millions)AmountRate      AmountRate        
As of December 31:
Federal funds purchased$281 0.13 %$300 0.14 %
Other short-term borrowings980 0.04 1,192 0.19 
Average for the years ended December 31:
Federal funds purchased$333 0.12 %$385 0.58 %
Other short-term borrowings1,107 0.15 1,709 0.81 
Maximum month-end balance for the years ended December 31:
Federal funds purchased$365 $1,625 
Other short-term borrowings1,353 4,542 

The following table presents a summary of the Bancorp’s other short-term borrowings as of December 31:
($ in millions)20212020
Securities sold under repurchase agreements$544 679 
Derivative collateral436 474 
Other secured borrowings— 39 
Total other short-term borrowings$980 1,192 

The Bancorp’s securities sold under repurchase agreements are accounted for as secured borrowings and are collateralized by securities included in available-for-sale debt and other securities in the Consolidated Balance Sheets. These securities are subject to changes in market value and, therefore, the Bancorp may increase or decrease the level of securities pledged as collateral based upon these movements in market value. As of both December 31, 2021 and 2020, all securities sold under repurchase agreements were secured by agency residential mortgage-backed securities and the repurchase agreements had an overnight remaining contractual maturity.

The Bancorp’s other secured borrowings at December 31, 2020 primarily included obligations recognized by the Bancorp under ASC Topic 860 related to certain loans sold to GNMA and serviced by the Bancorp. Under ASC Topic 860, once the Bancorp has the unilateral right to repurchase the GNMA loans due to the borrower missing three consecutive payments, the Bancorp is considered to have regained effective control over the loan. As such, the Bancorp was required to recognize both the loan and the repurchase liability, regardless of the intent to repurchase the loans. The Bancorp repurchased these loans during 2021.
v3.22.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The following table is a summary of the Bancorp’s long-term borrowings at December 31:
($ in millions)MaturityInterest Rate20212020
Parent Company
Senior:
Floating-rate notes(a)
20210.70%$— 250 
Fixed-rate notes20222.60%700 699 
Fixed-rate notes20223.50%500 499 
Fixed-rate notes20231.625%499 498 
Fixed-rate notes20243.65%1,496 1,494 
Fixed-rate notes20252.375%748 747 
Fixed-rate notes20272.55%746 746 
Fixed-rate/floating-rate notes(b)
20271.707%496 — 
Fixed-rate notes20283.95%647 647 
Subordinated:(c)
Fixed-rate notes20244.30%749 748 
Fixed-rate notes20388.25%1,346 1,433 
Subsidiaries
Senior:
Fixed-rate notes20212.25%— 1,249 
Fixed-rate notes20212.875%— 849 
Fixed-rate notes20213.35%— 506 
 Floating-rate notes(a)
20210.655%— 300 
 Floating-rate notes(c)(d)
20220.772%300 300 
Fixed-rate notes20231.80%649 648 
Fixed-rate notes20253.95%795 836 
Fixed-rate notes20272.25%598 598 
Subordinated:(c)
Fixed-rate notes20263.85%748 748 
Fixed-rate notes20274.00%172 172 
Junior subordinated:
 Floating-rate debentures(c)(d)
20351.62%-1.89%54 54 
FHLB advances2022-20470.05%-5.87%44 67 
Notes associated with consolidated VIEs:
Automobile loan securitizations:
Fixed-rate notes2022-20262.03%-2.69%250 623 
Other2022-2052Varies284 262 
Total$11,821 14,973 
(a)These rates reflect the floating rates as of December 31, 2020.
(b)This rate reflects the fixed rate in effect as of December 31, 2021.
(c)In aggregate, $2.5 billion and $2.8 billion qualifies as Tier 2 capital for regulatory capital purposes for the years ended December 31, 2021 and 2020, respectively.
(d)These rates reflect the floating rates as of December 31, 2021.

The Bancorp pays down long-term debt in accordance with contractual terms over maturity periods summarized in the previous table. The aggregate annual maturities of long-term debt obligations (based on final maturity dates) as of December 31, 2021 are presented in the following table:
($ in millions)Parent CompanySubsidiariesTotal
2022$1,200 310 1,510 
2023499 821 1,320 
20242,245 19 2,264 
2025748 856 1,604 
2026— 890 890 
Thereafter3,235 998 4,233 
Total$7,927 3,894 11,821 

At December 31, 2021, the Bancorp’s long-term borrowings consisted of outstanding principal balances of $11.5 billion, net discounts of $16 million, debt issuance costs of $24 million and additions for mark-to-market adjustments on its hedged debt of $396 million. At
December 31, 2020, the Bancorp’s long-term borrowings consisted of outstanding principal balances of $14.5 billion, net discounts of $19 million, debt issuance costs of $31 million and additions for mark-to-market adjustments on its hedged debt of $534 million. The Bancorp was in compliance with all debt covenants at December 31, 2021 and 2020.

Parent Company Long-Term Borrowings
Senior notes
On March 7, 2012, the Bancorp issued and sold $500 million of senior notes to third-party investors and entered into a Supplemental Indenture dated March 7, 2012 with the Trustee, which modified the existing Indenture for Senior Debt Securities dated April 30, 2008. The Supplemental Indenture and the Indenture define the rights of the senior notes and that they are represented by a Global Security dated as of March 7, 2012. The senior notes bear a fixed-rate of interest of 3.50% per annum. The notes are unsecured, senior obligations of the Bancorp. Payment of the full principal amounts of the notes will be due upon maturity on March 15, 2022. These fixed-rate senior notes will be redeemable by the Bancorp, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

On June 15, 2017, the Bancorp issued and sold $700 million of senior notes to third-party investors. The senior notes bear a fixed-rate of interest of 2.60% per annum. The notes are unsecured, senior obligations of the Bancorp. Payment of the full principal amounts of the notes is due upon maturity on June 15, 2022. These fixed-rate senior notes will be redeemable by the Bancorp, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

On March 14, 2018, the Bancorp issued and sold $650 million of senior notes to third-party investors. The senior notes bear a fixed-rate of interest of 3.95% per annum. The notes are unsecured, senior obligations of the Bancorp. Payment of the full principal amounts of the notes is due upon maturity on March 14, 2028. These fixed-rate senior notes will be redeemable by the Bancorp, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

On January 25, 2019, the Bancorp issued and sold $1.5 billion of senior notes to third-party investors. The senior notes bear a fixed-rate of interest of 3.65% per annum. The notes are unsecured, senior obligations of the Bancorp. Payment of the full principal amounts of the notes is due upon maturity on January 25, 2024. These fixed-rate senior notes will be redeemable by the Bancorp, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

On October 28, 2019, the Bancorp issued and sold $750 million of senior notes to third-party investors. The senior notes bear a fixed-rate of interest of 2.375% per annum. The notes are unsecured, senior obligations of the Bancorp. Payment of the full principal amounts of the notes is due upon maturity on January 28, 2025. These notes will be redeemable at the Bancorp’s option, in whole or in part, at any time or from time to time, on or after April 25, 2020, and prior to December 29, 2024, in each case at a redemption price, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, equal to the greater of (i) 100% of the aggregate principal amount of the notes being redeemed on that redemption date; and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed that would be due if the notes to be redeemed matured on December 29, 2024 discounted to the redemption date on a semi-annual basis at the applicable treasury rate plus 15 bps. Additionally, these notes will be redeemable by the Bancorp, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.

On May 5, 2020, the Bancorp issued and sold $1.25 billion in aggregate principal amount of senior fixed-rate notes. The notes consisted of $500 million of 1.625% senior fixed-rate notes, with a maturity of three years, due on May 5, 2023; and $750 million of 2.55% senior fixed-rate notes, with a maturity of seven years, due on May 5, 2027. The 1.625% and 2.55% senior fixed-rate notes will be redeemable on or after April 5, 2023 and April 5, 2027, respectively (the respective “Applicable Par Call Date”), in whole or in part, at any time and from time to time, at the Bancorp’s option at a redemption price equal to 100% of the aggregate principal amount of the senior fixed-rate notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. Additionally, the 1.625% and 2.55% senior fixed-rate notes will be redeemable at the Bancorp’s option, in whole or in part, at any time or from time to time, on or after November 2, 2020, and prior to the notes’ respective Applicable Par Call Date, in each case at a redemption price, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, equal to the greater of: (a) 100% of the aggregate principal amount of the senior fixed-rate notes being redeemed on that redemption date; and (b) the sum of the present values of the remaining scheduled payments of principal and interest on the senior fixed-rate notes being redeemed that would be due if the senior fixed-rate notes to be redeemed matured on their respective Applicable Par Call Date (not including any portion of such payments of interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus either 25 bps (for the 1.625% senior fixed-rate notes) or 35 bps (for the 2.55% senior fixed-rate notes), as the case may be.

On November 1, 2021, the Bancorp issued and sold $500 million of fixed-rate/floating-rate senior notes which will mature on November 1, 2027. The senior notes bear a fixed rate of interest of 1.707% per annum to, but excluding, November 1, 2026. From, and including, November 1, 2026 until, but excluding, November 1, 2027, the senior notes will have an interest rate of compounded SOFR plus 0.685%.
The Bancorp entered into interest-rate swaps to convert the fixed-rate period of the notes (to, but excluding, November 1, 2026) to a floating rate, which resulted in an original effective interest rate of one-month LIBOR plus 57 bps, and the Bancorp paid a rate of 0.67% at December 31, 2021. The notes will be redeemable in whole, but not in part, by the Bancorp on November 1, 2026, the date that is one year prior to the maturity date, at a redemption price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. In addition, the notes will be redeemable, in whole or in part, by the Bancorp on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

Subordinated debt
The Bancorp has entered into interest rate swaps to convert part of its subordinated fixed-rate notes due in 2038 to a floating rate. Of the $1.0 billion in 8.25% subordinated fixed-rate notes due in 2038, $705 million were hedged to floating-rate, which resulted in an original effective interest rate of three-month LIBOR plus 305 bps, and the Bancorp paid a rate of 3.22% on the hedged portion of these notes at December 31, 2021.

On November 20, 2013, the Bancorp issued and sold $750 million of 4.30% unsecured subordinated fixed-rate notes due on January 16, 2024. These fixed-rate notes will be redeemable by the Bancorp, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

Subsidiary Long-Term Borrowings
Senior and subordinated debt
Medium-term senior notes and subordinated bank notes with maturities ranging from one year to 30 years can be issued by the Bancorp’s banking subsidiary. Under the Bancorp’s banking subsidiary’s global bank note program, the Bank’s capacity to issue its senior and subordinated unsecured bank notes is $25.0 billion. As of December 31, 2021, $22.0 billion was available for future issuance under the global bank note program.

On March 15, 2016, the Bank issued and sold, under its bank notes program, $750 million of 3.85% subordinated fixed-rate notes due on March 15, 2026. These bank notes will be redeemable by the Bank, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

On July 26, 2018 the Bank issued and sold, under its bank notes program, $750 million of 3.95% senior fixed-rate notes due on July 28, 2025. The Bank entered into interest rate swaps to convert these fixed-rate notes to a floating rate, which resulted in an original effective interest rate of one-month LIBOR plus 104 bps, and the Bancorp paid a rate of 1.14% at December 31, 2021. These bank notes will be redeemable by the Bank, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

On February 1, 2019, the Bank issued and sold, under its bank notes program, $300 million in unsecured senior floating-rate bank notes due on February 1, 2022. The interest rate on the floating-rate notes is three-month LIBOR plus 64 bps. These notes will be redeemable by the Bank, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest up to, but excluding, the redemption date.

As a result of the MB Financial, Inc. acquisition, the Bank assumed $175 million of 4.00% subordinated fixed-rate notes due on December 1, 2027. These bank notes will be redeemable by the Bank, in whole or in part, on any interest payment date on or after December 1, 2022 at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date. From December 1, 2022 until maturity, the bank notes pay interest quarterly on the first day of March, June, September and December.

On January 31, 2020, the Bank issued and sold, under its bank notes program, $1.25 billion in aggregate principal amount of senior fixed-rate notes. The bank notes consisted of $650 million of 1.80% senior fixed-rate notes, with a maturity of three years, due on January 30, 2023; and $600 million of 2.25% senior fixed-rate notes, with a maturity of seven years, due on February 1, 2027. On or after the date that is 30 days before the maturity date, the 1.80% senior fixed-rate notes will be redeemable, in whole or in part, at any time and from time to time, at the Bank’s option at a redemption price equal to 100% of the aggregate principal amount of the 1.80% senior fixed-rate notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. The 2.25% senior fixed-rate notes will be redeemable at the Bank’s option, in whole or in part, at any time or from time to time, on or after July 31, 2020, and prior to January 4, 2027 (the “Applicable Par Call Date”), in each case at a redemption price, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, equal to the greater of: (a) 100% of the aggregate principal amount of the 2.25% senior fixed-rate notes being redeemed on that redemption date; and (b) the sum of the present values of the remaining scheduled payments of principal and interest on the 2.25% senior fixed-rate notes being redeemed that would be due if the 2.25% senior fixed-rate notes to be redeemed matured on the Applicable Par Call Date (not including any portion of such payments of interest accrued to the redemption date) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus the Applicable Spread for the Notes to be redeemed. Additionally, on or after January 4, 2027, the 2.25% senior fixed-rate notes will also be redeemable, in whole
or in part, at any time and from time to time, at the Bank’s option at a redemption price equal to 100% of the aggregate principal amount of the 2.25% senior fixed-rate notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

Junior subordinated debt
The junior subordinated floating-rate debentures due in 2035 were assumed by the Bancorp’s direct nonbank subsidiary holding company as part of the acquisition of First Charter in June 2008. The obligation was issued to First Charter Capital Trust I and II. The notes of First Charter Capital Trust I and II pay a floating rate at three-month LIBOR plus 169 bps and 142 bps, respectively. The Bancorp’s nonbank subsidiary holding company has fully and unconditionally guaranteed all obligations under the acquired TruPS issued by First Charter Capital Trust I and II.

FHLB advances
At December 31, 2021, FHLB advances have rates ranging from 0.05% to 5.87%, with interest payable monthly. The Bancorp has pledged $16.0 billion of certain residential mortgage loans and securities to secure its borrowing capacity at the FHLB which is partially utilized to fund $44 million in FHLB advances that are outstanding. The FHLB advances mature as follows: $1 million in 2022, $30 million in 2023, an immaterial amount in 2024, $5 million in 2025, an immaterial amount in 2026, and $8 million thereafter.

Notes associated with consolidated VIEs
As discussed in Note 12, the Bancorp was determined to be the primary beneficiary of various VIEs associated with certain automobile loan securitizations. Third-party holders of this debt do not have recourse to the general assets of the Bancorp. Approximately $250 million of outstanding notes related to these VIEs are included in long-term debt in the Consolidated Balance Sheets as of December 31, 2021.
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingent Liabilities and Guarantees Commitments, Contingent Liabilities and Guarantees
The Bancorp, in the normal course of business, enters into financial instruments and various agreements to meet the financing needs of its customers. The Bancorp also enters into certain transactions and agreements to manage its interest rate and prepayment risks, provide funding, equipment and locations for its operations and invest in its communities. These instruments and agreements involve, to varying degrees, elements of credit risk, counterparty risk and market risk in excess of the amounts recognized in the Consolidated Balance Sheets. The creditworthiness of counterparties for all instruments and agreements is evaluated on a case-by-case basis in accordance with the Bancorp’s credit policies. The Bancorp’s significant commitments, contingent liabilities and guarantees in excess of the amounts recognized in the Consolidated Balance Sheets are discussed in the following sections.

Commitments
The Bancorp has certain commitments to make future payments under contracts. The following table reflects a summary of significant commitments as of December 31:
($ in millions)20212020
Commitments to extend credit$80,641 74,499 
Letters of credit1,953 1,982 
Forward contracts related to residential mortgage loans held for sale1,952 2,903 
Purchase obligations160 195 
Capital commitments for private equity investments124 83 
Capital expenditures78 75 

Commitments to extend credit
Commitments to extend credit are agreements to lend, typically having fixed expiration dates or other termination clauses that may require payment of a fee. Since many of the commitments to extend credit may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. The Bancorp is exposed to credit risk in the event of nonperformance by the counterparty for the amount of the contract. Fixed-rate commitments are also subject to market risk resulting from fluctuations in interest rates and the Bancorp’s exposure is limited to the replacement value of those commitments. As of December 31, 2021 and 2020, the Bancorp had a reserve for unfunded commitments, including letters of credit, totaling $182 million and $172 million, respectively, included in other liabilities in the Consolidated Balance Sheets. The Bancorp monitors the credit risk associated with commitments to extend credit using the same standard regulatory risk rating systems utilized for its loan and lease portfolio.

Risk ratings of outstanding commitments to extend credit under this risk rating system are summarized in the following table as of December 31:
($ in millions)20212020
Pass$78,298 71,386 
Special mention1,058 2,049 
Substandard1,285 1,063 
Doubtful— 1 
Total commitments to extend credit$80,641 74,499 

Letters of credit
Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party and expire as summarized in the following table as of December 31, 2021:
($ in millions)
Less than 1 year(a)
$985 
1 - 5 years(a)
967 
Over 5 years1 
Total letters of credit$1,953 
(a)Includes $2 and $3 issued on behalf of commercial customers to facilitate trade payments in U.S. dollars and foreign currencies which expire in less than 1 year and between 1 - 5 years, respectively.

Standby letters of credit accounted for approximately 99% of total letters of credit at both December 31, 2021 and 2020 and are considered guarantees in accordance with U.S. GAAP. Approximately 71% and 68% of the total standby letters of credit were collateralized as of December 31, 2021 and 2020, respectively. In the event of nonperformance by the customers, the Bancorp has rights to the underlying collateral, which can include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. The reserve related to these standby letters of credit, which was included in the total reserve for unfunded commitments, was $24 million and $27 million at December 31, 2021 and 2020, respectively. The Bancorp monitors the credit risk associated with letters of credit using the same standard regulatory risk rating systems utilized for its loan and lease portfolio.
Risk ratings of outstanding letters of credit under this risk rating system are summarized in the following table as of December 31:
($ in millions)20212020
Pass$1,778 1,739 
Special mention40 111 
Substandard135 132 
Total letters of credit$1,953 1,982 

At December 31, 2021 and 2020, the Bancorp had outstanding letters of credit that were supporting certain securities issued as VRDNs. The Bancorp facilitates financing for its commercial customers, which consist of companies and municipalities, by marketing the VRDNs to investors. The VRDNs pay interest to holders at a rate of interest that fluctuates based upon market demand. The VRDNs generally have long-term maturity dates, but can be tendered by the holder for purchase at par value upon proper advance notice. When the VRDNs are tendered, a remarketing agent generally finds another investor to purchase the VRDNs to keep the securities outstanding in the market. As of December 31, 2021 and 2020, total VRDNs, of which FTS was the remarketing agent for all, were $464 million and $385 million, respectively. As remarketing agent, FTS is responsible for actively remarketing VRDNs to other investors when they have been tendered. If another investor is not identified, FTS may choose to purchase the VRDNs into inventory at its discretion while it continues to remarket them. If FTS purchases the VRDNs into inventory, it can subsequently tender back the VRDNs to the issuer’s trustee with proper advance notice. The Bancorp issued letters of credit, as a credit enhancement, to $118 million and $142 million of the VRDNs remarketed by FTS at December 31, 2021 and 2020, respectively. These letters of credit are included in the total letters of credit balance provided in the previous tables. The Bancorp held $1 million and zero of these VRDNs in its portfolio and classified them as trading debt securities at December 31, 2021 and 2020, respectively.

Forward contracts related to residential mortgage loans held for sale
The Bancorp enters into forward contracts to economically hedge the change in fair value of certain residential mortgage loans held for sale due to changes in interest rates. The outstanding notional amounts of these forward contracts are included in the summary of significant commitments table for all periods presented.

Other commitments
The Bancorp has entered into a limited number of agreements for work related to banking center construction and to purchase goods or services.

Contingent Liabilities
Legal claims
There are legal claims pending against the Bancorp and its subsidiaries that have arisen in the normal course of business. Refer to Note 19 for additional information regarding these proceedings.

Guarantees
The Bancorp has performance obligations upon the occurrence of certain events under financial guarantees provided in certain contractual arrangements as discussed in the following sections.

Residential mortgage loans sold with representation and warranty provisions
Conforming residential mortgage loans sold to unrelated third parties are generally sold with representation and warranty provisions. A contractual liability arises only in the event of a breach of these representations and warranties and, in general, only when a loss results from the breach. The Bancorp may be required to repurchase any previously sold loan, or indemnify or make whole the investor or insurer for which the representation or warranty of the Bancorp proves to be inaccurate, incomplete or misleading. For more information on how the Bancorp establishes the residential mortgage repurchase reserve, refer to Note 1.

As of December 31, 2021 and 2020, the Bancorp maintained reserves related to loans sold with representation and warranty provisions totaling $9 million and $8 million, respectively, included in other liabilities in the Consolidated Balance Sheets.

The Bancorp uses the best information available when estimating its mortgage representation and warranty reserve; however, the estimation process is inherently uncertain and imprecise and, accordingly, losses in excess of the amounts reserved as of December 31, 2021 are reasonably possible. The Bancorp currently estimates that it is reasonably possible that it could incur losses related to mortgage representation and warranty provisions in an amount up to approximately $12 million in excess of amounts reserved. This estimate was derived by modifying the key assumptions to reflect management’s judgment regarding reasonably possible adverse changes to those assumptions. The actual repurchase losses could vary significantly from the recorded mortgage representation and warranty reserve or this estimate of reasonably possible losses, depending on the outcome of various factors, including those previously discussed.

During both the years ended December 31, 2021 and 2020, the Bancorp paid an immaterial amount in the form of make-whole payments and repurchased $42 million and $25 million, respectively, in outstanding principal of loans to satisfy investor demands. Total repurchase demand
requests during the years ended December 31, 2021 and 2020 were $64 million and $32 million, respectively. Total outstanding repurchase demand inventory was $18 million and $5 million at December 31, 2021 and 2020, respectively.

Margin accounts
FTS, an indirect wholly-owned subsidiary of the Bancorp, guarantees the collection of all margin account balances held by its brokerage clearing agent for the benefit of its customers. FTS is responsible for payment to its brokerage clearing agent for any loss, liability, damage, cost or expense incurred as a result of customers failing to comply with margin or margin maintenance calls on all margin accounts. The margin account balances held by the brokerage clearing agent were $20 million and $14 million at December 31, 2021 and 2020, respectively. In the event of customer default, FTS has rights to the underlying collateral provided. Given the existence of the underlying collateral provided and negligible historical credit losses, the Bancorp does not maintain a loss reserve related to the margin accounts.

Long-term borrowing obligations
The Bancorp had certain fully and unconditionally guaranteed long-term borrowing obligations issued by wholly-owned issuing trust entities of $62 million at both December 31, 2021 and 2020.

Visa litigation
The Bancorp, as a member bank of Visa prior to Visa’s reorganization and IPO (the “IPO”) of its Class A common shares (the “Class A Shares”) in 2008, had certain indemnification obligations pursuant to Visa’s certificate of incorporation and bylaws and in accordance with its membership agreements. In accordance with Visa’s bylaws prior to the IPO, the Bancorp could have been required to indemnify Visa for the Bancorp’s proportional share of losses based on the pre-IPO membership interests. As part of its reorganization and IPO, the Bancorp’s indemnification obligation was modified to include only certain known or anticipated litigation (the “Covered Litigation”) as of the date of the restructuring. This modification triggered a requirement for the Bancorp to recognize a liability equal to the fair value of the indemnification liability.

In conjunction with the IPO, the Bancorp received 10.1 million of Visa’s Class B common shares (the “Class B Shares”) based on the Bancorp’s membership percentage in Visa prior to the IPO. The Class B Shares are not transferable (other than to another member bank) until the later of the third anniversary of the IPO closing or the date on which the Covered Litigation has been resolved; therefore, the Bancorp’s Class B Shares were classified in other assets and accounted for at their carryover basis of $0. Visa deposited $3 billion of the proceeds from the IPO into a litigation escrow account, established for the purpose of funding judgments in, or settlements of, the Covered Litigation. Since then, when Visa’s litigation committee determined that the escrow account was insufficient, Visa issued additional Class A Shares and deposited the proceeds from the sale of the Class A Shares into the litigation escrow account. When Visa funded the litigation escrow account, the Class B Shares were subjected to dilution through an adjustment in the conversion rate of Class B Shares into Class A Shares.

In 2009, the Bancorp completed the sale of Visa, Inc. Class B Shares and entered into a total return swap in which the Bancorp will make or receive payments based on subsequent changes in the conversion rate of the Class B Shares into Class A Shares. The swap terminates on the later of the third anniversary of Visa’s IPO or the date on which the Covered Litigation is settled. Refer to Note 28 for additional information on the valuation of the swap. The counterparty to the swap as a result of its ownership of the Class B Shares will be impacted by dilutive adjustments to the conversion rate of the Class B Shares into Class A Shares caused by any Covered Litigation losses in excess of the litigation escrow account. If actual judgments in, or settlements of, the Covered Litigation significantly exceed current expectations, then additional funding by Visa of the litigation escrow account and the resulting dilution of the Class B Shares could result in a scenario where the Bancorp’s ultimate exposure associated with the Covered Litigation (the “Visa Litigation Exposure”) exceeds the value of the Class B Shares owned by the swap counterparty (the “Class B Value”). In the event the Bancorp concludes that it is probable that the Visa Litigation Exposure exceeds the Class B Value, the Bancorp would record a litigation reserve liability and a corresponding amount of other noninterest expense for the amount of the excess. Any such litigation reserve liability would be separate and distinct from the fair value derivative liability associated with the total return swap.

As of the date of the Bancorp’s sale of the Visa Class B Shares and through December 31, 2021, the Bancorp has concluded that it is not probable that the Visa Litigation Exposure will exceed the Class B value. Based on this determination, upon the sale of the Class B Shares, the Bancorp reversed its net Visa litigation reserve liability and recognized a free-standing derivative liability associated with the total return swap. The fair value of the swap liability was $214 million and $201 million at December 31, 2021 and 2020, respectively. Refer to Note 14 and Note 28 for further information.
After the Bancorp’s sale of the Class B Shares, Visa has funded additional amounts into the litigation escrow account which have resulted in further dilutive adjustments to the conversion of Class B Shares into Class A Shares, and along with other terms of the total return swap, required the Bancorp to make cash payments in varying amounts to the swap counterparty as follows:
Period ($ in millions)Visa Funding AmountBancorp Cash Payment Amount
Q2 2010$500 20 
Q4 2010800 35 
Q2 2011400 19 
Q1 20121,565 75 
Q3 2012150 6 
Q3 2014450 18 
Q2 2018600 26 
Q3 2019300 12 
Q4 2021250 (a)
(a)The Bancorp made a cash payment of $11 million to the swap counterparty on January 7, 2022 as a result of the Visa escrow funding in the fourth quarter of 2021.
v3.22.0.1
Legal and Regulatory Proceedings
 12 Months Ended
Dec. 31, 2021
Loss Contingency [Abstract]  
Legal and Regulatory Proceedings Legal and Regulatory Proceedings
Litigation
Visa/MasterCard Merchant Interchange Litigation
In April 2006, the Bancorp was added as a defendant in a consolidated antitrust class action lawsuit originally filed against Visa®, MasterCard® and several other major financial institutions in the United States District Court for the Eastern District of New York (In re: Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, Case No. 5-MD-1720). The plaintiffs, merchants operating commercial businesses throughout the U.S. and trade associations, claimed that the interchange fees charged by card-issuing banks were unreasonable and sought injunctive relief and unspecified damages. In addition to being a named defendant, the Bancorp is currently also subject to a possible indemnification obligation of Visa as discussed in Note 18 and has also entered into judgment and loss sharing agreements with Visa, MasterCard and certain other named defendants. In October 2012, the parties to the litigation entered into a settlement agreement that was initially approved by the trial court but reversed by the U.S. Second Circuit Court of Appeals and remanded to the district court for further proceedings. Pursuant to the terms of the overturned settlement agreement, the Bancorp had previously paid $46 million into a class settlement escrow account. Approximately 8,000 merchants requested exclusion from the class settlement, and therefore, pursuant to the terms of the overturned settlement agreement, approximately 25% of the funds paid into the class settlement escrow account had been already returned to the control of the defendants. The remaining settlement funds paid by the Bancorp have been maintained in the escrow account. More than 500 of the merchants who requested exclusion from the class filed separate federal lawsuits against Visa, MasterCard and certain other defendants alleging similar antitrust violations. These individual federal lawsuits were transferred to the United States District Court for the Eastern District of New York. While the Bancorp is only named as a defendant in one of the individual federal lawsuits, it may have obligations pursuant to indemnification arrangements and/or the judgment or loss sharing agreements noted above. On September 17, 2018, the defendants in the consolidated class action signed a second settlement agreement (the “Amended Settlement Agreement”) resolving the claims seeking monetary damages by the proposed plaintiffs’ class (the “Plaintiff Damages Class”) and superseding the original settlement agreement entered into in October 2012. The Amended Settlement Agreement included, among other terms, a release from participating class members for liability for claims that accrue no later than five years after the Amended Settlement Agreement becomes final. The Amended Settlement Agreement provided for a total payment by all defendants of approximately $6.24 billion, composed of approximately $5.34 billion held in escrow plus an additional $900 million in new funds. Pursuant to the terms of the Settlement Agreement, $700 million of the additional $900 million has been returned to the defendants due to the level of opt-outs from the class. The Bancorp’s allocated share of the settlement is within existing reserves, including funds maintained in escrow. On December 13, 2019, the Court entered an order granting final approval for the settlement, which is currently pending appeal. The settlement does not resolve the claims of the separate proposed plaintiffs’ class seeking injunctive relief or the claims of merchants who have opted out of the proposed class settlement and are pursuing, or may in the future decide to pursue, private lawsuits. On September 27, 2021, the Court entered an order certifying a class of merchants pursuing claims for injunctive relief. The ultimate outcome in this matter, including the timing of resolution, remains uncertain. Refer to Note 18 for further information.

Klopfenstein v. Fifth Third Bank
On August 3, 2012, William Klopfenstein and Adam McKinney filed a lawsuit against Fifth Third Bank in the United States District Court for the Northern District of Ohio (Klopfenstein et al. v. Fifth Third Bank), alleging that the 120% APR that Fifth Third disclosed on its Early Access program was misleading. Early Access is a deposit-advance program offered to eligible customers with checking accounts. The plaintiffs sought to represent a nationwide class of customers who used the Early Access program and repaid their cash advances within 30 days. On October 31, 2012, the case was transferred to the United States District Court for the Southern District of Ohio. In 2013, four similar putative class action lawsuits were filed against Fifth Third Bank in federal courts throughout the country (Lori and Danielle Laskaris v. Fifth Third Bank, Janet Fyock v. Fifth Third Bank, Jesse McQuillen v. Fifth Third Bank, and Brian Harrison v. Fifth Third Bank). Those four lawsuits were transferred to the Southern District of Ohio and consolidated with the original lawsuit as In re: Fifth Third Early Access Cash Advance Litigation (Case No. 1:12-CV-851). On behalf of a putative class, the plaintiffs sought unspecified monetary and statutory damages, injunctive relief, punitive damages, attorneys’ fees, and pre- and post-judgment interest. On March 30, 2015, the court dismissed all claims alleged in the consolidated lawsuit except a claim under the TILA. On May 28, 2019, the Sixth Circuit Court of Appeals reversed the dismissal of plaintiffs’ breach of contract claim and remanded for further proceedings. The plaintiffs’ claimed damages for the alleged breach of contract claim exceed $280 million. On March 26, 2021, the trial court granted plaintiffs’ motion for class certification. No trial date has been set.

Helton v. Fifth Third Bank
On August 31, 2015, trust beneficiaries filed an action against Fifth Third Bank, as trustee, in the Probate Court for Hamilton County, Ohio (Helen Clarke Helton, et al. v. Fifth Third Bank, Case No. 2015003814). The plaintiffs alleged breach of the duty to diversify, breach of the duty of impartiality, breach of trust/fiduciary duty, and unjust enrichment, based on Fifth Third’s alleged failure to diversify assets held in two trusts for the plaintiffs’ benefit. The lawsuit sought over $800 million in alleged damages, attorneys’ fees, removal of Fifth Third as trustee, and injunctive relief. On April 20, 2018, the Court denied plaintiffs’ motion for summary judgment and granted summary judgment to Fifth Third, dismissing the case in its entirety. On December 18, 2019, the Ohio Court of Appeals affirmed the Probate Court’s dismissal of all of plaintiffs’ claims based upon allegations of Fifth Third’s alleged failure to diversify assets held in two trusts for plaintiffs’ benefit. The appeals court reversed summary judgment on one claim related to Fifth Third’s alleged unjust enrichment through its receipt of certain fees in managing the trusts. The Court of Appeals remanded the case to the Probate Court for further consideration of the lone surviving claim, which comprises a small fraction of the damages originally sought by plaintiffs in the lawsuit. Plaintiffs filed an appeal to the Ohio Supreme
Court, seeking review of the decision from the Ohio Court of Appeals. On April 14, 2020, the Ohio Supreme Court announced its denial of plaintiffs’ request for review, and subsequently denied plaintiffs’ request for reconsideration. Thereafter, the case returned to the trial court for further adjudication of the lone surviving claim. On July 28, 2021 the trial court issued an order granting summary judgment to Fifth Third on a portion of plaintiffs’ unjust enrichment claim, leaving the remainder of the claim to be resolved at trial. Plaintiffs have appealed the order granting partial summary judgment on the unjust enrichment claim and the trial court has vacated the trial date.

Bureau of Consumer Financial Protection v. Fifth Third Bank, National Association
On March 9, 2020, the CFPB filed a lawsuit against Fifth Third in the United States District Court for the Northern District of Illinois entitled CFPB v. Fifth Third Bank, National Association, Case No. 1:20-CV-1683 (N.D. Ill.) (ABW), alleging violations of the Consumer Financial Protection Act, TILA, and Truth in Savings Act related to Fifth Third’s alleged opening of unspecified numbers of allegedly unauthorized credit card, savings, checking, online banking and early access accounts from 2010 through 2016. The CFPB seeks unspecified amounts of civil monetary penalties as well as unspecified customer remediation. On February 12, 2021, the court granted Fifth Third’s motion to transfer venue to the United States District Court for the Southern District of Ohio. The Bancorp was also subject to a consumer class action lawsuit related to the alleged opening of unauthorized accounts (Zanni v. Fifth Third Bank, et al., Case 1:21-cv-00173-DRC); however, this matter was voluntarily dismissed in July 2021.

Shareholder Litigation
On April 7, 2020, Plaintiff Lee Christakis filed a putative class action lawsuit against Fifth Third Bancorp, Fifth Third Chairman and Chief Executive Officer Greg D. Carmichael, and former Fifth Third Chief Financial Officer Tayfun Tuzun in the U.S. District Court for the Northern District of Illinois entitled Lee Christakis, individually and on behalf of all others similarly situated v. Fifth Third Bancorp, et al., Case No. 1:20-cv-2176 (N.D. Ill). The case brings two claims for violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, alleging that the Defendants made material misstatements and omissions in connection with the alleged unauthorized opening of credit card, savings, checking, online banking and early access accounts from 2010 through 2016. The plaintiff seeks certification of a class, unspecified damages, attorneys’ fees and costs. On June 29, 2020, the Court appointed Heavy & General Laborers’ Local 472 & 172 Pension and Annuity Funds as lead plaintiff, and Robins Geller Rudman & Dowd LLP as lead counsel for the plaintiff. On September 14, 2020, the lead plaintiff filed its amended consolidated complaint. On April 27, 2021, the Court granted the defendants’ motion to dismiss and provided plaintiff with leave to amend to attempt to cure the deficiencies. On October 8, 2021, plaintiff filed an amended complaint.

On July 31, 2020, a second putative shareholder class action lawsuit captioned Dr. Steven Fox, individually and on behalf of all others similarly situated v. Fifth Third Bancorp, et al., Case No. 2020CH05219 was filed on behalf of former shareholders of MB Financial, Inc. in the Cook County, Illinois Circuit Court. The suit brings claims for violation of Sections 11 and 12(a)(2) of the Securities Act of 1933, alleging that the Bancorp and certain of its officers and directors made material misstatements and omissions regarding the alleged improper cross-selling strategy in filings made in connection with the Bancorp’s merger with MB Financial, Inc. On March 19, 2021, the trial court denied the defendants’ motion to dismiss.

In addition, shareholder derivative lawsuits have been filed seeking monetary damages on behalf of the Bancorp alleging certain claims against various officers and directors relating to an alleged improper cross-selling strategy. Five lawsuits have been consolidated into a single action pending in the U.S. District Court for the Northern District of Illinois captioned In re Fifth Third Bancorp Derivative Litigation, Case No. 1:20-cv-04115. Those cases consist of: (1) Pemberton v. Carmichael, et al., Case No. 20-cv-4115 (filed July 13, 2020); (2) Meyer v. Carmichael, et al., Case No. 20-cv-4244 (filed July 17, 2020); (3) Cox v. Carmichael, et al., Case No. 20-cv-4660 (filed August 7, 2020); (4) Hansen v. Carmichael, et al., Case No. 20-cv-5339 (filed September 10, 2020); and (5) Reese v. Carmichael, et al., Case No. 1:21-cv-01631 (filed November 4, 2020 originally as Case No. 20-cv-866 in the Southern District of Ohio). Also pending in the Hamilton County, Ohio Court of Common Pleas is Sandys v. Carmichael, et al., Case No. A2004539 (filed December 28, 2020) and The City of Miami Firefighters’ and Police Officers’ Retirement Trust v. Carmichael, et al., Case No. A2200330 (filed January 27, 2022).

The Bancorp has also received several shareholder demands under Ohio Rev. Code § 1701.37(c) and lawsuits have been filed arising out of the same. Finally, the Bancorp has received shareholder demands that the Bancorp’s Board of Directors investigate and commence a civil action for failure to detect and/or prevent the alleged illegal cross-selling strategy. One of those shareholders subsequently filed the aforementioned Sandys v. Carmichael, et al. matter.

Other litigation
The Bancorp and its subsidiaries are not parties to any other material litigation. However, there are other litigation matters that arise in the normal course of business. While it is impossible to ascertain the ultimate resolution or range of financial liability with respect to these contingent matters, management believes that the resulting liability, if any, from these other actions would not have a material effect upon the Bancorp’s consolidated financial position, results of operations or cash flows.

Governmental Investigations and Proceedings
The Bancorp and/or its affiliates are or may become involved in information-gathering requests, reviews, investigations and proceedings (both formal and informal) by various governmental regulatory agencies and law enforcement authorities, including but not limited to the FRB, OCC, CFPB, SEC, FINRA, U.S. Department of Justice, etc., as well as state and other governmental authorities and self-regulatory bodies regarding their respective businesses. Additional matters will likely arise from time to time. Any of these matters may result in
material adverse consequences or reputational harm to the Bancorp, its affiliates and/or their respective directors, officers and other personnel, including adverse judgments, findings, settlements, fines, penalties, orders, injunctions or other actions, amendments and/or restatements of the Bancorp’s SEC filings and/or financial statements, as applicable, and/or determinations of material weaknesses in our disclosure controls and procedures. Investigations by regulatory authorities may from time to time result in civil or criminal referrals to law enforcement. Additionally, in some cases, regulatory authorities may take supervisory actions that are considered to be confidential supervisory information which may not be publicly disclosed.

Reasonably Possible Losses in Excess of Accruals
The Bancorp and its subsidiaries are parties to numerous claims and lawsuits as well as threatened or potential actions or claims concerning matters arising from the conduct of its business activities. The outcome of claims or litigation and the timing of ultimate resolution are inherently difficult to predict. The following factors, among others, contribute to this lack of predictability: claims often include significant legal uncertainties, damages alleged by plaintiffs are often unspecified or overstated, discovery may not have started or may not be complete and material facts may be disputed or unsubstantiated. As a result of these factors, the Bancorp is not always able to provide an estimate of the range of reasonably possible outcomes for each claim. An accrual for a potential litigation loss is established when information related to the loss contingency indicates both that a loss is probable and that the amount of loss can be reasonably estimated. Any such accrual is adjusted from time to time thereafter as appropriate to reflect changes in circumstances. The Bancorp also determines, when possible (due to the uncertainties described above), estimates of reasonably possible losses or ranges of reasonably possible losses, in excess of amounts accrued. Under U.S. GAAP, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight.” Thus, references to the upper end of the range of reasonably possible loss for cases in which the Bancorp is able to estimate a range of reasonably possible loss mean the upper end of the range of loss for cases for which the Bancorp believes the risk of loss is more than slight. For matters where the Bancorp is able to estimate such possible losses or ranges of possible losses, the Bancorp currently estimates that it is reasonably possible that it could incur losses related to legal and regulatory proceedings in an aggregate amount up to approximately $60 million in excess of amounts accrued, with it also being reasonably possible that no losses will be incurred in these matters. The estimates included in this amount are based on the Bancorp’s analysis of currently available information, and as new information is obtained the Bancorp may change its estimates.

For these matters and others where an unfavorable outcome is reasonably possible but not probable, there may be a range of possible losses in excess of the established accrual that cannot be estimated. Based on information currently available, advice of counsel, available insurance coverage and established accruals, the Bancorp believes that the eventual outcome of the actions against the Bancorp and/or its subsidiaries, including the matters described above, will not, individually or in the aggregate, have a material adverse effect on the Bancorp’s consolidated financial position. However, in the event of unexpected future developments, it is possible that the ultimate resolution of those matters, if unfavorable, may be material to the Bancorp’s results of operations for any particular period, depending, in part, upon the size of the loss or liability imposed and the operating results for the applicable period.
v3.22.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Bancorp maintains written policies and procedures covering related party transactions with principal shareholders, directors and executives of the Bancorp. These procedures cover transactions such as employee-stock purchase loans, personal lines of credit, residential secured loans, overdrafts, letters of credit and increases in indebtedness. Such transactions are subject to the Bancorp’s normal underwriting and approval procedures. Prior to approving a loan to a related party, Compliance Risk Management must review and determine whether the transaction requires approval from or a post notification to the Bancorp’s Board of Directors. At December 31, 2021 and 2020, certain directors, executive officers, principal holders of Bancorp common stock and their related interests were indebted, including undrawn commitments to lend, to the Bancorp’s banking subsidiary.

The following table summarizes the Bancorp’s lending activities with its principal shareholders, directors, executives and their related interests at December 31:
($ in millions)20212020
Commitments to lend, net of participations:
Directors and their affiliated companies$157 79 
Executive officers7 7 
Total$164 86 
Outstanding balance on loans, net of participations and undrawn commitments$115 67 

The commitments to lend are in the form of loans and guarantees for various business and personal interests. This indebtedness was incurred in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated parties. This indebtedness does not involve more than the normal risk of repayment or present other features unfavorable to the Bancorp.

Worldpay, Inc. and Worldpay Holding, LLC
On June 30, 2009, the Bancorp completed the sale of a majority interest in its processing business, Vantiv Holding, LLC (now Worldpay Holding, LLC). Advent International acquired an approximate 51% interest in Worldpay Holding, LLC for cash and a warrant. The Bancorp retained the remaining approximate 49% interest in Worldpay Holding, LLC.
During the first quarter of 2012, Vantiv, Inc. (now Worldpay, Inc.) priced an IPO of its shares and contributed the net proceeds to Worldpay Holding, LLC for additional ownership interests, reducing the Bancorp’s ownership percentage to 39%. Subsequent to the IPO, the Bancorp consummated a series of sales transactions which culminated in the sale of all of its remaining interests in Worldpay Holding, LLC in the first quarter of 2019. The Bancorp recognized a gain of $562 million in other noninterest income during the first quarter of 2019 as a result of the final sale transaction. As of January 1, 2020, Worldpay Holding, LLC and Worldpay, Inc. were no longer considered related parties of the Bancorp as the Bancorp no longer beneficially owned any of Worldpay, Inc.’s equity securities. For further information on TRAs with Worldpay, Inc, refer to Note 15.

The Bancorp and Worldpay Holding, LLC had various agreements in place covering services including interchange clearing, settlement and sponsorship. Worldpay Holding, LLC paid the Bancorp $87 million for these services for the year ended December 31, 2019. In addition to the previously mentioned services, the Bancorp previously entered into an agreement under which Worldpay Holding, LLC would provide processing services to the Bancorp. The total amount of fees relating to the processing services provided to the Bancorp by Worldpay Holding, LLC totaled $77 million for the year ended December 31, 2019. These fees were primarily reported as a component of card and processing expense in the Consolidated Statements of Income.

Coforge Business Process Solutions Private Limited
As of December 31, 2021, the Bancorp owns 100% of Fifth Third Mauritius Holdings Limited, which owns 40% of Coforge Business Process Solutions Private Limited (formerly known as SLK Global Solutions Private Limited), and accounts for this investment under the equity method of accounting. During the second quarter of 2021, Coforge Limited acquired a controlling interest in SLK Global Solutions Private Limited. As part of this transaction, the Bancorp sold a 9% interest in SLK Global Solutions Private Limited to Coforge Limited and recognized a gain of $12 million as a result of the transaction. The Bancorp recognized $3 million, $5 million and $3 million in other noninterest income in the Consolidated Statements of Income as part of its equity method investment in Coforge Business Process Solutions Private Limited for the years ended December 31, 2021, 2020 and 2019, respectively. The Bancorp received cash distributions of $5 million and $1 million during the years ended December 31, 2021 and 2020, respectively. The Bancorp’s investment in Coforge Business Process Solutions Private Limited was $19 million and $26 million at December 31, 2021 and 2020, respectively. The Bancorp paid Coforge Business Process Solutions Private Limited $21 million, $27 million and $22 million for their process and software services during the years ended December 31, 2021, 2020 and 2019, respectively, which are included in other noninterest expense in the Consolidated Statements of Income.

CDC investments
The Bancorp holds equity investments in non-consolidated VIEs related to CDC. The Bancorp had loans outstanding to these VIEs of $22 million and $18 million at December 31, 2021 and 2020, respectively, as well as unfunded commitment balances of $36 million and
$39 million at December 31, 2021 and 2020, respectively. The Bancorp also held $51 million and $63 million of deposits for these entities at December 31, 2021 and 2020, respectively. For further information on CDC investments, refer to Note 12.
v3.22.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Bancorp and its subsidiaries file a consolidated federal income tax return. The following is a summary of applicable income taxes included in the Consolidated Statements of Income for the years ended December 31:
($ in millions)202120202019
Current income tax expense:
U.S. Federal income taxes$657 463 788 
State and local income taxes102 69 148 
Foreign income taxes2 — — 
Total current income tax expense761 532 936 
Deferred income tax (benefit) expense:
U.S. Federal income taxes(21)(140)(212)
State and local income taxes8 (23)(35)
Foreign income taxes(1)1 1 
Total deferred income tax benefit(14)(162)(246)
Applicable income tax expense$747 370 690 

The current U.S. Federal income taxes above include proportional amortization for qualifying LIHTC investments of $163 million, $150 million and $140 million for the years ended December 31, 2021, 2020 and 2019, respectively.

The following is a reconciliation between the statutory U.S. Federal income tax rate and the Bancorp’s effective tax rate for the years ended December 31:
202120202019
Statutory tax rate21.0 %21.0 21.0 
Increase (decrease) resulting from:
State taxes, net of federal benefit2.5 2.0 2.8 
Tax-exempt income(0.6)(1.5)(1.2)
LIHTC investment and other tax benefits(5.5)(9.7)(5.0)
LIHTC investment proportional amortization4.6 8.3 4.4 
Other tax credits(0.2)(0.4)(0.2)
Other, net(0.6)0.9 (0.2)
Effective tax rate21.2 %20.6 21.6 

Other tax credits in the rate reconciliation table include New Markets, Rehabilitation Investment and Qualified Zone Academy Bond tax credits. Tax-exempt income in the rate reconciliation table includes interest on municipal bonds, interest on tax-exempt lending, income on life insurance policies held by the Bancorp and certain gains on sales of leases that are exempt from federal taxation.

The following table provides a reconciliation of the beginning and ending amounts of the Bancorp’s unrecognized tax benefits:
($ in millions)202120202019
Unrecognized tax benefits at January 1$100 65 55 
Gross increases for tax positions taken during prior period10 29 25 
Gross decreases for tax positions taken during prior period(4)(3)(3)
Gross increases for tax positions taken during current period11 12 6 
Settlements with taxing authorities— (1)(9)
Lapse of applicable statute of limitations(15)(2)(9)
Unrecognized tax benefits at December 31(a)
$102 100 65 
(a)With the exception of $6 in 2020 and 2019, 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, 2021, 2020 and 2019 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.

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)20212020
Deferred tax assets:
Allowance for loan and lease losses$397 $515 
Deferred compensation106 107 
Reserve for unfunded commitments38 36 
Reserves30 40 
State net operating loss carryforwards3 3 
State deferred taxes— 1 
Other202 160 
Total deferred tax assets$776 $862 
Deferred tax liabilities:
Lease financing$553 $638 
Other comprehensive income367 779 
MSRs and related economic hedges116 120 
Goodwill and intangible assets68 62 
Bank premises and equipment65 91 
Investments in joint ventures and partnership interests61 58 
State deferred taxes6 — 
Other51 66 
Total deferred tax liabilities$1,287 $1,814 
Total net deferred tax liability$(511)$(952)

At both December 31, 2021 and 2020, the Bancorp recorded deferred tax assets of $3 million related to state net operating loss carryforwards. The deferred tax assets relating to state net operating losses are presented net of specific valuation allowances of $4 million at both December 31, 2021 and 2020. If these carryforwards are not utilized, they will expire in varying amounts through 2041.

The Bancorp has determined that a valuation allowance is not needed against the remaining deferred tax assets as of December 31, 2021 or 2020. The Bancorp considered all of the positive and negative evidence available to determine whether it is more likely than not that the deferred tax assets will ultimately be realized and, based upon that evidence, the Bancorp believes it is more likely than not that the deferred tax assets recorded at December 31, 2021 and 2020 will ultimately be realized. The Bancorp reached this conclusion as it is expected that the Bancorp’s remaining deferred tax assets will be realized through the reversal of its existing taxable temporary differences and its projected future taxable income.

The IRS is currently examining the Bancorp’s 2019 federal income tax return. The statute of limitations for the Bancorp’s federal income tax returns remains open for tax years 2018 through 2021. In addition, the statute of limitations remains open for an acquired entity’s federal income tax returns for tax years 2017 through 2019. On occasion, as various state and local taxing jurisdictions examine the returns of the Bancorp and its subsidiaries, the Bancorp may agree to extend the statute of limitations for a reasonable period of time. Otherwise, the statutes of limitations for state income tax returns remain open only for tax years in accordance with each state’s statutes.

Any interest and penalties incurred in connection with income taxes are recorded as a component of applicable income tax expense in the Consolidated Financial Statements. During the years ended December 31, 2021, 2020 and 2019, the Bancorp recognized $1 million, $3 million and $1 million, respectively, of interest expense in connection with income taxes. At both December 31, 2021 and 2020, the Bancorp had accrued interest liabilities, net of the related tax benefits, of $7 million. No material liabilities were recorded for penalties related to income taxes.
Retained earnings at both December 31, 2021 and 2020 included $157 million in allocations of earnings for bad debt deductions of former thrift subsidiaries for which no income tax has been provided. Under current tax law, if certain of the Bancorp’s subsidiaries use these bad debt reserves for purposes other than to absorb bad debt losses, they will be subject to federal income tax at the current corporate tax rate.
v3.22.0.1
Retirement and Benefit Plans
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Retirement and Benefit Plans 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)
20212020
Fair value of plan assets at January 1$173 175 
Actual return on assets(3)13 
Contributions1 2 
Settlement(12)(9)
Benefits paid(7)(8)
Fair value of plan assets at December 31$152 173 
Projected benefit obligation at January 1$203 194 
Interest cost4 6 
Settlement(12)(9)
Actuarial (gain) loss(12)20 
Benefits paid(7)(8)
Projected benefit obligation at December 31$176 203 
Underfunded projected benefit obligation at December 31$(24)(30)
Accumulated benefit obligation at December 31(a)
$176 203 
(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, 2021 and 2020.

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)202120202019
Components of net periodic benefit cost:
Interest cost$4 6 7 
Expected return on assets(4)(4)(8)
Amortization of net actuarial loss6 6 6 
Settlement3 3 3 
Net periodic benefit cost$9 11 8 
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gain) loss$(5)12 5 
Amortization of net actuarial loss(6)(6)(6)
Settlement(3)(3)(3)
Total recognized in other comprehensive income(14)3 (4)
Total recognized in net periodic benefit cost and other comprehensive income$(5)14 4 

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)
2021 ($ in millions)Level 1Level 2Level 3    Total Fair Value
Cash equivalents$5 — — 5 
Mutual and exchange-traded funds51 — — 51 
Debt securities:
U.S. Treasury and federal agencies securities54 5 — 59 
Mortgage-backed securities:
Non-agency commercial mortgage-backed securities— 1 — 1 
Asset-backed securities and other debt securities(b)
— 36 — 36 
Total debt securities$54 42 — 96 
Total Plan assets$110 42 — 152 
(a)For further information on fair value hierarchy levels, refer to Note 1.
(b)Includes corporate bonds.
Fair Value Measurements Using(a)
2020 ($ in millions)Level 1Level 2Level 3 Total Fair Value
Cash equivalents$4 — — 4 
Mutual and exchange-traded funds68 — — 68 
Debt securities:
U.S. Treasury and federal agencies securities57 6 — 63 
Mortgage-backed securities:
Non-agency commercial mortgage-backed securities— 1 — 1 
Asset-backed securities and other debt securities(b)
— 37 — 37 
Total debt securities$57 44 — 101 
Total Plan assets$129 44 — 173 
(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.

Mutual and exchange-traded funds
The Plan measures its mutual and exchange-traded funds, which are registered with the SEC, using the funds’ quoted prices which are available in an active market. Therefore, these investments are classified within Level 1 of the valuation hierarchy. The mutual and exchange-traded funds held by the Plan are open-ended funds and are required to publicly publish their NAV on a daily basis. The funds are also required to transact and use the daily NAV as a basis for transactions. Therefore, the NAV reflects the fair value of the Plan’s investment.

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. Examples of such instruments, which are classified within Level 2 of the valuation hierarchy, include federal agencies securities, non-agency commercial mortgage-backed securities and asset-backed securities and other debt securities.

Plan Assumptions
The Plan’s assumptions are evaluated annually and are updated as necessary. The discount rate assumption reflects the yield on a portfolio of high quality fixed-income instruments that have a similar duration to the Plan’s liabilities. The expected long-term rate of return assumption reflects the average return expected on the assets invested to provide for the Plan’s liabilities. In determining the expected long-term rate of return, the Bancorp evaluated actuarial and economic inputs, including long-term inflation rate assumptions and broad equity and bond indices long-term return projections, as well as actual long-term historical plan performance.

The following table summarizes the weighted-average plan assumptions for the years ended December 31:
202120202019
For measuring benefit obligations at year end:
Discount rate2.85 %2.26 3.05 
For measuring net periodic benefit cost:
Discount rate2.26 3.05 4.10 
Expected return on plan assets2.43 2.64 5.50 

Lowering both the expected rate of return on the plan assets and the discount rate by 0.25% would have increased the 2021 pension expense by approximately $1 million.

Based on the actuarial assumptions, the Bancorp expects to contribute $2 million to the Plan in 2022. Estimated pension benefit payments are $17 million for 2022, $16 million for 2023, $15 million for 2024, $17 million for 2025 and $14 million for 2026. The total estimated payments for the years 2027 through 2031 is $59 million.
Investment Policies and Strategies
The Bancorp’s policy for the investment of Plan assets is to employ investment strategies that achieve a range of weighted-average target asset allocations relating to equity securities, fixed-income securities (including U.S. Treasury and federal agencies securities, mortgage-backed securities, asset-backed securities, corporate bonds and municipal bonds), alternative strategies (including traditional mutual funds, precious metals and commodities) and cash.

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  20212020
Equity securities
0-55  % 
— 3 
Fixed-income securities
50-100      
96 90 
Alternative strategies
0-5      
— — 
Cash or cash equivalents
0-100      
4 7 
Total100 %100 

Plan Management’s objective is to achieve and maintain a fully-funded status of the qualified defined benefit plan while also minimizing the risk of excess assets. As a result, the portfolio assets of the qualified defined benefit plan will continue to increase the weighting of long duration fixed income, or liability matching assets, as the funded status increases. There were no significant concentrations of risk associated with the investments of the Plan at December 31, 2021.

Permitted asset classes of the Plan include cash and cash equivalents, fixed-income (domestic and non-U.S. bonds), equities (U.S., non-U.S., emerging markets and real estate investment trusts), equipment leasing and mortgages. The Plan utilizes derivative instruments including puts, calls, straddles or other option strategies, as approved by management.

Fifth Third Bank, National Association, as Trustee, is expected to manage Plan assets in a manner consistent with the Plan agreement and other regulatory, federal and state laws. The Fifth Third Bank Pension, 401(k) and Medical Plan Committee (the “Committee”) is the plan administrator. The Trustee is required to provide to the Committee monthly and quarterly reports covering a list of Plan assets, portfolio performance, transactions and asset allocation. The Trustee is also required to keep the Committee apprised of any material changes in the Trustee’s outlook and recommended investment policy. There were no fees paid by the Plan for investment management, accounting or administrative services provided by the Trustee.

Other Information on Retirement and Benefit Plans
The Bancorp has a qualified defined contribution savings plan that allows participants to make voluntary 401(k) contributions on a pre-tax or Roth basis, subject to statutory limitations. Expenses recognized for matching contributions to the Bancorp’s qualified defined contribution savings plan were $108 million, $105 million and $90 million for the years ended December 31, 2021, 2020 and 2019, respectively. The Bancorp did not make profit sharing contributions during both the years ended December 31, 2021 and 2020. The Bancorp recognized $4 million of profit sharing expense associated with the MB Financial, Inc. acquisition during the year ended December 31, 2019. In addition, the Bancorp has a non-qualified defined contribution plan that allows certain employees to make voluntary contributions into a deferred compensation plan. Expenses recognized by the Bancorp for its non-qualified defined contribution plan were $5 million, $5 million and $6 million for the years ended December 31, 2021, 2020 and 2019, respectively.
v3.22.0.1
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
The tables below present the activity of the components of OCI and AOCI for the years ended December 31:
Total OCITotal AOCI
2021 ($ in millions)Pre-tax
Activity		Tax
Effect		Net
Activity		Beginning
Balance		Net
Activity		Ending
Balance
Unrealized holding losses on available-for-sale debt securities
    arising during the year		$(1,366)323 (1,043)
Reclassification adjustment for net losses on available-for-sale debt
    securities included in net income		4 (1)3 
Net unrealized gains on available-for-sale debt securities(1,362)322 (1,040)1,931 (1,040)891 
Unrealized holding losses on cash flow hedge derivatives arising
    during the year
 		(185)43 (142)
Reclassification adjustment for net gains on cash flow hedge
    derivatives included in net income		(293)70 (223)
Net unrealized gains on cash flow hedge derivatives(478)113 (365)718 (365)353 
Net actuarial gain arising during the year5 (1)4 
Reclassification of amounts to net periodic benefit costs9 (2)7 
Defined benefit pension plans, net14 (3)11 (44)11 (33)
Other— — — (4)— (4)
Total$(1,826)432 (1,394)2,601 (1,394)1,207 

Total OCITotal AOCI
2020 ($ in millions)Pre-tax
Activity		Tax
Effect		Net
Activity		Beginning
Balance		Net
Activity		Ending
Balance
Unrealized holding gains on available-for-sale debt securities
    arising during the year		$1,514 (361)1,153 
Reclassification adjustment for net gains on available-for-sale debt
    securities included in net income		(45)11 (34)
Net unrealized gains on available-for-sale debt securities1,469 (350)1,119 812 1,119 1,931 
Unrealized holding gains on cash flow hedge derivatives arising
    during the year		611 (128)483 
Reclassification adjustment for net gains on cash flow hedge
    derivatives included in net income		(237)50 (187)
Net unrealized gains on cash flow hedge derivatives374 (78)296 422 296 718 
Net actuarial loss arising during the year(12)3 (9)
Reclassification of amounts to net periodic benefit costs9 (2)7 
Defined benefit pension plans, net(3)1 (2)(42)(2)(44)
Other(4)— (4)— (4)(4)
Total$1,836 (427)1,409 1,192 1,409 2,601 
Total OCITotal AOCI
2019 ($ in millions)Pre-tax
Activity		Tax
Effect		Net
Activity		Beginning
Balance		Net
Activity		Ending
Balance
Unrealized holding gains on available-for-sale debt securities
    arising during the year
 		$1,369 (323)1,046 
Reclassification adjustment for net gains on available-for-sale debt
    securities included in net income		(9)2 (7)
Net unrealized gains on available-for-sale debt securities1,360 (321)1,039 (227)1,039 812 
Unrealized holding gains on cash flow hedge derivatives arising
    during the year
 		348 (73)275 
Reclassification adjustment for net gains on cash flow hedge
    derivatives included in net income		(16)3 (13)
Net unrealized gains on cash flow hedge derivatives332 (70)262 160 262 422 
Net actuarial loss arising during the year
 		(5)— (5)
Reclassification of amounts to net periodic benefit costs9 (1)8 
Defined benefit pension plans, net4 (1)3 (45)3 (42)
Total$1,696 (392)1,304 (112)1,304 1,192 

The table below presents reclassifications out of AOCI for the years ended December 31:
($ in millions)Consolidated Statements of
Income Caption		202120202019
Net unrealized gains on available-for-sale debt securities:(a)
Net (losses) gains included in net incomeSecurities (losses) gains, net$(4)45 9 
Income before income taxes(4)45 9 
Applicable income tax expense1 (11)(2)
Net income(3)34 7 
Net unrealized gains on cash flow hedge derivatives:(a)
Interest rate contracts related to C&I, commercial mortgage and commercial construction loansInterest and fees on loans and leases293 237 16 
Income before income taxes293 237 16 
Applicable income tax expense(70)(50)(3)
Net income223 187 13 
Net periodic benefit costs:(a)
Amortization of net actuarial loss
Compensation and benefits(b)
(6)(6)(6)
Settlements
Compensation and benefits(b)
(3)(3)(3)
Income before income taxes(9)(9)(9)
Applicable income tax expense2 2 1 
Net income(7)(7)(8)
Total reclassifications for the periodNet income$213 214 12 
(a)Amounts in parentheses indicate reductions to net income.
(b)This AOCI component is included in the computation of net periodic benefit cost. Refer to Note 22 for information on the computation of net periodic benefit cost.
v3.22.0.1
Common, Preferred and Treasury Stock
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Common, Preferred and Treasury Stock Common, Preferred and Treasury Stock
The table presents a summary of the share activity within common, preferred and treasury stock for the years ended:
Common StockPreferred StockTreasury Stock
($ in millions, except share data)ValueSharesValueSharesValueShares
December 31, 2018$2,051 923,892,581 $1,331 54,000$(6,471)277,261,724 
Shares acquired for treasury— — — — (1,763)64,601,891 
Issuance of preferred shares, Series K— — 242 10,000 — — 
Conversion of outstanding preferred stock
   issued by a Bancorp subsidiary		— — 197 200,000 — — 
Impact of MB Financial, Inc. acquisition— — — — 2,447 (122,848,442)
Impact of stock transactions under stock
   compensation plans, net		— — — — 56 (4,258,132)
Other— — — — 7 219,911 
December 31, 2019$2,051 923,892,581 $1,770 264,000$(5,724)214,976,952 
Issuance of preferred shares, Series L— — 346 14,000 — — 
Impact of stock transactions under stock
   compensation plans, net		— — — — 46 (3,818,518)
Other— — — — 2 (26,178)
December 31, 2020$2,051 923,892,581 $2,116 278,000$(5,676)211,132,256 
Shares acquired for treasury— — — —(1,393)35,652,079 
Impact of stock transactions under stock
   compensation plans, net		— — — — 44 (5,621,878)
Other— — — — 1 (47,540)
December 31, 2021$2,051 923,892,581 $2,116 278,000$(7,024)241,114,917 

Preferred Stock—Series L
On July 30, 2020, the Bancorp issued in a registered public offering 350,000 depositary shares, representing 14,000 shares of 4.50% fixed-rate reset non-cumulative perpetual preferred stock, Series L, for net proceeds of approximately $346 million. Each preferred share has a $25,000 liquidation preference. The preferred stock accrues dividends on a non-cumulative basis at an annual rate of 4.50% through but excluding September 30, 2025. From, and including, September 30, 2025 and for each dividend reset period thereafter, dividends will accrue on the Series L preferred stock, on a non-cumulative basis, at a rate equal to the five-year U.S. Treasury rate as of the most recent reset dividend determination date plus 4.215%. Dividends will be payable, when, as and if declared by the Bancorp’s Board of Directors, quarterly in arrears on each of March 31, June 30, September 30 and December 31, beginning on September 30, 2020. Subject to obtaining all required regulatory approvals, on any dividend payment date on or after September 30, 2025, the Bancorp may redeem the Series L preferred stock and the related depositary shares in whole or in part, at 100% of their liquidation preference, plus an amount equal to any declared and unpaid dividends, without accumulation of any undeclared dividends. In addition, the Series L preferred stock and the related depositary shares may be redeemed, subject to obtaining all required regulatory approvals, in whole but not in part, at any time, following the occurrence of a regulatory capital event, at 100% of their liquidation preference, plus an amount equal to any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series L preferred shares are not convertible into Bancorp common shares or any other securities.

Preferred Stock—Series K
On September 17, 2019, the Bancorp issued, in a registered public offering 10,000,000 depositary shares, representing 10,000 shares of 4.95% non-cumulative Series K perpetual preferred stock, for net proceeds of approximately $242 million. Each preferred share has a $25,000 liquidation preference. Subject to any required regulatory approval, the Bancorp may redeem the Series K preferred shares at its option in whole or in part, on any dividend payment date on or after September 30, 2024 and may redeem in whole, but not in part, at any time following a regulatory capital event. The Series K preferred shares are not convertible into Bancorp common shares or any other securities.

Preferred Stock—Class B, Series A
On August 26, 2019, the Bancorp issued 200,000 shares of 6.00% non-cumulative perpetual Class B preferred stock, Series A. Each preferred share has a $1,000 liquidation preference. These shares were issued to the holders of MB Financial, Inc.’s 6.00% non-cumulative perpetual preferred stock, Series C, in conjunction with the merger of MB Financial, Inc. with and into Fifth Third Bancorp. This transaction resulted in the elimination of the noncontrolling interest in MB Financial, Inc. which was previously reported in the Bancorp’s Consolidated Financial Statements. The newly issued shares of Class B preferred stock, Series A were recognized by the Bancorp at the carrying value previously assigned to the MB Financial, Inc. Series C preferred stock prior to the transaction.
Preferred Stock—Series J
On June 5, 2014, the Bancorp issued, in a registered public offering, 300,000 depositary shares, representing 12,000 shares of 4.90% fixed to floating-rate non-cumulative Series J perpetual preferred stock, for net proceeds of $297 million. Each preferred share has a $25,000 liquidation preference. The preferred stock accrued dividends, on a non-cumulative semi-annual basis, at an annual rate of 4.90% through but excluding September 30, 2019, at which time it converted to a quarterly floating-rate dividend of three-month LIBOR plus 3.129%. Subject to any required regulatory approval, the Bancorp may redeem the Series J preferred shares at its option, in whole or in part, at any time on or after September 30, 2019, or any time prior following a regulatory capital event. The Series J preferred shares are not convertible into Bancorp common shares or any other securities.

Preferred Stock—Series I
On December 9, 2013, the Bancorp issued, in a registered public offering, 18,000,000 depositary shares, representing 18,000 shares of 6.625% fixed to floating-rate non-cumulative Series I perpetual preferred stock, for net proceeds of $441 million. Each preferred share has a $25,000 liquidation preference. The preferred stock accrues dividends, on a non-cumulative quarterly basis, at an annual rate of 6.625% through but excluding December 31, 2023, at which time it converts to a quarterly floating-rate dividend of three-month LIBOR plus 3.71%. Subject to any required regulatory approval, the Bancorp may redeem the Series I preferred shares at its option in whole or in part, at any time on or after December 31, 2023 and may redeem in whole but not in part, following a regulatory capital event at any time prior to December 31, 2023. The Series I preferred shares are not convertible into Bancorp common shares or any other securities.

Preferred Stock—Series H
On May 16, 2013, the Bancorp issued, in a registered public offering, 600,000 depositary shares, representing 24,000 shares of 5.10% fixed to floating-rate non-cumulative Series H perpetual preferred stock, for net proceeds of $593 million. Each preferred share has a $25,000 liquidation preference. The preferred stock accrues dividends, on a non-cumulative semi-annual basis, at an annual rate of 5.10% through but excluding June 30, 2023, at which time it converts to a quarterly floating-rate dividend of three-month LIBOR plus 3.033%. Subject to any required regulatory approval, the Bancorp may redeem the Series H preferred shares at its option in whole or in part, at any time on or after June 30, 2023 and may redeem in whole but not in part, following a regulatory capital event at any time prior to June 30, 2023. The Series H preferred shares are not convertible into Bancorp common shares or any other securities.

Treasury Stock
In June of 2019, the Board of Directors authorized the Bancorp to repurchase up to 100 million common shares in the open market or in privately negotiated transactions and to utilize any derivative or similar instrument to effect share repurchase transactions.

Under this authorization, the Bancorp entered into and settled a number of accelerated share repurchase transactions during the year ended December 31, 2021. The Bancorp did not enter into any accelerated repurchase transactions during the year ended December 31, 2020. As part of these transactions, the Bancorp entered into forward contracts in which the final number of shares delivered at settlement was based generally on a discount to the average daily volume-weighted average price of the Bancorp’s common stock during the term of these repurchase agreements. The accelerated share repurchases were treated as two separate transactions: (i) the repurchase of treasury shares on the repurchase date and (ii) a forward contract indexed to the Bancorp’s common stock.

The following table presents a summary of the Bancorp’s accelerated share repurchase transactions that were entered into and settled during the year ended December 31, 2021:
Repurchase DateAmount  ($ in millions)Shares Repurchased on Repurchase DateShares Received from Forward Contract  SettlementTotal Shares RepurchasedFinal Settlement Date
January 26, 2021$180 4,951,456 366,939 5,318,395 March 31, 2021
April 23, 2021347 7,894,807 675,295 8,570,102 June 11, 2021
July 27, 2021(a)
550 13,065,958 1,413,211 14,479,169 September 29, 2021
October 29, 2021316 6,211,841 1,072,572 7,284,413 December 2, 2021
(a)This accelerated share repurchase transaction consisted of two supplemental confirmations each with a notional amount of $275 million.
v3.22.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock-based awards are eligible for issuance under the Bancorp’s Incentive Compensation Plan to executives, directors and key employees of the Bancorp and its subsidiaries. The 2021 Incentive Compensation Plan was approved by shareholders on April 13, 2021 and authorized the issuance of up to 50 million shares, as equity compensation and provides for SARs, RSAs, RSUs, stock options, performance share or unit awards, dividend or dividend equivalent rights and stock awards. As of December 31, 2021, there were 48.8 million shares available for future issuance. Based on total stock-based awards outstanding (including SARs, RSUs, stock options and PSAs) and shares remaining for future grants under the 2021 Incentive Compensation Plan, the potential dilution to which the Bancorp’s common shareholders are exposed due to the potential that stock-based compensation will be awarded to executives, directors or key employees of the Bancorp and its subsidiaries is 10%. SARs, RSUs, stock options and PSAs outstanding represent 3% of the Bancorp’s issued shares at December 31, 2021.

All of the Bancorp’s stock-based awards are to be settled with stock. The Bancorp has historically used treasury stock to settle stock-based awards, when available. SARs, issued at fair value based on the closing price of the Bancorp’s common stock on the date of grant, have terms up to ten years and vest and typically become exercisable ratably over a three or four-year period of continued employment. The Bancorp does not grant discounted SARs or stock options, re-price previously granted SARs or stock options or grant reload stock options. RSAs and RSUs are typically released after three or four years or ratably over three or four years of continued employment. RSAs include dividend and voting rights while RSUs receive dividend equivalents only. Dividend equivalents are accrued and paid in cash when the underlying shares are distributed, except for certain RSUs which have the rights to receive dividend equivalents paid in cash at each dividend payment date. For PSAs that are eligible to receive dividend equivalents, the accrued cash dividends are adjusted by the payout percentage achieved on the underlying awards. Stock options were previously issued at fair value based on the closing price of the Bancorp’s common stock on the date of grant, had up to ten year terms and vested and became fully exercisable ratably over a three or four-year period of continued employment. PSAs have three-year cliff vesting terms with performance conditions as defined by the plan. All of the Bancorp’s executive stock-based awards contain an annual performance hurdle of 2% return on tangible common equity. If this threshold is not met in any one of the three years during the performance period, one-third of PSAs are forfeited. Additionally, if this threshold is not met, all SARs, RSAs and RSUs that would vest in the next year may also be forfeited at the discretion of the Human Capital and Compensation Committee of the Board of Directors. The Bancorp met this threshold as of December 31, 2021.

Under the terms of the merger agreement with MB Financial, Inc., the Bancorp granted stock-based awards to replace those awards previously granted by MB Financial, Inc. that were outstanding as of March 22, 2019. The replacement awards included RSAs, RSUs, and stock options. Approximately 1.65 replacement awards were granted to replace each outstanding MB Financial, Inc. award and the strike prices of replacement stock options were also adjusted to reflect this exchange ratio. Otherwise, the replacement awards were granted with substantially the same terms as the MB Financial, Inc. awards that were being replaced, including vesting and expiration dates.

The fair value of the awards being replaced and the replacement awards were measured as of the date of the merger. The portion of the fair value of the awards being replaced which was attributable to pre-combination service was included as a component of the consideration paid in the merger. The portion attributable to post-combination service, in addition to any increased value of the replacement awards over the awards being replaced, was recognized as stock-based compensation expense over each award’s remaining service period.

Stock-based compensation expense was $120 million, $123 million and $132 million for the years ended December 31, 2021, 2020 and 2019, respectively, and is included in compensation and benefits expense in the Consolidated Statements of Income. The total related income tax benefit recognized was $25 million, $26 million and $27 million for the years ended December 31, 2021, 2020 and 2019, respectively.
Stock Appreciation Rights
The Bancorp uses assumptions, which are evaluated and revised as necessary, in estimating the grant-date fair value of each SAR grant.

The weighted-average assumptions were as follows for the years ended December 31:
202120202019
Expected life (in years)777
Expected volatility29 %24 32 
Expected dividend yield3.2 3.2 3.3 
Risk-free interest rate0.9 1.5 2.6 

The expected life is generally derived from historical exercise patterns and represents the amount of time that SARs granted are expected to be outstanding. The expected volatility is based on a combination of historical and implied volatilities of the Bancorp’s common stock. The expected dividend yield is based on annual dividends divided by the Bancorp’s stock price. Annual dividends are based on projected dividends, estimated using an expected long-term dividend payout ratio, over the estimated life of the awards. The risk-free interest rate for periods within the contractual life of the SARs is based on the U.S. Treasury yield curve in effect at the time of grant.

The grant-date fair value of SARs is measured using the Black-Scholes option-pricing model. The weighted-average grant-date fair value of SARs granted was $7.84, $6.82 and $7.38 per share for the years ended December 31, 2021, 2020 and 2019, respectively. The total grant-date
fair value of SARs that vested during the years ended December 31, 2021, 2020 and 2019 was $8 million, $15 million and $20 million, respectively.

At December 31, 2021, there was $1 million of stock-based compensation expense related to outstanding SARs not yet recognized. The expense is expected to be recognized over an estimated remaining weighted-average period at December 31, 2021 of 1.8 years.

The following table summarizes SARs activity for the years ended December 31:
202120202019
SARs (in thousands, except per share data)Number of
SARs		Weighted-
Average Grant
Price Per Share		Number of
SARs		Weighted-
Average Grant
Price Per Share		Number of
SARs		Weighted-
Average Grant
Price Per Share 
Outstanding at January 119,258 $18.83 21,449 $18.38 26,196 $17.30 
Granted322 33.53 365 29.64 399 26.72 
Exercised(8,367)17.20 (2,420)16.10 (4,829)13.34 
Forfeited or expired(28)23.01 (136)25.50 (317)23.47 
Outstanding at December 3111,185 $20.47 19,258 $18.83 21,449 $18.38 
Exercisable at December 3110,515 $19.80 17,979 $18.19 18,249 $17.50 

The following table summarizes outstanding and exercisable SARs by grant price per share at December 31, 2021.
Outstanding SARsExercisable SARs
SARs (in thousands, except per share data)Number of
SARs		Weighted-Average Grant Price Per ShareWeighted-
Average Remaining
Contractual Life
(in years)		Number of
SARs		Weighted-Average Grant Price Per ShareWeighted-
Average Remaining
Contractual Life
(in years)
$10.01-$20.00
6,874 $17.02 2.66,874 $17.02 2.6
$20.01-$30.00
3,761 24.90 4.43,414 24.51 4.1
$30.01-$40.00
550 33.37 7.9227 33.15 6.1
All SARs11,185 $20.47 3.510,515 $19.80 3.2

Restricted Stock Awards
The total grant-date fair value of RSAs that were released was immaterial during both the years ended December 31, 2021 and 2020, and $16 million for the year ended December 31, 2019. The Bancorp has not granted any RSAs in the years ended December 31, 2021, 2020 or 2019 and the number of RSAs outstanding was zero and immaterial at December 31, 2021 and 2020, respectively.

The following table summarizes RSAs activity for the year ended December 31:
2019
RSAs (in thousands, except per share data)Shares Weighted-Average Grant-Date Fair Value Per Share
Outstanding at January 1868 $19.18 
Assumed11 25.48 
Released(867)18.91 
Forfeited(12)19.01 
Outstanding at December 31— $25.48 

Restricted Stock Units
The total grant-date fair value of RSUs that were released during the years ended December 31, 2021, 2020 and 2019 was $99 million, $107 million and $73 million, respectively. At December 31, 2021, there was $134 million of stock-based compensation expense related to outstanding RSUs not yet recognized. The expense is expected to be recognized over an estimated remaining weighted-average period at December 31, 2021 of 2.4 years.
The following table summarizes RSUs activity for the years ended December 31:
202120202019
RSUs (in thousands, except per unit data)Units Weighted-Average Grant-Date Fair Value Per UnitUnits Weighted-Average Grant-Date Fair Value Per UnitUnits Weighted-Average Grant-Date Fair Value Per Unit
Outstanding at January 19,466 $28.38 10,006 $27.30 8,020 $27.04 
Granted4,186 34.25 4,177 28.75 4,375 26.68 
Assumed— — — — 1,476 25.48 
Released(3,432)28.87 (4,076)26.19 (2,951)24.76 
Forfeited(733)29.80 (641)27.70 (914)27.41 
Outstanding at December 319,487 $30.67 9,466 $28.38 10,006 $27.30 

The following table summarizes outstanding RSUs by grant-date fair value per unit at December 31, 2021.
Outstanding RSUs
RSUs (in thousands)Units       Weighted-Average Remaining Contractual Life (in years)
Under $15.00
36 1.0
$15.01-$20.00
231 0.2
$20.01-$25.00
235 0.6
$25.01-$30.00
4,376 0.8
$30.01-$35.00
3,835 1.3
$35.01 and over
774 1.9
All RSUs9,487 1.1

Stock Options
There were no stock options granted during the years ended December 31, 2021, 2020 and 2019, except for replacement stock option awards assumed in conjunction with the MB Financial, Inc. acquisition. While the Bancorp has historically utilized the Black-Scholes option pricing model to measure the fair value of stock option grants, the fair value of these grants were measured using the Hull-White option pricing model as it was expected to provide a more precise estimate of fair value in a business combination scenario. The assumptions used in the valuation model varied for each grant tranche, but included expected volatility of 23%-29%, no expected dividend yield, risk-free interest rates of 2.34%-2.51%, a departure rate of 10% and exercise ratios of 2.2-2.8. The replacement stock option awards had a weighted-average time to maturity of 5.4 years as of March 22, 2019.

The total intrinsic value of stock options exercised was $7 million, $3 million and $7 million for the years ended December 31, 2021, 2020 and 2019, respectively. Cash received from stock options exercised was $6 million, $5 million and $11 million for the years ended December 31, 2021, 2020 and 2019, respectively. The tax benefit realized from exercised stock options was $1 million for the years ended December 31, 2021, 2020 and 2019. An immaterial amount of stock options vested during the years ended December 31, 2021, 2020 and 2019. As of December 31, 2021, the aggregate intrinsic value of both outstanding stock options and exercisable stock options was $9 million.

The following table summarizes stock options activity for the years ended December 31:
202120202019
Stock Options (in thousands, except per share data)  Number of OptionsWeighted-Average Exercise Price Per ShareNumber of OptionsWeighted-Average Exercise Price Per ShareNumber of OptionsWeighted-Average Exercise Price Per Share
Outstanding at January 1793 $20.81 1,381 $20.15 — $— 
Assumed— — — — 2,120 19.34 
Exercised(384)20.06 (440)17.48 (660)17.36 
Forfeited or expired— — (148)23.99 (79)22.18 
Outstanding at December 31409 $21.51 793 $20.81 1,381 $20.15 
Exercisable at December 31386 $21.31 725 $20.34 1,162 $19.17 
The following table summarizes outstanding and exercisable stock options by exercise price per share at December 31, 2021.
Outstanding Stock OptionsExercisable Stock Options
Stock Options (in thousands, except per share data)Number of OptionsWeighted-Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)Number of OptionsWeighted-Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)
Under $10.00
3 $8.70 4.63 $8.70 4.6
$10.01-$20.00
222 17.83 3.0222 17.83 3.0
$20.01-$30.00
184 26.13 3.8161 26.31 3.5
All stock options409 $21.51 3.4386 $21.31 3.2

Other Stock-Based Compensation
PSAs are payable contingent upon the Bancorp achieving certain predefined performance targets over a three-year measurement period. Depending on performance, between zero and 1.2 million shares may be released to settle the PSAs outstanding at December 31, 2021 once the applicable performance periods are completed. Awards granted during the years ended December 31, 2021, 2020 and 2019 will be entirely settled in stock. The performance targets are based on the Bancorp’s performance relative to a defined peer group. PSAs use a performance-based metric based on return on tangible common equity in relation to peers. During the years ended December 31, 2021, 2020 and 2019, approximately 251 thousand, 280 thousand and 328 thousand PSAs, respectively, were granted by the Bancorp. These awards were granted at a weighted-average grant-date fair value of $33.53, $29.64 and $26.72 per unit during the years ended December 31, 2021, 2020 and 2019, respectively.

The Bancorp sponsors an employee stock purchase plan that allows qualifying employees to purchase shares of the Bancorp’s common stock with a 15% match. During the years ended December 31, 2021, 2020 and 2019, there were approximately 470 thousand, 884 thousand and 564 thousand shares, respectively, purchased by participants and the Bancorp recognized stock-based compensation expense of $2 million in each of the respective years. As of December 31, 2021, there were 3.3 million shares available for future issuance, which represents the remaining shares of Fifth Third common stock under the Bancorp’s 1993 Stock Purchase Plan, as amended and restated, including an additional 1.5 million shares approved by shareholders on March 28, 2007 and an additional 12 million shares approved by shareholders on April 21, 2009.
v3.22.0.1
Other Noninterest Income and Other Noninterest Expense
 12 Months Ended
Dec. 31, 2021
Noninterest Income [Abstract]  
Other Noninterest Income and Other Noninterest Expense Other Noninterest Income and Other Noninterest Expense
The following table presents the major components of other noninterest income and other noninterest expense for the years ended December 31:
($ in millions)202120202019
Other noninterest income:
Private equity investment income$817565
Gains on contract sales622—
BOLI income616360
Cardholder fees504458
Income from the TRA associated with Worldpay, Inc.4674346
Equity method investment income301212
Banking center income232022
Consumer loan fees172023
Insurance income72019
Loss on swap associated with the sale of Visa, Inc. Class B Shares(86)(103)(107)
Net losses on disposition and impairment of bank premises and equipment(4)(31)(23)
Gain on sale of Worldpay, Inc. shares——562
Other, net451527
Total other noninterest income$332 211 1,064 
Other noninterest expense:
Loan and lease$217 162 142 
FDIC insurance and other taxes114 118 81 
Data processing79 75 70 
Losses and adjustments69 100 102 
Professional service fees63 49 70 
Intangible amortization44 48 45 
Postal and courier37 36 38 
Travel34 27 68 
Donations26 36 30 
Recruitment and education21 21 28 
Insurance17 15 14 
Supplies12 13 14 
Other, net218 221 232 
Total other noninterest expense$951 921 934 
v3.22.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table provides the calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share for the years ended December 31:
202120202019
($ in millions, except per share data)IncomeAverage SharesPer Share AmountIncomeAverage SharesPer Share AmountIncomeAverage SharesPer Share Amount
Earnings Per Share:
Net income available to common
    shareholders		$2,659 1,323 2,419 
Less: Income allocated to participating
    securities		7 6 21 
Net income allocated to common
    shareholders		$2,652 702 3.78 1,317 715 1.84 2,398 710 3.38 
Earnings Per Diluted Share:
Net income available to common
    shareholders		$2,659 1,323 2,419 
Effect of dilutive securities:
Stock-based awards— 9 — 5 — 10 
Net income available to common
    shareholders plus assumed conversions		2,659 1,323 2,419 
Less: Income allocated to participating
    securities		7 6 21 
Net income allocated to common
    shareholders plus assumed conversions		$2,652 711 3.73 1,317 720 1.83 2,398 720 3.33 

Shares are excluded from the computation of earnings per diluted share when their inclusion has an anti-dilutive effect on earnings per share. The diluted earnings per share computation for the years ended December 31, 2021, 2020 and 2019 excludes an immaterial amount, 7 million and 2 million shares, respectively, of stock-based awards because their inclusion would have been anti-dilutive.
v3.22.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Bancorp measures certain financial assets and liabilities at fair value in accordance with U.S. GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. For more information regarding the fair value hierarchy and how the Bancorp measures fair value, refer to Note 1.

Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of:
Fair Value Measurements Using
December 31, 2021 ($ in millions)     Level 1     Level 2   Level 3     Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$86 — — 86 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 8,782 — 8,782 
Agency commercial mortgage-backed securities— 18,951 — 18,951 
          Non-agency commercial mortgage-backed securities— 4,479 — 4,479 
Asset-backed securities and other debt securities— 5,275 — 5,275 
Available-for-sale debt and other securities(a)
86 37,505 — 37,591 
Trading debt securities:
U.S. Treasury and federal agencies securities72 12 — 84 
Obligations of states and political subdivisions securities— 32 — 32 
Agency residential mortgage-backed securities— 105 — 105 
Asset-backed securities and other debt securities— 291 — 291 
Trading debt securities72 440 — 512 
Equity securities365 11 — 376 
Residential mortgage loans held for sale— 1,023 — 1,023 
Residential mortgage loans(b)
— — 154 154 
Servicing rights— — 1,121 1,121 
Derivative assets:
Interest rate contracts2 1,245 12 1,259 
Foreign exchange contracts— 323 — 323 
Commodity contracts26 1,300 — 1,326 
Derivative assets(c)
28 2,868 12 2,908 
Total assets$551 41,847 1,287 43,685 
Liabilities:
Derivative liabilities:
Interest rate contracts$2 231 8 241 
Foreign exchange contracts— 298 — 298 
Equity contracts— — 214 214 
Commodity contracts285 975 — 1,260 
Derivative liabilities(d)
287 1,504 222 2,013 
Short positions:
U.S. Treasury and federal agencies securities96 — — 96 
Asset-backed securities and other debt securities— 201 — 201 
Short positions(d)
96 201 — 297 
Total liabilities$383 1,705 222 2,310 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $30, $486 and $3, respectively, at December 31, 2021.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2020 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$78 — — 78 
Obligations of states and political subdivisions securities— 17 — 17 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 11,907 — 11,907 
Agency commercial mortgage-backed securities— 18,221 — 18,221 
Non-agency commercial mortgage-backed securities— 3,590 — 3,590 
Asset-backed securities and other debt securities— 3,176 — 3,176 
Available-for-sale debt and other securities(a)
78 36,911 — 36,989 
Trading debt securities:
U.S. Treasury and federal agencies securities81 — — 81 
Obligations of states and political subdivisions securities— 10 — 10 
Agency residential mortgage-backed securities— 30 — 30 
Asset-backed securities and other debt securities— 439 — 439 
Trading debt securities81 479 — 560 
Equity securities293 20 — 313 
Residential mortgage loans held for sale— 1,481 — 1,481 
Residential mortgage loans(b)
— — 161 161 
Servicing rights— — 656 656 
Derivative assets:
Interest rate contracts1 2,227 61 2,289 
Foreign exchange contracts— 255 — 255 
Commodity contracts24 351 — 375 
Derivative assets(c)
25 2,833 61 2,919 
Total assets$477 41,724 878 43,079 
Liabilities:
Derivative liabilities:
Interest rate contracts$16 261 8 285 
Foreign exchange contracts— 227 — 227 
Equity contracts— — 201 201 
Commodity contracts55 304 — 359 
Derivative liabilities(d)
71 792 209 1,072 
Short positions:
U.S. Treasury and federal agencies securities63 — — 63 
Asset-backed securities and other debt securities— 392 — 392 
Short positions(d)
63 392 — 455 
Total liabilities$134 1,184 209 1,527 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $40, $482 and $2, respectively, at December 31, 2020.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.

The following is a description of the valuation methodologies used for significant instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Available-for-sale debt and other securities, trading debt securities and equity 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 and equity 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. Level 2 securities may include federal agencies securities, obligations of states and political subdivisions securities, agency residential mortgage-backed securities, agency and non-agency commercial mortgage-backed securities, asset-backed securities and other debt securities and equity securities. These securities are generally valued using a market approach based on observable prices of securities with similar characteristics.

Residential mortgage loans held for sale
For residential mortgage loans held for sale for which the fair value election has been made, fair value is estimated based upon mortgage-backed securities prices and spreads to those prices or, for certain ARM loans, DCF models that may incorporate the anticipated portfolio
composition, credit spreads of asset-backed securities with similar collateral and market conditions. The anticipated portfolio composition includes the effect of interest rate spreads and discount rates due to loan characteristics such as the state in which the loan was originated, the loan amount and the ARM margin. Residential mortgage loans held for sale that are valued based on mortgage-backed securities prices are classified within Level 2 of the valuation hierarchy as the valuation is based on external pricing for similar instruments. ARM loans classified as held for sale are also classified within Level 2 of the valuation hierarchy due to the use of observable inputs in the DCF model. These observable inputs include interest rate spreads from agency mortgage-backed securities market rates and observable discount rates.

Residential mortgage loans
Residential mortgage loans held for sale that are reclassified to held for investment are transferred from Level 2 to Level 3 of the fair value hierarchy. For residential mortgage loans for which the fair value election has been made, and that are reclassified from held for sale to held for investment, the fair value estimation is based on mortgage-backed securities prices, interest rate risk and an internally developed credit component. Therefore, these loans are classified within Level 3 of the valuation hierarchy. An adverse change in the loss rate or severity assumption would result in a decrease in fair value of the related loans.

Servicing rights
MSRs do not trade in an active, open market with readily observable prices. While sales of MSRs do occur, the precise terms and conditions typically are not readily available. Accordingly, the Bancorp estimates the fair value of MSRs using internal OAS models with certain unobservable inputs, primarily prepayment speed assumptions, OAS and weighted-average lives, resulting in a classification within Level 3 of the valuation hierarchy. Refer to Note 13 for further information on the assumptions used in the valuation of the Bancorp’s MSRs.

Derivatives
Exchange-traded derivatives valued using quoted prices and certain over-the-counter derivatives valued using active bids are classified within Level 1 of the valuation hierarchy. Most of the Bancorp’s derivative contracts are valued using DCF or other models that incorporate current market interest rates, credit spreads assigned to the derivative counterparties and other market parameters and, therefore, are classified within Level 2 of the valuation hierarchy. Such derivatives include basic and structured interest rate, foreign exchange and commodity swaps and options. Derivatives that are valued based upon models with significant unobservable market parameters are classified within Level 3 of the valuation hierarchy. During the years ended December 31, 2021 and 2020, derivatives classified as Level 3, which are valued using models containing unobservable inputs, consisted primarily of a total return swap associated with the Bancorp’s sale of Visa, Inc. Class B Shares as well as IRLCs, which utilize internally generated loan closing rate assumptions as a significant unobservable input in the valuation process.

Under the terms of the total return swap, the Bancorp will make or receive payments based on subsequent changes in the conversion rate of the Visa, Inc. Class B Shares into Class A Shares. Additionally, the Bancorp will make a quarterly payment based on Visa’s stock price and the conversion rate of the Visa, Inc. Class B Shares into Class A Shares until the date on which the Covered Litigation is settled. The fair value of the total return swap was calculated using a DCF model based on unobservable inputs consisting of management’s estimate of the probability of certain litigation scenarios, the timing of the resolution of the Covered Litigation and Visa litigation loss estimates in excess, or shortfall, of the Bancorp’s proportional share of escrow funds.

An increase in the loss estimate or a delay in the resolution of the Covered Litigation would result in an increase in the fair value of the derivative liability; conversely, a decrease in the loss estimate or an acceleration of the resolution of the Covered Litigation would result in a decrease in the fair value of the derivative liability. Refer to Note 18 for additional information on the Covered Litigation.

The net asset fair value of the Bancorp’s IRLCs at December 31, 2021 was $12 million. Immediate decreases in current interest rates of 25 bps and 50 bps would result in increases in the fair value of the IRLCs of approximately $5 million and $9 million, respectively. Immediate increases of current interest rates of 25 bps and 50 bps would result in decreases in the fair value of the IRLCs of approximately $5 million and $11 million, respectively. The decrease in fair value of IRLCs due to immediate 10% and 20% adverse changes in the assumed loan closing rates would be approximately $1 million and $2 million, respectively, and the increase in fair value due to immediate 10% and 20% favorable changes in the assumed loan closing rates would be approximately $1 million and $2 million, respectively. These sensitivities are hypothetical and should be used with caution, as changes in fair value based on a variation in assumptions typically cannot be extrapolated because the relationship of the change in assumptions to the change in fair value may not be linear.

Short positions
Where quoted prices are available in an active market, short positions 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 and therefore are classified within Level 2 of the valuation hierarchy. Level 2 securities include asset-backed and other debt securities.
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2021 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$161 656 53 (201)669 
Total (losses) gains (realized/unrealized):(b)
Included in earnings(2)(139)153 (86)(74)
Purchases/originations— 604 (3)— 601 
Settlements(54)— (199)73 (180)
Transfers into Level 3(c)
49 — — — 49 
Balance, end of period$154 1,121 4 (214)1,065 
The amount of total gains (losses) for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2021
$(2)78 15 (86)5 
(a)Net interest rate derivatives include derivative assets and liabilities of $12 and $8, respectively, as of December 31, 2021.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2021.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2020 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$183 993 10 (163)1,023 
Total (losses) gains (realized/unrealized):(b)
Included in earnings3 (565)272 (103)(393)
Purchases/originations— 228 4 — 232 
Settlements(74)— (233)65 (242)
Transfers into Level 3(c)
49 — — — 49 
Balance, end of period$161 656 53 (201)669 
The amount of total (losses) gains for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2020
$3 (227)58 (103)(269)
(a)Net interest rate derivatives include derivative assets and liabilities of $61 and $8, respectively, as of December 31, 2020.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2020.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2019 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$179 938 (1)(125)991 
Total (losses) gains (realized/unrealized):
Included in earnings(1)(376)145 (107)(339)
Purchases/originations— 431 (3)— 428 
Settlements(31)— (131)69 (93)
Transfers into Level 3(b)
36 — — — 36 
Balance, end of period$183 993 10 (163)1,023 
The amount of total (losses) gains for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2019
$(1)(250)20 (107)(338)
(a)Net interest rate derivatives include derivative assets and liabilities of $18 and $8, respectively, as of December 31, 2019.
(b)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
The total losses and gains included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019 as follows:
($ in millions)202120202019
Mortgage banking net revenue$9 (291)(235)
Commercial banking revenue3 2 3 
Other noninterest income(86)(104)(107)
Total losses$(74)(393)(339)

The total gains and losses included in earnings attributable to changes in unrealized gains and losses related to Level 3 assets and liabilities still held at December 31, 2021, 2020 and 2019 were recorded in the Consolidated Statements of Income as follows:
($ in millions)202120202019
Mortgage banking net revenue$88 (167)(233)
Commercial banking revenue3 2 2 
Other noninterest income(86)(104)(107)
Total gains (losses)$5 (269)(338)

The following tables present information about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured at fair value on a recurring basis:
As of December 31, 2021 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$154 Loss rate modelInterest rate risk factor(8.5)-8.8%0.4 %
(a)
Credit risk factor— -28.5%0.3 %
(a)
(Fixed)10.7 %
(b)
Servicing rights1,121 DCFPrepayment speed— -100.0%(Adjustable)20.6 %
(b)
(Fixed)686
(b)
OAS (bps)479 -1,587(Adjustable)1,087
(b)
IRLCs, net12 DCFLoan closing rates8.9 -97.2%80.9 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(214)DCFTiming of the resolution of the Covered LitigationQ1 2023-Q2 2025Q1 2024
(d)
(a) Unobservable inputs were weighted by the relative carrying value of the instruments.
(b) Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c) Unobservable inputs were weighted by the relative notional amount of the instruments.
(d) Unobservable inputs were weighted by the probability of the final funding date of the instruments.

As of December 31, 2020 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$161 Loss rate modelInterest rate risk factor(8.2)-7.8%1.7 %
(a)
Credit risk factor— -25.7%0.6 %
(a)
(Fixed)17.8 %
(b)
Servicing rights656 DCFPrepayment speed0.5 -99.9%(Adjustable)22.6 %
(b)
(Fixed)723
(b)
OAS (bps)536 -1,587(Adjustable)950
(b)
IRLCs, net57 DCFLoan closing rates18.1 -97.2%60.8 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(201)DCFTiming of the resolution of the Covered LitigationQ3 2022-Q3 2024Q2 2023
(d)
(a) Unobservable inputs were weighted by the relative carrying value of the instruments.
(b) Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c) Unobservable inputs were weighted by the relative notional amount of the instruments.
(d) Unobservable inputs were weighted by the probability of the final funding date of the instruments.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Certain assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment.
The following tables provide the fair value hierarchy and carrying amount of all assets that were held as of December 31, 2021 and 2020 and for which a nonrecurring fair value adjustment was recorded during the years ended December 31, 2021 and 2020, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period.
Fair Value Measurements UsingTotal (Losses) Gains
As of December 31, 2021 ($ in millions)Level 1  Level 2Level 3    Total For the year ended December 31, 2021
Commercial loans held for sale$— — 2 2 2 
Commercial loans and leases— — 236 236 (29)
Consumer and residential mortgage loans— — 125 125 (1)
OREO— — 7 7 (6)
Bank premises and equipment— — 11 11 (6)
Operating lease equipment— — 13 13 (21)
Private equity investments— 1 14 15 38 
Total$— 1 408 409 (23)
Fair Value Measurements UsingTotal (Losses) Gains
As of December 31, 2020 ($ in millions)Level 1Level 2Level 3TotalFor the year ended December 31, 2020
Commercial loans held for sale$— 8 16 24 (5)
Commercial loans and leases— — 504 504 (243)
Consumer and residential mortgage loans— — 159 159 1 
OREO— — 20 20 (7)
Bank premises and equipment— — 26 26 (30)
Operating lease equipment— — 35 35 (6)
Private equity investments— 27 69 96 18 
Total$— 35 829 864 (272)

The following tables present information as of December 31, 2021 and 2020 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured on a nonrecurring basis:
As of December 31, 2021 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$2 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases236 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans125 Appraised valueCollateral valueNMNM
OREO7 Appraised valueAppraised valueNMNM
Bank premises and equipment11 Appraised valueAppraised valueNMNM
Operating lease equipment13 Appraised valueAppraised valueNMNM
Private equity investments14 Comparable company analysisMarket comparable transactionsNMNM
As of December 31, 2020 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of  
Inputs  		Weighted-Average
Commercial loans held for sale$16 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases504 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans159 Appraised valueCollateral valueNMNM
OREO20 Appraised valueAppraised valueNMNM
Bank premises and equipment26 Appraised valueAppraised valueNMNM
Operating lease equipment35 Appraised valueAppraised valueNMNM
Private equity investments69 Comparable company analysisMarket comparable transactionsNMNM

Commercial loans held for sale
The Bancorp estimated the fair value of certain commercial loans held for sale during the years ended December 31, 2021 and 2020, resulting in a positive fair value adjustment of $1 million and a negative fair value adjustment of $5 million during the years ended December 31, 2021 and 2020, respectively. These valuations were based on quoted prices for similar assets in active markets (Level 2 of the valuation hierarchy), appraisals of the underlying collateral or by applying unobservable inputs such as an estimated market discount to the unpaid principal balance of the loans or the appraised values of the assets (Level 3 of the valuation hierarchy). The Bancorp recognized gains on the sale of
certain commercial loans held for sale of $1 million and an immaterial amount during the years ended December 31, 2021 and 2020, respectively.

Portfolio loans and leases
During the years ended December 31, 2021 and 2020, the Bancorp recorded nonrecurring adjustments to certain collateral-dependent portfolio loans and leases. When a loan is collateral-dependent, the fair value of the loan is generally based on the fair value less cost to sell of the underlying collateral supporting the loan and therefore these loans were classified within Level 3 of the valuation hierarchy. In cases where the amortized cost basis of the loan or lease exceeds the estimated net realizable value of the collateral, then an ALLL is recognized, or a charge-off once the remaining amount is considered uncollectible.

OREO
During the years ended December 31, 2021 and 2020, the Bancorp recorded nonrecurring adjustments to certain commercial and residential real estate properties and branch-related real estate no longer intended to be used for banking purposes classified as OREO and measured at the lower of carrying amount or fair value. These nonrecurring losses were primarily due to declines in real estate values of the properties recorded in OREO. For the years ended December 31, 2021 and 2020, these losses include $5 million and $3 million in losses, respectively, recorded as charge-offs on new OREO properties transferred from loans during the respective periods and $1 million and $4 million, respectively, recorded as negative fair value adjustments on OREO in other noninterest expense or other noninterest income in the Consolidated Statements of Income subsequent to their transfer into OREO. The fair value amounts are generally based on appraisals of the property values, resulting in a classification within Level 3 of the valuation hierarchy. In cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. The previous tables reflect the fair value measurements of the properties before deducting the estimated costs to sell.

Bank premises and equipment
The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. These properties were written down to their lower of cost or market values. At least annually thereafter, the Bancorp will review these properties for market fluctuations. The fair value amounts were generally based on appraisals of the property values, resulting in a classification within Level 3 of the valuation hierarchy. For further information on bank premises and equipment, refer to Note 7.

Operating lease equipment
The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. When evaluating whether an individual asset is impaired, the Bancorp considers the current fair value of the asset, the changes in overall market demand for the asset and the rate of change in advancements associated with technological improvements that impact the demand for the specific asset under review. As part of this ongoing assessment, the Bancorp determined that the carrying values of certain operating lease equipment were not recoverable and as a result, the Bancorp recorded an impairment loss equal to the amount by which the carrying value of the assets exceeded the fair value. The fair value amounts were generally based on appraised values of the assets, resulting in a classification within Level 3 of the valuation hierarchy.

Private equity investments
The Bancorp accounts for its private equity investments using the measurement alternative to fair value, except for those accounted for under the equity method of accounting. Under the measurement alternative, the Bancorp carries each investment at its cost basis minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. The Bancorp recognized gains of $41 million and $23 million during the years ended December 31, 2021 and 2020, respectively, resulting from observable price changes. The carrying value of the Bancorp’s private equity investments still held as of December 31, 2021 includes a cumulative $68 million of positive adjustments as a result of observable price changes since January 1, 2018. Because these adjustments are based on observable transactions in inactive markets, they are classified in Level 2 of the fair value hierarchy.

For private equity investments which are accounted for using the measurement alternative to fair value, the Bancorp qualitatively evaluates each investment quarterly to determine if impairment may exist. If necessary, the Bancorp then measures impairment by estimating the value of its investment and comparing that to the investment’s carrying value, whether or not the Bancorp considers the impairment to be temporary. These valuations are typically developed using a DCF method, but other methods may be used if more appropriate for the circumstances. These valuations are based on unobservable inputs and therefore are classified in Level 3 of the fair value hierarchy. The Bancorp recognized impairments of $3 million and $9 million during the years ended December 31, 2021 and 2020, respectively. The carrying value of the Bancorp’s private equity investments still held as of December 31, 2021 includes a cumulative $24 million of impairment charges recognized since adoption of the measurement alternative to fair value on January 1, 2018.

Fair Value Option
The Bancorp elected to measure certain residential mortgage loans held for sale under the fair value option as allowed under U.S. GAAP. Electing to measure residential mortgage loans held for sale at fair value reduces certain timing differences and better matches changes in the value of these assets with changes in the value of derivatives used as economic hedges for these assets. Management’s intent to sell residential mortgage loans classified as held for sale may change over time due to such factors as changes in the overall liquidity in markets
or changes in characteristics specific to certain loans held for sale. Consequently, these loans may be reclassified to loans held for investment and maintained in the Bancorp’s loan portfolio. In such cases, the loans will continue to be measured at fair value.

Fair value changes recognized in earnings for residential mortgage loans held at December 31, 2021 and 2020 for which the fair value option was elected, as well as the changes in fair value of the underlying IRLCs, included gains of $28 million and $75 million, respectively. These gains are reported in mortgage banking net revenue in the Consolidated Statements of Income.

Valuation adjustments related to instrument-specific credit risk for residential mortgage loans measured at fair value negatively impacted the fair value of those loans by an immaterial amount and $1 million at December 31, 2021 and 2020, respectively. Interest on loans measured at fair value is accrued as it is earned using the effective interest method and is reported as interest income in the Consolidated Statements of Income.

The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
($ in millions)Aggregate  Fair ValueAggregate Unpaid Principal BalanceDifference
December 31, 2021
Residential mortgage loans measured at fair value$1,177 1,149 28 
Past due loans of 90 days or more3 3 — 
Nonaccrual loans— — — 
December 31, 2020
Residential mortgage loans measured at fair value$1,642 1,567 75 
Past due loans of 90 days or more3 3 — 
Nonaccrual loans— — — 

The Bancorp invests in certain hybrid financial instruments with embedded derivatives that are not clearly and closely related to the host contracts. The Bancorp has elected to measure the entire instrument at fair value with changes in fair value recognized in earnings. The carrying value of these investments was $89 million as of December 31, 2021 and the investments are classified as trading debt securities in the Consolidated Balance Sheets. Fair value changes recognized in earnings included losses of $3 million for the year ended December 31, 2021, reported in securities (losses) gains, net in the Consolidated Statements of Income.
Fair Value of Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net CarryingFair Value Measurements Using        Total
As of December 31, 2021 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$2,994 2,994 — — 2,994 
Other short-term investments34,572 34,572 — — 34,572 
Other securities519 — 519 — 519 
Held-to-maturity securities8 — — 8 8 
Loans and leases held for sale3,392 — — 3,405 3,405 
Portfolio loans and leases:
Commercial loans and leases69,166 — — 69,924 69,924 
Consumer and residential mortgage loans40,838 — — 41,632 41,632 
Total portfolio loans and leases, net$110,004 — — 111,556 111,556 
Financial liabilities:
Deposits$169,324 — 169,316 — 169,316 
Federal funds purchased281 281 — — 281 
Other short-term borrowings980 — 980 — 980 
Long-term debt11,425 12,091 387 — 12,478 
Net CarryingFair Value Measurements Using        Total
As of December 31, 2020 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$3,147 3,147 — — 3,147 
Other short-term investments33,399 33,399 — — 33,399 
Other securities524 — 524 — 524 
Held-to-maturity securities11 — — 11 11 
Loans and leases held for sale3,260 — — 3,269 3,269 
Portfolio loans and leases:
Commercial loans and leases67,541 — — 67,810 67,810 
Consumer and residential mortgage loans38,627 — — 40,522 40,522 
Total portfolio loans and leases, net$106,168 — — 108,332 108,332 
Financial liabilities:
Deposits$159,081 — 159,094 — 159,094 
Federal funds purchased300 300 — — 300 
Other short-term borrowings1,192 — 1,192 — 1,192 
Long-term debt14,973 15,606 923 — 16,529 
v3.22.0.1
Regulatory Capital Requirements and Capital Ratios
 12 Months Ended
Dec. 31, 2021
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Regulatory Capital Requirements and Capital Ratios Regulatory Capital Requirements and Capital Ratios
The Board of Governors of the Federal Reserve System issued capital adequacy guidelines pursuant to which it assesses the adequacy of capital in examining and supervising a BHC. These guidelines include quantitative measures that assign risk weightings to assets and off-balance sheet items, define and set minimum regulatory capital requirements as well as the measure of “well-capitalized” status. Additionally, the Banking Agencies issued similar guidelines for minimum regulatory capital requirements and “well-capitalized” measurements for banking subsidiaries.

The following table summarizes the prescribed capital ratios for the Bancorp and its banking subsidiary.
Minimum      Well-Capitalized
CET1 capital:
Fifth Third Bancorp4.50 %N/A
Fifth Third Bank, National Association4.50 6.50 
Tier 1 risk-based capital:
Fifth Third Bancorp6.00 6.00 
Fifth Third Bank, National Association6.00 8.00 
Total risk-based capital:
Fifth Third Bancorp8.00 10.00 
Fifth Third Bank, National Association8.00 10.00 
Leverage:
Fifth Third Bancorp4.00 N/A
Fifth Third Bank, National Association4.00 5.00 

Failure to meet the minimum capital requirements or falling below the “well-capitalized” measure can initiate certain actions by regulators that could have a direct material effect on the Consolidated Financial Statements of the Bancorp. On October 1, 2020, the Bancorp became subject to the stress capital buffer requirement. Institutions subject to the stress capital buffer requirement must maintain capital ratios above their respective buffered minimum (regulatory minimum plus stress capital buffer) in order to avoid certain limitations on capital distributions and discretionary bonuses to executive officers. The FRB uses the supervisory stress test to determine the Bancorp’s stress capital buffer, subject to a floor of 2.5%. The Bancorp’s stress capital buffer requirement has been 2.5% since the introduction of this framework and was most recently affirmed on June 24, 2021. The Bancorp’s capital ratios have exceeded the stress capital buffer requirement for all periods presented.

The Bancorp and its banking subsidiary, Fifth Third Bank, National Association, had CET1 capital, Tier 1 risk-based capital, Total risk-based capital and Leverage ratios above the “well-capitalized” levels at both December 31, 2021 and 2020. To continue to qualify for financial holding company status pursuant to the Gramm-Leach-Bliley Act of 1999, the Bancorp’s banking subsidiary must, among other things, maintain “well-capitalized” capital ratios.

The following table presents capital and risk-based capital and leverage ratios for the Bancorp and its banking subsidiary at December 31:
20212020
($ in millions)AmountRatio        AmountRatio      
CET1 capital:
Fifth Third Bancorp$14,781 9.54 %$14,682 10.34 %
Fifth Third Bank, National Association16,723 10.90 17,253 12.28 
Tier 1 risk-based capital:
Fifth Third Bancorp16,897 10.91 16,797 11.83 
Fifth Third Bank, National Association16,723 10.90 17,253 12.28 
Total risk-based capital:
Fifth Third Bancorp20,789 13.42 21,412 15.08 
Fifth Third Bank, National Association18,917 12.33 19,915 14.17 
Leverage:(a)
Fifth Third Bancorp16,897 8.27 16,797 8.49 
Fifth Third Bank, National Association16,723 8.29 17,253 8.85 
(a)Quarterly average assets are a component of the Leverage ratio and for this purpose do not include goodwill and any other intangible assets and other investments that the Banking Agencies determine should be deducted from Tier 1 capital.
v3.22.0.1
Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Statements Parent Company Financial Statements
Condensed Statements of Income (Parent Company Only)
For the years ended December 31 ($ in millions)202120202019
Income
Dividends from consolidated nonbank subsidiaries(a)
$3,040 1,285 2,155 
Securities gains, net1 1 2 
Interest 11 17 24 
Total income3,052 1,303 2,181 
Expenses
Interest250 266 267 
Other30 26 65 
Total expenses280 292 332 
Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries2,772 1,011 1,849 
Applicable income tax benefit(62)(65)(69)
Income Before Equity in Undistributed Earnings of Subsidiaries2,834 1,076 1,918 
Equity in undistributed earnings(64)351 594 
Net Income Attributable to Bancorp$2,770 1,427 2,512 
Other Comprehensive Income— — — 
Comprehensive Income Attributable to Bancorp$2,770 1,427 2,512 
(a)The Bancorp’s indirect banking subsidiary paid dividends to the Bancorp’s direct nonbank subsidiary holding company of $3.0 billion, $1.3 billion and $2.0 billion for the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, a $200 million dividend was paid by MB Financial, Inc. to the Bancorp during the year ended December 31, 2019.

Condensed Balance Sheets (Parent Company Only)
As of December 31 ($ in millions)20212020
Assets
Cash$122 120 
Other short-term investments6,234 5,578 
Equity securities49 49 
Loans to nonbank subsidiaries192 350 
Investment in nonbank subsidiaries23,877 25,214 
Goodwill80 80 
Other assets431 479 
Total Assets$30,985 31,870 
Liabilities
Other short-term borrowings$361 450 
Accrued expenses and other liabilities487 548 
Long-term debt (external)7,927 7,761 
Total Liabilities$8,775 8,759 
Equity
Common stock$2,051 2,051 
Preferred stock2,116 2,116 
Capital surplus3,624 3,635 
Retained earnings20,236 18,384 
Accumulated other comprehensive income1,207 2,601 
Treasury stock(7,024)(5,676)
Total Equity22,210 23,111 
Total Liabilities and Equity$30,985 31,870 
Condensed Statements of Cash Flows (Parent Company Only)   
For the years ended December 31 ($ in millions)202120202019
Operating Activities   
Net income$2,770 1,427 2,512 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion7 7 7 
(Benefit from) provision for deferred income taxes(1)— (11)
Securities gains, net(1)(1)(2)
Equity in undistributed earnings64 (351)(594)
Net change in:
Equity securities1 — (49)
Other assets(40)(1)(80)
Accrued expenses and other liabilities(80)— 127 
Net Cash Provided by Operating Activities2,720 1,081 1,910 
Investing Activities
Net change in:
Other short-term investments(656)(855)(1,081)
Loans to nonbank subsidiaries158 94 127 
Net cash paid on acquisition— — (469)
Net Cash Used in Investing Activities(498)(761)(1,423)
Financing Activities
Net change in other short-term borrowings(89)91 106 
Dividends paid on common and preferred stock(897)(858)(753)
Proceeds from issuance of long-term debt498 1,243 2,235 
Repayment of long-term debt(250)(1,100)(500)
Issuance of preferred stock— 346 242 
Repurchase of treasury stock and related forward contract(1,393)— (1,763)
Other, net(89)(40)(56)
Net Cash Used in Financing Activities(2,220)(318)(489)
Increase (Decrease) in Cash2 2 (2)
Cash at Beginning of Period120 118 120 
Cash at End of Period$122 120 118 
v3.22.0.1
Business Segments
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Business Segments Business Segments
The Bancorp reports on four business segments: Commercial Banking, Branch Banking, Consumer Lending and Wealth and Asset Management. Results of the Bancorp’s business segments are presented based on its management structure and management accounting practices. The structure and accounting practices are specific to the Bancorp; therefore, the financial results of the Bancorp’s business segments are not necessarily comparable with similar information for other financial institutions. The Bancorp refines its methodologies from time to time as management’s accounting practices and businesses change.

The Bancorp manages interest rate risk centrally at the corporate level. By employing an FTP methodology, the business segments are insulated from most benchmark interest rate volatility, enabling them to focus on serving customers through the origination of loans and acceptance of deposits. The FTP methodology assigns charge and credit rates to classes of assets and liabilities, respectively, based on the estimated amount and timing of the cash flows for each transaction. Assigning the FTP rate based on matching the duration of cash flows allocates interest income and interest expense to each business segment so its resulting net interest income is insulated from future changes in benchmark interest rates. The Bancorp’s FTP methodology also allocates the contribution to net interest income of the asset-generating and deposit-providing businesses on a duration-adjusted basis to better attribute the driver of the performance. As the asset and liability durations are not perfectly matched, the residual impact of the FTP methodology is captured in General Corporate and Other. The charge and credit rates are determined using the FTP rate curve, which is based on an estimate of Fifth Third’s marginal borrowing cost in the wholesale funding markets. The FTP curve is constructed using the U.S. swap curve, brokered CD pricing and unsecured debt pricing.

The Bancorp adjusts the FTP charge and credit rates as dictated by changes in interest rates for various interest-earning assets and interest-bearing liabilities and by the review of behavioral assumptions, such as prepayment rates on interest-earning assets and the estimated durations for indeterminate-lived deposits. Key assumptions, including the credit rates provided for deposit accounts, are reviewed annually. Credit rates for deposit products and charge rates for loan products may be reset more frequently in response to changes in market conditions.

The Bancorp’s methodology for allocating provision for credit losses expense to the business segments includes charges or benefits associated with changes in criticized commercial loan levels in addition to actual net charge-offs experienced by the loans and leases owned by each business segment. Provision for credit losses expense attributable to loan and lease growth and changes in ALLL factors is captured in General Corporate and Other. The financial results of the business segments include allocations for shared services and headquarters expenses. Additionally, the business segments form synergies by taking advantage of relationship depth opportunities and funding operations by accessing the capital markets as a collective unit.

The following is a description of each of the Bancorp’s business segments and the products and services they provide to their respective client bases.

Commercial Banking offers credit intermediation, cash management and financial services to large and middle-market businesses and government and professional customers. In addition to the traditional lending and depository offerings, Commercial Banking products and services include global cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing and syndicated finance.

Branch Banking provides a full range of deposit and loan and lease products to individuals and small businesses through 1,117 full-service banking centers. Branch Banking offers depository and loan products, such as checking and savings accounts, home equity loans and lines of credit, credit cards and loans for automobiles and other personal financing needs, as well as products designed to meet the specific needs of small businesses, including cash management services.

Consumer Lending includes the Bancorp’s residential mortgage, automobile and other indirect lending activities. Residential mortgage activities within Consumer Lending include the origination, retention and servicing of residential mortgage loans, sales and securitizations of those loans and all associated hedging activities. Residential mortgages are primarily originated through a dedicated sales force and through third-party correspondent lenders. Automobile and other indirect lending activities include extending loans to consumers through automobile dealers, motorcycle dealers, powersport dealers, recreational vehicle dealers and marine dealers.

Wealth and Asset Management provides a full range of wealth management services for individuals, companies and not-for-profit organizations. Wealth and Asset Management is made up of three main businesses: FTS, an indirect wholly-owned subsidiary of the Bancorp; Fifth Third Private Bank; and Fifth Third Institutional Services. FTS offers full service retail brokerage services to individual clients and broker-dealer services to the institutional marketplace. Fifth Third Private Bank offers wealth management strategies to high net worth and ultra-high net worth clients through wealth planning, investment management, banking, insurance, trust and estate services. Fifth Third Institutional Services provides advisory services for institutional clients including middle market businesses, non-profits, states and municipalities.
The following tables present the results of operations and assets by business segment for the years ended December 31:
2021 ($ in millions)Commercial
Banking		Branch BankingConsumer LendingWealth
and Asset
Management		General
Corporate
and Other		EliminationsTotal
Net interest income$1,498 1,221 562 88 1,401 — 4,770 
(Benefit from) provision for credit losses(583)97 9 (1)101 — (377)
Net interest income after (benefit from)
     provision for credit losses
2,081 1,124 553 89 1,300 — 5,147 
Noninterest income:
Commercial banking revenue626 9 — 2 — — 637 
Service charges on deposits363 236 — 1 — — 600 
Wealth and asset management revenue2 206 — 558 — (180)
(a)
586 
Card and processing revenue61 329 — 2 10 — 402 
Leasing business revenue300 
(c)
— — — — — 300 
Mortgage banking net revenue— 10 257 3 — — 270 
Other noninterest income(b)
87 103 9 4 129 — 332 
Securities (losses) gains, net8 — — — (15)— (7)
Securities losses, net -non-qualifying
     hedges on MSRs		— — (2)— — — (2)
Total noninterest income1,447 893 264 570 124 (180)3,118 
Noninterest expense:
Compensation and benefits586 646 245 205 944 — 2,626 
Technology and communications17 5 11 1 354 — 388 
Net occupancy expense(d)
33 191 10 15 63 — 312 
Equipment expense26 38 — — 74 — 138 
Leasing business expense137 — — — — — 137 
Marketing expense7 38 3 2 57 — 107 
Card and processing expense6 86 — 1 (4)— 89 
Other noninterest expense843 870 370 316 (1,268)(180)951 
Total noninterest expense1,655 1,874 639 540 220 (180)4,748 
Income before income taxes1,873 143 178 119 1,204 — 3,517 
Applicable income tax expense354 29 37 25 302 — 747 
Net income1,519 114 141 94 902 — 2,770 
Total goodwill$1,980 2,303 — 231 — — 4,514 
Total assets$73,306 92,079 33,270 13,836 (1,375)
(e)
— 211,116 
(a)Revenue sharing agreements between wealth and asset management and branch banking are eliminated in the Consolidated Statements of Income. 
(b)Includes impairment charges of $6 and $1 for bank premises and equipment recorded in Branch Banking and General Corporate and Other, respectively. For more information, refer to Note 7 and Note 28. 
(c)Includes impairment charges of $25 for operating lease equipment. For more information, refer to Note 8 and Note 28. 
(d)Includes impairment losses and termination charges of $3 for ROU assets related to certain operating leases. For more information, refer to Note 9.
(e)Includes bank premises and equipment of $24 classified as held for sale. For more information, refer to Note 7. 
2020 ($ in millions)Commercial BankingBranch BankingConsumer
Lending		Wealth
and Asset
Management		General
Corporate
and Other		EliminationsTotal      
Net interest income$1,903 1,667 381 139 692 — 4,782 
Provision for (benefit from) credit losses1,050 231 34 3 (221)— 1,097 
Net interest income after provision for (benefit
     from) credit losses		853 1,436 347 136 913 — 3,685 
Noninterest income:
Commercial banking revenue524 5 — 2 (3)— 528 
Service charges on deposits343 215 — 1 — — 559 
Wealth and asset management revenue3 172 — 498 — (153)
(a)
520 
Card and processing revenue54 283 — 2 13 — 352 
Leasing business revenue276 
(c)
— — — — — 276 
Mortgage banking net revenue— 8 307 5 — — 320 
Other noninterest income(b)
101 68 10 18 14 — 211 
Securities gains, net— — — — 62 — 62 
Securities gains, net -non-qualifying
hedges on MSRs
— — 2 — — — 2 
Total noninterest income1,301 751 319 526 86 (153)2,830 
Noninterest expense:
Compensation and benefits557 649 221 218 945 — 2,590 
Technology and communications13 4 8 1 336 — 362 
Net occupancy expense(d)
31 176 10 12 121 — 350 
Equipment expense27 41 — 1 61 — 130 
Leasing business expense140 — — — — — 140 
Marketing expense8 32 3 2 59 — 104 
Card and processing expense7 116 — 1 (3)— 121 
Other noninterest expense938 851 276 298 (1,289)(153)921 
Total noninterest expense1,721 1,869 518 533 230 (153)4,718 
Income before income taxes433 318 148 129 769 — 1,797 
Applicable income tax expense46 67 31 27 199 — 370 
Net income387 251 117 102 570 — 1,427 
Total goodwill$1,980 2,047 — 231 — — 4,258 
Total assets$70,241 79,982 30,480 12,466 11,511 
(e)
— 204,680 
(a)Revenue sharing agreements between wealth and asset management and branch banking are eliminated in the Consolidated Statements of Income.
(b)Includes impairment charges of $15 recorded in Branch Banking and $15 recorded in General Corporate and Other for bank premises and equipment. For more information, refer to Note 7 and Note 28.
(c)Includes impairment charges of $7 for operating lease equipment. For more information, refer to Note 8 and Note 28.
(d)Includes impairment losses and termination charges of $8 for ROU assets related to certain operating leases. For more information, refer to Note 9. 
(e)Includes bank premises and equipment of $35 classified as held for sale. For more information, refer to Note 7.
2019 ($ in millions)Commercial
Banking		Branch BankingConsumer
Lending		Wealth
and Asset
Management		General
Corporate
and Other		EliminationsTotal      
Net interest income$2,360 2,371 325 182 (441)— 4,797 
Provision for credit losses183 224 49 — 15 — 471 
Net interest income after provision for credit
     losses		2,177 2,147 276 182 (456)— 4,326 
Noninterest income:
Commercial banking revenue455 4 — 1 — — 460 
Service charges on deposits308 260 — 1 (4)— 565 
Wealth and asset management revenue3 158 — 469 — (143)
(a)
487 
Card and processing revenue66 285 — 3 6 — 360 
Leasing business revenue270 
(c)
— — — — — 270 
Mortgage banking net revenue— 6 279 2 — — 287 
Other noninterest income(b)
85 89 14 13 863 — 1,064 
Securities gains, net— — — — 40 — 40 
Securities gains, net -non-qualifying hedges
on MSRs
— — 3 — — — 3 
Total noninterest income1,187 802 296 489 905 (143)3,536 
Noninterest expense:
Compensation and benefits466 601 196 217 938 — 2,418 
Technology and communications11 4 8 1 398 — 422 
Net occupancy expense(d)
28 173 10 13 108 — 332 
Equipment expense25 48 — 1 55 — 129 
Leasing business expense133 — — — — — 133 
Marketing expense12 72 4 5 69 — 162 
Card and processing expense8 123 — 1 (2)— 130 
Other noninterest expense938 839 237 291 (1,228)(143)934 
Total noninterest expense1,621 1,860 455 529 338 (143)4,660 
Income before income taxes1,743 1,089 117 142 111 — 3,202 
Applicable income tax expense319 229 25 30 87 — 690 
Net income1,424 860 92 112 24 — 2,512 
Total goodwill$1,954 2,046 — 252 — — 4,252 
Total assets$74,570 69,413 26,555 10,500 (11,669)
(e)
— 169,369 
(a)Revenue sharing agreements between wealth and asset management and branch banking are eliminated in the Consolidated Statements of Income.
(b)Includes impairment charges of $11 and $17 for bank premises and equipment recorded in Branch Banking and General Corporate and Other, respectively. For more information, refer to Note 7.
(c)Includes impairment charges of $3 for operating lease equipment. For more information, refer to Note 8.
(d)Includes impairment losses and termination charges of $15 for ROU assets related to certain operating leases. For more information, refer to Note 9.
(e)Includes bank premises and equipment of $27 classified as held for sale. For more information, refer to Note 7.
v3.22.0.1
Summary of Significant Accounting and Reporting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Nature of Operations
Nature of Operations
Fifth Third Bancorp, an Ohio corporation, conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States as well as through other offices, telephone sales, the internet and mobile applications.
Basis of Presentation
Basis of Presentation
The Consolidated Financial Statements include the accounts of the Bancorp and its majority-owned subsidiaries and VIEs in which the Bancorp has been determined to be the primary beneficiary. Other entities, including certain joint ventures, in which the Bancorp has the ability to exercise significant influence over operating and financial policies of the investee, but upon which the Bancorp does not possess control, are accounted for by the equity method of accounting and not consolidated. The investments in those entities in which the Bancorp does not have the ability to exercise significant influence are generally carried at fair value unless the investment does not have a readily determinable fair value. The Bancorp accounts for equity investments without a readily determinable fair value using the measurement alternative to fair value, representing the cost of the investment minus any impairment recorded, if any, and plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Intercompany transactions and balances among consolidated entities have been eliminated.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Due from Banks
Cash and Due from Banks
Cash and due from banks consist of currency and coin, cash items in the process of collection and due from banks. Currency and coin includes both U.S. and foreign currency owned and held at Fifth Third offices and that is in-transit to the FRB. Cash items in the process of collection include checks and drafts that are drawn on another depository institution or the FRB that are payable immediately upon presentation in the U.S. Balances due from banks include noninterest-bearing balances that are funds on deposit at other depository institutions or the FRB.
Investment Securities
Investment Securities
Debt securities are classified as held-to-maturity, available-for-sale or trading on the date of purchase. Only those securities which management has the intent and ability to hold to maturity are classified as held-to-maturity and reported at amortized cost. Debt securities are classified as available-for-sale when, in management’s judgment, they may be sold in response to, or in anticipation of, changes in market conditions. Debt securities are classified as trading when bought and held principally for the purpose of selling them in the near term. Trading
debt securities are reported at fair value with unrealized gains and losses included in noninterest income. Available-for-sale debt securities are reported at fair value with unrealized gains and losses, net of related deferred income taxes, included in OCI. For available-for-sale debt securities hedged in a fair value hedge, the amortized cost basis of the hedged items (excluding unrealized gains and losses) includes the cumulative fair value hedging basis adjustments. Changes in the fair value of these securities which are attributable to changes in the hedged risk are recognized in earnings instead of OCI. Accrued interest receivable on investment securities is presented in the Consolidated Balance Sheets as a component of other assets.

Available-for-sale debt securities with unrealized losses are reviewed quarterly to determine if the decline in fair value is the result of a credit loss or other factors. An allowance for credit losses is recorded against available-for-sale securities to reflect the amount of the unrealized loss attributable to credit; however, this impairment is limited by the amount that the fair value is less than the amortized cost basis. Any remaining unrealized loss is recognized through OCI. Changes in the allowance for credit losses are recognized in earnings.

The determination of whether or not a credit loss exists is based on consideration of the cash flows expected to be collected from the debt security. The Bancorp develops these expectations after considering various factors such as agency ratings, the financial condition of the issuer or underlying obligors, payment history, payment structure of the security, industry and market conditions, underlying collateral and other factors which may be relevant based on the facts and circumstances pertaining to individual securities.
If the Bancorp intends to sell the debt security or will more likely than not be required to sell the debt security before recovery of its amortized cost basis, then the allowance for credit losses, if previously recorded, is written off and the security’s amortized cost is written down to the security’s fair value at the reporting date, with any incremental impairment recorded as a charge to noninterest income.

Held-to-maturity debt securities are assessed periodically to determine if a valuation allowance is necessary to absorb credit losses expected to occur over the remaining contractual life of the securities. The carrying amount of held-to-maturity debt securities is presented net of the valuation allowance for credit losses when such an allowance is deemed necessary.

Equity securities with readily determinable fair values not accounted for under the equity method are reported at fair value with unrealized gains and losses included in noninterest income in the Consolidated Statements of Income. Equity securities without readily determinable fair values are measured at cost minus impairment, if any, plus or minus changes as a result of an observable price change for the identical or similar investment of the same issuer. At each quarterly reporting period, the Bancorp performs a qualitative assessment to evaluate whether impairment indicators are present. If qualitative indicators are identified, the investment is measured at fair value with the impairment loss included in noninterest income in the Consolidated Statements of Income.

The fair value of a security is determined based on quoted market prices. If quoted market prices are not available, fair value is determined based on quoted prices of similar instruments.

Premiums on purchased callable debt securities are amortized to the earliest call date if the call feature meets certain criteria. Otherwise, premiums are amortized to maturity similar to discounts on callable debt securities.

Realized securities gains or losses are reported within noninterest income in the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method.
Investment securitiesAvailable-for-sale and held-to-maturity debt securities with unrealized losses were reviewed quarterly for possible OTTI. If the Bancorp intended to sell the debt security or would more likely than not be required to sell the debt security before recovery of the entire amortized cost basis, then an OTTI was deemed to have occurred. However, even if the Bancorp did not intend to sell the debt security and would not likely be required to sell the debt security before recovery of its entire amortized cost basis, the Bancorp evaluated expected cash flows to be received to determine if a credit loss had occurred. In the event of a credit loss, the credit component of the impairment was recognized within noninterest income and the non-credit component was recognized through OCI.
Portfolio Loans and Leases
Portfolio Loans and Leases
Basis of accounting
Portfolio loans and leases are generally reported at the principal amount outstanding, net of unearned income, deferred direct loan origination fees and costs and any direct principal charge-offs. Direct loan origination fees and costs are deferred and the net amount is amortized over the estimated life of the related loans as a yield adjustment. Interest income is recognized based on the principal balance outstanding computed using the effective interest method.

Loans and leases acquired by the Bancorp through a purchase business combination are recorded at fair value as of the acquisition date. Purchased loans and finance leases (including both sales-type leases and direct financing leases) are evaluated for evidence of credit deterioration at acquisition and recorded at their initial fair value. For loans and finance leases that do not exhibit evidence of more-than-insignificant credit deterioration since origination, the Bancorp does not carry over the acquired company’s ALLL, but upon acquisition will record an ALLL and provision for credit losses reflective of credit losses expected to be incurred over the remaining contractual life of the acquired loans. Premiums and discounts reflected in the initial fair value are amortized over the contractual life of the loan as an adjustment to yield.

For loans and finance leases that exhibit evidence of more-than-insignificant credit quality deterioration since origination, the Bancorp’s estimate of expected credit losses is added to the ALLL upon acquisition and to the initial purchase price of the loans and leases to determine the initial amortized cost basis for the purchased financial assets with credit deterioration. Any resulting difference between the initial amortized cost basis (as adjusted for expected credit losses) and the par value of the loans and leases at the acquisition date represents the non-credit premium or discount, which is amortized over the contractual life of the loan or lease as an adjustment to yield. This method of accounting for loans acquired with deteriorated credit quality does not apply to loans carried at fair value or residential mortgage loans held for sale.

The Bancorp’s lease portfolio consists of sales-type, direct financing and leveraged leases. Leases are classified as sales-type if the Bancorp transfers control of the underlying asset to the lessee. The Bancorp classifies leases that do not meet any of the criteria for a sales-type lease as a direct financing lease if the present value of the sum of the lease payments and any residual value guaranteed by the lessee and/or any other third party equals or exceeds substantially all of the fair value of the underlying asset and the collection of the lease payments and residual value guarantee is probable. Sales-type and direct financing leases are carried at the aggregate of lease payments plus estimated residual value of the leased property, less unearned income. Interest income on sales-type and direct financing leases is recognized over the term of the lease to achieve a constant periodic rate of return on the outstanding investment.

Leveraged leases, entered into before January 1, 2019, are carried at the aggregate of lease payments (less nonrecourse debt payments) plus estimated residual value of the leased property, less unearned income. Interest income on leveraged leases is recognized over the term of the lease to achieve a constant rate of return on the outstanding investment in the lease, net of the related deferred income tax liability, in the years in which the net investment is positive. Leveraged lease accounting is no longer applied for leases entered into or modified after the Bancorp’s adoption of ASU 2016-02, Leases, on January 1, 2019.
Portfolio loans and leases – basis of accounting
Loans acquired by the Bancorp through a purchase business combination were recorded at fair value as of the acquisition date. The Bancorp did not carry over the acquired company’s ALLL, nor did the Bancorp add to its existing ALLL as part of purchase accounting.

Purchased loans were evaluated for evidence of credit deterioration at acquisition and recorded at their initial fair value. For loans acquired with no evidence of credit deterioration, the fair value discount or premium was amortized over the contractual life of the loan as an adjustment to yield. For loans acquired with evidence of credit deterioration, the Bancorp determined at the acquisition date the excess of the loan’s contractually required payments over all cash flows expected to be collected as an amount that should not be accreted into interest income (nonaccretable difference). The remaining amount representing the difference in the expected cash flows of acquired loans and the initial investment in the acquired loans was accreted into interest income over the remaining life of the loan or pool of loans (accretable yield). Subsequent to the acquisition date, increases in expected cash flows over those expected at the acquisition date were recognized prospectively as interest income over the remaining life of the loan. The present values of any decreases in expected cash flows resulting directly from a change in the contractual interest rate were recognized prospectively as a reduction of the accretable yield. The present values of any decreases in expected cash flows after the acquisition date as a result of credit deterioration were recognized by recording an ALLL or a direct charge-off. Subsequent to the acquisition date, the methods utilized to estimate the required ALLL were similar to originated loans. This method of accounting for loans acquired with deteriorated credit quality did not apply to loans carried at fair value, residential mortgage loans held for sale and loans under revolving credit agreements.
Nonaccrual Loans and Leases
Nonaccrual loans and leases
When a loan is placed on nonaccrual status, the accrual of interest, amortization of loan premium, accretion of loan discount and amortization/accretion of deferred net direct loan origination fees or costs are discontinued and all previously accrued and unpaid interest is charged against income. Commercial loans are placed on nonaccrual status when there is a clear indication that the borrower’s cash flows may not be sufficient to meet payments as they become due. Such loans are also placed on nonaccrual status when the principal or interest is past due 90 days or more, unless the loan is both well-secured and in the process of collection. The Bancorp classifies residential mortgage loans that have principal and interest payments that have become past due 150 days as nonaccrual unless the loan is both well-secured and in the process of collection. Residential mortgage loans may stay on nonaccrual status for an extended time as the foreclosure process typically lasts longer than 180 days. Home equity loans and lines of credit are reported on nonaccrual status if principal or interest has been in default for 90 days or more unless the loan is both well-secured and in the process of collection. Home equity loans and lines of credit that have been in default for 60 days or more are also reported on nonaccrual status if the senior lien has been in default 120 days or more, unless the loan is both well secured and in the process of collection. Loans discharged in a Chapter 7 bankruptcy and not reaffirmed by the borrower are classified as collateral-dependent TDRs and placed on nonaccrual status regardless of the borrower’s payment history or capacity to repay in the future. Residential mortgage, home equity, automobile and other consumer loans that have been modified in a TDR and subsequently become past due 90 days are placed on nonaccrual status unless the loan is both well-secured and in the process of collection. Commercial and credit card loans that have been modified in a TDR are classified as nonaccrual unless such loans have sustained repayment performance of six months or more and are reasonably assured of repayment in accordance with the restructured terms. Well-secured loans are collateralized by perfected security interests in real and/or personal property for which the Bancorp estimates proceeds from the sale would be sufficient to recover the outstanding principal and accrued interest balance of the loan and pay all costs to sell the collateral. The Bancorp considers a loan in the process of collection if collection efforts or legal action is proceeding and the Bancorp expects to collect funds sufficient to bring the loan current or recover the entire outstanding principal and accrued interest balance.

Nonaccrual commercial loans and nonaccrual credit card loans are generally accounted for on the cost recovery method. The Bancorp believes the cost recovery method is appropriate for nonaccrual commercial loans and nonaccrual credit card loans because the assessment of collectability of the remaining amortized cost basis of these loans involves a high degree of subjectivity and uncertainty due to the nature or absence of underlying collateral. Under the cost recovery method, any payments received are applied to reduce principal. Once the entire recorded investment is collected, additional payments received are treated as recoveries of amounts previously charged-off until recovered in full, and any subsequent payments are treated as interest income. Nonaccrual residential mortgage loans and other nonaccrual consumer loans are generally accounted for on the cash basis method. The Bancorp believes the cash basis method is appropriate for nonaccrual residential mortgage and other nonaccrual consumer loans because such loans have generally been written down to estimated collateral values and the collectability of the remaining investment involves only an assessment of the fair value of the underlying collateral, which can be measured more objectively with a lesser degree of uncertainty than assessments of typical commercial loan collateral. Under the cash basis method, interest income is recognized when cash is received, to the extent such income would have been accrued on the loan’s remaining balance at the contractual rate. Nonaccrual loans may be returned to accrual status when all delinquent interest and principal payments become current in accordance with the loan agreement and are reasonably assured of repayment in accordance with the contractual terms of the loan agreement, or when the loan is both well-secured and in the process of collection.

Commercial loans on nonaccrual status, including those modified in a TDR, as well as criticized commercial loans with aggregate borrower relationships exceeding $1 million, are subject to an individual review to identify charge-offs. The Bancorp does not have an established delinquency threshold for partially or fully charging off commercial loans. Residential mortgage loans, home equity loans and lines of credit and credit card loans that have principal and interest payments that have become past due 180 days are assessed for a charge-off to the ALLL, unless such loans are both well-secured and in the process of collection. Home equity loans and lines of credit are also assessed for charge-off to the ALLL when such loans or lines of credit have become past due 120 days if the senior lien is also 120 days past due, unless such loans are both well-secured and in the process of collection. Automobile and other consumer loans that have principal and interest payments that have become past due 120 days are assessed for a charge-off to the ALLL, unless such loans are both well-secured and in the process of collection.
Restructured Loans and Leases
Restructured loans and leases
A loan is accounted for as a TDR if the Bancorp, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. TDRs include concessions granted under reorganization, arrangement or other provisions of the Federal Bankruptcy Act. A TDR typically involves a modification of terms such as a reduction of the stated interest rate or remaining principal amount of the loan, a reduction of accrued interest or an extension of the maturity date at a stated interest rate lower than the current market rate for a new loan with similar risk.

Upon modification of a loan, the Bancorp measures the expected credit loss as either the difference between the amortized cost of the loan and the fair value of collateral less cost to sell or the difference between the estimated future cash flows expected to be collected on the modified loan, discounted at the original effective yield of the loan, and the carrying value of the loan. Except for loans discharged in a Chapter 7 bankruptcy that are not reaffirmed by the borrower, residential mortgage loans, home equity loans, automobile loans and other consumer loans modified as part of a TDR are maintained on accrual status, provided there is reasonable assurance of repayment and of performance according to the modified terms based upon a current, well-documented credit evaluation. Loans discharged in a Chapter 7 bankruptcy and not reaffirmed by the borrower are classified as collateral-dependent TDRs and placed on nonaccrual status regardless of the
borrower’s payment history or capacity to repay in the future. These loans are returned to accrual status provided there is a sustained payment history of twelve months after bankruptcy and collectability is reasonably assured for all remaining contractual payments.

Commercial loans and credit card loans modified as part of a TDR are maintained on accrual status provided there is a sustained payment history of six months or more prior to the modification in accordance with the modified terms and collectability is reasonably assured for all remaining contractual payments under the modified terms. TDRs of commercial loans and credit card loans that do not have a sustained payment history of six months or more in accordance with their modified terms remain on nonaccrual status until a six-month payment history is sustained. In certain cases, commercial TDRs on nonaccrual status may be accounted for using the cash basis method for income recognition, provided that full repayment of principal under the modified terms of the loan is reasonably assured.

Residential mortgage loans that were restructured after receiving a forbearance related to the COVID-19 pandemic but that were not classified as a TDR as a result of the CARES Act are placed on nonaccrual status if they subsequently become past due 90 days unless the loan is both well-secured and in the process of collection, consistent with the Bancorp’s treatment of residential mortgage loan TDRs which subsequently become past due. Refer to the Regulatory Developments Related to the COVID-19 Pandemic section for additional information.
Loans and Leases Held for Sale
Loans and Leases Held for Sale
Loans and leases held for sale primarily represent conforming fixed-rate residential mortgage loans originated or acquired with the intent to sell in the secondary market and jumbo residential mortgage loans, commercial loans, other residential mortgage loans and other consumer loans that management has the intent to sell. Loans and leases held for sale may be carried at the lower of cost or fair value, or carried at fair value where the Bancorp has elected the fair value option of accounting under U.S. GAAP. The Bancorp has elected to measure certain groups of loans held for sale under the fair value option, including certain residential mortgage loans originated as held for sale and certain purchased commercial loans designated as held for sale at acquisition. For loans in which the Bancorp has not elected the fair value option, the lower of cost or fair value is determined at the individual loan level.

The fair value of residential mortgage loans held for sale for which the fair value election has been made is estimated based upon mortgage-backed securities prices and spreads to those prices or, for certain ARM loans, DCF models that may incorporate the anticipated portfolio composition, credit spreads of asset-backed securities with similar collateral and market conditions. The anticipated portfolio composition includes the effects of interest rate spreads and discount rates due to loan characteristics such as the state in which the loan was originated, the loan amount and the ARM margin. These fair value marks are recorded as a component of noninterest income in mortgage banking net revenue in the Consolidated Statements of Income. For residential mortgage loans that it has originated as held for sale, the Bancorp generally has commitments to sell these loans in the secondary market. Gains or losses on sales are recognized in mortgage banking net revenue in the Consolidated Statements of Income.

Management’s intent to sell residential mortgage loans classified as held for sale may change over time due to such factors as changes in the overall liquidity in markets or changes in characteristics specific to certain loans held for sale. Consequently, these loans may be reclassified to loans held for investment and, thereafter, reported within the Bancorp’s residential mortgage class of portfolio loans and leases. In such cases, if the fair value election was made, the residential mortgage loans will continue to be measured at fair value, which is based on mortgage-backed securities prices, interest rate risk and an internally developed credit component.

Loans and leases held for sale are placed on nonaccrual status consistent with the Bancorp’s nonaccrual policy for portfolio loans and leases.
Other Real Estate Owned
Other Real Estate Owned
OREO, which is included in other assets in the Consolidated Balance Sheets, represents property acquired through foreclosure or other proceedings and branch-related real estate no longer intended to be used for banking purposes. OREO is carried at the lower of cost or fair value, less costs to sell. All OREO property is periodically evaluated for impairment and decreases in carrying value are recognized as reductions in other noninterest income in the Consolidated Statements of Income. For government-guaranteed mortgage loans, upon foreclosure, a separate other receivable is recognized if certain conditions are met for the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. This receivable is also included in other assets, separate from OREO, in the Consolidated Balance Sheets.
ALLL
ALLL
The Bancorp disaggregates its portfolio loans and leases into portfolio segments for purposes of determining the ALLL. The Bancorp’s portfolio segments include commercial, residential mortgage and consumer. The Bancorp further disaggregates its portfolio segments into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. Classes within the commercial portfolio segment include commercial and industrial, commercial mortgage owner-occupied, commercial mortgage nonowner-occupied, commercial construction and commercial leasing. The residential mortgage portfolio segment is also considered a class. Classes within the consumer portfolio segment include home equity, indirect secured consumer, credit card and other consumer loans. For an analysis of the Bancorp’s ALLL by portfolio segment and credit quality information by class, refer to Note 6.

The Bancorp maintains the ALLL to absorb the amount of credit losses that are expected to be incurred over the remaining contractual terms of the related loans and leases. Contractual terms are adjusted for expected prepayments but are not extended for expected extensions,
renewals or modifications except in circumstances where the Bancorp reasonably expects to execute a TDR with the borrower or where certain extension or renewal options are embedded in the original contract and not unconditionally cancellable by the Bancorp.

Accrued interest receivable on loans is presented in the Consolidated Financial Statements as a component of other assets. When accrued interest is deemed to be uncollectible (typically when a loan is placed on nonaccrual status), interest income is reversed. The Bancorp follows established policies for placing loans on nonaccrual status, so uncollectible accrued interest receivable is reversed in a timely manner. As a result, the Bancorp has elected not to measure an allowance for credit losses for accrued interest receivable. Refer to the Portfolio Loans and Leases section for additional information.

Credit losses are charged and recoveries are credited to the ALLL. The ALLL is maintained at a level the Bancorp considers to be adequate and is based on ongoing quarterly assessments and evaluations of the collectability of loans and leases, including historical credit loss experience, current and forecasted market and economic conditions and consideration of various qualitative factors that, in management’s judgment, deserve consideration in estimating credit losses. Provisions for credit losses are recorded for the amounts necessary to adjust the ALLL to the Bancorp’s current estimate of expected credit losses on portfolio loans and leases.

The Bancorp’s methodology for determining the ALLL includes an estimate of expected credit losses on a collective basis for groups of loans and leases with similar risk characteristics and specific allowances for loans and leases which are individually evaluated.

Larger commercial loans and leases included within aggregate borrower relationship balances exceeding $1 million that exhibit probable or observed credit weaknesses, as well as loans that have been modified in a TDR, are individually evaluated for an ALLL. The Bancorp considers the current value of collateral, credit quality of any guarantees, the guarantor’s liquidity and willingness to cooperate, the loan structure and other factors when determining the amount of ALLL. Other factors may include the borrower’s susceptibility to risks presented by the forecasted macroeconomic environment, the industry and geographic region of the borrower, size and financial condition of the borrower, cash flow and leverage of the borrower and the Bancorp’s evaluation of the borrower’s management. When loans and leases are individually evaluated, allowances are determined based on management’s estimate of the borrower’s ability to repay the loan or lease given the availability of collateral and other sources of cash flow, as well as an evaluation of legal options available to the Bancorp. Allowances for individually evaluated loans and leases that are collateral-dependent are measured based on the fair value of the underlying collateral, less expected costs to sell where applicable. Individually evaluated loans and leases that are not collateral-dependent are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate. The Bancorp evaluates the collectability of both principal and interest when assessing the need for a loss accrual. Specific allowances on individually evaluated commercial loans and leases, including TDRs, are reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience.

Consumer and residential mortgage loans that have been modified in a TDR are individually evaluated for an ALLL. Allowances for individually evaluated loans that are collateral-dependent are typically measured based on the fair value of the underlying collateral, less expected costs to sell where applicable. Individually evaluated loans that are not collateral-dependent are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate and a modeled expected credit loss amount. The Bancorp evaluates the collectability of both principal and interest when assessing the need for a loss accrual. Specific allowances on individually evaluated consumer and residential mortgage loans are reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience.

Expected credit losses are estimated on a collective basis for loans and leases that are not individually evaluated. These include commercial loans and leases that do not meet the criteria for individual evaluation as well as homogeneous loans and leases in the residential mortgage and consumer portfolio segments. For collectively evaluated loans and leases, the Bancorp uses models to forecast expected credit losses based on the probability of a loan or lease defaulting, the expected balance at the estimated date of default and the expected loss percentage given a default. The estimate of the expected balance at the time of default considers prepayments and, for loans with available credit, expected utilization rates. The Bancorp’s expected credit loss models were developed based on historical credit loss experience and observations of migration patterns for various credit risk characteristics (such as internal credit risk grades, external credit ratings or scores, delinquency status, loan-to-value trends, etc.) over time, with those observations evaluated in the context of concurrent macroeconomic conditions. The Bancorp developed its models from historical observations capturing a full economic cycle when possible.

The Bancorp’s expected credit loss models consider historical credit loss experience, current market and economic conditions, and forecasted changes in market and economic conditions if such forecasts are considered reasonable and supportable. Generally, the Bancorp considers its forecasts to be reasonable and supportable for a period of up to three years from the estimation date. For periods beyond the reasonable and supportable forecast period, expected credit losses are estimated by reverting to historical loss information without adjustment for changes in economic conditions. This reversion is phased in over a two-year period. The Bancorp evaluates the length of its reasonable and supportable forecast period, its reversion period and reversion methodology at least annually, or more often if warranted by economic conditions or other circumstances.

The Bancorp also considers qualitative factors in determining the ALLL. Qualitative factors are used to capture characteristics in the portfolio that impact expected credit losses but that are not fully captured within the Bancorp’s expected credit loss models. These include adjustments
for changes in policies or procedures in underwriting, monitoring or collections, lending and risk management personnel and results of internal audit and quality control reviews. These may also include adjustments, when deemed necessary, for specific idiosyncratic risks such as geopolitical events, natural disasters and their effects on regional borrowers, and changes in product structures. Qualitative factors may also be used to address the impacts of unforeseen events on key inputs and assumptions within the Bancorp’s expected credit loss models, such as the reasonable and supportable forecast period, changes to historical loss information or changes to the reversion period or methodology.

When evaluating the adequacy of allowances, consideration is also given to regional geographic concentrations and the closely associated effect changing economic conditions have on the Bancorp’s customers.
ALLL
The Bancorp maintained the ALLL to absorb probable loan and lease losses inherent in its portfolio segments. The ALLL was maintained at a level the Bancorp considered to be adequate and was based on ongoing quarterly assessments and evaluations of the collectability and historical loss experience of loans and leases. Credit losses were charged and recoveries were credited to the ALLL. Provisions for loan and lease losses were based on the Bancorp’s review of the historical credit loss experience and such factors that, in management’s judgment, deserved consideration under existing economic conditions in estimating probable credit losses.

The Bancorp’s methodology for determining the ALLL required significant management judgment and was based on historical loss rates, current credit grades, specific allocation on loans modified in a TDR and impaired commercial credits above specified thresholds and other qualitative adjustments. Allowances on individual commercial loans and leases, TDRs and historical loss rates were reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience. An unallocated allowance was maintained to recognize the imprecision in estimating and measuring losses when evaluating allowances for pools of loans and leases.

Larger commercial loans and leases included within aggregate borrower relationship balances exceeding $1 million that exhibited probable or observed credit weaknesses, as well as loans that had been modified in a TDR, were subject to individual review for impairment. The Bancorp considered the current value of collateral, credit quality of any guarantees, the guarantor’s liquidity and willingness to cooperate, the loan or lease structure and other factors when evaluating whether an individual loan or lease was impaired. Other factors might include the industry and geographic region of the borrower, size and financial condition of the borrower, cash flow and leverage of the borrower and the Bancorp’s evaluation of the borrower’s management. When individual loans and leases were impaired, allowances were determined based on management’s estimate of the borrower’s ability to repay the loan or lease given the availability of collateral and other sources of cash flow, as well as an evaluation of legal options available to the Bancorp. Allowances for impaired loans and leases were measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, fair value of the underlying collateral or readily observable secondary market values. The Bancorp evaluated the collectability of both principal and interest when assessing the need for a loss accrual.

Historical credit loss rates were applied to commercial loans and leases that were not impaired or were impaired, but smaller than the established threshold of $1 million and thus not subject to specific allowance allocations. The loss rates were derived from migration analyses for several portfolio stratifications, which tracked the historical net charge-off experience sustained on loans and leases according to their
internal risk grade. The risk grading system utilized for allowance analysis purposes encompassed ten categories, which were based on regulatory guidance for credit risk systems.

Homogenous loans in the residential mortgage and consumer portfolio segments were not individually risk graded. Rather, standard credit scoring systems and delinquency monitoring were used to assess credit risks and allowances were established based on the expected net charge-offs. Loss rates were based on the trailing twelve-month net charge-off history by loan category. Historical loss rates were adjusted for certain prescriptive and qualitative factors that, in management’s judgment, were necessary to reflect losses inherent in the portfolio. The prescriptive loss rate factors included adjustments for delinquency trends, LTV trends, refreshed FICO score trends and product mix.

The Bancorp also considered qualitative factors in determining the ALLL. These included adjustments for changes in policies or procedures in underwriting, monitoring or collections, economic conditions, portfolio mix, lending and risk management personnel, results of internal audit and quality control reviews, collateral values, geographic concentrations, estimated loss emergence period and specific portfolio loans backed by enterprise valuations and private equity sponsors. The Bancorp considered home price index trends in its footprint and the volatility of collateral valuation trends when determining the collateral value qualitative factor.
Reserve for Unfunded Commitments
Reserve for Unfunded Commitments
The reserve for unfunded commitments is maintained at a level believed by management to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities and is included in other liabilities in the Consolidated Balance Sheets. The determination of the adequacy of the reserve is based upon expected credit losses over the remaining contractual life of the commitments, taking into consideration the current funded balance and estimated exposure over the reasonable and supportable forecast period. This process takes into consideration the same risk elements that are analyzed in the determination of the adequacy of the Bancorp’s ALLL, as previously discussed. Net adjustments to the reserve for unfunded commitments are included in the provision for credit losses in the Consolidated Statements of Income.
Reserve for unfunded commitments
The reserve for unfunded commitments was maintained at a level believed by management to be sufficient to absorb estimated probable losses related to unfunded credit facilities and was included in other liabilities in the Consolidated Balance Sheets. The determination of the adequacy of the reserve was based upon an evaluation of the unfunded credit facilities, including an assessment of historical commitment utilization experience, credit risk grading and historical loss rates based on credit grade migration. This process took into consideration the same risk elements that were analyzed in the determination of the adequacy of the Bancorp’s ALLL, as previously discussed. Net adjustments to the reserve for unfunded commitments were included in provision for credit losses in the Consolidated Statements of Income.
Loan Sales and Securitizations
Loan Sales and Securitizations
The Bancorp periodically sells loans through either securitizations or individual loan sales in accordance with its investment policies. The sold loans are removed from the Consolidated Balance Sheet and a net gain or loss is recognized in the Consolidated Financial Statements at the time of sale. The Bancorp typically isolates the loans through the use of a VIE and thus is required to assess whether the entity holding the sold or securitized loans is a VIE and whether the Bancorp is the primary beneficiary and therefore consolidator of that VIE. If the Bancorp holds the power to direct activities most significant to the economic performance of the VIE and has the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE, then the Bancorp will generally be deemed the primary beneficiary of the VIE. If the Bancorp is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under the equity method of accounting or other accounting standards as appropriate. Refer to Note 12 for further information on consolidated and non-consolidated VIEs.

The Bancorp’s loan sales and securitizations are generally structured with servicing retained, which often results in the recording of servicing rights. The Bancorp may also purchase servicing rights. The Bancorp has elected to measure all existing classes of its residential mortgage servicing rights portfolio at fair value with changes in the fair value of servicing rights reported in mortgage banking net revenue in the Consolidated Statements of Income in the period in which the changes occur.

Servicing rights are valued using internal OAS models. Key economic assumptions used in estimating the fair value of the servicing rights include the prepayment speeds of the underlying loans, the weighted-average life, the OAS and the weighted-average coupon rate, as applicable. The primary risk of material changes to the value of the servicing rights resides in the potential volatility in the economic assumptions used, particularly the prepayment speeds. In order to assist in the assessment of the fair value of servicing rights, the Bancorp obtains external valuations of the servicing rights portfolio from third parties and participates in peer surveys that provide additional confirmation of the reasonableness of the key assumptions utilized in the internal OAS model.

Fees received for servicing loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in noninterest income in the Consolidated Statements of Income as loan payments are received. Costs of servicing loans are charged to expense as incurred.
Reserve for Representation and Warranty Provisions
Reserve for Representation and Warranty Provisions
Conforming residential mortgage loans sold to unrelated third parties are generally sold with representation and warranty provisions. A contractual liability arises only in the event of a breach of these representations and warranties and, in general, only when a loss results from the breach. The Bancorp may be required to repurchase any previously sold loan or indemnify (make whole) the investor or insurer for which the representation or warranty of the Bancorp proves to be inaccurate, incomplete or misleading. The Bancorp establishes a residential mortgage repurchase reserve related to various representations and warranties that reflects management’s estimate of losses based on a combination of factors.

The Bancorp’s estimation process requires management to make subjective and complex judgments about matters that are inherently uncertain, such as future demand expectations, economic factors and the specific characteristics of the loans subject to repurchase. Such factors incorporate historical investor audit and repurchase demand rates, appeals success rates, historical loss severity and any additional information obtained from the GSEs regarding future mortgage repurchase and file request criteria. At the time of a loan sale, the Bancorp records a representation and warranty reserve at the estimated fair value of the Bancorp’s guarantee and continually updates the reserve during the life of the loan as losses in excess of the reserve become probable and reasonably estimable. The provision for the estimated fair value of the representation and warranty guarantee arising from the loan sales is recorded as an adjustment to the gain on sale, which is
included in other noninterest income in the Consolidated Statements of Income at the time of sale. Updates to the reserve are recorded in other noninterest expense in the Consolidated Statements of Income.
Legal Contingencies
Legal Contingencies
The Bancorp and its subsidiaries are parties to numerous claims and lawsuits as well as threatened or potential actions or claims concerning matters arising from the conduct of its business activities. The outcome of claims or litigation and the timing of ultimate resolution are inherently difficult to predict and significant judgment may be required in the determination of both the probability of loss and whether the amount of the loss is reasonably estimable. The Bancorp’s estimates are subjective and are based on the status of legal and regulatory proceedings, the merit of the Bancorp’s defenses and consultation with internal and external legal counsel. An accrual for a potential litigation loss is established when information related to the loss contingency indicates both that a loss is probable and that the amount of loss can be reasonably estimated. This accrual is included in other liabilities in the Consolidated Balance Sheets and is adjusted from time to time as appropriate to reflect changes in circumstances. Legal expenses are recorded in other noninterest expense in the Consolidated Statements of Income.
Bank Premises and Equipment and Other Long-Lived Assets
Bank Premises and Equipment and Other Long-Lived Assets
Bank premises and equipment, including leasehold improvements, and operating lease equipment are carried at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method based on estimated useful lives of the assets for book purposes, while accelerated depreciation is used for income tax purposes. Amortization of leasehold improvements is computed using the straight-line method over the lives of the related leases or useful lives of the related assets, whichever is shorter. Whenever events or changes in circumstances dictate, the Bancorp tests its long-lived assets for impairment by determining whether the sum of the estimated undiscounted future cash flows attributable to a long-lived asset or asset group is less than the carrying amount of the long-lived asset or asset group through a probability-weighted approach. In the event the carrying amount of the long-lived asset or asset group is not recoverable, an impairment loss is measured as the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Maintenance, repairs and minor improvements are charged to noninterest expense in the Consolidated Statements of Income as incurred. Lease payments received for operating lease equipment are recognized in leasing business revenue in the Consolidated Statements of Income over the lease term on a straight-line basis unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from use of the underlying equipment.
Lessee Accounting
Lessee Accounting
ROU assets and lease liabilities are recognized for all leases unless the initial term of the lease is twelve months or less. Lease costs for operating leases are recognized on a straight-line basis over the lease term unless another systematic basis is more representative of the pattern of consumption. The lease term includes any renewal period that the Bancorp is reasonably certain to exercise. The Bancorp uses its incremental borrowing rate to discount the lease payments if the rate implicit in the lease is not readily determinable. Variable lease payments associated with operating leases are recognized in the period in which the obligation for payments is incurred.

For finance leases, the lease liability is measured using the effective interest method such that the liability is increased for interest based on the discount rate that is implicit in the lease or the Bancorp’s incremental borrowing rate if the implicit rate cannot be readily determined, offset by a decrease in the liability resulting from the periodic lease payments. The ROU asset associated with the finance lease is amortized on a straight-line basis unless there is another systematic and rational basis that better reflects how the benefits of the underlying assets are consumed over the lease term. The period over which the ROU asset is amortized is generally the lesser of the remaining lease term or the remaining useful life of the leased asset. Variable lease payments associated with finance leases are recognized in the period in which the obligation for those payments is incurred.

When the lease liability is remeasured to reflect changes to the lease payments as a result of a lease modification, the ROU asset is adjusted for the amount of the lease liability remeasurement. If a lease modification reduces the scope of a lease, the ROU asset would be reduced proportionately based on the change in the lease liability and the difference between the lease liability adjustment and the resulting ROU asset adjustment would be recognized as a gain or loss in the Consolidated Statements of Income. Additionally, the amortization of the ROU asset is adjusted prospectively from the date of remeasurement.

The Bancorp performs impairment assessments for ROU assets when events or changes in circumstances indicate that their carrying values may not be recoverable. Any impairment loss is recognized in net occupancy expense in the Consolidated Statements of Income. Refer to the Bank Premises and Equipment and Other Long-Lived Assets section of this note for further information.
Derivative Financial Instruments and Hedge Accounting
Derivative Financial Instruments and Hedge Accounting
The Bancorp accounts for its derivatives as either assets or liabilities measured at fair value through adjustments to AOCI and/or current earnings, as appropriate. On the date the Bancorp enters into a derivative contract, the Bancorp designates the derivative instrument as either a fair value hedge, cash flow hedge or as a free-standing derivative instrument. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk are recorded in current period net income. For a cash flow hedge, changes in the fair value of the derivative instrument are recorded in AOCI and subsequently reclassified to net income in the same period(s) that the hedged transaction impacts net income. For free-standing derivative instruments, changes in fair values are reported in current period net income.
When entering into a hedge transaction, the Bancorp formally documents the relationship between the hedging instrument and the hedged item, as well as the risk management objective and strategy for undertaking the hedge transaction before the end of the quarter in which the transaction is consummated. This process includes linking the derivative instrument designated as a fair value or cash flow hedge to a specific asset or liability on the balance sheet or to specific forecasted transactions and the risk being hedged, along with a formal assessment at the inception of the hedge as to the effectiveness of the derivative instrument in offsetting changes in fair values or cash flows of the hedged item. The Bancorp continues to assess hedge effectiveness on an ongoing basis using either a qualitative or a quantitative assessment (regression analysis). Additionally, the Bancorp may also utilize the shortcut method to evaluate hedge effectiveness for certain qualifying hedges with matched terms that permit the assumption of perfect offset. If the shortcut method is no longer appropriate, the Bancorp would apply the long-haul method identified at inception of the hedging transaction for assessing hedge effectiveness as long as the hedge is highly effective. If it is determined that the derivative instrument is not highly effective as a hedge, hedge accounting is discontinued. For fair value hedges, if hedge accounting is discontinued, the cumulative basis adjustments related to the hedged asset or liability are amortized to earnings in the same manner as other components of the carrying amount of that asset of liability. For cash flow hedges, upon discontinuation of hedge accounting, any amounts in AOCI related to that relationship should affect earnings at the same time and in the same manner in which the hedged transaction affects earnings. However, if it becomes probable that the forecasted transaction will not occur, any related amounts in AOCI are reclassified to earnings immediately.
Investments in Qualified Affordable Housing Projects
Investments in Qualified Affordable Housing Projects
The Bancorp invests in projects to create affordable housing, revitalize business and residential areas and preserve historic landmarks. These investments are classified as other assets on the Bancorp’s Consolidated Balance Sheets. Investments in affordable housing projects that qualify for LIHTC are accounted for using the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other benefits received and recognized as a component of applicable income tax expense in the Consolidated Statements of Income. Investments which do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting with impairment associated with the investments recognized in other noninterest expense in the Consolidated Statements of Income.
Income Taxes
Income Taxes
The Bancorp accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for expected future tax consequences. Under the asset and liability method, deferred tax assets and liabilities are determined by applying the federal and state tax rates to the differences between financial statement carrying amounts and the corresponding tax bases of assets and liabilities. Deferred tax assets are also recorded for any tax attributes, such as tax credits and net operating loss carryforwards. The net balances of deferred tax assets and liabilities are reported in other assets and accrued taxes, interest and expenses in the Consolidated Balance Sheets. Any effect of a change in federal or state tax rates on deferred tax assets and liabilities is recognized in income tax expense in the period that includes the enactment date. The Bancorp reflects the expected amount of income tax to be paid or refunded during the year as current income tax expense or benefit. Accrued taxes represent the net expected amount due to and/or from taxing jurisdictions and are reported in accrued taxes, interest and expenses in the Consolidated Balance Sheets. The Bancorp uses the deferral method of accounting on investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction to the related asset.

The Bancorp evaluates the realization of deferred tax assets based on all positive and negative evidence available at the balance sheet date. Realization of deferred tax assets is based on the Bancorp’s judgment about relevant factors affecting their realization, including the taxable income within any applicable carry back periods, future projected taxable income, the reversal of taxable temporary differences and tax planning strategies. The Bancorp records a valuation allowance for deferred tax assets where the Bancorp does not believe that it is more likely than not that the deferred tax assets will be realized.

Income tax benefits from uncertain tax positions are recognized in the financial statements only if the Bancorp believes that it is more likely than not that the uncertain tax position will be sustained based solely on the technical merits of the tax position and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. If the Bancorp does not believe that it is more likely than not that an uncertain tax position will be sustained, the Bancorp records a liability for the uncertain tax position. If the Bancorp believes that it is more likely than not that an uncertain tax position will be sustained, the Bancorp only records a tax benefit for the portion of the uncertain tax position where the likelihood of realization is greater than 50% upon settlement with the relevant taxing authority that has full knowledge of all relevant information. The Bancorp recognizes interest expense, interest income and penalties related to unrecognized tax benefits within applicable income tax expense in the Consolidated Statements of Income. Refer to Note 21 for further discussion regarding income taxes.
Earnings Per Share
Earnings Per Share
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Earnings per diluted share is computed by dividing adjusted net income available to common shareholders by the weighted-average number of shares of common stock outstanding, adjusted for the impact of potentially dilutive common shares arising from the exercise or settlement of stock-based awards and the settlement of outstanding forward contracts.
The Bancorp calculates earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share separately for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. For purposes of calculating earnings per share under the two-class method, restricted shares that contain nonforfeitable rights to dividends are considered participating securities until vested. While the dividends declared per share on such restricted shares are the same as dividends declared per common share outstanding, the dividends recognized on such restricted shares may be less because dividends paid on restricted shares that are expected to be forfeited are reclassified to compensation expense during the period when forfeiture is expected.
Goodwill
Goodwill
Business combinations entered into by the Bancorp typically include the recognition of goodwill. U.S. GAAP requires goodwill to be tested for impairment at the Bancorp’s reporting unit level on an annual basis, which for the Bancorp is September 30, and more frequently if events
or circumstances indicate that there may be impairment.

Impairment exists when a reporting unit’s carrying amount of goodwill exceeds its implied fair value. In testing goodwill for impairment, U.S. GAAP permits the Bancorp to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In this qualitative assessment, the Bancorp evaluates events and circumstances which may include, but are not limited to, the general economic environment, banking industry and market conditions, the overall financial performance of the Bancorp, the performance of the Bancorp’s common stock, the key financial performance metrics of the Bancorp’s reporting units and events affecting the reporting units to determine if it is not more likely than not that the fair value of a reporting unit is less than its carrying amount. If the quantitative impairment test is required or the decision to bypass the qualitative assessment is elected, the Bancorp performs the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. A recognized impairment loss cannot be reversed in future periods even if the fair value of the reporting unit subsequently recovers.

The fair value of a reporting unit is the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. As none of the Bancorp’s reporting units are publicly traded, individual reporting unit fair value determinations cannot be directly correlated to the Bancorp’s stock price. The determination of the fair value of a reporting unit is a subjective process that involves the use of estimates and judgments, particularly related to cash flows, the appropriate discount rates and an applicable control premium. The determination of the fair value of the Bancorp’s reporting units includes both an income-based approach and a market-based approach. The income-based approach utilizes the reporting unit’s forecasted cash flows (including a terminal value approach to estimate cash flows beyond the final year of the forecast) and the reporting unit’s estimated cost of equity as the discount rate. Significant management judgment is necessary in the preparation of each reporting unit’s forecasted cash flows surrounding expectations for earnings projections, growth and credit loss expectations and actual results may differ from forecasted results. Additionally, the Bancorp determines its market capitalization based on the average of the closing price of the Bancorp’s stock during the month including the measurement date, incorporating an additional control premium, and compares this market-based fair value measurement to the aggregate fair value of the Bancorp’s reporting units in order to corroborate the results of the income approach. Refer to Note 10 for further information regarding the Bancorp’s goodwill.
Goodwill
Impairment existed when a reporting unit’s carrying amount of goodwill exceeded its implied fair value. In testing goodwill for impairment, U.S. GAAP permitted the Bancorp to first assess qualitative factors to determine whether it was more likely than not that the fair value of a reporting unit was less than its carrying amount. In this qualitative assessment, the Bancorp evaluated events and circumstances which might include, but were not limited to, the general economic environment, banking industry and market conditions, the overall financial performance of the Bancorp, the performance of the Bancorp’s common stock, the key financial performance metrics of the Bancorp’s reporting units and events affecting the reporting units. If, after assessing the totality of events and circumstances, the Bancorp determined it was not more likely than not that the fair value of a reporting unit was less than its carrying amount, then performing the two-step impairment test would be unnecessary. However, if the Bancorp concluded otherwise or elected to bypass the qualitative assessment, it would then be required to perform the first step (Step 1) of the goodwill impairment test, and continue to the second step (Step 2), if necessary. Step 1 of the goodwill impairment test compared the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeded its fair value, Step 2 of the goodwill impairment test was necessary to measure the amount of impairment loss, which was equal to any excess of the carrying amount of goodwill over its implied fair value with such loss limited to the carrying amount of goodwill.

The fair value of a reporting unit was the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. As none of the Bancorp’s reporting units were publicly traded, individual reporting unit fair value determinations could not be directly correlated to the Bancorp’s stock price. To determine the fair value of a reporting unit, the Bancorp employed an income-based approach, utilizing the reporting unit’s forecasted cash flows (including a terminal value approach to estimate cash flows beyond the final year of the forecast) and the reporting unit’s estimated cost of equity as the discount rate. Additionally, the Bancorp determined its market capitalization based on the average of the closing price of the Bancorp’s stock during the month including the measurement date, incorporating an additional control premium, and compared this market-based fair value measurement to the aggregate fair value of the Bancorp’s reporting units in order to corroborate the results of the income approach.
Fair Value Measurements
Fair Value Measurements
The Bancorp measures certain financial assets and liabilities at fair value in accordance with U.S. GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Bancorp employs various valuation approaches to measure fair value including the market, income and cost approaches. The market approach uses prices or relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach involves discounting future amounts to a single present amount and is based on current market expectations about those future amounts. The cost approach is based on the amount that currently would be required to replace the service capacity of the asset.

U.S. GAAP establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. The three levels within the fair value hierarchy are described as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Bancorp has the ability to access at the measurement date.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 – Unobservable inputs for the asset or liability for which there is little, if any, market activity at the measurement date. Unobservable inputs reflect the Bancorp’s own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include the Bancorp’s own financial data such as internally developed pricing models and DCF methodologies, as well as instruments for which the fair value determination requires significant management judgment.

The Bancorp’s fair value measurements involve various valuation techniques and models, which involve inputs that are observable, when available. Valuation techniques and parameters used for measuring assets and liabilities are reviewed and validated by the Bancorp on a quarterly basis. Additionally, the Bancorp monitors the fair values of significant assets and liabilities using a variety of methods including the evaluation of pricing runs and exception reports based on certain analytical criteria, comparison to previous trades and overall review and assessments for reasonableness. The Bancorp may, as a practical expedient, measure the fair value of certain investments on the basis of the net asset value per share of the investment, or its equivalent. Any investments which are valued using this practical expedient are not classified in the fair value hierarchy. Refer to Note 28 for further information on fair value measurements.
Stock-Based Compensation
Stock-Based Compensation
The Bancorp recognizes compensation expense for the grant-date fair value of stock-based awards that are expected to vest over the requisite service period. All awards, both those with cliff vesting and graded vesting, are expensed on a straight-line basis over the requisite service period. Awards to employees that meet eligible retirement status are expensed immediately. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time awards are exercised, cancelled, expire or restrictions are released, the Bancorp recognizes an adjustment to income tax expense for the difference between the previously estimated tax deduction and the actual tax deduction realized. For further information on the Bancorp’s stock-based compensation plans, refer to Note 25.
Pension Plans
Pension Plans
The Bancorp uses an expected long-term rate of return applied to the fair market value of assets as of the beginning of the year and the expected cash flow during the year for calculating the expected investment return on all pension plan assets. Amortization of the net gain or loss resulting from experience different from that assumed and from changes in assumptions (excluding asset gains and losses not yet reflected in market-related value) is included as a component of net periodic benefit cost. If, as of the beginning of the year, that net gain or loss exceeds 10% of the greater of the projected benefit obligation and the market-related value of plan assets, the amortization is that excess divided by the average remaining service period of participating employees expected to receive benefits under the plan. The Bancorp uses a third-party actuary to compute the remaining service period of participating employees. This period reflects expected turnover, pre-retirement mortality and other applicable employee demographics.
Revenue Recognition
Revenue Recognition
The Bancorp’s interest income is derived from loans and leases, securities and other short-term investments. The Bancorp recognizes interest income in accordance with the applicable guidance in U.S. GAAP for these assets. Refer to the Portfolio Loans and Leases and Investment Securities sections of this footnote for further information.

The Bancorp generally measures noninterest income revenue based on the amount of consideration the Bancorp expects to be entitled for the transfer of goods or services to a customer, then recognizes this revenue when or as the Bancorp satisfies its performance obligations under the contract, except in transactions where U.S. GAAP provides other applicable guidance. When the amount of consideration is variable, the Bancorp will only recognize revenue to the extent that it is probable that the cumulative amount recognized will not be subject to a significant reversal in the future. Substantially all of the Bancorp’s contracts with customers have expected durations of one year or less and payments are typically due when or as the services are rendered or shortly thereafter. When third parties are involved in providing goods or services to customers, the Bancorp recognizes revenue on a gross basis when it has control over those goods or services prior to transfer to the customer; otherwise, revenue is recognized for the net amount of any fee or commission. The Bancorp excludes sales taxes from the recognition of revenue and recognizes the incremental costs of obtaining contracts as an expense if the period of amortization for those costs would be one year or less. The following provides additional information about the components of noninterest income:
•Commercial banking revenue consists primarily of service fees and other income related to loans to commercial clients, underwriting revenue recognized by the Bancorp’s broker-dealer subsidiary and fees for other services provided to commercial clients. Revenue related to loans is recognized in accordance with the Bancorp’s policies for portfolio loans and leases. Underwriting revenue is generally recognized on the trade date, which is when the Bancorp’s performance obligations are satisfied.
•Service charges on deposits consist primarily of treasury management fees for commercial clients, monthly service charges on consumer deposit accounts, transaction-based fees (such as overdraft fees and wire transfer fees), and other deposit account-related charges. The Bancorp’s performance obligations for treasury management fees and consumer deposit account service charges are typically satisfied over time while performance obligations for transaction-based fees are typically satisfied at a point in time. Revenues are recognized on an accrual basis when or as the services are provided to the customer, net of applicable discounts, waivers and reversals. Payments are typically collected from customers directly from the related deposit account at the time the transaction is processed and/or at the end of the customer’s statement cycle (typically monthly).
•Wealth and asset management revenue consists primarily of service fees for investment management, custody, and trust administration services provided to commercial and consumer clients. The Bancorp’s performance obligations for these services are
generally satisfied over time and revenues are recognized monthly based on the fee structure outlined in individual contracts. Transaction prices are most commonly based on the market value of assets under management or care and/or a fee per transaction processed. The Bancorp also offers certain services for which the performance obligations are satisfied and revenue is recognized at a point in time, when the services are performed. Wealth and asset management revenue also includes trailing commissions received from investments and annuities held in customer accounts, which are recognized in revenue when the Bancorp determines that it has satisfied its performance obligations and has sufficient information to estimate the amount of the commissions to which it expects to be entitled.
•Card and processing revenue consists primarily of ATM fees and interchange fees earned when the Bancorp’s credit and debit cards are processed through card association networks. The Bancorp’s performance obligations are generally complete when the transactions generating the fees are processed. Revenue is recognized on an accrual basis as such services are performed, net of certain costs not controlled by the Bancorp (primarily interchange fees charged by credit card associations and expenses of certain transaction-based rewards programs offered to customers).
•Leasing business revenue consists primarily of operating lease income, leasing business solutions revenue, lease remarketing fees and lease syndication fees from lease arrangements to commercial clients. Revenue related to leases is recognized either in accordance with the Bancorp’s policies for portfolio loans and leases or when the Bancorp’s performance obligations are satisfied.
•Mortgage banking net revenue consists primarily of origination fees and gains on loan sales, mortgage servicing fees and the impact of MSRs. Refer to the Loans and Leases Held for Sale and Loan Sales and Securitizations sections of this footnote for further information.
•Other noninterest income includes certain fees derived from loans, BOLI income, gains and losses on other assets, and other miscellaneous revenues and gains.
Other
Other
Securities and other property held by Fifth Third Wealth and Asset Management, a division of the Bancorp’s banking subsidiary, in a fiduciary or agency capacity are not included in the Consolidated Balance Sheets because such items are not assets of the subsidiaries.

Other short-term investments have original maturities less than one year and primarily include interest-bearing balances that are funds on deposit at other depository institutions or the FRB. The Bancorp uses other short-term investments as part of its liquidity risk management activities.

The Bancorp purchases life insurance policies on the lives of certain directors, officers and employees and is the owner and beneficiary of the policies. The Bancorp invests in these policies, known as BOLI, to provide an efficient form of funding for long-term retirement and other employee benefits costs. Certain BOLI policies have a stable value agreement through either a large, well-rated bank or multi-national insurance carrier that provides limited cash surrender value protection from declines in the value of each policy’s underlying investments. The Bancorp records these BOLI policies within other assets in the Consolidated Balance Sheets at each policy’s respective cash surrender value, with changes recorded in other noninterest income in the Consolidated Statements of Income.

Intangible assets are amortized on either a straight-line or an accelerated basis over their estimated useful lives and, based on the type of intangible asset, the amortization expense may be recorded in either leasing business revenue or other noninterest expense in the Consolidated Statements of Income. The Bancorp reviews intangible assets for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable.

Securities sold under repurchase agreements are accounted for as secured borrowings and included in other short-term borrowings in the Consolidated Balance Sheets at the amounts at which the securities were sold plus accrued interest.

Acquisitions of treasury stock are carried at cost. Reissuance of shares in treasury for acquisitions, exercises of stock-based awards or other corporate purposes is recorded based on the specific identification method.

Advertising costs are generally expensed as incurred.
Impaired Loans and Leases
Impaired loans and leases
A loan was considered to be impaired when, based on current information and events, it was probable that the Bancorp would be unable to collect all amounts due (including both principal and interest) according to the contractual terms of the loan agreement. Impaired loans generally consisted of nonaccrual loans and leases, loans modified in a TDR and loans over $1 million that were currently on accrual status and not yet modified in a TDR, but for which the Bancorp had determined that it was probable that it would grant a payment concession in the near term due to the borrower’s financial difficulties. For loans modified in a TDR, the contractual terms of the loan agreement referred to the terms specified in the original loan agreement. A loan restructured in a TDR was no longer considered impaired in years after the restructuring if the restructuring agreement specified a rate equal to or greater than the rate the Bancorp was willing to accept at the time of the restructuring for a new loan with comparable risk and the loan was not impaired based on the terms specified by the restructuring agreement. Refer to the following ALLL section for discussion regarding the Bancorp’s methodology for identifying impaired loans and determination of the need for a loss accrual.
Accounting and Reporting Developments
ACCOUNTING AND REPORTING DEVELOPMENTS
Standards Adopted in 2021
The Bancorp adopted the following new accounting standard effective January 1, 2021:

ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also clarify and amend existing guidance for other areas of Topic 740. The Bancorp adopted the amended guidance on January 1, 2021 on a modified retrospective basis, except for certain provisions of the amended guidance which were required to be adopted prospectively. The adoption of the amended guidance did not have a material impact on the Consolidated Financial Statements.

Reference Rate Reform and LIBOR Transition
In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in the ASU apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued
because of reference rate reform. Subsequently, in January 2021, the FASB issued ASU 2021-01, which clarified that the optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting also apply to derivatives that are affected by the discounting transition. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity has elected certain optional expedients and that are retained through the end of the hedging relationship. The amendments in this ASU are effective for the Bancorp as of March 12, 2020 through December 31, 2022. The Bancorp is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships available through December 31, 2022.

Significant Accounting Standards Issued but Not Yet Adopted
The following significant accounting standards were issued but not yet adopted by the Bancorp as of December 31, 2021:

ASU 2020-06 – Debt -Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Equity’s Own Equity
In August 2020, the FASB issued ASU 2020-06, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The Bancorp adopted the amended guidance on January 1, 2022 using the modified retrospective transition method. The adoption did not have a material impact on the Bancorp’s Consolidated Financial Statements.

ASU 2021-08 – Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
In October 2021, the FASB issued ASU 2021-08, which provided guidance on the accounting for revenue contracts with customers which are acquired in a business combination. The amendments generally state that an acquirer accounts for an acquired revenue contract with a customer as if it had originated the contract. The amendments also provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and liabilities. The amended guidance is effective for the Bancorp on January 1, 2023, with early adoption permitted, and is to be applied prospectively to business combinations occurring on or after the adoption date. The amended guidance may be applied retrospectively to the beginning of the fiscal year of adoption if early adopted in an interim period.

Regulatory Developments Related to the COVID-19 Pandemic
On March 22, 2020, various national banking regulatory agencies jointly issued an interagency statement addressing loan modifications and reporting for financial institutions working with customers affected by the COVID-19 pandemic. The statement described the agencies’ interpretation of how existing guidance in U.S. GAAP applied to certain loan modifications related to COVID-19. Among other things, the statement affirmed that short-term modifications (e.g., six months) made on a good faith basis in response to COVID-19 to borrowers who were less than 30 days past due on contractual payments at the time a modification program was implemented would not be considered TDRs. The statement also clarified that loans modified in response to the COVID-19 pandemic should be evaluated on the basis of their modified terms when reporting loans as past due and evaluating for nonaccrual status and charge-off.

On March 27, 2020, the CARES Act was signed into law. Section 4013 of the CARES Act provided financial institutions the option to temporarily suspend certain requirements under U.S. GAAP related to TDRs for a limited period of time in certain circumstances. This temporary suspension could only be applied to modifications of loans that were not more than 30 days past due as of December 31, 2019 and could not be applied to modifications that were not related to the COVID-19 pandemic. If elected, the temporary suspension could be applied to eligible modifications executed during the period beginning on March 1, 2020 and ending on the earlier of December 31, 2020 or 60 days after the termination of the COVID-19 national emergency. The December 31, 2020 expiration date was subsequently extended to January 1, 2022 upon passage of the Consolidated Appropriations Act of 2021. On April 7, 2020, the national banking regulatory agencies revised their previously issued interagency statement to clarify the interactions with the provisions of Section 4013 of the CARES Act.

The Bancorp elected to apply the temporary suspension of TDR requirements provided by the CARES Act for eligible loan modifications. For loan modifications that were not eligible for the suspension offered by the CARES Act or that were executed outside its applicable period, the Bancorp considered the interpretive guidance provided in the revised interagency statement to evaluate loan modifications within its scope, or existing TDR evaluation policies if the modification did not fall within the scope of the interagency statement.

Loans and leases which received payment deferrals or forbearances as part of the Bancorp’s COVID-19 hardship relief programs were generally not reported as delinquent during the forbearance or deferral period if the loan or lease was less than 30 days past due at March 1, 2020 (the effective date of the COVID-19 national emergency declaration) unless the loan or lease subsequently becomes delinquent according to its modified terms. Those loans and leases that were 30 days or more past due at March 1, 2020 continued to be reported at their March 1, 2020 delinquency status unless the borrower made supplemental payments to resolve the delinquency. After the conclusion of the payment deferral or forbearance period, borrowers who were delinquent as of March 1, 2020 could be returned to current status once they demonstrated a willingness and ability to repay the loan according to its modified terms. This may be evidenced by payment history after the payment deferral or forbearance period, or by completing an evaluation of the borrower’s creditworthiness upon exit from the Bancorp’s hardship programs. Residential mortgage loans enrolled in a COVID-19 forbearance are generally not reported as more delinquent than the status as of the forbearance enrollment date so long as the borrower is in compliance with the terms of the forbearance. If a borrower fails to comply with the forbearance terms, then the delinquency status of the loan is remeasured based on the terms in the original loan contract.
For loans that received payment deferrals or forbearances as part of the Bancorp’s COVID-19 hardship relief programs, the Bancorp continued to accrue interest and recognize interest income during the period of the deferral. Depending on the terms of each program, all or a portion of this accrued interest may be paid directly by the borrower (either during the relief period, at the end of the relief period or at maturity of the loan) or added to the customer’s outstanding balance. For certain programs, the maturity date of the loan may also be extended by the number of payments deferred. Interest income continued to be recognized at the original contractual interest rate unless that rate is concurrently modified upon entering the relief program (in which case, the modified rate would be used to recognize interest).

On April 10, 2020, the FASB staff issued a question-and-answer document (Q&A) to address questions on the application of the lease accounting guidance for lease concessions related to the effects of the COVID-19 pandemic. Under Topic 842, subsequent changes to lease payments that are not stipulated in the original lease contract are generally accounted for as lease modifications. Some contracts may contain explicit or implicit enforceable rights and obligations that require lease concessions in certain circumstances and therefore would not be considered a lease modification. Given the significant cost and complexity in assessing the large volume of lease contracts for which concessions were being granted due to the COVID-19 pandemic, the FASB clarified in this Q&A that an entity could elect to account for lease concessions associated with the COVID-19 pandemic as though enforceable rights and obligations for those concessions existed. This guidance eliminated the requirement to analyze each contract to determine whether enforceable rights and obligations to provide concessions existed and allowed an entity to elect to apply or not apply the lease modification guidance in Topic 842. This election was only available for concessions related to the effect of the COVID-19 pandemic that did not result in a substantial increase in the rights of the lessor or the obligations of the lessee.

The Bancorp elected to not apply the lease modification accounting guidance in Topic 842 for lease concessions granted as a result of the COVID-19 pandemic as the deferrals only affected the timing of the payments and the amount of consideration to be received was substantially the same as that required by the original contract.

For commercial leases that received payment deferrals under the Bancorp’s COVID-19 hardship relief programs, the Bancorp continued to recognize interest income during the deferral period, but the yield was recalculated based on the timing and amount of remaining payments over the remaining lease term. The revised yield was used for prospectively recognizing interest income and adjusting the net investment in the lease. The Bancorp’s hardship relief programs for commercial leases affected the timing of payments but generally did not result in an increase in the rights of the lessor or the obligations of the lessee. Therefore, the Bancorp elected to forego certain requirements that would typically apply for lease modifications when accounting for the effects of the hardship relief programs.
v3.22.0.1
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2021
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]  
Noncash Investing and Financing Activities
Cash payments related to interest and income taxes in addition to non-cash investing and financing activities are presented in the following table for the years ended December 31:
($ in millions)202120202019
Cash Payments:
Interest$465 825 1,441 
Income taxes607 491 726 
Transfers:
Portfolio loans and leases to loans and leases held for sale(a)
$447 926 211 
Loans and leases held for sale to portfolio loans and leases49 49 37 
Portfolio loans and leases to OREO8 12 29 
Loans and leases held for sale to OREO— 2 — 
Bank premises and equipment to OREO21 2 30 
Supplemental Disclosures:
Net additions to lease liabilities under operating leases
$66 47 76 
Net additions to lease liabilities under finance leases
35 106 22 
Right-of-use assets recognized at adoption of ASU 2016-02— — 509 
Conversion of outstanding preferred stock issued by a Bancorp subsidiary— — 197 
(a)Includes $167 and $794 for the years ended December 31, 2021 and 2020, respectively, of residential mortgage loans previously sold to GNMA which the Bancorp was initially deemed to have regained effective control over under ASC Topic 860 and which were recorded as portfolio loans. The Bancorp subsequently repurchased these loans and classified them as held for sale.
v3.22.0.1
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
The following tables provide the amortized cost, unrealized gains and losses and fair value for the major categories of the available-for-sale debt and other securities and held-to-maturity securities portfolios as of December 31:
2021
($ in millions)Amortized CostUnrealized GainsUnrealized LossesFair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$85 1 — 86 
Obligations of states and political subdivisions securities18 — — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities8,432 368 (18)8,782 
Agency commercial mortgage-backed securities18,236 784 (69)18,951 
Non-agency commercial mortgage-backed securities4,364 128 (13)4,479 
Asset-backed securities and other debt securities5,287 32 (44)5,275 
Other securities(a)
519 — — 519 
Total available-for-sale debt and other securities$36,941 1,313 (144)38,110 
Held-to-maturity securities:
Obligations of states and political subdivisions securities$6 — — 6 
Asset-backed securities and other debt securities2 — — 2 
Total held-to-maturity securities$8 — — 8 
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $30, $486 and $3, respectively, at December 31, 2021, that are carried at cost.

2020
($ in millions)Amortized CostUnrealized GainsUnrealized LossesFair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$74 4 — 78 
Obligations of states and political subdivisions securities17 — — 17 
Mortgage-backed securities:
Agency residential mortgage-backed securities11,147 768 (8)11,907 
Agency commercial mortgage-backed securities16,745 1,481 (5)18,221 
Non-agency commercial mortgage-backed securities3,323 267 — 3,590 
Asset-backed securities and other debt securities3,152 48 (24)3,176 
Other securities(a)
524 — — 524 
Total available-for-sale debt and other securities$34,982 2,568 (37)37,513 
Held-to-maturity securities:
Obligations of states and political subdivisions securities$9 — — 9 
Asset-backed securities and other debt securities2 — — 2 
Total held-to-maturity securities$11 — — 11 
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $40, $482 and $2, respectively, at December 31, 2020, that are carried at cost.

The following table provides the fair value of trading debt securities and equity securities as of December 31:
($ in millions)20212020
Trading debt securities$512 560 
Equity securities376 313 
Realized Gains and Losses Recognized in Income from Investment Securities
The following table presents securities (losses) gains recognized in the Consolidated Statements of Income for the years ended December 31:
($ in millions)202120202019
Available-for-sale debt and other securities:
Realized gains$34 47 60 
Realized losses(19)(2)(50)
Impairment losses(a)
(19)— (1)
Net realized (losses) gains on available-for-sale debt and other securities$(4)45 9 
Trading debt securities:
Net realized (losses) gains (2)2 3 
Net unrealized losses(3)— — 
Net trading debt securities (losses) gains$(5)2 3 
Equity securities:
Net realized gains 7 10 5 
Net unrealized (losses) gains(7)7 26 
Net equity securities gains$— 17 31 
Total (losses) gains recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(b)
$(9)64 43 
(a)Prior to adoption of ASU 2016-13 on January 1, 2020, investment securities were evaluated for OTTI with any identified OTTI recognized as a charge to income and a direct reduction of the amortized cost basis of the securities.
(b)Excludes $7 of net securities losses for the year ended December 31, 2021, and $5 and $7 of net securities gains for the years ended December 31, 2020 and 2019, respectively, related to securities held by FTS to facilitate the timely execution of customer transactions. These (losses) gains are included in commercial banking revenue and wealth and asset management revenue in the Consolidated Statements of Income.
Contractual Maturity Schedule
The expected maturity distribution of the Bancorp’s mortgage-backed securities and the contractual maturity distribution of the remainder of the Bancorp’s available-for-sale debt and other securities and held-to-maturity securities as of December 31, 2021 are shown in the following table:
Available-for-Sale Debt and OtherHeld-to-Maturity
($ in millions)Amortized CostFair Value   Amortized CostFair Value    
Debt securities:(a)
Due in 1 year or less$984 1,003 3 3 
Due after 1 year through 5 years13,262 13,756 3 3 
Due after 5 years through 10 years11,951 12,466 — — 
Due after 10 years10,225 10,366 2 2 
Other securities519 519 — — 
Total$36,941 38,110 8 8 
(a)Actual maturities may differ from contractual maturities when a right to call or prepay obligations exists with or without call or prepayment penalties.
Fair Value and Gross Unrealized Loss of Securities Available for Sale
The following table provides the fair value and gross unrealized losses on available-for-sale debt and other securities in an unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31:
Less than 12 months12 months or moreTotal
($ in millions)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
2021
Agency residential mortgage-backed securities$935 (10)161 (8)1,096 (18)
Agency commercial mortgage-backed securities2,886 (49)424 (20)3,310 (69)
Non-agency commercial mortgage-backed securities1,052 (13)— — 1,052 (13)
Asset-backed securities and other debt securities2,870 (34)367 (10)3,237 (44)
Total$7,743 (106)952 (38)8,695 (144)
2020
Agency residential mortgage-backed securities$426 (8)1 — 427 (8)
Agency commercial mortgage-backed securities388 (5)— — 388 (5)
Non-agency commercial mortgage-backed securities2 — — — 2 — 
Asset-backed securities and other debt securities520 (7)603 (17)1,123 (24)
Total$1,336 (20)604 (17)1,940 (37)
v3.22.0.1
Loans and Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Loans and Leases Classified by Primary Purpose
The following table provides a summary of commercial loans and leases classified by primary purpose and consumer loans classified based upon product or collateral as of December 31:
($ in millions)20212020
Loans and leases held for sale:
Commercial and industrial loans$7 230 
Commercial mortgage loans13 7 
Commercial leases1 39 
Residential mortgage loans4,394 4,465 
Total loans and leases held for sale$4,415 4,741 
Portfolio loans and leases:
Commercial and industrial loans(a)
$51,659 49,665 
Commercial mortgage loans10,316 10,602 
Commercial construction loans5,241 5,815 
Commercial leases3,052 2,915 
Total commercial loans and leases70,268 68,997 
Residential mortgage loans(b)
16,397 15,928 
Home equity4,084 5,183 
Indirect secured consumer loans16,783 13,653 
Credit card1,766 2,007 
Other consumer loans2,752 3,014 
Total consumer loans41,782 39,785 
Total portfolio loans and leases$112,050 108,782 
(a)Includes $1.3 billion and $4.8 billion as of December 31, 2021 and 2020, respectively, related to the SBA’s Paycheck Protection Program.
(b)Includes $39, as of December 31, 2020, of residential mortgage loans previously sold to GNMA for which the Bancorp was deemed to have regained effective control over under ASC Topic 860, but did not exercise its option to repurchase. Refer to Note 16 for further information.
Total Loans and Leases Owned by the Bancorp
The following table presents a summary of the total loans and leases owned by the Bancorp and net charge-offs (recoveries) as of and for the years ended December 31:
Carrying Value
90 Days Past Due and Still Accruing(a)
Net Charge-Offs (Recoveries)
($ in millions)202120202021202020212020
Commercial and industrial loans$51,666 49,895 17 39 60 198 
Commercial mortgage loans10,329 10,609 1 8 8 45 
Commercial construction loans5,241 5,815 1 — — — 
Commercial leases3,053 2,954 — 1 (1)23 
Residential mortgage loans20,791 20,393 72 70 (4)2 
Home equity4,084 5,183 1 2 (4)5 
Indirect secured consumer loans16,783 13,653 9 10 14 32 
Credit card1,766 2,007 15 31 70 126 
Other consumer loans2,752 3,014 1 2 31 40 
Total loans and leases$116,465 113,523 117 163 174 471 
Less: Loans and leases held for sale$4,415 4,741 
Total portfolio loans and leases$112,050 108,782 
(a)Excludes government guaranteed residential mortgage loans.
Investment in Lease Financing
The following table presents the components of the net investment in portfolio leases as of December 31:
($ in millions)(a)
20212020
Net investment in direct financing leases:
Lease payment receivable (present value)$886 1,400 
Unguaranteed residual assets (present value)147 181 
Net premium (discount) on acquired leases1 (1)
Net investment in sales-type leases:
Lease payment receivable (present value)1,678 976 
Unguaranteed residual assets (present value)55 36 
(a)Excludes $285 and $323 of leveraged leases at December 31, 2021 and 2020, respectively.
Sales-type and Direct Financing Leases, Lease Receivable, Maturity
The following table presents undiscounted cash flows for both direct financing and sales-type leases for 2022 through 2026 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease receivables as follows:
As of December 31, 2021 ($ in millions)Direct Financing
Leases		Sales-Type Leases
2022$294 548 
2023215 385 
2024155 301 
2025111 242 
202682 116 
Thereafter86 194 
Total undiscounted cash flows$943 1,786 
Less: Difference between undiscounted cash flows and discounted cash flows57 108 
Present value of lease payments (recognized as lease receivables)$886 1,678 
v3.22.0.1
Credit Quality and the Allowance for Loan and Lease Losses (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Summary of Transactions in the ALLL
The following tables summarize transactions in the ALLL by portfolio segment for the years ended December 31:
2021 ($ in millions)CommercialResidential MortgageConsumerTotal    
Balance, beginning of period$1,456 294 703 2,453 
Losses charged-off(a)
(119)(3)(222)(344)
Recoveries of losses previously charged-off(a)
52 7 111 170 
Benefit from loan and lease losses(287)(63)(37)(387)
Balance, end of period$1,102 235 555 1,892 
(a)The Bancorp recorded $33 in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

2020 ($ in millions)CommercialResidential MortgageConsumerUnallocatedTotal    
Balance, beginning of period$710 73 298 121 1,202 
Impact of adoption of ASU 2016-13(a)
160 196 408 (121)643 
Losses charged-off(b)
(282)(9)(320)— (611)
Recoveries of losses previously charged-off(b)
16 7 117 — 140 
Provision for loan and lease losses852 27 200 — 1,079 
Balance, end of period$1,456 294 703 — 2,453 
(a)Includes $31, $2 and $1 in Commercial, Residential Mortgage and Consumer, respectively, related to the initial recognition of an ALLL on PCD loans.
(b)The Bancorp recorded $42 in both losses previously charged-off and recoveries of losses charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

2019 ($ in millions)CommercialResidential MortgageConsumerUnallocatedTotal    
Balance, beginning of period$645 81 267 110 1,103 
Losses charged-off(a)
(127)(9)(374)— (510)
Recoveries of losses previously charged-off(a)
19 5 117 — 141 
Provision for (benefit from) loan and lease losses173 (4)288 11 468 
Balance, end of period$710 73 298 121 1,202 
(a)The Bancorp recorded $48 in both losses previously charged-off and recoveries of losses charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.
Summary of the ALLL and Related Loans and Leases Classified by Portfolio Segment
The following tables provide a summary of the ALLL and related loans and leases classified by portfolio segment:
As of December 31, 2021 ($ in millions)CommercialResidential Mortgage ConsumerTotal    
ALLL:(a)
Individually evaluated$77 46 41 164 
Collectively evaluated1,025 189 514 1,728 
Total ALLL$1,102 235 555 1,892 
Portfolio loans and leases:(b)
Individually evaluated$579 460 313 1,352 
Collectively evaluated69,689 15,783 25,072 110,544 
Total portfolio loans and leases$70,268 16,243 25,385 111,896 
(a)Includes $2 related to commercial leveraged leases at December 31, 2021.
(b)Excludes $154 of residential mortgage loans measured at fair value and includes $285 of commercial leveraged leases, net of unearned income, at December 31, 2021.
As of December 31, 2020 ($ in millions)CommercialResidential MortgageConsumerTotal
ALLL:(a)
Individually evaluated$114 68 43 225 
Collectively evaluated1,342 226 660 2,228 
Total ALLL$1,456 294 703 2,453 
Portfolio loans and leases:(b)
Individually evaluated$962 628 273 1,863 
Collectively evaluated67,701 15,073 23,569 106,343 
Purchased credit deteriorated(c)
334 66 15 415 
Total portfolio loans and leases$68,997 15,767 23,857 108,621 
(a)Includes $3 related to commercial leveraged leases at December 31, 2020.
(b)Excludes $161 of residential mortgage loans measured at fair value and includes $323 of commercial leveraged leases, net of unearned income, at December 31, 2020.
(c)Includes $39, as of December 31, 2020, of residential mortgage loans previously sold to GNMA for which the Bancorp was deemed to have regained effective control over under ASC Topic 860, but did not exercise its option to repurchase. Refer to Note 16 for further information.
Loan and Leases Balances by Credit Quality Indicator
The following tables present the amortized cost basis of the Bancorp’s commercial portfolio segment, by class and vintage, disaggregated by credit risk grade:
As of December 31, 2021 ($ in millions) Term Loans and Leases by Origination YearRevolving
Loans		Revolving Loans Converted to Term Loans
20212020201920182017PriorTotal
Commercial and industrial loans:
Pass$4,266 2,291 1,198 552 356 752 39,486 — 48,901 
Special mention37 22 12 29 22 5 665 — 792 
Substandard19 52 36 69 52 115 1,623 — 1,966 
Doubtful— — — — — — — — — 
Total commercial and industrial loans$4,322 2,365 1,246 650 430 872 41,774 — 51,659 
Commercial mortgage owner-occupied loans:

Pass$1,082 804 471 296 183 331 1,141 — 4,308 
Special mention— 31 46 17 2 40 69 — 205 
Substandard22 38 3 12 3 27 91 — 196 
Doubtful— — — — — — — — — 
Total commercial mortgage owner-occupied loans
$1,104 873 520 325 188 398 1,301 — 4,709 
Commercial mortgage nonowner-occupied loans:

Pass$635 733 595 284 141 302 1,977 — 4,667 
Special mention89 12 11 5 7 9 162 — 295 
Substandard160 78 4 3 9 3 388 — 645 
Doubtful— — — — — — — — — 
Total commercial mortgage nonowner-occupied loans
$884 823 610 292 157 314 2,527 — 5,607 
Commercial construction loans:

Pass$50 69 11 37 — 9 4,488 — 4,664 
Special mention— 39 — — — — 193 — 232 
Substandard17 — — — — — 328 — 345 
Doubtful— — — — — — — — — 
Total commercial construction loans$67 108 11 37 — 9 5,009 — 5,241 
Commercial leases:

Pass$1,019 436 284 231 233 776 — — 2,979 
Special mention4 4 5 9 — 8 — — 30 
Substandard7 3 8 10 13 2 — — 43 
Doubtful— — — — — — — — — 
Total commercial leases$1,030 443 297 250 246 786 — — 3,052 
Total commercial loans and leases:
Pass$7,052 4,333 2,559 1,400 913 2,170 47,092 — 65,519 
Special mention130 108 74 60 31 62 1,089 — 1,554 
Substandard225 171 51 94 77 147 2,430 — 3,195 
Doubtful— — — — — — — — — 
Total commercial loans and leases$7,407 4,612 2,684 1,554 1,021 2,379 50,611 — 70,268 
As of December 31, 2020 ($ in millions) Term Loans and Leases by Origination YearRevolving LoansRevolving Loans Converted to Term Loans
20202019201820172016PriorTotal
Commercial and industrial loans:
Pass$7,042 2,144 1,114 700 471 703 31,657 — 43,831 
Special mention66 46 167 46 5 21 2,317 — 2,668 
Substandard119 80 107 60 39 104 2,639 — 3,148 
Doubtful— 2 9 — — — 7 — 18 
Total commercial and industrial loans$7,227 2,272 1,397 806 515 828 36,620 — 49,665 
Commercial mortgage owner-occupied loans:
Pass$1,047 655 416 288 249 420 1,025 — 4,100 
Special mention58 12 16 7 2 17 64 — 176 
Substandard211 17 33 7 13 30 88 — 399 
Doubtful— — — — — — — — — 
Total commercial mortgage owner-occupied loans
$1,316 684 465 302 264 467 1,177 — 4,675 
Commercial mortgage nonowner-occupied loans:
Pass$902 679 548 247 223 341 1,626 — 4,566 
Special mention252 68 17 8 36 9 416 — 806 
Substandard149 3 49 14 2 25 301 — 543 
Doubtful12 — — — — — — — 12 
Total commercial mortgage nonowner-occupied loans
$1,315 750 614 269 261 375 2,343 — 5,927 
Commercial construction loans:
Pass$98 49 27 — 9 12 4,721 — 4,916 
Special mention67 — — — — — 591 — 658 
Substandard8 — — — — — 233 — 241 
Doubtful— — — — — — — — — 
Total commercial construction loans$173 49 27 — 9 12 5,545 — 5,815 
Commercial leases:
Pass$622 374 315 369 314 824 — — 2,818 
Special mention5 16 5 — — — — — 26 
Substandard7 4 16 21 6 17 — — 71 
Doubtful— — — — — — — — — 
Total commercial leases$634 394 336 390 320 841 — — 2,915 
Total commercial loans and leases:
Pass$9,711 3,901 2,420 1,604 1,266 2,300 39,029 — 60,231 
Special mention448 142 205 61 43 47 3,388 — 4,334 
Substandard494 104 205 102 60 176 3,261 — 4,402 
Doubtful12 2 9 — — — 7 — 30 
Total commercial loans and leases$10,665 4,149 2,839 1,767 1,369 2,523 45,685 — 68,997 
The following tables present the amortized cost basis of the Bancorp’s residential mortgage and consumer portfolio segments, by class and vintage, disaggregated by both age and performing versus nonperforming status:
As of December 31, 2021 ($ in millions) Term Loans by Origination YearRevolving
Loans		Revolving Loans Converted to Term Loans
20212020201920182017PriorTotal
Residential mortgage loans:
Performing:
Current(a)
$5,886 3,309 1,294 418 954 4,261 — — 16,122 
30-89 days past due1 1 1 1 1 13 — — 18 
90 days or more past due— 2 4 3 9 52 — — 70 
Total performing5,887 3,312 1,299 422 964 4,326 — — 16,210 
Nonperforming— — 1 — 2 30 — — 33 
Total residential mortgage loans(b)
$5,887 3,312 1,300 422 966 4,356 — — 16,243 
Home equity:

Performing:

Current$2 6 13 18 2 113 3,815 12 3,981 
30-89 days past due— — — — — 3 22 — 25 
90 days or more past due— — — — — 1 — — 1 
Total performing2 6 13 18 2 117 3,837 12 4,007 
Nonperforming— — — — — 9 67 1 77 
Total home equity$2 6 13 18 2 126 3,904 13 4,084 
Indirect secured consumer loans:

Performing:









Current$8,732 4,206 2,221 902 389 194 — — 16,644 
30-89 days past due26 24 25 17 8 3 — — 103 
90 days or more past due2 2 2 2 1 — — — 9 
Total performing8,760 4,232 2,248 921 398 197 — — 16,756 
Nonperforming— 12 5 5 3 2 — — 27 
Total indirect secured consumer loans$8,760 4,244 2,253 926 401 199 — — 16,783 
Credit card:

Performing:
Current$— — — — — — 1,710 — 1,710 
30-89 days past due— — — — — — 18 — 18 
90 days or more past due— — — — — — 15 — 15 
Total performing— — — — — — 1,743 — 1,743 
Nonperforming— — — — — — 23 — 23 
Total credit card$— — — — — — 1,766 — 1,766 
Other consumer loans:

Performing:

Current$692 530 275 174 105 47 913 — 2,736 
30-89 days past due3 2 3 2 1 — 2 1 14 
90 days or more past due— — 1 — — — — — 1 
Total performing695 532 279 176 106 47 915 1 2,751 
Nonperforming— — — — — — 1 — 1 
Total other consumer loans$695 532 279 176 106 47 916 1 2,752 
Total residential mortgage and consumer loans:
Performing:
Current$15,312 8,051 3,803 1,512 1,450 4,615 6,438 12 41,193 
30-89 days past due30 27 29 20 10 19 42 1 178 
90 days or more past due2 4 7 5 10 53 15 — 96 
Total performing15,344 8,082 3,839 1,537 1,470 4,687 6,495 13 41,467 
Nonperforming— 12 6 5 5 41 91 1 161 
Total residential mortgage and
    consumer loans(b)
$15,344 8,094 3,845 1,542 1,475 4,728 6,586 14 41,628 
(a)Information includes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. As of December 31, 2021, $49 of these loans were 30-89 days past due and $139 were 90 days or more past due. The Bancorp recognized $2 of losses during the year ended December 31, 2021 due to claim denials and curtailments associated with these insured or guaranteed loans.
(b)Excludes $154 of residential mortgage loans measured at fair value at December 31, 2021.
As of December 31, 2020 ($ in millions) Term Loans by Origination YearRevolving LoansRevolving Loans Converted to Term Loans
20202019201820172016PriorTotal
Residential mortgage loans:
Performing:
Current(a)
$4,006 2,128 827 1,635 2,301 4,719 — — 15,616 
30-89 days past due1 1 3 3 1 12 — — 21 
90 days or more past due— 6 2 7 7 48 — — 70 
Total performing4,007 2,135 832 1,645 2,309 4,779 — — 15,707 
Nonperforming1 — 2 2 3 52 — — 60 
Total residential mortgage loans(b)
$4,008 2,135 834 1,647 2,312 4,831 — — 15,767 
Home equity:
Performing:
Current$11 24 30 4 2 153 4,825 10 5,059 
30-89 days past due— — — — — 3 33 — 36 
90 days or more past due— — — — — 2 — — 2 
Total performing11 24 30 4 2 158 4,858 10 5,097 
Nonperforming— — — — — 10 75 1 86 
Total home equity$11 24 30 4 2 168 4,933 11 5,183 
Indirect secured consumer loans:
Performing:
Current$6,626 3,752 1,678 860 372 214 — — 13,502 
30-89 days past due25 41 31 17 7 4 — — 125 
90 days or more past due1 2 3 2 1 1 — — 10 
Total performing6,652 3,795 1,712 879 380 219 — — 13,637 
Nonperforming1 5 4 3 2 1 — — 16 
Total indirect secured consumer loans$6,653 3,800 1,716 882 382 220 — — 13,653 
Credit card:
Performing:
Current$— — — — — — 1,914 — 1,914 
30-89 days past due— — — — — — 30 — 30 
90 days or more past due— — — — — — 31 — 31 
Total performing— — — — — — 1,975 — 1,975 
Nonperforming— — — — — — 32 — 32 
Total credit card$— — — — — — 2,007 — 2,007 
Other consumer loans:
Performing:
Current$883 546 437 178 32 40 878 1 2,995 
30-89 days past due2 5 4 2 — — 2 — 15 
90 days or more past due— 2 — — — — — — 2 
Total performing885 553 441 180 32 40 880 1 3,012 
Nonperforming— — — — — 1 1 — 2 
Total other consumer loans$885 553 441 180 32 41 881 1 3,014 
Total residential mortgage and consumer loans:
Performing:
Current$11,526 6,450 2,972 2,677 2,707 5,126 7,617 11 39,086 
30-89 days past due28 47 38 22 8 19 65 — 227 
90 days or more past due1 10 5 9 8 51 31 — 115 
Total performing11,555 6,507 3,015 2,708 2,723 5,196 7,713 11 39,428 
Nonperforming2 5 6 5 5 64 108 1 196 
Total residential mortgage and consumer loans(b)
$11,557 6,512 3,021 2,713 2,728 5,260 7,821 12 39,624 
(a)Information includes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. As of December 31, 2020, $103 of these loans were 30-89 days past due and $242 were 90 days or more past due. The Bancorp recognized $3 of losses during the year ended December 31, 2020 due to claim denials and curtailments associated with these insured or guaranteed loans.
(b)Excludes $161 of residential mortgage loans measured at fair value at December 31, 2020.
Summary by Age and Class of the Recorded Investment in Delinquencies Included in the Bancorp's Portfolio of Loans and Leases
The following tables summarize the Bancorp’s amortized cost basis in portfolio commercial loans and leases, by age and class:
Current Loans and Leases(a)
Past DueTotal Loans and Leases90 Days Past Due and Still Accruing
As of December 31, 2021 ($ in millions)
30-89 Days(a)
90 Days or More(a)
Total Past Due  
Commercial loans and leases:
Commercial and industrial loans(b)
$51,549 61 49 110 51,659 17 
Commercial mortgage owner-occupied loans4,701 4 4 8 4,709 1 
Commercial mortgage nonowner-occupied loans5,606 — 1 1 5,607 — 
Commercial construction loans5,241 — — — 5,241 1 
Commercial leases3,035 16 1 17 3,052 — 
Total portfolio commercial loans and leases$70,132 81 55 136 70,268 19 
(a)Includes accrual and nonaccrual loans and leases.
(b)Includes loans related to the SBA’s Paycheck Protection Program, of which $20 were 30-89 days past due and $6 were 90 days or more past due.

Current Loans and Leases(a)
Past DueTotal Loans and Leases90 Days Past Due and Still Accruing
As of December 31, 2020 ($ in millions)
30-89 Days(a)
90 Days or More(a)
Total Past Due  
Commercial loans and leases:
Commercial and industrial loans$49,421 119 125 244 49,665 39 
Commercial mortgage owner-occupied loans4,645 7 23 30 4,675 7 
Commercial mortgage nonowner-occupied loans5,860 31 36 67 5,927 1 
Commercial construction loans5,808 7 — 7 5,815 — 
Commercial leases2,906 7 2 9 2,915 1 
Total portfolio commercial loans and leases$68,640 171 186 357 68,997 48 
(a)Includes accrual and nonaccrual loans and leases.
Summary of the Amortized Cost Basis of the Bancorp's Collateral Dependent Loans
The following table presents the amortized cost basis of the Bancorp’s collateral-dependent loans and leases, by portfolio class, as of:
($ in millions)December 31,
2021		December 31,
2020
Commercial loans and leases:
Commercial and industrial loans$467 810 
Commercial mortgage owner-occupied loans22 101 
Commercial mortgage nonowner-occupied loans31 82 
Commercial construction loans56 19 
Commercial leases3 6 
Total commercial loans and leases579 1,018 
Residential mortgage loans60 80 
Consumer loans:
Home equity58 71 
Indirect secured consumer loans8 9 
Total consumer loans66 80 
Total portfolio loans and leases$705 1,178 
Summary of the Bancorp's Nonperforming Loans and Leases by Class
The following table presents the amortized cost basis of the Bancorp’s nonaccrual loans and leases, by class, and OREO and other repossessed property, as of:
December 31, 2021December 31, 2020
 ($ in millions)With an ALLLNo Related
ALLL		TotalWith an ALLLNo Related
ALLL		Total
Commercial loans and leases:
Commercial and industrial loans$151 128 279 213 260 473 
Commercial mortgage owner-occupied loans10 13 23 20 60 80 
Commercial mortgage nonowner-occupied loans22 3 25 34 43 77 
Commercial construction loans6 — 6 1 — 1 
Commercial leases3 1 4 6 1 7 
Total nonaccrual portfolio commercial loans and leases$192 145 337 274 364 638 
Residential mortgage loans14 19 33 11 49 60 
Consumer loans:
Home equity53 24 77 55 31 86 
Indirect secured consumer loans21 6 27 8 8 16 
Credit card23 — 23 32 — 32 
Other consumer loans1 — 1 2 — 2 
Total nonaccrual portfolio consumer loans$98 30 128 97 39 136 
Total nonaccrual portfolio loans and leases(a)(b)
$304 194 498 382 452 834 
OREO and other repossessed property— 29 29 — 30 30 
Total nonperforming portfolio assets(a)(b)
$304 223 527 382 482 864 
(a)Excludes $15 and $6 of nonaccrual loans held for sale as of December 31, 2021 and 2020, respectively.
(b)Includes $26 and $29 of nonaccrual government insured commercial loans whose repayments are insured by the SBA as of December 31, 2021 and 2020, respectively, of which $11 and $17 are restructured nonaccrual government insured commercial loans as of December 31, 2021 and 2020, respectively.
The following table presents the interest income recognized on the Bancorp’s nonaccrual loans and leases as of December 31, 2021 and 2020, by class:
For the years ended
December 31,
 ($ in millions)20212020
Commercial loans and leases:
Commercial and industrial loans$6 8 
Commercial mortgage nonowner-occupied loans— 1 
Commercial leases1 1 
Total nonaccrual portfolio commercial loans and leases$7 10 
Residential mortgage loans24 28 
Consumer loans:
Home equity7 9 
Indirect secured consumer loans2 — 
Credit card3 4 
Total nonaccrual portfolio consumer loans$12 13 
Total nonaccrual portfolio loans and leases$43 51 
Summary of Loans Modified in a TDR
The following tables provide a summary of portfolio loans, by class, modified in a TDR by the Bancorp during the years ended December 31:
2021 ($ in millions)
Number of Loans
Modified in a TDR
During the Year(a)
Amortized Cost Basis of Loans Modified
in a TDR
During the Year		Increase
(Decrease)
to ALLL Upon
Modification		Charge-offs
Recognized Upon  
Modification
Commercial loans:
Commercial and industrial loans86 $150 1 — 
Commercial mortgage owner-occupied loans10 8 — — 
Commercial mortgage nonowner-occupied loans5 29 — — 
Commercial construction loans1 34 — — 
Residential mortgage loans519 93 4 — 
Consumer loans:
Home equity206 10 (3)— 
Indirect secured consumer loans4,567 96 1 — 
Credit card5,488 30 9 1 
Total portfolio loans10,882 $450 12 1 
(a)Represents number of loans post-modification and excludes loans previously modified in a TDR.

2020 ($ in millions)
Number of Loans
Modified in a TDR
During the Year(a)
Amortized Cost Basis of Loans Modified
in a TDR
During the Year		Increase
(Decrease)
to ALLL Upon
Modification		Charge-offs
Recognized Upon  
Modification
Commercial loans:
Commercial and industrial loans124 $305 26 7 
Commercial mortgage owner-occupied loans43 58 (11)— 
Commercial mortgage nonowner-occupied loans19 44 (2)— 
Commercial construction loans3 21 1 — 
Residential mortgage loans424 58 1 — 
Consumer loans:
Home equity147 7 (4)— 
Indirect secured consumer loans70 — — — 
Credit card5,701 32 11 1 
Total portfolio loans6,531 $525 22 8 
(a)Represents number of loans post-modification and excludes loans previously modified in a TDR.
2019 ($ in millions)(a)(b)
Number of Loans
Modified in a TDR
During the Year(c)
Recorded Investment
in Loans Modified
in a TDR
During the Year		(Decrease)
Increase
to ALLL Upon
Modification		Charge-offs
Recognized Upon  
Modification
Commercial loans:
Commercial and industrial loans97 $223 (19)5 
Commercial mortgage owner-occupied loans15 12 — — 
Commercial mortgage nonowner-occupied loans1 — — — 
Residential mortgage loans722 101 1 — 
Consumer loans:
Home equity80 4 — — 
Indirect secured consumer loans100 — — — 
Credit card6,041 34 8 3 
Total portfolio loans7,056 $374 (10)8 
(a)Excludes all loans acquired with deteriorated credit quality which were accounted for within a pool.
(b)Excludes loans classified as TDRs as a result of the Bancorp’s conformance to OCC guidance with regard to non-reaffirmed loans included in Chapter 7 bankruptcy filings.
(c)Represents number of loans post-modification and excludes loans previously modified in a TDR.
Summary of Subsequent Defaults
The following tables provide a summary of TDRs that subsequently defaulted during the years ended December 31, 2021, 2020 and 2019 and were within 12 months of the restructuring date:
December 31, 2021 ($ in millions)(a)
Number of ContractsAmortized
Cost
Commercial loans:
Commercial and industrial loans7 $1 
Commercial mortgage owner-occupied loans3 1 
Commercial mortgage nonowner-occupied loans2 25 
Residential mortgage loans82 10 
Consumer loans:
Home equity28 1 
Indirect secured consumer loans130 2 
Credit card215 1 
Total portfolio loans467 $41 
(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.

December 31, 2020 ($ in millions)(a)
Number of
Contracts		Amortized
Cost
Commercial loans:
Commercial and industrial loans13 $5 
Commercial mortgage owner-occupied loans8 3 
Commercial mortgage nonowner-occupied loans3 11 
Residential mortgage loans149 23 
Consumer loans:
Home equity6 — 
Indirect secured consumer loans18 — 
Credit card260 1 
Total portfolio loans457 $43 
(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.

December 31, 2019 ($ in millions)(a)(b)
Number of
Contracts		Recorded
Investment
Commercial loans:
Commercial and industrial loans12 $20 
Commercial mortgage owner-occupied loans4 1 
Commercial mortgage nonowner-occupied loans1 — 
Residential mortgage loans274 42 
Consumer loans:
Home equity15 — 
Credit card655 3 
Total portfolio loans961 $66 
(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.
(b)Excludes loans classified as TDRs as a result of the Bancorp’s conformance to OCC guidance with regard to non-reaffirmed loans included in Chapter 7 bankruptcy filings.
v3.22.0.1
Bank Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Summary of Bank Premises and Equipment
The following table provides a summary of bank premises and equipment as of December 31:
($ in millions)Estimated Useful Life20212020
Equipment2-20 years$2,392 2,302 
Buildings(a)
1-30 years1,668 1,612 
Land and improvements(a)
645 636 
Leasehold improvements1-30 years517 467 
Construction in progress(a)
84 108 
Bank premises and equipment held for sale:
Land and improvements18 27 
Buildings6 8 
Accumulated depreciation and amortization(3,210)(3,072)
Total bank premises and equipment$2,120 2,088 
(a)At December 31, 2021 and 2020, land and improvements, buildings and construction in progress included $39 and $46, respectively, associated with parcels of undeveloped land intended for future branch expansion.
v3.22.0.1
Operating Lease Equipment (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Future Lease Payments Receivable from Operating Leases
The following table presents future lease payments receivable from operating leases for 2022 through 2026 and thereafter:
As of December 31, 2021 ($ in millions)Undiscounted
Cash Flows
2022$138 
2023114 
202476 
202548 
202626 
Thereafter27 
Total operating lease payments$429 
v3.22.0.1
Lease Obligations - Lessee (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Lease Assets and Lease Liabilities
The following table provides a summary of lease assets and lease liabilities as of December 31:
($ in millions)Consolidated Balance Sheets Caption20212020
Assets
Operating lease right-of-use assetsOther assets$427 423 
Finance lease right-of-use assetsBank premises and equipment145 129 
Total right-of-use assets(a)
$572 552 
Liabilities
Operating lease liabilitiesAccrued taxes, interest and expenses$520 527 
Finance lease liabilitiesLong-term debt149 130 
Total lease liabilities$669 657 
(a)Operating and finance lease right-of-use assets are recorded net of accumulated amortization of $198 and $47, respectively, as of December 31, 2021, and $152 and $29, respectively, as of December 31, 2020.
Components of Lease Costs, Weighted-Average Lease Term and Discount Rate
The following table presents the components of lease costs for the years ended December 31:
($ in millions)Consolidated Statements of Income Caption202120202019
Lease costs:
  Amortization of ROU assetsNet occupancy and equipment expense$18 11 6 
Interest on lease liabilitiesInterest on long-term debt4 3 1 
Total finance lease costs$22 14 7 
Operating lease costNet occupancy expense$80 110 96 
Short-term lease costNet occupancy expense2 1 1 
Variable lease costNet occupancy expense31 29 30 
Sublease incomeNet occupancy expense(3)(3)(3)
Total operating lease costs$110 137 124 
Total lease costs$132 151 131 
The following table presents the weighted-average remaining lease term and weighted-average discount rate as of December 31:
20212020
Weighted-average remaining lease term (years):
Operating leases8.929.06
Finance leases14.7012.93
Weighted-average discount rate:
Operating leases2.88 %3.05 
Finance leases2.74 2.39 

The following table presents information related to lease transactions for the years ended December 31:
($ in millions)202120202019
Cash paid for amounts included in the measurement of lease liabilities:(a)
Operating cash flows from operating leases$88 91 97 
Operating cash flows from finance leases4 3 1 
Financing cash flows from finance leases16 11 5 
Gains on sale and leaseback transactions2 3 5 
(a)The cash flows related to short-term leases and variable lease payments are not included in the amounts in the table as they were not included in the measurement of lease liabilities.
Undiscounted Cash Flows for Operating Leases
The following table presents undiscounted cash flows for both operating leases and finance leases for 2022 through 2026 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities as follows:
As of December 31, 2021 ($ in millions)Operating
Leases		Finance
Leases		Total
2022$87 21 108 
202380 18 98 
202472 18 90 
202564 12 76 
202655 7 62 
Thereafter238 111 349 
Total undiscounted cash flows$596 187 783 
Less: Difference between undiscounted cash flows and discounted cash flows76 38 114 
Present value of lease liabilities$520 149 669 
Undiscounted Cash Flows for Finance Leases
The following table presents undiscounted cash flows for both operating leases and finance leases for 2022 through 2026 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities as follows:
As of December 31, 2021 ($ in millions)Operating
Leases		Finance
Leases		Total
2022$87 21 108 
202380 18 98 
202472 18 90 
202564 12 76 
202655 7 62 
Thereafter238 111 349 
Total undiscounted cash flows$596 187 783 
Less: Difference between undiscounted cash flows and discounted cash flows76 38 114 
Present value of lease liabilities$520 149 669 
v3.22.0.1
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in the Net Carrying Amount of Goodwill by Reporting Segment
Changes in the net carrying amount of goodwill, by reporting unit, for the years ended December 31, 2021 and 2020 were as follows:
($ in millions)Commercial
Banking		Branch
Banking		Consumer
Lending		Wealth and Asset
Management		General Corporate and OtherTotal
Goodwill$2,704 2,046 215 252 — 5,217 
Accumulated impairment losses(750)— (215)— — (965)
Net carrying value as of December 31, 2019$1,954 2,046 — 252 — 4,252 
Acquisition activity26 1 — 1 — 28 
Sale of business— — — (22)— (22)
Net carrying value as of December 31, 2020$1,980 2,047 — 231 — 4,258 
Acquisition activity— 256 — — — 256 
Net carrying value as of December 31, 2021$1,980 2,303 — 231 — 4,514 
v3.22.0.1
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets
The details of the Bancorp’s intangible assets are shown in the following table:
($ in millions)Gross Carrying AmountAccumulated
Amortization		Net Carrying
Amount
As of December 31, 2021
Core deposit intangibles$229 (153)76 
Developed technology62 (3)59 
Customer relationships25 (7)18 
Operating leases11 (9)2 
Other4 (3)1 
Total intangible assets$331 (175)156 
As of December 31, 2020
Core deposit intangibles$229 (116)113 
Customer relationships24 (5)19 
Operating leases17 (12)5 
Other3 (1)2 
Total intangible assets$273 (134)139 
Estimated Amortization Expense
Estimated amortization expense for the years ending December 31, 2022 through 2026 is as follows:
($ in millions)Total
2022$41 
202332 
202424 
202517 
202611 
v3.22.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation of VIEs The following table provides a summary of assets and liabilities carried on the Consolidated Balance Sheets for consolidated VIEs as of:
($ in millions)December 31,
2021		December 31,
2020
Assets:
Other short-term investments$24 55 
Indirect secured consumer loans322 756 
ALLL(2)(7)
Other assets2 5 
Total assets$346 809 
Liabilities:
Other liabilities$1 2 
Long-term debt263 656 
Total liabilities$264 658 
Assets and Liabilities Related to Non-consolidated VIEs and Maximum Exposure to Losses
The following tables provide a summary of assets and liabilities carried on the Consolidated Balance Sheets related to non-consolidated VIEs for which the Bancorp holds an interest, but is not the primary beneficiary of the VIE, as well as the Bancorp’s maximum exposure to losses associated with its interests in the entities as of:
December 31, 2021 ($ in millions)Total AssetsTotal LiabilitiesMaximum Exposure
CDC investments$1,705 580 1,705 
Private equity investments133 — 257 
Loans provided to VIEs3,386 — 4,873 
Lease pool entities68 — 68 
December 31, 2020 ($ in millions)Total AssetsTotal LiabilitiesMaximum Exposure
CDC investments$1,546 478 1,546 
Private equity investments117 — 200 
Loans provided to VIEs2,420 — 3,649 
Lease pool entities73 — 73 
Investments in Qualified Affordable Housing Tax Credits The following table summarizes the impact to the Consolidated Statements of Income related to these investments for the years ended December 31:
Consolidated Statements of Income Caption(a)
202120202019
Proportional amortizationApplicable income tax expense$163 150 140 
Tax credits and other benefitsApplicable income tax expense(193)(175)(163)
(a)The Bancorp did not recognize impairment losses resulting from the forfeiture or ineligibility of tax credits or other circumstances during the years ended December 31, 2021, 2020 and 2019.
v3.22.0.1
Sales of Receivables and Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2021
Transfers and Servicing [Abstract]  
Activity Related to Mortgage Banking Net Revenue
Information related to residential mortgage loan sales and the Bancorp’s mortgage banking activity, which is included in mortgage banking net revenue in the Consolidated Statements of Income, for the years ended December 31 is as follows:
($ in millions)202120202019
Residential mortgage loan sales(a)
$16,900 11,827 7,781 
Origination fees and gains on loan sales285 315 175 
Gross mortgage servicing fees247 263 267 
(a)Represents the unpaid principal balance at the time of the sale.
Changes in Servicing Assets
The following table presents changes in the servicing rights related to residential mortgage loans for the years ended December 31:
($ in millions)20212020
Balance, beginning of period$656 993 
Servicing rights originated223 184 
Servicing rights purchased381 44 
Changes in fair value:
Due to changes in inputs or assumptions(a)
142 (311)
Other changes in fair value(b)
(281)(254)
Balance, end of period$1,121 656 
(a)Primarily reflects changes in prepayment speed and OAS assumptions which are updated based on market interest rates.
(b)Primarily reflects changes due to realized cash flows and the passage of time.
Activity Related to the MSR Portfolio
The following table presents activity related to valuations of the MSR portfolio and the impact of the non-qualifying hedging strategy for the years ended December 31:
($ in millions)202120202019
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights$(2)2 3 
Changes in fair value and settlement of free-standing derivatives purchased to economically
    hedge the MSR portfolio(a)
(123)307 221 
MSR fair value adjustment due to changes in inputs or assumptions(a)
142 (311)(203)
(a)Included in mortgage banking net revenue in the Consolidated Statements of Income.
Servicing Assets and Residual Interests Economic Assumptions
The key economic assumptions used in measuring the servicing rights related to residential mortgage loans that continued to be held by the Bancorp at the date of sale, securitization, or purchase resulting from transactions completed during the years ended December 31 were as follows:
20212020
Weighted-
Average Life
(in years)		Prepayment
Speed
(annual)		OAS    
(bps)    		Weighted-Average Life
(in years)		Prepayment
Speed
(annual)		OAS
(bps)
Fixed-rate6.510.7 %6935.912.1 %727
Adjustable-rate2.728.8 6263.818.3 681
Sensitivity of the Current Fair Value of Residual Cash Flows to Immediate 10%, 20% and 50% Adverse Changes in Assumptions
At December 31, 2021, the sensitivity of the current fair value of residual cash flows to immediate 10%, 20% and 50% adverse changes in prepayment speed assumptions and immediate 10% and 20% adverse changes in OAS for servicing rights related to residential mortgage loans are as follows:
($ in millions)(a)
Fair ValueWeighted-
Average Life
(in years)		Prepayment Speed AssumptionOAS Assumption
Impact of Adverse Change
on Fair Value		OAS 
(bps)		Impact of Adverse 
Change on Fair Value
Rate 10%20%50%10%20%
Fixed-rate$1,116 6.310.7 %$(48)(93)(211)686$(30)(58)
Adjustable-rate5 4.120.6 — (1)(2)1087— — 
(a)The impact of the weighted-average default rate on the current fair value of residual cash flows for all scenarios is immaterial.
v3.22.0.1
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following tables reflect the notional amounts and fair values for all derivative instruments included in the Consolidated Balance Sheets as of:
Fair Value
December 31, 2021 ($ in millions)Notional    
Amount    		Derivative
Assets		    Derivative    
Liabilities
Derivatives Designated as Qualifying Hedging Instruments
Fair value hedges:
Interest rate swaps related to long-term debt$1,955 393 2 
Interest rate swaps related to available-for-sale debt and other securities445 7 — 
Total fair value hedges400 2 
Cash flow hedges:
Interest rate floors related to C&I loans3,000 122 — 
Interest rate swaps related to C&I loans8,000 — 1 
Interest rate swaps related to commercial mortgage and commercial construction loans4,000 — — 
Total cash flow hedges122 1 
Total derivatives designated as qualifying hedging instruments522 3 
Derivatives Not Designated as Qualifying Hedging Instruments
Free-standing derivatives - risk management and other business purposes:
Interest rate contracts related to MSR portfolio6,260 140 — 
Forward contracts related to residential mortgage loans held for sale(b)
1,952 2 2 
Swap associated with the sale of Visa, Inc. Class B Shares3,545 — 214 
Foreign exchange contracts158 — 1 
Interest rate contracts for collateral management12,000 5 4 
Interest rate contracts for LIBOR transition2,372 — — 
Total free-standing derivatives - risk management and other business purposes147 221 
Free-standing derivatives - customer accommodation:
Interest rate contracts(a)
76,061 578 232 
Interest rate lock commitments673 12 — 
Commodity contracts12,376 1,326 1,260 
TBA securities55 — — 
Foreign exchange contracts23,148 323 297 
Total free-standing derivatives - customer accommodation2,239 1,789 
Total derivatives not designated as qualifying hedging instruments2,386 2,010 
Total$2,908 2,013 
(a)Derivative assets and liabilities are presented net of variation margin of $104 and $472, respectively.
(b)Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments.
Fair Value
December 31, 2020 ($ in millions)Notional    
Amount    		Derivative
Assets		    Derivative    
Liabilities
Derivatives Designated as Qualifying Hedging Instruments
Fair value hedges:
Interest rate swaps related to long-term debt$1,955 528 — 
Total fair value hedges528 — 
Cash flow hedges:
Interest rate floors related to C&I loans3,000 244 — 
Interest rate swaps related to C&I loans8,000 16 2 
Total cash flow hedges260 2 
Total derivatives designated as qualifying hedging instruments788 2 
Derivatives Not Designated as Qualifying Hedging Instruments
Free-standing derivatives - risk management and other business purposes:
Interest rate contracts related to MSR portfolio6,910 202 1 
Forward contracts related to residential mortgage loans held for sale(b)
2,903 1 16 
Swap associated with the sale of Visa, Inc. Class B Shares3,588 — 201 
Foreign exchange contracts204 — 3 
Interest rate contracts for collateral management12,000 3 1 
Interest rate contracts for LIBOR transition2,372 — — 
Total free-standing derivatives - risk management and other business purposes206 222 
Free-standing derivatives - customer accommodation:
Interest rate contracts(a)
77,806 1,238 265 
Interest rate lock commitments1,830 57 — 
Commodity contracts7,762 375 359 
Foreign exchange contracts14,587 255 224 
Total free-standing derivatives - customer accommodation1,925 848 
Total derivatives not designated as qualifying hedging instruments2,131 1,070 
Total$2,919 1,072 
(a)Derivative assets and liabilities are presented net of variation margin of $47 and $1,063, respectively.
(b)Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments.
Net Gains (Losses) Recognized in the Income Statement Related to Derivatives in Fair Value Hedging Relationships
The following table reflects the changes in fair value of interest rate contracts, designated as fair value hedges and the changes in fair value of the related hedged items attributable to the risk being hedged, as well as the line items in the Consolidated Statements of Income in which the corresponding gains or losses are recorded:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202120202019
Long-term debt:
Change in fair value of interest rate swaps hedging long-term debtInterest on long-term debt$(138)134 152 
Change in fair value of hedged long-term debt attributable to the risk
being hedged
Interest on long-term debt138 (133)(147)
Available-for-sale debt and other securities:
Change in fair value of interest rate swaps hedging available-for-sale
debt and other securities
Interest on securities7 — — 
Change in fair value of hedged available-for-sale debt and other
securities attributable to the risk being hedged
Interest on securities(7)— — 
The following amounts were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of December 31:
($ in millions)Consolidated Balance 
Sheets Caption		20212020
Long-term debt:
Carrying amount of the hedged itemsLong-term debt$2,339 2,478 
Cumulative amount of fair value hedging adjustments included in
the carrying amount of the hedged items
Long-term debt396 534 
Available-for-sale debt and other securities:
Carrying amount of the hedged items(a)
Available-for-sale debt and other securities465 — 
Cumulative amount of fair value hedging adjustments included in
the carrying amount of the hedged items
Available-for-sale debt and other securities(8)— 
(a)The carrying amount represents the amortized cost basis of the hedged items (which excludes unrealized gains and losses) plus the fair value hedging adjustments.
Net Gains (Losses) Relating to Derivative Instruments Designated as Cash Flow Hedges
The following table presents the pre-tax net (losses) gains recorded in the Consolidated Statements of Income and in the Consolidated Statements of Comprehensive Income relating to derivative instruments designated as cash flow hedges:
For the years ended December 31 ($ in millions)202120202019
Amount of pre-tax net (losses) gains recognized in OCI$(185)611 348 
Amount of pre-tax net gains reclassified from OCI into net income293 237 16 
Schedule of Price Risk Derivatives
The net (losses) gains recorded in the Consolidated Statements of Income relating to free-standing derivative instruments used for risk management and other business purposes are summarized in the following table:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202120202019
Interest rate contracts:
Forward contracts related to residential mortgage loans held for saleMortgage banking net revenue$15 (12)4 
Interest rate contracts related to MSR portfolioMortgage banking net revenue(123)307 221 
Foreign exchange contracts:
Foreign exchange contracts for risk management purposesOther noninterest income(3)(3)(7)
Equity contracts:
Swap associated with sale of Visa, Inc. Class B SharesOther noninterest income(86)(103)(107)
Risk Ratings of the Notional Amount of Risk Participation Agreements
Risk ratings of the notional amount of risk participation agreements under this risk rating system are summarized in the following table as of December 31:
($ in millions)20212020
Pass$3,733 3,231 
Special mention13 113 
Substandard34 52 
Total$3,780 3,396 
Net Gains (Losses) Recognized in the Income Statement Related to Free-Standing Derivative Instruments Used For Customer Accommodation
The net gains (losses) recorded in the Consolidated Statements of Income relating to free-standing derivative instruments used for customer accommodation are summarized in the following table:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202120202019
Interest rate contracts:
Interest rate contracts for customers (contract revenue)Commercial banking revenue$38 36 40 
Interest rate contracts for customers (credit portion of fair value adjustment)Other noninterest expense21 (22)(15)
Interest rate lock commitmentsMortgage banking net revenue149 271 144 
Commodity contracts:
Commodity contracts for customers (contract revenue)Commercial banking revenue23 15 8 
Commodity contracts for customers (credit losses)Other noninterest expense(1)(1)— 
Commodity contracts for customers (credit portion of fair value adjustment)Other noninterest expense— (2)1 
Foreign exchange contracts:
Foreign exchange contracts for customers (contract revenue)Commercial banking revenue61 55 49 
Foreign exchange contracts for customers (contract revenue)Other noninterest expense2 (11)12 
Foreign exchange contracts for customers (credit portion of fair value adjustment)Other noninterest expense— (1)— 
Offsetting Derivative Financial Instruments
The following table provides a summary of offsetting derivative financial instruments:
Gross Amount Recognized in the Consolidated Balance Sheets(a)
Gross Amounts Not Offset in the
Consolidated Balance Sheets
Derivatives
Collateral(b)
Net Amount
As of December 31, 2021
Derivative assets$2,896 (837)(548)1,511 
Derivative liabilities2,013 (837)(712)464 
As of December 31, 2020
Derivative assets$2,862 (621)(755)1,486 
Derivative liabilities1,072 (621)(221)230 
(a)Amount does not include IRLCs because these instruments are not subject to master netting or similar arrangements.
(b)Amount of collateral received as an offset to asset positions or pledged as an offset to liability positions. Collateral values in excess of related derivative amounts recognized in the Consolidated Balance Sheets were excluded from this table.
v3.22.0.1
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2021
Other Assets [Abstract]  
Other Assets Disclosure
The following table provides the components of other assets included in the Consolidated Balance Sheets as of December 31:
($ in millions)20212020
Derivative instruments$2,908 2,919 
Accounts receivable and drafts-in-process2,560 2,121 
Bank owned life insurance2,041 2,003 
Partnership investments2,022 1,872 
Accrued interest and fees receivable465 486 
Operating lease right-of-use assets427 423 
Worldpay, Inc. TRA receivable317 321 
Income tax receivable237 166 
Prepaid expenses139 129 
OREO and other repossessed property29 30 
Other299 279 
Total other assets$11,444 10,749 
v3.22.0.1
Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2021
Short-term Debt [Abstract]  
Summary of Short-Term Borrowings and Weighted-Average Rates
The following table summarizes short-term borrowings and weighted-average rates:
20212020
($ in millions)AmountRate      AmountRate        
As of December 31:
Federal funds purchased$281 0.13 %$300 0.14 %
Other short-term borrowings980 0.04 1,192 0.19 
Average for the years ended December 31:
Federal funds purchased$333 0.12 %$385 0.58 %
Other short-term borrowings1,107 0.15 1,709 0.81 
Maximum month-end balance for the years ended December 31:
Federal funds purchased$365 $1,625 
Other short-term borrowings1,353 4,542 
Summary of Other Short-Term Borrowings
The following table presents a summary of the Bancorp’s other short-term borrowings as of December 31:
($ in millions)20212020
Securities sold under repurchase agreements$544 679 
Derivative collateral436 474 
Other secured borrowings— 39 
Total other short-term borrowings$980 1,192 
v3.22.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Summary of the Bancorp's Long-Term Borrowings
The following table is a summary of the Bancorp’s long-term borrowings at December 31:
($ in millions)MaturityInterest Rate20212020
Parent Company
Senior:
Floating-rate notes(a)
20210.70%$— 250 
Fixed-rate notes20222.60%700 699 
Fixed-rate notes20223.50%500 499 
Fixed-rate notes20231.625%499 498 
Fixed-rate notes20243.65%1,496 1,494 
Fixed-rate notes20252.375%748 747 
Fixed-rate notes20272.55%746 746 
Fixed-rate/floating-rate notes(b)
20271.707%496 — 
Fixed-rate notes20283.95%647 647 
Subordinated:(c)
Fixed-rate notes20244.30%749 748 
Fixed-rate notes20388.25%1,346 1,433 
Subsidiaries
Senior:
Fixed-rate notes20212.25%— 1,249 
Fixed-rate notes20212.875%— 849 
Fixed-rate notes20213.35%— 506 
 Floating-rate notes(a)
20210.655%— 300 
 Floating-rate notes(c)(d)
20220.772%300 300 
Fixed-rate notes20231.80%649 648 
Fixed-rate notes20253.95%795 836 
Fixed-rate notes20272.25%598 598 
Subordinated:(c)
Fixed-rate notes20263.85%748 748 
Fixed-rate notes20274.00%172 172 
Junior subordinated:
 Floating-rate debentures(c)(d)
20351.62%-1.89%54 54 
FHLB advances2022-20470.05%-5.87%44 67 
Notes associated with consolidated VIEs:
Automobile loan securitizations:
Fixed-rate notes2022-20262.03%-2.69%250 623 
Other2022-2052Varies284 262 
Total$11,821 14,973 
(a)These rates reflect the floating rates as of December 31, 2020.
(b)This rate reflects the fixed rate in effect as of December 31, 2021.
(c)In aggregate, $2.5 billion and $2.8 billion qualifies as Tier 2 capital for regulatory capital purposes for the years ended December 31, 2021 and 2020, respectively.
(d)These rates reflect the floating rates as of December 31, 2021.
Schedule of Long-term Debt Maturities The aggregate annual maturities of long-term debt obligations (based on final maturity dates) as of December 31, 2021 are presented in the following table:
($ in millions)Parent CompanySubsidiariesTotal
2022$1,200 310 1,510 
2023499 821 1,320 
20242,245 19 2,264 
2025748 856 1,604 
2026— 890 890 
Thereafter3,235 998 4,233 
Total$7,927 3,894 11,821 
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Summary of Significant Commitments The following table reflects a summary of significant commitments as of December 31:
($ in millions)20212020
Commitments to extend credit$80,641 74,499 
Letters of credit1,953 1,982 
Forward contracts related to residential mortgage loans held for sale1,952 2,903 
Purchase obligations160 195 
Capital commitments for private equity investments124 83 
Capital expenditures78 75 
Credit Risk Associated with Commitments
Risk ratings of outstanding commitments to extend credit under this risk rating system are summarized in the following table as of December 31:
($ in millions)20212020
Pass$78,298 71,386 
Special mention1,058 2,049 
Substandard1,285 1,063 
Doubtful— 1 
Total commitments to extend credit$80,641 74,499 
Standby and Commercial Letters of Credit, Conditional Commitments Issued to Guarantee the Performance of a Customer to a Third Party
Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party and expire as summarized in the following table as of December 31, 2021:
($ in millions)
Less than 1 year(a)
$985 
1 - 5 years(a)
967 
Over 5 years1 
Total letters of credit$1,953 
(a)Includes $2 and $3 issued on behalf of commercial customers to facilitate trade payments in U.S. dollars and foreign currencies which expire in less than 1 year and between 1 - 5 years, respectively.
Credit Risk Associated with Letters of Credit
Risk ratings of outstanding letters of credit under this risk rating system are summarized in the following table as of December 31:
($ in millions)20212020
Pass$1,778 1,739 
Special mention40 111 
Substandard135 132 
Total letters of credit$1,953 1,982 
Visa Funding and Bancorp Cash Payments
After the Bancorp’s sale of the Class B Shares, Visa has funded additional amounts into the litigation escrow account which have resulted in further dilutive adjustments to the conversion of Class B Shares into Class A Shares, and along with other terms of the total return swap, required the Bancorp to make cash payments in varying amounts to the swap counterparty as follows:
Period ($ in millions)Visa Funding AmountBancorp Cash Payment Amount
Q2 2010$500 20 
Q4 2010800 35 
Q2 2011400 19 
Q1 20121,565 75 
Q3 2012150 6 
Q3 2014450 18 
Q2 2018600 26 
Q3 2019300 12 
Q4 2021250 (a)
(a)The Bancorp made a cash payment of $11 million to the swap counterparty on January 7, 2022 as a result of the Visa escrow funding in the fourth quarter of 2021.
v3.22.0.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
Summary of the Bancorp's Activities with its Principal Shareholders, Directors and Executives
The following table summarizes the Bancorp’s lending activities with its principal shareholders, directors, executives and their related interests at December 31:
($ in millions)20212020
Commitments to lend, net of participations:
Directors and their affiliated companies$157 79 
Executive officers7 7 
Total$164 86 
Outstanding balance on loans, net of participations and undrawn commitments$115 67 
v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Applicable Income Taxes Included in the Consolidated Statements Of Income The following is a summary of applicable income taxes included in the Consolidated Statements of Income for the years ended December 31:
($ in millions)202120202019
Current income tax expense:
U.S. Federal income taxes$657 463 788 
State and local income taxes102 69 148 
Foreign income taxes2 — — 
Total current income tax expense761 532 936 
Deferred income tax (benefit) expense:
U.S. Federal income taxes(21)(140)(212)
State and local income taxes8 (23)(35)
Foreign income taxes(1)1 1 
Total deferred income tax benefit(14)(162)(246)
Applicable income tax expense$747 370 690 
Reconciliation Between the Statutory U.S. Income Tax Rate and the Bancorp's Effective Tax Rate
The following is a reconciliation between the statutory U.S. Federal income tax rate and the Bancorp’s effective tax rate for the years ended December 31:
202120202019
Statutory tax rate21.0 %21.0 21.0 
Increase (decrease) resulting from:
State taxes, net of federal benefit2.5 2.0 2.8 
Tax-exempt income(0.6)(1.5)(1.2)
LIHTC investment and other tax benefits(5.5)(9.7)(5.0)
LIHTC investment proportional amortization4.6 8.3 4.4 
Other tax credits(0.2)(0.4)(0.2)
Other, net(0.6)0.9 (0.2)
Effective tax rate21.2 %20.6 21.6 
Reconciliation of the Beginning and Ending Amounts of the Bancorp's Unrecognized Tax Benefits
The following table provides a reconciliation of the beginning and ending amounts of the Bancorp’s unrecognized tax benefits:
($ in millions)202120202019
Unrecognized tax benefits at January 1$100 65 55 
Gross increases for tax positions taken during prior period10 29 25 
Gross decreases for tax positions taken during prior period(4)(3)(3)
Gross increases for tax positions taken during current period11 12 6 
Settlements with taxing authorities— (1)(9)
Lapse of applicable statute of limitations(15)(2)(9)
Unrecognized tax benefits at December 31(a)
$102 100 65 
(a)With the exception of $6 in 2020 and 2019, all amounts represent unrecognized tax benefits that, if recognized, would affect the annual effective tax rate.
Deferred Income Taxes Included in Other Assets in the Consolidated Balance Sheets
Deferred income taxes are comprised of the following items at December 31:
($ in millions)20212020
Deferred tax assets:
Allowance for loan and lease losses$397 $515 
Deferred compensation106 107 
Reserve for unfunded commitments38 36 
Reserves30 40 
State net operating loss carryforwards3 3 
State deferred taxes— 1 
Other202 160 
Total deferred tax assets$776 $862 
Deferred tax liabilities:
Lease financing$553 $638 
Other comprehensive income367 779 
MSRs and related economic hedges116 120 
Goodwill and intangible assets68 62 
Bank premises and equipment65 91 
Investments in joint ventures and partnership interests61 58 
State deferred taxes6 — 
Other51 66 
Total deferred tax liabilities$1,287 $1,814 
Total net deferred tax liability$(511)$(952)
v3.22.0.1
Retirement and Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Defined Benefit Retirement Plans with an Underfunded Status
The following table summarizes the defined benefit retirement plans as of and for the years ended December 31:
($ in millions)
20212020
Fair value of plan assets at January 1$173 175 
Actual return on assets(3)13 
Contributions1 2 
Settlement(12)(9)
Benefits paid(7)(8)
Fair value of plan assets at December 31$152 173 
Projected benefit obligation at January 1$203 194 
Interest cost4 6 
Settlement(12)(9)
Actuarial (gain) loss(12)20 
Benefits paid(7)(8)
Projected benefit obligation at December 31$176 203 
Underfunded projected benefit obligation at December 31$(24)(30)
Accumulated benefit obligation at December 31(a)
$176 203 
(a)Since the Plan’s benefits are frozen, the rate of compensation increase is no longer an assumption used to calculate the accumulated benefit obligation. Therefore, the accumulated benefit obligation was the same as the projected benefit obligation at both December 31, 2021 and 2020.
Net Periodic Benefit Cost and Other Changes In Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
The following table summarizes net periodic benefit cost and other changes in the Plan’s assets and benefit obligations recognized in OCI for the years ended December 31:
($ in millions)202120202019
Components of net periodic benefit cost:
Interest cost$4 6 7 
Expected return on assets(4)(4)(8)
Amortization of net actuarial loss6 6 6 
Settlement3 3 3 
Net periodic benefit cost$9 11 8 
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gain) loss$(5)12 5 
Amortization of net actuarial loss(6)(6)(6)
Settlement(3)(3)(3)
Total recognized in other comprehensive income(14)3 (4)
Total recognized in net periodic benefit cost and other comprehensive income$(5)14 4 
Plan Assets Measured at Fair Value on a Recurring Basis
The following tables summarize Plan assets measured at fair value on a recurring basis as of December 31:
Fair Value Measurements Using(a)
2021 ($ in millions)Level 1Level 2Level 3    Total Fair Value
Cash equivalents$5 — — 5 
Mutual and exchange-traded funds51 — — 51 
Debt securities:
U.S. Treasury and federal agencies securities54 5 — 59 
Mortgage-backed securities:
Non-agency commercial mortgage-backed securities— 1 — 1 
Asset-backed securities and other debt securities(b)
— 36 — 36 
Total debt securities$54 42 — 96 
Total Plan assets$110 42 — 152 
(a)For further information on fair value hierarchy levels, refer to Note 1.
(b)Includes corporate bonds.
Fair Value Measurements Using(a)
2020 ($ in millions)Level 1Level 2Level 3 Total Fair Value
Cash equivalents$4 — — 4 
Mutual and exchange-traded funds68 — — 68 
Debt securities:
U.S. Treasury and federal agencies securities57 6 — 63 
Mortgage-backed securities:
Non-agency commercial mortgage-backed securities— 1 — 1 
Asset-backed securities and other debt securities(b)
— 37 — 37 
Total debt securities$57 44 — 101 
Total Plan assets$129 44 — 173 
(a)For further information on fair value hierarchy levels, refer to Note 1.
(b)Includes corporate bonds.
Plan Assumptions
The following table summarizes the weighted-average plan assumptions for the years ended December 31:
202120202019
For measuring benefit obligations at year end:
Discount rate2.85 %2.26 3.05 
For measuring net periodic benefit cost:
Discount rate2.26 3.05 4.10 
Expected return on plan assets2.43 2.64 5.50 
Weighted Average Allocation of Plan Assets
The following table provides the Bancorp’s targeted and actual weighted-average asset allocations by asset category, with mutual and exchange-traded funds incorporated according to their underlying investments, for the years ended December 31:
Targeted Range  20212020
Equity securities
0-55  % 
— 3 
Fixed-income securities
50-100      
96 90 
Alternative strategies
0-5      
— — 
Cash or cash equivalents
0-100      
4 7 
Total100 %100 
v3.22.0.1
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Activity of the Components of Other Comprehensive Income and Accumulated Other Comprehensive Income
The tables below present the activity of the components of OCI and AOCI for the years ended December 31:
Total OCITotal AOCI
2021 ($ in millions)Pre-tax
Activity		Tax
Effect		Net
Activity		Beginning
Balance		Net
Activity		Ending
Balance
Unrealized holding losses on available-for-sale debt securities
    arising during the year		$(1,366)323 (1,043)
Reclassification adjustment for net losses on available-for-sale debt
    securities included in net income		4 (1)3 
Net unrealized gains on available-for-sale debt securities(1,362)322 (1,040)1,931 (1,040)891 
Unrealized holding losses on cash flow hedge derivatives arising
    during the year
 		(185)43 (142)
Reclassification adjustment for net gains on cash flow hedge
    derivatives included in net income		(293)70 (223)
Net unrealized gains on cash flow hedge derivatives(478)113 (365)718 (365)353 
Net actuarial gain arising during the year5 (1)4 
Reclassification of amounts to net periodic benefit costs9 (2)7 
Defined benefit pension plans, net14 (3)11 (44)11 (33)
Other— — — (4)— (4)
Total$(1,826)432 (1,394)2,601 (1,394)1,207 

Total OCITotal AOCI
2020 ($ in millions)Pre-tax
Activity		Tax
Effect		Net
Activity		Beginning
Balance		Net
Activity		Ending
Balance
Unrealized holding gains on available-for-sale debt securities
    arising during the year		$1,514 (361)1,153 
Reclassification adjustment for net gains on available-for-sale debt
    securities included in net income		(45)11 (34)
Net unrealized gains on available-for-sale debt securities1,469 (350)1,119 812 1,119 1,931 
Unrealized holding gains on cash flow hedge derivatives arising
    during the year		611 (128)483 
Reclassification adjustment for net gains on cash flow hedge
    derivatives included in net income		(237)50 (187)
Net unrealized gains on cash flow hedge derivatives374 (78)296 422 296 718 
Net actuarial loss arising during the year(12)3 (9)
Reclassification of amounts to net periodic benefit costs9 (2)7 
Defined benefit pension plans, net(3)1 (2)(42)(2)(44)
Other(4)— (4)— (4)(4)
Total$1,836 (427)1,409 1,192 1,409 2,601 
Total OCITotal AOCI
2019 ($ in millions)Pre-tax
Activity		Tax
Effect		Net
Activity		Beginning
Balance		Net
Activity		Ending
Balance
Unrealized holding gains on available-for-sale debt securities
    arising during the year
 		$1,369 (323)1,046 
Reclassification adjustment for net gains on available-for-sale debt
    securities included in net income		(9)2 (7)
Net unrealized gains on available-for-sale debt securities1,360 (321)1,039 (227)1,039 812 
Unrealized holding gains on cash flow hedge derivatives arising
    during the year
 		348 (73)275 
Reclassification adjustment for net gains on cash flow hedge
    derivatives included in net income		(16)3 (13)
Net unrealized gains on cash flow hedge derivatives332 (70)262 160 262 422 
Net actuarial loss arising during the year
 		(5)— (5)
Reclassification of amounts to net periodic benefit costs9 (1)8 
Defined benefit pension plans, net4 (1)3 (45)3 (42)
Total$1,696 (392)1,304 (112)1,304 1,192 
Reclassification Out of Accumulated Other Comprehensive Income to Net Income
The table below presents reclassifications out of AOCI for the years ended December 31:
($ in millions)Consolidated Statements of
Income Caption		202120202019
Net unrealized gains on available-for-sale debt securities:(a)
Net (losses) gains included in net incomeSecurities (losses) gains, net$(4)45 9 
Income before income taxes(4)45 9 
Applicable income tax expense1 (11)(2)
Net income(3)34 7 
Net unrealized gains on cash flow hedge derivatives:(a)
Interest rate contracts related to C&I, commercial mortgage and commercial construction loansInterest and fees on loans and leases293 237 16 
Income before income taxes293 237 16 
Applicable income tax expense(70)(50)(3)
Net income223 187 13 
Net periodic benefit costs:(a)
Amortization of net actuarial loss
Compensation and benefits(b)
(6)(6)(6)
Settlements
Compensation and benefits(b)
(3)(3)(3)
Income before income taxes(9)(9)(9)
Applicable income tax expense2 2 1 
Net income(7)(7)(8)
Total reclassifications for the periodNet income$213 214 12 
(a)Amounts in parentheses indicate reductions to net income.
(b)This AOCI component is included in the computation of net periodic benefit cost. Refer to Note 22 for information on the computation of net periodic benefit cost.
v3.22.0.1
Common, Preferred and Treasury Stock (Tables)
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Share Activity Within Common, Preferred and Treasury Stock
The table presents a summary of the share activity within common, preferred and treasury stock for the years ended:
Common StockPreferred StockTreasury Stock
($ in millions, except share data)ValueSharesValueSharesValueShares
December 31, 2018$2,051 923,892,581 $1,331 54,000$(6,471)277,261,724 
Shares acquired for treasury— — — — (1,763)64,601,891 
Issuance of preferred shares, Series K— — 242 10,000 — — 
Conversion of outstanding preferred stock
   issued by a Bancorp subsidiary		— — 197 200,000 — — 
Impact of MB Financial, Inc. acquisition— — — — 2,447 (122,848,442)
Impact of stock transactions under stock
   compensation plans, net		— — — — 56 (4,258,132)
Other— — — — 7 219,911 
December 31, 2019$2,051 923,892,581 $1,770 264,000$(5,724)214,976,952 
Issuance of preferred shares, Series L— — 346 14,000 — — 
Impact of stock transactions under stock
   compensation plans, net		— — — — 46 (3,818,518)
Other— — — — 2 (26,178)
December 31, 2020$2,051 923,892,581 $2,116 278,000$(5,676)211,132,256 
Shares acquired for treasury— — — —(1,393)35,652,079 
Impact of stock transactions under stock
   compensation plans, net		— — — — 44 (5,621,878)
Other— — — — 1 (47,540)
December 31, 2021$2,051 923,892,581 $2,116 278,000$(7,024)241,114,917 
Summary of the Bancorp's Accelerated Share Repurchase Transactions
The following table presents a summary of the Bancorp’s accelerated share repurchase transactions that were entered into and settled during the year ended December 31, 2021:
Repurchase DateAmount  ($ in millions)Shares Repurchased on Repurchase DateShares Received from Forward Contract  SettlementTotal Shares RepurchasedFinal Settlement Date
January 26, 2021$180 4,951,456 366,939 5,318,395 March 31, 2021
April 23, 2021347 7,894,807 675,295 8,570,102 June 11, 2021
July 27, 2021(a)
550 13,065,958 1,413,211 14,479,169 September 29, 2021
October 29, 2021316 6,211,841 1,072,572 7,284,413 December 2, 2021
(a)This accelerated share repurchase transaction consisted of two supplemental confirmations each with a notional amount of $275 million.
v3.22.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Award, Stock Appreciation Rights, Valuation Assumptions
The weighted-average assumptions were as follows for the years ended December 31:
202120202019
Expected life (in years)777
Expected volatility29 %24 32 
Expected dividend yield3.2 3.2 3.3 
Risk-free interest rate0.9 1.5 2.6 
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity
The following table summarizes SARs activity for the years ended December 31:
202120202019
SARs (in thousands, except per share data)Number of
SARs		Weighted-
Average Grant
Price Per Share		Number of
SARs		Weighted-
Average Grant
Price Per Share		Number of
SARs		Weighted-
Average Grant
Price Per Share 
Outstanding at January 119,258 $18.83 21,449 $18.38 26,196 $17.30 
Granted322 33.53 365 29.64 399 26.72 
Exercised(8,367)17.20 (2,420)16.10 (4,829)13.34 
Forfeited or expired(28)23.01 (136)25.50 (317)23.47 
Outstanding at December 3111,185 $20.47 19,258 $18.83 21,449 $18.38 
Exercisable at December 3110,515 $19.80 17,979 $18.19 18,249 $17.50 
Outstanding and Exercisable SARs by Grant Price
The following table summarizes outstanding and exercisable SARs by grant price per share at December 31, 2021.
Outstanding SARsExercisable SARs
SARs (in thousands, except per share data)Number of
SARs		Weighted-Average Grant Price Per ShareWeighted-
Average Remaining
Contractual Life
(in years)		Number of
SARs		Weighted-Average Grant Price Per ShareWeighted-
Average Remaining
Contractual Life
(in years)
$10.01-$20.00
6,874 $17.02 2.66,874 $17.02 2.6
$20.01-$30.00
3,761 24.90 4.43,414 24.51 4.1
$30.01-$40.00
550 33.37 7.9227 33.15 6.1
All SARs11,185 $20.47 3.510,515 $19.80 3.2
Schedule of Share-Based Compensation, RSAs
The following table summarizes RSAs activity for the year ended December 31:
2019
RSAs (in thousands, except per share data)Shares Weighted-Average Grant-Date Fair Value Per Share
Outstanding at January 1868 $19.18 
Assumed11 25.48 
Released(867)18.91 
Forfeited(12)19.01 
Outstanding at December 31— $25.48 
Schedule of Share-Based Compensation, RSUs
The following table summarizes RSUs activity for the years ended December 31:
202120202019
RSUs (in thousands, except per unit data)Units Weighted-Average Grant-Date Fair Value Per UnitUnits Weighted-Average Grant-Date Fair Value Per UnitUnits Weighted-Average Grant-Date Fair Value Per Unit
Outstanding at January 19,466 $28.38 10,006 $27.30 8,020 $27.04 
Granted4,186 34.25 4,177 28.75 4,375 26.68 
Assumed— — — — 1,476 25.48 
Released(3,432)28.87 (4,076)26.19 (2,951)24.76 
Forfeited(733)29.80 (641)27.70 (914)27.41 
Outstanding at December 319,487 $30.67 9,466 $28.38 10,006 $27.30 
Unvested RSUs by Grant-Date Fair Value
The following table summarizes outstanding RSUs by grant-date fair value per unit at December 31, 2021.
Outstanding RSUs
RSUs (in thousands)Units       Weighted-Average Remaining Contractual Life (in years)
Under $15.00
36 1.0
$15.01-$20.00
231 0.2
$20.01-$25.00
235 0.6
$25.01-$30.00
4,376 0.8
$30.01-$35.00
3,835 1.3
$35.01 and over
774 1.9
All RSUs9,487 1.1
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes stock options activity for the years ended December 31:
202120202019
Stock Options (in thousands, except per share data)  Number of OptionsWeighted-Average Exercise Price Per ShareNumber of OptionsWeighted-Average Exercise Price Per ShareNumber of OptionsWeighted-Average Exercise Price Per Share
Outstanding at January 1793 $20.81 1,381 $20.15 — $— 
Assumed— — — — 2,120 19.34 
Exercised(384)20.06 (440)17.48 (660)17.36 
Forfeited or expired— — (148)23.99 (79)22.18 
Outstanding at December 31409 $21.51 793 $20.81 1,381 $20.15 
Exercisable at December 31386 $21.31 725 $20.34 1,162 $19.17 
Schedule of Outstanding And Exercisable Stock Options Exercise Price
The following table summarizes outstanding and exercisable stock options by exercise price per share at December 31, 2021.
Outstanding Stock OptionsExercisable Stock Options
Stock Options (in thousands, except per share data)Number of OptionsWeighted-Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)Number of OptionsWeighted-Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)
Under $10.00
3 $8.70 4.63 $8.70 4.6
$10.01-$20.00
222 17.83 3.0222 17.83 3.0
$20.01-$30.00
184 26.13 3.8161 26.31 3.5
All stock options409 $21.51 3.4386 $21.31 3.2
v3.22.0.1
Other Noninterest Income and Other Noninterest Expense (Tables)
 12 Months Ended
Dec. 31, 2021
Noninterest Income [Abstract]  
Other Noninterest Income and Other Noninterest Expense
The following table presents the major components of other noninterest income and other noninterest expense for the years ended December 31:
($ in millions)202120202019
Other noninterest income:
Private equity investment income$817565
Gains on contract sales622—
BOLI income616360
Cardholder fees504458
Income from the TRA associated with Worldpay, Inc.4674346
Equity method investment income301212
Banking center income232022
Consumer loan fees172023
Insurance income72019
Loss on swap associated with the sale of Visa, Inc. Class B Shares(86)(103)(107)
Net losses on disposition and impairment of bank premises and equipment(4)(31)(23)
Gain on sale of Worldpay, Inc. shares——562
Other, net451527
Total other noninterest income$332 211 1,064 
Other noninterest expense:
Loan and lease$217 162 142 
FDIC insurance and other taxes114 118 81 
Data processing79 75 70 
Losses and adjustments69 100 102 
Professional service fees63 49 70 
Intangible amortization44 48 45 
Postal and courier37 36 38 
Travel34 27 68 
Donations26 36 30 
Recruitment and education21 21 28 
Insurance17 15 14 
Supplies12 13 14 
Other, net218 221 232 
Total other noninterest expense$951 921 934 
v3.22.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Basic and Diluted
The following table provides the calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share for the years ended December 31:
202120202019
($ in millions, except per share data)IncomeAverage SharesPer Share AmountIncomeAverage SharesPer Share AmountIncomeAverage SharesPer Share Amount
Earnings Per Share:
Net income available to common
    shareholders		$2,659 1,323 2,419 
Less: Income allocated to participating
    securities		7 6 21 
Net income allocated to common
    shareholders		$2,652 702 3.78 1,317 715 1.84 2,398 710 3.38 
Earnings Per Diluted Share:
Net income available to common
    shareholders		$2,659 1,323 2,419 
Effect of dilutive securities:
Stock-based awards— 9 — 5 — 10 
Net income available to common
    shareholders plus assumed conversions		2,659 1,323 2,419 
Less: Income allocated to participating
    securities		7 6 21 
Net income allocated to common
    shareholders plus assumed conversions		$2,652 711 3.73 1,317 720 1.83 2,398 720 3.33 
v3.22.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of:
Fair Value Measurements Using
December 31, 2021 ($ in millions)     Level 1     Level 2   Level 3     Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$86 — — 86 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 8,782 — 8,782 
Agency commercial mortgage-backed securities— 18,951 — 18,951 
          Non-agency commercial mortgage-backed securities— 4,479 — 4,479 
Asset-backed securities and other debt securities— 5,275 — 5,275 
Available-for-sale debt and other securities(a)
86 37,505 — 37,591 
Trading debt securities:
U.S. Treasury and federal agencies securities72 12 — 84 
Obligations of states and political subdivisions securities— 32 — 32 
Agency residential mortgage-backed securities— 105 — 105 
Asset-backed securities and other debt securities— 291 — 291 
Trading debt securities72 440 — 512 
Equity securities365 11 — 376 
Residential mortgage loans held for sale— 1,023 — 1,023 
Residential mortgage loans(b)
— — 154 154 
Servicing rights— — 1,121 1,121 
Derivative assets:
Interest rate contracts2 1,245 12 1,259 
Foreign exchange contracts— 323 — 323 
Commodity contracts26 1,300 — 1,326 
Derivative assets(c)
28 2,868 12 2,908 
Total assets$551 41,847 1,287 43,685 
Liabilities:
Derivative liabilities:
Interest rate contracts$2 231 8 241 
Foreign exchange contracts— 298 — 298 
Equity contracts— — 214 214 
Commodity contracts285 975 — 1,260 
Derivative liabilities(d)
287 1,504 222 2,013 
Short positions:
U.S. Treasury and federal agencies securities96 — — 96 
Asset-backed securities and other debt securities— 201 — 201 
Short positions(d)
96 201 — 297 
Total liabilities$383 1,705 222 2,310 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $30, $486 and $3, respectively, at December 31, 2021.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2020 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$78 — — 78 
Obligations of states and political subdivisions securities— 17 — 17 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 11,907 — 11,907 
Agency commercial mortgage-backed securities— 18,221 — 18,221 
Non-agency commercial mortgage-backed securities— 3,590 — 3,590 
Asset-backed securities and other debt securities— 3,176 — 3,176 
Available-for-sale debt and other securities(a)
78 36,911 — 36,989 
Trading debt securities:
U.S. Treasury and federal agencies securities81 — — 81 
Obligations of states and political subdivisions securities— 10 — 10 
Agency residential mortgage-backed securities— 30 — 30 
Asset-backed securities and other debt securities— 439 — 439 
Trading debt securities81 479 — 560 
Equity securities293 20 — 313 
Residential mortgage loans held for sale— 1,481 — 1,481 
Residential mortgage loans(b)
— — 161 161 
Servicing rights— — 656 656 
Derivative assets:
Interest rate contracts1 2,227 61 2,289 
Foreign exchange contracts— 255 — 255 
Commodity contracts24 351 — 375 
Derivative assets(c)
25 2,833 61 2,919 
Total assets$477 41,724 878 43,079 
Liabilities:
Derivative liabilities:
Interest rate contracts$16 261 8 285 
Foreign exchange contracts— 227 — 227 
Equity contracts— — 201 201 
Commodity contracts55 304 — 359 
Derivative liabilities(d)
71 792 209 1,072 
Short positions:
U.S. Treasury and federal agencies securities63 — — 63 
Asset-backed securities and other debt securities— 392 — 392 
Short positions(d)
63 392 — 455 
Total liabilities$134 1,184 209 1,527 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $40, $482 and $2, respectively, at December 31, 2020.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.
Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2021 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$161 656 53 (201)669 
Total (losses) gains (realized/unrealized):(b)
Included in earnings(2)(139)153 (86)(74)
Purchases/originations— 604 (3)— 601 
Settlements(54)— (199)73 (180)
Transfers into Level 3(c)
49 — — — 49 
Balance, end of period$154 1,121 4 (214)1,065 
The amount of total gains (losses) for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2021
$(2)78 15 (86)5 
(a)Net interest rate derivatives include derivative assets and liabilities of $12 and $8, respectively, as of December 31, 2021.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2021.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2020 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$183 993 10 (163)1,023 
Total (losses) gains (realized/unrealized):(b)
Included in earnings3 (565)272 (103)(393)
Purchases/originations— 228 4 — 232 
Settlements(74)— (233)65 (242)
Transfers into Level 3(c)
49 — — — 49 
Balance, end of period$161 656 53 (201)669 
The amount of total (losses) gains for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2020
$3 (227)58 (103)(269)
(a)Net interest rate derivatives include derivative assets and liabilities of $61 and $8, respectively, as of December 31, 2020.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2020.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2019 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$179 938 (1)(125)991 
Total (losses) gains (realized/unrealized):
Included in earnings(1)(376)145 (107)(339)
Purchases/originations— 431 (3)— 428 
Settlements(31)— (131)69 (93)
Transfers into Level 3(b)
36 — — — 36 
Balance, end of period$183 993 10 (163)1,023 
The amount of total (losses) gains for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2019
$(1)(250)20 (107)(338)
(a)Net interest rate derivatives include derivative assets and liabilities of $18 and $8, respectively, as of December 31, 2019.
(b)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Total Gains and Losses Included in Earnings for Assets and Liabilites Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The total losses and gains included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Consolidated Statements of Income for the years ended December 31, 2021, 2020 and 2019 as follows:
($ in millions)202120202019
Mortgage banking net revenue$9 (291)(235)
Commercial banking revenue3 2 3 
Other noninterest income(86)(104)(107)
Total losses$(74)(393)(339)

The total gains and losses included in earnings attributable to changes in unrealized gains and losses related to Level 3 assets and liabilities still held at December 31, 2021, 2020 and 2019 were recorded in the Consolidated Statements of Income as follows:
($ in millions)202120202019
Mortgage banking net revenue$88 (167)(233)
Commercial banking revenue3 2 2 
Other noninterest income(86)(104)(107)
Total gains (losses)$5 (269)(338)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Inputs
The following tables present information about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured at fair value on a recurring basis:
As of December 31, 2021 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$154 Loss rate modelInterest rate risk factor(8.5)-8.8%0.4 %
(a)
Credit risk factor— -28.5%0.3 %
(a)
(Fixed)10.7 %
(b)
Servicing rights1,121 DCFPrepayment speed— -100.0%(Adjustable)20.6 %
(b)
(Fixed)686
(b)
OAS (bps)479 -1,587(Adjustable)1,087
(b)
IRLCs, net12 DCFLoan closing rates8.9 -97.2%80.9 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(214)DCFTiming of the resolution of the Covered LitigationQ1 2023-Q2 2025Q1 2024
(d)
(a) Unobservable inputs were weighted by the relative carrying value of the instruments.
(b) Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c) Unobservable inputs were weighted by the relative notional amount of the instruments.
(d) Unobservable inputs were weighted by the probability of the final funding date of the instruments.

As of December 31, 2020 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$161 Loss rate modelInterest rate risk factor(8.2)-7.8%1.7 %
(a)
Credit risk factor— -25.7%0.6 %
(a)
(Fixed)17.8 %
(b)
Servicing rights656 DCFPrepayment speed0.5 -99.9%(Adjustable)22.6 %
(b)
(Fixed)723
(b)
OAS (bps)536 -1,587(Adjustable)950
(b)
IRLCs, net57 DCFLoan closing rates18.1 -97.2%60.8 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(201)DCFTiming of the resolution of the Covered LitigationQ3 2022-Q3 2024Q2 2023
(d)
(a) Unobservable inputs were weighted by the relative carrying value of the instruments.
(b) Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c) Unobservable inputs were weighted by the relative notional amount of the instruments.
(d) Unobservable inputs were weighted by the probability of the final funding date of the instruments.
The following tables present information as of December 31, 2021 and 2020 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured on a nonrecurring basis:
As of December 31, 2021 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$2 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases236 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans125 Appraised valueCollateral valueNMNM
OREO7 Appraised valueAppraised valueNMNM
Bank premises and equipment11 Appraised valueAppraised valueNMNM
Operating lease equipment13 Appraised valueAppraised valueNMNM
Private equity investments14 Comparable company analysisMarket comparable transactionsNMNM
As of December 31, 2020 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of  
Inputs  		Weighted-Average
Commercial loans held for sale$16 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases504 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans159 Appraised valueCollateral valueNMNM
OREO20 Appraised valueAppraised valueNMNM
Bank premises and equipment26 Appraised valueAppraised valueNMNM
Operating lease equipment35 Appraised valueAppraised valueNMNM
Private equity investments69 Comparable company analysisMarket comparable transactionsNMNM
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following tables provide the fair value hierarchy and carrying amount of all assets that were held as of December 31, 2021 and 2020 and for which a nonrecurring fair value adjustment was recorded during the years ended December 31, 2021 and 2020, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period.
Fair Value Measurements UsingTotal (Losses) Gains
As of December 31, 2021 ($ in millions)Level 1  Level 2Level 3    Total For the year ended December 31, 2021
Commercial loans held for sale$— — 2 2 2 
Commercial loans and leases— — 236 236 (29)
Consumer and residential mortgage loans— — 125 125 (1)
OREO— — 7 7 (6)
Bank premises and equipment— — 11 11 (6)
Operating lease equipment— — 13 13 (21)
Private equity investments— 1 14 15 38 
Total$— 1 408 409 (23)
Fair Value Measurements UsingTotal (Losses) Gains
As of December 31, 2020 ($ in millions)Level 1Level 2Level 3TotalFor the year ended December 31, 2020
Commercial loans held for sale$— 8 16 24 (5)
Commercial loans and leases— — 504 504 (243)
Consumer and residential mortgage loans— — 159 159 1 
OREO— — 20 20 (7)
Bank premises and equipment— — 26 26 (30)
Operating lease equipment— — 35 35 (6)
Private equity investments— 27 69 96 18 
Total$— 35 829 864 (272)
Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Residential Mortgage Loans Measured at Fair Value
The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
($ in millions)Aggregate  Fair ValueAggregate Unpaid Principal BalanceDifference
December 31, 2021
Residential mortgage loans measured at fair value$1,177 1,149 28 
Past due loans of 90 days or more3 3 — 
Nonaccrual loans— — — 
December 31, 2020
Residential mortgage loans measured at fair value$1,642 1,567 75 
Past due loans of 90 days or more3 3 — 
Nonaccrual loans— — — 
Carrying Amounts and Estimated Fair Values for Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net CarryingFair Value Measurements Using        Total
As of December 31, 2021 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$2,994 2,994 — — 2,994 
Other short-term investments34,572 34,572 — — 34,572 
Other securities519 — 519 — 519 
Held-to-maturity securities8 — — 8 8 
Loans and leases held for sale3,392 — — 3,405 3,405 
Portfolio loans and leases:
Commercial loans and leases69,166 — — 69,924 69,924 
Consumer and residential mortgage loans40,838 — — 41,632 41,632 
Total portfolio loans and leases, net$110,004 — — 111,556 111,556 
Financial liabilities:
Deposits$169,324 — 169,316 — 169,316 
Federal funds purchased281 281 — — 281 
Other short-term borrowings980 — 980 — 980 
Long-term debt11,425 12,091 387 — 12,478 
Net CarryingFair Value Measurements Using        Total
As of December 31, 2020 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$3,147 3,147 — — 3,147 
Other short-term investments33,399 33,399 — — 33,399 
Other securities524 — 524 — 524 
Held-to-maturity securities11 — — 11 11 
Loans and leases held for sale3,260 — — 3,269 3,269 
Portfolio loans and leases:
Commercial loans and leases67,541 — — 67,810 67,810 
Consumer and residential mortgage loans38,627 — — 40,522 40,522 
Total portfolio loans and leases, net$106,168 — — 108,332 108,332 
Financial liabilities:
Deposits$159,081 — 159,094 — 159,094 
Federal funds purchased300 300 — — 300 
Other short-term borrowings1,192 — 1,192 — 1,192 
Long-term debt14,973 15,606 923 — 16,529 
v3.22.0.1
Regulatory Capital Requirements and Capital Ratios (Tables)
 12 Months Ended
Dec. 31, 2021
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Capital and Risk-Based Capital and Leverage Ratios for the Bancorp and its Significant Subsidiary Banks
The following table summarizes the prescribed capital ratios for the Bancorp and its banking subsidiary.
Minimum      Well-Capitalized
CET1 capital:
Fifth Third Bancorp4.50 %N/A
Fifth Third Bank, National Association4.50 6.50 
Tier 1 risk-based capital:
Fifth Third Bancorp6.00 6.00 
Fifth Third Bank, National Association6.00 8.00 
Total risk-based capital:
Fifth Third Bancorp8.00 10.00 
Fifth Third Bank, National Association8.00 10.00 
Leverage:
Fifth Third Bancorp4.00 N/A
Fifth Third Bank, National Association4.00 5.00 
The following table presents capital and risk-based capital and leverage ratios for the Bancorp and its banking subsidiary at December 31:
20212020
($ in millions)AmountRatio        AmountRatio      
CET1 capital:
Fifth Third Bancorp$14,781 9.54 %$14,682 10.34 %
Fifth Third Bank, National Association16,723 10.90 17,253 12.28 
Tier 1 risk-based capital:
Fifth Third Bancorp16,897 10.91 16,797 11.83 
Fifth Third Bank, National Association16,723 10.90 17,253 12.28 
Total risk-based capital:
Fifth Third Bancorp20,789 13.42 21,412 15.08 
Fifth Third Bank, National Association18,917 12.33 19,915 14.17 
Leverage:(a)
Fifth Third Bancorp16,897 8.27 16,797 8.49 
Fifth Third Bank, National Association16,723 8.29 17,253 8.85 
(a)Quarterly average assets are a component of the Leverage ratio and for this purpose do not include goodwill and any other intangible assets and other investments that the Banking Agencies determine should be deducted from Tier 1 capital.
v3.22.0.1
Parent Company Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Condensed Statements of Income (Parent Company Only)
Condensed Statements of Income (Parent Company Only)
For the years ended December 31 ($ in millions)202120202019
Income
Dividends from consolidated nonbank subsidiaries(a)
$3,040 1,285 2,155 
Securities gains, net1 1 2 
Interest 11 17 24 
Total income3,052 1,303 2,181 
Expenses
Interest250 266 267 
Other30 26 65 
Total expenses280 292 332 
Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries2,772 1,011 1,849 
Applicable income tax benefit(62)(65)(69)
Income Before Equity in Undistributed Earnings of Subsidiaries2,834 1,076 1,918 
Equity in undistributed earnings(64)351 594 
Net Income Attributable to Bancorp$2,770 1,427 2,512 
Other Comprehensive Income— — — 
Comprehensive Income Attributable to Bancorp$2,770 1,427 2,512 
(a)The Bancorp’s indirect banking subsidiary paid dividends to the Bancorp’s direct nonbank subsidiary holding company of $3.0 billion, $1.3 billion and $2.0 billion for the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, a $200 million dividend was paid by MB Financial, Inc. to the Bancorp during the year ended December 31, 2019.
Condensed Balance Sheets (Parent Company Only)
Condensed Balance Sheets (Parent Company Only)
As of December 31 ($ in millions)20212020
Assets
Cash$122 120 
Other short-term investments6,234 5,578 
Equity securities49 49 
Loans to nonbank subsidiaries192 350 
Investment in nonbank subsidiaries23,877 25,214 
Goodwill80 80 
Other assets431 479 
Total Assets$30,985 31,870 
Liabilities
Other short-term borrowings$361 450 
Accrued expenses and other liabilities487 548 
Long-term debt (external)7,927 7,761 
Total Liabilities$8,775 8,759 
Equity
Common stock$2,051 2,051 
Preferred stock2,116 2,116 
Capital surplus3,624 3,635 
Retained earnings20,236 18,384 
Accumulated other comprehensive income1,207 2,601 
Treasury stock(7,024)(5,676)
Total Equity22,210 23,111 
Total Liabilities and Equity$30,985 31,870 
Condensed Statements of Cash Flows (Parent Company Only)
Condensed Statements of Cash Flows (Parent Company Only)   
For the years ended December 31 ($ in millions)202120202019
Operating Activities   
Net income$2,770 1,427 2,512 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion7 7 7 
(Benefit from) provision for deferred income taxes(1)— (11)
Securities gains, net(1)(1)(2)
Equity in undistributed earnings64 (351)(594)
Net change in:
Equity securities1 — (49)
Other assets(40)(1)(80)
Accrued expenses and other liabilities(80)— 127 
Net Cash Provided by Operating Activities2,720 1,081 1,910 
Investing Activities
Net change in:
Other short-term investments(656)(855)(1,081)
Loans to nonbank subsidiaries158 94 127 
Net cash paid on acquisition— — (469)
Net Cash Used in Investing Activities(498)(761)(1,423)
Financing Activities
Net change in other short-term borrowings(89)91 106 
Dividends paid on common and preferred stock(897)(858)(753)
Proceeds from issuance of long-term debt498 1,243 2,235 
Repayment of long-term debt(250)(1,100)(500)
Issuance of preferred stock— 346 242 
Repurchase of treasury stock and related forward contract(1,393)— (1,763)
Other, net(89)(40)(56)
Net Cash Used in Financing Activities(2,220)(318)(489)
Increase (Decrease) in Cash2 2 (2)
Cash at Beginning of Period120 118 120 
Cash at End of Period$122 120 118 
v3.22.0.1
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Results of Operations and Assets by Segment
The following tables present the results of operations and assets by business segment for the years ended December 31:
2021 ($ in millions)Commercial
Banking		Branch BankingConsumer LendingWealth
and Asset
Management		General
Corporate
and Other		EliminationsTotal
Net interest income$1,498 1,221 562 88 1,401 — 4,770 
(Benefit from) provision for credit losses(583)97 9 (1)101 — (377)
Net interest income after (benefit from)
     provision for credit losses
2,081 1,124 553 89 1,300 — 5,147 
Noninterest income:
Commercial banking revenue626 9 — 2 — — 637 
Service charges on deposits363 236 — 1 — — 600 
Wealth and asset management revenue2 206 — 558 — (180)
(a)
586 
Card and processing revenue61 329 — 2 10 — 402 
Leasing business revenue300 
(c)
— — — — — 300 
Mortgage banking net revenue— 10 257 3 — — 270 
Other noninterest income(b)
87 103 9 4 129 — 332 
Securities (losses) gains, net8 — — — (15)— (7)
Securities losses, net -non-qualifying
     hedges on MSRs		— — (2)— — — (2)
Total noninterest income1,447 893 264 570 124 (180)3,118 
Noninterest expense:
Compensation and benefits586 646 245 205 944 — 2,626 
Technology and communications17 5 11 1 354 — 388 
Net occupancy expense(d)
33 191 10 15 63 — 312 
Equipment expense26 38 — — 74 — 138 
Leasing business expense137 — — — — — 137 
Marketing expense7 38 3 2 57 — 107 
Card and processing expense6 86 — 1 (4)— 89 
Other noninterest expense843 870 370 316 (1,268)(180)951 
Total noninterest expense1,655 1,874 639 540 220 (180)4,748 
Income before income taxes1,873 143 178 119 1,204 — 3,517 
Applicable income tax expense354 29 37 25 302 — 747 
Net income1,519 114 141 94 902 — 2,770 
Total goodwill$1,980 2,303 — 231 — — 4,514 
Total assets$73,306 92,079 33,270 13,836 (1,375)
(e)
— 211,116 
(a)Revenue sharing agreements between wealth and asset management and branch banking are eliminated in the Consolidated Statements of Income. 
(b)Includes impairment charges of $6 and $1 for bank premises and equipment recorded in Branch Banking and General Corporate and Other, respectively. For more information, refer to Note 7 and Note 28. 
(c)Includes impairment charges of $25 for operating lease equipment. For more information, refer to Note 8 and Note 28. 
(d)Includes impairment losses and termination charges of $3 for ROU assets related to certain operating leases. For more information, refer to Note 9.
(e)Includes bank premises and equipment of $24 classified as held for sale. For more information, refer to Note 7. 
2020 ($ in millions)Commercial BankingBranch BankingConsumer
Lending		Wealth
and Asset
Management		General
Corporate
and Other		EliminationsTotal      
Net interest income$1,903 1,667 381 139 692 — 4,782 
Provision for (benefit from) credit losses1,050 231 34 3 (221)— 1,097 
Net interest income after provision for (benefit
     from) credit losses		853 1,436 347 136 913 — 3,685 
Noninterest income:
Commercial banking revenue524 5 — 2 (3)— 528 
Service charges on deposits343 215 — 1 — — 559 
Wealth and asset management revenue3 172 — 498 — (153)
(a)
520 
Card and processing revenue54 283 — 2 13 — 352 
Leasing business revenue276 
(c)
— — — — — 276 
Mortgage banking net revenue— 8 307 5 — — 320 
Other noninterest income(b)
101 68 10 18 14 — 211 
Securities gains, net— — — — 62 — 62 
Securities gains, net -non-qualifying
hedges on MSRs
— — 2 — — — 2 
Total noninterest income1,301 751 319 526 86 (153)2,830 
Noninterest expense:
Compensation and benefits557 649 221 218 945 — 2,590 
Technology and communications13 4 8 1 336 — 362 
Net occupancy expense(d)
31 176 10 12 121 — 350 
Equipment expense27 41 — 1 61 — 130 
Leasing business expense140 — — — — — 140 
Marketing expense8 32 3 2 59 — 104 
Card and processing expense7 116 — 1 (3)— 121 
Other noninterest expense938 851 276 298 (1,289)(153)921 
Total noninterest expense1,721 1,869 518 533 230 (153)4,718 
Income before income taxes433 318 148 129 769 — 1,797 
Applicable income tax expense46 67 31 27 199 — 370 
Net income387 251 117 102 570 — 1,427 
Total goodwill$1,980 2,047 — 231 — — 4,258 
Total assets$70,241 79,982 30,480 12,466 11,511 
(e)
— 204,680 
(a)Revenue sharing agreements between wealth and asset management and branch banking are eliminated in the Consolidated Statements of Income.
(b)Includes impairment charges of $15 recorded in Branch Banking and $15 recorded in General Corporate and Other for bank premises and equipment. For more information, refer to Note 7 and Note 28.
(c)Includes impairment charges of $7 for operating lease equipment. For more information, refer to Note 8 and Note 28.
(d)Includes impairment losses and termination charges of $8 for ROU assets related to certain operating leases. For more information, refer to Note 9. 
(e)Includes bank premises and equipment of $35 classified as held for sale. For more information, refer to Note 7.
2019 ($ in millions)Commercial
Banking		Branch BankingConsumer
Lending		Wealth
and Asset
Management		General
Corporate
and Other		EliminationsTotal      
Net interest income$2,360 2,371 325 182 (441)— 4,797 
Provision for credit losses183 224 49 — 15 — 471 
Net interest income after provision for credit
     losses		2,177 2,147 276 182 (456)— 4,326 
Noninterest income:
Commercial banking revenue455 4 — 1 — — 460 
Service charges on deposits308 260 — 1 (4)— 565 
Wealth and asset management revenue3 158 — 469 — (143)
(a)
487 
Card and processing revenue66 285 — 3 6 — 360 
Leasing business revenue270 
(c)
— — — — — 270 
Mortgage banking net revenue— 6 279 2 — — 287 
Other noninterest income(b)
85 89 14 13 863 — 1,064 
Securities gains, net— — — — 40 — 40 
Securities gains, net -non-qualifying hedges
on MSRs
— — 3 — — — 3 
Total noninterest income1,187 802 296 489 905 (143)3,536 
Noninterest expense:
Compensation and benefits466 601 196 217 938 — 2,418 
Technology and communications11 4 8 1 398 — 422 
Net occupancy expense(d)
28 173 10 13 108 — 332 
Equipment expense25 48 — 1 55 — 129 
Leasing business expense133 — — — — — 133 
Marketing expense12 72 4 5 69 — 162 
Card and processing expense8 123 — 1 (2)— 130 
Other noninterest expense938 839 237 291 (1,228)(143)934 
Total noninterest expense1,621 1,860 455 529 338 (143)4,660 
Income before income taxes1,743 1,089 117 142 111 — 3,202 
Applicable income tax expense319 229 25 30 87 — 690 
Net income1,424 860 92 112 24 — 2,512 
Total goodwill$1,954 2,046 — 252 — — 4,252 
Total assets$74,570 69,413 26,555 10,500 (11,669)
(e)
— 169,369 
(a)Revenue sharing agreements between wealth and asset management and branch banking are eliminated in the Consolidated Statements of Income.
(b)Includes impairment charges of $11 and $17 for bank premises and equipment recorded in Branch Banking and General Corporate and Other, respectively. For more information, refer to Note 7.
(c)Includes impairment charges of $3 for operating lease equipment. For more information, refer to Note 8.
(d)Includes impairment losses and termination charges of $15 for ROU assets related to certain operating leases. For more information, refer to Note 9.
(e)Includes bank premises and equipment of $27 classified as held for sale. For more information, refer to Note 7.
v3.22.0.1
Summary of Significant Accounting and Reporting Policies - Portfolio Loans and Leases (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Financing Receivable, Recorded Investment, Past Due  
Threshold period past due 180 days
Threshold period past due, charge off 120 days
Commercial  
Financing Receivable, Recorded Investment, Past Due  
Threshold period past due for nonaccrual loans 90 days
Loans modified as TDR maintained on accrual status, payment history, period 6 months
Established threshold nonaccrual commercial loans $ 1
Residential Mortgage | Residential mortgage loans  
Financing Receivable, Recorded Investment, Past Due  
Threshold period past due for nonaccrual loans 150 days
Foreclosure process, period 180 days
Consumer  
Financing Receivable, Recorded Investment, Past Due  
Threshold period past due for loans modified in TDR 90 days
Consumer | Home equity  
Financing Receivable, Recorded Investment, Past Due  
Threshold period past due for nonaccrual loans 90 days
Threshold period past due for nonaccrual loans, with senior lien in default 60 days
Senior lien in default, threshold period 120 days
Consumer | Credit card  
Financing Receivable, Recorded Investment, Past Due  
Loans modified as TDR maintained on accrual status, payment history, period 6 months
v3.22.0.1
Summary of Significant Accounting and Reporting Policies - Impaired Loans and Leases (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Accounting Policies [Abstract]  
Impaired financing receivable on accrual status, threshold amount $ 1
v3.22.0.1
Summary of Significant Accounting and Reporting Policies - ALLL (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Large Commercial Loans and Leases  
Financing Receivable, Recorded Investment, Past Due  
Larger commercial loans, subject to impairment review $ 1
v3.22.0.1
Summary of Significant Accounting and Reporting Policies - Pension Plans (Details)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Net gain (loss) in excess of projected benefit obligation, percentage 10.00%
v3.22.0.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Payments:      
Interest $ 465 $ 825 $ 1,441
Income taxes 607 491 726
Transfers:      
Portfolio loans and leases to loans and leases held for sale 447 926 211
Loans and leases held for sale to portfolio loans and leases 49 49 37
Portfolio loans and leases to OREO 8 12 29
Loans and leases held for sale to OREO 0 2 0
Bank premises and equipment to OREO 21 2 30
Supplemental Disclosures:      
Net additions to lease liabilities under operating leases 66 47 76
Net additions to lease liabilities under finance leases 35 106 22
Right-of-use assets recognized at adoption of ASU 2016-02 0 0 509
Conversion of outstanding preferred stock issued by a Bancorp subsidiary 0 0 197
Accounts, Notes, Loans and Financing Receivable      
Portfolio loans and leases to loans and leases held for sale 447 926 $ 211
Residential mortgage loans | GNMA loans      
Transfers:      
Portfolio loans and leases to loans and leases held for sale 167 794  
Accounts, Notes, Loans and Financing Receivable      
Portfolio loans and leases to loans and leases held for sale $ 167 $ 794  
v3.22.0.1
Restrictions on Dividends and Capital Actions (Details) - USD ($)
$ / shares in Units, $ in Billions
 3 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash and Cash Equivalents [Abstract]        
Dividends from consolidated nonbank subsidiaries   $ 3.0 $ 1.3  
Common stock, per share (in dollars per share) $ 0.30 $ 1.14 $ 1.08 $ 0.94
v3.22.0.1
Investment Securities - Investment Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Available-for-sale debt and other securities:    
Amortized Cost $ 36,941 $ 34,982
Unrealized Gains 1,313 2,568
Unrealized Losses (144) (37)
Fair Value 38,110 37,513
Held-to-maturity securities:    
Amortized Cost 8 11
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 8 11
Trading debt securities 512 560
Equity securities 376 313
U.S. Treasury and federal agencies securities    
Available-for-sale debt and other securities:    
Amortized Cost 85 74
Unrealized Gains 1 4
Unrealized Losses 0 0
Fair Value 86 78
Obligations of states and political subdivisions securities    
Available-for-sale debt and other securities:    
Amortized Cost 18 17
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 18 17
Held-to-maturity securities:    
Amortized Cost 6 9
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 6 9
Agency mortgage-backed securities | Residential mortgage backed securities    
Available-for-sale debt and other securities:    
Amortized Cost 8,432 11,147
Unrealized Gains 368 768
Unrealized Losses (18) (8)
Fair Value 8,782 11,907
Agency mortgage-backed securities | Commercial mortgage-backed securities    
Available-for-sale debt and other securities:    
Amortized Cost 18,236 16,745
Unrealized Gains 784 1,481
Unrealized Losses (69) (5)
Fair Value 18,951 18,221
Non-agency mortgage-backed securities | Commercial mortgage-backed securities    
Available-for-sale debt and other securities:    
Amortized Cost 4,364 3,323
Unrealized Gains 128 267
Unrealized Losses (13) 0
Fair Value 4,479 3,590
Asset-backed securities and other debt securities    
Available-for-sale debt and other securities:    
Amortized Cost 5,287 3,152
Unrealized Gains 32 48
Unrealized Losses (44) (24)
Fair Value 5,275 3,176
Held-to-maturity securities:    
Amortized Cost 2 2
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 2 2
Other securities    
Available-for-sale debt and other securities:    
Amortized Cost 519 524
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 519 524
FHLB, restricted stock holdings 30 40
FRB, restricted stock holdings 486 482
DTCC, restricted stock holdings $ 3 $ 2
v3.22.0.1
Investment Securities - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]      
Accrued interest receivables on investment securities $ 82 $ 87  
Impairment losses 19 0 $ 1
Securities with a fair value, pledged as collateral 11,200 11,000  
Investment Holdings [Line Items]      
Unrealized losses 144 37  
Non-rated Securities      
Investment Holdings [Line Items]      
Unrealized losses $ 2 $ 1  
v3.22.0.1
Investment Securities - Gains and Losses Recognized in Income from Securities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Available-for-sale debt and other securities:      
Realized gains $ 34 $ 47 $ 60
Realized losses (19) (2) (50)
Impairment losses(a) (19) 0 (1)
Net realized (losses) gains on available-for-sale debt and other securities (4) 45 9
Trading debt securities:      
Net realized (losses) gains (2) 2 3
Net unrealized losses (3) 0 0
Net trading debt securities (losses) gains (5) 2 3
Equity securities:      
Net realized gains 7 10 5
Net unrealized (losses) gains (7) 7 26
Net equity securities gains 0 17 31
Total (losses) gains recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities (9) 64 43
Commercial Banking Revenue and Wealth and Asset Management Revenue      
Investment Holdings [Line Items]      
Securities gains (losses) $ (7) $ 5 $ 7
v3.22.0.1
Investment Securities - Amortized Cost and Fair Value of Available-for-Sale Debt and Held-to-Maturity Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Available-for-Sale Debt and Other, Amortized Cost    
Due in 1 year or less $ 984  
Due after 1 year through 5 years 13,262  
Due after 5 years through 10 years 11,951  
Due after 10 years 10,225  
Other securities 519  
Amortized Cost 36,941 $ 34,982
Available-for-Sale Debt and Other, Fair Value    
Due in 1 year or less 1,003  
Due after 1 year through 5 years 13,756  
Due after 5 years through 10 years 12,466  
Due after 10 years 10,366  
Other securities 519  
Fair Value 38,110 37,513
Held-to-Maturity, Amortized Cost    
Due in 1 year or less 3  
Due after 1 year through 5 years 3  
Due after 5 years through 10 years 0  
Due after 10 years 2  
Other securities 0  
Amortized Cost 8 11
Held-to-Maturity, Fair Value    
Due in 1 year or less 3  
Due after 1 year through 5 years 3  
Due after 5 years through 10 years 0  
Due after 10 years 2  
Other securities 0  
Fair Value $ 8 $ 11
v3.22.0.1
Investment Securities - Fair Value and Gross Unrealized Losses on Available-for-Sale Debt Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Fair Value    
Less than 12 months $ 7,743 $ 1,336
12 months or more 952 604
Total 8,695 1,940
Unrealized Losses    
Less than 12 months (106) (20)
12 months or more (38) (17)
Total (144) (37)
Agency mortgage-backed securities | Residential mortgage backed securities    
Fair Value    
Less than 12 months 935 426
12 months or more 161 1
Total 1,096 427
Unrealized Losses    
Less than 12 months (10) (8)
12 months or more (8) 0
Total (18) (8)
Agency mortgage-backed securities | Commercial mortgage-backed securities    
Fair Value    
Less than 12 months 2,886 388
12 months or more 424 0
Total 3,310 388
Unrealized Losses    
Less than 12 months (49) (5)
12 months or more (20) 0
Total (69) (5)
Non-agency mortgage-backed securities | Commercial mortgage-backed securities    
Fair Value    
Less than 12 months 1,052 2
12 months or more 0 0
Total 1,052 2
Unrealized Losses    
Less than 12 months (13) 0
12 months or more 0 0
Total (13) 0
Asset-backed securities and other debt securities    
Fair Value    
Less than 12 months 2,870 520
12 months or more 367 603
Total 3,237 1,123
Unrealized Losses    
Less than 12 months (34) (7)
12 months or more (10) (17)
Total $ (44) $ (24)
v3.22.0.1
Loans and Leases - Loans and Leases Classified by Primary Purpose (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Loans and leases held for sale:    
Loans and leases held for sale [1] $ 4,415 $ 4,741
Portfolio loans and leases:    
Commercial and industrial loans 51,659 49,665
Commercial mortgage loans 10,316 10,602
Commercial construction loans 5,241 5,815
Commercial leases 3,052 2,915
Residential mortgage loans 16,397 15,928
Home equity 4,084 5,183
Indirect secured consumer loans 16,783 13,653
Credit card 1,766 2,007
Other consumer loans 2,752 3,014
Total portfolio loans and leases [2],[3] 112,050 108,782
Residential mortgage loans    
Loans and leases held for sale:    
Loans and leases held for sale 4,394 4,465
Residential mortgage loans | GNMA loans    
Portfolio loans and leases:    
Total portfolio loans and leases   39
Commercial    
Portfolio loans and leases:    
Total portfolio loans and leases 70,268 68,997
Commercial | Commercial and industrial loans    
Loans and leases held for sale:    
Loans and leases held for sale 7 230
Portfolio loans and leases:    
Total portfolio loans and leases 51,659 49,665
Loans and leases related to SBA Paycheck Protection Program of CARES Act 1,300 4,800
Commercial | Commercial mortgage loans    
Loans and leases held for sale:    
Loans and leases held for sale 13 7
Commercial | Commercial leases    
Loans and leases held for sale:    
Loans and leases held for sale 1 39
Portfolio loans and leases:    
Total portfolio loans and leases 3,052 2,915
Consumer    
Portfolio loans and leases:    
Total portfolio loans and leases $ 41,782 39,785
Consumer | Residential mortgage loans | GNMA loans    
Portfolio loans and leases:    
Total portfolio loans and leases   $ 39
[1] Includes $1,023 and $1,481 of residential mortgage loans held for sale measured at fair value at December 31, 2021 and 2020, respectively.
[2] Includes $154 and $161 of residential mortgage loans measured at fair value at December 31, 2021 and 2020, respectively.
[3] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Loans and Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable        
Unearned income $ 244 $ 280    
Net premium 498 251    
Accrued interest receivable 332 350    
Loans pledged at the FHLB 15,300 15,500    
Loans pledged at the FRB 50,900 37,800    
Direct financing lease - interest income 42 64 $ 88  
Sales type lease - interest income 42 28 13  
Allowance for loan and lease losses 1,892 [1] 2,453 [1] $ 1,202 $ 1,103
Commercial Leases        
Accounts, Notes, Loans and Financing Receivable        
Allowance for loan and lease losses $ 15 $ 29    
[1] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Loans and Leases - Total Loans and Leases Managed by the Bancorp and Net Charge-Offs (Recoveries) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value $ 116,465 $ 113,523
Loans and leases held for sale [1] 4,415 4,741
Total portfolio loans and leases [2],[3] 112,050 108,782
90 Days Past Due and Still Accruing 117 163
Net Charge-Offs (Recoveries) 174 471
Residential mortgage loans    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 20,791 20,393
90 Days Past Due and Still Accruing 72 70
Net Charge-Offs (Recoveries) (4) 2
Commercial    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Total portfolio loans and leases 70,268 68,997
Commercial | Commercial and industrial loans    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 51,666 49,895
90 Days Past Due and Still Accruing 17 39
Net Charge-Offs (Recoveries) 60 198
Commercial | Commercial mortgage loans    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 10,329 10,609
90 Days Past Due and Still Accruing 1 8
Net Charge-Offs (Recoveries) 8 45
Commercial | Commercial construction loans    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 5,241 5,815
90 Days Past Due and Still Accruing 1 0
Net Charge-Offs (Recoveries) 0 0
Commercial | Commercial leases    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 3,053 2,954
90 Days Past Due and Still Accruing 0 1
Net Charge-Offs (Recoveries) (1) 23
Consumer    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Total portfolio loans and leases 41,782 39,785
Consumer | Home equity    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 4,084 5,183
90 Days Past Due and Still Accruing 1 2
Net Charge-Offs (Recoveries) (4) 5
Consumer | Indirect secured consumer loans    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 16,783 13,653
90 Days Past Due and Still Accruing 9 10
Net Charge-Offs (Recoveries) 14 32
Consumer | Credit card    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 1,766 2,007
90 Days Past Due and Still Accruing 15 31
Net Charge-Offs (Recoveries) 70 126
Consumer | Other consumer loans:    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 2,752 3,014
90 Days Past Due and Still Accruing 1 2
Net Charge-Offs (Recoveries) $ 31 $ 40
[1] Includes $1,023 and $1,481 of residential mortgage loans held for sale measured at fair value at December 31, 2021 and 2020, respectively.
[2] Includes $154 and $161 of residential mortgage loans measured at fair value at December 31, 2021 and 2020, respectively.
[3] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Loans and Leases - Components of Net Investment in Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Net investment in sales-type leases:    
Leveraged leases $ 285 $ 323
Direct Financing Leases    
Net investment in direct financing leases:    
Lease payment receivable (present value) 886 1,400
Unguaranteed residual assets (present value) 147 181
Net premium (discount) on acquired leases 1 (1)
Sales-Type Leases    
Net investment in sales-type leases:    
Lease payment receivable (present value) 1,678 976
Unguaranteed residual assets (present value) $ 55 $ 36
v3.22.0.1
Loans and Leases - Undiscounted Cash Flows (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Direct Financing Leases  
Accounts, Notes, Loans and Financing Receivable  
2022 $ 294
2023 215
2024 155
2025 111
2026 82
Thereafter 86
Total undiscounted cash flows 943
Less: Difference between undiscounted cash flows and discounted cash flows 57
Present value of lease payments (recognized as lease receivables) 886
Sales-Type Leases  
Accounts, Notes, Loans and Financing Receivable  
2022 548
2023 385
2024 301
2025 242
2026 116
Thereafter 194
Total undiscounted cash flows 1,786
Less: Difference between undiscounted cash flows and discounted cash flows 108
Present value of lease payments (recognized as lease receivables) $ 1,678
v3.22.0.1
Credit Quality and the Allowance for Loan and Lease Losses - Summary of Transactions in the ALLL by Portfolio Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period $ 2,453 [1] $ 1,202 $ 1,103
Losses charged-off (344) (611) (510)
Recoveries of losses previously charged-off 170 140 141
Provision for (benefit from) loan and lease losses (387) 1,079 468
Balance, end of period 1,892 [1] 2,453 [1] 1,202
Cumulative Effect, Period of Adoption, Adjustment      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period   643  
Balance, end of period     643
Other Consumer Loans, Point of Sale      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Losses charged-off (33) (42) (48)
Recoveries of losses previously charged-off 33 42 48
Commercial      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 1,456 710 645
Losses charged-off (119) (282) (127)
Recoveries of losses previously charged-off 52 16 19
Provision for (benefit from) loan and lease losses (287) 852 173
Balance, end of period 1,102 1,456 710
Initial recognition of ALLL on PCD loans   31  
Commercial | Cumulative Effect, Period of Adoption, Adjustment      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period   160  
Balance, end of period     160
Residential Mortgage      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 294 73 81
Losses charged-off (3) (9) (9)
Recoveries of losses previously charged-off 7 7 5
Provision for (benefit from) loan and lease losses (63) 27 (4)
Balance, end of period 235 294 73
Initial recognition of ALLL on PCD loans   2  
Residential Mortgage | Cumulative Effect, Period of Adoption, Adjustment      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period   196  
Balance, end of period     196
Consumer      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 703 298 267
Losses charged-off (222) (320) (374)
Recoveries of losses previously charged-off 111 117 117
Provision for (benefit from) loan and lease losses (37) 200 288
Balance, end of period 555 703 298
Initial recognition of ALLL on PCD loans   1  
Consumer | Cumulative Effect, Period of Adoption, Adjustment      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period   408  
Balance, end of period     408
Unallocated      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period $ 0 121 110
Losses charged-off   0 0
Recoveries of losses previously charged-off   0 0
Provision for (benefit from) loan and lease losses   0 11
Balance, end of period   0 121
Unallocated | Cumulative Effect, Period of Adoption, Adjustment      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period   $ (121)  
Balance, end of period     $ (121)
[1] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Credit Quality and the Allowance for Loan and Lease Losses - Summary of the ALLL and Related Loans and Leases Classified by Portfolio Segment (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Financing Receivable, Allowance for Credit Loss [Line Items]        
Individually evaluated $ 164 $ 225    
Collectively evaluated 1,728 2,228    
Total ALLL 1,892 [1] 2,453 [1] $ 1,202 $ 1,103
Individually evaluated 1,352 1,863    
Collectively evaluated 110,544 106,343    
Purchased credit deteriorated   415    
Total portfolio loans and leases 111,896 108,621    
Leveraged leases 285 323    
Total [1],[2] 112,050 108,782    
Residential mortgage loans | GNMA loans        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total   39    
Commercial Leveraged Leases        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total ALLL 2 3    
Leveraged leases 285 323    
Commercial        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Individually evaluated 77 114    
Collectively evaluated 1,025 1,342    
Total ALLL 1,102 1,456 710 645
Individually evaluated 579 962    
Collectively evaluated 69,689 67,701    
Purchased credit deteriorated   334    
Total portfolio loans and leases 70,268 68,997    
Total 70,268 68,997    
Residential Mortgage        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Individually evaluated 46 68    
Collectively evaluated 189 226    
Total ALLL 235 294 73 81
Individually evaluated 460 628    
Collectively evaluated 15,783 15,073    
Purchased credit deteriorated   66    
Total portfolio loans and leases 16,243 15,767    
Loans 154 161    
Residential Mortgage | Residential mortgage loans        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total 16,243 15,767    
Consumer        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Individually evaluated 41 43    
Collectively evaluated 514 660    
Total ALLL 555 703 $ 298 $ 267
Individually evaluated 313 273    
Collectively evaluated 25,072 23,569    
Purchased credit deteriorated   15    
Total portfolio loans and leases 25,385 23,857    
Total $ 41,782 39,785    
Consumer | Residential mortgage loans | GNMA loans        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total   $ 39    
[1] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
[2] Includes $154 and $161 of residential mortgage loans measured at fair value at December 31, 2021 and 2020, respectively.
v3.22.0.1
Credit Quality and the Allowance for Loan and Lease Losses - Summary of the Credit Risk Profile of the Bancorp's Commercial Portfolio Segment by Class (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Modifications    
Total [1],[2] $ 112,050 $ 108,782
Commercial    
Financing Receivable, Modifications    
Year One 7,407 10,665
Year Two 4,612 4,149
Year Three 2,684 2,839
Year Four 1,554 1,767
Year Five 1,021 1,369
Prior 2,379 2,523
Revolving Loans 50,611 45,685
Revolving Loans Converted to Term Loans 0 0
Total 70,268 68,997
Commercial | Pass    
Financing Receivable, Modifications    
Year One 7,052 9,711
Year Two 4,333 3,901
Year Three 2,559 2,420
Year Four 1,400 1,604
Year Five 913 1,266
Prior 2,170 2,300
Revolving Loans 47,092 39,029
Revolving Loans Converted to Term Loans 0 0
Total 65,519 60,231
Commercial | Special mention    
Financing Receivable, Modifications    
Year One 130 448
Year Two 108 142
Year Three 74 205
Year Four 60 61
Year Five 31 43
Prior 62 47
Revolving Loans 1,089 3,388
Revolving Loans Converted to Term Loans 0 0
Total 1,554 4,334
Commercial | Substandard    
Financing Receivable, Modifications    
Year One 225 494
Year Two 171 104
Year Three 51 205
Year Four 94 102
Year Five 77 60
Prior 147 176
Revolving Loans 2,430 3,261
Revolving Loans Converted to Term Loans 0 0
Total 3,195 4,402
Commercial | Doubtful    
Financing Receivable, Modifications    
Year One 0 12
Year Two 0 2
Year Three 0 9
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 7
Revolving Loans Converted to Term Loans 0 0
Total 0 30
Commercial | Commercial and industrial loans    
Financing Receivable, Modifications    
Year One 4,322 7,227
Year Two 2,365 2,272
Year Three 1,246 1,397
Year Four 650 806
Year Five 430 515
Prior 872 828
Revolving Loans 41,774 36,620
Revolving Loans Converted to Term Loans 0 0
Total 51,659 49,665
Commercial | Commercial and industrial loans | Pass    
Financing Receivable, Modifications    
Year One 4,266 7,042
Year Two 2,291 2,144
Year Three 1,198 1,114
Year Four 552 700
Year Five 356 471
Prior 752 703
Revolving Loans 39,486 31,657
Revolving Loans Converted to Term Loans 0 0
Total 48,901 43,831
Commercial | Commercial and industrial loans | Special mention    
Financing Receivable, Modifications    
Year One 37 66
Year Two 22 46
Year Three 12 167
Year Four 29 46
Year Five 22 5
Prior 5 21
Revolving Loans 665 2,317
Revolving Loans Converted to Term Loans 0 0
Total 792 2,668
Commercial | Commercial and industrial loans | Substandard    
Financing Receivable, Modifications    
Year One 19 119
Year Two 52 80
Year Three 36 107
Year Four 69 60
Year Five 52 39
Prior 115 104
Revolving Loans 1,623 2,639
Revolving Loans Converted to Term Loans 0 0
Total 1,966 3,148
Commercial | Commercial and industrial loans | Doubtful    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 2
Year Three 0 9
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 7
Revolving Loans Converted to Term Loans 0 0
Total 0 18
Commercial | Commercial mortgage owner-occupied loans    
Financing Receivable, Modifications    
Year One 1,104 1,316
Year Two 873 684
Year Three 520 465
Year Four 325 302
Year Five 188 264
Prior 398 467
Revolving Loans 1,301 1,177
Revolving Loans Converted to Term Loans 0 0
Total 4,709 4,675
Commercial | Commercial mortgage owner-occupied loans | Pass    
Financing Receivable, Modifications    
Year One 1,082 1,047
Year Two 804 655
Year Three 471 416
Year Four 296 288
Year Five 183 249
Prior 331 420
Revolving Loans 1,141 1,025
Revolving Loans Converted to Term Loans 0 0
Total 4,308 4,100
Commercial | Commercial mortgage owner-occupied loans | Special mention    
Financing Receivable, Modifications    
Year One 0 58
Year Two 31 12
Year Three 46 16
Year Four 17 7
Year Five 2 2
Prior 40 17
Revolving Loans 69 64
Revolving Loans Converted to Term Loans 0 0
Total 205 176
Commercial | Commercial mortgage owner-occupied loans | Substandard    
Financing Receivable, Modifications    
Year One 22 211
Year Two 38 17
Year Three 3 33
Year Four 12 7
Year Five 3 13
Prior 27 30
Revolving Loans 91 88
Revolving Loans Converted to Term Loans 0 0
Total 196 399
Commercial | Commercial mortgage owner-occupied loans | Doubtful    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 0 0
Commercial | Commercial mortgage nonowner-occupied loans    
Financing Receivable, Modifications    
Year One 884 1,315
Year Two 823 750
Year Three 610 614
Year Four 292 269
Year Five 157 261
Prior 314 375
Revolving Loans 2,527 2,343
Revolving Loans Converted to Term Loans 0 0
Total 5,607 5,927
Commercial | Commercial mortgage nonowner-occupied loans | Pass    
Financing Receivable, Modifications    
Year One 635 902
Year Two 733 679
Year Three 595 548
Year Four 284 247
Year Five 141 223
Prior 302 341
Revolving Loans 1,977 1,626
Revolving Loans Converted to Term Loans 0 0
Total 4,667 4,566
Commercial | Commercial mortgage nonowner-occupied loans | Special mention    
Financing Receivable, Modifications    
Year One 89 252
Year Two 12 68
Year Three 11 17
Year Four 5 8
Year Five 7 36
Prior 9 9
Revolving Loans 162 416
Revolving Loans Converted to Term Loans 0 0
Total 295 806
Commercial | Commercial mortgage nonowner-occupied loans | Substandard    
Financing Receivable, Modifications    
Year One 160 149
Year Two 78 3
Year Three 4 49
Year Four 3 14
Year Five 9 2
Prior 3 25
Revolving Loans 388 301
Revolving Loans Converted to Term Loans 0 0
Total 645 543
Commercial | Commercial mortgage nonowner-occupied loans | Doubtful    
Financing Receivable, Modifications    
Year One 0 12
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 0 12
Commercial | Commercial construction loans    
Financing Receivable, Modifications    
Year One 67 173
Year Two 108 49
Year Three 11 27
Year Four 37 0
Year Five 0 9
Prior 9 12
Revolving Loans 5,009 5,545
Revolving Loans Converted to Term Loans 0 0
Total 5,241 5,815
Commercial | Commercial construction loans | Pass    
Financing Receivable, Modifications    
Year One 50 98
Year Two 69 49
Year Three 11 27
Year Four 37 0
Year Five 0 9
Prior 9 12
Revolving Loans 4,488 4,721
Revolving Loans Converted to Term Loans 0 0
Total 4,664 4,916
Commercial | Commercial construction loans | Special mention    
Financing Receivable, Modifications    
Year One 0 67
Year Two 39 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 193 591
Revolving Loans Converted to Term Loans 0 0
Total 232 658
Commercial | Commercial construction loans | Substandard    
Financing Receivable, Modifications    
Year One 17 8
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 328 233
Revolving Loans Converted to Term Loans 0 0
Total 345 241
Commercial | Commercial construction loans | Doubtful    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 0 0
Commercial | Commercial leases    
Financing Receivable, Modifications    
Year One 1,030 634
Year Two 443 394
Year Three 297 336
Year Four 250 390
Year Five 246 320
Prior 786 841
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 3,052 2,915
Commercial | Commercial leases | Pass    
Financing Receivable, Modifications    
Year One 1,019 622
Year Two 436 374
Year Three 284 315
Year Four 231 369
Year Five 233 314
Prior 776 824
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 2,979 2,818
Commercial | Commercial leases | Special mention    
Financing Receivable, Modifications    
Year One 4 5
Year Two 4 16
Year Three 5 5
Year Four 9 0
Year Five 0 0
Prior 8 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 30 26
Commercial | Commercial leases | Substandard    
Financing Receivable, Modifications    
Year One 7 7
Year Two 3 4
Year Three 8 16
Year Four 10 21
Year Five 13 6
Prior 2 17
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 43 71
Commercial | Commercial leases | Doubtful    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total $ 0 $ 0
[1] Includes $154 and $161 of residential mortgage loans measured at fair value at December 31, 2021 and 2020, respectively.
[2] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Credit Quality and the Allowance for Loan and Lease Losses - Summary of Recorded Investment in Portfolio Loans and Leases by Age and Class (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases [1],[2] $ 112,050 $ 108,782
Commercial    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 70,268 68,997
90 Days Past Due and Still Accruing 19 48
Commercial | Current    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 70,132 68,640
Commercial | Total Past Due      
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 136 357
Commercial | 30-89 Days    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 81 171
Commercial | 90 Days or More    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 55 186
Commercial | Commercial and industrial loans    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 51,659 49,665
90 Days Past Due and Still Accruing 17 39
Loans and leases related to SBA Paycheck Protection Program of CARES Act 1,300 4,800
Commercial | Commercial and industrial loans | Current    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 51,549 49,421
Commercial | Commercial and industrial loans | Total Past Due      
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 110 244
Commercial | Commercial and industrial loans | 30-89 Days    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 61 119
Loans and leases related to SBA Paycheck Protection Program of CARES Act 20  
Commercial | Commercial and industrial loans | 90 Days or More    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 49 125
Loans and leases related to SBA Paycheck Protection Program of CARES Act 6  
Commercial | Commercial mortgage owner-occupied loans    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 4,709 4,675
90 Days Past Due and Still Accruing 1 7
Commercial | Commercial mortgage owner-occupied loans | Current    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 4,701 4,645
Commercial | Commercial mortgage owner-occupied loans | Total Past Due      
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 8 30
Commercial | Commercial mortgage owner-occupied loans | 30-89 Days    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 4 7
Commercial | Commercial mortgage owner-occupied loans | 90 Days or More    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 4 23
Commercial | Commercial mortgage nonowner-occupied loans    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 5,607 5,927
90 Days Past Due and Still Accruing 0 1
Commercial | Commercial mortgage nonowner-occupied loans | Current    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 5,606 5,860
Commercial | Commercial mortgage nonowner-occupied loans | Total Past Due      
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 1 67
Commercial | Commercial mortgage nonowner-occupied loans | 30-89 Days    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 0 31
Commercial | Commercial mortgage nonowner-occupied loans | 90 Days or More    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 1 36
Commercial | Commercial construction loans    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 5,241 5,815
90 Days Past Due and Still Accruing 1 0
Commercial | Commercial construction loans | Current    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 5,241 5,808
Commercial | Commercial construction loans | Total Past Due      
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 0 7
Commercial | Commercial construction loans | 30-89 Days    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 0 7
Commercial | Commercial construction loans | 90 Days or More    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 0 0
Commercial | Commercial leases    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 3,052 2,915
90 Days Past Due and Still Accruing 0 1
Commercial | Commercial leases | Current    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 3,035 2,906
Commercial | Commercial leases | Total Past Due      
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 17 9
Commercial | Commercial leases | 30-89 Days    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 16 7
Commercial | Commercial leases | 90 Days or More    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases $ 1 $ 2
[1] Includes $154 and $161 of residential mortgage loans measured at fair value at December 31, 2021 and 2020, respectively.
[2] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Credit Quality and the Allowance for Loan and Lease Losses - Summary of the Credit Risk Profile of the Bancorp's Residential Mortgage and Consumer Portfolio Segments by Class (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Modifications    
Total [1],[2] $ 112,050 $ 108,782
Residential Mortgage    
Financing Receivable, Modifications    
Loans measured at FV 154 161
Residential Mortgage | Federal Housing Administration Loan    
Financing Receivable, Modifications    
Losses due to claim denials and curtailments 2 3
Residential Mortgage | 30-89 days past due | Federal Housing Administration Loan    
Financing Receivable, Modifications    
Total 49 103
Residential Mortgage | 90 days or more past due | Federal Housing Administration Loan    
Financing Receivable, Modifications    
Total 139 242
Residential Mortgage | Residential mortgage loans    
Financing Receivable, Modifications    
Year One 5,887 4,008
Year Two 3,312 2,135
Year Three 1,300 834
Year Four 422 1,647
Year Five 966 2,312
Prior 4,356 4,831
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 16,243 15,767
Residential Mortgage | Residential mortgage loans | Performing    
Financing Receivable, Modifications    
Year One 5,887 4,007
Year Two 3,312 2,135
Year Three 1,299 832
Year Four 422 1,645
Year Five 964 2,309
Prior 4,326 4,779
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 16,210 15,707
Residential Mortgage | Residential mortgage loans | Performing | Current    
Financing Receivable, Modifications    
Year One 5,886 4,006
Year Two 3,309 2,128
Year Three 1,294 827
Year Four 418 1,635
Year Five 954 2,301
Prior 4,261 4,719
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 16,122 15,616
Residential Mortgage | Residential mortgage loans | Performing | 30-89 days past due    
Financing Receivable, Modifications    
Year One 1 1
Year Two 1 1
Year Three 1 3
Year Four 1 3
Year Five 1 1
Prior 13 12
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 18 21
Residential Mortgage | Residential mortgage loans | Performing | 90 days or more past due    
Financing Receivable, Modifications    
Year One 0 0
Year Two 2 6
Year Three 4 2
Year Four 3 7
Year Five 9 7
Prior 52 48
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 70 70
Residential Mortgage | Residential mortgage loans | Nonperforming    
Financing Receivable, Modifications    
Year One 0 1
Year Two 0 0
Year Three 1 2
Year Four 0 2
Year Five 2 3
Prior 30 52
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 33 60
Consumer    
Financing Receivable, Modifications    
Total 41,782 39,785
Consumer | Home equity    
Financing Receivable, Modifications    
Year One 2 11
Year Two 6 24
Year Three 13 30
Year Four 18 4
Year Five 2 2
Prior 126 168
Revolving Loans 3,904 4,933
Revolving Loans Converted to Term Loans 13 11
Total 4,084 5,183
Consumer | Home equity | Performing    
Financing Receivable, Modifications    
Year One 2 11
Year Two 6 24
Year Three 13 30
Year Four 18 4
Year Five 2 2
Prior 117 158
Revolving Loans 3,837 4,858
Revolving Loans Converted to Term Loans 12 10
Total 4,007 5,097
Consumer | Home equity | Performing | Current    
Financing Receivable, Modifications    
Year One 2 11
Year Two 6 24
Year Three 13 30
Year Four 18 4
Year Five 2 2
Prior 113 153
Revolving Loans 3,815 4,825
Revolving Loans Converted to Term Loans 12 10
Total 3,981 5,059
Consumer | Home equity | Performing | 30-89 days past due    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 3 3
Revolving Loans 22 33
Revolving Loans Converted to Term Loans 0 0
Total 25 36
Consumer | Home equity | Performing | 90 days or more past due    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 1 2
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 1 2
Consumer | Home equity | Nonperforming    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 9 10
Revolving Loans 67 75
Revolving Loans Converted to Term Loans 1 1
Total 77 86
Consumer | Indirect secured consumer loans    
Financing Receivable, Modifications    
Year One 8,760 6,653
Year Two 4,244 3,800
Year Three 2,253 1,716
Year Four 926 882
Year Five 401 382
Prior 199 220
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 16,783 13,653
Consumer | Indirect secured consumer loans | Performing    
Financing Receivable, Modifications    
Year One 8,760 6,652
Year Two 4,232 3,795
Year Three 2,248 1,712
Year Four 921 879
Year Five 398 380
Prior 197 219
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 16,756 13,637
Consumer | Indirect secured consumer loans | Performing | Current    
Financing Receivable, Modifications    
Year One 8,732 6,626
Year Two 4,206 3,752
Year Three 2,221 1,678
Year Four 902 860
Year Five 389 372
Prior 194 214
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 16,644 13,502
Consumer | Indirect secured consumer loans | Performing | 30-89 days past due    
Financing Receivable, Modifications    
Year One 26 25
Year Two 24 41
Year Three 25 31
Year Four 17 17
Year Five 8 7
Prior 3 4
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 103 125
Consumer | Indirect secured consumer loans | Performing | 90 days or more past due    
Financing Receivable, Modifications    
Year One 2 1
Year Two 2 2
Year Three 2 3
Year Four 2 2
Year Five 1 1
Prior 0 1
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 9 10
Consumer | Indirect secured consumer loans | Nonperforming    
Financing Receivable, Modifications    
Year One 0 1
Year Two 12 5
Year Three 5 4
Year Four 5 3
Year Five 3 2
Prior 2 1
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 27 16
Consumer | Credit card    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 1,766 2,007
Revolving Loans Converted to Term Loans 0 0
Total 1,766 2,007
Consumer | Credit card | Performing    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 1,743 1,975
Revolving Loans Converted to Term Loans 0 0
Total 1,743 1,975
Consumer | Credit card | Performing | Current    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 1,710 1,914
Revolving Loans Converted to Term Loans 0 0
Total 1,710 1,914
Consumer | Credit card | Performing | 30-89 days past due    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 18 30
Revolving Loans Converted to Term Loans 0 0
Total 18 30
Consumer | Credit card | Performing | 90 days or more past due    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 15 31
Revolving Loans Converted to Term Loans 0 0
Total 15 31
Consumer | Credit card | Nonperforming    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 23 32
Revolving Loans Converted to Term Loans 0 0
Total 23 32
Consumer | Other consumer loans:    
Financing Receivable, Modifications    
Year One 695 885
Year Two 532 553
Year Three 279 441
Year Four 176 180
Year Five 106 32
Prior 47 41
Revolving Loans 916 881
Revolving Loans Converted to Term Loans 1 1
Total 2,752 3,014
Consumer | Other consumer loans: | Performing    
Financing Receivable, Modifications    
Year One 695 885
Year Two 532 553
Year Three 279 441
Year Four 176 180
Year Five 106 32
Prior 47 40
Revolving Loans 915 880
Revolving Loans Converted to Term Loans 1 1
Total 2,751 3,012
Consumer | Other consumer loans: | Performing | Current    
Financing Receivable, Modifications    
Year One 692 883
Year Two 530 546
Year Three 275 437
Year Four 174 178
Year Five 105 32
Prior 47 40
Revolving Loans 913 878
Revolving Loans Converted to Term Loans 0 1
Total 2,736 2,995
Consumer | Other consumer loans: | Performing | 30-89 days past due    
Financing Receivable, Modifications    
Year One 3 2
Year Two 2 5
Year Three 3 4
Year Four 2 2
Year Five 1 0
Prior 0 0
Revolving Loans 2 2
Revolving Loans Converted to Term Loans 1 0
Total 14 15
Consumer | Other consumer loans: | Performing | 90 days or more past due    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 2
Year Three 1 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 1 2
Consumer | Other consumer loans: | Nonperforming    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 1
Revolving Loans 1 1
Revolving Loans Converted to Term Loans 0 0
Total 1 2
Residential Mortgage and Consumer    
Financing Receivable, Modifications    
Year One 15,344 11,557
Year Two 8,094 6,512
Year Three 3,845 3,021
Year Four 1,542 2,713
Year Five 1,475 2,728
Prior 4,728 5,260
Revolving Loans 6,586 7,821
Revolving Loans Converted to Term Loans 14 12
Total 41,628 39,624
Residential Mortgage and Consumer | Performing    
Financing Receivable, Modifications    
Year One 15,344 11,555
Year Two 8,082 6,507
Year Three 3,839 3,015
Year Four 1,537 2,708
Year Five 1,470 2,723
Prior 4,687 5,196
Revolving Loans 6,495 7,713
Revolving Loans Converted to Term Loans 13 11
Total 41,467 39,428
Residential Mortgage and Consumer | Performing | Current    
Financing Receivable, Modifications    
Year One 15,312 11,526
Year Two 8,051 6,450
Year Three 3,803 2,972
Year Four 1,512 2,677
Year Five 1,450 2,707
Prior 4,615 5,126
Revolving Loans 6,438 7,617
Revolving Loans Converted to Term Loans 12 11
Total 41,193 39,086
Residential Mortgage and Consumer | Performing | 30-89 days past due    
Financing Receivable, Modifications    
Year One 30 28
Year Two 27 47
Year Three 29 38
Year Four 20 22
Year Five 10 8
Prior 19 19
Revolving Loans 42 65
Revolving Loans Converted to Term Loans 1 0
Total 178 227
Residential Mortgage and Consumer | Performing | 90 days or more past due    
Financing Receivable, Modifications    
Year One 2 1
Year Two 4 10
Year Three 7 5
Year Four 5 9
Year Five 10 8
Prior 53 51
Revolving Loans 15 31
Revolving Loans Converted to Term Loans 0 0
Total 96 115
Residential Mortgage and Consumer | Nonperforming    
Financing Receivable, Modifications    
Year One 0 2
Year Two 12 5
Year Three 6 6
Year Four 5 5
Year Five 5 5
Prior 41 64
Revolving Loans 91 108
Revolving Loans Converted to Term Loans 1 1
Total $ 161 $ 196
[1] Includes $154 and $161 of residential mortgage loans measured at fair value at December 31, 2021 and 2020, respectively.
[2] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Credit Quality and the Allowance for Loan and Lease Losses - Summary of the Amortized Cost Basis of the Bancorp's Collateral Dependent Loans (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Impaired    
Total portfolio loans and leases $ 705 $ 1,178
Commercial    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 579 1,018
Commercial | Commercial and industrial loans    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 467 810
Commercial | Commercial mortgage owner-occupied loans    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 22 101
Commercial | Commercial mortgage nonowner-occupied loans    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 31 82
Commercial | Commercial construction loans    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 56 19
Commercial | Commercial leases    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 3 6
Residential Mortgage    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 60 80
Consumer    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 66 80
Consumer | Home equity    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 58 71
Consumer | Indirect secured consumer loans    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis $ 8 $ 9
v3.22.0.1
Credit Quality and the Allowance for Loan and Lease Losses - Summary of the Bancorp's Nonaccrual Loans and Leases by Class (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Modifications    
With an ALLL $ 304 $ 382
No Related ALLL 223 482
Total 527 864
Loans and leases held for sale [1] 4,415 4,741
Total portfolio loans and leases [2],[3] 112,050 108,782
Nonperforming    
Financing Receivable, Modifications    
Loans and leases held for sale 15 6
Nonperforming | Government Insured    
Financing Receivable, Modifications    
Total portfolio loans and leases 26 29
Restructured nonaccrual loans and leases 11 17
Commercial    
Financing Receivable, Modifications    
With an ALLL 192 274
No Related ALLL 145 364
Total 337 638
Interest Income Recognized 7 10
Total portfolio loans and leases 70,268 68,997
Commercial | Commercial and industrial loans    
Financing Receivable, Modifications    
With an ALLL 151 213
No Related ALLL 128 260
Total 279 473
Interest Income Recognized 6 8
Loans and leases held for sale 7 230
Total portfolio loans and leases 51,659 49,665
Commercial | Commercial mortgage owner-occupied loans    
Financing Receivable, Modifications    
With an ALLL 10 20
No Related ALLL 13 60
Total 23 80
Total portfolio loans and leases 4,709 4,675
Commercial | Commercial mortgage nonowner-occupied loans    
Financing Receivable, Modifications    
With an ALLL 22 34
No Related ALLL 3 43
Total 25 77
Interest Income Recognized 0 1
Total portfolio loans and leases 5,607 5,927
Commercial | Commercial construction loans    
Financing Receivable, Modifications    
With an ALLL 6 1
No Related ALLL 0 0
Total 6 1
Total portfolio loans and leases 5,241 5,815
Commercial | Commercial leases    
Financing Receivable, Modifications    
With an ALLL 3 6
No Related ALLL 1 1
Total 4 7
Interest Income Recognized 1 1
Loans and leases held for sale 1 39
Total portfolio loans and leases 3,052 2,915
Residential Mortgage    
Financing Receivable, Modifications    
With an ALLL 14 11
No Related ALLL 19 49
Total 33 60
Interest Income Recognized 24 28
Consumer    
Financing Receivable, Modifications    
With an ALLL 98 97
No Related ALLL 30 39
Total 128 136
Interest Income Recognized 12 13
Total portfolio loans and leases 41,782 39,785
Consumer | Home equity    
Financing Receivable, Modifications    
With an ALLL 53 55
No Related ALLL 24 31
Total 77 86
Interest Income Recognized 7 9
Total portfolio loans and leases 4,084 5,183
Consumer | Home equity | Nonperforming    
Financing Receivable, Modifications    
Total portfolio loans and leases 77 86
Consumer | Indirect secured consumer loans    
Financing Receivable, Modifications    
With an ALLL 21 8
No Related ALLL 6 8
Total 27 16
Interest Income Recognized 2 0
Total portfolio loans and leases 16,783 13,653
Consumer | Indirect secured consumer loans | Nonperforming    
Financing Receivable, Modifications    
Total portfolio loans and leases 27 16
Consumer | Credit card    
Financing Receivable, Modifications    
With an ALLL 23 32
No Related ALLL 0 0
Total 23 32
Interest Income Recognized 3 4
Total portfolio loans and leases 1,766 2,007
Consumer | Credit card | Nonperforming    
Financing Receivable, Modifications    
Total portfolio loans and leases 23 32
Consumer | Other consumer loans:    
Financing Receivable, Modifications    
With an ALLL 1 2
No Related ALLL 0 0
Total 1 2
Total portfolio loans and leases 2,752 3,014
Consumer | Other consumer loans: | Nonperforming    
Financing Receivable, Modifications    
Total portfolio loans and leases 1 2
Nonaccrual Portfolio Loans and Leases    
Financing Receivable, Modifications    
With an ALLL 304 382
No Related ALLL 194 452
Total 498 834
Interest Income Recognized 43 51
OREO and Other Repossessed Assets    
Financing Receivable, Modifications    
With an ALLL 0 0
No Related ALLL 29 30
Total $ 29 $ 30
[1] Includes $1,023 and $1,481 of residential mortgage loans held for sale measured at fair value at December 31, 2021 and 2020, respectively.
[2] Includes $154 and $161 of residential mortgage loans measured at fair value at December 31, 2021 and 2020, respectively.
[3] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Credit Quality and the Allowance for Loan and Lease Losses - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Receivables [Abstract]    
Mortgage loans in process of foreclosure amount $ 84 $ 136
Line of credit commitments for modified troubled debt restructurings 121 67
Letter of credit commitments for modified troubled debt restructurings $ 66 $ 72
v3.22.0.1
Credit Quality and the Allowance for Loan and Lease Losses - Summary of Loans Modified in a TDR (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
loan
Dec. 31, 2020
USD ($)
loan
Dec. 31, 2019
USD ($)
loan
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 10,882 6,531 7,056
Recorded Investment in Loans Modified in a TDR During the Year $ 450 $ 525 $ 374
(Decrease) Increase to ALLL Upon Modification 12 22 (10)
Charge-offs Recognized Upon   Modification $ 1 $ 8 $ 8
Commercial | Commercial and industrial loans      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 86 124 97
Recorded Investment in Loans Modified in a TDR During the Year $ 150 $ 305 $ 223
(Decrease) Increase to ALLL Upon Modification 1 26 (19)
Charge-offs Recognized Upon   Modification $ 0 $ 7 $ 5
Commercial | Commercial mortgage owner-occupied loans      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 10 43 15
Recorded Investment in Loans Modified in a TDR During the Year $ 8 $ 58 $ 12
(Decrease) Increase to ALLL Upon Modification 0 (11) 0
Charge-offs Recognized Upon   Modification $ 0 $ 0 $ 0
Commercial | Commercial mortgage nonowner-occupied loans      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 5 19 1
Recorded Investment in Loans Modified in a TDR During the Year $ 29 $ 44 $ 0
(Decrease) Increase to ALLL Upon Modification 0 (2) 0
Charge-offs Recognized Upon   Modification $ 0 $ 0 $ 0
Commercial | Commercial construction loans      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 1 3  
Recorded Investment in Loans Modified in a TDR During the Year $ 34 $ 21  
(Decrease) Increase to ALLL Upon Modification 0 1  
Charge-offs Recognized Upon   Modification $ 0 $ 0  
Residential Mortgage      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 519 424 722
Recorded Investment in Loans Modified in a TDR During the Year $ 93 $ 58 $ 101
(Decrease) Increase to ALLL Upon Modification 4 1 1
Charge-offs Recognized Upon   Modification $ 0 $ 0 $ 0
Consumer | Home equity      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 206 147 80
Recorded Investment in Loans Modified in a TDR During the Year $ 10 $ 7 $ 4
(Decrease) Increase to ALLL Upon Modification (3) (4) 0
Charge-offs Recognized Upon   Modification $ 0 $ 0 $ 0
Consumer | Indirect secured consumer loans      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 4,567 70 100
Recorded Investment in Loans Modified in a TDR During the Year $ 96 $ 0 $ 0
(Decrease) Increase to ALLL Upon Modification 1 0 0
Charge-offs Recognized Upon   Modification $ 0 $ 0 $ 0
Consumer | Credit card      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 5,488 5,701 6,041
Recorded Investment in Loans Modified in a TDR During the Year $ 30 $ 32 $ 34
(Decrease) Increase to ALLL Upon Modification 9 11 8
Charge-offs Recognized Upon   Modification $ 1 $ 1 $ 3
v3.22.0.1
Credit Quality and the Allowance for Loan and Lease Losses - Summary of Subsequent Defaults (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
contract
Dec. 31, 2020
USD ($)
contract
Dec. 31, 2019
USD ($)
contract
Financing Receivable, Modifications      
Number of Contracts | contract 467 457 961
Amortized Cost | $ $ 41 $ 43 $ 66
Commercial | Commercial and industrial loans      
Financing Receivable, Modifications      
Number of Contracts | contract 7 13 12
Amortized Cost | $ $ 1 $ 5 $ 20
Commercial | Commercial mortgage owner-occupied loans      
Financing Receivable, Modifications      
Number of Contracts | contract 3 8 4
Amortized Cost | $ $ 1 $ 3 $ 1
Commercial | Commercial mortgage nonowner-occupied loans      
Financing Receivable, Modifications      
Number of Contracts | contract 2 3 1
Amortized Cost | $ $ 25 $ 11 $ 0
Residential Mortgage      
Financing Receivable, Modifications      
Number of Contracts | contract 82 149 274
Amortized Cost | $ $ 10 $ 23 $ 42
Consumer | Home equity      
Financing Receivable, Modifications      
Number of Contracts | contract 28 6 15
Amortized Cost | $ $ 1 $ 0 $ 0
Consumer | Indirect secured consumer loans      
Financing Receivable, Modifications      
Number of Contracts | contract 130 18  
Amortized Cost | $ $ 2 $ 0  
Consumer | Credit card      
Financing Receivable, Modifications      
Number of Contracts | contract 215 260 655
Amortized Cost | $ $ 1 $ 1 $ 3
v3.22.0.1
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Accumulated depreciation and amortization $ (3,210) $ (3,072)
Total bank premises and equipment [1] 2,120 2,088
Equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,392 2,302
Equipment | Lower limit    
Property, Plant and Equipment [Line Items]    
Useful life 2 years  
Equipment | Upper Limit    
Property, Plant and Equipment [Line Items]    
Useful life 20 years  
Buildings    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,668 1,612
Buildings | Lower limit    
Property, Plant and Equipment [Line Items]    
Useful life 1 year  
Buildings | Upper Limit    
Property, Plant and Equipment [Line Items]    
Useful life 30 years  
Land and and improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 645 636
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 517 467
Leasehold improvements | Lower limit    
Property, Plant and Equipment [Line Items]    
Useful life 1 year  
Leasehold improvements | Upper Limit    
Property, Plant and Equipment [Line Items]    
Useful life 30 years  
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 84 108
Land and improvements held for sale    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 18 27
Buildings held for sale    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 6 8
Other property    
Property, Plant and Equipment [Line Items]    
Land improvements $ 39 $ 46
[1] Includes $24 and $35 of bank premises and equipment held for sale at December 31, 2021 and 2020, respectively. For further information, refer to Note 7.
v3.22.0.1
Bank Premises and Equipment - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
branch
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Property, Plant and Equipment [Line Items]      
Depreciation and amortization expense $ 270 $ 256 $ 255
Impairment losses on bank premises $ 7 $ 30 $ 28
Closed In 2021      
Property, Plant and Equipment [Line Items]      
Number of branches held for sale | branch 44    
v3.22.0.1
Operating Lease Equipment - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]      
Operating lease equipment $ 616 $ 777  
Accumulated depreciation 304 290  
Operating lease income 152 156 $ 151
Depreciation expense 124 126 122
Operating lease payments received 155 161  
Impairment losses of operating lease equipment $ 25 $ 7 $ 3
v3.22.0.1
Operating Lease Equipment - Future Lease Payments Receivable (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Leases [Abstract]  
2022 $ 138
2023 114
2024 76
2025 48
2026 26
Thereafter 27
Total operating lease payments $ 429
v3.22.0.1
Lease Obligations - Lessee - Lease Assets and Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Operating lease right-of-use assets $ 427 $ 423
Finance lease right-of-use assets 145 129
Total right-of-use assets 572 552
Operating lease liabilities 520 527
Finance lease liabilities 149 130
Total lease liabilities 669 657
Operating lease right of use asset, accumulated amortization 198 152
Finance lease right of use asset, accumulated amortization $ 47 $ 29
Operating lease right-of-use assets [Extensible List] Other assets Other assets
Finance lease, right-of-use assets [Extensible List] Bank premises and equipment Bank premises and equipment
Operating lease liabilities [Extensible List] Accrued Liabilities [Member] Accrued Liabilities [Member]
Finance lease liabilities [Extensible List] Long-term debt Long-term debt
v3.22.0.1
Lease Obligations - Lessee - Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Lease Cost [Line Items]      
Total finance lease costs $ 22 $ 14 $ 7
Total operating lease costs 110 137 124
Total lease costs 132 151 131
Impairment losses and termination charges 3 8 15
Net occupancy and equipment expense      
Lease Cost [Line Items]      
  Amortization of ROU assets 18 11 6
Interest on long-term debt      
Lease Cost [Line Items]      
Interest on lease liabilities 4 3 1
Net occupancy expense      
Lease Cost [Line Items]      
Operating lease cost 80 110 96
Short-term lease cost 2 1 1
Variable lease cost 31 29 30
Sublease income (3) (3) (3)
Impairment losses and termination charges $ 3 $ 8 $ 15
v3.22.0.1
Lease Obligations - Lessee - Undiscounted Cash Flows (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Operating Leases    
2022 $ 87  
2023 80  
2024 72  
2025 64  
2026 55  
Thereafter 238  
Total undiscounted cash flows 596  
Less: Difference between undiscounted cash flows and discounted cash flows 76  
Present value of lease liabilities 520 $ 527
Finance Leases    
2022 21  
2023 18  
2024 18  
2025 12  
2026 7  
Thereafter 111  
Total undiscounted cash flows 187  
Less: Difference between undiscounted cash flows and discounted cash flows 38  
Present value of lease liabilities 149 $ 130
Total    
2022 108  
2023 98  
2024 90  
2025 76  
2026 62  
Thereafter 349  
Total undiscounted cash flows 783  
Less: Difference between undiscounted cash flows and discounted cash flows 114  
Present value of lease liabilities $ 669  
v3.22.0.1
Lease Obligations - Lessee - Other Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]      
Operating leases, weighted average remaining lease term 8 years 11 months 1 day 9 years 21 days  
Finance leases, weighted average remaining lease term 14 years 8 months 12 days 12 years 11 months 4 days  
Operating leases, weighted average discount rate 2.88% 3.05%  
Finance leases, weighted average discount rate 2.74% 2.39%  
Cash paid for amounts included in the measurement of lease liabilities:(a)      
Operating cash flows from operating leases $ 88 $ 91 $ 97
Operating cash flows from finance leases 4 3 1
Financing cash flows from finance leases 16 11 5
Gains on sale and leaseback transactions $ 2 $ 3 $ 5
v3.22.0.1
Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill      
Goodwill     $ 5,217
Accumulated impairment losses     (965)
Goodwill [Roll Forward]      
Net carrying value, beginning of period $ 4,258 $ 4,252  
Acquisition activity 256 28  
Sale of business   (22)  
Net carrying value, end of period 4,514 4,258  
Commercial Banking      
Goodwill      
Goodwill     2,704
Accumulated impairment losses     (750)
Goodwill [Roll Forward]      
Net carrying value, beginning of period 1,980 1,954  
Acquisition activity 0 26  
Sale of business   0  
Net carrying value, end of period 1,980 1,980  
Branch Banking      
Goodwill      
Goodwill     2,046
Accumulated impairment losses     0
Goodwill [Roll Forward]      
Net carrying value, beginning of period 2,047 2,046  
Acquisition activity 256 1  
Sale of business   0  
Net carrying value, end of period 2,303 2,047  
Consumer Lending      
Goodwill      
Goodwill     215
Accumulated impairment losses     (215)
Goodwill [Roll Forward]      
Net carrying value, beginning of period 0 0  
Acquisition activity 0 0  
Sale of business   0  
Net carrying value, end of period 0 0  
Wealth and Asset Management      
Goodwill      
Goodwill     252
Accumulated impairment losses     0
Goodwill [Roll Forward]      
Net carrying value, beginning of period 231 252  
Acquisition activity 0 1  
Sale of business   (22)  
Net carrying value, end of period 231 231  
General Corporate and Other      
Goodwill      
Goodwill     0
Accumulated impairment losses     $ 0
Goodwill [Roll Forward]      
Net carrying value, beginning of period 0 0  
Acquisition activity 0 0  
Sale of business   0  
Net carrying value, end of period $ 0 $ 0  
v3.22.0.1
Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]        
Amortization expense   $ 47 $ 55 $ 54
Developed technology        
Finite-Lived Intangible Assets        
Intangible assets acquired   $ 62    
Estimated remaining useful life 8 years      
v3.22.0.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets    
Gross Carrying Amount $ 331 $ 273
Accumulated Amortization (175) (134)
Net Carrying Amount 156 139
Core deposit intangibles    
Finite-Lived Intangible Assets    
Gross Carrying Amount 229 229
Accumulated Amortization (153) (116)
Net Carrying Amount 76 113
Developed technology    
Finite-Lived Intangible Assets    
Gross Carrying Amount 62  
Accumulated Amortization (3)  
Net Carrying Amount 59  
Customer relationships    
Finite-Lived Intangible Assets    
Gross Carrying Amount 25 24
Accumulated Amortization (7) (5)
Net Carrying Amount 18 19
Operating leases    
Finite-Lived Intangible Assets    
Gross Carrying Amount 11 17
Accumulated Amortization (9) (12)
Net Carrying Amount 2 5
Other    
Finite-Lived Intangible Assets    
Gross Carrying Amount 4 3
Accumulated Amortization (3) (1)
Net Carrying Amount $ 1 $ 2
v3.22.0.1
Intangible Assets - Estimated Amortization Expense (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
2022 $ 41
2023 32
2024 24
2025 17
2026 $ 11
v3.22.0.1
Variable Interest Entities - Classifications of Consolidated VIE Assets, Liabilities and Noncontrolling Interest Included in the Bancorp's Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Assets        
Other short-term investments [1] $ 34,572 $ 33,399    
ALLL (1,892) [1] (2,453) [1] $ (1,202) $ (1,103)
Other assets [1] 11,444 10,749    
Total Assets 211,116 204,680    
Liabilities        
Other liabilities [1] 4,267 3,409    
Long-term debt [1] 11,821 14,973    
Total Liabilities 188,906 181,569    
Variable Interest Entity, Primary Beneficiary | Automobile loan        
Assets        
Other short-term investments 24 55    
Indirect secured consumer loans 322 756    
ALLL (2) (7)    
Other assets 2 5    
Total Assets 346 809    
Liabilities        
Other liabilities 1 2    
Long-term debt 263 656    
Total Liabilities $ 264 $ 658    
[1] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Variable Interest Entities - Assets and Liabilities Related to Non-consolidated VIEs and Maximum Exposure to Losses (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Variable Interest Entity    
Assets $ 211,116 $ 204,680
Liabilities 188,906 181,569
Variable Interest Entity, Not Primary Beneficiary | CDC investments    
Variable Interest Entity    
Assets 1,705 1,546
Liabilities 580 478
Maximum Exposure 1,705 1,546
Variable Interest Entity, Not Primary Beneficiary | Private equity investments    
Variable Interest Entity    
Assets 133 117
Liabilities 0 0
Maximum Exposure 257 200
Variable Interest Entity, Not Primary Beneficiary | Loans provided to VIEs    
Variable Interest Entity    
Assets 3,386 2,420
Liabilities 0 0
Maximum Exposure 4,873 3,649
Variable Interest Entity, Not Primary Beneficiary | Lease pool entities    
Variable Interest Entity    
Assets 68 73
Liabilities 0 0
Maximum Exposure $ 68 $ 73
v3.22.0.1
Variable Interest Entities - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
investment
Dec. 31, 2020
USD ($)
Variable Interest Entity    
Assets $ 211,116 $ 204,680
LLCs designed for the purpose of purchasing pools of residual interests in leases    
Variable Interest Entity    
Number of co-investments | investment 3  
Ownership percentage 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Loans provided to VIEs    
Variable Interest Entity    
Unfunded commitment amounts $ 1,500 1,200
Variable Interest Entity, Not Primary Beneficiary | CDC investments    
Variable Interest Entity    
Assets 1,705 1,546
Variable Interest Entity, Not Primary Beneficiary | CDC investments | Qualified Affordable Housing Tax Credits    
Variable Interest Entity    
Assets 1,400 1,300
Unfunded commitments in qualifying LIHTC investments 573 478
Variable Interest Entity, Not Primary Beneficiary | Private equity investments    
Variable Interest Entity    
Assets 133 117
Unfunded commitment amounts 124 83
Capital contribution to private equity investments $ 17 $ 19
v3.22.0.1
Variable Interest Entities - Investments in Qualified Affordable Housing Tax Credits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Affordable Housing Investments      
Variable Interest Entity [Line Items]      
Impairment losses $ 0 $ 0 $ 0
Applicable income tax expense      
Variable Interest Entity [Line Items]      
Proportional amortization 163 150 140
Tax credits and other benefits $ (193) $ (175) $ (163)
v3.22.0.1
Sales of Receivables and Servicing Rights - Activity Related to Mortgage Banking Net Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Transfers and Servicing [Abstract]      
Residential mortgage loan sales $ 16,900 $ 11,827 $ 7,781
Origination fees and gains on loan sales 285 315 175
Gross mortgage servicing fees $ 247 $ 263 $ 267
v3.22.0.1
Sales of Receivables and Servicing Rights - Changes in the Servicing Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Servicing Asset at Fair Value, Amount [Roll Forward]      
Balance, beginning of period $ 656 $ 993  
Servicing rights originated 223 184  
Servicing rights purchased 381 44  
Changes in fair value due to changes in inputs or assumptions 142 (311) $ (203)
Changes in fair value due to other changes in fair value (281) (254)  
Balance, end of period $ 1,121 $ 656 $ 993
v3.22.0.1
Sales of Receivables and Servicing Rights - Activity Related to the MSR Portfolio (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Transfers and Servicing of Financial Assets [Abstract]      
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights $ (2) $ 2 $ 3
Changes in fair value and settlement of free-standing derivatives purchased to economically hedge the MSR portfolio (123) 307 221
MSR fair value adjustments due to changes in inputs or assumptions $ 142 $ (311) $ (203)
v3.22.0.1
Sales of Receivables and Servicing Rights - Servicing Rights and Residual Interests Economic Assumptions (Details) - bps
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Fixed-rate    
Schedule of Servicing Assets at Amortized Value    
Weighted- Average Life (in years) 6 years 6 months 5 years 10 months 24 days
Prepayment Speed (annual) (as a percent) 10.70% 12.10%
OAS (bps) 693 727
Adjustable-rate    
Schedule of Servicing Assets at Amortized Value    
Weighted- Average Life (in years) 2 years 8 months 12 days 3 years 9 months 18 days
Prepayment Speed (annual) (as a percent) 28.80% 18.30%
OAS (bps) 626 681
v3.22.0.1
Sales of Receivables and Servicing Rights - Additional Information (Details) - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Transfers and Servicing [Abstract]    
Servicing of residential mortgage loans for other investors $ 89.2 $ 68.8
v3.22.0.1
Sales of Receivables and Servicing Rights - Sensitivity of the Current Fair Value of Residual Cash Flows to Immediate 10%, 20% and 50% Adverse Changes in Assumptions (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
bps
Fixed-rate  
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption  
Fair Value $ 1,116
Weighted- Average Life (in years) 6 years 3 months 18 days
Prepayment Speed Assumption, Rate (as a percent) 10.70%
Prepayment Speed Assumption, Impact of Adverse Change on Fair Value 10% $ (48)
Prepayment Speed Assumption, Impact of Adverse Change on Fair Value 20% (93)
Prepayment Speed Assumption, Impact of Adverse Change on Fair Value 50% $ (211)
OAS (bps) | bps 686
OAS Spread Assumption, Impact of Adverse Change on Fair Value 10% $ (30)
OAS Spread Assumption, Impact of Adverse Change on Fair Value 20% (58)
Adjustable-rate  
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption  
Fair Value $ 5
Weighted- Average Life (in years) 4 years 1 month 6 days
Prepayment Speed Assumption, Rate (as a percent) 20.60%
Prepayment Speed Assumption, Impact of Adverse Change on Fair Value 10% $ 0
Prepayment Speed Assumption, Impact of Adverse Change on Fair Value 20% (1)
Prepayment Speed Assumption, Impact of Adverse Change on Fair Value 50% $ (2)
OAS (bps) | bps 1,087
OAS Spread Assumption, Impact of Adverse Change on Fair Value 10% $ 0
OAS Spread Assumption, Impact of Adverse Change on Fair Value 20% $ 0
v3.22.0.1
Derivative Financial Instruments - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Derivative    
Amount of variation margin payment applied to derivative asset contracts $ 771 $ 1,100
Valuation adjustments related to the credit risk associated with counterparties of customer accommodation derivative contracts 20 42
Derivative liabilities 464 230
Amount of variation margin payment applied to derivative liability contracts 570 1,100
Gain or losses reclassified from AOCI into earnings associated with the discontinuance of cash flow hedges 0 0
Notional amount of the risk participations agreements $ 3,780 3,396
Interest rate contracts    
Derivative    
Maximum length of time of hedging exposure 37 months  
Deferred gains, net of tax, on cash flow hedges recorded in accumulated other comprehensive income $ 353 718
Net deferred gains or losses, net of tax, recorded in AOCI are expected to be reclassified into earnings 212  
Interest rate contracts | Credit Risk    
Derivative    
Fair value of risk participation agreements $ 8 8
Weighted-average remaining life 3 years 9 months 18 days  
Total collateral    
Derivative    
Derivative assets $ 1,100 1,000
Derivative liabilities $ 1,300 $ 463
v3.22.0.1
Derivative Financial Instruments - Notional Amounts and Fair Values for All Derivative Instruments Included in the Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Derivatives, Fair Value    
Derivative assets, fair value, gross assets $ 2,896 $ 2,862
Total derivative assets 2,908 2,919
Derivative liabilities, fair value, gross liabilities 2,013 1,072
Total derivative liabilities 2,013 1,072
Amount of variation margin payment applied to derivative asset contracts 771 1,100
Amount of variation margin payment applied to derivative liability contracts 570 1,100
Designated as Hedging Instrument | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges    
Derivatives, Fair Value    
Derivative assets, fair value, gross assets 522 788
Derivative liabilities, fair value, gross liabilities 3 2
Designated as Hedging Instrument | Fair Value Hedging | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges    
Derivatives, Fair Value    
Derivative assets, fair value, gross assets 400 528
Derivative liabilities, fair value, gross liabilities 2 0
Designated as Hedging Instrument | Fair Value Hedging | Interest rate swaps | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges | Available-for-sale debt and other securities    
Derivatives, Fair Value    
Notional Amount 445  
Derivative assets, fair value, gross assets 7  
Derivative liabilities, fair value, gross liabilities 0  
Designated as Hedging Instrument | Fair Value Hedging | Interest rate swaps | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges | Long-term debt    
Derivatives, Fair Value    
Notional Amount 1,955 1,955
Derivative assets, fair value, gross assets 393 528
Derivative liabilities, fair value, gross liabilities 2 0
Designated as Hedging Instrument | Cash Flow Hedging | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges    
Derivatives, Fair Value    
Derivative assets, fair value, gross assets 122 260
Derivative liabilities, fair value, gross liabilities 1 2
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges | Commercial and Industrial    
Derivatives, Fair Value    
Notional Amount 8,000 8,000
Derivative assets, fair value, gross assets 0 16
Derivative liabilities, fair value, gross liabilities 1 2
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges | Commercial Mortgage and Commercial Construction    
Derivatives, Fair Value    
Notional Amount 4,000  
Derivative assets, fair value, gross assets 0  
Derivative liabilities, fair value, gross liabilities 0  
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate floors | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges | Commercial and Industrial    
Derivatives, Fair Value    
Notional Amount 3,000 3,000
Derivative assets, fair value, gross assets 122 244
Derivative liabilities, fair value, gross liabilities 0 0
Not Designated as Hedging Instrument    
Derivatives, Fair Value    
Total derivative assets 2,386 2,131
Total derivative liabilities 2,010 1,070
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes    
Derivatives, Fair Value    
Derivative assets, fair value, gross assets 147 206
Derivative liabilities, fair value, gross liabilities 221 222
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Interest rate contracts related to MSR portfolio    
Derivatives, Fair Value    
Notional Amount 6,260 6,910
Derivative assets, fair value, gross assets 140 202
Derivative liabilities, fair value, gross liabilities 0 1
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Forward contracts related to residential mortgage loans held for sale | Loans held for sale    
Derivatives, Fair Value    
Notional Amount 1,952 2,903
Derivative assets, fair value, gross assets 2 1
Derivative liabilities, fair value, gross liabilities 2 16
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Swap    
Derivatives, Fair Value    
Notional Amount 3,545 3,588
Derivative assets, fair value, gross assets 0 0
Derivative liabilities, fair value, gross liabilities 214 201
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Foreign exchange contracts    
Derivatives, Fair Value    
Notional Amount 158 204
Derivative assets, fair value, gross assets 0 0
Derivative liabilities, fair value, gross liabilities 1 3
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Interest rate contracts for collateral management    
Derivatives, Fair Value    
Notional Amount 12,000 12,000
Derivative assets, fair value, gross assets 5 3
Derivative liabilities, fair value, gross liabilities 4 1
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Interest rate contracts for LIBOR transition    
Derivatives, Fair Value    
Notional Amount 2,372 2,372
Derivative assets, fair value, gross assets 0 0
Derivative liabilities, fair value, gross liabilities 0 0
Not Designated as Hedging Instrument | Customer Accommodation    
Derivatives, Fair Value    
Total derivative assets 2,239 1,925
Total derivative liabilities 1,789 848
Not Designated as Hedging Instrument | Customer Accommodation | Foreign exchange contracts    
Derivatives, Fair Value    
Notional Amount 23,148 14,587
Derivative assets, fair value, gross assets 323 255
Derivative liabilities, fair value, gross liabilities 297 224
Not Designated as Hedging Instrument | Customer Accommodation | Interest rate contracts    
Derivatives, Fair Value    
Notional Amount 76,061 77,806
Derivative assets, fair value, gross assets 578 1,238
Derivative liabilities, fair value, gross liabilities 232 265
Amount of variation margin payment applied to derivative asset contracts 104 47
Amount of variation margin payment applied to derivative liability contracts 472 1,063
Not Designated as Hedging Instrument | Customer Accommodation | Interest rate lock commitments    
Derivatives, Fair Value    
Notional Amount 673 1,830
Derivative assets, not subject to master netting arrangement 12 57
Derivative liabilities, not subject to master netting arrangement 0 0
Not Designated as Hedging Instrument | Customer Accommodation | Commodity contracts    
Derivatives, Fair Value    
Notional Amount 12,376 7,762
Derivative assets, fair value, gross assets 1,326 375
Derivative liabilities, fair value, gross liabilities 1,260 $ 359
Not Designated as Hedging Instrument | Customer Accommodation | TBA securities    
Derivatives, Fair Value    
Notional Amount 55  
Derivative assets, fair value, gross assets 0  
Derivative liabilities, fair value, gross liabilities $ 0  
v3.22.0.1
Derivative Financial Instruments - Change in the Fair Value for Interest Rate Contracts and the Related Hedged Items (Details) - Fair Value Hedging - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Long-term debt      
Derivatives, Fair Value      
Carrying amount of the hedged items $ 2,339 $ 2,478  
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items 396 534  
Available-for-sale debt and other securities      
Derivatives, Fair Value      
Carrying amount of the hedged items 465 0  
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items (8) 0  
Interest rate contracts | Interest on long-term debt      
Derivatives, Fair Value      
Change in fair value of interest rate swaps hedging long-term debt (138) 134 $ 152
Change in fair value of hedged long-term debt attributable to the risk being hedged 138 (133) (147)
Interest rate contracts | Interest on securities      
Derivatives, Fair Value      
Change in fair value of interest rate swaps hedging long-term debt 7 0 0
Change in fair value of hedged long-term debt attributable to the risk being hedged $ (7) $ 0 $ 0
v3.22.0.1
Derivative Financial Instruments - Net Gains (Losses) Relating to Derivative Instruments Designated as Cash Flow Hedges (Details) - Cash Flow Hedging - Interest Income (Expense) Net - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of pre-tax net (losses) gains recognized in OCI $ (185) $ 611 $ 348
Amount of pre-tax net gains reclassified from OCI into net income $ 293 $ 237 $ 16
v3.22.0.1
Derivative Financial Instruments - Net Gains (Losses) Recorded in the Condensed Consolidated Statements of Income Relating to Free-Standing Derivative Instruments Used for Risk Management and Other Business Purposes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings $ (123) $ 307 $ 221
Forward contracts related to residential mortgage loans held for sale | Mortgage banking net revenue | Residential mortgages held for sale      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 15 (12) 4
Interest rate contracts | Mortgage banking net revenue | MSR portfolio      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings (123) 307 221
Foreign exchange contracts | Other noninterest income      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings (3) (3) (7)
Equity contracts | Other noninterest income | Swap      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings $ (86) $ (103) $ (107)
v3.22.0.1
Derivative Financial Instruments - Risk Ratings of the Notional Amount of Risk Participation Agreements (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Derivatives, Fair Value    
Notional amount of the risk participations agreements $ 3,780 $ 3,396
Pass    
Derivatives, Fair Value    
Notional amount of the risk participations agreements 3,733 3,231
Special mention    
Derivatives, Fair Value    
Notional amount of the risk participations agreements 13 113
Substandard    
Derivatives, Fair Value    
Notional amount of the risk participations agreements $ 34 $ 52
v3.22.0.1
Derivative Financial Instruments - Net Gains (Losses) Recorded in the Consolidated Statements of Income Relating to Free-Standing Derivative Instruments Used For Customer Accommodation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings $ (123) $ 307 $ 221
Interest rate contracts | Contract revenue | Commercial banking revenue      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 38 36 40
Interest rate contracts | Credit portion of fair value adjustment | Other noninterest expense      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 21 (22) (15)
Interest rate contracts | Interest rate lock commitments | Mortgage banking net revenue      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 149 271 144
Commodity contracts | Contract revenue | Commercial banking revenue      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 23 15 8
Commodity contracts | Credit losses | Other noninterest expense      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings (1) (1) 0
Commodity contracts | Credit portion of fair value adjustment | Other noninterest expense      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 0 (2) 1
Foreign exchange contracts | Contract revenue | Commercial banking revenue      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 61 55 49
Foreign exchange contracts | Contract revenue | Other noninterest expense      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 2 (11) 12
Foreign exchange contracts | Credit portion of fair value adjustment | Other noninterest expense      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings $ 0 $ (1) $ 0
v3.22.0.1
Derivative Financial Instruments - Offsetting Derivative Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Derivative assets    
Gross Amount Recognized in the Consolidated Balance Sheets $ 2,896 $ 2,862
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Derivatives (837) (621)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral (548) (755)
Net Amount 1,511 1,486
Derivative liabilities    
Gross Amount Recognized in the Condensed Consolidated Balance Sheets 2,013 1,072
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Derivatives (837) (621)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral (712) (221)
Net Amount $ 464 $ 230
v3.22.0.1
Other Assets - Components (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Other Assets [Abstract]    
Derivative instruments $ 2,908 $ 2,919
Accounts receivable and drafts-in-process 2,560 2,121
Bank owned life insurance 2,041 2,003
Partnership investments 2,022 1,872
Accrued interest and fees receivable 465 486
Operating lease right-of-use assets 427 423
Worldpay, Inc. TRA receivable 317 321
Income tax receivable 237 166
Prepaid expenses 139 129
OREO and other repossessed property 29 30
Other 299 279
Total other assets [1] $ 11,444 $ 10,749
[1] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Other Assets - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2012
agreement
Related Party Transactions        
TRA payment $ 46 $ 74 $ 346  
Future payments expected to be received under TRA 78      
Other noninterest income        
Related Party Transactions        
TRA payment 46 74 1  
Worldpay, Inc.        
Related Party Transactions        
TRA receivable $ 317 $ 321    
Affiliated Entity | Worldpay, Inc.        
Related Party Transactions        
Number of TRAs entered into | agreement       2
Percentage of cash savings activity       85.00%
Fidelity National Information Services, Inc. and Worldpay, Inc        
Related Party Transactions        
Payment to terminate and settle certain remaining TRA cash flows     366  
Potential termination and settlement of TRA cash flows     720  
Fidelity National Information Services, Inc. and Worldpay, Inc | Other noninterest income        
Related Party Transactions        
Gain from exercise of options     $ 345  
v3.22.0.1
Short-Term Borrowings - Summary of Short-Term Borrowings and Weighted-Average Rates (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Short-term Debt [Line Items]    
Federal funds purchased $ 281 $ 300
Other short-term borrowings 980 1,192
Federal Funds Purchased    
Short-term Debt [Line Items]    
Short-term borrowings, average 333 385
Short-term borrowings, maximum month-end balance $ 365 $ 1,625
Short-term borrowngs, rate 0.13% 0.14%
Short-term borrowings, average rate 0.12% 0.58%
Other Short Term Borrowings    
Short-term Debt [Line Items]    
Short-term borrowings, average $ 1,107 $ 1,709
Short-term borrowings, maximum month-end balance $ 1,353 $ 4,542
Short-term borrowngs, rate 0.04% 0.19%
Short-term borrowings, average rate 0.15% 0.81%
v3.22.0.1
Short-Term Borrowings - Components of Other Short-Term Borrowings (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Short-term Debt [Abstract]    
Securities sold under repurchase agreements $ 544 $ 679
Derivative collateral 436 474
Other secured borrowings 0 39
Other short-term borrowings $ 980 $ 1,192
v3.22.0.1
Long-Term Debt - Summary of the Bancorp's Long-Term Borrowings (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
May 05, 2020
Jan. 31, 2020
Oct. 28, 2019
Mar. 22, 2019
Jul. 26, 2018
Mar. 14, 2018
Jun. 15, 2017
Mar. 15, 2016
Nov. 20, 2013
Mar. 07, 2012
Debt Instrument                        
Long-term debt [1] $ 11,821 $ 14,973                    
Amount Qualifying as Tier Two Capital for Regulatory Capital Purposes                        
Debt Instrument                        
Long-term debt 2,500 2,800                    
Parent Company                        
Debt Instrument                        
Long-term debt $ 7,927 7,761                    
Parent Company | Senior Notes | Floating Rate 0.70% Notes Due 2021                        
Debt Instrument                        
Interest rate (as a percent) 0.70%                      
Long-term debt $ 0 250                    
Parent Company | Senior Notes | Fixed Rate 2.60% Notes Due 2022                        
Debt Instrument                        
Interest rate (as a percent) 2.60%               2.60%      
Long-term debt $ 700 699                    
Parent Company | Senior Notes | Fixed Rate 3.50% Due 2022                        
Debt Instrument                        
Interest rate (as a percent) 3.50%                     3.50%
Long-term debt $ 500 499                    
Parent Company | Senior Notes | Fixed Rate 1.625% Notes Due 2023                        
Debt Instrument                        
Interest rate (as a percent) 1.625%   1.625%                  
Long-term debt $ 499 498                    
Parent Company | Senior Notes | Fixed Rate 3.65% Notes Due 2024                        
Debt Instrument                        
Interest rate (as a percent) 3.65%                      
Long-term debt $ 1,496 1,494                    
Parent Company | Senior Notes | Fixed Rate 2.375% Notes Due 2025                        
Debt Instrument                        
Interest rate (as a percent) 2.375%       2.375%              
Long-term debt $ 748 747                    
Parent Company | Senior Notes | Fixed Rate 2.55% Notes Due 2027                        
Debt Instrument                        
Interest rate (as a percent) 2.55%   2.55%                  
Long-term debt $ 746 746                    
Parent Company | Senior Notes | Fixed Rate/Floating Rate Notes Due 2027                        
Debt Instrument                        
Interest rate (as a percent) 1.707%                      
Long-term debt $ 496 0                    
Parent Company | Senior Notes | Fixed Rate 3.95% Notes Due 2028                        
Debt Instrument                        
Interest rate (as a percent) 3.95%             3.95%        
Long-term debt $ 647 647                    
Parent Company | Subordinated Debt | Fixed Rate 4.30% Notes Due 2024                        
Debt Instrument                        
Interest rate (as a percent) 4.30%                   4.30%  
Long-term debt $ 749 748                    
Parent Company | Subordinated Debt | Fixed Rate 8.25% Notes Due 2038                        
Debt Instrument                        
Interest rate (as a percent) 8.25%                      
Long-term debt $ 1,346 1,433                    
Subsidiaries                        
Debt Instrument                        
Long-term debt 3,894                      
Subsidiaries | FHLB Advances Due 2021 to 2047                        
Debt Instrument                        
Long-term debt $ 44 67                    
Subsidiaries | FHLB Advances Due 2021 to 2047 | Lower limit                        
Debt Instrument                        
Interest rate (as a percent) 0.05%                      
Subsidiaries | FHLB Advances Due 2021 to 2047 | Upper Limit                        
Debt Instrument                        
Interest rate (as a percent) 5.87%                      
Subsidiaries | Other Debt Due 2021 to 2041                        
Debt Instrument                        
Long-term debt $ 284 262                    
Subsidiaries | Variable Interest Entity, Primary Beneficiary | Fixed-Rate Notes Due 2022 to 2026 | Automobile Loans                        
Debt Instrument                        
Long-term debt $ 250 623                    
Subsidiaries | Variable Interest Entity, Primary Beneficiary | Fixed-Rate Notes Due 2022 to 2026 | Automobile Loans | Lower limit                        
Debt Instrument                        
Interest rate (as a percent) 2.03%                      
Subsidiaries | Variable Interest Entity, Primary Beneficiary | Fixed-Rate Notes Due 2022 to 2026 | Automobile Loans | Upper Limit                        
Debt Instrument                        
Interest rate (as a percent) 2.69%                      
Subsidiaries | Senior Notes | Fixed Rate 2.25% Notes Due 2021                        
Debt Instrument                        
Interest rate (as a percent) 2.25%                      
Long-term debt $ 0 1,249                    
Subsidiaries | Senior Notes | Fixed rate 2.875% Notes Due 2021                        
Debt Instrument                        
Interest rate (as a percent) 2.875%                      
Long-term debt $ 0 849                    
Subsidiaries | Senior Notes | Fixed Rate 3.35% Notes Due 2021                        
Debt Instrument                        
Interest rate (as a percent) 3.35%                      
Long-term debt $ 0 506                    
Subsidiaries | Senior Notes | Floating Rate 0.655% Notes Due 2021                        
Debt Instrument                        
Interest rate (as a percent) 0.655%                      
Long-term debt $ 0 300                    
Subsidiaries | Senior Notes | Floating Rate 0.772% Notes Due 2022                        
Debt Instrument                        
Interest rate (as a percent) 0.772%                      
Long-term debt $ 300 300                    
Subsidiaries | Senior Notes | Fixed Rate 1.80% Senior Notes Due 2023                        
Debt Instrument                        
Interest rate (as a percent) 1.80%     1.80%                
Long-term debt $ 649 648                    
Subsidiaries | Senior Notes | Fixed Rate 3.95% Notes Due 2025                        
Debt Instrument                        
Interest rate (as a percent) 3.95%           3.95%          
Long-term debt $ 795 836                    
Subsidiaries | Senior Notes | Fixed Rate 2.25% Notes Due 2027                        
Debt Instrument                        
Interest rate (as a percent) 2.25%     2.25%                
Long-term debt $ 598 598                    
Subsidiaries | Senior Notes | Fixed Rate 4.00% Notes Due 2027                        
Debt Instrument                        
Interest rate (as a percent)           4.00%            
Subsidiaries | Subordinated Debt | Fixed Rate 3.85% Notes Due 2026                        
Debt Instrument                        
Interest rate (as a percent) 3.85%                 3.85%    
Long-term debt $ 748 748                    
Subsidiaries | Subordinated Debt | Fixed Rate 4.00% Notes Due 2027                        
Debt Instrument                        
Interest rate (as a percent) 4.00%                      
Long-term debt $ 172 172                    
Subsidiaries | Junior Subordinated Debt | Floating-Rate Debentures Due 2035                        
Debt Instrument                        
Long-term debt $ 54 $ 54                    
Subsidiaries | Junior Subordinated Debt | Floating-Rate Debentures Due 2035 | Lower limit                        
Debt Instrument                        
Interest rate (as a percent) 1.62%                      
Subsidiaries | Junior Subordinated Debt | Floating-Rate Debentures Due 2035 | Upper Limit                        
Debt Instrument                        
Interest rate (as a percent) 1.89%                      
[1] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Long-Term Debt - Schedule of Aggregate Maturities of Long-Term Debt Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument    
2022 $ 1,510  
2023 1,320  
2024 2,264  
2025 1,604  
2026 890  
Thereafter 4,233  
Total [1] 11,821 $ 14,973
Parent Company    
Debt Instrument    
2022 1,200  
2023 499  
2024 2,245  
2025 748  
2026 0  
Thereafter 3,235  
Total 7,927 $ 7,761
Subsidiaries    
Debt Instrument    
2022 310  
2023 821  
2024 19  
2025 856  
2026 890  
Thereafter 998  
Total $ 3,894  
[1] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Long-Term Debt - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Debt Disclosure [Abstract]    
Debt, outstanding note $ 11,500 $ 14,500
Debt, discounts and premiums 16 19
Unamortized debt issuance costs 24 31
Additions for mark-to-market adjustments on hedged debt $ 396 $ 534
v3.22.0.1
Long-Term Debt - Senior Notes (Details) - Parent Company - Senior Notes - USD ($)
Nov. 01, 2021
May 05, 2020
Oct. 28, 2019
Jan. 25, 2019
Mar. 14, 2018
Jun. 15, 2017
Mar. 07, 2012
Dec. 31, 2021
Fixed Rate 3.50% Due 2022                
Debt Instrument                
Principal amount             $ 500,000,000  
Interest rate (as a percent)             3.50% 3.50%
Redemption period prior to maturity date             30 days  
Redemption price (as a percent)             100.00%  
Fixed Rate 2.60% Notes Due 2022                
Debt Instrument                
Principal amount           $ 700,000,000    
Interest rate (as a percent)           2.60%   2.60%
Redemption period prior to maturity date           30 days    
Redemption price (as a percent)           100.00%    
Fixed Rate 3.95% Notes Due 2028                
Debt Instrument                
Principal amount         $ 650,000,000      
Interest rate (as a percent)         3.95%     3.95%
Redemption period prior to maturity date         30 days      
Redemption price (as a percent)         100.00%      
Fixed Rate 3.65% Notes Due 2024                
Debt Instrument                
Principal amount       $ 1,500,000,000        
Interest rate (as a percent)       3.65%        
Redemption period prior to maturity date       30 days        
Redemption price (as a percent)       100.00%        
Fixed Rate 2.375% Notes Due 2025                
Debt Instrument                
Principal amount     $ 750,000,000          
Interest rate (as a percent)     2.375%         2.375%
Redemption period prior to maturity date     30 days          
Redemption price (as a percent)     100.00%          
Fixed Rate 2.375% Notes Due 2025 | U.S. Treasury Rate                
Debt Instrument                
Basis spread on variable rate (as a percent)     0.15%          
Fixed Rate 1.625% and 2.55% Notes                
Debt Instrument                
Principal amount   $ 1,250,000,000            
Fixed Rate 1.625% Notes Due 2023                
Debt Instrument                
Principal amount   $ 500,000,000            
Interest rate (as a percent)   1.625%           1.625%
Redemption price (as a percent)   100.00%            
Debt term   3 years            
Fixed Rate 1.625% Notes Due 2023 | U.S. Treasury Rate                
Debt Instrument                
Basis spread on variable rate (as a percent)   0.25%            
Fixed Rate 2.55% Notes Due 2027                
Debt Instrument                
Principal amount   $ 750,000,000            
Interest rate (as a percent)   2.55%           2.55%
Redemption price (as a percent)   100.00%            
Debt term   7 years            
Fixed Rate 2.55% Notes Due 2027 | U.S. Treasury Rate                
Debt Instrument                
Basis spread on variable rate (as a percent)   0.35%            
Fixed Rate/Floating Rate Senior Notes Due November 1, 2027                
Debt Instrument                
Principal amount $ 500,000,000              
Redemption period prior to maturity date 30 days              
Interest rate paid (as a percent)               0.67%
Fixed Rate/Floating Rate Senior Notes Due November 1, 2027 | Debt Instrument, Redemption, Period One                
Debt Instrument                
Redemption price (as a percent) 100.00%              
Fixed Rate/Floating Rate Senior Notes Due November 1, 2027 | Debt Instrument, Redemption, Period Two                
Debt Instrument                
Redemption price (as a percent) 100.00%              
Fixed Rate 1.707% Senior Notes                
Debt Instrument                
Interest rate (as a percent) 1.707%              
Senior Notes with Compounded SOFR Interest Rate | SOFR                
Debt Instrument                
Basis spread on variable rate (as a percent) 0.685%              
Senior Notes with Floating Interest Rate | LIBOR                
Debt Instrument                
Basis spread on variable rate (as a percent) 0.57%              
v3.22.0.1
Long-Term Debt - Subordinated Debt (Details) - Parent Company - Subordinated Debt - USD ($)
 12 Months Ended
Nov. 20, 2013
Dec. 31, 2021
Fixed Rate 8.25% Notes Due 2038    
Debt Instrument    
Issue of senior notes to third party investors   $ 1,000,000,000
Interest rate (as a percent)   8.25%
Amount of debt converted to floating rate   $ 705,000,000
Interest rate paid (as a percent)   3.22%
Fixed Rate 8.25% Notes Due 2038 | LIBOR    
Debt Instrument    
Basis spread on variable rate (as a percent)   3.05%
Fixed Rate 4.30% Notes Due 2024    
Debt Instrument    
Interest rate (as a percent) 4.30% 4.30%
Principal amount $ 750,000,000  
Redemption period prior to maturity date 30 days  
Redemption price (as a percent) 100.00%  
v3.22.0.1
Long-Term Debt - Senior and Subordinated Debt (Details) - Subsidiaries - USD ($)
 12 Months Ended
Jan. 31, 2020
Mar. 22, 2019
Feb. 01, 2019
Jul. 26, 2018
Mar. 15, 2016
Dec. 31, 2021
Debt Instrument            
Global Bank note program           $ 25,000,000,000
Debt, available for future issuance           $ 22,000,000,000
Medium-Term Senior Notes and Subordinated Bank Notes | Lower limit            
Debt Instrument            
Debt term           1 year
Medium-Term Senior Notes and Subordinated Bank Notes | Upper Limit            
Debt Instrument            
Debt term           30 years
Subordinated Debt | Fixed Rate 3.85% Notes Due 2026            
Debt Instrument            
Principal amount         $ 750,000,000  
Interest rate (as a percent)         3.85% 3.85%
Redemption period prior to maturity date         30 days  
Redemption price (as a percent)         100.00%  
Subordinated Debt | Fixed Rate 4.00% Notes Due 2027            
Debt Instrument            
Interest rate (as a percent)           4.00%
Senior Notes            
Debt Instrument            
Principal amount $ 1,250,000,000          
Senior Notes | Fixed Rate 3.95% Notes Due 2025            
Debt Instrument            
Principal amount       $ 750,000,000    
Interest rate (as a percent)       3.95%   3.95%
Redemption period prior to maturity date       30 days    
Redemption price (as a percent)       100.00%    
Interest rate paid (as a percent)           1.14%
Senior Notes | Fixed Rate 3.95% Notes Due 2025 | LIBOR            
Debt Instrument            
Basis spread on variable rate (as a percent)       1.04%    
Senior Notes | Floating Rate 0.772% Notes Due 2022            
Debt Instrument            
Principal amount     $ 300,000,000      
Interest rate (as a percent)           0.772%
Redemption period prior to maturity date     30 days      
Redemption price (as a percent)     100.00%      
Senior Notes | Floating Rate 0.772% Notes Due 2022 | LIBOR            
Debt Instrument            
Basis spread on variable rate (as a percent)     0.64%      
Senior Notes | Fixed Rate 4.00% Notes Due 2027            
Debt Instrument            
Interest rate (as a percent)   4.00%        
Redemption price (as a percent)   100.00%        
Issue of senior notes to third party investors   $ 175,000,000        
Senior Notes | Fixed Rate 1.80% Senior Notes Due 2023            
Debt Instrument            
Debt term 3 years          
Principal amount $ 650,000,000          
Interest rate (as a percent) 1.80%         1.80%
Redemption period prior to maturity date 30 days          
Redemption price (as a percent) 100.00%          
Senior Notes | Fixed Rate 2.25% Notes Due 2027            
Debt Instrument            
Debt term 7 years          
Principal amount $ 600,000,000          
Interest rate (as a percent) 2.25%         2.25%
Redemption price (as a percent) 100.00%          
v3.22.0.1
Long-Term Debt - Junior Subordinated Debt (Details) - Subsidiaries - Junior Subordinated Debt - Floating-Rate Debentures Due 2035 - Trust Preferred Securities - LIBOR
 12 Months Ended
Dec. 31, 2021
First Charter Capital Trust I  
Debt Instrument  
Basis spread on variable rate (as a percent) 1.69%
First Charter Capital Trust II  
Debt Instrument  
Basis spread on variable rate (as a percent) 1.42%
v3.22.0.1
Long-Term Debt - FHLB Advances (Details) - Subsidiaries - FHLB Advances Due 2021 to 2047
$ in Millions
Dec. 31, 2021
USD ($)
Debt Instrument  
Residential mortgage loans and securities serving as FHLB collateral $ 16,000
FHLB advances 44
FHLB maturing in 2022 1
FHLB maturing in 2023 30
FHLB maturing in 2025 5
FHLB maturing thereafter $ 8
Lower limit  
Debt Instrument  
Interest rate (as a percent) 0.05%
Upper Limit  
Debt Instrument  
Interest rate (as a percent) 5.87%
v3.22.0.1
Long-Term Debt - Notes Associated with Consolidated VIEs (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument    
Long-term debt [1] $ 11,821 $ 14,973
Variable Interest Entity, Primary Beneficiary | Automobile Loans    
Debt Instrument    
Long-term debt $ 250  
[1] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees - Summary of Significant Commitments (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Commitments to extend credit    
Long-term Purchase Commitment    
Commitments $ 80,641 $ 74,499
Letters of credit    
Long-term Purchase Commitment    
Commitments 1,953 1,982
Forward contracts related to residential mortgage loans held for sale    
Long-term Purchase Commitment    
Commitments 1,952 2,903
Purchase obligations    
Long-term Purchase Commitment    
Commitments 160 195
Capital commitments for private equity investments    
Long-term Purchase Commitment    
Commitments 124 83
Capital expenditures    
Long-term Purchase Commitment    
Commitments $ 78 $ 75
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Sep. 30, 2019
Jun. 30, 2018
Sep. 30, 2014
Sep. 30, 2012
Mar. 31, 2012
Jun. 30, 2011
Dec. 31, 2010
Jun. 30, 2010
Dec. 31, 2008
Loss Contingencies                      
Letters of credit $ 1,953 $ 1,982                  
Margin account balance held by the brokerage clearing agent 20 14                  
Visa                      
Loss Contingencies                      
Fair value of mortgage representation and warranty provisions 214 201                  
Visa IPO, shares of Visa's Class B common stock received                     10.1
Visa Class B shares carryover basis                     $ 0
Escrow deposit 250   $ 300 $ 600 $ 450 $ 150 $ 1,565 $ 400 $ 800 $ 500 $ 3,000
Residential mortgage loans                      
Loss Contingencies                      
Outstanding balances on residential mortgage loans sold with representation and warranty provisions 9 8                  
Fair value of mortgage representation and warranty provisions 12                    
Repurchased outstanding principal 42 25                  
Repurchase demand request 64 32                  
Outstanding repurchase demand inventory 18 5                  
Secured Debt                      
Loss Contingencies                      
Fully and unconditionally guaranteed certain long-term borrowing obligations issued by wholly-owned issuing trust entities 62 62                  
Standby Letters of Credit                      
Loss Contingencies                      
Reserve for unfunded commitments $ 24 $ 27                  
Standby letters of credit as a percentage of total letters of credit 99.00% 99.00%                  
Standby Letters of Credit | Secured Debt                      
Loss Contingencies                      
Standby letters of credit as a percentage of total letters of credit 71.00% 68.00%                  
Variable Rate Demand Note                      
Loss Contingencies                      
Total variable rate demand notes $ 464 $ 385                  
Letters of credit issued related to variable rate demand notes 118 142                  
Variable Rate Demand Note | Trading Securities                      
Loss Contingencies                      
Total variable rate demand notes 1 0                  
Other Liabilities                      
Loss Contingencies                      
Reserve for unfunded commitments $ 182 $ 172                  
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees - Risk Rating Under the Risk Rating System (Details) - Commitments to Extend Credit - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Line of Credit Facility    
Commitments $ 80,641 $ 74,499
Pass    
Line of Credit Facility    
Commitments 78,298 71,386
Special mention    
Line of Credit Facility    
Commitments 1,058 2,049
Substandard    
Line of Credit Facility    
Commitments 1,285 1,063
Doubtful    
Line of Credit Facility    
Commitments $ 0 $ 1
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees - Standby and Commercial Letters of Credit, Conditional Commitments Issued to Guarantee the Performance of a Customer to a Third Party (Details) - Letters of credit
$ in Millions
Dec. 31, 2021
USD ($)
Line of Credit Facility  
Commitments $ 1,953
Less than 1 year  
Line of Credit Facility  
Commitments 985
Less than 1 year | Commercial  
Line of Credit Facility  
Commitments 2
1 - 5 years  
Line of Credit Facility  
Commitments 967
1 - 5 years | Commercial  
Line of Credit Facility  
Commitments 3
Over 5 years  
Line of Credit Facility  
Commitments $ 1
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees - Letters of Credit (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Off-balance Sheet Risks, Disclosure Information    
Letters of credit $ 1,953 $ 1,982
Pass    
Fair Value, Off-balance Sheet Risks, Disclosure Information    
Letters of credit 1,778 1,739
Special mention    
Fair Value, Off-balance Sheet Risks, Disclosure Information    
Letters of credit 40 111
Substandard    
Fair Value, Off-balance Sheet Risks, Disclosure Information    
Letters of credit $ 135 $ 132
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees - Visa Funding and Bancorp Cash Payments (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 07, 2022
Sep. 30, 2019
Jun. 30, 2018
Sep. 30, 2014
Sep. 30, 2012
Mar. 31, 2012
Jun. 30, 2011
Dec. 31, 2010
Jun. 30, 2010
Dec. 31, 2021
Dec. 31, 2008
Visa Funding                      
Loss Contingencies                      
Escrow Deposit   $ 300 $ 600 $ 450 $ 150 $ 1,565 $ 400 $ 800 $ 500 $ 250 $ 3,000
Bancorp Cash Payment                      
Loss Contingencies                      
Cash Payment Amount   $ 12 $ 26 $ 18 $ 6 $ 75 $ 19 $ 35 $ 20    
Bancorp Cash Payment | Subsequent Event                      
Loss Contingencies                      
Cash Payment Amount $ 11                    
v3.22.0.1
Legal and Regulatory Proceedings (Details)
$ in Millions
 12 Months Ended
May 28, 2019
USD ($)
Sep. 17, 2018
USD ($)
Mar. 27, 2017
USD ($)
merchant
Aug. 31, 2015
USD ($)
Dec. 31, 2013
class_action
Dec. 31, 2021
USD ($)
Nov. 04, 2020
class_action
Apr. 07, 2020
class_action
Dec. 18, 2019
class_action
Aug. 03, 2012
Loss Contingencies                    
Apr percentage allegedly misleading                   120.00%
Number of putative class actions filed | class_action         4          
Damages sought $ 280                  
Amount in excess of amounts reserved           $ 60        
Shareholder Litigation, Lee Christakis                    
Loss Contingencies                    
Number of claims | class_action               2    
Shareholder Derivative Lawsuit                    
Loss Contingencies                    
Number of claims | class_action             5      
Helton V Fifth Third Bank                    
Loss Contingencies                    
Damages sought       $ 800            
Number of claims | class_action                 1  
Class Action Settlement                    
Loss Contingencies                    
Escrow deposit     $ 46              
Number of merchants requesting exclusion | merchant     8,000              
Percentage escrow funds returned defendants     25.00%              
Total payment by all defendants   $ 6,240                
Amount awarded to other party, escrow   5,340                
Amount awarded to other party, additional   900                
Escrow funds returned to defendants   $ 700                
Federal Lawsuits                    
Loss Contingencies                    
Number of merchants requesting exclusion | merchant     500              
v3.22.0.1
Related Party Transactions - Summary of the Bancorp's Activities with its Principal Shareholders, Directors and Executives (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Related Party Transactions    
Outstanding balance on loans, net of participations and undrawn commitments $ 115 $ 67
Commitments to Extend Credit    
Related Party Transactions    
Commitments 80,641 74,499
Commitments to Extend Credit | Due to related party    
Related Party Transactions    
Commitments 164 86
Commitments to Extend Credit | Due to related party | Directors and their affiliated companies    
Related Party Transactions    
Commitments 157 79
Commitments to Extend Credit | Due to related party | Executive officers    
Related Party Transactions    
Commitments $ 7 $ 7
v3.22.0.1
Related Party Transactions - Worldpay, Inc. and Worldpay Holding, LLC (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2019
Dec. 31, 2019
Mar. 31, 2012
Jun. 30, 2009
Worldpay Holding, LLC        
Related Party Transactions        
Percentage of Vantiv Holding, LLC sold to Advent for cash and warrants       51.00%
Ownership percentage     39.00% 49.00%
Worldpay Holding, LLC | Processing Services        
Related Party Transactions        
Service fee paid   $ 77    
Worldpay Holding, LLC | Beyond Deconversion Period        
Related Party Transactions        
Revenue from related parties   $ 87    
Worldpay, Inc. | Other noninterest income        
Related Party Transactions        
Recognized gain $ 562      
v3.22.0.1
Related Party Transactions - Coforge Business Process Solutions Private Limited and CDC Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Related Party Transactions        
Loans to related parties   $ 115 $ 67  
Affiliated Entity | Coforge Business Process Solutions Private Limited        
Related Party Transactions        
Ownership percentage   40.00%    
Percentage of interests sold 9.00%      
Gain from sale of stock in equity method investment $ 12      
Dividend on equity method investment   $ 5 1  
Investment   19 26  
Service fee paid   21 27 $ 22
Affiliated Entity | Coforge Business Process Solutions Private Limited | Other noninterest income        
Related Party Transactions        
Revenue from related parties   3 5 $ 3
CDC        
Related Party Transactions        
Loans to related parties   22 18  
Related party, deposit liabilities   51 63  
CDC | Unfunded Commitment        
Related Party Transactions        
Unfunded commitments in qualifying LIHTC investments   $ 36 $ 39  
Fifth Third Mauritius Holdings Limited        
Related Party Transactions        
Ownership percentage   100.00%    
v3.22.0.1
Income Taxes - Applicable Income Taxes Included in the Consolidated Statements of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current income tax expense:      
U.S. Federal income taxes $ 657 $ 463 $ 788
State and local income taxes 102 69 148
Foreign income taxes 2 0 0
Total current income tax expense 761 532 936
Deferred income tax (benefit) expense:      
U.S. Federal income taxes (21) (140) (212)
State and local income taxes 8 (23) (35)
Foreign income taxes (1) 1 1
Total deferred income tax benefit (14) (162) (246)
Applicable income tax expense $ 747 $ 370 $ 690
v3.22.0.1
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Amortization for qualifying LIHTC investments $ 163 $ 150 $ 140
Deferred tax assets related to state net operating loss carryforwards 3 3  
State net operating loss carryforwards specific valuation allowances 4 4  
Interest expense recognized in connection with income taxes 1 3 $ 1
Accrued interest liabilities, net of the related tax benefits 7 7  
Liabilities for penalties related to income taxes 0 0  
Allocation of earnings for bad debt deductions of former thrift subsidiaries included in retained earnings $ 157 $ 157  
v3.22.0.1
Income Taxes - Reconciliation Between the Federal Statutory Corporate Tax Rate and the Bancorp's Effective Tax Rate (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Statutory tax rate 21.00% 21.00% 21.00%
Increase (decrease) resulting from:      
State taxes, net of federal benefit 2.50% 2.00% 2.80%
Tax-exempt income (0.60%) (1.50%) (1.20%)
LIHTC investment and other tax benefits (5.50%) (9.70%) (5.00%)
LIHTC investment proportional amortization 4.60% 8.30% 4.40%
Other tax credits (0.20%) (0.40%) (0.20%)
Other, net (0.60%) 0.90% (0.20%)
Effective tax rate 21.20% 20.60% 21.60%
v3.22.0.1
Income Taxes - Reconciliation of the Beginning and Ending Amounts of the Bancorp's Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued      
Unrecognized tax benefits at January 1 $ 100 $ 65 $ 55
Gross increases for tax positions taken during prior period 10 29 25
Gross decreases for tax positions taken during prior period (4) (3) (3)
Gross increases for tax positions taken during current period 11 12 6
Settlements with taxing authorities 0 (1) (9)
Lapse of applicable statute of limitations (15) (2) (9)
Unrecognized tax benefits at December 31 $ 102 100 65
Unrecognized tax benefits that would impact effective tax rate   $ 6 $ 6
v3.22.0.1
Income Taxes - Deferred Income Taxes Included in Other Assets in the Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets:    
Allowance for loan and lease losses $ 397 $ 515
Deferred compensation 106 107
Reserve for unfunded commitments 38 36
Reserves 30 40
State net operating loss carryforwards 3 3
State deferred taxes 0 1
Other 202 160
Total deferred tax assets 776 862
Deferred tax liabilities:    
Lease financing 553 638
Other comprehensive income 367 779
MSRs and related economic hedges 116 120
Goodwill and intangible assets 68 62
Bank premises and equipment 65 91
Investments in joint ventures and partnership interests 61 58
State deferred taxes 6 0
Other 51 66
Total deferred tax liabilities 1,287 1,814
Total net deferred tax liability $ (511) $ (952)
v3.22.0.1
Retirement and Benefit Plans - Defined Benefit Retirement Plans with Overfunded and Underfunded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Change In Fair Value Roll Forward      
Fair value of plan assets at January 1 $ 173    
Fair value of plan assets at December 31 152 $ 173  
Defined Benefit Plan, Change in Benefit Obligation      
Interest cost 4 6 $ 7
Underfunded defined benefit pension plans      
Defined Benefit Plan Change In Fair Value Roll Forward      
Fair value of plan assets at January 1 173 175  
Actual return on assets (3) 13  
Contributions 1 2  
Settlement (12) (9)  
Benefits paid (7) (8)  
Fair value of plan assets at December 31 152 173 175
Defined Benefit Plan, Change in Benefit Obligation      
Projected benefit obligation at January 1 203 194  
Interest cost 4 6  
Settlement (12) (9)  
Actuarial (gain) loss (12) 20  
Benefits paid (7) (8)  
Projected benefit obligation at December 31 176 203 $ 194
Underfunded projected benefit obligation at December 31 (24) (30)  
Accumulated benefit obligation at December 31 $ 176 $ 203  
v3.22.0.1
Retirement and Benefit Plans - Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Components of net periodic benefit cost:      
Interest cost $ 4 $ 6 $ 7
Expected return on assets (4) (4) (8)
Amortization of net actuarial loss 6 6 6
Settlement 3 3 3
Net periodic benefit cost 9 11 8
Other changes in plan assets and benefit obligations recognized in other comprehensive income:      
Net actuarial (gain) loss (5) 12 5
Amortization of net actuarial loss (6) (6) (6)
Settlement (3) (3) (3)
Total recognized in other comprehensive income (14) 3 (4)
Total recognized in net periodic benefit cost and other comprehensive income $ (5) $ 14 $ 4
v3.22.0.1
Retirement and Benefit Plans - Plan Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure    
Plan assets $ 152 $ 173
Cash equivalents    
Defined Benefit Plan Disclosure    
Plan assets 5 4
Mutual and exchange-traded funds    
Defined Benefit Plan Disclosure    
Plan assets 51 68
Debt securities    
Defined Benefit Plan Disclosure    
Plan assets 96 101
U.S. Treasury and federal agencies securities    
Defined Benefit Plan Disclosure    
Plan assets 59 63
Non-agency mortgage-backed securities | Commercial mortgage-backed securities    
Defined Benefit Plan Disclosure    
Plan assets 1 1
Asset-backed securities and other debt securities    
Defined Benefit Plan Disclosure    
Plan assets 36 37
Level 1    
Defined Benefit Plan Disclosure    
Plan assets 110 129
Level 1 | Cash equivalents    
Defined Benefit Plan Disclosure    
Plan assets 5 4
Level 1 | Mutual and exchange-traded funds    
Defined Benefit Plan Disclosure    
Plan assets 51 68
Level 1 | Debt securities    
Defined Benefit Plan Disclosure    
Plan assets 54 57
Level 1 | U.S. Treasury and federal agencies securities    
Defined Benefit Plan Disclosure    
Plan assets 54 57
Level 1 | Non-agency mortgage-backed securities | Commercial mortgage-backed securities    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 1 | Asset-backed securities and other debt securities    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 2    
Defined Benefit Plan Disclosure    
Plan assets 42 44
Level 2 | Cash equivalents    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 2 | Mutual and exchange-traded funds    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 2 | Debt securities    
Defined Benefit Plan Disclosure    
Plan assets 42 44
Level 2 | U.S. Treasury and federal agencies securities    
Defined Benefit Plan Disclosure    
Plan assets 5 6
Level 2 | Non-agency mortgage-backed securities | Commercial mortgage-backed securities    
Defined Benefit Plan Disclosure    
Plan assets 1 1
Level 2 | Asset-backed securities and other debt securities    
Defined Benefit Plan Disclosure    
Plan assets 36 37
Level 3    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 3 | Cash equivalents    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 3 | Mutual and exchange-traded funds    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 3 | Debt securities    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 3 | U.S. Treasury and federal agencies securities    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 3 | Non-agency mortgage-backed securities | Commercial mortgage-backed securities    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 3 | Asset-backed securities and other debt securities    
Defined Benefit Plan Disclosure    
Plan assets $ 0 $ 0
v3.22.0.1
Retirement and Benefit Plans - Plan Assumptions (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
For measuring benefit obligations at year end      
Discount rate 2.85% 2.26% 3.05%
For measuring net periodic benefit cost      
Discount rate 2.26% 3.05% 4.10%
Expected return on plan assets 2.43% 2.64% 5.50%
v3.22.0.1
Retirement and Benefit Plans - Retirement and Benefit Plans - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure      
Increase in pension expense by lowering both the expected rate of return on the plan and the discount rate by 0.25% $ 1    
Estimated future defined benefit plan contributions 2    
Estimated pension benefit payments for 2022 17    
Estimated pension benefit payments for 2023 16    
Estimated pension benefit payments for 2024 15    
Estimated pension benefit payments for 2025 17    
Estimated pension benefit payments for 2026 14    
Estimated pension benefit payments for 2027 through 2031 59    
Trustee fees 0    
Qualified defined contribution plan      
Defined Benefit Plan Disclosure      
Expenses recognized for the Bancorp's defined contribution plan 108 $ 105 $ 90
Non-qualified defined contribution plan      
Defined Benefit Plan Disclosure      
Expenses recognized for the Bancorp's defined contribution plan 5 5 6
Deferred profit sharing      
Defined Benefit Plan Disclosure      
Expenses recognized for the Bancorp's defined contribution plan $ 0 $ 0 $ 4
v3.22.0.1
Retirement and Benefit Plans - Targeted and Actual Weighted Average Asset Allocations by Plan Asset Category (Details)
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure    
Actual weighted-average asset allocation percentage 100.00% 100.00%
Equity securities    
Defined Benefit Plan Disclosure    
Actual weighted-average asset allocation percentage 0.00% 3.00%
Equity securities | Lower limit    
Defined Benefit Plan Disclosure    
Target allocation percentage 0.00%  
Equity securities | Upper Limit    
Defined Benefit Plan Disclosure    
Target allocation percentage 55.00%  
Fixed-income securities    
Defined Benefit Plan Disclosure    
Actual weighted-average asset allocation percentage 96.00% 90.00%
Fixed-income securities | Lower limit    
Defined Benefit Plan Disclosure    
Target allocation percentage 50.00%  
Fixed-income securities | Upper Limit    
Defined Benefit Plan Disclosure    
Target allocation percentage 100.00%  
Alternative strategies    
Defined Benefit Plan Disclosure    
Actual weighted-average asset allocation percentage 0.00% 0.00%
Alternative strategies | Lower limit    
Defined Benefit Plan Disclosure    
Target allocation percentage 0.00%  
Alternative strategies | Upper Limit    
Defined Benefit Plan Disclosure    
Target allocation percentage 5.00%  
Cash or cash equivalents    
Defined Benefit Plan Disclosure    
Actual weighted-average asset allocation percentage 4.00% 7.00%
Cash or cash equivalents | Lower limit    
Defined Benefit Plan Disclosure    
Target allocation percentage 0.00%  
Cash or cash equivalents | Upper Limit    
Defined Benefit Plan Disclosure    
Target allocation percentage 100.00%  
v3.22.0.1
Accumulated Other Comprehensive Income - Activity in AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss), pre-tax activity $ (1,826) $ 1,836 $ 1,696
Other comprehensive income (loss), tax effect 432 (427) (392)
Other 0 (4) 0
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 23,111 21,203 16,250
Other comprehensive (loss) income, net of tax (1,394) 1,409 1,304
Ending balance 22,210 23,111 21,203
Net unrealized gains on available-for-sale debt securities      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss) before reclassifications, pre-tax activity (1,366) 1,514 1,369
Other comprehensive income (loss), before reclassifications, tax effect 323 (361) (323)
Other comprehensive income (loss), before reclassifications, net activity (1,043) 1,153 1,046
Reclassification adjustment, pre-tax activity 4 (45) (9)
Reclassification adjustment, tax effect (1) 11 2
Reclassification adjustment, net activity 3 (34) (7)
Other comprehensive income (loss), pre-tax activity (1,362) 1,469 1,360
Other comprehensive income (loss), tax effect 322 (350) (321)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 1,931 812 (227)
Other comprehensive (loss) income, net of tax (1,040) 1,119 1,039
Ending balance 891 1,931 812
Net unrealized gains on cash flow hedge derivatives      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss) before reclassifications, pre-tax activity (185) 611 348
Other comprehensive income (loss), before reclassifications, tax effect 43 (128) (73)
Other comprehensive income (loss), before reclassifications, net activity (142) 483 275
Reclassification adjustment, pre-tax activity (293) (237) (16)
Reclassification adjustment, tax effect 70 50 3
Reclassification adjustment, net activity (223) (187) (13)
Other comprehensive income (loss), pre-tax activity (478) 374 332
Other comprehensive income (loss), tax effect 113 (78) (70)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 718 422 160
Other comprehensive (loss) income, net of tax (365) 296 262
Ending balance 353 718 422
Defined benefit pension plans, net      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss) before reclassifications, pre-tax activity 5 (12) (5)
Other comprehensive income (loss), before reclassifications, tax effect (1) 3 0
Other comprehensive income (loss), before reclassifications, net activity 4 (9) (5)
Reclassification adjustment, pre-tax activity 9 9 9
Reclassification adjustment, tax effect (2) (2) (1)
Reclassification adjustment, net activity 7 7 8
Other comprehensive income (loss), pre-tax activity 14 (3) 4
Other comprehensive income (loss), tax effect (3) 1 (1)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (44) (42) (45)
Other comprehensive (loss) income, net of tax 11 (2) 3
Ending balance (33) (44) (42)
Other      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss), pre-tax activity 0 (4)  
Other comprehensive income (loss), tax effect 0 0  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (4) 0  
Other comprehensive (loss) income, net of tax 0 (4)  
Ending balance (4) (4) 0
AOCI      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 2,601 1,192 (112)
Ending balance $ 1,207 $ 2,601 $ 1,192
v3.22.0.1
Accumulated Other Comprehensive Income - Reclassification Out of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Securities (losses) gains, net $ (7) $ 62 $ 40
Interest and fees on loans and leases 4,079 4,424 5,051
Compensation and benefits 2,626 2,590 2,418
Applicable income tax expense 747 370 690
Net Income 2,770 1,427 2,512
Reclassification out of AOCI      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Net Income 213 214 12
Reclassification out of AOCI | Net unrealized gains on available-for-sale debt securities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Securities (losses) gains, net (4) 45 9
Income before income taxes (4) 45 9
Applicable income tax expense 1 (11) (2)
Net Income (3) 34 7
Reclassification out of AOCI | Net unrealized gains on cash flow hedge      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Interest and fees on loans and leases 293 237 16
Income before income taxes 293 237 16
Applicable income tax expense (70) (50) (3)
Net Income 223 187 13
Reclassification out of AOCI | Net periodic benefit costs      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Income before income taxes (9) (9) (9)
Applicable income tax expense 2 2 1
Net Income (7) (7) (8)
Reclassification out of AOCI | Amortization of net actuarial loss      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Compensation and benefits (6) (6) (6)
Reclassification out of AOCI | Settlements      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Compensation and benefits $ (3) $ (3) $ (3)
v3.22.0.1
Common, Preferred and Treasury Stock - Share Activity within Common, Preferred and Treasury Stock (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Value      
Beginning balance $ 23,111 $ 21,203 $ 16,250
Shares acquired for treasury (1,393)   (1,763)
Impact of MB Financial, Inc. acquisition     3,356
Other (1) 0 4
Ending balance 22,210 23,111 21,203
Common Stock      
Value      
Beginning balance 2,051 2,051 2,051
Ending balance $ 2,051 $ 2,051 $ 2,051
Shares      
Beginning balance (in shares) 923,892,581 923,892,581 923,892,581
Ending balance (in shares) 923,892,581 923,892,581 923,892,581
Preferred Stock      
Value      
Beginning balance $ 2,116 $ 1,770 $ 1,331
Issuance of preferred shares   346 242
Conversion of outstanding preferred stock issued by a Bancorp subsidiary     197
Ending balance $ 2,116 $ 2,116 $ 1,770
Shares      
Beginning balance (in shares) 278,000 264,000 54,000
Issuance of preferred shares (in shares)   14,000 10,000
Conversion of outstanding preferred stock issued by a Bancorp subsidiary (in shares)     200,000
Ending balance (in shares) 278,000 278,000 264,000
Treasury Stock      
Value      
Beginning balance $ (5,676) $ (5,724) $ (6,471)
Shares acquired for treasury (1,393)   (1,763)
Impact of MB Financial, Inc. acquisition     2,447
Impact of stock transactions under stock compensation plans, net 44 46 56
Other 1 2 7
Ending balance $ (7,024) $ (5,676) $ (5,724)
Shares      
Beginning balance (in shares) 211,132,256 214,976,952 277,261,724
Shares acquired for treasury (in shares) 35,652,079   64,601,891
Impact of MB Financial, Inc. acquisition (in shares)     (122,848,442)
Impact of stock transactions under stock compensation plans, net (in shares) (5,621,878) (3,818,518) (4,258,132)
Other (in shares) (47,540) (26,178) 219,911
Ending balance (in shares) 241,114,917 211,132,256 214,976,952
v3.22.0.1
Common, Preferred and Treasury Stock - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
Jul. 30, 2020
Sep. 17, 2019
Aug. 26, 2019
Jun. 05, 2014
Dec. 09, 2013
May 16, 2013
Dec. 31, 2021
Dec. 31, 2020
Jun. 30, 2019
Class of Stock [Line Items]                  
Preferred stock, liquidation preference per share (in dollars per share)             $ 25,000 $ 25,000  
Number of shares authorized to be repurchased                 100,000,000
Preferred stock, Series L                  
Class of Stock [Line Items]                  
Issuance of preferred shares (in shares) 350,000                
Preferred stock, issued (in shares) 14,000                
Preferred stock, dividend rate (as a percent) 4.50%                
Issuance of preferred shares $ 346                
Preferred stock, liquidation preference per share (in dollars per share) $ 25,000                
Preferred stock, redemption percentage 100.00%                
Preferred stock, Series L | U.S. Treasury Rate                  
Class of Stock [Line Items]                  
Preferred stock, basis spread on variable rate (as a percent) 4.215%                
Preferred Stock Series K                  
Class of Stock [Line Items]                  
Issuance of preferred shares (in shares)   10,000,000              
Preferred stock, issued (in shares)   10,000              
Preferred stock, dividend rate (as a percent)   4.95%              
Issuance of preferred shares   $ 242              
Preferred stock, liquidation preference per share (in dollars per share)   $ 25,000              
Preferred Stock Class B, Series A                  
Class of Stock [Line Items]                  
Issuance of preferred shares (in shares)     200,000            
Preferred stock, dividend rate (as a percent)     6.00%            
Preferred stock, liquidation preference per share (in dollars per share)     $ 1,000       $ 1,000 $ 1,000  
Preferred stock, Series J                  
Class of Stock [Line Items]                  
Issuance of preferred shares (in shares)       300,000          
Preferred stock, issued (in shares)       12,000          
Preferred stock, dividend rate (as a percent)       4.90%          
Issuance of preferred shares       $ 297          
Preferred stock, liquidation preference per share (in dollars per share)       $ 25,000          
Preferred stock, Series J | LIBOR                  
Class of Stock [Line Items]                  
Preferred stock, basis spread on variable rate (as a percent)       3.129%          
Preferred stock, Series I                  
Class of Stock [Line Items]                  
Issuance of preferred shares (in shares)         18,000,000        
Preferred stock, issued (in shares)         18,000        
Preferred stock, dividend rate (as a percent)         6.625%        
Issuance of preferred shares         $ 441        
Preferred stock, liquidation preference per share (in dollars per share)         $ 25,000        
Preferred stock, Series I | LIBOR                  
Class of Stock [Line Items]                  
Preferred stock, basis spread on variable rate (as a percent)         3.71%        
Preferred stock, Series H                  
Class of Stock [Line Items]                  
Issuance of preferred shares (in shares)           600,000      
Preferred stock, issued (in shares)           24,000      
Preferred stock, dividend rate (as a percent)           5.10%      
Issuance of preferred shares           $ 593      
Preferred stock, liquidation preference per share (in dollars per share)           $ 25,000      
Preferred stock, Series H | LIBOR                  
Class of Stock [Line Items]                  
Preferred stock, basis spread on variable rate (as a percent)           3.033%      
v3.22.0.1
Common, Preferred and Treasury Stock - Treasury Stock (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2019
Jun. 30, 2019
Stockholders' Equity Note [Abstract]      
Number of shares authorized to be repurchased     100,000,000
Accelerated Share Repurchases [Line Items]      
Amount $ 1,393 $ 1,763  
January 26, 2021 ASR      
Accelerated Share Repurchases [Line Items]      
Amount $ 180    
Shares Repurchased on Repurchase Date 4,951,456    
Shares Received from Forward Contract  Settlement 366,939    
Total Shares Repurchased 5,318,395    
April 23, 2021 ASR      
Accelerated Share Repurchases [Line Items]      
Amount $ 347    
Shares Repurchased on Repurchase Date 7,894,807    
Shares Received from Forward Contract  Settlement 675,295    
Total Shares Repurchased 8,570,102    
July 27, 2021 ASR      
Accelerated Share Repurchases [Line Items]      
Amount $ 550    
Shares Repurchased on Repurchase Date 13,065,958    
Shares Received from Forward Contract  Settlement 1,413,211    
Total Shares Repurchased 14,479,169    
Notional amount $ 275    
October 29, 2021 ASR      
Accelerated Share Repurchases [Line Items]      
Amount $ 316    
Shares Repurchased on Repurchase Date 6,211,841    
Shares Received from Forward Contract  Settlement 1,072,572    
Total Shares Repurchased 7,284,413    
v3.22.0.1
Stock-Based Compensation - Additional Information (Details)
$ in Millions
 12 Months Ended
Mar. 22, 2019
Dec. 31, 2021
USD ($)
shares
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Apr. 13, 2021
shares
Employee Stock Ownership Plan (ESOP) Disclosures          
Share available for future issuance | shares   48,800,000      
The Bancorp's total overhang (potential dilution from share-based compensation) (as a percent)   10.00%      
SARs, RSAs, RSUs, stock options and PSAs outstanding as a percentage of issued shares   3.00%      
Annual return on tangible common equity performance hurdle (as a percent)   2.00%      
Share based compensation arrangement award replacement of other than option granted outstanding 1.65        
Stock-based compensation expense   $ 120 $ 123 $ 132  
Income tax benefit related to stock-based compensation expense   $ 25 $ 26 $ 27  
2021 Incentive Compensation Plan          
Employee Stock Ownership Plan (ESOP) Disclosures          
Stock authorized for issuance (in shares) | shares         50,000,000
SARs          
Employee Stock Ownership Plan (ESOP) Disclosures          
Award term   10 years      
Stock-based compensation expense   $ 1      
SARs | Tranche One          
Employee Stock Ownership Plan (ESOP) Disclosures          
Award vesting period   3 years      
Award performance period   3 years      
SARs | Tranche Two          
Employee Stock Ownership Plan (ESOP) Disclosures          
Award vesting period   4 years      
Award performance period   4 years      
RSAs and RSUs | Tranche One          
Employee Stock Ownership Plan (ESOP) Disclosures          
Award vesting period   3 years      
Award performance period   3 years      
RSAs and RSUs | Tranche Two          
Employee Stock Ownership Plan (ESOP) Disclosures          
Award vesting period   4 years      
Award performance period   4 years      
Stock options          
Employee Stock Ownership Plan (ESOP) Disclosures          
Award term   10 years      
Stock options | Tranche One          
Employee Stock Ownership Plan (ESOP) Disclosures          
Award vesting period   3 years      
Stock options | Tranche Two          
Employee Stock Ownership Plan (ESOP) Disclosures          
Award vesting period   4 years      
Performance shares          
Employee Stock Ownership Plan (ESOP) Disclosures          
Award vesting period   3 years      
Award performance period   3 years      
Terms of award   If this threshold is not met in any one of the three years during the performance period, one-third of PSAs are forfeited.      
Percentage of shares that will be forfeited   33.33%      
v3.22.0.1
Stock-Based Compensation - Schedule of Share-based Payment, Award, Stock Appreciation Rights, Valuation Assumptions (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]      
Expected life (in years) 7 years 7 years 7 years
Expected volatility (as a percent) 29.00% 24.00% 32.00%
Expected dividend yield (as a percent) 3.20% 3.20% 3.30%
Risk-free interest rate 0.90% 1.50% 2.60%
v3.22.0.1
Stock-Based Compensation - Stock Appreciation Rights, Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Employee Stock Ownership Plan (ESOP) Disclosures      
Stock-based compensation expense $ 120 $ 123 $ 132
SARs      
Employee Stock Ownership Plan (ESOP) Disclosures      
Weighted-average grant-date fair value per share (in dollars per share) $ 7.84 $ 6.82 $ 7.38
Total grant-date fair value $ 8 $ 15 $ 20
Stock-based compensation expense $ 1    
Weighted-average period over which expense is expected to be recognized 1 year 9 months 18 days    
v3.22.0.1
Stock-Based Compensation - Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity (Details) - SARs - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Shares/Units      
Outstanding at beginning of period (in shares) 19,258 21,449 26,196
Granted (in shares) 322 365 399
Exercised (in shares) (8,367) (2,420) (4,829)
Forfeited or expired (in shares) (28) (136) (317)
Outstanding at end of period (in shares) 11,185 19,258 21,449
Exercisable at end of period (in shares) 10,515 17,979 18,249
Weighted-Average Grant Price      
Outstanding at beginning of period (in dollars per share) $ 18.83 $ 18.38 $ 17.30
Granted (in dollars per share) 33.53 29.64 26.72
Exercised (in dollars per share) 17.20 16.10 13.34
Forfeited or expired (in dollars per share) 23.01 25.50 23.47
Outstanding at end of period (in dollars per share) 20.47 18.83 18.38
Exercisable (in dollars per share) $ 19.80 $ 18.19 $ 17.50
v3.22.0.1
Stock-Based Compensation - Outstanding and Exercisable SARs by Grant Price (Details) - SARs - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award        
Outstanding, Number (in shares) 11,185 19,258 21,449 26,196
Outstanding, Weighted-Average Grant Price Per Share (in dollars per share) $ 20.47 $ 18.83 $ 18.38 $ 17.30
Outstanding, Weighted-Average Remaining Contractual Life (in years) 3 years 6 months      
Exercisable, Number (in shares) 10,515      
Exercisable, Weighted-Average Grant Price Per Share (in dollars per share) $ 19.80 $ 18.19 $ 17.50  
Exercisable, Weighted-Average Remaining Contractual Life (in years) 3 years 2 months 12 days      
$10.01-$20.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise Price Range, Lower Limit (in usd per share) $ 10.01      
Exercise Price Range, Upper Limit (in usd per share) $ 20.00      
Outstanding, Number (in shares) 6,874      
Outstanding, Weighted-Average Grant Price Per Share (in dollars per share) $ 17.02      
Outstanding, Weighted-Average Remaining Contractual Life (in years) 2 years 7 months 6 days      
Exercisable, Number (in shares) 6,874      
Exercisable, Weighted-Average Grant Price Per Share (in dollars per share) $ 17.02      
Exercisable, Weighted-Average Remaining Contractual Life (in years) 2 years 7 months 6 days      
$20.01-$30.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise Price Range, Lower Limit (in usd per share) $ 20.01      
Exercise Price Range, Upper Limit (in usd per share) $ 30.00      
Outstanding, Number (in shares) 3,761      
Outstanding, Weighted-Average Grant Price Per Share (in dollars per share) $ 24.90      
Outstanding, Weighted-Average Remaining Contractual Life (in years) 4 years 4 months 24 days      
Exercisable, Number (in shares) 3,414      
Exercisable, Weighted-Average Grant Price Per Share (in dollars per share) $ 24.51      
Exercisable, Weighted-Average Remaining Contractual Life (in years) 4 years 1 month 6 days      
$30.01-$40.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise Price Range, Lower Limit (in usd per share) $ 30.01      
Exercise Price Range, Upper Limit (in usd per share) $ 40.00      
Outstanding, Number (in shares) 550      
Outstanding, Weighted-Average Grant Price Per Share (in dollars per share) $ 33.37      
Outstanding, Weighted-Average Remaining Contractual Life (in years) 7 years 10 months 24 days      
Exercisable, Number (in shares) 227      
Exercisable, Weighted-Average Grant Price Per Share (in dollars per share) $ 33.15      
Exercisable, Weighted-Average Remaining Contractual Life (in years) 6 years 1 month 6 days      
v3.22.0.1
Stock-Based Compensation - Restricted Stocks, Additional Information (Details) - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Employee Stock Ownership Plan (ESOP) Disclosures        
Stock-based compensation expense $ 120 $ 123 $ 132  
RSAs        
Employee Stock Ownership Plan (ESOP) Disclosures        
Total grant-date fair value     $ 16  
Shares granted 0 0 0  
Number of shares outstanding 0   0 868
RSUs        
Employee Stock Ownership Plan (ESOP) Disclosures        
Total grant-date fair value $ 99 $ 107 $ 73  
Shares granted 4,186 4,177 4,375  
Number of shares outstanding 9,487 9,466 10,006 8,020
Stock-based compensation expense $ 134      
Weighted-average period over which expense is expected to be recognized 2 years 4 months 24 days      
v3.22.0.1
Stock-Based Compensation - Schedule of Share-based Compensation, Restricted Stock Award Activity (Details) - RSAs - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2019
Shares/Units    
Outstanding at beginning of period (in shares)   868
Assumed (in shares)   11
Released (in shares)   (867)
Forfeited (in shares)   (12)
Outstanding at end of period (in shares) 0 0
Weighted-Average Grant Price    
Outstanding at beginning of period (in dollars per share)   $ 19.18
Assumed (in dollars per share)   25.48
Released (in dollars per share)   18.91
Forfeited (in dollars per share)   19.01
Outstanding at end of period (in dollars per share)   $ 25.48
v3.22.0.1
Stock-Based Compensation - Schedule of Share-based Compensation, Restricted Stock Units Activity (Details) - RSUs - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Shares/Units      
Outstanding at beginning of period (in shares) 9,466 10,006 8,020
Granted (in shares) 4,186 4,177 4,375
Assumed (in shares) 0 0 1,476
Released (in shares) (3,432) (4,076) (2,951)
Forfeited (in shares) (733) (641) (914)
Outstanding at end of period (in shares) 9,487 9,466 10,006
Weighted-Average Grant Price      
Outstanding at beginning of period (in dollars per share) $ 28.38 $ 27.30 $ 27.04
Granted (in dollars per share) 34.25 28.75 26.68
Assumed (in dollars per share) 0 0 25.48
Released (in dollars per share) 28.87 26.19 24.76
Forfeited (in dollars per share) 29.80 27.70 27.41
Outstanding at end of period (in dollars per share) $ 30.67 $ 28.38 $ 27.30
v3.22.0.1
Stock-Based Compensation - Outstanding RSUs by Grant-Date Fair Value (Details) - RSUs - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award        
Number of Shares/Units Outstanding (in shares) 9,487 9,466 10,006 8,020
  Weighted-Average Remaining Contractual Life (in years) 1 year 1 month 6 days      
Under $15.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise Price Range, Upper Limit (in usd per share) $ 15.00      
Number of Shares/Units Outstanding (in shares) 36      
  Weighted-Average Remaining Contractual Life (in years) 1 year      
$15.01-$20.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise Price Range, Lower Limit (in usd per share) $ 15.01      
Exercise Price Range, Upper Limit (in usd per share) $ 20.00      
Number of Shares/Units Outstanding (in shares) 231      
  Weighted-Average Remaining Contractual Life (in years) 2 months 12 days      
$20.01-$25.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise Price Range, Lower Limit (in usd per share) $ 20.01      
Exercise Price Range, Upper Limit (in usd per share) $ 25.00      
Number of Shares/Units Outstanding (in shares) 235      
  Weighted-Average Remaining Contractual Life (in years) 7 months 6 days      
$25.01-$30.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise Price Range, Lower Limit (in usd per share) $ 25.01      
Exercise Price Range, Upper Limit (in usd per share) $ 30.00      
Number of Shares/Units Outstanding (in shares) 4,376      
  Weighted-Average Remaining Contractual Life (in years) 9 months 18 days      
$30.01-$35.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise Price Range, Lower Limit (in usd per share) $ 30.01      
Exercise Price Range, Upper Limit (in usd per share) $ 35.00      
Number of Shares/Units Outstanding (in shares) 3,835      
  Weighted-Average Remaining Contractual Life (in years) 1 year 3 months 18 days      
$35.01 and over        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise Price Range, Lower Limit (in usd per share) $ 35.01      
Number of Shares/Units Outstanding (in shares) 774      
  Weighted-Average Remaining Contractual Life (in years) 1 year 10 months 24 days      
v3.22.0.1
Stock-Based Compensation - Stock Options, Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 22, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Employee Stock Ownership Plan (ESOP) Disclosures        
Options granted (in shares)   0 0 0
Expected dividend yield (as a percent)   3.20% 3.20% 3.30%
Expected life (in years)   7 years 7 years 7 years
Intrinsic value of stock options exercised   $ 7 $ 3 $ 7
Cash received from stock options exercised   6 5 11
Tax benefit from exercised stock options   1 $ 1 $ 1
Aggregate intrinsic value of exercisable options   $ 9    
Stock options        
Employee Stock Ownership Plan (ESOP) Disclosures        
Minimum volatility rate       23.00%
Maximum volatility rate       29.00%
Expected dividend yield (as a percent)       0.00%
Minimum risk free rate       2.34%
Maximum risk free rate       2.51%
Departure rate       10.00%
Minimum exercise ratio       220.00%
Maximum exercise ratio       280.00%
Expected life (in years) 5 years 4 months 24 days      
v3.22.0.1
Stock-Based Compensation - Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
  Number of Options      
Outstanding at beginning of period (in shares) 793 1,381 0
Assumed (in shares) 0 0 2,120
Exercised (in shares) (384) (440) (660)
Forfeited or expired (in shares) 0 (148) (79)
Outstanding at end of period (in shares) 409 793 1,381
Exercisable at end of period (in shares) 386 725 1,162
Weighted-Average Exercise Price Per Share      
Outstanding at beginning of period (in dollars per share) $ 20.81 $ 20.15 $ 0
Assumed (in dollars per share) 0 0 19.34
Exercised (in dollars per share) 20.06 17.48 17.36
Forfeited or expired (in dollars per share) 0 23.99 22.18
Outstanding at end of period (in dollars per share) 21.51 20.81 20.15
Exercisable at end of period (in dollars per share) $ 21.31 $ 20.34 $ 19.17
v3.22.0.1
Stock-Based Compensation - Schedule of Outstanding And Exercisable Stock Options Exercise Price (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award        
Outstanding Stock Options, Number of Options (in shares) 409 793 1,381 0
Outstanding Stock Options, Weighted - Exercise Price Per Share (in dollars per share) $ 21.51 $ 20.81 $ 20.15 $ 0
Outstanding Stock Options, Weighted- Average Remaining Contractual Life 3 years 4 months 24 days      
Exercisable Stock Options, Number of Options (in shares) 386      
Exercisable Stock Options, Weighted - Exercise Price Per Share (in usd per share) $ 21.31      
Exercisable Stock Options, Weighted - Average Remaining Contractual Life 3 years 2 months 12 days      
Under $10.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise Price Range, Upper Limit (in usd per share) $ 10.00      
Outstanding Stock Options, Number of Options (in shares) 3      
Outstanding Stock Options, Weighted - Exercise Price Per Share (in dollars per share) $ 8.70      
Outstanding Stock Options, Weighted- Average Remaining Contractual Life 4 years 7 months 6 days      
Exercisable Stock Options, Number of Options (in shares) 3      
Exercisable Stock Options, Weighted - Exercise Price Per Share (in usd per share) $ 8.70      
Exercisable Stock Options, Weighted - Average Remaining Contractual Life 4 years 7 months 6 days      
$10.01-$20.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise Price Range, Lower Limit (in usd per share) $ 10.01      
Exercise Price Range, Upper Limit (in usd per share) $ 20.00      
Outstanding Stock Options, Number of Options (in shares) 222      
Outstanding Stock Options, Weighted - Exercise Price Per Share (in dollars per share) $ 17.83      
Outstanding Stock Options, Weighted- Average Remaining Contractual Life 3 years      
Exercisable Stock Options, Number of Options (in shares) 222      
Exercisable Stock Options, Weighted - Exercise Price Per Share (in usd per share) $ 17.83      
Exercisable Stock Options, Weighted - Average Remaining Contractual Life 3 years      
$20.01-$30.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise Price Range, Lower Limit (in usd per share) $ 20.01      
Exercise Price Range, Upper Limit (in usd per share) $ 30.00      
Outstanding Stock Options, Number of Options (in shares) 184      
Outstanding Stock Options, Weighted - Exercise Price Per Share (in dollars per share) $ 26.13      
Outstanding Stock Options, Weighted- Average Remaining Contractual Life 3 years 9 months 18 days      
Exercisable Stock Options, Number of Options (in shares) 161      
Exercisable Stock Options, Weighted - Exercise Price Per Share (in usd per share) $ 26.31      
Exercisable Stock Options, Weighted - Average Remaining Contractual Life 3 years 6 months      
v3.22.0.1
Stock-Based Compensation - Other Stock-Based Compensation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Apr. 21, 2009
Mar. 28, 2007
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Employee Stock Ownership Plan (ESOP) Disclosures          
Stock-based compensation expense     $ 120 $ 123 $ 132
1993 Stock Purchase Plan          
Employee Stock Ownership Plan (ESOP) Disclosures          
Available for future issuance (in shares)     3,300    
Additional share issued 12,000 1,500      
Performance shares          
Employee Stock Ownership Plan (ESOP) Disclosures          
Award performance period     3 years    
Shares granted     251 280 328
Weighted-average grant-date fair value per share (in dollars per share)     $ 33.53 $ 29.64 $ 26.72
Performance shares | Minimum                
Employee Stock Ownership Plan (ESOP) Disclosures          
Stock award granted (in shares)     0    
Performance shares | Maximum          
Employee Stock Ownership Plan (ESOP) Disclosures          
Stock award granted (in shares)     1,200    
Employee stock purchase plan          
Employee Stock Ownership Plan (ESOP) Disclosures          
Match on qualifying employees purchase of shares of the Bancorp's common stock (as a percent)     15.00%    
Stock purchased by plan participants (in shares)     470 884 564
Stock-based compensation expense     $ 2 $ 2 $ 2
v3.22.0.1
Other Noninterest Income and Other Noninterest Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Other noninterest income:      
Private equity investment income $ 81 $ 75 $ 65
Gains on contract sales 62 2 0
BOLI income 61 63 60
Cardholder fees 50 44 58
Income from the TRA associated with Worldpay, Inc. 46 74 346
Equity method investment income 30 12 12
Banking center income 23 20 22
Consumer loan fees 17 20 23
Insurance income 7 20 19
Loss on swap associated with the sale of Visa, Inc. Class B Shares (86) (103) (107)
Net losses on disposition and impairment of bank premises and equipment (4) (31) (23)
Gain on sale of Worldpay, Inc. shares 0 0 562
Other, net 45 15 27
Total other noninterest income 332 211 1,064
Other noninterest expense:      
Loan and lease 217 162 142
FDIC insurance and other taxes 114 118 81
Data processing 79 75 70
Losses and adjustments 69 100 102
Professional service fees 63 49 70
Intangible amortization 44 48 45
Postal and courier 37 36 38
Travel 34 27 68
Donations 26 36 30
Recruitment and education 21 21 28
Insurance 17 15 14
Supplies 12 13 14
Other, net 218 221 232
Other noninterest expense $ 951 $ 921 $ 934
v3.22.0.1
Earnings Per Share - Calculation of Earnings Per Share and the Reconciliation of Earnings Per Share to Earnings Per Diluted Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Earnings Per Share:      
Net income available to common shareholders $ 2,659 $ 1,323 $ 2,419
Less: Income allocated to participating securities 7 6 21
Net income allocated to common shareholders $ 2,652 $ 1,317 $ 2,398
Average shares 702,188,552 714,729,585 710,433,611
Earnings per share (in dollars per share) $ 3.78 $ 1.84 $ 3.38
Earnings Per Diluted Share:      
Net income available to common shareholders $ 2,659 $ 1,323 $ 2,419
Stock-based awards 0 0 0
Less: Income allocated to participating securities 7 6 21
Net income allocated to common shareholders $ 2,652 $ 1,317 $ 2,398
Average shares, stock based awards 9,000,000 5,000,000 10,000,000
Average shares 711,197,805 719,735,415 720,065,498
Earnings per diluted share (in dollars per share) $ 3.73 $ 1.83 $ 3.33
v3.22.0.1
Earnings Per Share - Additional Information (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Earnings Per Share [Abstract]    
Anti-dilutive securities 7 2
v3.22.0.1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Assets:      
Available-for-sale debt and other securities [1] $ 38,110 $ 37,513  
Equity securities 376 313  
Derivative assets 2,908 2,919  
Liabilities:      
Derivative liabilities 2,013 1,072  
Residential mortgage      
Assets:      
Loans 154 161  
Other securities      
Liabilities:      
FHLB, restricted stock holdings 30 40  
FRB, restricted stock holdings 486 482  
DTCC, restricted stock holdings 3 2  
Level 3 | Interest rate contracts      
Assets:      
Derivative assets 12 61 $ 18
Liabilities:      
Derivative liabilities 8 8 $ 8
Recurring      
Assets:      
Available-for-sale debt and other securities 37,591 36,989  
Trading debt securities 512 560  
Equity securities 376 313  
Residential mortgage loans held for sale 1,023 1,481  
Derivative assets 2,908 2,919  
Total assets 43,685 43,079  
Liabilities:      
Derivative liabilities 2,013 1,072  
Short positions 297 455  
Total liabilities 2,310 1,527  
Recurring | Interest rate contracts      
Assets:      
Derivative assets 1,259 2,289  
Liabilities:      
Derivative liabilities 241 285  
Recurring | Foreign exchange contracts      
Assets:      
Derivative assets 323 255  
Liabilities:      
Derivative liabilities 298 227  
Recurring | Equity contracts      
Liabilities:      
Derivative liabilities 214 201  
Recurring | Commodity contracts      
Assets:      
Derivative assets 1,326 375  
Liabilities:      
Derivative liabilities 1,260 359  
Recurring | Servicing rights      
Assets:      
Servicing rights 1,121 656  
Recurring | Residential mortgage      
Assets:      
Loans 154 161  
Recurring | U.S. Treasury and federal agencies securities      
Assets:      
Available-for-sale debt and other securities 86 78  
Trading debt securities 84 81  
Liabilities:      
Short positions 96 63  
Recurring | Obligations of states and political subdivisions securities      
Assets:      
Available-for-sale debt and other securities 18 17  
Trading debt securities 32 10  
Recurring | Agency mortgage-backed securities | Residential mortgage      
Assets:      
Available-for-sale debt and other securities 8,782 11,907  
Trading debt securities 105 30  
Recurring | Agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 18,951 18,221  
Recurring | Non-agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 4,479 3,590  
Recurring | Asset-backed securities and other debt securities      
Assets:      
Available-for-sale debt and other securities 5,275 3,176  
Trading debt securities 291 439  
Liabilities:      
Short positions 201 392  
Recurring | Level 1      
Assets:      
Available-for-sale debt and other securities 86 78  
Trading debt securities 72 81  
Equity securities 365 293  
Residential mortgage loans held for sale 0 0  
Derivative assets 28 25  
Total assets 551 477  
Liabilities:      
Derivative liabilities 287 71  
Short positions 96 63  
Total liabilities 383 134  
Recurring | Level 1 | Interest rate contracts      
Assets:      
Derivative assets 2 1  
Liabilities:      
Derivative liabilities 2 16  
Recurring | Level 1 | Foreign exchange contracts      
Assets:      
Derivative assets 0 0  
Liabilities:      
Derivative liabilities 0 0  
Recurring | Level 1 | Equity contracts      
Liabilities:      
Derivative liabilities 0 0  
Recurring | Level 1 | Commodity contracts      
Assets:      
Derivative assets 26 24  
Liabilities:      
Derivative liabilities 285 55  
Recurring | Level 1 | Servicing rights      
Assets:      
Servicing rights 0 0  
Recurring | Level 1 | Residential mortgage      
Assets:      
Loans 0 0  
Recurring | Level 1 | U.S. Treasury and federal agencies securities      
Assets:      
Available-for-sale debt and other securities 86 78  
Trading debt securities 72 81  
Liabilities:      
Short positions 96 63  
Recurring | Level 1 | Obligations of states and political subdivisions securities      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Recurring | Level 1 | Agency mortgage-backed securities | Residential mortgage      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Recurring | Level 1 | Agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 0 0  
Recurring | Level 1 | Non-agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 0 0  
Recurring | Level 1 | Asset-backed securities and other debt securities      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Liabilities:      
Short positions 0 0  
Recurring | Level 2      
Assets:      
Available-for-sale debt and other securities 37,505 36,911  
Trading debt securities 440 479  
Equity securities 11 20  
Residential mortgage loans held for sale 1,023 1,481  
Derivative assets 2,868 2,833  
Total assets 41,847 41,724  
Liabilities:      
Derivative liabilities 1,504 792  
Short positions 201 392  
Total liabilities 1,705 1,184  
Recurring | Level 2 | Interest rate contracts      
Assets:      
Derivative assets 1,245 2,227  
Liabilities:      
Derivative liabilities 231 261  
Recurring | Level 2 | Foreign exchange contracts      
Assets:      
Derivative assets 323 255  
Liabilities:      
Derivative liabilities 298 227  
Recurring | Level 2 | Equity contracts      
Liabilities:      
Derivative liabilities 0 0  
Recurring | Level 2 | Commodity contracts      
Assets:      
Derivative assets 1,300 351  
Liabilities:      
Derivative liabilities 975 304  
Recurring | Level 2 | Servicing rights      
Assets:      
Servicing rights 0 0  
Recurring | Level 2 | Residential mortgage      
Assets:      
Loans 0 0  
Recurring | Level 2 | U.S. Treasury and federal agencies securities      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 12 0  
Liabilities:      
Short positions 0 0  
Recurring | Level 2 | Obligations of states and political subdivisions securities      
Assets:      
Available-for-sale debt and other securities 18 17  
Trading debt securities 32 10  
Recurring | Level 2 | Agency mortgage-backed securities | Residential mortgage      
Assets:      
Available-for-sale debt and other securities 8,782 11,907  
Trading debt securities 105 30  
Recurring | Level 2 | Agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 18,951 18,221  
Recurring | Level 2 | Non-agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 4,479 3,590  
Recurring | Level 2 | Asset-backed securities and other debt securities      
Assets:      
Available-for-sale debt and other securities 5,275 3,176  
Trading debt securities 291 439  
Liabilities:      
Short positions 201 392  
Recurring | Level 3      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Equity securities 0 0  
Residential mortgage loans held for sale 0 0  
Derivative assets 12 61  
Total assets 1,287 878  
Liabilities:      
Derivative liabilities 222 209  
Short positions 0 0  
Total liabilities 222 209  
Recurring | Level 3 | Interest rate contracts      
Assets:      
Derivative assets 12 61  
Liabilities:      
Derivative liabilities 8 8  
Recurring | Level 3 | Foreign exchange contracts      
Assets:      
Derivative assets 0 0  
Liabilities:      
Derivative liabilities 0 0  
Recurring | Level 3 | Equity contracts      
Liabilities:      
Derivative liabilities 214 201  
Recurring | Level 3 | Commodity contracts      
Assets:      
Derivative assets 0 0  
Liabilities:      
Derivative liabilities 0 0  
Recurring | Level 3 | Servicing rights      
Assets:      
Servicing rights 1,121 656  
Recurring | Level 3 | Residential mortgage      
Assets:      
Loans 154 161  
Recurring | Level 3 | U.S. Treasury and federal agencies securities      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Liabilities:      
Short positions 0 0  
Recurring | Level 3 | Obligations of states and political subdivisions securities      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Recurring | Level 3 | Agency mortgage-backed securities | Residential mortgage      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Recurring | Level 3 | Agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 0 0  
Recurring | Level 3 | Non-agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 0 0  
Recurring | Level 3 | Asset-backed securities and other debt securities      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Liabilities:      
Short positions $ 0 $ 0  
[1] Amortized cost of $36,941 and $34,982 at December 31, 2021 and 2020, respectively.
v3.22.0.1
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Net fair value of the interest rate lock commitments $ 12  
Change in the fair value of the interest rate lock commitments, due to decrease in current interest rates of 25 bps 5  
Change in the fair value of the interest rate lock commitments, due to decrease in current interest rates of 50 bps 9  
Change in the fair value of the interest rate lock commitments, due to increase in current interest rates of 25 bps 5  
Change in the fair value of the interest rate lock commitments, due to increase in current interest rates of 50 bps 11  
Change in fair value of interest rate lock commitments, due to 10% adverse changes in the assumed loan closing rates 1  
Change in fair value of interest rate lock commitments, due to 20% adverse changes in the assumed loan closing rates 2  
Change in fair value of interest rate lock commitments, due to 10% favorable changes in the assumed loan closing rates 1  
Change in fair value of interest rate lock commitments, due to 20% favorable changes in the assumed loan closing rates 2  
Private equity, observable price change adjustment 41 $ 23
Private equity, cumulative observable price change 68  
Private equity, impairment 3 9
Private equity, cumulative impairment 24  
Fair value of embedded derivatives 89  
Loss on embedded derivatives 3  
Other Real Estate Owned    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value adjustment (1) (4)
Other Real Estate Owned | Transfer    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value gains (losses) (5) (3)
Commercial | Commercial loans held for sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value adjustment 1 (5)
Fair value gains (losses) 1  
Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value changes included in earnings for instruments for which the fair value option was elected $ 28 75
FVO valuation adjustments related to instrument-specific credit risk   $ 1
v3.22.0.1
Fair Value Measurements - Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation      
Derivative assets $ 2,908 $ 2,919  
Derivative liabilities 2,013 1,072  
Unrealized gains or losses included in other comprehensive income for instruments still held 0 0  
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Balance, beginning of period 669 1,023 $ 991
Included in earnings (74) (393) (339)
Purchases/originations 601 232 428
Settlements (180) (242) (93)
Transfers into Level 3 49 49 36
Balance, end of period 1,065 669 1,023
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held 5 (269) (338)
Interest Rate Contract | Level 3      
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation      
Derivative assets 12 61 18
Derivative liabilities 8 8 8
Residential Mortgage Loans      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Balance, beginning of period 161 183 179
Included in earnings (2) 3 (1)
Purchases/originations 0 0 0
Settlements (54) (74) (31)
Transfers into Level 3 49 49 36
Balance, end of period 154 161 183
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held (2) 3 (1)
Servicing Rights      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Balance, beginning of period 656 993 938
Included in earnings (139) (565) (376)
Purchases/originations 604 228 431
Settlements 0 0 0
Transfers into Level 3 0 0 0
Balance, end of period 1,121 656 993
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held 78 (227) (250)
Interest Rate Contract      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Balance, beginning of period 53 10 (1)
Included in earnings 153 272 145
Purchases/originations (3) 4 (3)
Settlements (199) (233) (131)
Transfers into Level 3 0 0 0
Balance, end of period 4 53 10
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held 15 58 20
Equity Derivatives      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Balance, beginning of period (201) (163) (125)
Included in earnings (86) (103) (107)
Purchases/originations 0 0 0
Settlements 73 65 69
Transfers into Level 3 0 0 0
Balance, end of period (214) (201) (163)
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held $ (86) $ (103) $ (107)
v3.22.0.1
Fair Value Measurements - Total Gains and Losses Included in Earnings for Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - Level 3 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gains and losses included in earnings $ (74) $ (393) $ (339)
Mortgage banking net revenue      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gains and losses included in earnings 9 (291) (235)
Commercial banking revenue      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gains and losses included in earnings 3 2 3
Other noninterest income      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gains and losses included in earnings $ (86) $ (104) $ (107)
v3.22.0.1
Fair Value Measurements - Total Gains and Losses Included in Earning Attributable to Changes in Unrealized Gains and Losses Related to Level 3 Assets and Liabilities Still Held at Year End (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gain and losses included in earnings $ 5 $ (269) $ (338)
Mortgage banking net revenue      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gain and losses included in earnings 88 (167) (233)
Commercial banking revenue      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gain and losses included in earnings 3 2 2
Other noninterest income      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gain and losses included in earnings $ (86) $ (104) $ (107)
v3.22.0.1
Fair Value Measurements - Fair Values of Assets and Liabilities (Significant Unobservable Level 3 Inputs Recurring Basis) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative assets $ 2,908 $ 2,919
Derivative liabilities (2,013) (1,072)
Residential mortgage loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Loans $ 154 $ 161
Residential mortgage loans | Minimum          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Interest rate risk factor (8.50%) (8.20%)
Credit risk factor 0.00% 0.00%
Residential mortgage loans | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Interest rate risk factor 8.80% 7.80%
Credit risk factor 28.50% 25.70%
Residential mortgage loans | Weighted-Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Interest rate risk factor 0.40% 1.70%
Credit risk factor 0.30% 0.60%
Servicing rights    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Servicing rights $ 1,121 $ 656
Servicing rights | Minimum          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Prepayment speed 0.00% 0.50%
OAS (bps) 479 536
Servicing rights | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Prepayment speed 100.00% 99.90%
OAS (bps) 1,587 1,587
Servicing rights | Fixed | Weighted-Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Prepayment speed 10.70% 17.80%
OAS (bps) 686 723
Servicing rights | Adjustable | Weighted-Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Prepayment speed 20.60% 22.60%
OAS (bps) 1,087 950
IRLCs, net    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative assets $ 12 $ 57
IRLCs, net | Minimum          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Loan closing rates 8.90% 18.10%
IRLCs, net | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Loan closing rates 97.20% 97.20%
IRLCs, net | Weighted-Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Loan closing rates 80.90% 60.80%
Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative liabilities $ (214) $ (201)
Swap | Minimum          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Timing of the resolution of the Covered Litigation Mar. 31, 2023 Sep. 30, 2022
Swap | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Timing of the resolution of the Covered Litigation Jun. 30, 2025 Sep. 30, 2024
Swap | Weighted-Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Timing of the resolution of the Covered Litigation Mar. 31, 2024 Jun. 30, 2023
v3.22.0.1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value $ 409 $ 864
Total (Losses) Gains (23) (272)
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 1 35
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 408 829
OREO    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 7 20
Total (Losses) Gains (6) (7)
OREO | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
OREO | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
OREO | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 7 20
Bank premises and equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 11 26
Total (Losses) Gains (6) (30)
Bank premises and equipment | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Bank premises and equipment | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Bank premises and equipment | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 11 26
Operating lease equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 13 35
Total (Losses) Gains (21) (6)
Operating lease equipment | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Operating lease equipment | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Operating lease equipment | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 13 35
Private equity investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 15 96
Total (Losses) Gains 38 18
Private equity investments | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Private equity investments | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 1 27
Private equity investments | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 14 69
Commercial | Commercial loans held for sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 2 24
Total (Losses) Gains 2 (5)
Commercial | Commercial loans held for sale | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Commercial | Commercial loans held for sale | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 8
Commercial | Commercial loans held for sale | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 2 16
Commercial | Commercial loans and leases    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 236 504
Total (Losses) Gains (29) (243)
Commercial | Commercial loans and leases | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Commercial | Commercial loans and leases | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Commercial | Commercial loans and leases | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 236 504
Consumer | Consumer and residential mortgage loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 125 159
Total (Losses) Gains (1) 1
Consumer | Consumer and residential mortgage loans | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Consumer | Consumer and residential mortgage loans | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Consumer | Consumer and residential mortgage loans | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value $ 125 $ 159
v3.22.0.1
Fair Value Measurements - Fair Values of Assets and Liabilities (Significant Unobservable Level 3 Inputs Nonrecurring Basis) (Details) - Nonrecurring - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value $ 409 $ 864
OREO    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 7 20
Bank premises and equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 11 26
Operating lease equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 13 35
Private equity investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 15 96
Commercial | Commercial loans held for sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 2 24
Commercial | Commercial loans and leases    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 236 504
Consumer | Consumer and residential mortgage loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 125 159
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 408 829
Level 3 | OREO    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 7 20
Level 3 | Bank premises and equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 11 26
Level 3 | Operating lease equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 13 35
Level 3 | Private equity investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 14 69
Level 3 | Commercial | Commercial loans held for sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 2 16
Level 3 | Commercial | Commercial loans and leases    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 236 504
Level 3 | Consumer | Consumer and residential mortgage loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 125 159
Level 3 | Comparable Company Analysis | Private equity investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 14 69
Level 3 | Comparable Company Analysis | Commercial | Commercial loans held for sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 2 16
Level 3 | Appraised Value | OREO    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 7 20
Level 3 | Appraised Value | Bank premises and equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 11 26
Level 3 | Appraised Value | Operating lease equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 13 35
Level 3 | Appraised Value | Commercial | Commercial loans and leases    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 236 504
Level 3 | Appraised Value | Consumer | Consumer and residential mortgage loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value $ 125 $ 159
v3.22.0.1
Fair Value Measurements - Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Residential Mortgage Loans Measured at Fair Value (Details) - Residential mortgage loans - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Aggregate  Fair Value    
Loans measured at fair value $ 1,177 $ 1,642
Past due loans of 90 days or more 3 3
Nonaccrual loans 0 0
Aggregate Unpaid Principal Balance    
Loans measured at fair value 1,149 1,567
Past due loans of 90 days or more 3 3
Nonaccrual loans 0 0
Difference    
Loans measured at fair value 28 75
Past due loans of 90 days or more 0 0
Nonaccrual loans $ 0 $ 0
v3.22.0.1
Fair Value Measurements - Carrying Amounts and Estimated Fair Values for Certain Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Financial assets:        
Cash $ 2,994 $ 3,147 $ 3,278 $ 2,681
Other short-term investments [1] 34,572 33,399    
Held-to-maturity securities 8 11    
Loans and leases held for sale [2] 4,415 4,741    
Total portfolio loans and leases, net 110,158 106,329    
Financial liabilities:        
Deposits 169,324 159,081    
Federal funds purchased 281 300    
Other short-term borrowings 980 1,192    
Long-term debt [1] 11,821 14,973    
Net Carrying Amount        
Financial assets:        
Cash 2,994 3,147    
Other short-term investments 34,572 33,399    
Other securities 519 524    
Held-to-maturity securities 8 11    
Loans and leases held for sale 3,392 3,260    
Total portfolio loans and leases, net 110,004 106,168    
Financial liabilities:        
Deposits 169,324 159,081    
Federal funds purchased 281 300    
Other short-term borrowings 980 1,192    
Long-term debt 11,425 14,973    
Net Carrying Amount | Commercial        
Financial assets:        
Total portfolio loans and leases, net 69,166 67,541    
Net Carrying Amount | Consumer        
Financial assets:        
Total portfolio loans and leases, net 40,838 38,627    
Total Fair Value        
Financial assets:        
Cash 2,994 3,147    
Other short-term investments 34,572 33,399    
Other securities 519 524    
Held-to-maturity securities 8 11    
Loans and leases held for sale 3,405 3,269    
Total portfolio loans and leases, net 111,556 108,332    
Financial liabilities:        
Deposits 169,316 159,094    
Federal funds purchased 281 300    
Other short-term borrowings 980 1,192    
Long-term debt 12,478 16,529    
Total Fair Value | Commercial        
Financial assets:        
Total portfolio loans and leases, net 69,924 67,810    
Total Fair Value | Consumer        
Financial assets:        
Total portfolio loans and leases, net 41,632 40,522    
Total Fair Value | Level 1        
Financial assets:        
Cash 2,994 3,147    
Other short-term investments 34,572 33,399    
Other securities 0 0    
Held-to-maturity securities 0 0    
Loans and leases held for sale 0 0    
Total portfolio loans and leases, net 0 0    
Financial liabilities:        
Deposits 0 0    
Federal funds purchased 281 300    
Other short-term borrowings 0 0    
Long-term debt 12,091 15,606    
Total Fair Value | Level 1 | Commercial        
Financial assets:        
Total portfolio loans and leases, net 0 0    
Total Fair Value | Level 1 | Consumer        
Financial assets:        
Total portfolio loans and leases, net 0 0    
Total Fair Value | Level 2        
Financial assets:        
Cash 0 0    
Other short-term investments 0 0    
Other securities 519 524    
Held-to-maturity securities 0 0    
Loans and leases held for sale 0 0    
Total portfolio loans and leases, net 0 0    
Financial liabilities:        
Deposits 169,316 159,094    
Federal funds purchased 0 0    
Other short-term borrowings 980 1,192    
Long-term debt 387 923    
Total Fair Value | Level 2 | Commercial        
Financial assets:        
Total portfolio loans and leases, net 0 0    
Total Fair Value | Level 2 | Consumer        
Financial assets:        
Total portfolio loans and leases, net 0 0    
Total Fair Value | Level 3        
Financial assets:        
Cash 0 0    
Other short-term investments 0 0    
Other securities 0 0    
Held-to-maturity securities 8 11    
Loans and leases held for sale 3,405 3,269    
Total portfolio loans and leases, net 111,556 108,332    
Financial liabilities:        
Deposits 0 0    
Federal funds purchased 0 0    
Other short-term borrowings 0 0    
Long-term debt 0 0    
Total Fair Value | Level 3 | Commercial        
Financial assets:        
Total portfolio loans and leases, net 69,924 67,810    
Total Fair Value | Level 3 | Consumer        
Financial assets:        
Total portfolio loans and leases, net $ 41,632 $ 40,522    
[1] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
[2] Includes $1,023 and $1,481 of residential mortgage loans held for sale measured at fair value at December 31, 2021 and 2020, respectively.
v3.22.0.1
Regulatory Capital Requirements and Capital Ratios (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Fifth Third Bancorp    
Risk Based Ratios    
CET1 capital (as a percent) 0.0954 0.1034
Tier I risk-based capital (as a percent) 0.1091 0.1183
Total risk-based capital (as a percent) 0.1342 0.1508
Tier I leverage (as a percent) 0.0827 0.0849
Risk Based Capital    
CET1 capital $ 14,781 $ 14,682
Tier I risk-based capital 16,897 16,797
Total risk-based capital 20,789 21,412
Tier I leverage $ 16,897 $ 16,797
Fifth Third Bancorp | Well-Capitalized    
Risk Based Ratios    
Tier I risk-based capital (as a percent) 0.0600  
Total risk-based capital (as a percent) 0.1000  
Fifth Third Bancorp | Minimum          
Risk Based Ratios    
CET1 capital (as a percent) 0.0450  
Tier I risk-based capital (as a percent) 0.0600  
Total risk-based capital (as a percent) 0.0800  
Tier I leverage (as a percent) 0.0400  
Fifth Third Bank, National Association    
Risk Based Ratios    
CET1 capital (as a percent) 0.1090 0.1228
Tier I risk-based capital (as a percent) 0.1090 0.1228
Total risk-based capital (as a percent) 0.1233 0.1417
Tier I leverage (as a percent) 0.0829 0.0885
Risk Based Capital    
CET1 capital $ 16,723 $ 17,253
Tier I risk-based capital 16,723 17,253
Total risk-based capital 18,917 19,915
Tier I leverage $ 16,723 $ 17,253
Fifth Third Bank, National Association | Well-Capitalized    
Risk Based Ratios    
CET1 capital (as a percent) 0.0650  
Tier I risk-based capital (as a percent) 0.0800  
Total risk-based capital (as a percent) 0.1000  
Tier I leverage (as a percent) 0.0500  
Fifth Third Bank, National Association | Minimum          
Risk Based Ratios    
CET1 capital (as a percent) 0.0450  
Tier I risk-based capital (as a percent) 0.0600  
Total risk-based capital (as a percent) 0.0800  
Tier I leverage (as a percent) 0.0400  
v3.22.0.1
Parent Company Financial Statements - Condensed Statements of Income - Parent Company Only (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income      
Dividends from consolidated nonbank subsidiaries $ 3,000 $ 1,300  
Securities (losses) gains, net (7) 62 $ 40
Total interest income 5,211 5,572 6,254
Expenses      
Interest 441 790 1,457
Other 218 221 232
Applicable income tax expense 747 370 690
Net Income 2,770 1,427 2,512
Other Comprehensive Income (1,394) 1,409 1,304
Parent Company      
Income      
Dividends from consolidated nonbank subsidiaries 3,040 1,285 2,155
Securities (losses) gains, net 1 1 2
Interest 11 17 24
Total interest income 3,052 1,303 2,181
Expenses      
Interest 250 266 267
Other 30 26 65
Total expenses 280 292 332
Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries 2,772 1,011 1,849
Applicable income tax expense (62) (65) (69)
Income Before Equity in Undistributed Earnings of Subsidiaries 2,834 1,076 1,918
Equity in undistributed earnings (64) 351 594
Net Income 2,770 1,427 2,512
Other Comprehensive Income 0 0 0
Comprehensive income attributable to Bancorp $ 2,770 $ 1,427 $ 2,512
v3.22.0.1
Parent Company Financial Statements - Condensed Statements of Income - Parent Company Only - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dividends from consolidated nonbank subsidiaries $ 3,000 $ 1,300  
MB Financial, Inc.      
Dividends from consolidated nonbank subsidiaries     $ 200
Parent Company      
Dividends from Bancorp's banking subsidiary to the Bancorp's non-bank subsidiary 3,000 1,300 2,000
Dividends from consolidated nonbank subsidiaries $ 3,040 $ 1,285 $ 2,155
v3.22.0.1
Parent Company Financial Statements - Condensed Balance Sheet - Parent Company Only (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Assets        
Cash $ 2,994 $ 3,147 $ 3,278 $ 2,681
Equity securities 376 313    
Goodwill 4,514 4,258 4,252  
Other assets [1] 11,444 10,749    
Total Assets 211,116 204,680    
Liabilities        
Other short-term borrowings 980 1,192    
Accrued expenses and other liabilities [1] 4,267 3,409    
Long-term debt (external) [1] 11,821 14,973    
Total Liabilities 188,906 181,569    
Equity        
Common stock [2] 2,051 2,051    
Preferred stock [3] 2,116 2,116    
Capital surplus 3,624 3,635    
Retained earnings 20,236 18,384    
Accumulated other comprehensive income 1,207 2,601    
Treasury stock [2] (7,024) (5,676)    
Total Equity 22,210 23,111 21,203 16,250
Total Liabilities and Equity 211,116 204,680    
Parent Company        
Assets        
Cash 122 120 $ 118 $ 120
Other short-term investments 6,234 5,578    
Equity securities 49 49    
Loans to nonbank subsidiaries 192 350    
Investment in nonbank subsidiaries 23,877 25,214    
Goodwill 80 80    
Other assets 431 479    
Total Assets 30,985 31,870    
Liabilities        
Other short-term borrowings 361 450    
Accrued expenses and other liabilities 487 548    
Long-term debt (external) 7,927 7,761    
Total Liabilities 8,775 8,759    
Equity        
Common stock 2,051 2,051    
Preferred stock 2,116 2,116    
Capital surplus 3,624 3,635    
Retained earnings 20,236 18,384    
Accumulated other comprehensive income 1,207 2,601    
Treasury stock (7,024) (5,676)    
Total Equity 22,210 23,111    
Total Liabilities and Equity $ 30,985 $ 31,870    
[1] Includes $24 and $55 of other short-term investments, $322 and $756 of portfolio loans and leases, $(2) and $(7) of ALLL, $2 and $5 of other assets, $1 and $2 of other liabilities and $263 and $656 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2021 and 2020, respectively. For further information, refer to Note 12.
[2] Common shares: Stated value $2.22 per share; authorized 2,000,000,000; outstanding at December 31, 2021 – 682,777,664 (excludes 241,114,917 treasury shares), 2020 – 712,760,325 (excludes 211,132,256 treasury shares).
[3] 500,000 shares of no par value preferred stock were authorized at both December 31, 2021 and 2020. There were 422,000 unissued shares of undesignated no par value preferred stock at both December 31, 2021 and 2020. Each issued share of no par value preferred stock has a liquidation preference of $25,000. 500,000 shares of no par value Class B preferred stock were authorized at both December 31, 2021 and 2020. There were 300,000 unissued shares of undesignated no par value Class B preferred stock at both December 31, 2021 and 2020. Each issued share of no par value Class B preferred stock has a liquidation preference of $1,000.
v3.22.0.1
Parent Company Financial Statements - Condensed Statement of Cash Flow - Parent Company Only (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net Income $ 2,770 $ 1,427 $ 2,512
Adjustments to reconcile net income to net cash provided by operating activities:      
(Benefit from) provision for deferred income taxes (14) (162) (246)
Equity in undistributed earnings (30) (12) (12)
Net change in:      
Equity securities 15 12 (29)
Other assets (37) (855) 20
Net Cash Provided by Operating Activities 2,704 371 1,824
Investing Activities      
Other short-term investments and federal funds sold (1,172) (31,446) (612)
Net Cash Used in Investing Activities (7,968) (31,902) (797)
Financing Activities      
Dividends paid on common and preferred stock (897) (858) (753)
Proceeds from issuance of long-term debt 562 2,557 3,866
Repayment of long-term debt (3,603) (2,799) (4,212)
Issuance of preferred stock 0 346 242
Repurchase of treasury stock and related forward contract (1,393) 0 (1,763)
Other, net (99) (47) (58)
Net Cash Provided by (Used in) Financing Activities 5,111 31,400 (430)
Cash and Due from Banks at Beginning of Period 3,147 3,278 2,681
Cash and Due from Banks at End of Period 2,994 3,147 3,278
Parent Company      
Operating Activities      
Net Income 2,770 1,427 2,512
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization and accretion 7 7 7
(Benefit from) provision for deferred income taxes (1) 0 (11)
Securities gains, net (1) (1) (2)
Equity in undistributed earnings 64 (351) (594)
Net change in:      
Equity securities 1 0 (49)
Other assets (40) (1) (80)
Accrued expenses and other liabilities (80) 0 127
Net Cash Provided by Operating Activities 2,720 1,081 1,910
Investing Activities      
Other short-term investments and federal funds sold (656) (855) (1,081)
Loans to nonbank subsidiaries 158 94 127
Net cash paid on acquisition 0 0 (469)
Net Cash Used in Investing Activities (498) (761) (1,423)
Financing Activities      
Net change in other short-term borrowings (89) 91 106
Dividends paid on common and preferred stock (897) (858) (753)
Proceeds from issuance of long-term debt 498 1,243 2,235
Repayment of long-term debt (250) (1,100) (500)
Issuance of preferred stock 0 346 242
Repurchase of treasury stock and related forward contract (1,393) 0 (1,763)
Other, net (89) (40) (56)
Net Cash Provided by (Used in) Financing Activities (2,220) (318) (489)
Increase (Decrease) in Cash 2 2 (2)
Cash and Due from Banks at Beginning of Period 120 118 120
Cash and Due from Banks at End of Period $ 122 $ 120 $ 118
v3.22.0.1
Business Segments - Additional Information (Details)
 12 Months Ended
Dec. 31, 2021
unit_segment
unit_center
business
Segment Reporting [Abstract]  
Number of business segments | unit_segment 4
Branch Banking  
Segment Reporting Information  
Full-service banking centers | unit_center 1,117
Wealth And Asset Management  
Segment Reporting Information  
Number of main businesses | business 3
v3.22.0.1
Business Segments - Results of Operations and Average Assets by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting Information      
Total goodwill $ 4,514 $ 4,258 $ 4,252
Total assets 211,116 204,680 169,369
Net interest income 4,770 4,782 4,797
(Benefit from) provision for credit losses (377) 1,097 471
Net Interest Income After (Benefit from) Provision for Credit Losses 5,147 3,685 4,326
Noninterest income:      
Commercial banking revenue 637 528 460
Service charges on deposits 600 559 565
Wealth and asset management revenue 586 520 487
Card and processing revenue 402 352 360
Leasing business revenue 300 276 270
Mortgage banking net revenue 270 320 287
Other noninterest income 332 211 1,064
Securities (losses) gains, net (7) 62 40
Securities losses, net -non-qualifying hedges on MSRs (2) 2 3
Total noninterest income 3,118 2,830 3,536
Noninterest expense:      
Compensation and benefits 2,626 2,590 2,418
Technology and communications 388 362 422
Net occupancy expense 312 350 332
Equipment expense 138 130 129
Leasing business expense 137 140 133
Marketing expense 107 104 162
Card and processing expense 89 121 130
Other noninterest expense 951 921 934
Total noninterest expense 4,748 4,718 4,660
Income before income taxes 3,517 1,797 3,202
Applicable income tax expense 747 370 690
Net Income 2,770 1,427 2,512
Impairment losses on bank premises 7 30 28
Impairment losses and termination charges 3 8 15
Bank premises and equipment held for sale 24 35  
Commercial Banking      
Segment Reporting Information      
Total goodwill 1,980 1,980 1,954
Branch Banking      
Segment Reporting Information      
Total goodwill 2,303 2,047 2,046
Consumer Lending      
Segment Reporting Information      
Total goodwill 0 0 0
Wealth and Asset Management      
Segment Reporting Information      
Total goodwill 231 231 252
Operating Segments | Commercial Banking      
Segment Reporting Information      
Total goodwill 1,980 1,980 1,954
Total assets 73,306 70,241 74,570
Net interest income 1,498 1,903 2,360
(Benefit from) provision for credit losses (583) 1,050 183
Net Interest Income After (Benefit from) Provision for Credit Losses 2,081 853 2,177
Noninterest income:      
Commercial banking revenue 626 524 455
Service charges on deposits 363 343 308
Wealth and asset management revenue 2 3 3
Card and processing revenue 61 54 66
Leasing business revenue 300 276 270
Mortgage banking net revenue 0 0 0
Other noninterest income 87 101 85
Securities (losses) gains, net 8 0 0
Securities losses, net -non-qualifying hedges on MSRs 0 0 0
Total noninterest income 1,447 1,301 1,187
Noninterest expense:      
Compensation and benefits 586 557 466
Technology and communications 17 13 11
Net occupancy expense 33 31 28
Equipment expense 26 27 25
Leasing business expense 137 140 133
Marketing expense 7 8 12
Card and processing expense 6 7 8
Other noninterest expense 843 938 938
Total noninterest expense 1,655 1,721 1,621
Income before income taxes 1,873 433 1,743
Applicable income tax expense 354 46 319
Net Income 1,519 387 1,424
Impairment losses of operating lease equipment 25 7 3
Operating Segments | Branch Banking      
Segment Reporting Information      
Total goodwill 2,303 2,047 2,046
Total assets 92,079 79,982 69,413
Net interest income 1,221 1,667 2,371
(Benefit from) provision for credit losses 97 231 224
Net Interest Income After (Benefit from) Provision for Credit Losses 1,124 1,436 2,147
Noninterest income:      
Commercial banking revenue 9 5 4
Service charges on deposits 236 215 260
Wealth and asset management revenue 206 172 158
Card and processing revenue 329 283 285
Leasing business revenue 0 0 0
Mortgage banking net revenue 10 8 6
Other noninterest income 103 68 89
Securities (losses) gains, net 0 0 0
Securities losses, net -non-qualifying hedges on MSRs 0 0 0
Total noninterest income 893 751 802
Noninterest expense:      
Compensation and benefits 646 649 601
Technology and communications 5 4 4
Net occupancy expense 191 176 173
Equipment expense 38 41 48
Leasing business expense 0 0 0
Marketing expense 38 32 72
Card and processing expense 86 116 123
Other noninterest expense 870 851 839
Total noninterest expense 1,874 1,869 1,860
Income before income taxes 143 318 1,089
Applicable income tax expense 29 67 229
Net Income 114 251 860
Impairment losses on bank premises 6 15 11
Operating Segments | Consumer Lending      
Segment Reporting Information      
Total goodwill 0 0 0
Total assets 33,270 30,480 26,555
Net interest income 562 381 325
(Benefit from) provision for credit losses 9 34 49
Net Interest Income After (Benefit from) Provision for Credit Losses 553 347 276
Noninterest income:      
Commercial banking revenue 0 0 0
Service charges on deposits 0 0 0
Wealth and asset management revenue 0 0 0
Card and processing revenue 0 0 0
Leasing business revenue 0 0 0
Mortgage banking net revenue 257 307 279
Other noninterest income 9 10 14
Securities (losses) gains, net 0 0 0
Securities losses, net -non-qualifying hedges on MSRs (2) 2 3
Total noninterest income 264 319 296
Noninterest expense:      
Compensation and benefits 245 221 196
Technology and communications 11 8 8
Net occupancy expense 10 10 10
Equipment expense 0 0 0
Leasing business expense 0 0 0
Marketing expense 3 3 4
Card and processing expense 0 0 0
Other noninterest expense 370 276 237
Total noninterest expense 639 518 455
Income before income taxes 178 148 117
Applicable income tax expense 37 31 25
Net Income 141 117 92
Operating Segments | Wealth and Asset Management      
Segment Reporting Information      
Total goodwill 231 231 252
Total assets 13,836 12,466 10,500
Net interest income 88 139 182
(Benefit from) provision for credit losses (1) 3 0
Net Interest Income After (Benefit from) Provision for Credit Losses 89 136 182
Noninterest income:      
Commercial banking revenue 2 2 1
Service charges on deposits 1 1 1
Wealth and asset management revenue 558 498 469
Card and processing revenue 2 2 3
Leasing business revenue 0 0 0
Mortgage banking net revenue 3 5 2
Other noninterest income 4 18 13
Securities (losses) gains, net 0 0 0
Securities losses, net -non-qualifying hedges on MSRs 0 0 0
Total noninterest income 570 526 489
Noninterest expense:      
Compensation and benefits 205 218 217
Technology and communications 1 1 1
Net occupancy expense 15 12 13
Equipment expense 0 1 1
Leasing business expense 0 0 0
Marketing expense 2 2 5
Card and processing expense 1 1 1
Other noninterest expense 316 298 291
Total noninterest expense 540 533 529
Income before income taxes 119 129 142
Applicable income tax expense 25 27 30
Net Income 94 102 112
General Corporate and Other      
Segment Reporting Information      
Total goodwill 0 0 0
Total assets (1,375) 11,511 (11,669)
Net interest income 1,401 692 (441)
(Benefit from) provision for credit losses 101 (221) 15
Net Interest Income After (Benefit from) Provision for Credit Losses 1,300 913 (456)
Noninterest income:      
Commercial banking revenue 0 (3) 0
Service charges on deposits 0 0 (4)
Wealth and asset management revenue 0 0 0
Card and processing revenue 10 13 6
Leasing business revenue 0 0 0
Mortgage banking net revenue 0 0 0
Other noninterest income 129 14 863
Securities (losses) gains, net (15) 62 40
Securities losses, net -non-qualifying hedges on MSRs 0 0 0
Total noninterest income 124 86 905
Noninterest expense:      
Compensation and benefits 944 945 938
Technology and communications 354 336 398
Net occupancy expense 63 121 108
Equipment expense 74 61 55
Leasing business expense 0 0 0
Marketing expense 57 59 69
Card and processing expense (4) (3) (2)
Other noninterest expense (1,268) (1,289) (1,228)
Total noninterest expense 220 230 338
Income before income taxes 1,204 769 111
Applicable income tax expense 302 199 87
Net Income 902 570 24
Impairment losses on bank premises 1 15 17
Bank premises and equipment held for sale 24 35 27
Eliminations      
Segment Reporting Information      
Total goodwill 0 0 0
Total assets 0 0 0
Net interest income 0 0 0
(Benefit from) provision for credit losses 0 0 0
Net Interest Income After (Benefit from) Provision for Credit Losses 0 0 0
Noninterest income:      
Commercial banking revenue 0 0 0
Service charges on deposits 0 0 0
Wealth and asset management revenue (180) (153) (143)
Card and processing revenue 0 0 0
Leasing business revenue 0 0 0
Mortgage banking net revenue 0 0 0
Other noninterest income 0 0 0
Securities (losses) gains, net 0 0 0
Securities losses, net -non-qualifying hedges on MSRs 0 0 0
Total noninterest income (180) (153) (143)
Noninterest expense:      
Compensation and benefits 0 0 0
Technology and communications 0 0 0
Net occupancy expense 0 0 0
Equipment expense 0 0 0
Leasing business expense 0 0 0
Marketing expense 0 0 0
Card and processing expense 0 0 0
Other noninterest expense (180) (153) (143)
Total noninterest expense (180) (153) (143)
Income before income taxes 0 0 0
Applicable income tax expense 0 0 0
Net Income $ 0 $ 0 $ 0