v3.26.1
Retirement and Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Schedule of Net Funded Status
The following table summarizes the plans as of February 1, 2026:
($ in millions)Qualified PlanNon-Qualified PlanPostretirement
Benefit Plan
Fair value of plan assets$2,970 — 42 
Projected benefit obligation1,615 158 N/A
Accumulated benefit obligation1,595 154 13 
Funded status(a)
$1,355 (158)29 
(a)Based on projected benefit obligation for the Qualified and Non-Qualified Plans and accumulated benefit obligation for the Postretirement Benefit Plan.
Schedule of Defined Benefit Plan Assumptions
The following table summarizes the weighted-average plan assumptions as of February 1, 2026:
Qualified PlanNon-Qualified PlanPostretirement
Benefit Plan
Discount rate5.62 %5.57 5.40 
Rate of compensation increase4.50 4.50 N/A
Interest crediting rate
4.87-5.25
4.87-5.25
N/A
Expected long-term return on plan assets6.75 N/A2.50 
Schedule of Estimated Future Benefit Payments The following table summarizes the estimated future benefit payments as of February 1, 2026:
($ in millions)Qualified PlanNon-Qualified Plan
Postretirement Benefit Plan(a)
Remainder of 2026$178 15 2 
2027151 15 2 
2028147 15 2 
2029148 15 2 
2030147 15 1 
2031 - 2035684 71 5 
(a)Estimated future benefit payments in the Postretirement Benefit Plan are presented net of estimated Medicare subsidies
Schedule of Qualified Plan Assets at Fair Value
The following table summarizes the Qualified Plan assets measured at fair value on a recurring basis as of February 1, 2026:
Fair Value Measurements Using(a)
($ in millions)Level 1Level 2Level 3Total Fair Value
Debt securities:
U.S. Treasury and federal agencies securities$700 6 — 706 
Asset-backed securities and other debt securities(b)
— 936 — 936 
Private placement securities— 41 — 41 
Total debt securities$700 983 — 1,683 
Total plan assets in the fair value hierarchy$700 983 — 1,683 
Investments measured at NAV:
Collective investment funds$1,265 
Total plan assets at fair value(c)
$2,948 
(a)For further information on fair value hierarchy levels, refer to Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2025.
(b)Includes corporate and municipal bonds and notes.
(c)Excludes accrued interest receivable of $22.