Fifth Third Bank 2013 Annual Report Download - page 144

Download and view the complete annual report

Please find page 144 of the 2013 Fifth Third Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 192

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
142 Fifth Third Bancorp
Fair Value Measurements of Plan Assets
The following table summarizes plan assets measured at fair value on a recurring basis as of December 31:
Fair Value Measurements Using(a)
2013 ($ in millions) Level 1 Level 2 Level 3 Total Fair Value
Equity securities:
Equity securities (Value) $8 - - $ 8
Equity securities (Blended)(b) 40 - - 40
Total equity securities 48 - - 48
Mutual and exchange traded funds:
Money market funds 7 - - 7
International funds - 43 - 43
Domestic funds - 41 - 41
Debt funds - 20 - 20
A
lternative strategies - 17 - 17
Commodity funds 6 - - 6
Total mutual and exchange traded funds 13 121 - 134
Debt securities:
U.S. Treasury obligations 3 - - 3
A
gency mortgage backed - 13 - 13
Non-agency mortgage backed - 2 - 2
Corporate bonds(c) - - - -
Total debt securities 3 15 - 18
Total plan assets $64 136 - $200
Fair Value Measurements Using(a)
2012 ($ in millions) Level 1 Level 2 Level 3 Total Fair Value
Equity Securities:
Equity securities (Growth)(b) $ 50 - - $50
Equity securities (Value) 52 - - 52
Equity securities (Blended) 4 - - 4
Total equity securities 106 - - 106
Mutual and exchange traded funds:
Money market funds 4 - - 4
International funds 29 - - 29
Commodity funds 9 - - 9
Total mutual and exchange traded funds 42 - - 42
Debt securities:
U.S. Treasury obligations 13 - - 13
A
gency mortgage backed - 21 - 21
Non-agency mortgage backed - 2 - 2
Corporate bonds(c) - 1 - 1
Total debt securities 13 24 - 37
Total plan assets $161 24 - $185
(a) For further information on fair value hierarchy levels, see Note 1.
(b) Includes holdings in Bancorp common stock.
(c) Includes private label asset backed securities.
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.
Equity securities
The plan measures common stock using quoted prices which are
available in an active market and classifies these investments within
Level 1 of the valuation hierarchy.
Mutual and exchange traded funds
All of the plan’s mutual and exchange traded funds are publicly
traded. The plan measures the value of these investments using the
fund’s quoted prices that are available in an active market and
classifies these investments within Level 1 of the valuation
hierarchy. Where quotes prices are not available, the plan measures
the fair value of these investments based on the redemption price of
units held, which is based on the current fair value of the fund’s
underlying assets. Unit values are determined by dividing the fund’s
net assets at fair value by its units outstanding at the valuation dates
to obtain the investment’s net asset value. Therefore, these
investments are classified within Level 2 of the valuation hierarchy.