Net deferred gain (loss), net of tax, recorded in AOCI are expected to be reclassified into earnings

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| Fifth Third Bancorp and SubsidiariesNotes to Condensed Consolidated Financial Statements (unaudited) |

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 Condensed Consolidated Statements of Income in which the corresponding gains or losses are recorded:

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|  | Condensed ConsolidatedStatements ofIncome Caption | For the three months endedJune 30, |  | For the six months endedJune 30, |
| ($ in millions) | 2022 | 2021 |  | 2022 | 2021 |
| Long-term debt: |  |  |  |  |  |  |
| Change in fair value of interest rate swaps hedging long-term debt | Interest on long-term debt | $ | (111) |  | 46  |  |  | (263) |  | (99) |  |
| Change in fair value of hedged long-term debt attributable to the risk being hedged | Interest on long-term debt | 111  |  | (46) |  |  | 263  |  | 99  |  |
| 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 securities | —  |  | —  |  |  | 8  |  | —  |  |
| Change in fair value of hedged available-for-sale debt and other securities attributable to the risk being hedged | Interest on securities | —  |  | —  |  |  | (8) |  | —  |  |

  
The following amounts were recorded in the Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of:

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| ($ in millions) | Condensed ConsolidatedBalance Sheets Caption | June 30,2022 | December 31,2021 |
| Long-term debt: |  |  |  |
| Carrying amount of the hedged items | Long-term debt | $ | 3,072  |  | 2,339  |  |
| Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | Long-term debt | 133  |  | 396  |  |
| Available-for-sale debt and other securities: |  |  |  |
| Carrying amount of the hedged items(a) | Available-for-sale debt and other securities  | —  |  | 465  |  |
| Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | Available-for-sale debt and other securities | —  |  | (8) |  |
| Cumulative amount of fair value hedging adjustments remaining for hedged items for which hedge accounting has been discontinued | Available-for-sale debt and other securities | (15) |  | —  |  |

(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 HedgesThe 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 June 30, 2022, 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 June 30, 2022, the maximum length of time over which the Bancorp is hedging its exposure to the variability in future cash flows is 114 months.  
Reclassified gains and losses on interest rate contracts related to commercial and industrial loans are recorded within interest income in the Condensed Consolidated Statements of Income. As of June 30, 2022 and December 31, 2021, respectively, $63 million of net deferred losses, net of tax, and $353 million of net deferred gains, net of tax, on cash flow hedges were recorded in AOCI in the Condensed Consolidated Balance Sheets. As of June 30, 2022, $77 million in net unrealized losses, 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 June 30, 2022.  
During both the three and six months ended June 30, 2022 and 2021, 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.  
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