FIFTH THIRD BANCORP
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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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) | 2024 | 2023 |
|---|---|---|
| Partnership investments | $2,520 | 2,326 |
| Derivative instruments | 2,472 | 2,677 |
| Accounts receivable and drafts-in-process | 2,381 | 2,007 |
| Bank owned life insurance | 2,135 | 2,103 |
| Deferred tax assets | 1,429 | 1,438 |
| Accrued interest and fees receivable | 796 | 797 |
| Operating lease right-of-use assets | 526 | 511 |
| Income tax receivable | 174 | 187 |
| Prepaid expenses | 142 | 143 |
| OREO and other repossessed property | 32 | 39 |
| Worldpay, Inc. TRA receivable | — | 35 |
| Other | 250 | 275 |
| Total other assets | $12,857 | 12,538 |
In conjunction with Worldpay, Inc.’s IPO in 2012, the Bancorp entered intotwo 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. was potentially 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 $35 million as of December 31, 2023. Subsequent to December 31, 2023, the Bancorp received cash from Worldpay, Inc. to settle the receivable that had been recorded as of December 31, 2023 for the remaining put and call options. Neither the Bancorp nor Worldpay, Inc. have any significant remaining rights or obligations under this agreement.
Separate from the impact of the TRA settlement agreement discussed above, the Bancorp recognized $11 million, $22 million and $46 million in other noninterest income in the Consolidated Statements of Income associated with the TRA during the years ended December 31, 2024, 2023 and 2022, respectively. There are no remaining cash flows to be recognized associated with the TRA.
161 Fifth Third Bancorp
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