Long-Term Debt

12 Months Ended

Dec. 31, 2014

Long-Term Debt

Long-Term Debt

NOTE 10. Long-Term Debt

The following table reflects the carrying amounts and effective interest rates for long-term debt:
		December 31, 2014				December 31, 2013
		Carrying		Effective		Carrying		Effective
		Amount		Rate		Amount		Rate
		(Dollars in millions)
BB&T Corporation fixed rate senior notes		$	6,583	2.39	%	$	5,845	2.60	%
BB&T Corporation floating rate senior notes			1,050	1.07			700	1.13
BB&T Corporation fixed rate subordinated notes			2,170	2.30			2,166	2.47
Branch Bank fixed rate senior notes			4,047	1.72			1,999	1.71
Branch Bank floating rate senior notes			500	0.72			1,150	0.69
Branch Bank fixed rate subordinated notes			1,234	2.86			386	1.71
Branch Bank floating rate subordinated notes			612	3.27			612	2.56
FHLB advances (weighted average maturity of 5.9 years at December 31, 2014)			6,496	4.12			8,110	3.96
Other long-term debt			119				101
Fair value hedge-related basis adjustments			501				424
	Total long-term debt	$	23,312			$	21,493

The effective rates above reflect the impact of cash flow and fair value hedges, as applicable. Subordinated notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations.

During the third quarter of 2014, BB&T extinguished $1.1 billion of FHLB advances, resulting in a $122 million loss on early extinguishment of debt.

	Year Ended December 31,											2020
	2015		2016		2017		2018		2019		and later
		(Dollars in millions)
Future debt maturities (excluding capital leases)	$	1,064	$	5,674	$	3,829	$	2,309	$	2,269	$	8,126