Long-Term Debt

12 Months Ended

Dec. 31, 2015

16. Long-term debt

The following table is a summary of the Bancorp’s long-term borrowings at December 31:

($ in millions)	Maturity	Interest Rate		2015	2014
Parent Company
Senior:
Fixed-rate notes	2016	3.625%	$	1,000	1,000
Fixed-rate notes	2019	2.30%		500	499
Fixed-rate notes	2020	2.875%		1,099	-
Fixed-rate notes	2022	3.50%		498	497
Subordinated:^(a)
Floating-rate notes^(c)	2016	0.99%		250	250
Fixed-rate notes	2017	5.45%		520	539
Fixed-rate notes	2018	4.50%		532	544
Fixed-rate notes	2024	4.30%		748	748
Fixed-rate notes	2038	8.25%		1,327	1,317
Subsidiaries
Senior:
Fixed-rate notes	2016	1.15%		1,000	1,000
Fixed-rate notes	2016	0.90%		400	400
Floating-rate notes^(c)	2016	0.87%		750	750
Floating-rate notes^(c)	2016	0.82%		300	300
Fixed-rate notes	2017	1.35%		652	654
Fixed-rate notes	2018	2.15%		998	-
Fixed-rate notes	2018	1.45%		598	597
Floating-rate notes^(c)	2018	1.28%		250	-
Fixed-rate notes	2019	2.375%		850	850
Fixed-rate notes	2021	2.875%		846	846
Subordinated:^(a)
Fixed-rate bank notes	2015	4.75%		-	502
Junior subordinated:^(b)
Floating-rate debentures^(c)	2035	1.93% - 2.20%		52	51
FHLB advances	2016 - 2041	0.05% - 6.87%		37	41
Notes associated with consolidated VIEs:
Automobile loan securitizations:
Fixed-rate and floating-rate notes^(c)	2016 - 2022	0.43% - 1.79%		2,493	3,434
Other	2016 - 2039	Varies		144	148
Total			$	15,844	14,967

Qualifies as Tier II capital for regulatory capital purposes.
Under the Basel III Final Rule transition provisions, $13 million qualifies as Tier I capital as of December 31, 2015 while the remaining amount qualifies as Tier II capital. The entire amount qualified as Tier I capital as of December 31, 2014. Refer to Note 28 for further information.
These rates reflect the floating rates as of December 31, 2015.

The Bancorp pays down long-term debt in accordance with contractual terms over maturity periods summarized in the above table. The aggregate annual maturities of long-term debt obligations (based on final maturity dates) as of December 31, 2015 are presented in the following table:


($ in millions)		Parent	Subsidiaries	Total
2016	$	1,250	2,594	3,844
2017		520	954	1,474
2018		532	2,807	3,339
2019		500	1,221	1,721
2020		1,099	664	1,763
Thereafter		2,573	1,130	3,703
Total	$	6,474	9,370	15,844