STI 2018 Annual Report

Notes to Consolidated Financial Statements, continued 126 The Company had no foreign denominated debt outstanding at December 31, 2018 or 2017. Maturities of long-term debt at December 31, 2018 were as follows: (Dollars in millions) Parent Company Subsidiaries 2019 $792 $1,026 2020 — 1,496 2021 1,039 1,652 2022 984 1,800 2023 12 1,095 Thereafter 1,718 3,482 Total maturities 4,545 10,551 Less: Debt issuance costs 9 15 Total long-term debt $4,536 $10,536 The Company’s issuances of long-term debt during 2018 are summarized in the following table: 2018 Debt Issuances Principal Amount (Dollars in millions) Parent Company: 7-year fixed rate senior notes $850 Subsidiaries: 3-year fixed-to-floating rate senior notes 750 3-year fixed-to-floating rate senior notes 600 7-year fixed rate senior notes 500 6-year fixed-to-floating rate senior notes 500 5-year fixed rate senior notes 500 4-year fixed-to-floating rate senior notes 500 4-year floating rate senior notes 300 3-year floating rate senior notes 300 Total $4,800 In addition to the long-term debt issuances presented above, outstanding FHLB advances increased $1.0 billion, direct finance leases increased $530 million, senior note maturities totaled $750 million, and subordinated note maturities totaled $314 million during 2018. The Company had no additional material issuances, advances, repurchases, terminations, or extinguishments of long-term debt during the year. Restrictive provisions of several long-term debt agreements prevent the Company from creating liens on, disposing of, or issuing (except to related parties) voting stock of subsidiaries. Furthermore, there are restrictions on mergers, consolidations, certain leases, sales or transfers of assets,minimumshareholders’ equity, and maximum borrowings by the Company. At December 31, 2018, the Company was in compliance with all covenants and provisions of long-term debt agreements. As currently defined by federal bank regulators, long-term debt of $1.5 billion and $1.6 billion qualified as Tier 2 capital at December 31, 2018 and 2017, respectively. See Note 15, “Capital,” for additional information regarding regulatory capital adequacy requirements for the Company and the Bank. The Company does not consolidate certain wholly-owned trusts which were formed for the sole purpose of issuing trust preferred securities. The proceeds from the trust preferred securities issuances were invested in junior subordinated debentures of the Parent Company. The obligations of these debentures constitute a full and unconditional guarantee by the Parent Company of the trust preferred securities. Contractual Commitments In the normal course of business, the Company enters into certain contractual commitments. These commitments include obligations to make future payments on the Company’s borrowings, partnership investments, and lease arrangements, as well as commitments to lend to clients and to fund capital expenditures and service contracts. The following table presents the Company’s significant contractual commitments at December 31, 2018, except for long-termdebt and short-termborrowings (presented in thisNote above), operating leases (disclosed in Note 9, “Premises, Property, and Equipment”), UTBs (disclosed in Note 16, “Income Taxes”), and pension and other postretirement benefit plans (disclosed in Note 17, “Employee Benefit Plans”). Capital lease obligations were immaterial at December 31, 2018 and are not presented in the table. Payments Due by Period at December 31, 2018 (Dollars in millions) 2019 2020 2021 2022 2023 Thereafter Total Unfunded lending commitments $26,122 $8,670 $11,495 $14,678 $22,421 $12,538 $95,924 Consumer and other time deposits 1, 2 7,781 3,262 758 918 363 2,273 15,355 Brokered time deposits 1 168 238 241 194 152 52 1,045 Purchase obligations 3 249 234 63 64 58 244 912 Commitments to fund tax credit investments 4 702 — — — — — 702 1 Amounts do not include interest. 2 The aggregate amount of time deposit accounts in denominations of $250,000 or more was $4.5 billion and $3.2 billion at December 31, 2018 and 2017, respectively. 3 For legally binding purchase obligations of $5 million or more, amounts include either termination fees under the associated contracts when early termination provisions exist, or the total potential obligation over the full contractual term for noncancelable purchase obligations. Payments made towards the purchase of goods or services under these contracts totaled $499 million, $395 million, and $236 million in 2018, 2017, and 2016, respectively. 4 Commitments to fund investments in affordable housing and other partnerships do not have defined funding dates as certain criteria must be met before the Company is obligated to fund. Accordingly, these commitments are considered to be due on demand for presentation purposes. See Note 12, “Certain Transfers of Financial Assets and Variable Interest Entities,” for additional information.