BB&T 2013 Annual Report Download - page 126

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126
U.S. equity securities include 3.7 million shares of BB&T common stock valued at $138 million and $107 million at
December 31, 2013 and 2012, respectively. International equity securities include a common/commingled fund that consists
of assets from several accounts, pooled together, to reduce management and administration costs. Total plan assets exclude
accrued income of $26 million and $18 million at December 31, 2013 and 2012, respectively.
The following table presents the activity for Level 3 plan assets, all of which are in alternative investments:
Years Ended December 31,
2013 2012 2011
(Dollars in millions)
Balance at beginning of year $ 98 $ 99 $ 124
Actual return on plan assets 11 7 9
Purchases, sales and settlements (8) (8) (34)
Balance at end of year $ 101 $ 98 $ 99
Defined Contribution Plans
BB&T offers a 401(k) Savings Plan and other defined contribution plans that permit employees to contribute from 1% to
50% of their cash compensation. For full-time employees who are 21 years of age or older with one year or more of service,
BB&T makes matching contributions of up to 6% of the employee's compensation. BB&T's contribution to the 401(k)
Savings Plan and nonqualified defined contribution plans totaled $102 million, $97 million and $85 million for the years
ended December 31, 2013, 2012 and 2011, respectively. BB&T also offers defined contribution plans to certain employees of
subsidiaries who do not participate in the 401(k) Savings Plan.
Other benefits
There are various other employment contracts, deferred compensation arrangements and covenants not to compete with
selected members of management and certain retirees. These plans and their obligations are not material to the financial
statements.
NOTE 14. Commitments and Contingencies
BB&T utilizes a variety of financial instruments to meet the financing needs of clients and to reduce exposure to fluctuations
in interest rates. These financial instruments include commitments to extend credit, letters of credit and financial guarantees
and derivatives. BB&T also has commitments to fund certain affordable housing investments and contingent liabilities
related to certain sold loans.
Commitments to extend, originate or purchase credit are primarily lines of credit to businesses and consumers and have
specified rates and maturity dates. Many of these commitments also have adverse change clauses, which allow BB&T to
cancel the commitment due to deterioration in the borrowers’ creditworthiness.
December 31,
2013 2012
(Dollars in millions)
Letters of credit and financial guarantees written $ 4,355 $ 5,164
Carrying amount of the liability for letter of credit guarantees 39 30
Investments related to affordable housing and historic building rehabilitation projects 1,302 1,223
Amount of future funding commitments included in investments related to affordable
housing and historic rehabilitation projects 464 461
Lending exposure to these affordable housing projects 151 87
Tax credits subject to recapture related to affordable housing projects 250 193
Investments in private equity and similar investments 291 323
Future funding commitments to private equity and similar investments 245 129