|
Long-term Debt (Tables)
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12 Months Ended |
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Dec. 31, 2011
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| Long-term Debt, Unclassified [Abstract] |
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| Balance of Long-term Debt [Table Text Block] |
The table below presents the balance of long-term debt at December 31, 2011 and 2010, and the related contractual rates and maturity dates at December 31, 2011.
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December 31 |
(Dollars in millions) |
2011 |
|
2010 |
Notes issued by Bank of America Corporation |
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Senior notes: |
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Fixed, with a weighted-average rate of 4.81%, ranging from 1.42% to 7.85%, due 2012 to 2043 |
$ |
95,199 |
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|
$ |
85,157 |
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Floating, with a weighted-average rate of 1.46%, ranging from 0.23% to 6.64%, due 2012 to 2041 |
28,064 |
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|
36,162 |
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Senior structured notes |
18,920 |
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|
18,796 |
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Subordinated notes: |
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Fixed, with a weighted-average rate of 5.39%, ranging from 1.80% to 10.20%, due 2012 to 2038 |
24,509 |
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26,553 |
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Floating, with a weighted-average rate of 2.02%, ranging from 0.12% to 5.06%, due 2016 to 2019 |
704 |
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|
705 |
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Junior subordinated notes (related to trust preferred securities): |
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Fixed, with a weighted-average rate of 6.93%, ranging from 5.25% to 11.45%, due 2026 to 2055 |
12,859 |
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15,709 |
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Floating, with a weighted-average rate of 1.14%, ranging from 0.80% to 3.81%, due 2027 to 2056 |
1,165 |
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3,514 |
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Total notes issued by Bank of America Corporation |
181,420 |
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186,596 |
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Notes issued by Merrill Lynch & Co., Inc. and subsidiaries |
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Senior notes: |
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Fixed, with a weighted-average rate of 5.64%, ranging from 1.10% to 17.61%, due 2012 to 2037 |
41,103 |
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43,495 |
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Floating, with a weighted-average rate of 1.77%, ranging from 0.03% to 5.18%, due 2012 to 2044 |
18,480 |
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27,447 |
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Senior structured notes |
27,578 |
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|
38,891 |
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Subordinated notes: |
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Fixed, with a weighted-average rate of 6.04%, ranging from 2.61% to 8.13%, due 2016 to 2038 |
11,454 |
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9,423 |
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Floating, with a weighted-average rate of 1.59%, ranging from 0.98% to 2.89%, due 2017 to 2026 |
1,207 |
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1,935 |
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Junior subordinated notes (related to trust preferred securities): |
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Fixed, with a weighted-average rate of 6.91%, ranging from 6.45% to 7.38%, due 2048 to perpetual |
3,600 |
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3,576 |
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Other long-term debt |
701 |
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|
986 |
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Total notes issued by Merrill Lynch & Co., Inc. and subsidiaries |
104,123 |
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125,753 |
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Notes issued by Bank of America, N.A. and other subsidiaries |
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Senior notes: |
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Fixed, with a weighted-average rate of 5.06%, ranging from 4.00% to 7.61%, due 2012 to 2027 |
164 |
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|
169 |
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Floating, with a weighted-average rate of 0.28%, ranging from 0.21% to 0.77%, due 2012 to 2051 |
8,029 |
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12,562 |
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Senior structured notes |
— |
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1,319 |
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Subordinated notes: |
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Fixed, with a weighted-average rate of 5.68%, ranging from 5.30% to 6.10%, due 2016 to 2036 |
5,273 |
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5,194 |
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Floating, with a weighted-average rate of 0.83%, ranging from 0.37% to 0.85%, due 2016 to 2019 |
1,401 |
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2,023 |
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Total notes issued by Bank of America, N.A. and other subsidiaries |
14,867 |
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21,267 |
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Other debt |
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Senior structured notes |
1,187 |
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— |
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Subordinated notes: |
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Fixed, with a weighted average rate of 6.87%, ranging from 6.63% to 7.13%, due 2012 |
983 |
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— |
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Advances from Federal Home Loan Banks: |
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Fixed, with a weighted-average rate of 3.42%, ranging from 0.95% to 7.72%, due 2012 to 2034 |
18,798 |
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41,001 |
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Other |
1,833 |
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2,801 |
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Total other debt |
22,801 |
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43,802 |
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Total long-term debt excluding consolidated VIEs |
323,211 |
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|
377,418 |
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Long-term debt of consolidated VIEs |
49,054 |
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|
71,013 |
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Total long-term debt |
$ |
372,265 |
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$ |
448,431 |
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| Schedule of Maturities of Long-term Debt [Table Text Block] |
The table below represents the carrying value for aggregate annual maturities of long-term debt at December 31, 2011.
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Long-term Debt by Maturity |
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(Dollars in millions) |
2012 |
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2013 |
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2014 |
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2015 |
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2016 |
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Thereafter |
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Total |
Bank of America Corporation |
$ |
43,877 |
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$ |
9,967 |
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$ |
19,166 |
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$ |
13,895 |
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$ |
20,575 |
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$ |
73,940 |
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$ |
181,420 |
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Merrill Lynch & Co., Inc. and subsidiaries |
22,494 |
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16,579 |
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17,784 |
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4,415 |
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3,897 |
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38,954 |
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104,123 |
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Bank of America, N.A. and other subsidiaries |
5,776 |
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— |
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29 |
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— |
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1,134 |
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7,928 |
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14,867 |
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Other debt |
13,738 |
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4,888 |
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1,658 |
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380 |
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15 |
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2,122 |
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22,801 |
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Total long-term debt excluding consolidated VIEs |
85,885 |
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31,434 |
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38,637 |
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18,690 |
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25,621 |
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122,944 |
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323,211 |
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Long-term debt of consolidated VIEs |
11,530 |
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14,353 |
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9,201 |
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1,330 |
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2,898 |
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9,742 |
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49,054 |
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Total long-term debt |
$ |
97,415 |
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$ |
45,787 |
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$ |
47,838 |
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$ |
20,020 |
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$ |
28,519 |
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$ |
132,686 |
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$ |
372,265 |
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| Schedule of Negotiated Exchanges [Table Text Block] |
The table below lists each series of Trust Securities or HITS, and the corresponding aggregate liquidation preference covered by the Exchange Agreements.
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Negotiated Exchanges |
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Aggregate Liquidation Amount Exchanged |
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(Dollars in millions) |
HITS |
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Trust XIII |
$ |
559 |
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Trust XIV |
358 |
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Trust Securities |
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BAC Capital Trust I |
1 |
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BAC Capital Trust II |
2 |
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BAC Capital Trust III |
1 |
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BAC Capital Trust IV |
8 |
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BAC Capital Trust V |
4 |
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BAC Capital Trust VI |
823 |
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BAC Capital Trust VII (1)
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1,114 |
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BAC Capital Trust VIII |
4 |
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BAC Capital Trust X |
9 |
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BAC Capital Trust XI |
198 |
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BAC Capital Trust XV |
446 |
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NB Capital Trust II |
76 |
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NB Capital Trust III |
269 |
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NB Capital Trust IV |
73 |
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Fleet Capital Trust II |
47 |
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Bank of America Capital III |
226 |
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Fleet Capital Trust V |
142 |
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BankBoston Capital Trust III |
136 |
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BankBoston Capital Trust IV |
95 |
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MBNA Capital B |
165 |
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Total exchanged |
$ |
4,756 |
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| Summary Of Outstanding Trust And Hybrid Securities And Related Notes Text Block [Table Text Block] |
The Trust Securities Summary table details the outstanding Trust Securities, HITS and the related Notes previously issued which remained outstanding at December 31, 2011, as originated by Bank of America Corporation and its predecessor companies and subsidiaries, after consideration of the exchange agreements. For additional information on Trust Securities for regulatory capital purposes, see Note 18 – Regulatory Requirements and Restrictions.
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Trust Securities Summary |
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(Dollars in millions) |
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Issuer |
Issuance Date |
|
Aggregate
Principal
Amount
of Trust
Securities
|
|
Aggregate
Principal
Amount
of the
Notes
|
Stated Maturity
of the Notes
|
Per Annum Interest
Rate of the Notes
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Interest Payment
Dates
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Redemption Period |
Bank of America |
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Capital Trust I |
December 2001 |
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$ |
574 |
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$ |
592 |
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December 2031 |
7.00 |
% |
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3/15,6/15,9/15,12/15 |
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On or after 12/15/06 |
Capital Trust II |
January 2002 |
|
898 |
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926 |
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February 2032 |
7.00 |
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2/1,5/1,8/1,11/1 |
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On or after 2/01/07 |
Capital Trust III |
August 2002 |
|
500 |
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516 |
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August 2032 |
7.00 |
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2/15,5/15,8/15,11/15 |
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On or after 8/15/07 |
Capital Trust IV |
April 2003 |
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367 |
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379 |
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May 2033 |
5.88 |
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2/1,5/1,8/1,11/1 |
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On or after 5/01/08 |
Capital Trust V |
November 2004 |
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514 |
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530 |
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November 2034 |
6.00 |
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2/3,5/3,8/3,11/3 |
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On or after 11/03/09 |
Capital Trust VI |
March 2005 |
|
177 |
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208 |
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March 2035 |
5.63 |
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3/8,9/8 |
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Any time |
Capital Trust VII (1)
|
August 2005 |
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260 |
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258 |
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August 2035 |
5.25 |
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2/10,8/10 |
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Any time |
Capital Trust VIII |
August 2005 |
|
526 |
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542 |
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August 2035 |
6.00 |
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2/25,5/25,8/25,11/25 |
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On or after 8/25/10 |
Capital Trust X |
March 2006 |
|
891 |
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919 |
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March 2055 |
6.25 |
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3/29,6/29,9/29,12/29 |
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On or after 3/29/11 |
Capital Trust XI |
May 2006 |
|
802 |
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833 |
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May 2036 |
6.63 |
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5/23,11/23 |
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Any time |
Capital Trust XII |
August 2006 |
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863 |
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890 |
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August 2055 |
6.88 |
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2/2,5/2,8/2,11/2 |
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On or after 8/02/11 |
Capital Trust XIII |
February 2007 |
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141 |
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141 |
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March 2043 |
3-mo. LIBOR +40 bps |
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3/15,6/15,9/15,12/15 |
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On or after 3/15/17 |
Capital Trust XIV |
February 2007 |
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492 |
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492 |
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March 2043 |
5.63 |
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3/15,9/15 |
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On or after 3/15/17 |
Capital Trust XV |
May 2007 |
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54 |
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54 |
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June 2056 |
3-mo. LIBOR +80 bps |
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3/1,6/1,9/1,12/1 |
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On or after 6/01/37 |
NationsBank |
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Capital Trust II |
December 1996 |
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289 |
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300 |
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December 2026 |
7.83 |
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6/15,12/15 |
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On or after 12/15/06 |
Capital Trust III |
February 1997 |
|
231 |
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246 |
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January 2027 |
3-mo. LIBOR +55 bps |
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1/15,4/15,7/15,10/15 |
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On or after 1/15/07 |
Capital Trust IV |
April 1997 |
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427 |
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442 |
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April 2027 |
8.25 |
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4/15,10/15 |
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On or after 4/15/07 |
BankAmerica |
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Institutional Capital A |
November 1996 |
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450 |
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464 |
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December 2026 |
8.07 |
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6/30,12/31 |
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On or after 12/31/06 |
Institutional Capital B |
November 1996 |
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300 |
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309 |
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December 2026 |
7.70 |
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6/30,12/31 |
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On or after 12/31/06 |
Capital II |
December 1996 |
|
450 |
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464 |
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December 2026 |
8.00 |
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6/15,12/15 |
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On or after 12/15/06 |
Capital III |
January 1997 |
|
174 |
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186 |
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January 2027 |
3-mo. LIBOR +57 bps |
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1/15,4/15,7/15,10/15 |
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On or after 1/15/02 |
Barnett |
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Capital III |
January 1997 |
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250 |
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258 |
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February 2027 |
3-mo. LIBOR +62.5 bps |
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2/1,5/1,8/1,11/1 |
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On or after 2/01/07 |
Fleet |
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Capital Trust II |
December 1996 |
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203 |
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211 |
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December 2026 |
7.92 |
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6/15,12/15 |
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On or after 12/15/06 |
Capital Trust V |
December 1998 |
|
108 |
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116 |
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December 2028 |
3-mo. LIBOR +100 bps |
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3/18,6/18,9/18,12/18 |
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On or after 12/18/03 |
Capital Trust VIII |
March 2002 |
|
534 |
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550 |
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March 2032 |
7.20 |
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3/15,6/15,9/15,12/15 |
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On or after 3/08/07 |
Capital Trust IX |
July 2003 |
|
175 |
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180 |
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August 2033 |
6.00 |
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2/1,5/1,8/1,11/1 |
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On or after 7/31/08 |
BankBoston |
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Capital Trust III |
June 1997 |
|
114 |
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122 |
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June 2027 |
3-mo. LIBOR +75 bps |
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3/15,6/15,9/15,12/15 |
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On or after 6/15/07 |
Capital Trust IV |
June 1998 |
|
155 |
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163 |
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June 2028 |
3-mo. LIBOR +60 bps |
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3/8,6/8,9/8,12/8 |
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On or after 6/08/03 |
Progress |
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Capital Trust I |
June 1997 |
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9 |
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9 |
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June 2027 |
10.50 |
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6/1,12/1 |
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On or after 6/01/07 |
Capital Trust II |
July 2000 |
|
6 |
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6 |
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July 2030 |
11.45 |
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1/19,7/19 |
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On or after 7/19/10 |
Capital Trust III |
November 2002 |
|
10 |
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|
10 |
|
November 2032 |
3-mo. LIBOR +335 bps |
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2/15,5/15,8/15,11/15 |
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On or after 11/15/07 |
Capital Trust IV |
December 2002 |
|
5 |
|
|
5 |
|
January 2033 |
3-mo. LIBOR +335 bps |
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1/7,4/7,7/7,10/7 |
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On or after 1/07/08 |
MBNA |
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Capital Trust A |
December 1996 |
|
250 |
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|
258 |
|
December 2026 |
8.28 |
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6/1,12/1 |
|
On or after 12/01/06 |
Capital Trust B |
January 1997 |
|
115 |
|
|
124 |
|
February 2027 |
3-mo. LIBOR +80 bps |
|
|
2/1,5/1,8/1,11/1 |
|
On or after 2/01/07 |
Capital Trust D |
June 2002 |
|
300 |
|
|
309 |
|
October 2032 |
8.13 |
|
|
1/1,4/1,7/1,10/1 |
|
On or after 10/01/07 |
Capital Trust E |
November 2002 |
|
200 |
|
|
206 |
|
February 2033 |
8.10 |
|
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2/15,5/15,8/15,11/15 |
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On or after 2/15/08 |
ABN AMRO North America |
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Series I |
May 2001 |
|
77 |
|
|
77 |
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Perpetual |
3-mo. LIBOR +175 bps |
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2/15,5/15,8/15,11/15 |
|
On or after 11/08/12 |
Series II |
May 2001 |
|
77 |
|
|
77 |
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Perpetual |
3-mo. LIBOR +175 bps |
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3/15,6/15,9/15,12/15 |
|
On or after 11/08/12 |
Series III |
May 2001 |
|
77 |
|
|
77 |
|
Perpetual |
3-mo. LIBOR +175 bps |
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1/15,4/15,7/15,10/15 |
|
On or after 11/08/12 |
Series IV |
May 2001 |
|
77 |
|
|
77 |
|
Perpetual |
3-mo. LIBOR +175 bps |
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2/28,5/30,8/30,11/30 |
|
On or after 11/08/12 |
Series V |
May 2001 |
|
77 |
|
|
77 |
|
Perpetual |
3-mo. LIBOR +175 bps |
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3/30,6/30,9/30,12/30 |
|
On or after 11/08/12 |
Series VI |
May 2001 |
|
77 |
|
|
77 |
|
Perpetual |
3-mo. LIBOR +175 bps |
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1/30,4/30,7/30,10/30 |
|
On or after 11/08/12 |
Series VII |
May 2001 |
|
88 |
|
|
88 |
|
Perpetual |
3-mo. LIBOR +175 bps |
|
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3/15,6/15,9/15,12/15 |
|
On or after 11/08/12 |
Series IX |
June 2001 |
|
70 |
|
|
70 |
|
Perpetual |
3-mo. LIBOR +175 bps |
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3/5,6/5,9/5,12/5 |
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On or after 11/08/12 |
Series X |
June 2001 |
|
53 |
|
|
53 |
|
Perpetual |
3-mo. LIBOR +175 bps |
|
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3/12,6/12,9/12,12/12 |
|
On or after 11/08/12 |
Series XI |
June 2001 |
|
27 |
|
|
27 |
|
Perpetual |
3-mo. LIBOR +175 bps |
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3/26,6/26,9/26,12/26 |
|
On or after 11/08/12 |
Series XII |
June 2001 |
|
80 |
|
|
80 |
|
Perpetual |
3-mo. LIBOR +175 bps |
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1/10,4/10,7/10,10/10 |
|
On or after 11/08/12 |
Series XIII |
June 2001 |
|
70 |
|
|
70 |
|
Perpetual |
3-mo. LIBOR +175 bps |
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1/24,4/24,7/24,10/24 |
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On or after 11/08/12 |
LaSalle |
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|
|
|
|
|
|
Series I |
August 2000 |
|
491 |
|
|
491 |
|
Perpetual |
3-mo. LIBOR +105.5 bps
thereafter |
|
|
3/15,6/15,9/15,12/15 |
|
On or after 9/15/10 |
Series J |
September 2000 |
|
94 |
|
|
94 |
|
Perpetual |
3-mo. LIBOR +105.5 bps
thereafter |
|
|
3/15,6/15,9/15,12/15 |
|
On or after 9/15/10 |
Countrywide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital III |
June 1997 |
|
200 |
|
|
206 |
|
June 2027 |
8.05 |
|
|
6/15,12/15 |
|
Only under special event |
Capital IV |
April 2003 |
|
500 |
|
|
515 |
|
April 2033 |
6.75 |
|
|
1/1,4/1,7/1,10/1 |
|
On or after 4/11/08 |
Capital V |
November 2006 |
|
1,495 |
|
|
1,496 |
|
November 2036 |
7.00 |
|
|
2/1,5/1,8/1,11/1 |
|
On or after 11/01/11 |
Merrill Lynch |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Capital Trust III |
January 1998 |
|
750 |
|
|
900 |
|
Perpetual |
7.00 |
|
|
3/30,6/30,9/30,12/30 |
|
On or after 3/08 |
Preferred Capital Trust IV |
June 1998 |
|
400 |
|
|
480 |
|
Perpetual |
7.12 |
|
|
3/30,6/30,9/30,12/30 |
|
On or after 6/08 |
Preferred Capital Trust V |
November 1998 |
|
850 |
|
|
1,021 |
|
Perpetual |
7.28 |
|
|
3/30,6/30,9/30,12/30 |
|
On or after 9/08 |
Capital Trust I |
December 2006 |
|
1,050 |
|
|
1,051 |
|
December 2066 |
6.45 |
|
|
3/15,6/15,9/15,12/15 |
|
On or after 12/11 |
Capital Trust II |
May 2007 |
|
950 |
|
|
951 |
|
June 2062 |
6.45 |
|
|
3/15,6/15,9/15,12/15 |
|
On or after 6/12 |
Capital Trust III |
August 2007 |
|
750 |
|
|
751 |
|
September 2062 |
7.375 |
|
|
3/15,6/15,9/15,12/15 |
|
On or after 9/12 |
Total |
|
|
$ |
20,194 |
|
|
$ |
21,024 |
|
|
|
|
|
|
|
|
|
|
(1) |
Notes were denominated in British Pound. Presentation currency is U.S. Dolla |
|