Annual report pursuant to Section 13 and 15(d)

Long-term Debt (Tables)

v3.8.0.1
Long-term Debt (Tables)
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Balance of Long-term Debt
The table below presents the balance of long-term debt at December 31, 2017 and 2016, and the related contractual rates and maturity dates as of December 31, 2017.
 
 
 
 
 
December 31
(Dollars in millions)
2017
 
2016
Notes issued by Bank of America Corporation
 

 
 

Senior notes:
 

 
 

Fixed, with a weighted-average rate of 3.64%, ranging from 0.39% to 8.40%, due 2018 to 2048
$
119,548

 
$
108,933

Floating, with a weighted-average rate of 1.54%, ranging from 0.04% to 6.13%, due 2018 to 2044
21,048

 
13,164

Senior structured notes
15,460

 
17,049

Subordinated notes:
 
 
 
Fixed, with a weighted-average rate of 4.90%, ranging from 2.94% to 8.57%, due 2018 to 2045
22,004

 
26,047

Floating, with a weighted-average rate of 1.00%, ranging from 0.20% to 2.56%, due 2018 to 2026
4,058

 
4,350

Junior subordinated notes (related to trust preferred securities):
 
 
 
Fixed, with a weighted-average rate of 6.91%, ranging from 5.25% to 8.05%, due 2027 to 2067
3,282

 
3,280

Floating, with a weighted-average rate of 2.13%, ranging from 1.91% to 2.60%, due 2027 to 2056
553

 
552

Total notes issued by Bank of America Corporation
185,953

 
173,375

Notes issued by Bank of America, N.A.
 

 
 

Senior notes:
 

 
 

Fixed, with a weighted-average rate of 1.78%, ranging from 0.02% to 2.05%, due in 2018
4,686

 
5,936

Floating, with a weighted-average rate of 2.60%, ranging from 1.44% to 2.80%, due 2018 to 2041
1,033

 
3,383

Subordinated notes:
 
 
 
Fixed, with a rate of 6.00%, due in 2036
1,679

 
4,424

Floating, with a rate of 1.33%, due in 2019
1

 
598

Advances from Federal Home Loan Banks:
 
 
 
Fixed, with a weighted-average rate of 5.22%, ranging from 0.01% to 7.72%, due 2018 to 2034
146

 
162

Floating, with a weighted-average rate of 1.42%, ranging from 1.35% to 1.60%, due 2018 to 2019
5,000

 

Securitizations and other BANA VIEs (1)
8,641

 
9,164

Other
432

 
3,084

Total notes issued by Bank of America, N.A.
21,618

 
26,751

Other debt
 

 
 

Structured liabilities
18,574

 
15,171

Nonbank VIEs (1)
1,232

 
1,482

Other
25

 
44

Total other debt
19,831

 
16,697

Total long-term debt
$
227,402

 
$
216,823

(1) 
Represents the total long-term debt included in the liabilities of consolidated VIEs on the Consolidated Balance Sheet.
Schedule of Maturities of Long-term Debt
The following table shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2017. Included in the table are certain structured notes issued by the Corporation that contain provisions whereby the borrowings are redeemable at the option of the holder (put options) at specified dates prior to maturity. Other structured notes have coupon or repayment terms linked to the performance of debt or equity securities, indices, currencies or commodities, and the maturity may be accelerated based on the value of a referenced index or security. In both cases, the Corporation or a subsidiary may be required to settle the obligation for cash or other securities prior to the contractual maturity date. These borrowings are reflected in the table as maturing at their contractual maturity date.
During 2017, the Corporation had total long-term debt maturities and redemptions in the aggregate of $48.8 billion consisting of $29.1 billion for Bank of America Corporation, $13.3 billion for Bank of America, N.A. and $6.4 billion of other debt. During 2016, the Corporation had total long-term debt maturities and redemptions in the aggregate of $51.6 billion consisting of $30.6 billion for Bank of America Corporation, $11.6 billion for Bank of America, N.A. and $9.4 billion of other debt.
In December 2017, pursuant to a private offering, the Corporation exchanged $11.0 billion of outstanding long-term debt for new fixed/floating-rate senior notes, subject to certain terms and conditions. Based on the attributes of the exchange transactions, the newly issued securities are not considered substantially different, for accounting purposes, from the exchanged securities. Therefore, there was no impact to the Corporation’s results of operations as any amounts paid to debt holders were capitalized, and the premiums or discounts on the outstanding long-term debt were carried over to the new securities and will be amortized over their contractual lives using a revised effective interest rate.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt by Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
2018
 
2019
 
2020
 
2021
 
2022
 
Thereafter
 
Total
Bank of America Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
$
19,577

 
$
15,115

 
$
10,580

 
$
16,196

 
$
9,691

 
$
69,437

 
$
140,596

Senior structured notes
2,749

 
1,486

 
950

 
437

 
2,017

 
7,821

 
15,460

Subordinated notes
2,973

 
1,552

 

 
375

 
476

 
20,686

 
26,062

Junior subordinated notes

 

 

 

 

 
3,835

 
3,835

Total Bank of America Corporation
25,299

 
18,153

 
11,530

 
17,008

 
12,184

 
101,779

 
185,953

Bank of America, N.A.


 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
5,699

 

 

 

 

 
20

 
5,719

Subordinated notes

 
1

 

 

 

 
1,679

 
1,680

Advances from Federal Home Loan Banks
3,009

 
2,013

 
11

 
2

 
3

 
108

 
5,146

Securitizations and other Bank VIEs (1)
2,300

 
3,200

 
3,098

 

 

 
43

 
8,641

Other
51

 
194

 
15

 

 
9

 
163

 
432

Total Bank of America, N.A.
11,059

 
5,408

 
3,124

 
2

 
12

 
2,013

 
21,618

Other debt
 
 
 
 
 
 
 
 
 
 
 
 
 
Structured liabilities
5,677

 
2,340

 
1,545

 
870

 
803

 
7,339

 
18,574

Nonbank VIEs (1)
22

 
45

 

 

 

 
1,165

 
1,232

Other

 

 

 

 

 
25

 
25

Total other debt
5,699

 
2,385

 
1,545

 
870

 
803

 
8,529

 
19,831

Total long-term debt
$
42,057

 
$
25,946

 
$
16,199

 
$
17,880

 
$
12,999

 
$
112,321

 
$
227,402

(1)  
Represents the total long-term debt included in the liabilities of consolidated VIEs on the Consolidated Balance Sheet.
Financial Instruments Subject to Mandatory Redemption Disclosure
The Trust Securities Summary table details the outstanding Trust Securities and the related Notes previously issued which remained outstanding at December 31, 2017.
 
 
 
 
 
 
 
 
 
 
 
 
Trust Securities Summary
 
 
 
 
 
 
 
 
(Dollars in millions)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Issuer
Issuance Date
 
Aggregate Principal Amount of Trust Securities
 
Aggregate Principal Amount of the Notes
Stated Maturity
of the Trust Securities
Per Annum Interest
Rate of the Notes
 
Interest Payment
Dates
 
Redemption Period
 
 
 
December 31, 2017
 
 
 
 
 
 
Bank of America
 
 
 

 
 

 
 

 
 
 
 
Capital Trust VI
March 2005
 
$
27

 
$
27

March 2035
5.63
%
 
Semi-Annual
 
Any time
Capital Trust VII (1)
August 2005
 
6

 
6

August 2035
5.25

 
Semi-Annual
 
Any time
Capital Trust XI
May 2006
 
658

 
678

May 2036
6.63

 
Semi-Annual
 
Any time
Capital Trust XV
May 2007
 
1

 
1

June 2056
3-mo. LIBOR + 80 bps

 
Quarterly
 
On or after 6/01/37
NationsBank
 
 
 

 
 

 
 

 
 
 
 
Capital Trust III
February 1997
 
131

 
135

January 2027
3-mo. LIBOR + 55 bps

 
Quarterly
 
On or after 1/15/07
BankAmerica
 
 
 

 
 
 
 

 
 
 
 
Capital III
January 1997
 
103

 
105

January 2027
3-mo. LIBOR + 57 bps

 
Quarterly
 
On or after 1/15/02
Fleet
 
 
 

 
 

 
 

 
 
 
 
Capital Trust V
December 1998
 
79

 
82

December 2028
3-mo. LIBOR + 100 bps

 
Quarterly
 
On or after 12/18/03
BankBoston
 
 
 

 
 
 
 

 
 
 
 
Capital Trust III
June 1997
 
53

 
55

June 2027
3-mo. LIBOR + 75 bps

 
Quarterly
 
On or after 6/15/07
Capital Trust IV
June 1998
 
102

 
106

June 2028
3-mo. LIBOR + 60 bps

 
Quarterly
 
On or after 6/08/03
MBNA
 
 
 

 
 
 
 

 
 
 
 
Capital Trust B
January 1997
 
70

 
73

February 2027
3-mo. LIBOR + 80 bps

 
Quarterly
 
On or after 2/01/07
Countrywide
 
 
 

 
 
 
 

 
 
 
 
Capital III
June 1997
 
200

 
206

June 2027
8.05

 
Semi-Annual
 
Only under special event
Capital V
November 2006
 
1,495

 
1,496

November 2036
7.00

 
Quarterly
 
On or after 11/01/11
Merrill Lynch
 
 
 

 
 
 
 

 
 
 
 
Capital Trust I
December 2006
 
1,050

 
1,051

December 2066
6.45

 
Quarterly
 
On or after 12/11
Capital Trust III
August 2007
 
750

 
751

September 2067
7.375

 
Quarterly
 
On or after 9/12
Total
 
 
$
4,725

 
$
4,772

 
 

 
 
 
 
(1) 
Notes are denominated in British pound. Presentation currency is U.S. dollar.