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Long-term Debt (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Debt Disclosure [Abstract] |
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| Balance of Long-term Debt |
The table below presents the balance of long-term debt at December 31, 2014 and 2013, and the related contractual rates and maturity dates as of December 31, 2014.
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December 31 |
(Dollars in millions) |
2014 |
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2013 |
Notes issued by Bank of America Corporation |
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Senior notes: |
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Fixed, with a weighted-average rate of 4.67%, ranging from 1.25% to 8.83%, due 2015 to 2044 |
$ |
113,069 |
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$ |
109,845 |
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Floating, with a weighted-average rate of 1.32%, ranging from 0.09% to 4.98%, due 2015 to 2044 |
14,559 |
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22,268 |
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Senior structured notes |
22,168 |
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30,575 |
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Subordinated notes: |
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Fixed, with a weighted-average rate of 4.91%, ranging from 0.80% to 10.20%, due 2015 to 2038 |
26,995 |
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22,379 |
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Floating, with a weighted-average rate of 0.97%, ranging from 0.01% to 3.16%, due 2016 to 2026 |
1,705 |
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1,798 |
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Junior subordinated notes (related to trust preferred securities): |
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Fixed, with a weighted-average rate of 6.78%, ranging from 5.25% to 8.05%, due 2027 to perpetual |
6,722 |
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6,685 |
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Floating, with a weighted-average rate of 0.92%, ranging from 0.78% to 1.24%, due 2027 to 2056 |
553 |
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553 |
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Total notes issued by Bank of America Corporation |
185,771 |
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194,103 |
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Notes issued by Bank of America, N.A. (1)
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Senior notes: |
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Fixed, with a weighted-average rate of 1.98%, ranging from 0.08% to 7.72%, due 2015 to 2187 |
2,893 |
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1,670 |
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Floating, with a weighted-average rate of 0.60%, ranging from 0.36% to 0.70%, due 2015 to 2041 |
5,686 |
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3,684 |
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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 |
4,921 |
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4,876 |
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Floating, with a weighted-average rate of 0.53%, ranging from 0.26% to 0.54%, due 2016 to 2019 |
1,401 |
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1,401 |
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Advances from Federal Home Loan Banks: |
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Fixed, with a weighted-average rate of 5.34%, ranging from 0.01% to 7.72%, due 2015 to 2034 |
183 |
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1,441 |
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Floating, with a weighted-average rate of 0.26%, ranging from 0.24% to 0.30%, due 2015 to 2016 |
10,500 |
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3,001 |
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Securitizations and other BANA VIEs |
9,882 |
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13,367 |
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Total notes issued by Bank of America, N.A. |
35,466 |
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29,440 |
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Other debt |
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Senior notes: |
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Fixed, with a rate of 5.50%, due 2017 to 2021 |
1 |
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194 |
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Floating, with a rate of 1.88%, due 2015 |
21 |
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115 |
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Structured liabilities |
15,971 |
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16,913 |
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Junior subordinated notes (related to trust preferred securities): |
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Fixed, with a weighted-average rate of 7.14%, ranging from 7.00% to 7.28%, perpetual |
339 |
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340 |
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Floating, with a rate of 0.86%, due 2027 |
66 |
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66 |
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Nonbank VIEs |
3,425 |
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6,081 |
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Other |
2,079 |
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2,422 |
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Total other debt |
21,902 |
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26,131 |
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Total long-term debt |
$ |
243,139 |
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$ |
249,674 |
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(1) |
On October 1, 2014, FIA Card Services, N.A. was merged into Bank of America, N.A. |
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| Schedule of Maturities of Long-term Debt |
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Long-term Debt by Maturity |
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(Dollars in millions) |
2015 |
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2016 |
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2017 |
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2018 |
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2019 |
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Thereafter |
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Total |
Bank of America Corporation |
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Senior notes |
$ |
14,905 |
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$ |
17,373 |
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$ |
18,935 |
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$ |
20,006 |
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$ |
16,206 |
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$ |
40,203 |
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$ |
127,628 |
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Senior structured notes |
5,558 |
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2,825 |
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1,791 |
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1,885 |
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1,526 |
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8,583 |
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22,168 |
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Subordinated notes |
1,221 |
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5,074 |
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5,219 |
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2,951 |
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1,580 |
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12,655 |
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28,700 |
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Junior subordinated notes |
— |
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— |
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— |
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— |
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— |
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7,275 |
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7,275 |
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Total Bank of America Corporation |
21,684 |
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25,272 |
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25,945 |
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24,842 |
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19,312 |
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68,716 |
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185,771 |
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Bank of America, N.A. (1)
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Senior notes |
777 |
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2,498 |
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5,162 |
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— |
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19 |
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123 |
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8,579 |
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Subordinated notes |
— |
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1,069 |
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3,553 |
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— |
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1 |
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1,699 |
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6,322 |
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Advances from Federal Home Loan Banks |
4,503 |
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6,003 |
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10 |
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10 |
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16 |
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141 |
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10,683 |
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Securitizations and other Bank VIEs (2)
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1,151 |
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1,298 |
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3,554 |
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— |
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2,450 |
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1,429 |
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9,882 |
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Total Bank of America, N.A. |
6,431 |
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10,868 |
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12,279 |
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10 |
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2,486 |
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3,392 |
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35,466 |
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Other debt |
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Senior notes |
21 |
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— |
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1 |
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— |
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— |
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— |
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22 |
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Structured liabilities |
2,314 |
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2,133 |
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2,296 |
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1,281 |
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1,027 |
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6,920 |
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15,971 |
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Junior subordinated notes |
— |
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— |
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— |
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— |
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— |
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405 |
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405 |
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Nonbank VIEs (2)
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20 |
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348 |
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255 |
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102 |
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27 |
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2,673 |
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3,425 |
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Other |
254 |
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927 |
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429 |
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45 |
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4 |
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420 |
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2,079 |
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Total other debt |
2,609 |
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3,408 |
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2,981 |
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1,428 |
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1,058 |
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10,418 |
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21,902 |
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Total long-term debt |
$ |
30,724 |
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$ |
39,548 |
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$ |
41,205 |
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$ |
26,280 |
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$ |
22,856 |
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$ |
82,526 |
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$ |
243,139 |
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(1) |
On October 1, 2014, FIA Card Services, N.A. was merged into Bank of America, N.A. |
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(2) |
Represents the total long-term debt included in the liabilities of consolidated VIEs on the Consolidated Balance Sheet. |
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| 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, 2014. For more information on Trust Securities for regulatory capital purposes, see Note 16 – Regulatory Requirements and Restrictions.
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Trust Securities Summary |
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(Dollars in millions) |
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December 31, 2014 |
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Issuer |
Issuance Date |
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Aggregate
Principal
Amount
of Trust
Securities
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Aggregate
Principal
Amount
of the
Notes
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Stated Maturity
of the Trust Securities
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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 VI |
March 2005 |
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$ |
36 |
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$ |
37 |
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March 2035 |
5.63 |
% |
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Semi-Annual |
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Any time |
Capital Trust VII (1)
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August 2005 |
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7 |
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7 |
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August 2035 |
5.25 |
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Semi-Annual |
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Any time |
Capital Trust VIII |
August 2005 |
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524 |
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540 |
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August 2035 |
6.00 |
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Quarterly |
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On or after 8/25/10 |
Capital Trust XI |
May 2006 |
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658 |
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678 |
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May 2036 |
6.63 |
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Semi-Annual |
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Any time |
Capital Trust XV |
May 2007 |
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1 |
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1 |
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June 2056 |
3-mo. LIBOR +80 bps |
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Quarterly |
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On or after 6/01/37 |
NationsBank |
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Capital Trust III |
February 1997 |
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131 |
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136 |
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January 2027 |
3-mo. LIBOR +55 bps |
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Quarterly |
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On or after 1/15/07 |
BankAmerica |
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Capital III |
January 1997 |
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103 |
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106 |
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January 2027 |
3-mo. LIBOR +57 bps |
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Quarterly |
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On or after 1/15/02 |
Barnett |
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Capital III |
January 1997 |
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64 |
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66 |
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February 2027 |
3-mo. LIBOR +62.5 bps |
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Quarterly |
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On or after 2/01/07 |
Fleet |
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Capital Trust V |
December 1998 |
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79 |
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82 |
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December 2028 |
3-mo. LIBOR +100 bps |
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Quarterly |
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On or after 12/18/03 |
BankBoston |
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Capital Trust III |
June 1997 |
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53 |
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55 |
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June 2027 |
3-mo. LIBOR +75 bps |
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Quarterly |
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On or after 6/15/07 |
Capital Trust IV |
June 1998 |
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102 |
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106 |
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June 2028 |
3-mo. LIBOR +60 bps |
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Quarterly |
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On or after 6/08/03 |
MBNA |
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Capital Trust B |
January 1997 |
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70 |
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73 |
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February 2027 |
3-mo. LIBOR +80 bps |
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Quarterly |
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On or after 2/01/07 |
Countrywide |
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Capital III |
June 1997 |
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200 |
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206 |
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June 2027 |
8.05 |
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Semi-Annual |
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Only under special event |
Capital IV |
April 2003 |
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500 |
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515 |
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April 2033 |
6.75 |
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Quarterly |
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On or after 4/11/08 |
Capital V |
November 2006 |
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1,495 |
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1,496 |
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November 2036 |
7.00 |
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Quarterly |
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On or after 11/01/11 |
Merrill Lynch |
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Preferred Capital Trust III |
January 1998 |
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750 |
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901 |
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Perpetual |
7.00 |
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Quarterly |
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On or after 3/08 |
Preferred Capital Trust IV |
June 1998 |
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400 |
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480 |
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Perpetual |
7.12 |
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Quarterly |
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On or after 6/08 |
Preferred Capital Trust V |
November 1998 |
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850 |
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1,021 |
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Perpetual |
7.28 |
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Quarterly |
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On or after 9/08 |
Capital Trust I |
December 2006 |
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1,050 |
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1,051 |
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December 2066 |
6.45 |
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Quarterly |
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On or after 12/11 |
Capital Trust II |
May 2007 |
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950 |
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951 |
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June 2067 |
6.45 |
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Quarterly |
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On or after 6/12 |
Capital Trust III |
August 2007 |
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750 |
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751 |
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September 2067 |
7.375 |
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Quarterly |
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On or after 9/12 |
Total |
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$ |
8,773 |
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$ |
9,259 |
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(1) |
Notes are denominated in British Pound. Presentation currency is U.S. Dollar. |
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