Long-term Debt (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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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, 2015 and 2014, and the related contractual rates and maturity dates as of December 31, 2015.
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December 31 |
(Dollars in millions) |
2015 |
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2014 |
Notes issued by Bank of America Corporation |
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Senior notes: |
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Fixed, with a weighted-average rate of 4.55%, ranging from 1.25% to 8.40%, due 2016 to 2045 |
$ |
109,861 |
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$ |
113,037 |
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Floating, with a weighted-average rate of 1.38%, ranging from 0.11% to 5.07%, due 2016 to 2044 |
13,900 |
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14,590 |
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Senior structured notes |
17,548 |
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|
22,168 |
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Subordinated notes: |
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Fixed, with a weighted-average rate of 5.19%, ranging from 2.40% to 8.57%, due 2016 to 2045 |
27,216 |
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23,246 |
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Floating, with a weighted-average rate of 0.94%, ranging from 0.43% to 2.68%, due 2016 to 2026 |
5,029 |
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5,455 |
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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 2067 |
5,295 |
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6,722 |
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Floating, with a weighted-average rate of 1.08%, ranging from 0.87% to 1.53%, due 2027 to 2056 |
553 |
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553 |
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Total notes issued by Bank of America Corporation |
179,402 |
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185,771 |
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Notes issued by Bank of America, N.A. |
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Senior notes: |
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Fixed, with a weighted-average rate of 1.57%, ranging from 1.13% to 2.05%, due 2016 to 2018 |
7,483 |
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2,740 |
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Floating, with a weighted-average rate of 1.13%, ranging from 0.43% to 3.30%, due 2016 to 2041 |
4,942 |
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3,028 |
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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 |
4,815 |
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4,921 |
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Floating, with a weighted-average rate of 0.80%, ranging from 0.79% to 0.81%, 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 2016 to 2034 |
172 |
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183 |
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Floating, with a weighted-average rate of 0.41%, ranging from 0.35% to 0.63%, due 2016 |
6,000 |
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10,500 |
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Securitizations and other BANA VIEs |
9,756 |
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9,882 |
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Other |
2,985 |
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2,811 |
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Total notes issued by Bank of America, N.A. |
37,554 |
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35,466 |
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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 |
30 |
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1 |
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Floating |
— |
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21 |
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Structured liabilities |
14,974 |
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15,971 |
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Junior subordinated notes (related to trust preferred securities): |
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Fixed |
— |
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340 |
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Floating |
— |
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66 |
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Nonbank VIEs |
4,317 |
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3,425 |
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Other |
487 |
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2,078 |
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Total other debt |
19,808 |
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21,902 |
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Total long-term debt |
$ |
236,764 |
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$ |
243,139 |
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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) |
2016 |
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2017 |
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2018 |
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2019 |
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2020 |
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Thereafter |
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Total |
Bank of America Corporation |
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Senior notes |
$ |
16,777 |
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$ |
18,303 |
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$ |
20,211 |
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$ |
16,820 |
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$ |
11,351 |
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$ |
40,299 |
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$ |
123,761 |
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Senior structured notes |
4,230 |
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2,352 |
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1,942 |
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1,374 |
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955 |
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6,695 |
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17,548 |
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Subordinated notes |
4,861 |
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4,885 |
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2,677 |
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1,479 |
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3 |
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18,340 |
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32,245 |
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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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5,848 |
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5,848 |
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Total Bank of America Corporation |
25,868 |
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25,540 |
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24,830 |
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19,673 |
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12,309 |
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71,182 |
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179,402 |
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Bank of America, N.A. |
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Senior notes |
3,048 |
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3,648 |
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5,709 |
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— |
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— |
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20 |
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12,425 |
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Subordinated notes |
1,056 |
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3,447 |
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— |
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1 |
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— |
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1,712 |
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6,216 |
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Advances from Federal Home Loan Banks |
6,003 |
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10 |
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10 |
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15 |
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12 |
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122 |
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6,172 |
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Securitizations and other Bank VIEs (1)
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1,290 |
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3,550 |
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2,300 |
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2,450 |
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— |
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166 |
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9,756 |
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Other |
53 |
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2,713 |
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76 |
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85 |
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30 |
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28 |
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2,985 |
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Total Bank of America, N.A. |
11,450 |
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13,368 |
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8,095 |
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2,551 |
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42 |
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2,048 |
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37,554 |
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Other debt |
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Senior notes |
— |
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1 |
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— |
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— |
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— |
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29 |
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30 |
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Structured liabilities |
3,110 |
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2,029 |
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1,175 |
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882 |
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1,034 |
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6,744 |
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14,974 |
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Nonbank VIEs (1)
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2,506 |
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240 |
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42 |
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22 |
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— |
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1,507 |
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4,317 |
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Other |
400 |
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57 |
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— |
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— |
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— |
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30 |
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487 |
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Total other debt |
6,016 |
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2,327 |
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1,217 |
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904 |
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1,034 |
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8,310 |
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19,808 |
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Total long-term debt |
$ |
43,334 |
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$ |
41,235 |
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$ |
34,142 |
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$ |
23,128 |
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$ |
13,385 |
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$ |
81,540 |
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$ |
236,764 |
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(1) |
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, 2015.
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Trust Securities Summary |
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(Dollars in millions) |
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December 31, 2015 |
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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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$ |
27 |
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$ |
27 |
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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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6 |
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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 |
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 (2)
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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 |
|
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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$ |
6,699 |
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$ |
6,781 |
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(1) |
Notes are denominated in British Pound. Presentation currency is U.S. Dollar. |
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(2) |
Call notices for Merrill Lynch Preferred Capital Trust III, IV and V were sent on December 29, 2015 and settled on January 29, 2016. |
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