Long-term Debt (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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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, 2017 and 2016, and the related contractual rates and maturity dates as of December 31, 2017.
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December 31 |
(Dollars in millions) |
2017 |
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2016 |
Notes issued by Bank of America Corporation |
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Senior notes: |
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Fixed, with a weighted-average rate of 3.64%, ranging from 0.39% to 8.40%, due 2018 to 2048 |
$ |
119,548 |
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$ |
108,933 |
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Floating, with a weighted-average rate of 1.54%, ranging from 0.04% to 6.13%, due 2018 to 2044 |
21,048 |
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13,164 |
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Senior structured notes |
15,460 |
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17,049 |
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Subordinated notes: |
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Fixed, with a weighted-average rate of 4.90%, ranging from 2.94% to 8.57%, due 2018 to 2045 |
22,004 |
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26,047 |
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Floating, with a weighted-average rate of 1.00%, ranging from 0.20% to 2.56%, due 2018 to 2026 |
4,058 |
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4,350 |
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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 5.25% to 8.05%, due 2027 to 2067 |
3,282 |
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3,280 |
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Floating, with a weighted-average rate of 2.13%, ranging from 1.91% to 2.60%, due 2027 to 2056 |
553 |
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552 |
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Total notes issued by Bank of America Corporation |
185,953 |
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173,375 |
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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 1.78%, ranging from 0.02% to 2.05%, due in 2018 |
4,686 |
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5,936 |
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Floating, with a weighted-average rate of 2.60%, ranging from 1.44% to 2.80%, due 2018 to 2041 |
1,033 |
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3,383 |
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Subordinated notes: |
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Fixed, with a rate of 6.00%, due in 2036 |
1,679 |
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4,424 |
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Floating, with a rate of 1.33%, due in 2019 |
1 |
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598 |
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Advances from Federal Home Loan Banks: |
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Fixed, with a weighted-average rate of 5.22%, ranging from 0.01% to 7.72%, due 2018 to 2034 |
146 |
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162 |
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Floating, with a weighted-average rate of 1.42%, ranging from 1.35% to 1.60%, due 2018 to 2019 |
5,000 |
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— |
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Securitizations and other BANA VIEs (1)
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8,641 |
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9,164 |
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Other |
432 |
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3,084 |
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Total notes issued by Bank of America, N.A. |
21,618 |
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26,751 |
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Other debt |
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Structured liabilities |
18,574 |
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15,171 |
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Nonbank VIEs (1)
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1,232 |
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1,482 |
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Other |
25 |
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44 |
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Total other debt |
19,831 |
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16,697 |
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Total long-term debt |
$ |
227,402 |
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$ |
216,823 |
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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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| 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.
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Long-term Debt by Maturity |
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(Dollars in millions) |
2018 |
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2019 |
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2020 |
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2021 |
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2022 |
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Thereafter |
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Total |
Bank of America Corporation |
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Senior notes |
$ |
19,577 |
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$ |
15,115 |
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$ |
10,580 |
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$ |
16,196 |
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$ |
9,691 |
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$ |
69,437 |
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$ |
140,596 |
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Senior structured notes |
2,749 |
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1,486 |
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950 |
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437 |
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2,017 |
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7,821 |
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15,460 |
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Subordinated notes |
2,973 |
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1,552 |
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— |
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375 |
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476 |
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20,686 |
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26,062 |
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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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3,835 |
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3,835 |
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Total Bank of America Corporation |
25,299 |
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18,153 |
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11,530 |
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17,008 |
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12,184 |
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101,779 |
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185,953 |
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Bank of America, N.A. |
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Senior notes |
5,699 |
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— |
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— |
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— |
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— |
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20 |
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5,719 |
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Subordinated notes |
— |
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1 |
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— |
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— |
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— |
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1,679 |
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1,680 |
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Advances from Federal Home Loan Banks |
3,009 |
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2,013 |
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11 |
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2 |
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3 |
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108 |
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5,146 |
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Securitizations and other Bank VIEs (1)
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2,300 |
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3,200 |
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3,098 |
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— |
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— |
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43 |
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8,641 |
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Other |
51 |
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194 |
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15 |
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— |
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9 |
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163 |
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432 |
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Total Bank of America, N.A. |
11,059 |
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5,408 |
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3,124 |
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2 |
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12 |
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2,013 |
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21,618 |
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Other debt |
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Structured liabilities |
5,677 |
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2,340 |
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1,545 |
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870 |
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803 |
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7,339 |
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18,574 |
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Nonbank VIEs (1)
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22 |
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45 |
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— |
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— |
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— |
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1,165 |
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1,232 |
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Other |
— |
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— |
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— |
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— |
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— |
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25 |
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25 |
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Total other debt |
5,699 |
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2,385 |
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1,545 |
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870 |
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803 |
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8,529 |
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19,831 |
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Total long-term debt |
$ |
42,057 |
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$ |
25,946 |
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$ |
16,199 |
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$ |
17,880 |
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$ |
12,999 |
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$ |
112,321 |
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$ |
227,402 |
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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, 2017.
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Trust Securities Summary |
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(Dollars in millions)
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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 |
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 |
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December 31, 2017 |
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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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6 |
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August 2035 |
5.25 |
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Semi-Annual |
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Any time |
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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135 |
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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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105 |
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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 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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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 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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$ |
4,725 |
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$ |
4,772 |
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(1) |
Notes are denominated in British pound. Presentation currency is U.S. dollar. |
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