| Balance of Long-term Debt |
The table below presents the balance of long-term debt at December 31, 2018 and 2017, and the related contractual rates and maturity dates as of December 31, 2018.
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Weighted-average Rate |
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December 31 |
(Dollars in millions) |
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Interest Rates |
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Maturity Dates |
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2018 |
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2017 |
Notes issued by Bank of America Corporation |
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Senior notes: |
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Fixed |
3.39 |
% |
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0.39 - 8.40 |
% |
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2019 - 2049 |
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$ |
120,548 |
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$ |
119,548 |
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Floating |
2.09 |
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0.06 - 7.26 |
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2019 - 2044 |
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25,574 |
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21,048 |
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Senior structured notes (1)
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13,768 |
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15,460 |
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Subordinated notes: |
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Fixed |
4.91 |
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2.94 - 8.57 |
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2019 - 2045 |
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20,843 |
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22,004 |
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Floating |
2.16 |
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1.14 - 3.55 |
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2019 - 2026 |
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1,742 |
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4,058 |
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Junior subordinated notes (2):
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Fixed |
6.71 |
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6.45 - 8.05 |
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2027 - 2066 |
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732 |
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3,282 |
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Floating |
3.54 |
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3.54 |
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2056 |
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1 |
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553 |
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Total notes issued by Bank of America Corporation |
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183,208 |
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185,953 |
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Notes issued by Bank of America, N.A. |
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Senior notes: |
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Fixed |
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— |
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4,686 |
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Floating |
2.96 |
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2.90 - 2.96 |
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2020 - 2041 |
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1,770 |
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1,033 |
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Subordinated notes |
6.00 |
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6.00 |
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2036 |
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1,617 |
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1,679 |
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Advances from Federal Home Loan Banks: |
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Fixed |
5.10 |
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0.01 - 7.72 |
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2019 - 2034 |
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130 |
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146 |
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Floating |
2.49 |
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2.24 - 2.80 |
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2019 - 2020 |
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14,751 |
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5,000 |
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Securitizations and other BANA VIEs (3)
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10,326 |
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8,641 |
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Other |
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442 |
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433 |
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Total notes issued by Bank of America, N.A. |
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29,036 |
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21,618 |
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Other debt |
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Structured liabilities |
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16,478 |
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18,574 |
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Nonbank VIEs (3)
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618 |
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1,232 |
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Other |
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— |
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25 |
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Total other debt |
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17,096 |
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19,831 |
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Total long-term debt |
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$ |
229,340 |
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$ |
227,402 |
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(1) |
Includes total loss-absorbing capacity compliant debt. |
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(2) |
Includes amounts related to trust preferred securities. For additional information, see Trust Preferred Securities in this Note. |
(3) 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, 2018. 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.
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Long-term Debt by Maturity |
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(Dollars in millions) |
2019 |
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2020 |
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2021 |
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2022 |
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2023 |
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Thereafter |
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Total |
Bank of America Corporation |
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Senior notes |
$ |
14,831 |
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$ |
10,308 |
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$ |
15,883 |
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$ |
14,882 |
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$ |
22,570 |
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$ |
67,648 |
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$ |
146,122 |
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Senior structured notes |
1,337 |
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875 |
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482 |
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1,914 |
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323 |
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8,837 |
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13,768 |
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Subordinated notes |
1,501 |
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— |
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346 |
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364 |
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— |
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20,374 |
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22,585 |
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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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733 |
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733 |
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Total Bank of America Corporation |
17,669 |
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11,183 |
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16,711 |
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17,160 |
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22,893 |
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97,592 |
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183,208 |
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Bank of America, N.A. |
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Senior notes |
— |
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1,750 |
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— |
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— |
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— |
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20 |
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1,770 |
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Subordinated notes |
— |
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— |
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— |
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— |
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— |
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1,617 |
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1,617 |
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Advances from Federal Home Loan Banks |
11,762 |
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3,010 |
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2 |
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3 |
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1 |
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103 |
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14,881 |
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Securitizations and other Bank VIEs (1)
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3,200 |
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3,100 |
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4,022 |
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— |
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— |
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4 |
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10,326 |
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Other |
224 |
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83 |
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— |
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2 |
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133 |
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— |
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442 |
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Total Bank of America, N.A. |
15,186 |
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7,943 |
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4,024 |
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5 |
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134 |
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1,744 |
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29,036 |
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Other debt |
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Structured liabilities |
5,085 |
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2,712 |
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1,112 |
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558 |
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830 |
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6,181 |
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16,478 |
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Nonbank VIEs (1)
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35 |
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— |
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— |
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— |
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23 |
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560 |
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618 |
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Total other debt |
5,120 |
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2,712 |
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1,112 |
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558 |
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853 |
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6,741 |
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17,096 |
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Total long-term debt |
$ |
37,975 |
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$ |
21,838 |
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$ |
21,847 |
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$ |
17,723 |
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$ |
23,880 |
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$ |
106,077 |
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$ |
229,340 |
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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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