|
Long-term Debt (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Long-term Debt, Unclassified [Abstract] |
|
| Balance of Long-term Debt |
The table below presents the balance of long-term debt at December 31, 2012 and 2011, and the related contractual rates and maturity dates as of December 31, 2012.
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December 31 |
(Dollars in millions) |
2012 |
|
2011 |
Notes issued by Bank of America Corporation |
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|
Senior notes: |
|
|
|
|
|
Fixed, with a weighted-average rate of 5.26%, ranging from 1.50% to 7.63%, due 2013 to 2043 |
$ |
79,575 |
|
|
$ |
95,199 |
|
Floating, with a weighted-average rate of 1.15%, ranging from 0.16% to 5.21%, due 2013 to 2041 |
13,439 |
|
|
28,064 |
|
Senior structured notes |
21,936 |
|
|
18,920 |
|
Subordinated notes: |
|
|
|
|
|
Fixed, with a weighted-average rate of 5.39%, ranging from 2.40% to 10.20%, due 2013 to 2038 |
14,787 |
|
|
24,509 |
|
Floating, with a weighted-average rate of 1.38%, ranging from 0.11% to 3.66%, due 2016 to 2019 |
449 |
|
|
704 |
|
Junior subordinated notes (related to trust preferred securities): |
|
|
|
|
|
Fixed, with a weighted-average rate of 6.79%, ranging from 5.25% to 11.45%, due 2027 to 2036 |
3,186 |
|
|
12,859 |
|
Floating, with a weighted-average rate of 1.03%, ranging from 0.89% to 3.69%, due 2027 to 2056 |
567 |
|
|
1,165 |
|
Total notes issued by Bank of America Corporation |
133,939 |
|
|
181,420 |
|
Notes issued by Merrill Lynch & Co., Inc. and subsidiaries |
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|
Senior notes: |
|
|
|
|
|
Fixed, with a weighted-average rate of 5.79%, ranging from 1.63% to 15.00%, due 2013 to 2034 |
35,064 |
|
|
41,103 |
|
Floating, with a weighted-average rate of 0.67%, ranging from 0.12% to 5.06%, due 2013 to 2044 |
11,964 |
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|
18,480 |
|
Senior structured notes |
27,288 |
|
|
27,578 |
|
Subordinated notes: |
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|
|
|
Fixed, with a weighted-average rate of 5.98%, ranging from 2.61% to 8.13%, due 2016 to 2038 |
9,331 |
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|
11,454 |
|
Floating, with a weighted-average rate of 0.89%, ranging from 0.73% to 2.88%, due 2017 to 2026 |
1,318 |
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|
1,207 |
|
Junior subordinated notes (related to trust preferred securities): |
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|
|
|
|
Fixed, with a weighted-average rate of 6.91%, ranging from 6.45% to 7.38%, due 2017 to 2067 |
3,809 |
|
|
3,600 |
|
Other long-term debt |
992 |
|
|
701 |
|
Total notes issued by Merrill Lynch & Co., Inc. and subsidiaries |
89,766 |
|
|
104,123 |
|
Notes issued by Bank of America, N.A. and other subsidiaries |
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|
Senior notes: |
|
|
|
|
|
Fixed, with a weighted-average rate of 7.00%, due 2014 |
178 |
|
|
164 |
|
Floating, with a weighted-average rate of 0.53%, ranging from 0.39% to 0.75%, due 2026 to 2051 |
2,686 |
|
|
8,029 |
|
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 |
5,230 |
|
|
5,273 |
|
Floating, with a weighted-average rate of 0.60%, ranging from 0.36% to 0.61%, due 2016 to 2019 |
1,401 |
|
|
1,401 |
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Total notes issued by Bank of America, N.A. and other subsidiaries |
9,495 |
|
|
14,867 |
|
Other debt |
|
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|
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Senior structured notes |
864 |
|
|
1,187 |
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Subordinated notes |
— |
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|
983 |
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Advances from Federal Home Loan Banks: |
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Fixed, with a weighted-average rate of 4.87%, ranging from 0.01% to 7.72%, due 2013 to 2034 |
6,277 |
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|
18,798 |
|
Other |
988 |
|
|
1,833 |
|
Total other debt |
8,129 |
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|
22,801 |
|
Total long-term debt excluding consolidated VIEs |
241,329 |
|
|
323,211 |
|
Long-term debt of consolidated VIEs |
34,256 |
|
|
49,054 |
|
Total long-term debt |
$ |
275,585 |
|
|
$ |
372,265 |
|
|
| Schedule of Maturities of Long-term Debt |
The table below shows the carrying value for aggregate annual maturities of long-term debt at December 31, 2012.
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Long-term Debt by Maturity |
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(Dollars in millions) |
2013 |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
Thereafter |
|
Total |
Bank of America Corporation |
$ |
12,457 |
|
|
$ |
20,888 |
|
|
$ |
16,812 |
|
|
$ |
20,401 |
|
|
$ |
19,575 |
|
|
$ |
43,806 |
|
|
$ |
133,939 |
|
Merrill Lynch & Co., Inc. and subsidiaries |
24,000 |
|
|
18,207 |
|
|
5,156 |
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|
3,542 |
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|
8,886 |
|
|
29,975 |
|
|
89,766 |
|
Bank of America, N.A. and other subsidiaries |
62 |
|
|
1 |
|
|
— |
|
|
1,095 |
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|
6,472 |
|
|
1,865 |
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|
9,495 |
|
Other debt |
4,858 |
|
|
1,547 |
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|
204 |
|
|
15 |
|
|
17 |
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|
1,488 |
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|
8,129 |
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Total long-term debt excluding consolidated VIEs |
41,377 |
|
|
40,643 |
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|
22,172 |
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|
25,053 |
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|
34,950 |
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|
77,134 |
|
|
241,329 |
|
Long-term debt of consolidated VIEs |
13,820 |
|
|
8,734 |
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|
1,460 |
|
|
2,091 |
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|
1,815 |
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|
6,336 |
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|
34,256 |
|
Total long-term debt |
$ |
55,197 |
|
|
$ |
49,377 |
|
|
$ |
23,632 |
|
|
$ |
27,144 |
|
|
$ |
36,765 |
|
|
$ |
83,470 |
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|
$ |
275,585 |
|
|
| Schedule of Negotiated Exchanges |
The table below lists each series of Trust Securities or HITS, and the corresponding aggregate liquidation preference covered by the Exchange Agreements described in Note 14 – Shareholders’ Equity, and other redemption activity.
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Negotiated Exchanges |
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2012 Aggregate Liquidation Amount Exchanged |
|
2011 Aggregate Liquidation Amount Exchanged |
|
Total Aggregate Liquidation Amount Exchanged |
|
(Dollars in millions) |
HITS |
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Trust XIII |
$ |
— |
|
|
$ |
559 |
|
|
$ |
559 |
|
Trust XIV |
— |
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|
358 |
|
|
358 |
|
Trust Securities |
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Bank of America Capital Trust I |
574 |
|
|
1 |
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|
575 |
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Bank of America Capital Trust II |
898 |
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|
2 |
|
|
900 |
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Bank of America Capital Trust III |
499 |
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|
1 |
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|
500 |
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Bank of America Capital Trust IV |
367 |
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|
8 |
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|
375 |
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Bank of America Capital Trust V |
514 |
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|
4 |
|
|
518 |
|
Bank of America Capital Trust VI |
141 |
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|
823 |
|
|
964 |
|
Bank of America Capital Trust VII (1)
|
212 |
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|
1,114 |
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|
1,326 |
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Bank of America Capital Trust VIII |
2 |
|
|
4 |
|
|
6 |
|
Bank of America Capital Trust X |
891 |
|
|
9 |
|
|
900 |
|
Bank of America Capital Trust XI |
144 |
|
|
198 |
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|
342 |
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Bank of America Capital Trust XII |
863 |
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|
— |
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|
863 |
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Bank of America Capital Trust XV |
50 |
|
|
446 |
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|
496 |
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NationsBank Capital Trust II |
289 |
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|
76 |
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|
365 |
|
NationsBank Capital Trust III |
98 |
|
|
269 |
|
|
367 |
|
NationsBank Capital Trust IV |
427 |
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|
73 |
|
|
500 |
|
BankAmerica Capital II |
450 |
|
|
— |
|
|
450 |
|
BankAmerica Capital III |
68 |
|
|
226 |
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|
294 |
|
BankAmerica Institutional Capital A |
450 |
|
|
— |
|
|
450 |
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BankAmerica Institutional Capital B |
300 |
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|
— |
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|
300 |
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Barnett Capital III |
186 |
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|
— |
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|
186 |
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Fleet Capital Trust II |
203 |
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|
47 |
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|
250 |
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Fleet Capital Trust V |
29 |
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|
142 |
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|
171 |
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Fleet Capital Trust VIII |
534 |
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— |
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|
534 |
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Fleet Capital Trust IX |
175 |
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— |
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|
175 |
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BankBoston Capital Trust III |
59 |
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|
136 |
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|
195 |
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BankBoston Capital Trust IV |
52 |
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|
96 |
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|
148 |
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Progress Capital Trust I |
9 |
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— |
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9 |
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Progress Capital Trust III |
10 |
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— |
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|
10 |
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MBNA Capital Trust A |
250 |
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— |
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|
250 |
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MBNA Capital Trust B |
45 |
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|
165 |
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|
210 |
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MBNA Capital Trust D |
300 |
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|
— |
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|
300 |
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MBNA Capital Trust E |
200 |
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|
— |
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|
200 |
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LaSalle Series I |
455 |
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— |
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|
455 |
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LaSalle Series J |
67 |
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|
— |
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|
67 |
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Total exchanged |
$ |
9,811 |
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|
$ |
4,757 |
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$ |
14,568 |
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(1) |
Notes were denominated in British Pound. Presentation currency is U.S. Dollar. |
|
| Summary Of Outstanding Trust And Hybrid Securities And Related Notes |
The Trust Securities Summary table details the outstanding Trust Securities and the related Notes previously issued which remained outstanding at December 31, 2012, as originated by Bank of America Corporation and its predecessor companies and subsidiaries. For additional information on Trust Securities for regulatory capital purposes, see Note 17 – Regulatory Requirements and Restrictions.
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Trust Securities Summary |
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(Dollars in millions) |
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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 |
Bank of America |
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Capital Trust VI |
March 2005 |
|
$ |
36 |
|
|
$ |
37 |
|
March 2035 |
5.63 |
% |
|
3/8,9/8 |
|
Any time |
Capital Trust VII (1)
|
August 2005 |
|
9 |
|
|
9 |
|
August 2035 |
5.25 |
|
|
2/10,8/10 |
|
Any time |
Capital Trust VIII |
August 2005 |
|
524 |
|
|
540 |
|
August 2035 |
6.00 |
|
|
2/25,5/25,8/25,11/25 |
|
On or after 8/25/10 |
Capital Trust XI |
May 2006 |
|
658 |
|
|
678 |
|
May 2036 |
6.63 |
|
|
5/23,11/23 |
|
Any time |
Capital Trust XV |
May 2007 |
|
4 |
|
|
4 |
|
June 2056 |
3-mo. LIBOR +80 bps |
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3/1,6/1,9/1,12/1 |
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On or after 6/01/37 |
NationsBank |
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Capital Trust III |
February 1997 |
|
133 |
|
|
137 |
|
January 2027 |
3-mo. LIBOR +55 bps |
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1/15,4/15,7/15,10/15 |
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On or after 1/15/07 |
BankAmerica |
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Capital III |
January 1997 |
|
106 |
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|
109 |
|
January 2027 |
3-mo. LIBOR +57 bps |
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1/15,4/15,7/15,10/15 |
|
On or after 1/15/02 |
Barnett |
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Capital III |
January 1997 |
|
64 |
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|
66 |
|
February 2027 |
3-mo. LIBOR +62.5 bps |
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2/1,5/1,8/1,11/1 |
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On or after 2/01/07 |
Fleet |
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Capital Trust V |
December 1998 |
|
79 |
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|
82 |
|
December 2028 |
3-mo. LIBOR +100 bps |
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3/18,6/18,9/18,12/18 |
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On or after 12/18/03 |
BankBoston |
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Capital Trust III |
June 1997 |
|
55 |
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|
57 |
|
June 2027 |
3-mo. LIBOR +75 bps |
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3/15,6/15,9/15,12/15 |
|
On or after 6/15/07 |
Capital Trust IV |
June 1998 |
|
102 |
|
|
106 |
|
June 2028 |
3-mo. LIBOR +60 bps |
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3/8,6/8,9/8,12/8 |
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On or after 6/08/03 |
Progress |
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Capital Trust II |
July 2000 |
|
6 |
|
|
6 |
|
July 2030 |
11.45 |
|
|
1/19,7/19 |
|
On or after 7/19/10 |
Capital Trust IV |
December 2002 |
|
5 |
|
|
5 |
|
January 2033 |
3-mo. LIBOR +335 bps |
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|
1/7,4/7,7/7,10/7 |
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On or after 1/07/08 |
MBNA |
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|
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Capital Trust B |
January 1997 |
|
70 |
|
|
73 |
|
February 2027 |
3-mo. LIBOR +80 bps |
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|
2/1,5/1,8/1,11/1 |
|
On or after 2/01/07 |
ABN AMRO North America |
|
|
|
|
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|
|
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|
|
Series I |
May 2001 |
|
77 |
|
|
77 |
|
Perpetual |
3-mo. LIBOR +275 bps |
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|
2/15,5/15,8/15,11/15 |
|
On or after 11/08/12 |
Series II |
May 2001 |
|
77 |
|
|
77 |
|
Perpetual |
3-mo. LIBOR +275 bps |
|
|
3/15,6/15,9/15,12/15 |
|
On or after 11/08/12 |
Series III |
May 2001 |
|
77 |
|
|
77 |
|
Perpetual |
3-mo. LIBOR +275 bps |
|
|
1/15,4/15,7/15,10/15 |
|
On or after 11/08/12 |
Series IV |
May 2001 |
|
77 |
|
|
77 |
|
Perpetual |
3-mo. LIBOR +275 bps |
|
|
2/28,5/30,8/30,11/30 |
|
On or after 11/08/12 |
Series V |
May 2001 |
|
77 |
|
|
77 |
|
Perpetual |
3-mo. LIBOR +275 bps |
|
|
3/30,6/30,9/30,12/30 |
|
On or after 11/08/12 |
Series VI |
May 2001 |
|
77 |
|
|
77 |
|
Perpetual |
3-mo. LIBOR +275 bps |
|
|
1/30,4/30,7/30,10/30 |
|
On or after 11/08/12 |
Series VII |
May 2001 |
|
88 |
|
|
88 |
|
Perpetual |
3-mo. LIBOR +275 bps |
|
|
3/15,6/15,9/15,12/15 |
|
On or after 11/08/12 |
Series IX |
June 2001 |
|
70 |
|
|
70 |
|
Perpetual |
3-mo. LIBOR +275 bps |
|
|
3/5,6/5,9/5,12/5 |
|
On or after 11/08/12 |
Series X |
June 2001 |
|
53 |
|
|
53 |
|
Perpetual |
3-mo. LIBOR +275 bps |
|
|
3/12,6/12,9/12,12/12 |
|
On or after 11/08/12 |
Series XI |
June 2001 |
|
27 |
|
|
27 |
|
Perpetual |
3-mo. LIBOR +275 bps |
|
|
3/26,6/26,9/26,12/26 |
|
On or after 11/08/12 |
Series XII |
June 2001 |
|
80 |
|
|
80 |
|
Perpetual |
3-mo. LIBOR +275 bps |
|
|
1/10,4/10,7/10,10/10 |
|
On or after 11/08/12 |
Series XIII |
June 2001 |
|
70 |
|
|
70 |
|
Perpetual |
3-mo. LIBOR +275 bps |
|
|
1/24,4/24,7/24,10/24 |
|
On or after 11/08/12 |
LaSalle |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I |
August 2000 |
|
36 |
|
|
36 |
|
Perpetual |
3-mo. LIBOR +105.5 bps |
|
|
3/15,6/15,9/15,12/15 |
|
On or after 9/15/10 |
Series J |
September 2000 |
|
27 |
|
|
27 |
|
Perpetual |
3-mo. LIBOR +105.5 bps |
|
|
3/15,6/15,9/15,12/15 |
|
On or after 9/15/10 |
Countrywide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital III |
June 1997 |
|
200 |
|
|
206 |
|
June 2027 |
8.05 |
|
|
6/15,12/15 |
|
Only under special event |
Capital IV |
April 2003 |
|
500 |
|
|
515 |
|
April 2033 |
6.75 |
|
|
1/1,4/1,7/1,10/1 |
|
On or after 4/11/08 |
Capital V |
November 2006 |
|
1,495 |
|
|
1,496 |
|
November 2036 |
7.00 |
|
|
2/1,5/1,8/1,11/1 |
|
On or after 11/01/11 |
Merrill Lynch |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Capital Trust III |
January 1998 |
|
750 |
|
|
901 |
|
Perpetual |
7.00 |
|
|
3/30,6/30,9/30,12/30 |
|
On or after 3/08 |
Preferred Capital Trust IV |
June 1998 |
|
400 |
|
|
480 |
|
Perpetual |
7.12 |
|
|
3/30,6/30,9/30,12/30 |
|
On or after 6/08 |
Preferred Capital Trust V |
November 1998 |
|
850 |
|
|
1,021 |
|
Perpetual |
7.28 |
|
|
3/30,6/30,9/30,12/30 |
|
On or after 9/08 |
Capital Trust I |
December 2006 |
|
1,050 |
|
|
1,051 |
|
December 2066 |
6.45 |
|
|
3/15,6/15,9/15,12/15 |
|
On or after 12/11 |
Capital Trust II |
May 2007 |
|
950 |
|
|
951 |
|
June 2062 |
6.45 |
|
|
3/15,6/15,9/15,12/15 |
|
On or after 6/12 |
Capital Trust III |
August 2007 |
|
750 |
|
|
751 |
|
September 2062 |
7.375 |
|
|
3/15,6/15,9/15,12/15 |
|
On or after 9/12 |
Total |
|
|
$ |
9,709 |
|
|
$ |
10,194 |
|
|
|
|
|
|
|
|
|
|
(1) |
Notes were denominated in British Pound. Presentation currency is U.S. Dollar. |
|