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Borrowings and Deposits (Tables)
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3 Months Ended |
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Mar. 31, 2013
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| Debt Disclosure [Abstract] |
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| Schedule of Debt |
The tables below exclude Merrill Lynch’s intercompany borrowings from Bank of America, see Note 2 for further information. Total borrowings at March 31, 2013 and December 31, 2012, which are comprised of short-term borrowings, long-term borrowings and junior subordinated notes (related to trust preferred securities), consisted of the following:
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(dollars in millions) |
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March 31,
2013 |
|
December 31,
2012 |
Senior debt |
$ |
47,206 |
|
|
$ |
47,702 |
|
Senior structured notes |
28,736 |
|
|
27,010 |
|
Subordinated debt |
7,001 |
|
|
10,740 |
|
Junior subordinated notes (related to trust preferred securities) |
3,814 |
|
|
3,809 |
|
Other subsidiary financing |
1,267 |
|
|
941 |
|
Debt issued by consolidated VIEs |
8,405 |
|
|
9,232 |
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Total |
$ |
96,429 |
|
|
$ |
99,434 |
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|
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|
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| Schedule of Borrowings and Deposits |
Borrowings and deposits at March 31, 2013 and December 31, 2012, are presented below:
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(dollars in millions) |
|
March 31,
2013 |
|
|
December 31,
2012 |
Short-term borrowings |
|
|
|
|
|
|
Other unsecured short-term borrowings |
$ |
737 |
|
|
|
$ |
436 |
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Short-term borrowings issued by consolidated VIEs(1)
|
1,772 |
|
|
|
2,940 |
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Total |
$ |
2,509 |
|
|
|
$ |
3,376 |
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Long-term borrowings(2)
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|
|
|
|
|
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Fixed-rate obligations(3)
|
$ |
48,199 |
|
|
|
$ |
52,224 |
|
Variable-rate obligations(4)(5)
|
35,274 |
|
|
|
33,733 |
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Long-term borrowings issued by consolidated VIEs(1)
|
6,633 |
|
|
|
6,292 |
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Total |
$ |
90,106 |
|
|
|
$ |
92,249 |
|
Deposits |
|
|
|
|
|
|
Non-U.S. |
$ |
11,802 |
|
|
|
$ |
12,873 |
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(1) |
See Note 9 for additional information on debt issued by consolidated VIEs. |
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(2) |
Excludes junior subordinated notes (related to trust preferred securities). |
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(3) |
Fixed-rate obligations are generally swapped to variable rates. |
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(4) |
Variable interest rates are generally based on rates such as LIBOR, the U.S. Treasury Bill rate, or the Federal Funds rate. |
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(5) |
Includes structured notes. |
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| Schedule of Weighted Average Interest Rates for Borrowings |
The weighted-average interest rates for borrowings at March 31, 2013 and December 31, 2012 (excluding structured products) were as follows:
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March 31,
2013 |
|
|
December 31,
2012 |
Short-term borrowings |
0.3 |
% |
|
|
0.2 |
% |
Long-term borrowings |
3.9 |
|
|
|
3.9 |
|
Junior subordinated notes (related to trust preferred securities) |
6.9 |
|
|
|
6.9 |
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|
| Schedule of Maturities of Long-term Debt |
The table below shows the carrying value of long-term borrowings by contractual maturity at March 31, 2013.
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(dollars in millions) |
|
Amount |
|
Percentage of Total |
Less than 1 year |
$ |
22,762 |
|
|
25 |
% |
1 – 2 years |
16,830 |
|
|
19 |
|
2 – 3 years |
4,697 |
|
|
5 |
|
3 – 4 years |
5,819 |
|
|
6 |
|
4 – 5 years |
7,197 |
|
|
8 |
|
Greater than 5 years |
32,801 |
|
|
37 |
|
Total |
$ |
90,106 |
|
|
100 |
% |
|