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Borrowings and Deposits (Tables)
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6 Months Ended |
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Jun. 30, 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 June 30, 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) |
|
June 30,
2013 |
|
December 31,
2012 |
Senior debt |
$ |
43,721 |
|
|
$ |
47,702 |
|
Senior structured notes |
26,158 |
|
|
27,010 |
|
Subordinated debt |
6,819 |
|
|
10,740 |
|
Junior subordinated notes (related to trust preferred securities) |
3,819 |
|
|
3,809 |
|
Other subsidiary financing |
1,192 |
|
|
941 |
|
Debt issued by consolidated VIEs |
5,088 |
|
|
9,232 |
|
Total |
$ |
86,797 |
|
|
$ |
99,434 |
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|
|
|
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| Schedule of Borrowings and Deposits |
Borrowings and deposits at June 30, 2013 and December 31, 2012, are presented below:
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|
(dollars in millions) |
|
June 30,
2013 |
|
|
December 31,
2012 |
Short-term borrowings |
|
|
|
|
|
|
Other unsecured short-term borrowings |
$ |
764 |
|
|
|
$ |
436 |
|
Short-term borrowings issued by consolidated VIEs(1)
|
663 |
|
|
|
2,940 |
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Total |
$ |
1,427 |
|
|
|
$ |
3,376 |
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Long-term borrowings(2)
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|
|
|
|
|
|
Fixed-rate obligations(3)
|
$ |
43,469 |
|
|
|
$ |
52,224 |
|
Variable-rate obligations(4)(5)
|
33,657 |
|
|
|
33,733 |
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Long-term borrowings issued by consolidated VIEs(1)
|
4,425 |
|
|
|
6,292 |
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Total |
$ |
81,551 |
|
|
|
$ |
92,249 |
|
Deposits |
|
|
|
|
|
|
Non-U.S. |
$ |
11,253 |
|
|
|
$ |
12,873 |
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|
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|
|
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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 June 30, 2013 and December 31, 2012 (excluding structured products) were as follows:
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June 30,
2013 |
|
|
December 31,
2012 |
Short-term borrowings |
0.2 |
% |
|
|
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 June 30, 2013.
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(dollars in millions) |
|
Amount |
|
Percentage of Total |
Less than 1 year |
$ |
23,303 |
|
|
29 |
% |
1 – 2 years |
10,492 |
|
|
13 |
|
2 – 3 years |
6,809 |
|
|
8 |
|
3 – 4 years |
5,936 |
|
|
7 |
|
4 – 5 years |
12,215 |
|
|
15 |
|
Greater than 5 years |
22,796 |
|
|
28 |
|
Total |
$ |
81,551 |
|
|
100 |
% |
|