Bank of America 2011 Annual Report Download - page 212

210 Bank of America 2011
NOTE 13 Long-term Debt
Long-term debt consists of borrowings having an original maturity of one year or more. The table below presents the balance of long-
term debt at December 31, 2011 and 2010, and the related contractual rates and maturity dates at December 31, 2011.
(Dollars in millions)
Notes issued by Bank of America Corporation
Senior notes:
Fixed, with a weighted-average rate of 4.81%, ranging from 1.42% to 7.85%, due 2012 to 2043
Floating, with a weighted-average rate of 1.46%, ranging from 0.23% to 6.64%, due 2012 to 2041
Senior structured notes
Subordinated notes:
Fixed, with a weighted-average rate of 5.39%, ranging from 1.80% to 10.20%, due 2012 to 2038
Floating, with a weighted-average rate of 2.02%, ranging from 0.12% to 5.06%, due 2016 to 2019
Junior subordinated notes (related to trust preferred securities):
Fixed, with a weighted-average rate of 6.93%, ranging from 5.25% to 11.45%, due 2026 to 2055
Floating, with a weighted-average rate of 1.14%, ranging from 0.80% to 3.81%, due 2027 to 2056
Total notes issued by Bank of America Corporation
Notes issued by Merrill Lynch & Co., Inc. and subsidiaries
Senior notes:
Fixed, with a weighted-average rate of 5.64%, ranging from 1.10% to 17.61%, due 2012 to 2037
Floating, with a weighted-average rate of 1.77%, ranging from 0.03% to 5.18%, due 2012 to 2044
Senior structured notes
Subordinated notes:
Fixed, with a weighted-average rate of 6.04%, ranging from 2.61% to 8.13%, due 2016 to 2038
Floating, with a weighted-average rate of 1.59%, ranging from 0.98% to 2.89%, due 2017 to 2026
Junior subordinated notes (related to trust preferred securities):
Fixed, with a weighted-average rate of 6.91%, ranging from 6.45% to 7.38%, due 2048 to perpetual
Other long-term debt
Total notes issued by Merrill Lynch & Co., Inc. and subsidiaries
Notes issued by Bank of America, N.A. and other subsidiaries
Senior notes:
Fixed, with a weighted-average rate of 5.06%, ranging from 4.00% to 7.61%, due 2012 to 2027
Floating, with a weighted-average rate of 0.28%, ranging from 0.21% to 0.77%, due 2012 to 2051
Senior structured notes
Subordinated notes:
Fixed, with a weighted-average rate of 5.68%, ranging from 5.30% to 6.10%, due 2016 to 2036
Floating, with a weighted-average rate of 0.83%, ranging from 0.37% to 0.85%, due 2016 to 2019
Total notes issued by Bank of America, N.A. and other subsidiaries
Other debt
Senior structured notes
Subordinated notes:
Fixed, with a weighted average rate of 6.87%, ranging from 6.63% to 7.13%, due 2012
Advances from Federal Home Loan Banks:
Fixed, with a weighted-average rate of 3.42%, ranging from 0.95% to 7.72%, due 2012 to 2034
Other
Total other debt
Total long-term debt excluding consolidated VIEs
Long-term debt of consolidated VIEs
Total long-term debt
December 31
2011
$95,199
28,064
18,920
24,509
704
12,859
1,165
181,420
41,103
18,480
27,578
11,454
1,207
3,600
701
104,123
164
8,029
—
5,273
1,401
14,867
1,187
983
18,798
1,833
22,801
323,211
49,054
$ 372,265
2010
$ 85,157
36,162
18,796
26,553
705
15,709
3,514
186,596
43,495
27,447
38,891
9,423
1,935
3,576
986
125,753
169
12,562
1,319
5,194
2,023
21,267
—
—
41,001
2,801
43,802
377,418
71,013
$448,431
Bank of America Corporation, Merrill Lynch & Co., Inc. and
subsidiaries, and Bank of America, N.A. maintain various U.S. and
non-U.S. debt programs to offer both senior and subordinated
notes. The notes may be denominated in U.S. dollars or foreign
currencies. At December 31, 2011 and 2010, the amount of
foreign currency-denominated debt translated into U.S. dollars
included in total long-term debt was $117.0 billion and $145.9
billion. Foreign currency contracts are used to convert certain
foreign currency-denominated debt into U.S. dollars.
At December 31, 2011, long-term debt of consolidated VIEs
included credit card, automobile, home equity and other VIEs of
$33.1 billion, $2.9 billion, $3.1 billion and $10.0 billion,
respectively. Long-term debt of VIEs is collateralized by the assets
of the VIEs. For more information, see Note 8 – Securitizations and
Other Variable Interest Entities. The majority of the floating rates
are based on three- and six-month LIBOR.