Wells Fargo 2013 Annual Report Download - page 202

Note 13: Long-Term Debt (continued)
(continued from previous page)
December 31,
2013 2012
(in millions)
Maturity
date(s)
Stated
interest rate(s)
Other consolidated subsidiaries
Senior
Fixed-rate notes 2014-2023 2.774-4.38% 6,543 5,968
FixFloat notes 2020 6.795% through 2015, varies 20 20
Total senior debt - Other consolidated subsidiaries 6,563 5,988
Junior subordinated
Floating-rate notes 2027 0.736% 155 155
Total junior subordinated debt - Other
consolidated subsidiaries (3) 155 155
Long-term debt issued by VIE - Fixed rate (6) 2015 5.16% 18 105
Long-term debt issued by VIE - Floating rate (6) 2015 1.544 10 10
Mortgage notes and other (7) 2014-2022 1.54-6.00 173 136
Total long-term debt - Other consolidated subsidiaries 6,919 6,394
Total long-term debt $ 152,998 127,379
(1) Primarily consists of long-term notes where the performance of the note is linked to an embedded equity, commodity, or currency index, or basket of indices accounted for
separately from the note as a free-standing derivative. For information on embedded derivatives, see Note 16 – Free-standing derivatives. In addition, a major portion
consists of zero coupon callable notes where interest is paid as part of the final redemption amount.
(2) Includes fixed-rate subordinated notes issued by the Parent at a discount of $140 million in fourth quarter 2013 to effect a modification of Wells Fargo Bank, NA notes. These
notes are carried at their par amount on the balance sheet of the Parent presented in Note 25.
(3) Represents junior subordinated debentures held by unconsolidated wholly-owned trusts formed for the sole purpose of issuing trust preferred securities. See Note 8 for
additional information on our trust preferred security structures.
(4) Represents floating-rate extendible notes where holders of the notes may elect to extend the contractual maturity of all or a portion of the principal amount on a periodic
basis.
(5) At December 31, 2013, Federal Home Loan Bank advances are secured by residential loan collateral. Outstanding advances at December 31, 2012, were secured by
investment securities and residential loan collateral.
(6) For additional information on VIEs, see Note 8.
(7) Primarily related to securitizations and secured borrowings, see Note 8.
The aggregate carrying value of long-term debt that matures
(based on contractual payment dates) as of December 31, 2013,
in each of the following five years and thereafter, is presented in
the following table.
(in millions) Parent Company
2014 $ 8,535 12,800
2015 8,684 26,531
2016 15,734 19,732
2017 9,122 13,114
2018 7,937 26,867
Thereafter 31,569 53,954
Total $ 81,581 152,998
As part of our long-term and short-term borrowing
arrangements, we are subject to various financial and
operational covenants. Some of the agreements under which
debt has been issued have provisions that may limit the merger
or sale of certain subsidiary banks and the issuance of capital
stock or convertible securities by certain subsidiary banks. At
December 31, 2013, we were in compliance with all the
covenants.
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