Wells Fargo 2015 Annual Report Download - page 202

Note 13: Long-Term Debt (continued)
(continued from previous page)
(in millions) Maturity date(s) Stated interest rate(s)
Other consolidated subsidiaries
Senior
Fixed-rate notes 2016-2023 2.774-3.70% 4,628 6,317
FixFloat notes — 20
Structured notes (1) 2021 0.427% 1 1
Total senior debt - Other consolidated subsidiaries 4,629 6,338
Junior subordinated
Floating-rate notes 2027 0.822% 155 155
Total junior subordinated debt - Other consolidated
subsidiaries (3) 155 155
Long-term debt issued by VIE - Fixed rate (6) — 23
Mortgage notes and other (7) 2017-2018 1.625-5.125% 74 175
Total long-term debt - Other consolidated subsidiaries 4,858 6,691
Total long-term debt $ 199,536 183,943
December 31,
2015 2014
(1) Largely 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 the "Derivatives Not Designated as Hedging Instruments" section in
Note 16 (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 $137 million and $139 million in 2015 and 2014, respectively, 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 (Parent-Only Financial Statements).
(3) Represents junior subordinated debentures held by unconsolidated wholly-owned trusts formed for the sole purpose of issuing trust preferred securities. See Note 8
(Securitizations and Variable Interest Entities) 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, 2015, FHLB advances were secured by residential loan collateral. Outstanding advances at December 31, 2014, were secured by investment securities
and residential loan collateral.
(6) For additional information on VIEs, see Note 8 (Securitizations and Variable Interest Entities).
(7) Predominantly related to securitizations and secured borrowings, see Note 8 (Securitizations and Variable Interest Entities).
The aggregate carrying value of long-term debt that matures
(based on contractual payment dates) as of December 31, 2015,
in each of the following five years and thereafter is presented in
Table 13.2.
Table 13.2: Maturity of Long-Term Debt
(in millions) Parent Company
2016 $ 14,713 31,904
2017 13,259 21,953
2018 8,189 22,961
2019 6,384 21,402
2020 12,998 20,236
Thereafter 62,111 81,080
Total $ 117,654 199,536
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, 2015, we were in compliance with all the
covenants.
Wells Fargo & Company
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