Annual report pursuant to Section 13 and 15(d)

Long-term Debt

v3.24.0.1
Long-term Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Long-term Debt 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, 2023 and 2022, and the related contractual rates and maturity dates as of December 31, 2023.
Weighted-average Rate December 31
(Dollars in millions) Interest Rates Maturity Dates 2023 2022
Notes issued by Bank of America Corporation (1)
   
Senior notes:    
Fixed 3.29 %
0.25 - 8.05
 %
2024 - 2052
 $ 194,388  $ 188,429 
Floating 5.72
0.74 - 10.40
2024 - 2044
 14,007  17,469 
Senior structured notes 14,895  11,608 
Subordinated notes:
Fixed 4.89
2.94 - 8.57
2024 - 2045
 20,909  21,098 
Floating 3.54
2.48 - 6.41
2026 - 2037
 4,597  4,544 
Junior subordinated notes:
Fixed 6.71
6.45 - 8.05
2027 - 2066
 744  743 
Floating 6.44 6.44 2056 1  1 
Total notes issued by Bank of America Corporation 249,541  243,892 
Notes issued by Bank of America, N.A.    
Senior notes:    
Fixed 5.58
5.25 - 5.82
2024 - 2028
 5,076  — 
Floating 5.82
5.26 - 6.42
2024 - 2028
 3,517  2,600 
Subordinated notes 6.00 6.00 2036 1,476  1,485 
Advances from Federal Home Loan Banks:
Fixed 5.62
0.01 - 7.42
2024 - 2034
 5,826  681 
Securitizations and other BANA VIEs (2)
7,892  4,300 
Other 782  908 
Total notes issued by Bank of America, N.A. 24,569  9,974 
Other debt    
Structured liabilities (3)
27,471  21,835 
Nonbank VIEs (2)
564  281 
Other 59  — 
Total notes issued by nonbank and other entities 28,094  22,116 
Total long-term debt $ 302,204  $ 275,982 
(1)Includes total loss-absorbing capacity compliant debt.
(2)Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet. Long-term debt of VIEs is collateralized by the assets of the VIEs. At December 31, 2023, amount includes debt predominantly from credit card and automobile securitizations and other VIEs of $7.8 billion and $204 million. For more information, see Note 6 – Securitizations and Other Variable Interest Entities.
(3)Includes debt outstanding of $10.0 billion and $8.0 billion at December 31, 2023 and 2022 that was issued by BofA Finance LLC, a consolidated finance subsidiary of Bank of America Corporation, the parent company, and is fully and unconditionally guaranteed by the parent company.

During 2023, the Corporation issued $62.0 billion of long-term debt consisting of $24.0 billion of notes issued by Bank of America Corporation, $25.1 billion of notes issued by Bank of America, N.A. and $12.9 billion of other debt. During 2022, the Corporation issued $66.0 billion of long-term debt consisting of $44.2 billion of notes issued by Bank of America Corporation, $10.0 billion of notes issued by Bank of America, N.A. and $11.8 billion of other debt.
During 2023, the Corporation had total long-term debt maturities and redemptions in the aggregate of $42.7 billion consisting of $25.3 billion for Bank of America Corporation, $10.5 billion for Bank of America, N.A. and $6.9 billion of other debt. During 2022, the Corporation had total long-term debt maturities and redemptions in the aggregate of $33.3 billion consisting of $19.8 billion for Bank of America Corporation, $9.9 billion for Bank of America, N.A. and $3.6 billion of other debt.
Bank of America Corporation 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, 2023 and 2022, the amount of foreign currency-denominated debt translated into U.S. dollars included in total long-term debt was $49.8 billion and $46.7 billion. Foreign currency contracts may be used to convert certain foreign currency-denominated debt into U.S. dollars.
The weighted-average effective interest rates for total long-term debt (excluding senior structured notes), total fixed-rate
debt and total floating-rate debt were 3.70 percent, 3.55 percent and 5.21 percent, respectively, at December 31, 2023, and 3.27 percent, 3.23 percent and 4.14 percent, respectively, at December 31, 2022. The Corporation’s ALM activities maintain an overall interest rate risk management strategy that incorporates the use of interest rate contracts to manage fluctuations in earnings caused by interest rate volatility. The Corporation’s goal is to manage interest rate sensitivity so that movements in interest rates do not have a significantly adverse effect on earnings and capital. The weighted-average rates are the contractual interest rates on the debt and do not reflect the impacts of derivative transactions.
The following table shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2023. Included in the table are certain structured notes issued by the Corporation that contain provisions whereby the borrowings are redeemable at the option of the holder (put options) at specified dates prior to maturity. Other structured notes have coupon or repayment terms linked to the performance of debt or equity securities, indices, currencies or commodities, and the maturity may be accelerated based on the value of a referenced index or security. In both cases, the Corporation or a subsidiary may be required to settle the obligation for cash or other securities prior to the contractual maturity date. These borrowings are reflected in the table as maturing at their contractual maturity date.
Long-term Debt by Maturity
(Dollars in millions) 2024 2025 2026 2027 2028 Thereafter Total
Bank of America Corporation
Senior notes $ 7,650  $ 25,526  $ 24,743  $ 21,447  $ 27,986  $ 101,043  $ 208,395 
Senior structured notes 719  698  1,177  627  1,056  10,618  14,895 
Subordinated notes 3,136  5,137  4,904  2,118  940  9,271  25,506 
Junior subordinated notes —  —  —  190  —  555  745 
Total Bank of America Corporation 11,505  31,361  30,824  24,382  29,982  121,487  249,541 
Bank of America, N.A.
Senior notes 2,270  2,422  3,219  —  682  —  8,593 
Subordinated notes —  —  —  —  —  1,476  1,476 
Advances from Federal Home Loan Banks 5,750  13  9  4  9  41  5,826 
Securitizations and other Bank VIEs (1)
1,215  2,249  3,364  —  866  198  7,892 
Other 348  204  38  57  134  1  782 
Total Bank of America, N.A. 9,583  4,888  6,630  61  1,691  1,716  24,569 
Other debt
Structured Liabilities 5,603  3,046  3,726  2,048  2,042  11,006  27,471 
Nonbank VIEs (1)
6  —  7  —  7  544  564 
Other 40  19  —  —  —  —  59 
Total other debt 5,649  3,065  3,733  2,048  2,049  11,550  28,094 
Total long-term debt $ 26,737  $ 39,314  $ 41,187  $ 26,491  $ 33,722  $ 134,753  $ 302,204 
(1)     Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet.