Annual report [Section 13 and 15(d), not S-K Item 405]

Long-term Debt

v3.25.0.1
Long-term Debt
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023, and the related contractual rates and maturity dates as of December 31, 2024.
Weighted-average Rate December 31
(Dollars in millions) Interest Rates Maturity Dates 2024 2023
Notes issued by Bank of America Corporation (1)
   
Senior notes:    
Fixed 3.45 %
0.25 - 8.05
 %
2025 - 2052
 $ 171,603  $ 194,388 
Floating 4.71
0.74 - 9.62
2026 - 2074
 8,736  14,007 
Senior structured notes 17,498  14,895 
Subordinated notes:
Fixed 5.12
2.94 - 8.13
2025 - 2045
 23,539  20,909 
Floating 3.44
2.48 - 5.41
2026 - 2037
 4,549  4,597 
Junior subordinated notes:
Fixed 6.71
6.45 - 8.05
2027 - 2066
 749  744 
Floating 5.65 5.65 2056 1  1 
Total notes issued by Bank of America Corporation 226,675  249,541 
Notes issued by Bank of America, N.A.    
Senior notes:    
Fixed 5.55
5.27 - 5.82
2025 - 2028
 5,611  5,076 
Floating 4.99
4.82 - 5.59
2025 - 2028
 5,851  3,517 
Subordinated notes 6.00 6.00 2036 1,401  1,476 
Advances from Federal Home Loan Banks:
Fixed 4.55
0.01 - 7.42
2025 - 2034
 1,015  5,826 
Floating 4.64
4.63 - 4.64
2025
400  — 
Securitizations and other BANA VIEs (2)
8,048  7,892 
Other 495  782 
Total notes issued by Bank of America, N.A. 22,821  24,569 
Other debt    
Structured liabilities (3)
33,374  27,471 
Nonbank VIEs (2)
409  564 
Other —  59 
Total notes issued by nonbank and other entities 33,783  28,094 
Total long-term debt $ 283,279  $ 302,204 
(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, 2024, amount includes debt predominantly from credit card and automobile securitizations of $8.0 billion and other VIEs of $458 million. For more information, see Note 6 – Securitizations and Other Variable Interest Entities.
(3)Includes debt outstanding of $11.7 billion and $10.0 billion at December 31, 2024 and 2023 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 2024, the Corporation issued $54.8 billion of long-term debt consisting of $17.8 billion of notes issued by Bank of America Corporation, $15.6 billion of notes issued by Bank of America, N.A. and $21.4 billion of other debt. 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 2024, the Corporation had total long-term debt maturities and redemptions in the aggregate of $66.6 billion consisting of $36.4 billion for Bank of America Corporation, $16.8 billion for Bank of America, N.A. and $13.4 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.
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, 2024 and 2023, the amount of foreign currency-denominated debt translated into U.S. dollars included in total long-term debt was $43.8 billion and $49.8 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 3.80 percent, 3.71 percent and 4.45 percent, respectively, at December 31, 2024, and 3.70 percent, 3.55 percent and 5.21 percent, respectively, at December 31, 2023. 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, 2024. 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) 2025 2026 2027 2028 2029 Thereafter Total
Bank of America Corporation
Senior notes $ 3,460  $ 24,830  $ 21,580  $ 27,741  $ 18,498  $ 84,230  $ 180,339 
Senior structured notes 1,503  1,512  990  466  1,401  11,626  17,498 
Subordinated notes 5,165  4,889  2,074  907  —  15,053  28,088 
Junior subordinated notes —  —  193  —  —  557  750 
Total Bank of America Corporation 10,128  31,231  24,837  29,114  19,899  111,466  226,675 
Bank of America, N.A.
Senior notes 5,601  5,240  —  621  —  —  11,462 
Subordinated notes —  —  —  —  —  1,401  1,401 
Advances from Federal Home Loan Banks 1,357  8  3  8  2  37  1,415 
Securitizations and other Bank VIEs (1)
2,249  3,041  1,249  1,235  132  142  8,048 
Other 180  201  10  13  89  2  495 
Total Bank of America, N.A. 9,387  8,490  1,262  1,877  223  1,582  22,821 
Other debt
Structured Liabilities 6,152  5,779  4,397  1,895  3,309  11,842  33,374 
Nonbank VIEs (1)
—  —  —  3  16  390  409 
Other —  —  —  —  —  —  — 
Total other debt 6,152  5,779  4,397  1,898  3,325  12,232  33,783 
Total long-term debt $ 25,667  $ 45,500  $ 30,496  $ 32,889  $ 23,447  $ 125,280  $ 283,279 
(1)     Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet.