Annual report pursuant to Section 13 and 15(d)

Long-term Debt

v3.20.4
Long-term Debt
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019, and the related contractual rates and maturity dates as of December 31, 2020.
Weighted-average Rate December 31
(Dollars in millions) Interest Rates Maturity Dates 2020 2019
Notes issued by Bank of America Corporation (1)
   
Senior notes:    
Fixed 3.05  %
0.25 - 8.05
 %
2021 - 2051
 $ 174,385  $ 140,265 
Floating 0.74 
0.09 - 4.96
2021 - 2044
 16,788  19,552 
Senior structured notes 17,033  16,941 
Subordinated notes:
Fixed 4.89 
2.94 - 8.57
2021 - 2045
 23,337  21,632 
Floating 1.15 
0.88 - 1.41
2022 - 2026
 799  782 
Junior subordinated notes:
Fixed 6.71 
6.45 - 8.05
2027 - 2066
 738  736 
Floating 1.03  1.03  2056 1  1 
Total notes issued by Bank of America Corporation 233,081  199,909 
Notes issued by Bank of America, N.A.    
Senior notes:    
Fixed 3.34  3.34  2023 511  508 
Floating 0.33 
0.28 - 0.49
2021 - 2041
 2,323  6,519 
Subordinated notes 6.00  6.00  2036 1,883  1,744 
Advances from Federal Home Loan Banks:
Fixed 0.99 
0.01 - 7.72
2021 - 2034
 599  112 
Floating —  2,500 
Securitizations and other BANA VIEs (2)
6,296  8,373 
Other 683  402 
Total notes issued by Bank of America, N.A. 12,295  20,158 
Other debt    
Structured liabilities 16,792  20,442 
Nonbank VIEs (2)
757  347 
Other 9  — 
Total notes issued by nonbank and other entities 17,558  20,789 
Total long-term debt $ 262,934  $ 240,856 
(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.

During 2020, the Corporation issued $56.9 billion of long-term debt consisting of $43.8 billion of notes issued by Bank of America Corporation, $4.8 billion of notes issued by Bank of America, N.A. and $8.3 billion of other debt. During 2019, the Corporation issued $52.5 billion of long-term debt consisting of $29.3 billion of notes issued by Bank of America Corporation, $10.9 billion of notes issued by Bank of America, N.A. and $12.3 billion of other debt.
During 2020, the Corporation had total long-term debt maturities and redemptions in the aggregate of $47.1 billion consisting of $22.6 billion for Bank of America Corporation, $11.5 billion for Bank of America, N.A. and $13.0 billion of other debt. During 2019, the Corporation had total long-term debt maturities and redemptions in the aggregate of $50.6 billion consisting of $21.1 billion for Bank of America Corporation, $19.9 billion for Bank of America, N.A. and $9.6 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, 2020 and 2019, the amount of foreign currency-denominated debt translated into U.S. dollars included in total long-term debt was $54.6 billion and $49.6 billion. Foreign currency contracts may be used to convert certain foreign currency-denominated debt into U.S. dollars.
At December 31, 2020, long-term debt of consolidated VIEs in the table above included debt from credit card, residential mortgage, home equity and other VIEs of $6.3 billion, $491 million, $178 million and $111 million, respectively. Long-term debt of VIEs is collateralized by the assets of the VIEs. For more information, see Note 6 – Securitizations and Other Variable Interest Entities.
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 3.02 percent, 3.29 percent and 0.71 percent, respectively, at December 31, 2020, and 3.26 percent, 3.55 percent and 1.92 percent, respectively, at December 31, 2019. 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.
Debt outstanding of $4.8 billion at December 31, 2020 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.
The table below shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2020. 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) 2021 2022 2023 2024 2025 Thereafter Total
Bank of America Corporation
Senior notes $ 8,888  $ 15,380  $ 23,872  $ 21,407  $ 15,723  $ 105,903  $ 191,173 
Senior structured notes 469  2,034  597  190  549  13,194  17,033 
Subordinated notes 371  393  —  3,351  5,537  14,484  24,136 
Junior subordinated notes —  —  —  —  —  739  739 
Total Bank of America Corporation 9,728  17,807  24,469  24,948  21,809  134,320  233,081 
Bank of America, N.A.
Senior notes 1,340  975  511  —  —  8  2,834 
Subordinated notes —  —  —  —  —  1,883  1,883 
Advances from Federal Home Loan Banks 502  3  1  —  18  75  599 
Securitizations and other Bank VIEs (1)
4,056  1,241  977  —  —  22  6,296 
Other 112  16  189  —  279  87  683 
Total Bank of America, N.A. 6,010  2,235  1,678  —  297  2,075  12,295 
Other debt
Structured Liabilities 4,613  2,414  2,221  655  859  6,030  16,792 
Nonbank VIEs (1)
1  —  —  —  —  756  757 
Other —  —  —  —  —  9  9 
Total other debt 4,614  2,414  2,221  655  859  6,795  17,558 
Total long-term debt $ 20,352  $ 22,456  $ 28,368  $ 25,603  $ 22,965  $ 143,190  $ 262,934 
(1)     Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet.