Annual report pursuant to Section 13 and 15(d)

Long-term Debt (Tables)

v3.22.0.1
Long-term Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Balance of 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, 2021 and 2020, and the related contractual rates and maturity dates as of December 31, 2021.
Weighted-average Rate December 31
(Dollars in millions) Interest Rates Maturity Dates 2021 2020
Notes issued by Bank of America Corporation (1)
   
Senior notes:    
Fixed 2.85 %
0.25 - 8.05
 %
2022 - 2052
 $ 194,191  $ 174,385 
Floating 0.64
0.02 - 4.88
2023 - 2044
 18,753  16,788 
Senior structured notes 15,086  17,033 
Subordinated notes:
Fixed 4.88
2.94 - 8.57
2024 - 2045
 22,311  23,337 
Floating 2.18
0.82 - 2.48
2026 - 2036
 2,371  799 
Junior subordinated notes:
Fixed 6.71
6.45 - 8.05
2027 - 2066
 741  738 
Floating 0.97 0.97 2056 1  1 
Total notes issued by Bank of America Corporation 253,454  233,081 
Notes issued by Bank of America, N.A.    
Senior notes:    
Fixed 3.34 3.34 2023 501  511 
Floating 0.26
0.20 - 0.33
2022 - 2023
 3,173  2,323 
Subordinated notes 6.00 6.00 2036 1,780  1,883 
Advances from Federal Home Loan Banks:
Fixed 1.54
0.01 - 7.72
2022 - 2034
 290  599 
Securitizations and other BANA VIEs (2)
3,338  6,296 
Other 680  683 
Total notes issued by Bank of America, N.A. 9,762  12,295 
Other debt    
Structured liabilities (3)
16,599  16,792 
Nonbank VIEs (2)
249  757 
Other 53  9 
Total notes issued by nonbank and other entities 16,901  17,558 
Total long-term debt $ 280,117  $ 262,934 
(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, 2021, amount includes debt predominantly from credit card securitization and other VIEs of $3.2 billion and $211 million. For more information, see Note 6 – Securitizations and Other Variable Interest Entities.
(3)Includes debt outstanding of $5.4 billion and $4.8 billion at December 31, 2021 and 2020 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.
Schedule of Maturities of Long-term Debt The following table shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2021. 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) 2022 2023 2024 2025 2026 Thereafter Total
Bank of America Corporation
Senior notes $ 3,217  $ 23,326  $ 23,462  $ 21,534  $ 17,968  $ 123,437  $ 212,944 
Senior structured notes 1,937  572  396  398  819  10,964  15,086 
Subordinated notes —  —  3,283  5,379  5,171  10,849  24,682 
Junior subordinated notes —  —  —  —  —  742  742 
Total Bank of America Corporation 5,154  23,898  27,141  27,311  23,958  145,992  253,454 
Bank of America, N.A.
Senior notes 1,600  2,074  —  —  —  —  3,674 
Subordinated notes —  —  —  —  —  1,780  1,780 
Advances from Federal Home Loan Banks 202  1  —  16  10  61  290 
Securitizations and other Bank VIEs (1)
1,259  988  1,000  1  —  90  3,338 
Other 102  386  32  143  7  10  680 
Total Bank of America, N.A. 3,163  3,449  1,032  160  17  1,941  9,762 
Other debt
Structured Liabilities 3,586  2,823  1,996  668  1,621  5,905  16,599 
Nonbank VIEs (1)
2  51  —  —  —  196  249 
Other —  —  —  —  —  53  53 
Total other debt 3,588  2,874  1,996  668  1,621  6,154  16,901 
Total long-term debt $ 11,905  $ 30,221  $ 30,169  $ 28,139  $ 25,596  $ 154,087  $ 280,117 
(1)     Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet.