Annual report pursuant to Section 13 and 15(d)

Long-term Debt

v3.22.4
Long-term Debt
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021, and the related contractual rates and maturity dates as of December 31, 2022.
Weighted-average Rate December 31
(Dollars in millions) Interest Rates Maturity Dates 2022 2021
Notes issued by Bank of America Corporation (1)
   
Senior notes:    
Fixed 3.03 %
0.25 - 8.05
 %
2023 - 2052
 $ 188,429  $ 194,191 
Floating 4.2
0.74 - 9.16
2023 - 2044
 17,469  18,753 
Senior structured notes 11,608  15,086 
Subordinated notes:
Fixed 4.88
2.94 - 8.57
2024 - 2045
 21,098  22,311 
Floating 3.45
2.48 - 5.53
2026 - 2037
 4,544  2,371 
Junior subordinated notes:
Fixed 6.71
6.45 - 8.05
2027 - 2066
 743  741 
Floating 5.56 5.56 2056 1  1 
Total notes issued by Bank of America Corporation 243,892  253,454 
Notes issued by Bank of America, N.A.    
Senior notes:    
Fixed —  501 
Floating 5.05
  5.05
  2024
 2,600  3,173 
Subordinated notes 6.00 6.00 2036 1,485  1,780 
Advances from Federal Home Loan Banks:
Fixed 4.49
0.01 - 7.42
2023 - 2034
 681  290 
Securitizations and other BANA VIEs (2)
4,300  3,338 
Other 908  680 
Total notes issued by Bank of America, N.A. 9,974  9,762 
Other debt    
Structured liabilities (3)
21,835  16,599 
Nonbank VIEs (2)
281  249 
Other —  53 
Total notes issued by nonbank and other entities 22,116  16,901 
Total long-term debt $ 275,982  $ 280,117 
(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, 2022, amount includes debt predominantly from credit card securitization and other VIEs of $4.2 billion and $156 million. For more information, see Note 6 – Securitizations and Other Variable Interest Entities.
(3)Includes debt outstanding of $8.0 billion and $5.4 billion at December 31, 2022 and 2021 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 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 2021, the Corporation issued $76.7 billion of long-term debt consisting of $56.2 billion of notes issued by Bank of America Corporation, $8.0 billion of notes issued by Bank of America, N.A. and $12.5 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. During 2021, the Corporation had total long-term debt maturities and redemptions in the aggregate of $46.4 billion consisting of $24.4 billion for Bank of America Corporation, $10.4 billion for Bank of America, N.A. and $11.6 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, 2022 and 2021, the amount of foreign currency-denominated debt translated into U.S. dollars included in total long-term debt was $46.7 billion and $53.1 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 3.27 percent, 3.23 percent and 4.14 percent, respectively, at December 31, 2022, and 2.83 percent, 3.08 percent and 0.75 percent, respectively, at December 31, 2021. 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 table below shows the carrying value for aggregate annual contractual maturities of long-term debt as of December 31, 2022. 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) 2023 2024 2025 2026 2027 Thereafter Total
Bank of America Corporation
Senior notes $ 8,029  $ 22,570  $ 24,730  $ 23,972  $ 16,055  $ 110,542  $ 205,898 
Senior structured notes 767  456  558  946  641  8,240  11,608 
Subordinated notes —  3,205  5,132  4,908  2,155  10,242  25,642 
Junior subordinated notes —  —  —  —  188  556  744 
Total Bank of America Corporation 8,796  26,231  30,420  29,826  19,039  129,580  243,892 
Bank of America, N.A.
Senior notes —  2,600  —  —  —  —  2,600 
Subordinated notes —  —  —  —  —  1,485  1,485 
Advances from Federal Home Loan Banks 600  —  15  9  4  53  681 
Securitizations and other Bank VIEs (1)
1,000  1,000  2,248  —  —  52  4,300 
Other 642  89  71  45  63  (2) 908 
Total Bank of America, N.A. 2,242  3,689  2,334  54  67  1,588  9,974 
Other debt
Structured Liabilities 5,253  2,426  2,482  1,474  2,001  8,199  21,835 
Nonbank VIEs (1)
—  —  —  —  —  281  281 
Other —  —  —  —  —  —  — 
Total other debt 5,253  2,426  2,482  1,474  2,001  8,480  22,116 
Total long-term debt $ 16,291  $ 32,346  $ 35,236  $ 31,354  $ 21,107  $ 139,648  $ 275,982 
(1)     Represents liabilities of consolidated VIEs included in total long-term debt on the Consolidated Balance Sheet.