BANK OF AMERICA CORP /DE/BAC
BANK OF AMERICA CORP /DE/ Debt Disclosure
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.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2023 | Feb 20, 2024 | Showing above |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 24, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.