Long-term Debt

12 Months Ended

Dec. 31, 2021

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.

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 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 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. 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.

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, 2021 and 2020, the amount of foreign currency-denominated debt translated into U.S. dollars included in total long-term debt was $53.1 billion and $54.6 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 2.83 percent, 3.08 percent and 0.75 percent, respectively, at December 31, 2021, and 3.02 percent, 3.29 percent and 0.71 percent, respectively, at December 31, 2020. 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, 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.