Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2022

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, 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.

Schedule of Maturities of Long-term Debt

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.