Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2023

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, 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.

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, 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.