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Borrowed Funds
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Borrowed Funds BORROWED FUNDS
The following table shows the carrying value of total borrowed funds at June 30, 2024 (including adjustments related to accounting hedges, purchase accounting and unamortized original issuance discounts) by remaining contractual maturity:
Table 58: Borrowed Funds
In millions
Less than 1 year$28,984 
1 to 2 years13,638 
2 to 3 years4,566 
3 to 4 years4,065 
4 to 5 years6,015 
Over 5 years14,123 
Total$71,391 
The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of June 30, 2024, and the carrying values as of June 30, 2024 and December 31, 2023.
Table 59: FHLB Borrowings, Senior Debt and Subordinated Debt
 Stated RateMaturityCarrying Value
Dollars in millionsJune 30, 2024June 30, 2024June 30, 2024December 31, 2023
Parent Company
Senior debt
1.15% - 6.88%
2024-2035$24,979 $22,221 
Subordinated debt4.63 %2033778 1,544 
Junior subordinated debt6.18 %2028206 206 
Total Parent Company  25,963 23,971 
Bank
Federal Home Loan Bank borrowings (a)
5.53% - 5.93%
2024-202635,000 38,000 
Senior debt
2.50% - 6.07%
2024-20434,622 4,615 
Subordinated debt
2.70% - 5.90%
2025-20293,094 3,125 
Total Bank  42,716 45,740 
Total  $68,679 $69,711 
(a)FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities.
In Table 59, the carrying values for parent company senior and subordinated debt include basis adjustments of $(766) million and $(68) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(151) million and $(187) million, respectively, related to fair value accounting hedges as of June 30, 2024.
Certain borrowings are reported at fair value. Refer to Note 11 Fair Value for more information on those borrowings.
For further information regarding junior subordinated debentures, refer to Note 9 Borrowed Funds in our 2023 Form 10-K.