BORROWED FUNDS (Tables)

9 Months Ended

Sep. 30, 2018

A summary of the Company’s short-term borrowed funds is presented below:



(in millions)	September 30, 2018		December 31, 2017
Federal funds purchased		$—		$460
Securities sold under agreements to repurchase	374		355
Other short-term borrowed funds ⁽¹⁾	2,006		1,856
Total short-term borrowed funds		$2,380		$2,671

⁽¹⁾September 30, 2018 includes $1.5 billion of debt issued under CBNA’s Global Bank Note Program maturing within one year, with unamortized deferred issuance costs and/or discounts of ($1) million and other basis adjustments of ($5) million. December 31, 2017 includes $750 million of debt issued under CBNA’s Global Bank Note Program maturing within one year, with unamortized deferred issuance costs and/or discounts of ($1) million and other basis adjustments of ($4) million.

Key data related to short-term borrowed funds is presented in the following table:



	As of and for the Three Months Ended September 30,						As of and for the Nine Months Ended September 30,						As of and for the Year Ended December 31,
(dollars in millions)	2018			2017			2018			2017			2017
Weighted-average interest rate at period-end:⁽¹⁾
Federal funds purchased and securities sold under agreements to repurchase	—		%	—		%	—		%	—		%	0.74		%
Other short-term borrowed funds	2.41			1.47			2.41			1.47			1.72
Maximum amount outstanding at any month-end during the period:
Federal funds purchased and securities sold under agreements to repurchase⁽²⁾		$382			$724			$1,045			$1,174			$1,174
Other short-term borrowed funds	2,502			1,755			2,502			3,508			3,508
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase⁽²⁾		$643			$733			$598			$807			$776
Other short-term borrowed funds	2,239			1,624			1,802			2,283			2,321
Weighted-average interest rate during the period:⁽¹⁾
Federal funds purchased and securities sold under agreements to repurchase	0.91		%	0.47		%	0.76		%	0.34		%	0.36		%
Other short-term borrowed funds	2.45			1.48			2.38			1.22			1.32

⁽¹⁾Rates exclude certain hedging costs.

⁽²⁾ Balances are net of certain short-term receivables associated with reverse repurchase agreements, as applicable.

Schedule of long-term borrowed funds

A summary of the Company’s long-term borrowed funds is presented below:



(in millions)	September 30, 2018		December 31, 2017
Parent Company:
2.375% fixed-rate senior unsecured debt, due 2021		$349		$349
4.150% fixed-rate subordinated debt, due 2022	348		348
5.158% fixed-to-floating rate callable subordinated debt, due 2023⁽¹⁾	—		333
3.750% fixed-rate subordinated debt, due 2024	250		250
4.023% fixed-rate subordinated debt, due 2024	42		42
4.350% fixed-rate subordinated debt, due 2025	249		249
4.300% fixed-rate subordinated debt, due 2025	749		749
Banking Subsidiaries:
2.450% senior unsecured notes, due 2019 ⁽²⁾	742		743
2.500% senior unsecured notes, due 2019 ^{(2) (3)}	—		741
2.250% senior unsecured notes, due 2020 ⁽²⁾	687		692
Floating-rate senior unsecured notes, due 2020 ⁽²⁾	300		299
Floating-rate senior unsecured notes, due 2020 ⁽²⁾	250		249
2.200% senior unsecured notes, due 2020 ⁽²⁾	499		498
2.250% senior unsecured notes, due 2020 ⁽²⁾	731		742
2.550% senior unsecured notes, due 2021 ⁽²⁾	951		964
Floating-rate senior unsecured notes, due 2022 ⁽²⁾	249		249
2.650% senior unsecured notes, due 2022 ⁽²⁾	478		491
3.700% senior unsecured notes, due 2023 ⁽²⁾	492		—
Floating-rate senior unsecured notes, due 2023 ⁽²⁾	249		—
Federal Home Loan Bank advances due through 2038	8,012		3,761
Other	12		16
Total long-term borrowed funds		$15,639		$11,765

⁽¹⁾ Redeemed on June 29, 2018.

⁽²⁾Issued under CBNA’s Global Bank Note Program.

⁽³⁾Reclassified to short-term borrowed funds.

Schedule of maturities of long-term borrowed funds

A summary of maturities for the Company’s long-term borrowed funds at September 30, 2018 is presented below:



(in millions)	Parent Company		Banking Subsidiaries		Consolidated
Year
2019		$—		$3,244		$3,244
2020	—		7,972		7,972
2021	349		954		1,303
2022	348		732		1,080
2023	—		741		741
2024 and thereafter	1,290		9		1,299
Total		$1,987		$13,652		$15,639

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details