BORROWED FUNDS (Tables)

12 Months Ended

Dec. 31, 2018

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



	December 31,
(in millions)	2018		2017
Federal funds purchased		$820		$460
Securities sold under agreements to repurchase	336		355
Other short-term borrowed funds ⁽¹⁾	1,653		1,856
Total short-term borrowed funds		$2,809		$2,671

⁽¹⁾ December 31, 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 ($8) 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 Year Ended December 31,
(dollars in millions, except ratio data)	2018			2017			2016
Weighted-average interest rate at year-end: ⁽¹⁾
Federal funds purchased and securities sold under agreements to repurchase	1.72		%	0.74		%	0.26		%
Other short-term borrowed funds	2.50			1.72			0.94
Maximum amount outstanding at any month-end during the year:
Federal funds purchased and securities sold under agreements to repurchase ⁽²⁾		$1,282			$1,174			$1,522
Other short-term borrowed funds	2,509			3,508			5,461
Average amount outstanding during the year:
Federal funds purchased and securities sold under agreements to repurchase ⁽²⁾		$654			$776			$947
Other short-term borrowed funds	1,808			2,321			3,207
Weighted-average interest rate during the year: ⁽¹⁾
Federal funds purchased and securities sold under agreements to repurchase	0.92		%	0.36		%	0.09		%
Other short-term borrowed funds	2.42			1.32			0.64

⁽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:



	December 31,
(in millions)	2018		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) (3)}	—		743
2.500% senior unsecured notes, due 2019 ^{(2) (3)}	—		741
2.250% senior unsecured notes, due 2020 ⁽²⁾	691		692
3.278% floating-rate senior unsecured notes, due 2020 ^{(2) (4)}	300		299
3.247% floating-rate senior unsecured notes, due 2020 ^{(2) (4)}	250		249
2.200% senior unsecured notes, due 2020 ⁽²⁾	499		498
2.250% senior unsecured notes, due 2020 ⁽²⁾	738		742
2.550% senior unsecured notes, due 2021⁽²⁾	964		964
3.487% floating-rate senior unsecured notes, due 2022 ^{(2) (4)}	249		249
2.650% senior unsecured notes, due 2022 ⁽²⁾	487		491
3.700% senior unsecured notes, due 2023 ⁽²⁾	502		—
3.753% floating-rate senior unsecured notes, due 2023 ^{(2) (4)}	249		—
Federal Home Loan Bank advances, 2.725% weighted average rate, due through 2038	7,508		3,761
Other	9		16
Total long-term borrowed funds		$14,433		$11,765

⁽¹⁾ Redeemed on June 29, 2018.

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

⁽³⁾Reclassified to short-term borrowed funds.

⁽⁴⁾ Rate disclosed reflects the floating rate as of December 31, 2018.

Schedule of maturities of long-term borrowed funds

A summary of maturities for the Company’s long-term borrowed funds at December 31, 2018 is presented below:



(in millions)	Parent Company		Banking Subsidiaries		Consolidated
Year
2019		$—		$—		$—
2020	—		9,982		9,982
2021	349		967		1,316
2022	348		739		1,087
2023	—		751		751
2024 and thereafter	1,290		7		1,297
Total		$1,987		$12,446		$14,433

- 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