BORROWED FUNDS (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of short-term borrowed funds

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

(in millions)	September 30, 2019		December 31, 2018
Federal funds purchased		$600		$820
Securities sold under agreements to repurchase	267		336
Other short-term borrowed funds	210		161
Total short-term borrowed funds		$1,077		$1,317

Key data related to short-term borrowed funds is presented below:

	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)	2019			2018			2019			2018			2018
Weighted-average interest rate at period-end:(1)
Federal funds purchased and securities sold under agreements to repurchase	1.47		%	—		%	1.47		%	—		%	1.72		%
Other short-term borrowed funds	2.15			2.43			2.15			2.43			2.73
Maximum amount outstanding at any month-end during the period:
Federal funds purchased and securities sold under agreements to repurchase(2)		$867			$382			$1,499			$1,045			$1,282
Other short-term borrowed funds	338			1,010			511			1,110			1,110
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase(2)		$487			$643			$648			$598			$654
Other short-term borrowed funds	113			748			72			509			467
Weighted-average interest rate during the period:(1)
Federal funds purchased and securities sold under agreements to repurchase	1.19		%	0.91		%	1.45		%	0.76		%	0.92		%
Other short-term borrowed funds	2.46			2.27			2.58			2.00			2.10

⁽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, 2019		December 31, 2018
Parent Company:
2.375% fixed-rate senior unsecured debt, due July 2021		$349		$349
4.150% fixed-rate subordinated debt, due September 2022	348		348
3.750% fixed-rate subordinated debt, due July 2024	250		250
4.023% fixed-rate subordinated debt, due October 2024	42		42
4.350% fixed-rate subordinated debt, due August 2025	249		249
4.300% fixed-rate subordinated debt, due December 2025	750		749
2.850% fixed-rate senior unsecured notes, due July 2026	496		—
Banking and Other Subsidiaries:
2.500% senior unsecured notes, due March 2019 (1)	—		748
2.450% senior unsecured notes, due December 2019 (1)	749		744
2.250% senior unsecured notes, due March 2020 (1)	699		691
2.678% floating-rate senior unsecured notes, due March 2020 (1) (2)	300		300
2.714% floating-rate senior unsecured notes, due May 2020 (1) (2)	250		250
2.200% senior unsecured notes, due May 2020 (1)	500		499
2.250% senior unsecured notes, due October 2020 (1)	749		738
2.550% senior unsecured notes, due May 2021 (1)	990		964
3.250% senior unsecured notes, due February 2022 (1)	713		—
2.895% floating-rate senior unsecured notes, due February 2022 (1) (2)	299		—
2.954% floating-rate senior unsecured notes, due May 2022 (1) (2)	250		249
2.650% senior unsecured notes, due May 2022 (1)	502		487
3.700% senior unsecured notes, due March 2023 (1)	518		502
3.054% floating-rate senior unsecured notes, due March 2023 (1) (2)	250		249
3.750% senior unsecured notes, due February 2026 (1)	529		—
Federal Home Loan Bank advances, 2.425% weighted average rate, due through 2038	3,007		7,508
Other	17		9
Total long-term borrowed funds		$12,806		$15,925

⁽¹⁾ Issued under CBNA’s Global Bank Note Program.

⁽²⁾ Rate disclosed reflects the floating rate as of September 30, 2019.

Schedule of maturities of long-term borrowed funds

A summary of maturities for the Company’s long-term borrowed funds at September 30, 2019 is presented below:

(in millions)	Parent Company		Banking and Other Subsidiaries		Consolidated
Year
2019		$—		$749		$749
2020	—		3,201		3,201
2021	349		3,295		3,644
2022	348		1,771		2,119
2023	—		769		769
2024 and thereafter	1,787		537		2,324
Total		$2,484		$10,322		$12,806