BORROWED FUNDS (Tables)

9 Months Ended

Sep. 30, 2020

The following table presents a summary of the Company’s long-term borrowed funds:



(in millions)	September 30, 2020		December 31, 2019
Parent Company:
2.375% fixed-rate senior unsecured debt, due July 2021		$350		$349
4.150% fixed-rate subordinated debt, due September 2022 ⁽¹⁾	181		348
3.750% fixed-rate subordinated debt, due July 2024 ⁽¹⁾	159		250
4.023% fixed-rate subordinated debt, due October 2024 ⁽¹⁾	25		42
4.350% fixed-rate subordinated debt, due August 2025 ⁽¹⁾	193		249
4.300% fixed-rate subordinated debt, due December 2025⁽¹⁾	450		750
2.850% fixed-rate senior unsecured notes, due July 2026	497		496
2.500% fixed-rate senior unsecured notes, due February 2030	297		—
3.250% fixed-rate senior unsecured notes, due April 2030	745		—
2.638% fixed-rate subordinated debt, due September 2032 ⁽¹⁾	542		—
CBNA’s Global Note Program:
2.250% senior unsecured notes, due March 2020	—		700
2.678% floating-rate senior unsecured notes, due March 2020 ⁽²⁾	—		300
2.217% floating-rate senior unsecured notes, due May 2020 ⁽²⁾	—		250
2.200% senior unsecured notes, due May 2020	—		500
2.250% senior unsecured notes, due October 2020	750		750
2.550% senior unsecured notes, due May 2021	1,005		991
3.250% senior unsecured notes, due February 2022	720		711
0.985% floating-rate senior unsecured notes, due February 2022 ⁽²⁾	299		299
1.044% floating-rate senior unsecured notes, due May 2022 ⁽²⁾	250		250
2.650% senior unsecured notes, due May 2022	512		501
3.700% senior unsecured notes, due March 2023	530		515
1.168% floating-rate senior unsecured notes, due March 2023 ⁽²⁾	249		249
2.250% senior unsecured notes, due April 2025	745		—
3.750% senior unsecured notes, due February 2026	555		521
Additional Borrowings by CBNA and Other Subsidiaries:
Federal Home Loan Bank advances, 0.943% weighted average rate, due through 2038	19		5,008
Other	36		18
Total long-term borrowed funds		$9,109		$14,047

⁽¹⁾September 30, 2020 balances reflect the September 2020 completion of (i) $621 million in private exchange offers for five series of outstanding subordinated notes whereby participants received a combination of the Company’s newly issued 2.638% fixed-rate subordinated notes due 2032 and an additional cash payment and (ii) $11 million in related cash tender offers whereby validly tendered and accepted subordinated notes were purchased by Citizens and subsequently cancelled.

⁽²⁾Rate disclosed reflects the floating rate as of September 30, 2020 or final rate, as applicable.

Schedule of maturities of long-term borrowed funds

The following table presents a summary of maturities for the Company’s long-term borrowed funds at September 30, 2020:



(in millions)	Parent Company		CBNA and Other Subsidiaries		Consolidated
Year
2020		$—		$752		$752
2021	350		1,014		1,364
2022	181		1,790		1,971
2023	—		780		780
2024	184		—		184
2025 and thereafter	2,724		1,334		4,058
Total		$3,439		$5,670		$9,109

- 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