XML 42 R17.htm IDEA: XBRL DOCUMENT v3.22.4
Deposits and Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Deposits and Borrowings
NOTE 8—DEPOSITS AND BORROWINGS
Our deposits, which include checking accounts, money market deposits, negotiable order of withdrawals, savings deposits and time deposits, represent our largest source of funding for our assets and operations. We also use a variety of other funding sources including short-term borrowings, senior and subordinated notes, securitized debt obligations and other borrowings. Securitized debt obligations are presented separately on our consolidated balance sheets, as they represent obligations of consolidated securitization trusts, while federal funds purchased and securities loaned or sold under agreements to repurchase, senior and subordinated notes and other borrowings, including FHLB advances, are included in other debt on our consolidated balance sheets.
Our total short-term borrowings generally consist of federal funds purchased, securities loaned or sold under agreements to repurchase and FHLB advances. Our long-term debt consists of borrowings with an original contractual maturity of greater than one year. The following tables summarize the components of our deposits, short-term borrowings and long-term debt as of December 31, 2022 and 2021. The carrying value presented below for these borrowings includes unamortized debt premiums and discounts, net of debt issuance costs and fair value hedge accounting adjustments.
Table 8.1: Components of Deposits, Short-Term Borrowings and Long-Term Debt
(Dollars in millions)December 31, 2022December 31, 2021
Deposits:
Non-interest-bearing deposits$32,203 $38,043 
Interest-bearing deposits(1)
300,789 272,937 
Total deposits$332,992 $310,980 
Short-term borrowings:
Federal funds purchased and securities loaned or sold under agreements to repurchase$883 $820 
Total short-term borrowings$883 $820 
 December 31, 2022December 31, 2021
(Dollars in millions)Maturity DatesStated Interest RatesWeighted-Average Interest RateCarrying ValueCarrying Value
Long-term debt:
Securitized debt obligations2023-2028
0.32% - 4.95%
2.61%$16,973 $14,994 
Senior and subordinated notes:
Fixed unsecured senior debt(2)
2023-2033
0.80 - 5.27
3.4324,134 19,975 
Floating unsecured senior debt2023-2025
4.99 - 5.65
5.171,597 1,709 
Total unsecured senior debt3.5325,731 21,684 
Fixed unsecured subordinated debt2023-2032
2.36 - 4.20
3.525,095 5,535 
Total senior and subordinated notes30,826 27,219 
Other long-term borrowings:
Finance lease liabilities2023 - 2031
0.30 - 9.91
4.2733 53 
Total other long-term borrowings33 53 
Total long-term debt$47,832 $42,266 
Total short-term borrowings and long-term debt$48,715 $43,086 
__________
(1)Includes $6.1 billion and $1.8 billion of time deposits in denominations in excess of the $250,000 federal insurance limit as of December 31, 2022 and 2021, respectively.
(2)Includes $1.2 billion and $1.4 billion of Euro (“EUR”) denominated unsecured notes as of December 31, 2022 and 2021, respectively.
The following table presents the carrying value of our interest-bearing time deposits with contractual maturities, securitized debt obligations and other debt by remaining contractual maturity as of December 31, 2022.
Table 8.2: Maturity Profile of Borrowings
(Dollars in millions)20232024202520262027ThereafterTotal
Interest-bearing time deposits $20,090 $13,321 $4,349 $2,077 $5,719 $302 $45,858 
Securitized debt obligations466 4,166 7,780 1,749 1,620 1,192 16,973 
Federal funds purchased and securities loaned or sold under agreements to repurchase883 0 0 0 0 0 883 
Senior and subordinated notes4,859 6,387 4,397 4,325 3,381 7,477 30,826 
Other borrowings19 3 2 2 3 4 33 
Total$26,317 $23,877 $16,528 $8,153 $10,723 $8,975 $94,573