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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Short-Term Borrowings Short-Term Borrowings
Our short-term borrowings include federal funds purchased, securities sold under repurchase agreements, short-term borrowings associated with our tax-exempt investment program and other short-term borrowings.
Collectively, short-term borrowings had weighted-average interest rates of 1.52% and 0.83% in 2023 and 2022, respectively.
The following tables present information with respect to the amounts outstanding and weighted-average interest rates of the primary components of our short-term borrowings as of and for the years ended December 31:
(Dollars in millions)Securities Sold Under
Repurchase Agreements		Federal Funds Purchased
202320222021202320222021
Balance as of December 31$1,867 $1,177 $1,575 $1,000 $— $— 
Maximum outstanding as of any month-end4,690 11,517 1,575 1,000 — — 
Average outstanding during the year3,904 3,633 667 65 — — 
Weighted-average interest rate as of year-end.08 %2.31 %.00 %2.03 %.00 %.00 %
Weighted-average interest rate during the year.87 .39 (.00)4.82 — — 
 Tax-Exempt
Investment Program		Other
(Dollars in millions)202320222021202320222021
Balance as of December 31$— $— $— $2,500 $2,000 $— 
Maximum outstanding as of any month-end— — 616 4,500 8,525 — 
Average outstanding during the year— — 523 784 696 315 
Weighted-average interest rate as of year-end— %— %— %3.43 %4.18 %.00 %
Weighted-average interest rate for the year— — .31 5.15 .01 — 
Obligations to repurchase securities sold are recorded as a liability in our consolidated statement of condition. Applicable securities with a fair value of $1.72 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2023.
The following table presents information about these securities and the carrying value of the related repurchase agreements, including accrued interest, as of December 31, 2023.
 Securities Sold
Repurchase Agreements(1)
(In millions)Amortized
Cost		Fair ValueAmortized
Cost
Term maturity(2)
$1,407 $1,360 $1,360 
Overnight maturity364 359 507 
Total$1,771 $1,719 $1,867 
(1) Collateralized by investment securities.
(2) Maturity is greater than 90 days.
We maintain an agreement with a clearing organization (FICC) that enables us to net securities purchased under resale agreements and sold under repurchase agreements with counterparties that are also members of the clearing organization when specific netting criteria are met. The impact of this netting was $140.36 billion on average in 2023 compared to $71.02 billion in 2022, primarily due to higher FICC repo volumes.
State Street Bank currently maintains a line of credit of CAD $1.40 billion, or approximately $1.06 billion, as of December 31, 2023, to support its Canadian securities processing operations. The line of credit has no stated termination date and is cancellable by either party with prior notice. As of both December 31, 2023 and 2022, there was no balance outstanding on this line of credit.