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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Short-Term Borrowings Short-Term Borrowings
Our short-term borrowings include securities sold under repurchase agreements and FHLB and BTFP funding recorded in other short-term borrowings.
Collectively, short-term borrowings had weighted-average interest rates of 5.03% and 1.52% in 2024 and 2023, 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
Other(1)
2024202320242023
Balance as of December 31$3,681 $1,867 $9,815 $3,500 
Average outstanding during the year3,163 3,904 11,128 849 
Weighted-average interest rate as of year-end5.62 %.08 %4.77 %3.03 %
Weighted-average interest rate during the year4.93 .87 5.19 5.12 
(1) Primarily includes FHLB and Bank Term Funding Program borrowings.
Obligations to repurchase securities sold are recorded as a liability in our consolidated statement of condition. Applicable securities with a fair value of $4.36 billion underlying the repurchase agreements remained in our investment securities portfolio as of December 31, 2024.

The following table presents information about these securities and the carrying value of the related repurchase agreements, including accrued interest, as of December 31, 2024.
 Securities Sold
Repurchase Agreements(1)
(In millions)Amortized
Cost		Fair ValueAmortized
Cost
Term maturity(2)
$3,588 $3,500 $3,505 
Overnight maturity875 861 176 
Total$4,463 $4,361 $3,681 
(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 $191.26 billion on average in 2024 compared to $140.36 billion in 2023, primarily due to higher FICC repo volumes.
State Street Bank currently maintains a line of credit of CAD $1.40 billion, or approximately $0.97 billion, as of December 31, 2024, 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, 2024 and 2023, there was no balance outstanding on this line of credit.