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Borrowed Funds | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Borrowed Funds | BORROWED F UNDSThe following table shows the carrying value of total borrowed funds at September 30, 2023 (including adjustments related to accounting hedges, purchase accounting and unamortized original issuance discounts) by remaining contractual maturity: Table 58: Borrowed Funds
In millions
Less than 1 year | $ | 14,193 |
1 to 2 years | 21,763 |
2 to 3 years | 12,138 |
3 to 4 years | 1,945 |
4 to 5 years | 2,931 |
Over 5 years | 13,197 |
Total | $ | 66,167 |
The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of September 30, 2023, and the carrying values as of September 30, 2023 and December 31, 2022. Table 59: FHLB Borrowings, Senior Debt and Subordinated Debt
| Stated Rate |  | Maturity |  | Carrying Value |
Dollars in millions | September 30, 2023 |  | September 30, 2023 |  | September 30, 2023 |  | December 31, 2022 |
Parent Company |  |  |  |  |  |  |  |
Senior debt | 1.20% - 6.00% |  | 2024-2034 |  | $ | 17,880 |  |  | $ | 11,374 |  |
Subordinated debt | 3.90% - 4.60% |  | 2024-2033 |  | 1,493 |  |  | 1,524 |  |
Junior subordinated debt | 6.20 | % |  | 2028 |  | 205 |  |  | 205 |  |
Total Parent Company |  |  |  |  | 19,578 |  |  | 13,103 |  |
Bank |  |  |  |  |  |  |  |
Federal Home Loan Bank borrowings (a) | 5.50% - 5.90% |  | 2024-2026 |  | 36,000 |  |  | 32,075 |  |
Senior debt | 2.50% - 6.10% |  | 2024-2043 |  | 4,527 |  |  | 5,283 |  |
Subordinated debt | 2.70% - 5.90% |  | 2025-2029 |  | 3,030 |  |  | 4,578 |  |
Total Bank |  |  |  |  | 43,557 |  |  | 41,936 |  |
Total |  |  |  |  | $ | 63,135 |  |  | $ | 55,039 |  |
(a)FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities. In Table 59, the carrying values for parent company senior and subordinated debt include basis adjustments of $(1,214) million and $(104) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(254) million and $(262) million, respectively, related to fair value accounting hedges as of September 30, 2023. Certain borrowings are reported at fair value. Refer to Note 11 Fair Value for more information on those borrowings. For further information regarding junior subordinated debentures, refer to Note 10 Borrowed Funds in our 2022 Form 10-K.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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