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BORROWED FUNDS | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
BORROWED FUNDS | BORROWED FUNDS A summary of the Company’s short-term borrowed funds is presented below:
(in millions) | September 30, 2018 |  | December 31, 2017
Federal funds purchased |  | $— |  |  |  | $460 |
Securities sold under agreements to repurchase | 374 |  |  | 355 |
Other short-term borrowed funds (1) | 2,006 |  |  | 1,856 |
Total short-term borrowed funds |  | $2,380 |  |  |  | $2,671 |
(1) September 30, 2018 includes $1.5 billion of debt issued under CBNA’s Global Bank Note Program maturing within one year, with unamortized deferred issuance costs and/or discounts of ($1) million and other basis adjustments of ($5) million. December 31, 2017 includes $750 million of debt issued under CBNA’s Global Bank Note Program maturing within one year, with unamortized deferred issuance costs and/or discounts of ($1) million and other basis adjustments of ($4) million. Key data related to short-term borrowed funds is presented in the following table:
| As of and for the Three Months Ended September 30, |  | As of and for the Nine Months Ended September 30, |  | As of and for the Year Ended December 31,
(dollars in millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |  |  | 2017
Weighted-average interest rate at period-end:(1) |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | — | % |  | — | % |  | — | % |  | — | % |  | 0.74 | %
Other short-term borrowed funds | 2.41 |  |  | 1.47 |  |  | 2.41 |  |  | 1.47 |  |  | 1.72 |
Maximum amount outstanding at any month-end during the period: |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase(2) |  | $382 |  |  |  | $724 |  |  |  | $1,045 |  |  |  | $1,174 |  |  |  | $1,174 |
Other short-term borrowed funds | 2,502 |  |  | 1,755 |  |  | 2,502 |  |  | 3,508 |  |  | 3,508 |
Average amount outstanding during the period: |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase(2) |  | $643 |  |  |  | $733 |  |  |  | $598 |  |  |  | $807 |  |  |  | $776 |
Other short-term borrowed funds | 2,239 |  |  | 1,624 |  |  | 1,802 |  |  | 2,283 |  |  | 2,321 |
Weighted-average interest rate during the period:(1) |  |  |  |  |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 0.91 | % |  | 0.47 | % |  | 0.76 | % |  | 0.34 | % |  | 0.36 | %
Other short-term borrowed funds | 2.45 |  |  | 1.48 |  |  | 2.38 |  |  | 1.22 |  |  | 1.32 |
(1) Rates exclude certain hedging costs. (2) Balances are net of certain short-term receivables associated with reverse repurchase agreements, as applicable. A summary of the Company’s long-term borrowed funds is presented below:
(in millions) | September 30, 2018 |  | December 31, 2017
Parent Company: |  |  |
2.375% fixed-rate senior unsecured debt, due 2021 |  | $349 |  |  |  | $349 |
4.150% fixed-rate subordinated debt, due 2022 | 348 |  |  | 348 |
5.158% fixed-to-floating rate callable subordinated debt, due 2023(1) | — |  |  | 333 |
3.750% fixed-rate subordinated debt, due 2024 | 250 |  |  | 250 |
4.023% fixed-rate subordinated debt, due 2024 | 42 |  |  | 42 |
4.350% fixed-rate subordinated debt, due 2025 | 249 |  |  | 249 |
4.300% fixed-rate subordinated debt, due 2025 | 749 |  |  | 749 |
Banking Subsidiaries: |  |  |
2.450% senior unsecured notes, due 2019 (2) | 742 |  |  | 743 |
2.500% senior unsecured notes, due 2019 (2) (3) | — |  |  | 741 |
2.250% senior unsecured notes, due 2020 (2) | 687 |  |  | 692 |
Floating-rate senior unsecured notes, due 2020 (2) | 300 |  |  | 299 |
Floating-rate senior unsecured notes, due 2020 (2) | 250 |  |  | 249 |
2.200% senior unsecured notes, due 2020 (2) | 499 |  |  | 498 |
2.250% senior unsecured notes, due 2020 (2) | 731 |  |  | 742 |
2.550% senior unsecured notes, due 2021 (2) | 951 |  |  | 964 |
Floating-rate senior unsecured notes, due 2022 (2) | 249 |  |  | 249 |
2.650% senior unsecured notes, due 2022 (2) | 478 |  |  | 491 |
3.700% senior unsecured notes, due 2023 (2) | 492 |  |  | — |
Floating-rate senior unsecured notes, due 2023 (2) | 249 |  |  | — |
Federal Home Loan Bank advances due through 2038 | 8,012 |  |  | 3,761 |
Other | 12 |  |  | 16 |
Total long-term borrowed funds |  | $15,639 |  |  |  | $11,765 |
(1) Redeemed on June 29, 2018. (2) Issued under CBNA’s Global Bank Note Program. (3) Reclassified to short-term borrowed funds. The Parent Company’s long-term borrowed funds as of September 30, 2018 and December 31, 2017 included principal balances of $2.0 billion and $2.3 billion, respectively, with unamortized deferred issuance costs and/or discounts of ($5) million for each period. The banking subsidiaries’ long-term borrowed funds as of September 30, 2018 and December 31, 2017 included principal balances of $13.8 billion and $9.5 billion, respectively, with unamortized deferred issuance costs and/or discounts of ($17) million and ($19) million, respectively, and hedging basis adjustments of ($105) million and ($63) million, respectively. See Note 9 “Derivatives” for further information about the Company’s hedging of certain long-term borrowed funds. Advances, lines of credit, and letters of credit from the FHLB are collateralized by pledged mortgages and pledged securities at least sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized borrowing capacity for FHLB advances and letters of credit was $13.8 billion and $9.4 billion at September 30, 2018 and December 31, 2017, respectively. The Company’s available FHLB borrowing capacity was $3.7 billion and $8.0 billion at September 30, 2018 and December 31, 2017, respectively. The Company can also borrow from the FRB discount window to meet short-term liquidity requirements. Collateral, including certain loans, is pledged to support this borrowing capacity. At September 30, 2018, the Company’s unused secured borrowing capacity was approximately $36.3 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity. A summary of maturities for the Company’s long-term borrowed funds at September 30, 2018 is presented below:
(in millions) | Parent Company | Banking Subsidiaries | Consolidated |
Year |  |  |
2019 |  | $— |  |  | $3,244 |  |  | $3,244 |
2020 | — |  | 7,972 |  | 7,972 |
2021 | 349 |  | 954 |  | 1,303 |
2022 | 348 |  | 732 |  | 1,080 |
2023 | — |  | 741 |  | 741 |
2024 and thereafter | 1,290 |  | 9 |  | 1,299 |
Total |  | $1,987 |  |  | $13,652 |  |  | $15,639 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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