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BORROWED FUNDS (Tables) | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Schedule of short-term 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.
Schedule of long-term borrowed funds | 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.
Schedule of maturities of long-term borrowed funds | 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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