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BORROWED FUNDS | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
BORROWED FUNDS | NOTE 12 - BORROWED FUNDS The following table presents a summary of the Company’s short-term borrowed funds:
| December 31,
(in millions) | 2019 |  |  | 2018 |
Securities sold under agreements to repurchase |  | $265 |  |  |  | $336 |
Federal funds purchased | — |  |  | 820 |
Other short-term borrowed funds | 9 |  |  | 161 |
Total short-term borrowed funds |  | $274 |  |  |  | $1,317 |
The following table presents key data related to the Company’s short-term borrowed funds:
| As of and for the Year Ended December 31,
(dollars in millions, except ratio data) | 2019 |  |  | 2018 |  | 2017
Weighted-average interest rate at year-end: (1) |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 0.41 | % |  | 1.72 | % |  | 0.74 | %
Other short-term borrowed funds | 3.85 |  |  | 2.73 |  |  | 1.33 |
Maximum amount outstanding at any month-end during the year: |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase (2) |  | $1,499 |  |  |  | $1,282 |  |  |  | $1,174 |
Other short-term borrowed funds | 511 |  |  | 1,110 |  |  | 2,759 |
Average amount outstanding during the year: |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase (2) |  | $599 |  |  |  | $654 |  |  |  | $776 |
Other short-term borrowed funds | 66 |  |  | 467 |  |  | 1,571 |
Weighted-average interest rate during the year: (1) |  |  |  |  |
Federal funds purchased and securities sold under agreements to repurchase | 1.36 | % |  | 0.92 | % |  | 0.36 | %
Other short-term borrowed funds | 2.50 |  |  | 2.10 |  |  | 1.09 |
(1) Rates exclude certain hedging costs. (2) Balances are net of certain short-term receivables associated with reverse repurchase agreements, as applicable. The following table presents a summary of the Company’s long-term borrowed funds:
| December 31,
(in millions) | 2019 |  |  | 2018 |
Parent Company: |  |  |
2.375% fixed-rate senior unsecured debt, due July 2021 |  | $349 |  |  |  | $349 |
4.150% fixed-rate subordinated debt, due September 2022 | 348 |  |  | 348 |
3.750% fixed-rate subordinated debt, due July 2024 | 250 |  |  | 250 |
4.023% fixed-rate subordinated debt, due October 2024 | 42 |  |  | 42 |
4.350% fixed-rate subordinated debt, due August 2025 | 249 |  |  | 249 |
4.300% fixed-rate subordinated debt, due December 2025 | 750 |  |  | 749 |
2.850% fixed-rate senior unsecured notes, due July 2026 | 496 |  |  | — |
CBNA’s Global Note Program: |  |  |
2.500% senior unsecured notes, due March 2019 | — |  |  | 748 |
2.450% senior unsecured notes, due December 2019 | — |  |  | 744 |
2.250% senior unsecured notes, due March 2020 | 700 |  |  | 691 |
2.447% floating-rate senior unsecured notes, due March 2020 (1) | 300 |  |  | 300 |
2.487% floating-rate senior unsecured notes, due May 2020 (1) | 250 |  |  | 250 |
2.200% senior unsecured notes, due May 2020 | 500 |  |  | 499 |
2.250% senior unsecured notes, due October 2020 | 750 |  |  | 738 |
2.550% senior unsecured notes, due May 2021 | 991 |  |  | 964 |
3.250% senior unsecured notes, due February 2022 | 711 |  |  | — |
2.629% floating-rate senior unsecured notes, due February 2022 (1) | 299 |  |  | — |
2.727% floating-rate senior unsecured notes, due May 2022 (1) | 250 |  |  | 249 |
2.650% senior unsecured notes, due May 2022 | 501 |  |  | 487 |
3.700% senior unsecured notes, due March 2023 | 515 |  |  | 502 |
2.911% floating-rate senior unsecured notes, due March 2023 (1) | 249 |  |  | 249 |
3.750% senior unsecured notes, due February 2026 | 521 |  |  | — |
Additional Borrowings by CBNA and Other Subsidiaries: |  |  |
Federal Home Loan Bank advances, 2.006% weighted average rate, due through 2038 | 5,008 |  |  | 7,508 |
Other | 18 |  |  | 9 |
Total long-term borrowed funds |  | $14,047 |  |  |  | $15,925 |
(1) Rate disclosed reflects the floating rate as of December 31, 2019. The Parent Company’s long-term borrowed funds as of December 31, 2019 and 2018 included principal balances of $2.5 billion and $2.0 billion, respectively, and unamortized deferred issuance costs and/or discounts of ($8) million and ($5) million, respectively. CBNA and other subsidiaries’ long-term borrowed funds as of December 31, 2019 and 2018 included principal balances of $11.5 billion and $14.0 billion, respectively, with unamortized deferred issuance costs and/or discounts of ($13) million and ($14) million, respectively, and hedging basis adjustments of $50 million and ($66) million, respectively. See Note 13 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 $9.8 billion and $13.0 billion at December 31, 2019 and 2018, respectively. The Company’s available FHLB borrowing capacity was $7.2 billion and $4.8 billion at December 31, 2019 and 2018, respectively. Citizens 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 December 31, 2019, the Company’s unused secured borrowing capacity was approximately $38.9 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity. The following table presents a summary of maturities for the Company’s long-term borrowed funds at December 31, 2019:
(in millions) | Parent Company | CBNA and Other Subsidiaries | Consolidated |
Year |  |  |
2020 |  | $— |  |  | $2,504 |  |  | $2,504 |
2021 | 349 |  | 5,998 |  | 6,347 |
2022 | 348 |  | 1,767 |  | 2,115 |
2023 | — |  | 765 |  | 765 |
2024 | 292 |  | 1 |  | 293 |
2025 and thereafter | 1,495 |  | 528 |  | 2,023 |
Total |  | $2,484 |  |  | $11,563 |  |  | $14,047 |

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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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