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BORROWED FUNDS (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of short-term borrowed funds | The following table presents a summary of the Company’s short-term borrowed funds.
| December 31,
(in millions) | 2020 |  | 2019
Securities sold under agreements to repurchase | $231 |  |  | $265 |
Other short-term borrowed funds | 12 |  |  | 9 |
Total short-term borrowed funds | $243 |  |  | $274 |
Schedule of long-term borrowed funds | The following table presents a summary of the Company’s long-term borrowed funds:
| December 31,
(in millions) | 2020 |  | 2019
Parent Company: |  |  |
2.375% fixed-rate senior unsecured debt, due July 2021 | $350 |  |  | $349 |
4.150% fixed-rate subordinated debt, due September 2022(1) | 182 |  |  | 348 |
3.750% fixed-rate subordinated debt, due July 2024(1) | 159 |  |  | 250 |
4.023% fixed-rate subordinated debt, due October 2024(1) | 25 |  |  | 42 |
4.350% fixed-rate subordinated debt, due August 2025(1) | 193 |  |  | 249 |
4.300% fixed-rate subordinated debt, due December 2025(1) | 450 |  |  | 750 |
2.850% fixed-rate senior unsecured notes, due July 2026 | 497 |  |  | 496 |
2.500% fixed-rate senior unsecured notes, due February 2030 | 297 |  |  | — |
3.250% fixed-rate senior unsecured notes, due April 2030 | 745 |  |  | — |
2.638% fixed-rate subordinated debt, due September 2032 (1) | 543 |  |  | — |
CBNA’s Global Note Program: |  |  |
2.250% senior unsecured notes, due March 2020 | — |  |  | 700 |
2.447% floating-rate senior unsecured notes, due March 2020 (2) | — |  |  | 300 |
2.487% floating-rate senior unsecured notes, due May 2020 (2) | — |  |  | 250 |
2.200% senior unsecured notes, due May 2020 | — |  |  | 500 |
2.250% senior unsecured notes, due October 2020 | — |  |  | 750 |
2.550% senior unsecured notes, due May 2021 | 1,003 |  |  | 991 |
3.250% senior unsecured notes, due February 2022 | 716 |  |  | 711 |
0.941% floating-rate senior unsecured notes, due February 2022 (2) | 299 |  |  | 299 |
1.042% floating-rate senior unsecured notes, due May 2022 (2) | 250 |  |  | 250 |
2.650% senior unsecured notes, due May 2022 | 510 |  |  | 501 |
3.700% senior unsecured notes, due March 2023 | 527 |  |  | 515 |
1.201% floating-rate senior unsecured notes, due March 2023 (2) | 249 |  |  | 249 |
2.250% senior unsecured notes, due April 2025 | 746 |  |  | — |
3.750% senior unsecured notes, due February 2026 | 551 |  |  | 521 |
Additional Borrowings by CBNA and Other Subsidiaries: |  |  |
Federal Home Loan Bank advances, 0.932% weighted average rate, due through 2038 | 19 |  |  | 5,008 |
Other | 35 |  |  | 18 |
Total long-term borrowed funds | $8,346 |  |  | $14,047 |
(1 December 31, 2020 balances reflect the September 2020 completion of (i) $621 million in private exchange offers for five series of outstanding subordinated notes whereby participants received a combination of the Company’s newly issued 2.638% fixed-rate subordinated notes due 2032 and an additional cash payment and (ii) $11 million in related cash tender offers whereby validly tendered and accepted subordinated notes were purchased by Citizens and subsequently cancelled. (2) Rate disclosed reflects the floating rate as of December 31, 2020, or final floating rate as applicable.
Schedule of maturities of long-term borrowed funds | The following table presents a summary of maturities for the Company’s long-term borrowed funds at December 31, 2020:
(in millions) | Parent Company | CBNA and Other Subsidiaries | Consolidated
Year |  |  |
2021 | $350 |  | $1,011 |  | $1,361 |
2022 | 182 |  | 1,786 |  | 1,968 |
2023 | — |  | 778 |  | 778 |
2024 | 184 |  | — |  | 184 |
2025 | 643 |  | 759 |  | 1,402 |
2026 and thereafter | 2,082 |  | 571 |  | 2,653 |
Total | $3,441 |  | $4,905 |  | $8,346 |

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