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BORROWED FUNDS (Tables)

12 Months Ended

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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