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BORROWED FUNDS | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
BORROWED FUNDS | NOTE 7 - BORROWED FUNDS Short-term borrowed funds Short-term borrowed funds were $8 million and $243 million as of September 30, 2021 and December 31, 2020, respectively. Long-term borrowed funds The following table presents a summary of the Company’s long-term borrowed funds:
(in millions) | September 30, 2021 |  | December 31, 2020
Parent Company: |  |  |
2.375% fixed-rate senior unsecured debt, due July 2021(1) | $— |  |  | $350 |
4.150% fixed-rate subordinated debt, due September 2022(2) | 168 |  |  | 182 |
3.750% fixed-rate subordinated debt, due July 2024(2) | 90 |  |  | 159 |
4.023% fixed-rate subordinated debt, due October 2024(2) | 17 |  |  | 25 |
4.350% fixed-rate subordinated debt, due August 2025(2) | 133 |  |  | 193 |
4.300% fixed-rate subordinated debt, due December 2025(2) | 336 |  |  | 450 |
2.850% fixed-rate senior unsecured notes, due July 2026 | 497 |  |  | 497 |
2.500% fixed-rate senior unsecured notes, due February 2030 | 298 |  |  | 297 |
3.250% fixed-rate senior unsecured notes, due April 2030 | 745 |  |  | 745 |
3.750% fixed-rate reset subordinated debt, due February 2031(2) | 69 |  |  | — |
4.300% fixed-rate reset subordinated debt, due February 2031(2) | 135 |  |  | — |
4.350% fixed-rate reset subordinated debt, due February 2031(2) | 61 |  |  | — |
2.638% fixed-rate subordinated debt, due September 2032 | 548 |  |  | 543 |
CBNA’s Global Note Program: |  |  |
2.550% senior unsecured notes, due May 2021 | — |  |  | 1,003 |
3.250% senior unsecured notes, due February 2022 | 704 |  |  | 716 |
0.845% floating-rate senior unsecured notes, due February 2022(3) | 300 |  |  | 299 |
0.932% floating-rate senior unsecured notes, due May 2022(3) | 250 |  |  | 250 |
2.650% senior unsecured notes, due May 2022 | 505 |  |  | 510 |
3.700% senior unsecured notes, due March 2023 | 517 |  |  | 527 |
1.082% floating-rate senior unsecured notes, due March 2023(3) | 250 |  |  | 249 |
2.250% senior unsecured notes, due April 2025 | 746 |  |  | 746 |
3.750% senior unsecured notes, due February 2026 | 533 |  |  | 551 |
Additional Borrowings by CBNA and Other Subsidiaries: |  |  |
Federal Home Loan Bank advances, 0.864% weighted average rate, due through 2041 | 19 |  |  | 19 |
Other | 26 |  |  | 35 |
Total long-term borrowed funds | $6,947 |  |  | $8,346 |
(1) Notes were redeemed on June 28, 2021. (2) September 30, 2021 balances reflect the February 2021 completion of $265 million in private exchange offers for five series of outstanding subordinated notes whereby participants received newly issued 3.750%, 4.300%, and 4.350% fixed-rate reset subordinated notes due 2031 which are redeemable by the Company five years prior to their maturity. (3) Rate disclosed reflects the floating rate as of September 30, 2021. The Parent Company’s long-term borrowed funds as of September 30, 2021 and December 31, 2020 included principal balances of $3.2 billion and $3.5 billion, respectively, and unamortized deferred issuance costs and/or discounts of $82 million and $90 million, respectively. CBNA and other subsidiaries’ long-term borrowed funds as of September 30, 2021 and December 31, 2020 included principal balances of $3.8 billion and $4.8 billion, respectively, with unamortized deferred issuance costs and/or discounts of $8 million and $11 million, respectively, and hedging basis adjustments of $63 million and $112 million, respectively. See Note 8 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 primarily by residential mortgages and home equity products 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 $2.2 billion and $3.2 billion at September 30, 2021 and December 31, 2020, respectively. The Company’s available FHLB borrowing capacity was $15.1 billion and $13.9 billion at September 30, 2021 and December 31, 2020, 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 September 30, 2021, the Company’s unused secured borrowing capacity was approximately $63.6 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 September 30, 2021:
(in millions) | Parent Company | CBNA and Other Subsidiaries | Consolidated
Year |  |  |
2021 | $— |  | $4 |  | $4 |
2022 | 168 |  | 1,765 |  | 1,933 |
2023 | — |  | 768 |  | 768 |
2024 | 107 |  | — |  | 107 |
2025 | 469 |  | 760 |  | 1,229 |
2026 and thereafter | 2,353 |  | 553 |  | 2,906 |
Total | $3,097 |  | $3,850 |  | $6,947 |

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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