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Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Short-Term Borrowings | 19. Short-Term Borrowings Selected financial information pertaining to the components of our short-term borrowings is as follows:
December 31, |  |  |
Dollars in millions | 2023 | 2022 | 2021
FEDERAL FUNDS PURCHASED |  |  |
Balance at year end | $ | — |  | $ | 4,006 |  | $ | — |
Average during the year | 1,098 |  | 1,490 |  | — |
Maximum month-end balance | 3,020 |  | 5,872 |  | — |
Weighted-average rate during the year | 4.83 | % | 2.04 | % | — | %
Weighted-average rate at December 31 | — |  | 4.18 |  | — |
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS |  |  |
Balance at year end | $ | 38 |  | $ | 71 |  | $ | 173 |
Average during the year | 549 |  | 617 |  | 239 |
Maximum month-end balance | 1,954 |  | 1,090 |  | 281 |
Weighted-average rate during the year | 4.77 | % | 1.66 | % | .02 | %
Weighted-average rate at December 31 | 1.63 |  | 3.74 |  | .01 |
OTHER SHORT-TERM BORROWINGS |  |  |
Balance at year end | $ | 3,053 |  | $ | 5,386 |  | $ | 588 |
Average during the year | 5,890 |  | 2,963 |  | 770 |
Maximum month-end balance | 1,061 |  | 11,372 |  | 897 |
Weighted-average rate during the year | 5.24 | % | 1.82 | % | 1.08 | %
Weighted-average rate at December 31 | 5.58 |  | .50 |  | 1.97 |
As described below and in Note 20 (“Long-Term Debt”), KeyCorp and KeyBank have a number of programs and facilities that support our short-term financing needs. Certain subsidiaries maintain credit facilities with third parties, which provide alternative sources of funding. KeyCorp is the guarantor of some of the third-party facilities. Short-term credit facilities. We maintain cash on deposit in our Federal Reserve account, which can reduce our need to obtain funds through various short-term unsecured money market products. This account, which was maintained at $10.7 billion at December 31, 2023, and the unpledged securities in our investment portfolio provide a buffer to address unexpected short-term liquidity needs. We also have secured borrowing facilities at the FHLB and the Federal Reserve Bank of Cleveland to satisfy short-term liquidity requirements. As of December 31, 2023, our unused secured borrowing capacity was $54.7 billion at the Federal R eserve Bank of Cleveland an d $13.6 billion a t the FHLB.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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