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Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Short-Term Borrowings | Short-Term Borrowings A summary of short-term borrowings for the years 2023, 2022 and 2021 is presented in the following table: Table 8.9.1 SHORT-TERM BORROWINGS
(Dollars in millions) |  | Trading Liabilities |  | Federal Funds Purchased |  | Securities Sold Under Agreements to Repurchase |  | Other Short-term Borrowings
2023 |  |  |  |  |  |  |  |
Average balance |  | $ | 301 |  |  | $ | 349 |  |  | $ | 1,426 |  |  | $ | 2,688 |
Year-end balance |  | 509 |  |  | 302 |  |  | 1,921 |  |  | 326 |
Maximum month-end outstanding |  | 509 |  |  | 622 |  |  | 1,957 |  |  | 7,476 |
Average rate for the year |  | 4.16 | % |  | 5.12 | % |  | 3.66 | % |  | 5.19 | %
Average rate at year-end |  | 4.48 | % |  | 5.40 | % |  | 3.98 | % |  | 5.36 | %
2022 |  |  |  |  |  |  |  |
Average balance |  | $ | 480 |  |  | $ | 699 |  |  | $ | 881 |  |  | $ | 229 |
Year-end balance |  | 335 |  |  | 400 |  |  | 1,013 |  |  | 1,093 |
Maximum month-end outstanding |  | 700 |  |  | 1,023 |  |  | 1,211 |  |  | 1,093 |
Average rate for the year |  | 2.56 | % |  | 1.56 | % |  | 0.77 | % |  | 2.26 | %
Average rate at year-end |  | 3.67 | % |  | 4.40 | % |  | 2.19 | % |  | 4.30 | %
2021 |  |  |  |  |  |  |  |
Average balance |  | $ | 540 |  |  | $ | 949 |  |  | $ | 1,235 |  |  | $ | 124 |
Year-end balance |  | 426 |  |  | 775 |  |  | 1,247 |  |  | 102 |
Maximum month-end outstanding |  | 685 |  |  | 1,037 |  |  | 1,615 |  |  | 146 |
Average rate for the year |  | 1.11 | % |  | 0.12 | % |  | 0.30 | % |  | 0.09 | %
Average rate at year-end |  | 1.62 | % |  | 0.10 | % |  | 0.11 | % |  | 0.08 | %
Federal funds purchased and securities sold under agreements to repurchase generally have maturities of less than 90 days. Trading liabilities, which represent short positions in securities, are generally held for less than 90 days. Other short-term borrowings have original maturities of one year or less. On December 31, 2023, there were no fixed income trading securities pledged to secure other short-term borrowings.

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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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