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Medium- And Long-Term Debt | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Medium- And Long-Term Debt | MEDIUM- AND LONG-TERM DEBT Medium- and long-term debt is summarized as follows:
(in millions) |  |  |
December 31 | 2021 |  | 2020
Parent company |  |  |
Subordinated notes: |  |  |
3.80% subordinated notes due 2026 (a) | $ | 265 |  |  | $ | 280 |
Medium- and long-term notes: |  |  |
3.70% notes due 2023 (a) | 877 |  |  | 905 |
4.00% notes due 2029 (a) | 594 |  |  | 633 |
Total medium- and long-term notes | 1,471 |  |  | 1,538 |
Total parent company | 1,736 |  |  | 1,818 |
Subsidiaries |  |  |
Subordinated notes: |  |  |
4.00% subordinated notes due 2025 (a) | 363 |  |  | 380 |
7.875% subordinated notes due 2026 (a) | 190 |  |  | 207 |
Total subordinated notes | 553 |  |  | 587 |
Medium- and long-term notes: |  |  |
2.50% notes due 2024 (a) | 507 |  |  | 523 |
Total medium- and long-term notes | 507 |  |  | 523 |
Federal Home Loan Bank (FHLB) advances: |  |  |
Floating-rate based on FHLB auction rate due 2026 | — |  |  | 2,800 |
Total FHLB advances | — |  |  | 2,800 |
Total subsidiaries | 1,060 |  |  | 3,910 |
Total medium- and long-term debt | $ | 2,796 |  |  | $ | 5,728 |
(a)The fixed interest rates on these notes have been swapped to a variable rate and designated in a hedging relationship. Accordingly, carrying value has been adjusted to reflect the change in the fair value of the debt as a result of changes in the benchmark rate. Subordinated notes with remaining maturities greater than one year qualify as Tier 2 capital. The Bank, a wholly-owned subsidiary of the Corporation, is a member of the FHLB, which provides short- and long-term funding to its members through advances collateralized by real estate-related assets. The interest rates on FHLB advances reset between four and eight weeks, based on the FHLB auction rate. Each note may be prepaid in full, without penalty, at each scheduled reset date. The Bank held no outstanding long-term advances at December 31, 2021. FHLB advances outstanding at December 31, 2020 were paid in full in the first quarter of 2021. Borrowing capacity is contingent on the amount of collateral available to be pledged to the FHLB. At December 31, 2021, $18.3 billion of real estate-related loans were pledged to the FHLB as collateral providing $10.2 billion for potential future borrowings. Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $7 million and $10 million at December 31, 2021 and 2020, respectively. At December 31, 2021, the principal maturities of medium- and long-term debt were as follows:
(in millions) |
Years Ending December 31 |
2022 | $ | — |
2023 | 850 |
2024 | 500 |
2025 | 350 |
2026 | 400 |
Thereafter | 550 |
Total | $ | 2,650 |

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- Definition The entire disclosure for long-term debt. + 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 + Details
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