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Borrowings (Tables)
6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
June 30, 2023December 31, 2022
($ in millions)Maturity dateInterest RateWeighted average interest rate
Outstanding Amount(a)(b)
Outstanding Amount(a)(b)
Borrowings of consolidated securitization entities:
Fixed securitized borrowings2025 - 2025
3.37% - 3.86%
3.57 %$1,672 $2,377 
Floating securitized borrowings2024 - 2026
5.88% - 6.28%
5.99 %3,850 3,850 
Total borrowings of consolidated securitization entities5.26 %5,522 6,227 
Senior unsecured notes:
Synchrony Financial senior unsecured notes:
Fixed senior unsecured notes2024 - 2031
2.87% - 5.15%
4.22 %6,476 6,473 
Synchrony Bank senior unsecured notes:
Fixed senior unsecured notes2025 - 2027
5.40% - 5.63%
5.49 %1,492 1,491 
Total senior unsecured notes4.45 %7,968 7,964 
Subordinated unsecured notes:
Synchrony Financial subordinated unsecured notes:
Fixed subordinated unsecured notes2033
7.25%
7.25 %741 — 
Total senior and subordinated unsecured notes4.69 %8,709 7,964 
Total borrowings$14,231 $14,191 
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(a)Includes unamortized debt premiums, discounts and issuance costs.
(b)The Company may redeem certain borrowings prior to their original contractual maturity dates in accordance with the optional redemption provision specified in the respective instruments.
Schedule of Maturities of Long-term Debt
The following table summarizes the maturities of the principal amount of our borrowings of consolidated securitization entities and senior and subordinated unsecured notes for the remainder of 2023 and over the next four years and thereafter:
($ in millions)20232024202520262027Thereafter
Borrowings$— $4,000 $5,375 $1,150 $1,600 $2,150 
Schedule of Debt Issuances
2023 Issuance ($ in millions):
Issuance DatePrincipal AmountMaturityInterest Rate
Fixed rate subordinated unsecured notes:
Synchrony Financial
February 2023$750 February 20337.250%