Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2015

The following table is a summary of short-term borrowings for the last three years:


	2015					2014					2013
(Dollars in Millions)	Amount		Rate			Amount		Rate			Amount		Rate

At year-end
Federal funds purchased	$	647		.23	%	$	886		.12	%	$	594		.11	%
Securities sold under agreements to repurchase		1,092		.02			948		.05			2,057		5.34
Commercial paper		22,022		.21			22,197		.12			19,400		.11
Other short-term borrowings		4,116		.69			5,862		.51			5,557		.19
Total	$	27,877		.27	%	$	29,893		.19	%	$	27,608		.52	%
Average for the year
Federal funds purchased^(b)	$	1,169		15.05	%	$	2,366		7.94	%	$	1,879		9.72	%
Securities sold under agreements to repurchase		973		.10			798		1.07			2,403		4.65
Commercial paper		21,892		.12			21,227		.12			17,467		.12
Other short-term borrowings		3,926		1.13			5,861		.78			5,934		.72
Total^(b)	$	27,960		.89	%	$	30,252		.88	%	$	27,683		1.29	%
Maximum month-end balance
Federal funds purchased	$	1,868				$	3,258				$	3,569
Securities sold under agreements to repurchase		1,124					948					3,121
Commercial paper		23,101					22,322					19,400
Other short-term borrowings		7,656					7,417					6,301

(a)

Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.

(b)

Average federal funds purchased and total short-term borrowings rates include amounts paid by the Company to certain corporate card customers for paying outstanding noninterest-bearing corporate card balances within certain timeframes per specific agreements. These activities reduce the Company’s short-term funding needs, and if they did not occur, the Company would use other funding alternatives, including the use of federal funds purchased. The amount of this compensation expense paid by the Company and included in federal funds purchased and total short-term borrowings rates for 2015, 2014 and 2013 was $175 million, $186 million and $181 million, respectively.