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Borrowed Funds
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Borrowed Funds BORROWED FUNDSThe following table shows the carrying value of total borrowed funds at March 31, 2023 (including adjustments related to accounting hedges, purchase accounting and unamortized original issuance discounts) by remaining contractual maturity:
Table 57: Borrowed Funds
In millions
Less than 1 year$5,423 
1 to 2 years23,403 
2 to 3 years13,230 
3 to 4 years3,924 
4 to 5 years2,341 
Over 5 years12,512 
Total$60,833 
The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of March 31, 2023, and the carrying values as of March 31, 2023 and December 31, 2022.
Table 58: FHLB Borrowings, Senior Debt and Subordinated Debt
 Stated RateMaturityCarrying Value
Dollars in millions2023202320232022
Parent Company
Senior debt
1.15% - 6.04%
2024-2034$14,287 $11,374 
Subordinated debt
3.90% - 4.63%
2024-20331,549 1,524 
Junior subordinated debt5.53 %2028205 205 
Total Parent Company  16,041 13,103 
Bank
Federal Home Loan Bank borrowings (a)
5.00% - 5.24%
2023-202632,020 32,075 
Senior debt
2.50% - 5.61%
2023-20435,335 5,283 
Subordinated debt
2.70% - 5.90%
2023-20293,876 4,578 
Total Bank  41,231 41,936 
Total  $57,272 $55,039 
(a)FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities.
In Table 58, the carrying values for Parent Company senior and subordinated debt include basis adjustments of $(557) million and $(47) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(202) million and $(179) million, respectively, related to fair value accounting hedges as of March 31, 2023.
Certain borrowings are reported at fair value. Refer to Note 11 Fair Value for more information on those borrowings.
For further information regarding junior subordinated debentures refer to Note 10 Borrowed Funds in our 2022 Form 10-K.