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Borrowed Funds
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Borrowed Funds BORROWED FUNDSThe following table shows the carrying value of total borrowed funds at June 30, 2023 (including adjustments related to accounting hedges, purchase accounting and unamortized original issuance discounts) by remaining contractual maturity:
Table 58: Borrowed Funds
In millions
Less than 1 year$7,487 
1 to 2 years26,319 
2 to 3 years11,611 
3 to 4 years3,492 
4 to 5 years1,805 
Over 5 years14,670 
Total$65,384 
The following table presents the contractual rates and maturity dates of our FHLB borrowings, senior debt and subordinated debt as of June 30, 2023, and the carrying values as of June 30, 2023 and December 31, 2022.
Table 59: FHLB Borrowings, Senior Debt and Subordinated Debt
 Stated RateMaturityCarrying Value
Dollars in millionsJune 30, 2023June 30, 2023June 30, 2023December 31, 2022
Parent Company
Senior debt
1.15% - 6.04%
2024-2034$17,480 $11,374 
Subordinated debt
3.90% - 4.63%
2024-20331,526 1,524 
Junior subordinated debt6.07 %2028206 205 
Total Parent Company  19,212 13,103 
Bank
Federal Home Loan Bank borrowings (a)
5.25% - 5.48%
2024-202634,000 32,075 
Senior debt
2.50% - 5.88%
2024-20434,525 5,283 
Subordinated debt
2.70% - 5.90%
2023-20293,816 4,578 
Total Bank  42,341 41,936 
Total  $61,553 $55,039 
(a)FHLB borrowings are generally collateralized by residential mortgage loans, other mortgage-related loans and investment securities.
In Table 59, the carrying values for Parent Company senior and subordinated debt include basis adjustments of $(869) million and $(70) million, respectively, whereas Bank senior and subordinated debt include basis adjustments of $(249) million and $(229) million, respectively, related to fair value accounting hedges as of June 30, 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.