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Short-Term Borrowings and Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Outstanding Short Term Borrowings and Long Term Debt The following table represents outstanding short-term borrowings and long-term debt as of December 31, 2022, and December 31, 2021:
   Carrying Value
(Dollars in millions)MaturityPrincipal value at December 31, 2022December 31, 2022December 31, 2021
Short-term borrowings:
Securities sold under agreements to repurchase (1)$525 $525 $61 
Other short-term borrowings(2)40 40 10 
FHLB advances13,000 13,000 — 
Total short-term borrowings$13,565 $71 
Long-term debt:
3.50% Senior Notes
January 29, 2025350 349 $349 
3.125% Senior Notes
June 5, 2030500 496 496 
1.800% Senior Notes
February 2, 2031500 495 494 
2.100% Senior Notes
May 15, 2028500 497 496 
1.800% Senior Notes
October 28, 2026650 646 645 
4.345% Senior Fixed Rate/Floating Rate Notes
April 29, 2028350 348 — 
4.570% Senior Fixed Rate/Floating Rate Notes
April 29, 2033450 448 — 
Junior subordinated debenturesVarious100 91 90 
FHLB advancesVarious2,000 2,000 — 
Total long-term debt$5,370 $2,570 
(1)Securities sold under repurchase agreements are effectively short-term borrowings collateralized by U.S. Treasury securities, U.S. agency securities and foreign government debt securities and contracted on an overnight basis. Our total unused and available borrowing capacity under our master repurchase agreements with various financial institutions totaled $35.0 billion at December 31, 2022.
(2)Represents cash collateral received from certain counterparties in excess of net derivative receivables balances.
Aggregate Annual Maturities of Long-Term Debt Obligations
The aggregate annual maturities of long-term debt obligations as of December 31, 2022, are as follows:
Year ended December 31,
(Dollars in millions)
Amount
2023$2,000 
2024— 
2025349 
2026646 
2027— 
2028 and thereafter2,375 
Total$5,370