Short-Term Borrowings

12 Months Ended

Dec. 31, 2019

Short-term Debt [Abstract]

Short-Term Borrowings

Short-Term Borrowings

Short-term borrowings consisted of the following:

	December 31,
	2019				Rate		2018				Rate		2017				Rate
	(dollars are in millions)
Securities sold under repurchase agreements(1)	$	1,072			1.75	%	$	1,466			4.16	%	$	3,365			2.10	%
Average during year			$	4,130	3.28				$	4,189	2.86				$	8,100	1.28
Maximum month-end balance			8,569						5,829						11,351
Commercial paper	2,476				2.21		2,532				2.70		1,154				1.56
Other	111						182						131
Total short-term borrowings	$	3,659					$	4,180					$	4,650

⁽¹⁾  The following table presents the quarter end and average quarterly balances of securities sold under repurchase agreements:

	2019								2018								2017
	Fourth		Third		Second		First		Fourth		Third		Second		First		Fourth		Third		Second		First
	(in millions)
Quarter end balance	$	1,072	$	5,568	$	3,553	$	3,714	$	1,466	$	2,471	$	2,743	$	2,792	$	3,365	$	6,494	$	7,558	$	4,069
Average quarterly balance	1,483		8,432		3,433		3,142		3,045		3,550		5,008		5,182		5,457		12,566		9,272		5,050

During the third quarter of 2019, we recorded a loss of $14 million on extinguishment of certain repurchase agreements.