Short-Term Borrowings

12 Months Ended

Dec. 31, 2020

Short-term Debt [Abstract]

Short-Term Borrowings

Short-Term Borrowings

Short-term borrowings consisted of the following:

	December 31,
	2020				Rate		2019				Rate		2018				Rate
	(dollars are in millions)
Securities sold under repurchase agreements(1)	$	1,765			.22	%	$	1,072			1.75	%	$	1,466			4.16	%
Average during year			$	4,768	.70				$	4,130	3.28				$	4,189	2.86
Maximum month-end balance			12,497						8,569						5,829
Commercial paper	2,998				.52		2,476				2.21		2,532				2.70
Other	189						111						182
Total short-term borrowings	$	4,952					$	3,659					$	4,180

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

	2020								2019								2018
	Fourth		Third		Second		First		Fourth		Third		Second		First		Fourth		Third		Second		First
	(in millions)
Quarter end balance	$	1,765	$	2,185	$	2,218	$	12,497	$	1,072	$	5,568	$	3,553	$	3,714	$	1,466	$	2,471	$	2,743	$	2,792
Average quarterly balance	2,140		2,534		7,210		7,240		1,483		8,432		3,433		3,142		3,045		3,550		5,008		5,182

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