Quarterly report pursuant to Section 13 or 15(d)

BORROWINGS

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BORROWINGS
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following:
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
Securities sold under agreements to repurchase
 $ 142  $ 618 
Other borrowings 726  2 
Total short-term borrowings $ 868  $ 620 
The carrying value of assets pledged as collateral against repurchase agreements totaled $189 million and $840 million as of September 30, 2024 and December 31, 2023, respectively. Assets pledged as collateral are reported in available-for-sale securities and held-to-maturity securities on the Unaudited Consolidated Balance Sheets. The repurchase agreements have maturities within 60 days. No amounts have been offset against the agreements.
Huntington’s long-term debt consisted of the following:
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
The Parent Company:
Senior Notes $ 4,834  $ 4,233 
Subordinated Notes 772  760 
Total notes issued by the parent 5,606  4,993 
The Bank:
Senior Notes 2,762  3,480 
Subordinated Notes 516  662 
Total notes issued by the bank 3,278  4,142 
FHLB Advances
 4,734  2,731 
Auto Loan Securitization Trust (1)
 1,142  — 
Credit Linked Notes (2)
 416  — 
Other 480  528 
Total long-term debt $ 15,656  $ 12,394 
(1)     Represents secured borrowings collateralized by auto loans with a weighted average rate of 5.38% due through 2029. See Note 14 - “Variable Interest Entities” for additional information.
(2)    Represents notes issued in a CLN transaction on a $4.0 billion reference pool of Huntington’s auto-secured loans. There are five classes of notes, each maturing on May 20, 2032. One note class bears interest at a fixed rate of 6.153% and the remaining four note classes bear interest at SOFR plus a spread rate that ranges from 1.40% to 8.25% (weighted average spread of 3.04%). As of September 30, 2024, the weighted average contractual interest rate on the CLNs was 6.98%. Huntington has elected the fair value option for these notes. See Note 12 - “Fair Values of Assets and Liabilities” for additional information. To the extent losses exceed certain thresholds, the principal and interest payable on the notes may be reduced by a portion of the Company's aggregate net losses on the reference pool of loans, with losses allocated to note classes in reverse order of payment priority.