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v3.25.2

Borrowings | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Borrowings | Borrowings CSC Senior Notes CSC’s Senior Notes are unsecured obligations. CSC may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes and quarterly for the floating-rate Senior Notes. Interest for the fixed-to-floating rate Senior Notes is payable semi-annually during the fixed-rate period of the notes and quarterly during the floating-rate period of the notes. Ameritrade Holding Senior Notes Ameritrade Holding’s Senior Notes are unsecured obligations. Ameritrade Holding may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes. The following table lists long-term debt by instrument outstanding as of June 30, 2025 and December 31, 2024:
| Date of Issuance | Principal Amount Outstanding
| June 30, 2025 | December 31, 2024
CSC Fixed-rate Senior Notes: |  |  |
3.000% due March 10, 2025 | 03/10/15 | $ | — |  | $ | 375 |
4.200% due March 24, 2025 | 03/24/20 | — |  | 600 |
3.625% due April 1, 2025 | 09/24/21 | — |  | 418 |
3.850% due May 21, 2025 | 05/22/18 | — |  | 750 |
3.450% due February 13, 2026 | 11/13/15 | 350 |  | 350 |
0.900% due March 11, 2026 | 12/11/20 | 1,250 |  | 1,250 |
1.150% due May 13, 2026 | 05/13/21 | 1,000 |  | 1,000 |
5.875% due August 24, 2026 | 08/24/23 | 1,000 |  | 1,000 |
3.200% due March 2, 2027 | 03/02/17 | 650 |  | 650 |
2.450% due March 3, 2027 | 03/03/22 | 1,500 |  | 1,500 |
3.300% due April 1, 2027 | 09/24/21 | 744 |  | 744 |
3.200% due January 25, 2028 | 12/07/17 | 700 |  | 700 |
2.000% due March 20, 2028 | 03/18/21 | 1,250 |  | 1,250 |
4.000% due February 1, 2029 | 10/31/18 | 600 |  | 600 |
3.250% due May 22, 2029 | 05/22/19 | 600 |  | 600 |
2.750% due October 1, 2029 | 09/24/21 | 475 |  | 475 |
4.625% due March 22, 2030 | 03/24/20 | 500 |  | 500 |
1.650% due March 11, 2031 | 12/11/20 | 750 |  | 750 |
2.300% due May 13, 2031 | 05/13/21 | 750 |  | 750 |
1.950% due December 1, 2031 | 08/26/21 | 850 |  | 850 |
2.900% due March 3, 2032 | 03/03/22 | 1,000 |  | 1,000 |
CSC Floating-rate Senior Notes: |  |  |
SOFR + 0.520% due May 13, 2026 | 05/13/21 | 500 |  | 500 |
SOFR + 1.050% due March 3, 2027 | 03/03/22 | 500 |  | 500 |
CSC Fixed-to-Floating rate Senior Notes: |  |  |
5.643% due May 19, 2029 (1) | 05/19/23 | 1,200 |  | 1,200 |
6.196% due November 17, 2029 (2) | 11/17/23 | 1,300 |  | 1,300 |
5.853% due May 19, 2034 (3) | 05/19/23 | 1,300 |  | 1,300 |
6.136% due August 24, 2034 (4) | 08/24/23 | 1,350 |  | 1,350 |
Total CSC Senior Notes |  | 20,119 |  | 22,262 |
Ameritrade Holding Fixed-rate Senior Notes: |  |  |
3.625% due April 1, 2025 | 10/22/14 | — |  | 82 |
3.300% due April 1, 2027 | 04/27/17 | 56 |  | 56 |
2.750% due October 1, 2029 | 08/16/19 | 25 |  | 25 |
Total Ameritrade Holding Senior Notes |  | 81 |  | 163 |
Finance lease liabilities |  | 37 |  | 49 |
Unamortized premium — net |  | 42 |  | 54 |
Debt issuance costs |  | (80) |  | (93) |
Fair value hedging basis adjustments (5) |  | 9 |  | (7) |
Total long-term debt |  | $ | 20,208 |  | $ | 22,428 |
(1) The May 2029 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.643%, payable semi-annually, until the interest reset date on May 19, 2028. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.210%, payable quarterly. (2) The November 2029 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 6.196%, payable semi-annually, until the interest reset date on November 17, 2028. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 1.878%, payable quarterly. (3) The May 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.853%, payable semi-annually, until the interest reset date on May 19, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.500%, payable quarterly. (4) The August 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 6.136%, payable semi-annually, until the interest reset date on August 24, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.010%, payable quarterly. (5) This represents the amount of fair value hedge basis adjustments related to Senior Notes hedged. See Note 11 for more information on hedging of Senior Notes. Annual maturities on all long-term debt outstanding at June 30, 2025 are as follows:
| Maturities
2025 | $ | 12 |
2026 | 4,112 |
2027 | 3,463 |
2028 | 1,950 |
2029 | 4,200 |
Thereafter | 6,500 |
Total maturities | 20,237 |
Unamortized premium — net | 42 |
Debt issuance costs | (80) |
Fair value hedging basis adjustments (1) | 9 |
Total long-term debt | $ | 20,208 |
(1) This represents the amount of fair value hedge basis adjustments related to long-term debt hedged. See Note 11 for more information on hedging of long-term debt. FHLB borrowings: Our banking subsidiaries maintain secured credit facilities with the FHLB. Amounts available under these facilities are dependent on the amount of bank loans and the value of certain investment securities that are pledged as collateral. There was $9.0 billion and $16.7 billion outstanding under these facilities as of June 30, 2025 and December 31, 2024, respectively, and these borrowings had a weighted-average interest rate of 4.40% and 5.11%, respectively. As of June 30, 2025 and December 31, 2024, the collateral pledged provided additional borrowing capacity of $67.3 billion and $59.8 billion, respectively. Other short-term borrowings: Total other short-term borrowings outstanding at June 30, 2025 and December 31, 2024 were $8.5 billion and $6.0 billion, respectively, and had a weighted-average interest rate of 4.49% and 5.21%, respectively. Additional information regarding our other short-term borrowings facilities is described below. The Company may engage with external financial institutions and the FICC in repurchase agreements collateralized by investment securities as another source of short-term liquidity. The Company had $6.0 billion and $5.5 billion outstanding pursuant to such repurchase agreements at June 30, 2025 and December 31, 2024, respectively. Repurchase agreements outstanding at June 30, 2025 mature between July 2025 and October 2025. Our banking subsidiaries have access to funding through the Federal Reserve discount window. Amounts available are dependent upon the value of certain investment securities that are pledged as collateral. As of June 30, 2025 and December 31, 2024, our collateral pledged provided total borrowing capacity of $29.9 billion and $30.5 billion, respectively, of which no amounts were outstanding at the end of either period. CSC has the ability to issue up to $5.0 billion of commercial paper notes with maturities of up to 270 days. There was $2.0 billion gross par value before discount of $19 million outstanding at June 30, 2025, and no amounts outstanding at December 31, 2024. CSC and CS&Co also have access to unsecured uncommitted lines of credit with external banks with total borrowing capacity of $1.7 billion; no amounts were outstanding as of June 30, 2025 or December 31, 2024. CS&Co maintains secured uncommitted lines of credit, under which CS&Co may borrow on a short-term basis and pledge either client margin securities or firm securities as collateral, based on the terms of the agreements, under which there was $500 million outstanding at June 30, 2025 and December 31, 2024. Annual maturities on FHLB borrowings and other short-term borrowings outstanding at June 30, 2025 are as follows:
| 2025
FHLB borrowings | $ | 9,000 |
Other short-term borrowings | 8,472 |
Total | $ | 17,472 |

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