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Medium- And Long-Term Debt | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Medium- And Long-Term Debt | MEDIUM- AND LONG-TERM DEBT Medium- and long-term debt is summarized as follows:
(in millions) | June 30, 2023 |  | December 31, 2022
Parent company |  |  |
Subordinated notes: |  |  |
3.80% subordinated notes due 2026 (a) | $ | 236 |  |  | $ | 237 |
Medium- and long-term notes: |  |  |
3.70% notes due July 2023 | 850 |  |  | 841 |
4.00% notes due 2029 (a) | 513 |  |  | 515 |
Total medium- and long-term notes | 1,363 |  |  | 1,356 |
Total parent company | 1,599 |  |  | 1,593 |
Subsidiaries |  |  |
Subordinated notes: |  |  |
4.00% subordinated notes due 2025 (a) | 330 |  |  | 331 |
7.875% subordinated notes due 2026 (a) | 161 |  |  | 165 |
5.332% subordinated notes due 2033 (a) | 459 |  |  | 459 |
Total subordinated notes | 950 |  |  | 955 |
Medium- and long-term notes: |  |  |
2.50% notes due 2024 (a) | 480 |  |  | 476 |
Total medium- and long-term notes | 480 |  |  | 476 |
Federal Home Loan Bank advances: |  |  |
5.07% advance due 2025 (a) | 987 |  |  | — |
4.79% advance due 2026 (a) | 983 |  |  | — |
4.49% advance due 2027 (a) | 982 |  |  | — |
4.49% advance due 2028 (a) | 980 |  |  | — |
Total Federal Home Loan Bank advances: | 3,932 |  |  | — |
Total subsidiaries | 5,362 |  |  | 1,431 |
Total medium- and long-term debt | $ | 6,961 |  |  | $ | 3,024 |
(a)The fixed interest rates on these notes have been swapped to a variable rate and designated in a hedging relationship. Accordingly, carrying value has been adjusted to reflect the change in the fair value of the debt as a result of changes in the benchmark rate. Subordinated notes with remaining maturities greater than one year qualify as Tier 2 capital. Comerica Bank (the Bank), a wholly-owned subsidiary of the Corporation, is a member of the FHLB, which provides short- and long-term funding to its members through advances collateralized by real estate-related assets. In first quarter 2023, the Bank borrowed $4.0 billion of fixed-rate FHLB advances due between 2025 and 2028. Interest is due monthly, with principal due at maturity. Additionally, the Bank entered into fair value fixed-to-floating rate swaps in which the Bank received a weighted-average fixed rate of 3.79% and pays a floating rate based on SOFR. Borrowing capacity is contingent on the amount of collateral available to be pledged to the FHLB. Total FHLB borrowings were $13.6 billion at June 30, 2023, which included $9.6 billion in short-term advances. Remaining capacity for future FHLB borrowings was $3.2 billion at June 30, 2023, which was secured by available real estate-related loans and investment securities collateral. Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $7 million and $9 million at June 30, 2023 and December 31, 2022, respectively.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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