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Medium- And Long-Term Debt | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Medium- And Long-Term Debt | MEDIUM- AND LONG-TERM DEBT Medium- and long-term debt is summarized as follows:
(in millions) | September 30, 2024 |  | December 31, 2023
Parent company |  |  |
Subordinated notes: |  |  |
3.80% subordinated notes due 2026 | $ | 245 |  |  | $ | 241 |
Medium- and long-term notes: |  |  |
4.00% notes due 2029 | 533 |  |  | 523 |
5.982% notes due 2030 | 1,014 |  |  | —
Total medium- and long-term notes | 1,547 |  |  | 523 |
Total parent company | 1,792 |  |  | 764 |
Subsidiaries |  |  |
Subordinated notes: |  |  |
4.00% subordinated notes due 2025 | 344 |  |  | 337 |
7.875% subordinated notes due 2026 | 159 |  |  | 162 |
5.332% subordinated notes due 2033 | 475 |  |  | 466 |
Total subordinated notes | 978 |  |  | 965 |
Medium- and long-term notes: |  |  |
2.50% notes due July 2024 | — |  |  | 489 |
FHLB advances: |  |  |
5.07% advance due 2025 | 999 |  |  | 995 |
4.79% advance due 2026 | 1,003 |  |  | 997 |
4.49% advance due 2027 | 1,007 |  |  | 999 |
4.49% advance due 2028 | 1,007 |  |  | 997 |
Total FHLB advances | 4,016 |  |  | 3,988 |
Total subsidiaries | 4,994 |  |  | 5,442 |
Total medium- and long-term debt | $ | 6,786 |  |  | $ | 6,206 |
Fixed interest rates have been swapped to a variable rate and designated in a hedging relationship for all notes outstanding at September 30, 2024 and December 31, 2023. Accordingly, carrying value has been adjusted to reflect the change in 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 Comerica, Incorporated, is a member of the FHLB, which provides short- and long-term funding to its members through advances collateralized by real estate-related assets. Borrowing capacity is contingent on the amount of collateral available to be pledged to the FHLB. At September 30, 2024, FHLB borrowings were $4.0 billion, with remaining capacity for future borrowing of $13.3 billion, secured by real estate-related loans and investment securities collateral. Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $11 million and $6 million at September 30, 2024 and December 31, 2023, 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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