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Medium- And Long-Term Debt | 12 Months Ended
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Dec. 31, 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) |  |  |
December 31 | 2024 |  | 2023
Parent company |  |  |
Subordinated notes: |  |  |
3.80% subordinated notes due 2026 | $ | 243 |  |  | $ | 241 |
Medium- and long-term notes: |  |  |
4.00% notes due 2029 | 519 |  |  | 523 |
5.982% notes due 2030 | 984 |  |  | — |
Total medium- and long-term notes | 1,503 |  |  | 523 |
Total parent company | 1,746 |  |  | 764 |
Subsidiaries |  |  |
Subordinated notes: |  |  |
4.00% subordinated notes due 2025 | 345 |  |  | 337 |
7.875% subordinated notes due 2026 | 157 |  |  | 162 |
5.332% subordinated notes due 2033 | 451 |  |  | 466 |
Total subordinated notes | 953 |  |  | 965 |
Medium- and long-term notes: |  |  |
2.50% notes due July 2024 | — |  |  | 489 |
Total medium- and long-term notes | — |  |  | 489 |
Federal Home Loan Bank (FHLB) advances: |  |  |
5.07% advance due 2025 | 1,000 |  |  | 995 |
4.79% advance due 2026 | 997 |  |  | 997 |
4.49% advance due 2027 | 992 |  |  | 999 |
4.49% advance due 2028 | 985 |  |  | 997 |
Total FHLB advances | 3,974 |  |  | 3,988 |
Total subsidiaries | 4,927 |  |  | 5,442 |
Total medium- and long-term debt | $ | 6,673 |  |  | $ | 6,206 |
Fixed interest rates have been swapped to a variable rate and designated in a hedging relationship for all notes outstanding at both December 31, 2024 and 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 December 31, 2024, FHLB borrowings were $4.0 billion, with remaining capacity for future borrowing of $13.0 billion, secured by real estate-related loans totaling $22.5 billion and investment securities totaling $6.0 billion. Unamortized debt issuance costs deducted from the carrying amount of medium- and long-term debt totaled $10 million and $6 million at December 31, 2024 and 2023, respectively. At December 31, 2024, the principal maturities of medium- and long-term debt were as follows:
(in millions) |
Years Ending December 31 |
2025 | $ | 1,350 |
2026 | 1,400 |
2027 | 1,000 |
2028 | 1,000 |
2029 | 550 |
Thereafter | 1,500 |
Total | $ | 6,800 |

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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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