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Medium- And Long-Term Debt

12 Months Ended

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

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