Company: CMA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000028412-25-000154
Chunk: 168

Company: COMERICA INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 168
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.55 (a)Variable rates paid on receive fixed swaps designated as cash flow hedges were based on Secured Overnight Financing Rate (SOFR) rates in effect at March 31, 2025 and December 31, 2024. Fair value swaps - receive fixed/pay floating rate on medium- and long-term debt(dollar amounts in millions)March 31, 2025December 31, 2024Carrying value of hedged items (a)$5,733 $6,673 Weighted average:Time to maturity (in years)2.8 2.6 Receive rate (b)4.42 %3.77 %Pay rate (b)4.70 4.80 (a)Included $(62) million and $(122) million of cumulative hedging adjustments at March 31, 2025 and December 31, 2024, respectively, which included a hedging adjustment on a discontinued hedging relationship of $2 million at both March 31, 2025 and December 31, 2024.(b)Floating rates paid on receive fixed swaps designated as fair value hedges are based on SOFR rates in effect at March 31, 2025 and December 31, 2024. 

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Table of ContentsNotes to Consolidated Financial Statements (unaudited)Comerica Incorporated and Subsidiaries

Re-designated Interest Rate Swaps and Price Alignment IncomeOn November 15, 2023, the Bloomberg Index Services Limited (Bloomberg) announced that it would discontinue publishing the Bloomberg Short-Term Bank Yield Index (BSBY) on November 15, 2024; accordingly, the Corporation was required to “de-designate” $7.0 billion of interest rate swaps used in cash flow hedges of certain BSBY-indexed loans and reclassify amounts recognized in accumulated other comprehensive income into earnings. A total of $130 million in net losses were included in noninterest income as a result of the de-designations, consisting of $39 million during the first quarter of 2024 and $91 million during the fourth quarter of 2023. For each de-designated swap, settlement of interest payments and changes in fair value were recorded as risk management hedging losses within noninterest income instead of net interest income until re-designation. All impacted swaps were re-designated as of April 1, 2024. Amounts in accumulated other comprehensive income related to cash flows