Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 424

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 424
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, 2023$31,150 $560 $31,710 Additions 12,200 9,305 21,505 Maturities/amortizations(7,600)(9,412)(17,012)Terminations(5,600)— (5,600)Balance at December 31, 2024$30,150 $453 $30,603 

The notional amount of risk management interest rate swaps totaled $30.2 billion at December 31, 2024, which included cash flow swaps that convert $23.4 billion of variable-rate loans to a fixed rate as well as fair value swaps that convert $6.8 billion of fixed-rate medium- and long-term debt to a floating rate. Risk management interest rate swaps generated $765 million and $715 million of net interest expense for the years ended December 31, 2024 and December 31, 2023, respectively.

In addition to interest rate swaps, the Corporation employs various other types of derivative instruments as offsetting positions to mitigate exposures to foreign currency risks associated with specific assets and liabilities (e.g., customer loans or deposits denominated in foreign currencies). Such instruments may include foreign exchange spot and forward contracts as well as foreign exchange swap agreements.

Further information regarding risk management derivative instruments is provided in Note 8 to the consolidated financial statements.

Customer-Initiated and Other Derivative Instruments

(in millions)Customer-Initiated and Other Notional ActivityInterestRateContractsEnergyDerivativeContractsForeignExchangeContractsTotalsBalance at January 1, 2023$20,298 $14,521 $2,704 $37,523 Additions16,207 11,510 44,060 71,777 Maturities/amortizations(5,651)(10,761)(44,013)(60,425)Terminations(8,384)(1,464)— (9,848)Balance at December 31, 2023$22,470 $13,806 $2,751 $39,027 Additions14,396 11,928 39,220 65,544 Maturities/amortizations(9,004)(10,205)(38,854)(58,063)Terminations(5,111)(2,271)— (7,382)Balance at December 31, 2024$22,751 $13,258