Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 586

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 586
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 agency securities$567 $564 $3 $— Corporate and municipal bonds and notes786 — 786 — Private placements44 — — 44 Total investments in the fair value hierarchy$1,397 $564 $789 $44 Investments measured at net asset value:Collective investment funds1,268 Total investments at fair value$2,665 

F-86

Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTSComerica Incorporated and Subsidiaries

The table below provides a summary of changes in the Corporation’s qualified defined benefit pension plan’s Level 3 investments measured at fair value on a recurring basis for the years ended December 31, 2024 and 2023.Balance atBeginningof PeriodBalance atEnd of PeriodNet Gains (Losses)(in millions)RealizedUnrealizedPurchasesSalesYear Ended December 31, 2024Private placements$44 $— $(2)$47 $(52)$37 Year Ended December 31, 2023Private placements$39 $(3)$8 $46 $(46)$44 There were no assets in the non-qualified defined benefit pension plan at December 31, 2024 and 2023. The postretirement benefit plan is fully invested in bank-owned life insurance policies. The fair value of bank-owned life insurance policies is based on the cash surrender values of the policies as reported by the insurance companies and is classified in Level 2 of the fair value hierarchy.Cash FlowsThe Corporation currently expects to make no employer contributions to the qualified and non-qualified defined benefit pension plans and postretirement benefit plan for the year ended December 31, 2025.Estimated Future Benefit Payments(in millions)Years Ended December 31QualifiedDefined BenefitPension PlanNon-QualifiedDefined BenefitPension PlanPostretirementBenefit Plan (a)2025$166 $15 $2 2026146 15 2 2027146 15 2 2028144 15 2 2029145 15 2 2030 - 2034670 75 5 (a)Estimated benefit payments in the postretirement benefit plan are net of estimated Medicare subsidies.Defined Contribution PlansSubstantially all of the Corporation’s employees are eligible to participate in the Corporation’s principal defined contribution plan (a 401(k)