Company: CMA
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000028412-25-000154
Chunk: 71

Company: COMERICA INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 71
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 the expected weighted average remaining maturity of the notional amount of risk management interest rate swaps, the weighted average interest rates associated with amounts expected to be received or paid on interest rate swap agreements, and for fair value swaps, the carrying amount of the related hedged items, as of March 31, 2025 and December 31, 2024.Cash flow swaps - receive fixed/pay floating rate on variable-rate loansMarch 31, 2025December 31, 2024Weighted average:Time to maturity (in years)2.9 3.1 Receive rate2.55 %2.55 %Pay rate (a)4.35 4.55 (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