Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 115

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 115
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 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 $3,117 $39,126 

The Corporation sells and purchases interest rate caps and floors and enters into foreign exchange contracts, interest rate swaps and energy derivative contracts to accommodate the needs of customers requesting such services. Changes in the fair value of customer-initiated and other derivatives are recognized in earnings as they occur. To limit the market risk of these activities, the Corporation generally takes offsetting positions with dealers. The notional amounts of offsetting positions are included in the table above. Customer-initiated and other notional activity represented 56 percent and 55 percent of total interest rate, energy and foreign exchange contracts at December 31, 2024 and 2023, respectively.

Further information regarding customer-initiated and other derivative instruments is provided in Note 8 to the consolidated financial statements.

F-31

BSBY Cessation

The Bloomberg Index Services Limited (Bloomberg) discontinued publishing BSBY on November 15, 2024. As a result, the Corporation was required to “de-designate” $7.0 billion of interest rate swaps