Company: CMA
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000028412-25-000197
Chunk: 76

Company: COMERICA INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 1
Chunk 76
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 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 June 30, 2025 and December 31, 2024.Cash flow swaps - receive fixed/pay floating rate on variable-rate loansJune 30, 2025December 31, 2024Weighted average:Time to maturity (in years)2.73.1Receive rate2.56  %2.55  %Pay rate (a)4.34 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 June 30, 2025 and December 31, 2024. Fair value swaps - receive fixed/pay floating rate on medium- and long-term debt(dollar amounts in millions)June 30, 2025December 31, 2024Carrying value of hedged items (a)$5,762 $6,673 Weighted average:Time to maturity (in years)2.52.6Receive rate (b)3.70  %3.77  %Pay rate (b)4.74 4.80 (a)Included $(33) million and $(122) million of cumulative hedging adjustments at June 30, 2025 and December 31, 2024, respectively, which included a hedging adjustment on a discontinued hedging relationship of $1 million and $2 million at June 30, 2025 and December 31, 2024, respectively.(b)Floating rates paid on receive fixed swaps designated as fair value hedges are based on SOFR rates in effect at June 30, 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