Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 565

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 565
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(25)(a)Includes the effects of hedging.The following tables summarize 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 December 31, 2024 and 2023.Cash flow swaps - receive fixed/pay floating rate on variable-rate loans (a)(dollar amounts in millions)December 31, 2024December 31, 2023Weighted average:   Time to maturity (in years)3.1 3.9    Receive rate (b)2.55 %2.43 %   Pay rate (b), (c)4.55 5.38 (a)December 31, 2023 included $7.0 billion of de-designated interest rate swaps.(b)Excludes 2.0 billion of forward starting swaps not effective as of December 31, 2023. There were no forward starting swaps at December 31, 2024.(c)Variable rates paid on receive fixed swaps designated as cash flow hedges were based on SOFR rates in effect at December 31, 2024 and BSBY or SOFR rates in effect at December 31, 2023.Fair value swaps - receive fixed/pay floating rate on medium- and long-term debt(dollar amounts in millions)December 31, 2024December 31, 2023Carrying value of hedged items (a)$6,673 $6,206 Weighted average:   Time to maturity (in years)2.6 3.1    Receive rate3.77 %3.67 %   Pay rate (b)4.80 5.74 (a)Included $(122) million and $(93) million of cumulative hedging adjustments at December 31, 2024 and 2023, respectively, which included $2 million and $3 million, respectively, of hedging adjustment on a discontinued hedging relationship.(b)Floating rates paid on receive fixed swaps designated as fair value hedges were based on SOFR rates in effect at December 31, 2024 and December 31, 2023.Re-designated Interest Rate Swaps and Price Alignment IncomeOn November 15, 2023, the Bloomberg Index