Borrowings

12 Months Ended

Dec. 31, 2020

CSC Senior Notes

CSC’s Senior Notes are unsecured obligations. CSC may redeem some or all of the Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate Senior Notes and quarterly for the floating-rate Senior Notes.

TDA Senior Notes

On October 6, 2020, the effective date of our acquisition of TD Ameritrade, TD Ameritrade’s debt outstanding was recognized at provisional fair value and with no change in existing terms. See Note 3 The TD Ameritrade debt outstanding on the acquisition date included $3.6 billion par value of TDA Senior Notes. These notes are unsecured obligations. TDA Holding may redeem some or all of the TDA Senior Notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances. Interest is payable semi-annually for the fixed-rate TDA Senior Notes and quarterly for the floating-rate TDA Senior Notes.

The following table lists long-term debt by instrument outstanding as of December 31, 2020 and 2019.


	Date of	Principal Amount Outstanding
	Issuance	2020		2019
CSC Fixed-rate Senior Notes:
4.450% due July 22, 2020 (1)	07/22/10	$	—	$	700
3.250% due May 21, 2021	05/22/18	600		600
3.225% due September 1, 2022	08/29/12	256		256
2.650% due January 25, 2023	12/07/17	800		800
3.550% due February 1, 2024	10/31/18	500		500
3.000% due March 10, 2025	03/10/15	375		375
4.200% due March 24, 2025	03/24/20	600		—
3.850% due May 21, 2025	05/22/18	750		750
3.450% due February 13, 2026	11/13/15	350		350
0.900% due March 11, 2026	12/11/20	1,250		—
3.200% due March 2, 2027	03/02/17	650		650
3.200% due January 25, 2028	12/07/17	700		700
4.000% due February 1, 2029	10/31/18	600		600
3.250% due May 22, 2029	05/22/19	600		600
4.625% due March 22, 2030	03/24/20	500		—
1.650% due March 11, 2031	12/11/20	750		—
Floating-rate Senior Notes:
Three-month LIBOR + 0.32% due May 21, 2021	05/22/18	600		600
Total CSC Senior Notes		9,881		7,481
TDA Fixed-rate Senior Notes:
2.950% due April 1, 2022	03/09/15	750		N/A
3.750% due April 1, 2024	11/01/18	400		N/A
3.625% due April 1, 2025	10/22/14	500		N/A
3.300% due April 1, 2027	04/27/17	800		N/A
2.750% due October 1, 2029	08/16/19	500		N/A
Floating-rate TDA Senior Notes:
Three-month LIBOR + 0.43% due November 1, 2021	11/01/18	600		N/A
Total TDA Senior Notes		3,550		N/A
Other financing		6		—
Unamortized premium/(discount) — net		249		(14)
Debt issuance costs		(54)		(37)
Total long-term debt		$	13,632	$	7,430

(1) Matured on July 22, 2020.

N/A Not applicable.

Annual maturities on long-term debt outstanding at December 31, 2020, are as follows:


	Maturities
2021	$	1,802
2022	1,008
2023	802
2024	900
2025	2,225
Thereafter	6,700
Total maturities	13,437
Unamortized discount — net	249
Debt issuance costs	(54)
Total long-term debt	$	13,632

Short-term borrowings: Our banking subsidiaries maintain secured credit facilities with the FHLB. Amounts available under these facilities are dependent on the amount of our First Mortgages, HELOCs, and the fair value of certain of their investment securities that are pledged as collateral. As of December 31, 2020 and 2019, the collateral pledged provided a total borrowing capacity of $55.1 billion and $34.2 billion, respectively, of which no amounts were outstanding at the end of either year.

As a condition of the FHLB borrowings, we are required to hold FHLB stock, which was recorded in other assets on the consolidated balance sheets. The investment in FHLB stock was $29 million and $35 million at December 31, 2020 and 2019, respectively.

Additionally, our banking subsidiaries have access to funding through the Federal Reserve discount window. Amounts available are dependent upon the fair value of certain investment securities that are pledged as collateral. As of December 31, 2020 and 2019, the collateral pledged provided total borrowing capacity of $7.9 billion and $8.5 billion, respectively, of which no amounts were outstanding at the end of either year.

During 2020, CSB and CSPB became members of the Federal Reserve. As a condition of our Federal Reserve membership, we are required to hold Federal Reserve stock, which totaled $191 million at December 31, 2020.

TD Ameritrade Lines of Credit and Revolving Credit Facilities

TDAC maintains secured uncommitted lines of credit, under which TDAC borrows on either a demand or short-term basis and pledges client margin securities as collateral. There were no borrowings outstanding under the secured uncommitted lines of credit as of December 31, 2020.

TDAC has access to two senior unsecured committed revolving credit facilities with an aggregate borrowing capacity of $1.5 billion, consisting of an $850 million senior revolving credit facility and a $600 million senior revolving credit facility, maturing in April 2021 and April 2022, respectively. There were no borrowings outstanding under the TDAC senior revolving facilities as of December 31, 2020.

TDA Holding had access to a senior unsecured committed revolving credit facility with a borrowing capacity of $300 million. On October 6, 2020, Schwab entered into a guaranty supplement to guarantee the obligations of TD Ameritrade under this credit agreement. The provision of the guaranty supplement by Schwab was a condition for certain financial covenant and reporting obligations being modified in the credit agreement. There were no borrowings outstanding under the TDA Holding revolving credit facility as of December 31, 2020, and effective January 28, 2021, the Company terminated the TDA Holding revolving credit facility.