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Borrowings
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Borrowings Borrowings
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. Interest for the fixed-to-floating rate Senior Notes is payable semi-annually during the fixed rate period of the notes and quarterly during the floating rate period of the notes.

Ameritrade Holding Senior Notes

Ameritrade Holding’s Senior Notes are unsecured obligations. Ameritrade Holding 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.
The following table lists long-term debt by instrument outstanding as of March 31, 2024 and December 31, 2023:
Date of IssuancePrincipal Amount Outstanding
March 31, 2024December 31, 2023
CSC Fixed-rate Senior Notes:
3.550% due February 1, 2024
10/31/18$— $500 
0.750% due March 18, 2024
03/18/21— 1,500 
3.750% due April 1, 2024
09/24/21350 350 
3.000% due March 10, 2025
03/10/15375 375 
4.200% due March 24, 2025
03/24/20600 600 
3.625% due April 1, 2025
09/24/21418 418 
3.850% due May 21, 2025
05/22/18750 750 
3.450% due February 13, 2026
11/13/15350 350 
0.900% due March 11, 2026
12/11/201,250 1,250 
1.150% due May 13, 2026
05/13/211,000 1,000 
5.875% due August 24, 2026
08/24/231,000 1,000 
3.200% due March 2, 2027
03/02/17650 650 
2.450% due March 3, 2027
03/03/221,500 1,500 
3.300% due April 1, 2027
09/24/21744 744 
3.200% due January 25, 2028
12/07/17700 700 
2.000% due March 20, 2028
03/18/211,250 1,250 
4.000% due February 1, 2029
10/31/18600 600 
3.250% due May 22, 2029
05/22/19600 600 
2.750% due October 1, 2029
09/24/21475 475 
4.625% due March 22, 2030
03/24/20500 500 
1.650% due March 11, 2031
12/11/20750 750 
2.300% due May 13, 2031
05/13/21750 750 
1.950% due December 1, 2031
08/26/21850 850 
2.900% due March 3, 2032
03/03/221,000 1,000 
CSC Floating-rate Senior Notes:
SOFR + 0.500% due March 18, 2024
03/18/21— 1,250 
SOFR + 0.520% due May 13, 2026
05/13/21500 500 
SOFR + 1.050% due March 3, 2027
03/03/22500 500 
CSC Fixed-to-Floating rate Senior Notes:
5.643% due May 19, 2029 (1)
05/19/231,200 1,200 
6.196% due November 17, 2029 (2)
11/17/231,300 1,300 
5.853% due May 19, 2034 (3)
05/19/231,300 1,300 
6.136% due August 24, 2034 (4)
08/24/231,350 1,350 
Total CSC Senior Notes22,612 25,862 
Ameritrade Holding Fixed-rate Senior Notes:
3.750% due April 1, 2024
11/01/1850 50 
3.625% due April 1, 2025
10/22/1482 82 
3.300% due April 1, 2027
04/27/1756 56 
2.750% due October 1, 2029
08/16/1925 25 
Total Ameritrade Holding Senior Notes213 213 
Finance lease liabilities75 85 
Unamortized premium — net77 87 
Debt issuance costs(112)(119)
Total long-term debt$22,865 $26,128 
(1) The May 2029 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.643%, payable semi-annually, until the interest reset date on May 19, 2028. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.210%, payable quarterly.
(2) The November 2029 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 6.196%, payable semi-annually, until the interest reset date on November 17, 2028. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 1.878%, payable quarterly.
(3) The May 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 5.853%, payable semi-annually, until the interest reset date on May 19, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.500%, payable quarterly.
(4) The August 2034 fixed-to-floating rate Senior Notes bear interest at a fixed rate of 6.136%, payable semi-annually, until the interest reset date on August 24, 2033. On and after this date, these notes will bear interest at an annual floating rate of SOFR plus 2.010%, payable quarterly.
Annual maturities on all long-term debt outstanding at March 31, 2024 are as follows:
Maturities
2024$426 
20252,249 
20264,112 
20273,463 
20281,950 
Thereafter10,700 
Total maturities22,900 
Unamortized premium — net77 
Debt issuance costs(112)
Total long-term debt$22,865 

FHLB borrowings: Our banking subsidiaries maintain secured credit facilities with the FHLB. Amounts available under these facilities are dependent on the amount of bank loans and the value of certain investment securities that are pledged as collateral. There was $24.0 billion and $26.4 billion outstanding under these facilities as of March 31, 2024 and December 31, 2023, respectively, and these borrowings had a weighted-average interest rate of 5.33% and 5.34%, respectively. As of March 31, 2024 and December 31, 2023, the collateral pledged provided additional borrowing capacity of $63.4 billion and $63.1 billion, respectively.

Other short-term borrowings: Total other short-term borrowings outstanding at March 31, 2024 and December 31, 2023 were $8.4 billion and $6.6 billion, respectively, and had a weighted-average interest rate of 5.48% and 5.57%, respectively. Additional information regarding our other short-term borrowings facilities is described below.

The Company may engage with external financial institutions in repurchase agreements collateralized by investment securities as another source of short-term liquidity. The Company had $7.7 billion and $4.9 billion outstanding pursuant to such repurchase agreements at March 31, 2024 and December 31, 2023, respectively. Repurchase agreements outstanding at March 31, 2024 mature between April 2024 and December 2024.

Our banking subsidiaries have access to funding through the Federal Reserve discount window. Amounts available are dependent upon the value of certain investment securities that are pledged as collateral. As of March 31, 2024 and December 31, 2023, our collateral pledged provided total borrowing capacity of $32.9 billion and $6.2 billion, respectively, of which no amounts were outstanding at the end of either period. During the first quarter of 2024 and the year ended December 31, 2023, our banking subsidiaries had access to funding through the Federal Reserve Bank Term Funding Program. This program offered loans through March 11, 2024 of up to one year in length, and amounts available were dependent upon the par value of certain investment securities pledged as collateral. This facility was not used during the first quarter of 2024. As of December 31, 2023, our collateral pledged provided total borrowing capacity of $39.2 billion. There were no borrowings outstanding at December 31, 2023.

CSC has the ability to issue up to $5.0 billion of commercial paper notes with maturities of up to 270 days. There were no amounts outstanding at March 31, 2024 or December 31, 2023. Beginning in the first quarter of 2024, CSC has access to an unsecured, committed revolving line of credit with various external banks with a total borrowing capacity of $2.1 billion. There were no amounts outstanding as of March 31, 2024. CSC and CS&Co also have access to uncommitted lines of credit with external banks with total borrowing capacity of $1.6 billion; no amounts were outstanding as of March 31, 2024 or December 31, 2023.

CS&Co maintains secured, uncommitted lines of credit, under which CS&Co may borrow on a short-term basis and pledge either client margin securities or firm securities as collateral, based on the terms of the agreements, under which there were no borrowings at March 31, 2024 and $950 million outstanding as of December 31, 2023. TDAC also 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 was $700 million outstanding at March 31, 2024 and December 31, 2023.
Annual maturities on FHLB borrowings and other short-term borrowings outstanding at March 31, 2024 are as follows:
20242025Total
FHLB borrowings$22,000 $2,000 $24,000 
Other short-term borrowings8,405 — 8,405 
Total$30,405 $2,000 $32,405