v3.25.4
Borrowings
 12 Months Ended
Dec. 31, 2025
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 LLC Senior Notes: Ameritrade Holding LLC’s Senior Notes are unsecured obligations. Ameritrade Holding LLC 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 December 31, 2025 and 2024:
Date ofPrincipal Amount Outstanding
Issuance20252024
CSC Fixed-rate Senior Notes:
3.000% due March 10, 2025
03/10/15$— $375 
4.200% due March 24, 2025
03/24/20— 600 
3.625% due April 1, 2025
09/24/21— 418 
3.850% due May 21, 2025
05/22/18— 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 + 0.520% 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 (1):
5.643% due May 19, 2029
05/19/231,200 1,200 
6.196% due November 17, 2029
11/17/231,300 1,300 
4.343% due November 14, 2031
11/14/251,000 — 
5.853% due May 19, 2034
05/19/231,300 1,300 
6.136% due August 24, 2034
08/24/231,350 1,350 
4.914% due November 14, 2036
11/14/251,000 — 
Total CSC Senior Notes22,119 22,262 
Ameritrade Holding LLC Fixed-rate Senior Notes:
3.625% due April 1, 2025
10/22/14— 82 
3.300% due April 1, 2027
04/27/1756 56 
2.750% due October 1, 2029
08/16/1925 25 
Total Ameritrade Holding LLC Senior Notes 81 163 
Finance lease liabilities37 49 
Unamortized premium — net33 54 
Debt issuance costs(82)(93)
Fair value hedging basis adjustments (2)
11 (7)
Total long-term debt$22,199 $22,428 
(1) Interest rates presented are those in effect at December 31, 2025. See table below for additional information regarding future interest rates on fixed-to-floating rate Senior Notes.
(2) This represents the amount of fair value hedge basis adjustments related to Senior Notes hedged. See Notes 2 and 16 for more information on hedging of Senior Notes.
The following table details the changes in future interest rates on fixed-to-floating rate Senior Notes as of December 31, 2025:
Maturity DateFixed Semi-annual Interest RateDate of IssuanceFloating Quarterly Interest Rate Interest Rate Reset Date
May 19, 20295.643%05/19/23
SOFR + 2.210%
05/19/28
November 17, 20296.196%11/17/23
SOFR + 1.878%
11/17/28
November 14, 20314.343%11/14/25
SOFR + 0.940%
11/14/30
May 19, 20345.853%05/19/23
SOFR + 2.500%
05/19/33
August 24, 20346.136%08/24/23
SOFR + 2.010%
08/24/33
November 14, 20364.914%11/14/25
SOFR + 1.230%
11/14/35

Annual maturities on all long-term debt outstanding at December 31, 2025, are as follows:
Maturities
2026$4,124 
20273,463 
20281,950 
20294,200 
2030500 
Thereafter8,000 
Total maturities22,237 
Unamortized premium — net33 
Debt issuance costs(82)
Fair value hedging basis adjustments (1)
11 
Total long-term debt$22,199 
(1) This represents the amount of fair value hedge basis adjustments related to long-term debt hedged. See Notes 2 and 16 for more information on hedging of long-term debt.

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 $1.9 billion and $16.7 billion outstanding under these facilities as of December 31, 2025 and 2024, respectively, and these borrowings had a weighted-average interest rate of 3.90% and 5.11%, respectively. As of December 31, 2025 and 2024, the collateral pledged provided additional borrowing capacity of $74.2 billion and $59.8 billion, respectively.

Other short-term borrowings: Total other short-term borrowings outstanding at December 31, 2025 and 2024 were $6.9 billion and $6.0 billion, respectively, and had a weighted-average interest rate of 4.09% and 5.21%, respectively. Additional information regarding our other short-term borrowings facilities is described below.

The Company may engage with external financial institutions and the FICC in repurchase agreements collateralized by investment securities as another source of short-term liquidity. The Company had $1.3 billion and $5.5 billion outstanding pursuant to such repurchase agreements at December 31, 2025 and 2024, respectively. Repurchase agreements outstanding at December 31, 2025 mature between February 2026 and April 2026.

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 December 31, 2025 and 2024, our collateral pledged provided total borrowing capacity of $29.3 billion and $30.5 billion, respectively, of which no amounts were outstanding at the end of either year.

CSC has the ability to issue up to $5.0 billion of commercial paper notes with maturities of up to 270 days. There was $1.9 billion gross par value before discount of $32 million outstanding at December 31, 2025, and no amounts outstanding at December 31, 2024. CSC and CS&Co also have access to unsecured uncommitted lines of credit with external banks with total borrowing capacity of $1.9 billion; no amounts were outstanding at December 31, 2025 or 2024.

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. There was $3.8 billion and $500 million outstanding at December 31, 2025 and 2024, respectively, pursuant to these agreements.
Annual maturities on FHLB borrowings and other short-term borrowings outstanding at December 31, 2025 are as follows:
2026
FHLB borrowings$1,850 
Other short-term borrowings6,913 
Total$8,763