v3.26.1
Borrowings
 6 Months Ended
Jun. 30, 2026
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.

Other Finance Liabilities: CS&Co entered into a third-party long-term software licensing agreement during the second quarter of 2026 for $633 million. In accordance with ASC 350 Intangibles — Goodwill and Other, CS&Co recorded the multi-year software license as an asset within equipment, office facilities, and property — net, and the corresponding liability as long-term debt on the consolidated balance sheets. An initial debt payment of $49 million was made during the second quarter of 2026, and future payments are due annually through March 2033.
The following table lists long-term debt by instrument outstanding as of June 30, 2026 and December 31, 2025:
Date of IssuancePrincipal Amount Outstanding
June 30, 2026December 31, 2025
CSC Fixed-rate Senior Notes:
3.450% due February 13, 2026
11/13/15$— $350 
0.900% due March 11, 2026
12/11/20— 1,250 
1.150% due May 13, 2026
05/13/21— 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
05/13/21— 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 
4.603% due July 27, 2029
06/25/261,000 — 
6.196% due November 17, 2029
11/17/231,300 1,300 
4.744% due May 21, 2030
05/21/261,000 — 
4.343% due November 14, 2031
11/14/251,000 1,000 
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 1,000 
5.493% due May 21, 2037
05/21/261,250 — 
Total CSC Senior Notes22,269 22,119 
Ameritrade Holding LLC Fixed-rate Senior Notes:
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 Notes81 81 
Finance lease liabilities23 37 
Other finance liabilities (2)
592 — 
Unamortized premium — net24 33 
Debt issuance costs(89)(82)
Fair value hedging basis adjustments (3)
(231)11 
Total long-term debt$22,669 $22,199 
(1) Interest rates presented are those in effect at June 30, 2026. See table below for additional information regarding future interest rates on fixed-to-floating rate Senior Notes.
(2) This represents the total liability, including imputed interest, related to a software licensing agreement entered into during the second quarter of 2026.
(3) This represents the amount of fair value hedge basis adjustments related to Senior Notes hedged. See Note 12 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 June 30, 2026:
Maturity DateFixed Semi-annual Interest RateDate of IssuanceFloating Quarterly Interest RateInterest Rate Reset Date
May 19, 20295.643%05/19/23
SOFR + 2.210%
05/19/28
July 27, 20294.603%06/25/26
SOFR + 0.622%
07/27/28
November 17, 20296.196%11/17/23
SOFR + 1.878%
11/17/28
May 21, 20304.744%05/21/26
SOFR + 0.780%
05/21/29
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
May 21, 20375.493%05/21/26
SOFR+ 1.280%
05/21/36

Annual maturities on all long-term debt outstanding at June 30, 2026 are as follows:
Maturities
2026$1,010 
20273,493 
20281,999 
20295,268 
20301,579 
Thereafter9,616 
Total maturities22,965 
Unamortized premium — net24 
Debt issuance costs(89)
Fair value hedging basis adjustments (1)
(231)
Total long-term debt$22,669 
(1) This represents the amount of fair value hedge basis adjustments related to long-term debt hedged. See Note 12 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 $500 million and $1.9 billion outstanding under these facilities as of June 30, 2026 and December 31, 2025, respectively, and these borrowings had a weighted-average interest rate of 3.79% and 3.90%, respectively. As of June 30, 2026 and December 31, 2025, the collateral pledged provided additional borrowing capacity of $32.8 billion and $74.2 billion, respectively.

Other short-term borrowings: Total other short-term borrowings outstanding at June 30, 2026 and December 31, 2025 were $13.9 billion and $6.9 billion, respectively, and had a weighted-average interest rate of 3.25% and 4.09%, 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 $4.3 billion and $1.3 billion outstanding pursuant to such repurchase agreements at June 30, 2026 and December 31, 2025, respectively. Repurchase agreements outstanding at June 30, 2026 mature between July 2026 and August 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 June 30, 2026 and December 31, 2025, our collateral pledged provided total borrowing capacity of $28.0 billion and $29.3 billion, respectively, of which no amounts were outstanding at the end of either period.

CSC has the ability to issue up to $5.0 billion of commercial paper notes with maturities of up to 270 days. There was $2.5 billion gross par value before discount of $16 million outstanding at June 30, 2026, and $1.9 billion gross par value before discount of $32 million outstanding at December 31, 2025. At the end of the first quarter of 2026, CS&Co received authorization from its Board of Directors to issue up to $10.0 billion of unsecured commercial paper notes with maturities of up to 270 days. There was $4.9 billion gross par value before discount of $48 million outstanding as of June 30, 2026. 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 as of June 30, 2026 or December 31, 2025.

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 $2.3 billion and $3.8 billion outstanding at June 30, 2026 and December 31, 2025, respectively, pursuant to these agreements.

Annual maturities on other short-term borrowings outstanding at June 30, 2026 are as follows:
20262027
Total
FHLB borrowings$500 $— $500 
Other short-term borrowings13,219 726 13,945 
Total$13,719 $726 $14,445