v3.24.4
Long-Term Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Borrowings Long-Term Borrowings
Long-term borrowings consist of borrowings having original maturities of one year or more. The following table provides a summary of the Company’s long-term borrowings and weighted-average interest rates on outstanding balances (dollars in millions):
December 31,
20232022
MaturityInterest
Rate		Weighted-Average Interest RateOutstanding AmountOutstanding Amount
Securitized Debt
Fixed-rate asset-backed securities(1)
2024-2026
0.58% - 5.03%
3.17%$10,003 $8,401 
Floating-rate asset-backed securities(2)
2024
6.08%
6.08%925 1,774 
Total Discover Card Master Trust I and Discover Card Execution Note Trust10,928 10,175 
Floating-rate asset-backed security(3)(4)
2031
9.50%
9.50%65 84 
Total private student loan securitization trust65 84 
Total long-term borrowings - owed to securitization investors10,993 10,259 
Discover Financial Services (Parent Company)
Fixed-rate senior notes2024-2032
3.75% - 6.70%
4.68%3,336 3,333 
Fixed-rate retail notes2025-2031
3.25% - 4.40%
3.82%140 154 
Fixed to floating-rate senior notes(5)
20347.96%7.96%993 — 
Discover Bank
Fixed-rate senior bank notes(1)
2024-2030
2.45% - 4.65%
3.53%3,571 5,348 
Fixed-rate subordinated bank notes2028
5.97%
5.97%500 489 
Fixed-rate Federal Home Loan Bank advances2030
4.77% - 4.82%
4.82%523 — 
Floating-rate Federal Home Loan Bank advances(6)
2024
5.55% - 5.65%
5.65%525 525 
Total long-term borrowings$20,581 $20,108 
(1)The Company uses interest rate swaps to hedge portions of these long-term borrowings against changes in fair value attributable to changes in the applicable benchmark interest rates. The use of these interest rate swaps impacts the carrying value of the debt. See Note 21: Derivatives and Hedging Activities.
(2)DCENT floating-rate asset-backed securities include issuances with the following interest rate terms: 1-month Term SOFR + 0.11448% Tenor Spread Adjustment + 60 basis points as of December 31, 2023.
(3)The private student loan securitization trust floating-rate asset-backed security includes an issuance with the following interest rate term: Prime rate + 100 basis points as of December 31, 2023.
(4)Repayment of this debt is dependent upon the timing of principal and interest payments on the underlying private student loans. The date shown represents the final maturity date.
(5)The fixed to floating-rate senior notes include a rate reset on November 2, 2033, to a floating rate based on compounded SOFR + 3.370%.
(6)The floating-rate FHLB advances include interest rate terms based on SOFR plus a spread ranging from 16 to 26 basis points as of December 31, 2023.

The following table summarizes long-term borrowings maturing over each of the next five years and thereafter (dollars in millions):
At December 31, 2023
2024$4,251 
20256,146 
20264,912 
20271,001 
20281,439 
Thereafter2,832 
Total$20,581 
As a member of the FHLB of Chicago, the Company has access to both short- and long-term advance structures with maturities ranging from overnight to 30 years. As of December 31, 2023, the Company had total committed borrowing capacity of $3.6 billion based on the amount and type of assets pledged, of which the outstanding balance was comprised of $1.0 billion in long-term advances. As of December 31, 2022, the Company had total committed borrowing capacity of $2.2 billion, of which the outstanding balance was comprised solely of a $525 million long-term advance. These advances are presented as short- or long-term borrowings on the consolidated statements of financial condition based on the contractual maturity at origination.
Additionally, the Company has access to committed borrowing capacity through private securitizations to support the funding of its credit card loan receivables. As of December 31, 2023, the total commitment of secured credit facilities through private providers was $3.5 billion, $750 million of which was outstanding as a short-term advance. This advance is presented as short-term borrowings on the consolidated statements of financial condition. As of December 31, 2022, the total commitment of secured credit facilities through private providers was $3.5 billion, none of which was drawn. Access to the unused portions of the secured credit facilities is subject to the terms of the agreements with each of the providers. The secured credit facilities have various expirations in 2025. Borrowings outstanding under each facility bear interest at a margin above the Term Secured Overnight Financing Rate (“SOFR”) or the asset-backed commercial paper costs of each provider. The terms of each agreement provide for a commitment fee to be paid on the unused capacity and include various affirmative and negative covenants, including performance metrics and legal requirements similar to those required to issue any term securitization transaction.