Federal Home Loan Bank advances

[Table of Contents](#i6f5a02f7aeae4b00b01c55901eb4a1a5_4)6.    Long-Term BorrowingsLong-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):

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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|  | March 31, 2022 |  | December 31, 2021 |
|  | Maturity |  | InterestRate |  | Weighted-Average Interest Rate |  | Outstanding Amount |  | Outstanding Amount |
| Securitized Debt |  |  |  |  |  |  |  |  |  |
| Fixed-rate asset-backed securities(1) | 2022-2026 |  | 0.58% - 3.03% |  | 1.70% |  | $ | 5,019  |  |  | $ | 5,588  |  |
| Floating-rate asset-backed securities(2) | 2022-2024 |  | 0.73% - 1.00% |  | 0.84% |  | 2,598  |  |  | 3,347  |  |
| Total Discover Card Master Trust I and Discover Card Execution Note Trust |  |  |  |  |  |  | 7,617  |  |  | 8,935  |  |
|  |  |  |  |  |  |  |  |  |  |
| Floating-rate asset-backed security(3)(4) | 2031 |  | 4.50% |  | 4.50% |  | 98  |  |  | 104  |  |
| Total private student loan securitization trust |  |  |  |  |  |  | 98  |  |  | 104  |  |
| Total long-term borrowings - owed to securitization investors |  |  |  |  |  |  | 7,715  |  |  | 9,039  |  |
|  |  |  |  |  |  |  |  |  |  |
| Discover Financial Services (Parent Company) |  |  |  |  |  |  |  |  |  |
| Fixed-rate senior notes | 2022-2027 |  | 3.75% - 5.20% |  | 4.17% |  | 3,394  |  |  | 3,382  |  |
| Fixed-rate retail notes | 2022-2031 |  | 2.85% - 4.40% |  | 3.75% |  | 166  |  |  | 166  |  |
|  |  |  |  |  |  |  |  |  |  |
| Discover Bank |  |  |  |  |  |  |  |  |  |
| Fixed-rate senior bank notes(1) | 2023-2030 |  | 2.45% - 4.65% |  | 3.63% |  | 5,362  |  |  | 5,385  |  |
| Fixed-rate subordinated bank notes(1) | 2028 |  | 4.68% |  | 4.68% |  | 495  |  |  | 505  |  |
| Total long-term borrowings |  |  |  |  |  |  | $ | 17,132  |  |  | $ | 18,477  |  |
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(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 London Interbank Offered Rate ("LIBOR") or Overnight Index Swap ("OIS") rates. The use of these interest rate swaps impacts the carrying value of the debt. See Note 15: Derivatives and Hedging Activities. (2)DCENT floating-rate asset-backed securities include issuances with the following interest rate terms: 1-month LIBOR + 33 to 60 basis points as of March 31, 2022.(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 March 31, 2022.(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.The following table summarizes long-term borrowings maturing over the remainder of this year, over each of the next four years and thereafter (dollars in millions):

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  | March 31, 2022 |
| 2022 | $ | 2,638  |  |
| 2023 | 3,295  |  |
| 2024 | 3,731  |  |
| 2025 | 1,775  |  |
| 2026 | 2,666  |  |
| Thereafter | 3,027  |  |
| Total | $ | 17,132  |  |
|  |  |

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. At March 31, 2022, the Company had total committed borrowing capacity of $1.5 billion based on the amount and type of assets pledged, none of which was drawn. At December 31, 2021, the Company had total committed borrowing capacity of $1.4 billion based on the amount and type of assets pledged, of which $1.3 billion of short-term advances were outstanding.Additionally, the Company has access to committed borrowing capacity through private securitizations to support the funding of its credit card loan receivables. As of March 31, 2022, the total commitment of secured credit facilities through 18
