Long-Term Borrowings (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Borrowings and Weighted Average Interest Rates

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):

	September 30, 2020					December 31, 2019
	Maturity	Interest Rate	Weighted-Average Interest Rate	Outstanding Amount		Outstanding Amount
Securitized Debt
Fixed-rate asset-backed securities(1)	2020-2024	1.85%-3.32%	2.70%	$	6,621	$	8,609
Floating-rate asset-backed securities(2)	2021-2024	0.38%-0.75%	0.55%	4,668		5,515
Total Discover Card Master Trust I and Discover Card Execution Note Trust				11,289		14,124
Floating-rate asset-backed security(3)(4)	2031	4.25%	4.25%	136		160
Total student loan securitization trust				136		160
Total long-term borrowings - owed to securitization investors				11,425		14,284
Discover Financial Services (Parent Company)
Fixed-rate senior notes	2022-2027	3.75%-5.20%	4.16%	3,327		3,296
Fixed-rate retail notes	2021-2031	2.85%-4.60%	3.73%	336		340
Discover Bank
Fixed-rate senior bank notes(1)	2021-2030	2.45%-4.65%	3.89%	6,236		6,785
Fixed-rate subordinated bank notes	2028-2028	4.68%-4.68%	4.68%	517		996
Total long-term borrowings				$	21,841	$	25,701

(1)The Company uses interest rate swaps to hedge portions of these long-term borrowings against changes in fair value attributable to changes in LIBOR or Overnight Index Swap ("OIS") Rate. Use of these interest rate swaps impacts carrying value of the debt. See Note 16: Derivatives and Hedging Activities.

(2)Discover Card Execution Note Trust floating-rate asset-backed securities include issuances with the following interest rate terms: 1-month LIBOR + 23 to 60 basis points as of September 30, 2020.

(3)The 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 September 30, 2020.

(4)Repayment of this debt is dependent upon the timing of principal and interest payments on the underlying student loans. The date shown represents final maturity date.

Schedule of Long-Term Borrowings Maturities

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):

	September 30, 2020
2020	$	550
2021	4,232
2022	5,204
2023	3,411
2024	2,630
Thereafter	5,814
Total	$	21,841