Parent Company FInancial Statements Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

BALANCE SHEETS - COMERICA INCORPORATED



(in millions, except share data)
December 31	2015			2014
Assets
Cash and due from subsidiary bank	$	4		$	—
Short-term investments with subsidiary bank	569			1,133
Other short-term investments	89			94
Investment in subsidiaries, principally banks	7,523			7,411
Premises and equipment	3			2
Other assets	137			138
Total assets	$	8,325		$	8,778
Liabilities and Shareholders’ Equity
Medium- and long-term debt	$	608		$	1,208
Other liabilities	157			168
Total liabilities	765			1,376
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141
Capital surplus	2,173			2,188
Accumulated other comprehensive loss	(429		)	(412		)
Retained earnings	7,084			6,744
Less cost of common stock in treasury - 52,457,113 shares at 12/31/15 and 49,146,225 shares at 12/31/14	(2,409		)	(2,259		)
Total shareholders’ equity	7,560			7,402
Total liabilities and shareholders’ equity	$	8,325		$	8,778

STATEMENTS OF INCOME - COMERICA INCORPORATED



(in millions)
Years Ended December 31	2015			2014			2013
Income
Income from subsidiaries:
Dividends from subsidiaries	$	441		$	384		$	490
Other interest income	1			1			1
Intercompany management fees	123			118			110
Other noninterest income	1			7			14
Total income	566			510			615
Expenses
Interest on medium- and long-term debt	14			14			11
Salaries and benefits expense	112			114			118
Net occupancy expense	5			5			4
Equipment expense	1			1			1
Other noninterest expenses	70			70			78
Total expenses	202			204			212
Income before benefit for income taxes and equity in undistributed earnings of subsidiaries	364			306			403
Benefit for income taxes	(27		)	(27		)	(30		)
Income before equity in undistributed earnings of subsidiaries	391			333			433
Equity in undistributed earnings of subsidiaries, principally banks	130			260			108
Net income	521			593			541
Less income allocated to participating securities	6			7			8
Net income attributable to common shares	$	515		$	586		$	533

STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED



(in millions)
Years Ended December 31	2015			2014			2013
Operating Activities
Net income	$	521		$	593		$	541
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally banks	(130		)	(260		)	(108		)
Depreciation and amortization	1			1			1
Net periodic defined benefit cost	5			4			8
Share-based compensation expense	14			16			14
Provision for deferred income taxes	—			—			3
Excess tax benefits from share-based compensation arrangements	(3		)	(7		)	(3		)
Other, net	5			16			2
Net cash provided by operating activities	413			363			458
Investing Activities
Net change in premises and equipment	(1		)	2			—
Net cash (used in) provided by investing activities	(1		)	2			—
Financing Activities
Medium- and long-term debt:
Maturities and redemptions	(600		)	—			—
Issuances	—			596			—
Common Stock:
Repurchases	(240		)	(260		)	(291		)
Cash dividends paid	(147		)	(137		)	(123		)
Issuances of common stock under employee stock plans	22			49			33
Purchase and retirement of warrants	(10		)	—			—
Excess tax benefits from share-based compensation arrangements	3			7			3
Net cash (used in) provided by financing activities	(972		)	255			(378		)
Net (decrease) increase in cash and cash equivalents	(560		)	620			80
Cash and cash equivalents at beginning of period	1,133			513			433
Cash and cash equivalents at end of period	$	573		$	1,133		$	513
Interest paid	$	16		$	12		$	11
Income taxes recovered	$	(62	)	$	(33	)	$	(27	)