Parent Company FInancial Statements

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statments

PARENT COMPANY FINANCIAL STATEMENTS

BALANCE SHEETS - COMERICA INCORPORATED

(in millions, except share data)
December 31	2017			2016
Assets
Cash and due from subsidiary bank	$	1,059		$	761
Other short-term investments	92			87
Investment in subsidiaries, principally banks	7,467			7,561
Premises and equipment	2			2
Other assets	127			150
Total assets	$	8,747		$	8,561
Liabilities and Shareholders’ Equity
Medium- and long-term debt	$	602		$	604
Other liabilities	182			161
Total liabilities	784			765
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141
Capital surplus	2,122			2,135
Accumulated other comprehensive loss	(451		)	(383		)
Retained earnings	7,887			7,331
Less cost of common stock in treasury - 55,306,483 shares at 12/31/17 and 52,851,156 shares at 12/31/16	(2,736		)	(2,428		)
Total shareholders’ equity	7,963			7,796
Total liabilities and shareholders’ equity	$	8,747		$	8,561

STATEMENTS OF INCOME - COMERICA INCORPORATED

(in millions)
Years Ended December 31	2017			2016			2015
Income
Income from subsidiaries:
Dividends from subsidiaries	$	915		$	549		$	441
Other interest income	3			1			1
Intercompany management fees	136			138			123
Other noninterest income	8			3			1
Total income	1,062			691			566
Expenses
Interest on medium- and long-term debt	13			10			14
Salaries and benefits expense	127			114			112
Net occupancy expense	5			5			5
Equipment expense	1			1			1
Restructuring charges	6			33			—
Other noninterest expenses	80			72			70
Total expenses	232			235			202
Income before benefit for income taxes and equity in undistributed earnings of subsidiaries	830			456			364
Benefit for income taxes	(26		)	(28		)	(27		)
Income before equity in undistributed earnings of subsidiaries	856			484			391
Equity in undistributed earnings of subsidiaries, principally banks	(113		)	(7		)	130
Net income	743			477			521
Less income allocated to participating securities	5			4			6
Net income attributable to common shares	$	738		$	473		$	515

STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED

(in millions)
Years Ended December 31	2017			2016			2015
Operating Activities
Net income	$	743		$	477		$	521
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally banks	113			7			(130		)
Depreciation and amortization	1			1			1
Net periodic defined benefit (credit) cost	(2		)	1			5
Share-based compensation expense	16			14			14
Benefit for deferred income taxes	(10		)	(3		)	—
Other, net	59			6			5
Net cash provided by operating activities	920			503			416
Investing Activities
Net change in premises and equipment	—			—			(1		)
Net cash used in investing activities	—			—			(1		)
Financing Activities
Medium- and long-term debt:
Maturities and redemptions	—			—			(600		)
Common Stock:
Repurchases	(552		)	(315		)	(240		)
Cash dividends paid	(180		)	(152		)	(147		)
Issuances of common stock under employee stock plans	110			152			22
Purchase and retirement of warrants	—			—			(10		)
Net cash used in financing activities	(622		)	(315		)	(975		)
Net increase (decrease) in cash and cash equivalents	298			188			(560		)
Cash and cash equivalents at beginning of period	761			573			1,133
Cash and cash equivalents at end of period	$	1,059		$	761		$	573
Interest paid	$	12		$	9		$	16
Income taxes recovered	$	(331	)	$	(139	)	$	(62	)