Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Income (Parent Company Only)

Condensed Statements of Income (Parent Company Only)
For the years ended December 31 ($ in millions)	2022		2021	2020
Income
Dividends from consolidated nonbank subsidiaries(a)	$	165	3,040	1,285
Securities (losses) gains, net	(9)		1	1
Interest	11		11	17
Total income	167		3,052	1,303
Expenses
Interest	311		250	266
Other	19		30	26
Total expenses	330		280	292
(Loss) Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries	(163)		2,772	1,011
Applicable income tax benefit	(76)		(62)	(65)
(Loss) Income Before Equity in Undistributed Earnings of Subsidiaries	(87)		2,834	1,076
Equity in undistributed earnings	2,533		(64)	351
Net Income Attributable to Bancorp	$	2,446	2,770	1,427
Other Comprehensive Income	—		—	—
Comprehensive Income Attributable to Bancorp	$	2,446	2,770	1,427

(a)Includes dividends paid by the Bancorp’s indirect banking subsidiary to the Bancorp’s direct nonbank subsidiary holding company of $3.0 billion and $1.3 billion for the years ended December 31, 2021 and 2020, respectively. The Bancorp’s indirect banking subsidiary did not pay dividends during the year ended December 31, 2022.

Condensed Balance Sheets (Parent Company Only)

Condensed Balance Sheets (Parent Company Only)
As of December 31 ($ in millions)	2022		2021
Assets
Cash	$	120	122
Other short-term investments	5,667		6,234
Available-for-sale debt and other securities	1,000		—
Equity securities	34		49
Loans to nonbank subsidiaries	60		192
Investment in nonbank subsidiaries	20,256		23,877
Goodwill	80		80
Other assets	326		431
Total Assets	$	27,543	30,985
Liabilities
Other short-term borrowings	$	121	361
Accrued expenses and other liabilities	764		487
Long-term debt (external)	9,331		7,927
Total Liabilities	$	10,216	8,775
Equity
Common stock	$	2,051	2,051
Preferred stock	2,116		2,116
Capital surplus	3,684		3,624
Retained earnings	21,689		20,236
Accumulated other comprehensive (loss) income	(5,110)		1,207
Treasury stock	(7,103)		(7,024)
Total Equity	17,327		22,210
Total Liabilities and Equity	$	27,543	30,985

Condensed Statements of Cash Flows (Parent Company Only)

Condensed Statements of Cash Flows (Parent Company Only)
For the years ended December 31 ($ in millions)	2022		2021	2020
Operating Activities
Net income	$	2,446	2,770	1,427
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion	7		7	7
(Benefit from) provision for deferred income taxes	(3)		(1)	—
Securities losses (gains), net	9		(1)	(1)
Equity in undistributed earnings	(2,533)		64	(351)
Net change in:
Equity securities	6		1	—
Other assets	(115)		(40)	(1)
Accrued expenses and other liabilities	45		(80)	—
Net Cash (Used in) Provided by Operating Activities	(138)		2,720	1,081
Investing Activities
Purchase of securities issued by subsidiary	(1,000)		—	—
Net change in:
Other short-term investments	567		(656)	(855)
Loans to nonbank subsidiaries	132		158	94
Net Cash Used in Investing Activities	(301)		(498)	(761)
Financing Activities
Net change in other short-term borrowings	(240)		(89)	91
Proceeds from issuance of long-term debt	2,986		498	1,243
Repayment of long-term debt	(1,200)		(250)	(1,100)
Dividends paid on common and preferred stock	(927)		(897)	(858)
Repurchase of treasury stock and related forward contract	(100)		(1,393)	—
Issuance of preferred stock	—		—	346
Other, net	(82)		(89)	(40)
Net Cash Provided by (Used in) Financing Activities	437		(2,220)	(318)
(Decrease) Increase in Cash	(2)		2	2
Cash at Beginning of Period	122		120	118
Cash at End of Period	$	120	122	120