Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Statements of Income (Parent Company Only)

Condensed Statements of Income (Parent Company Only)
For the years ended December 31 ($ in millions)			2017	2016	2015
Income
Dividends from subsidiaries:
	Consolidated nonbank subsidiaries^(a)	$	2,343	1,886	1,040
Interest on loans to subsidiaries			21	18	15
Total income			2,364	1,904	1,055
Expenses
Interest			176	171	178
Other			42	18	22
Total expenses			218	189	200
Income Before Income Taxes and Change in Undistributed Earnings of Subsidiaries			2,146	1,715	855
Applicable income tax benefit			68	63	69
Income Before Change in Undistributed Earnings of Subsidiaries			2,214	1,778	924
Change in undistributed earnings			(20)	(214)	788
Net Income		$	2,194	1,564	1,712
Other Comprehensive Income			-	-	-
Comprehensive Income Attributable to Bancorp		$	2,194	1,564	1,712

(a) The Bancorp’s indirect banking subsidiary paid dividends to the Bancorp’s direct nonbank subsidiary holding company of $2.3 billion, $1.9 billion and $1.0 billion for the years ended December 31, 2017, 2016 and 2015, respectively.

Condensed Balance Sheets (Parent Company Only)


Condensed Balance Sheets (Parent Company Only)
As of December 31 ($ in millions)			2017	2016
Assets
Cash		$	80	130
Short-term investments			3,493	3,074
Loans to subsidiaries:
	Nonbank subsidiaries		843	969
Total loans to subsidiaries			843	969
Investment in subsidiaries:
	Nonbank subsidiaries		17,695	17,588
Total investment in subsidiaries			17,695	17,588
Goodwill			80	80
Other assets			329	366
Total Assets		$	22,520	22,207
Liabilities
Other short-term borrowings		$	315	344
Accrued expenses and other liabilities			472	461
Long-term debt (external)			5,348	5,170
Total Liabilities		$	6,135	5,975
Equity
Common stock		$	2,051	2,051
Preferred stock			1,331	1,331
Capital surplus			2,790	2,756
Retained earnings			15,122	13,441
Accumulated other comprehensive income			73	59
Treasury stock			(5,002)	(3,433)
Noncontrolling interests			20	27
Total Equity			16,385	16,232
Total Liabilities and Equity		$	22,520	22,207

Condensed Statements of Cash Flows (Parent Company Only)


Condensed Statements of Cash Flows (Parent Company Only)
For the years ended December 31 ($ in millions)			2017	2016	2015
Operating Activities
Net income		$	2,194	1,564	1,712
Adjustments to reconcile net income to net cash provided by operating activities:
	Provision for (benefit from) deferred income taxes		2	-	(4)
	Net change in undistributed earnings		20	214	(788)
Net change in:
	Other assets		37	14	(18)
	Accrued expenses and other liabilities		(15)	(35)	31
Net Cash Provided by Operating Activities			2,238	1,757	933
Investing Activities
Net change in:
	Short-term investments		(419)	654	(539)
	Loans to subsidiaries		126	13	2
Net Cash (Used in) Provided by Investing Activities			(293)	667	(537)
Financing Activities
Net change in other short-term borrowings			(29)	(60)	(22)
Dividends paid on common stock			(430)	(402)	(422)
Dividends paid on preferred stock			(75)	(52)	(75)
Proceeds from issuance of long-term debt			697	-	1,099
Repayment of long-term debt			(500)	(1,250)	-
Repurchase of treasury stock and related forward contract			(1,605)	(661)	(850)
Other, net			(53)	3	2
Net Cash Used in Financing Activities			(1,995)	(2,422)	(268)
(Decrease) Increase in Cash			(50)	2	128
Cash at Beginning of Period			130	128	-
Cash at End of Period		$	80	130	128