Parent Company (Tables)

12 Months Ended

Dec. 31, 2017

Summarized financial information of the parent company is as follows:

Table 99: Parent Company – Income Statement



Year ended December 31 – in millions	2017			2016			2015
Operating Revenue
Dividends from:
Bank subsidiaries and bank holding company	$	3,278		$	2,906		$	3,110
Non-bank subsidiaries	376			130			49
Interest income	109			93			82
Noninterest income	37			13			56
Total operating revenue	3,800			3,142			3,297
Operating Expense
Interest expense	215			197			193
Other expense	175			109			89
Total operating expense	390			306			282
Income before income taxes and equity in undistributed net income of subsidiaries	3,410			2,836			3,015
Income tax benefits	(52		)	(96		)	(98		)
Income before equity in undistributed net income of subsidiaries	3,462			2,932			3,113
Equity in undistributed net income of subsidiaries:
Bank subsidiaries and bank holding company	1,974			818			736
Non-bank subsidiaries	(98		)	153			257
Net income	$	5,338		$	3,903		$	4,106
Other comprehensive income, net of tax:
Net pension and other postretirement benefit plan activity arising during the period	1			13			(3		)
Other comprehensive income (loss)	1			13			(3		)
Comprehensive income	$	5,339		$	3,916		$	4,103

Table 100: Parent Company – Balance Sheet



December 31 – in millions	2017		2016
Assets
Cash held at banking subsidiary	$	1	$	1
Restricted deposits with banking subsidiary	175		175
Nonrestricted interest-earning deposits	5,800		4,684
Investments in:
Bank subsidiaries and bank holding company	44,360		42,361
Non-bank subsidiaries	2,398		2,859
Loans with affiliates	1,244		1,358
Other assets	1,243		1,322
Total assets	$	55,221	$	52,760
Liabilities
Subordinated debt (a)	$	1,645	$	2,242
Senior debt (a)	5,203		3,959
Commercial paper	100
Other borrowed funds from affiliates	108		223
Accrued expenses and other liabilities	652		637
Total liabilities	7,708		7,061
Equity
Shareholders’ equity	47,513		45,699
Total liabilities and equity	$	55,221	$	52,760


(a)	See Note 10 Borrowed Funds for additional information on contractual rates and maturity dates of senior debt and subordinated debt for parent company.

Table 101: Parent Company – Interest Paid and Income Tax Refunds (Payments)



Year ended December 31 – in millions	Interest Paid		Income Tax Refunds / (Payments)
2017	$	287	$	40
2016	$	317	$	183
2015	$	404	$	64

Table 102: Parent Company – Statement of Cash Flows



Year ended December 31 – in millions	2017			2016			2015
Operating Activities
Net income	$	5,338		$	3,903		$	4,106
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net earnings of subsidiaries	(1,974		)	(971		)	(993		)
Return on investment in subsidiary	98
Other	194			143			149
Net cash provided (used) by operating activities	3,656			3,075			3,262
Investing Activities
Net change in loans and securities from affiliates	114			2,161			(185		)
Net change in restricted deposits with banking subsidiary				(175		)	400
Net change in nonrestricted interest-earning deposits	(1,116		)	(1,607		)	3,244
Net change in restricted interest-earning deposits				300			(300		)
Other				266			(82		)
Net cash provided (used) by investing activities	(1,002		)	945			3,077
Financing Activities
Net change in other borrowed funds from affiliates	316			(124		)	(100		)
Net change in senior debt	1,325			(1,252		)	(1,888		)
Net change in subordinated debt	(580		)	17			(580		)
Net change in commercial paper	100
Preferred stock issuances				519
Preferred stock redemptions							(500		)
Common and treasury stock issuances	132			151			139
Acquisition of treasury stock	(2,447		)	(2,062		)	(2,152		)
Preferred stock cash dividends paid	(236		)	(209		)	(219		)
Common stock cash dividends paid	(1,264		)	(1,060		)	(1,039		)
Net cash provided (used) by financing activities	(2,654		)	(4,020		)	(6,339		)
Cash held at banking subsidiary at beginning of year	1			1			1
Cash held at banking subsidiary at end of year	$	1		$	1		$	1