Parent Company (Tables)

12 Months Ended

Dec. 31, 2018

Table 95: Parent Company – Income Statement



Year ended December 31 – in millions	2018			2017			2016
Operating Revenue
Dividends from:
Bank subsidiaries and bank holding company	$	3,057		$	3,278		$	2,906
Non-bank subsidiaries	157			376			130
Interest income	147			109			93
Noninterest income	(1		)	37			13
Total operating revenue	3,360			3,800			3,142
Operating Expense
Interest expense	281			215			197
Other expense	139			175			109
Total operating expense	420			390			306
Income before income taxes and equity in undistributed net income of subsidiaries	2,940			3,410			2,836
Income tax benefits	(54		)	(52		)	(96		)
Income before equity in undistributed net income of subsidiaries	2,994			3,462			2,932
Equity in undistributed net income of subsidiaries:
Bank subsidiaries and bank holding company	2,126			1,974			818
Non-bank subsidiaries	181			(98		)	153
Net income	$	5,301		$	5,338		$	3,903
Other comprehensive income, net of tax:
Net pension and other postretirement benefit plan activity arising during the period	1			1			13
Other comprehensive income (loss)	1			1			13
Comprehensive income	$	5,302		$	5,339		$	3,916

Table 96: Parent Company – Balance Sheet



December 31 – in millions	2018		2017
Assets
Cash held at banking subsidiary	$	6	$	1
Restricted deposits with banking subsidiary	175		175
Nonrestricted interest-earning deposits	4,655		5,800
Investments in:
Bank subsidiaries and bank holding company	45,863		44,360
Non-bank subsidiaries	1,886		2,398
Loans with affiliates	1,397		1,244
Other assets	1,159		1,243
Total assets	$	55,141	$	55,221
Liabilities
Subordinated debt (a)	$	1,652	$	1,645
Senior debt (a)	5,061		5,203
Commercial paper			100
Other borrowed funds from affiliates	79		108
Accrued expenses and other liabilities	619		652
Total liabilities	7,411		7,708
Equity
Shareholders’ equity	47,730		47,513
Total liabilities and equity	$	55,141	$	55,221


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



Year ended December 31 – in millions	Interest Paid		Income Tax Refunds/(Payments)
2018	$	288	$	88
2017	$	287	$	40
2016	$	317	$	183

Table 98: Parent Company – Statement of Cash Flows



Year ended December 31 – in millions	2018			2017			2016
Operating Activities
Net income	$	5,301		$	5,338		$	3,903
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net earnings of subsidiaries	(2,307		)	(1,974		)	(971		)
Return on investment in subsidiary				98
Other	155			194			143
Net cash provided (used) by operating activities	$	3,149		$	3,656		$	3,075
Investing Activities
Net change in loans and securities from affiliates	$	540		$	114		$	2,161
Net change in nonrestricted interest-earning deposits	1,145			(1,116		)	(1,607		)
Net change in restricted interest-earning deposits							300
Other	2						266
Net cash provided (used) by investing activities	$	1,687		$	(1,002	)	$	1,120
Financing Activities
Net change in other borrowed funds from affiliates	$	(29	)	$	316		$	(124	)
Net change in senior debt	498			1,325			(1,252		)
Net change in subordinated debt	(553		)	(580		)	17
Net change in commercial paper	(100		)	100
Preferred stock issuances							519
Common and treasury stock issuances	69			132			151
Acquisition of treasury stock	(2,877		)	(2,447		)	(2,062		)
Preferred stock cash dividends paid	(236		)	(236		)	(209		)
Common stock cash dividends paid	(1,603		)	(1,264		)	(1,060		)
Net cash provided (used) by financing activities	$	(4,831	)	$	(2,654	)	$	(4,020	)
Net increase (decrease) in cash and due from banks	$	5		$	—		$	175
Cash and restricted deposits held at banking subsidiary at beginning of year	176			176			1
Cash and restricted deposits held at banking subsidiary at end of year	$	181		$	176		$	176