Parent-Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

The following tables present Parent-only condensed financial statements.

Table 27.1: Parent-Only Statement of Income


	Year ended December 31,
(in millions)	2021		2020	2019
Income
Dividends from subsidiaries (1)	$	17,895	42,578	21,930
Interest income from subsidiaries	3,934		1,295	3,356
Other interest income	1		3	43
Other income	(418)		(231)	(162)
Total income	21,412		43,645	25,167
Expense
Interest expense:
Indebtedness to nonbank subsidiaries	89		155	664

Long-term debt	2,823		3,591	4,931
Other	—		—	2
Noninterest expense	309		794	1,327
Total expense	3,221		4,540	6,924

Income before income tax benefit and equity in undistributed income of subsidiaries	18,191		39,105	18,243
Income tax benefit	(819)		(1,694)	(945)
Equity in undistributed income of subsidiaries (2)	2,538		(37,422)	527
Net income (2)	$	21,548	3,377	19,715

(1) Includes dividends paid from indirect bank subsidiaries of $15.2 billion, $1.8 billion and $21.8 billion in 2021, 2020 and 2019, respectively.

(2) In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).

Parent-Only Statement of Comprehensive Income

Table 27.2: Parent-Only Statement of Comprehensive Income


	Year ended December 31,
(in millions)	2021		2020	2019
Net income (1)	$	21,548	3,377	19,715
Other comprehensive income (loss), net of tax:
Debt securities	5		(10)	(45)
Derivatives and hedging activities	49		(2)	(12)
Defined benefit plans adjustments	347		(178)	75
Equity in other comprehensive income (loss) of subsidiaries	(2,297)		1,695	4,526
Other comprehensive income, net of tax:	(1,896)		1,505	4,544
Total comprehensive income (1)	$	19,652	4,882	24,259

(1) In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).

Parent-Only Balance Sheet

Table 27.3: Parent-Only Balance Sheet


(in millions)	Dec 31, 2021		Dec 31, 2020
Assets
Cash, cash equivalents, and restricted cash due from subsidiary banks	$	15,134	14,817






Loans to nonbank subsidiaries	185,050		185,046


Investments in subsidiaries (1) (2)	172,926		172,637
Equity securities	140		144
Other assets	7,341		5,857
Total assets	$	380,591	378,501
Liabilities and equity

Accrued expenses and other liabilities	$	7,333	8,249
Long-term debt	146,082		181,956
Indebtedness to nonbank subsidiaries	39,570		3,616
Total liabilities	192,985		193,821
Stockholders’ equity (1)	187,606		184,680
Total liabilities and equity	$	380,591	378,501

(1)In second quarter 2021, we elected to change our accounting method for low-income housing tax credit investments and elected to change the presentation of investment tax credits related to solar energy investments. Prior period balances have been revised to conform with the current period presentation. For additional information, see Note 1 (Summary of Significant Accounting Policies).

(2)The years ended December 31, 2021 and 2020, include indirect ownership of bank subsidiaries with equity of $173.7 billion and $173.3 billion, respectively.

Parent-Only Statement of Cash Flows

Table 27.4: Parent-Only Statement of Cash Flows


	Year ended December 31,
(in millions)	2021		2020	2019
Cash flows from operating activities:
Net cash provided by operating activities	$	11,938	50,193	27,601
Cash flows from investing activities:










Equity securities, not held for trading:
Proceeds from sales and capital returns	11		2,333	326
Purchases	(18)		(1,479)	(1,052)
Loans:
Net repayments from (advances to) subsidiaries	—		10	(3)
Capital notes and term loans made to subsidiaries	(3,500)		(38,547)	(5,286)
Principal collected on notes/loans made to subsidiaries	2,618		558	1,703
Net decrease (increase) in investment in subsidiaries	—		425	(384)
Other, net	14		16	22
Net cash used by investing activities	(875)		(36,684)	(4,674)
Cash flows from financing activities:
Net increase (decrease) in short-term borrowings and indebtedness to subsidiaries	35,958		(22,613)	(636)
Long-term debt:
Proceeds from issuance	1,001		34,918	20,369
Repayment	(28,331)		(15,803)	(8,143)
Preferred stock:
Proceeds from issuance	5,756		3,116	—
Redeemed	(6,675)		(3,602)	(1,550)
Cash dividends paid	(1,205)		(1,290)	(1,391)

Common stock:
Repurchased	(14,464)		(3,415)	(24,533)
Cash dividends paid	(2,422)		(4,852)	(8,198)
Other, net (1)	(364)		(100)	(197)
Net cash used by financing activities	(10,746)		(13,641)	(24,279)
Net change in cash, cash equivalents, and restricted cash	317		(132)	(1,352)
Cash, cash equivalents, and restricted cash at beginning of year	14,817		14,949	16,301
Cash, cash equivalents, and restricted cash at end of year	$	15,134	14,817	14,949

(1)Prior period balances have been revised to conform with the current period presentation.