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Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Statements Parent Company Financial Statements
The following tables present the financial statements of the Parent Company without consolidation of its banking and non-banking subsidiaries, as of and for the years indicated:
Statement of Income - Parent Company
 
Years Ended December 31,
(In millions)
2019
 
2018
 
2017
Cash dividends from consolidated banking subsidiary
$
3,300

 
$
785

 
$
2,224

Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities
285

 
41

 
12

Other, net
149

 
58

 
127

Total revenue
3,734

 
884

 
2,363

Interest expense
415

 
381

 
297

Other expenses
108

 
162

 
94

Total expenses
523

 
543

 
391

Income tax (benefit)
(91
)
 
(127
)
 
(86
)
Income before equity in undistributed income of consolidated subsidiaries and unconsolidated entities
3,302

 
468

 
2,058

Equity in undistributed income of consolidated subsidiaries and unconsolidated entities:
 
 
 
 
 
Consolidated banking subsidiary
(1,070
)
 
1,944

 
(1
)
Consolidated non-banking subsidiaries and unconsolidated entities
10

 
181

 
99

Net income
$
2,242

 
$
2,593

 
$
2,156


Statement of Condition - Parent Company
 
As of December 31,
(In millions)
2019
 
2018
Assets:
 
 
 
Interest-bearing deposits with consolidated banking subsidiary
$
428

 
$
486

Trading account assets
393

 
357

Investment securities available-for-sale
250

 
224

Investments in subsidiaries:
 
 
 
Consolidated banking subsidiary
25,451

 
25,966

Consolidated non-banking subsidiaries
7,240

 
6,726

Unconsolidated entities
117

 
106

Notes and other receivables from:
 
 
 
Consolidated banking subsidiary
—

 
64

Consolidated non-banking subsidiaries and unconsolidated entities
3,361

 
2,337

Other assets
270

 
96

Total assets
$
37,510

 
$
36,362

Liabilities:
 
 
 
Accrued expenses and other liabilities
$
696

 
$
685

Long-term debt
12,383

 
10,940

Total liabilities
13,079

 
11,625

Shareholders’ equity
24,431

 
24,737

Total liabilities and shareholders’ equity
$
37,510

 
$
36,362


Statement of Cash Flows - Parent Company
 
Years Ended December 31,
(In millions)
2019
 
2018
 
2017
Net cash provided by operating activities
$
2,684

 
$
2,250

 
$
2,047

Investing Activities:
 
 
 
 
 
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary
58

 
46

 
3,103

Proceeds from sales and maturities of available-for-sale securities
900

 
—

 
—

Purchases of available-for-sale securities
(921
)
 
(224
)
 
—

Investments in consolidated banking and non-banking subsidiaries
(6,165
)
 
(4,883
)
 
(7,672
)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries
5,345

 
2,472

 
4,216

Net increase in investments in unconsolidated affiliates
—

 
—

 
172

Net cash (used in) provided by investing activities
(783
)
 
(2,589
)
 
(181
)
Financing Activities:
 
 
 
 
 
Proceeds from issuance of long-term debt, net of issuance costs
1,495

 
996

 
748

Payments for long-term debt
(50
)
 
(1,000
)
 
(450
)
Proceeds from issuance of preferred stock, net of issuance costs
—

 
495

 
—

Proceeds from issuance of common stock, net of issuance costs
—

 
1,150

 
—

Payments for redemption of preferred stock
(750
)
 
—

 
—

Repurchases of common stock
(1,585
)
 
(350
)
 
(1,292
)
Repurchases of common stock for employee tax withholding
(81
)
 
(124
)
 
(104
)
Payments for cash dividends
(930
)
 
(828
)
 
(768
)
Net cash provided (used in) financing activities
(1,901
)
 
339

 
(1,866
)
Net change
—

 
—

 
—

Cash and due from banks at beginning of year
—

 
—

 
—

Cash and due from banks at end of year
$
—

 
$
—

 
$
—