Parent Company FInancial Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Statments

PARENT COMPANY FINANCIAL STATEMENTS

BALANCE SHEETS - COMERICA INCORPORATED

(in millions, except share data)
December 31	2019			2018
Assets
Cash and due from subsidiary bank	$	1,196		$	1,524
Other short-term investments	95			88
Investment in subsidiaries, principally banks	7,784			7,429
Premises and equipment	1			1
Other assets	242			169
Total assets	$	9,318		$	9,211
Liabilities and Shareholders’ Equity
Medium- and long-term debt	$	1,735		$	1,459
Other liabilities	256			245
Total liabilities	1,991			1,704
Common stock - $5 par value:
Authorized - 325,000,000 shares
Issued - 228,164,824 shares	1,141			1,141
Capital surplus	2,174			2,148
Accumulated other comprehensive loss	(235		)	(609		)
Retained earnings	9,538			8,781
Less cost of common stock in treasury - 86,069,234 shares at 12/31/19 and 68,081,176 shares at 12/31/18	(5,291		)	(3,954		)
Total shareholders’ equity	7,327			7,507
Total liabilities and shareholders’ equity	$	9,318		$	9,211

STATEMENTS OF INCOME - COMERICA INCORPORATED

(in millions)
Years Ended December 31	2019			2018			2017
Income
Income from subsidiaries:
Dividends from subsidiaries	$	1,229		$	1,135		$	915
Other interest income	20			13			3
Intercompany management fees	224			228			136
Other noninterest income	—			—			8
Total income	1,473			1,376			1,062
Expenses
Interest on medium- and long-term debt	56			29			13
Salaries and benefits expense	143			140			127
Occupancy expense	6			5			5
Equipment expense	1			1			1
Restructuring charges	—			2			6
Other noninterest expenses	72			75			80
Total expenses	278			252			232
Income before benefit for income taxes and equity in undistributed earnings of subsidiaries	1,195			1,124			830
Benefit for income taxes	(9		)	(5		)	(26		)
Income before equity in undistributed earnings of subsidiaries	1,204			1,129			856
Equity in undistributed earnings of subsidiaries, principally banks	(6		)	106			(113		)
Net income	1,198			1,235			743
Less income allocated to participating securities	7			8			5
Net income attributable to common shares	$	1,191		$	1,227		$	738

STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED

(in millions)
Years Ended December 31	2019			2018			2017
Operating Activities
Net income	$	1,198		$	1,235		$	743
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally banks	6			(106		)	113
Depreciation and amortization	1			1			1
Net periodic defined benefit cost (credit)	4			4			(2		)
Share-based compensation expense	15			21			16
Benefit for deferred income taxes	(2		)	(1		)	(10		)
Other, net	28			10			59
Net cash provided by operating activities	1,250			1,164			920
Financing Activities
Medium- and long-term debt:
Maturities	(350		)	—			—
Issuances	550			850			—
Common Stock:
Repurchases	(1,394		)	(1,338		)	(560		)
Cash dividends paid	(402		)	(263		)	(180		)
Issuances of common stock under employee stock plans	18			52			118
Net cash used in financing activities	(1,578		)	(699		)	(622		)
Net (decrease) increase in cash and cash equivalents	(328		)	465			298
Cash and cash equivalents at beginning of period	1,524			1,059			761
Cash and cash equivalents at end of period	$	1,196		$	1,524		$	1,059
Interest paid	$	55		$	11		$	12
Income taxes recovered	$	(226	)	$	(155	)	$	(331	)