Parent Company (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Summarized financial information of the parent company is as follows:

Table 115: Parent Company - Income Statement


Year ended December 31 – in millions	2021		2020		2019
Operating Revenue
Dividends from continuing operations:
Bank subsidiaries and bank holding company	$	3,980	$	13,701	$	3,570
Non-bank subsidiaries (a)	424		345		290
Interest income	15		38		169
Noninterest income	41		37		48
Total operating revenue	4,460		14,121		4,077
Operating Expense
Interest expense	129		179		325
Other expense	245		91		146
Total operating expense	374		270		471
Income before income taxes and equity in undistributed net income of subsidiaries	4,086		13,851		3,606
Equity in undistributed net income of subsidiaries:
Bank subsidiaries and bank holding company	1,085		(12,009)		671
Non-bank subsidiaries	543		(86)		164
Income from continuing operations before taxes	5,714		1,756		4,441
Income tax expense (benefit) from continuing operations (a)	41		(1,206)		(101)
Net income from continuing operations	5,673		2,962		4,542
Dividends from discontinued operations:
Bank subsidiaries and bank holding company			126		460
Equity in undistributed net income of subsidiaries from discontinued operations:
Bank subsidiaries and bank holding company			5,651		528
Income from discontinued operations before taxes			5,777		988
Income taxes from discontinued operations			1,222		161
Net income from discontinued operations			4,555		827
Net income	$	5,673	$	7,517	$	5,369
Other comprehensive income, net of tax:
Net pension and other postretirement benefit plan activity arising during the period	11		1		(2)
Other comprehensive income (loss)	11		1		(2)
Comprehensive income	$	5,684	$	7,518	$	5,367

(a)Prior period amounts reflect the immaterial impact of adopting ASU 2019-12 - Income Tax Simplification. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in this Report for additional details on this adoption.

Balance Sheet - Parent company

Table 116: Parent Company - Balance Sheet


December 31 – in millions	2021		2020
Assets
Cash held at banking subsidiary	$	5,367	$	14,882
Restricted deposits with banking subsidiary	175		175


Investments in:
Bank subsidiaries and bank holding company	56,596		45,992
Non-bank subsidiaries	2,693		1,984

Loans with affiliates	1,179		1,021
Other assets	1,999		1,934
Total assets	$	68,009	$	65,988
Liabilities
Subordinated debt (a)	$	982	$	1,010
Senior debt (a)	10,362		9,567
Other borrowed funds from affiliates	343		780
Accrued expenses and other liabilities	627		621
Total liabilities	12,314		11,978
Equity
Shareholders’ equity	55,695		54,010
Total liabilities and equity	$	68,009	$	65,988

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

Interest Paid and Income Tax Refunds (Payments) - Parent company

Table 117: Parent Company - Interest Paid and Income Tax Refunds


Year ended December 31 – in millions	Interest Paid		Income Tax Refunds
2021	$	307	$	386
2020	$	335	$	29
2019	$	300	$	26

Statement of Cash Flows - Parent company

Table 118: Parent Company - Statement of Cash Flows


Year ended December 31 – in millions	2021		2020		2019
Operating Activities
Net income	$	5,673	$	7,517	$	5,369
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net earnings of subsidiaries	(1,628)				(1,363)
Return on investment in subsidiaries			6,444

Other	(248)		237		218
Net cash provided (used) by operating activities	$	3,797	$	14,198	$	4,224
Investing Activities
Proceeds from available for sale securities	$	300
Net change in loans and securities from affiliates	(1,188)		$	(2,808)	$	664
Net change in nonrestricted interest-earning deposits			7,024		(2,369)
Net cash paid for acquisition	(11,358)
Other	(5)				(8)
Net cash provided (used) by investing activities	$	(12,251)	$	4,216	$	(1,713)
Financing Activities
Net change in other borrowed funds from affiliates	$	(435)	$	473	$	228
Proceeds from long-term borrowings	1,692		1,986		4,180
Repayments of long-term borrowings	(500)		(1,750)		(1,300)

Preferred stock issuances	1,484
Preferred stock redemptions			(480)
Common and treasury stock issuances	66		65		90
Acquisition of treasury stock	(1,079)		(1,624)		(3,578)
Preferred stock cash dividends paid	(233)		(229)		(236)
Common stock cash dividends paid	(2,056)		(1,979)		(1,895)
Net cash provided (used) by financing activities	$	(1,061)	$	(3,538)	$	(2,511)
Net increase (decrease) in cash and due from banks	$	(9,515)	$	14,876
Net cash provided by operating activities of discontinued operations			11,542		$	299
Net cash activity from continuing operations	(9,515)		3,334		(299)
Cash and restricted deposits held at banking subsidiary at beginning of year	15,057		181		181
Cash and restricted deposits held at banking subsidiary at end of year	$	5,542	$	15,057	$	181