Parent Company (Tables)

12 Months Ended

Dec. 31, 2014

Note 23 Parent Company

Summarized financial information of the parent company is as follows:

Table 155: Parent Company – Income Statement

Year ended December 31 - in millions			2014		2013		2012
Operating Revenue
Dividends from:
	Bank subsidiaries and bank holding company	$	3,115	$	3,105	$	2,660
	Non-bank subsidiaries		115		205		91
Interest income			4
Noninterest income			30		28		22
	Total operating revenue		3,264		3,338		2,773
Operating Expense
Interest expense			97		107		242
Other expense			127		93		359
	Total operating expense		224		200		601
Income before income taxes and equity in undistributed net income of
	subsidiaries		3,040		3,138		2,172
Income tax benefits			(61)		(89)		(175)
	Income before equity in undistributed net income of subsidiaries		3,101		3,227		2,347
Equity in undistributed net income of subsidiaries:
	Bank subsidiaries and bank holding company (a)		854		845		413
	Non-bank subsidiaries (a)		229		129		241
Net income (a)		$	4,184	$	4,201	$	3,001
Other comprehensive income, net of tax:
Net pension and other postretirement benefit plan activity arising during the period			(17)		34		(40)
Other comprehensive income (loss)			(17)		34		(40)
Comprehensive income (a)		$	4,167	$	4,235	$	2,961
(a)	Amounts for 2013 and 2012 periods have been updated to reflect the first quarter 2014 adoption of ASU 2014-01 related to investments in low income housing tax credits. See Note 1 Accounting Policies for further detail of the adoption.

Balance Sheet - Parent company

Table 156: Parent Company – Balance Sheet

December 31 - in millions				2014		2013
Assets
Cash held at banking subsidiary			$	1	$	1
Restricted deposits with banking subsidiary				400		400
Interest-earning deposits				2,013		221
	Investments in:
		Bank subsidiaries and bank holding company (a)		41,537		40,611
		Non-bank subsidiaries (a)		2,480		2,250
Other assets				1,399		1,201
		Total assets	$	47,830	$	44,684
Liabilities
Subordinated debt (b)			$	1,618	$	824
Senior debt (b)				889		856
Bank affiliate borrowings				102		63
Accrued expenses and other liabilities (a)				670		607
	Total liabilities			3,279		2,350
Equity
Shareholders' equity (a)				44,551		42,334
	Total liabilities and equity		$	47,830	$	44,684
(a)	Amounts for 2013 periods have been updated to reflect the first quarter 2014 adoption of ASU 2014-01 related to investments in low income housing tax credits. See Note 1 Accounting Policies for further detail of the adoption.
(b)	At December 31, 2014, debt that contractually matures in 2015 through 2019 totaled $400 million (senior debt), zero, zero, zero and $700 million (subordinated debt).

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

Table 157: Parent Company – Interest Paid and Income Tax Refunds (Payments)

				Income
				Tax
		Interest		Refunds /
Year ended December 31 - in millions		Paid		(Payments)
2014	$	103	$	(13)
2013		117		91
2012		255		453

Statement of Cash Flows - Parent company

Table 158: Parent Company – Statement of Cash Flows

Year ended December 31 - in millions				2014		2013		2012
Operating Activities
Net income (a)			$	4,184	$	4,201	$	3,001
Adjustments to reconcile net income to net cash provided by operating
	activities:
		Equity in undistributed net earnings of subsidiaries (a)		(1,083)		(974)		(654)
		Other		118		152		566
Net cash provided (used) by operating activities				3,219		3,379		2,913
Investing Activities
Net capital returned from (contributed to) subsidiaries						87
Net cash paid for acquisition activity								(3,432)
Net change in interest-earning deposits				(1,792)		(214)
Other				(79)		(60)		(50)
	Net cash provided (used) by investing activities			(1,871)		(187)		(3,482)
Financing Activities
Borrowings from subsidiaries				2,430		3,624		8,374
Repayments on borrowings from subsidiaries				(2,392)		(5,767)		(6,943)
Other borrowed funds				770		(467)		(1,753)
Preferred stock – Other issuances						495		2,446
Preferred stock – Other redemptions						(150)		(500)
Common and treasury stock issuances				252		244		158
Acquisition of treasury stock				(1,176)		(24)		(216)
Preferred stock cash dividends paid				(232)		(237)		(177)
Common stock cash dividends paid				(1,000)		(911)		(820)
	Net cash provided (used) by financing activities			(1,348)		(3,193)		569
Increase (decrease) in cash and due from banks						(1)
		Cash held at banking subsidiary at beginning of year		1		2		2
		Cash held at banking subsidiary at end of year	$	1	$	1	$	2
(a)	Amounts for 2013 and 2012 periods have been updated to reflect the first quarter 2014 adoption of ASU 2014-01 related to investments in low income housing tax credits. See Note 1 Accounting Policies for further detail of the adoption.