Parent-Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022	2021
Income
Dividends from subsidiaries (1)	$	22,300	14,590	17,895
Interest income from subsidiaries	10,845		4,759	3,934
Other interest income	6		2	1
Other income	211		(53)	(418)
Total income	33,362		19,298	21,412
Expense
Interest expense:
Indebtedness to nonbank subsidiaries	2,567		1,124	89

Long-term debt	9,909		4,994	2,823

Noninterest expense	504		2,043	309
Total expense	12,980		8,161	3,221

Income before income tax benefit and equity in undistributed income of subsidiaries	20,382		11,137	18,191
Income tax benefit (2)	(1,076)		(1,497)	(816)
Equity in undistributed income of subsidiaries (2)	(2,316)		1,043	3,102
Net income (2)	$	19,142	13,677	22,109

(1) Includes dividends paid from indirect bank subsidiaries of $22.3 billion, $14.5 billion and $15.2 billion in 2023, 2022 and 2021, respectively.

(2) In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. 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)	2023		2022	2021
Net income (1)	$	19,142	13,677	22,109
Other comprehensive income (loss), after tax:
Debt securities	2		34	5
Derivatives and hedging activities	22		57	49
Defined benefit plans adjustments	70		145	347
Debit valuation adjustments (DVA) and other	(18)		(6)	—
Equity in other comprehensive income (loss) of subsidiaries (1)	1,706		(11,846)	(2,361)
Other comprehensive income (loss), after tax	1,782		(11,616)	(1,960)
Total comprehensive income (1)	$	20,924	2,061	20,149

(1) In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. 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, 2023		Dec 31, 2022
Assets
Cash, cash equivalents, and restricted cash due from subsidiary banks	$	15,856	16,171






Loans to nonbank subsidiaries	187,306		182,656


Investments in subsidiaries (1) (2)	161,698		161,970
Equity securities	120		143
Other assets (2)	11,207		9,409
Total assets	$	376,187	370,349
Liabilities and equity

Accrued expenses and other liabilities (2)	$	8,933	8,264
Long-term debt	148,053		134,159
Indebtedness to nonbank subsidiaries	33,466		47,699
Total liabilities	190,452		190,122
Stockholders’ equity (2)	185,735		180,227
Total liabilities and equity	$	376,187	370,349

(1)The years ended December 31, 2023 and 2022, include indirect ownership of bank subsidiaries with equity of $166.3 billion and $163.9 billion, respectively.

(2)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).

Parent-Only Statement of Cash Flows

Table 27.4: Parent-Only Statement of Cash Flows


	Year ended December 31,
(in millions)	2023		2022	2021
Cash flows from operating activities:
Net cash provided (used) by operating activities	$	25,972	(4,575)	11,938
Cash flows from investing activities:










Equity securities, not held for trading:
Proceeds from sales and capital returns	44		3	11
Purchases	(13)		(8)	(18)
Loans:

Capital notes and term loans made to subsidiaries	(5,420)		(3,567)	(3,500)
Principal collected on notes/loans made to subsidiaries	1,730		4,062	2,618

Other, net	9		(263)	14
Net cash provided (used) by investing activities	(3,650)		227	(875)
Cash flows from financing activities:
Net increase (decrease) in short-term borrowings and indebtedness to subsidiaries	(14,238)		8,153	35,958
Long-term debt:
Proceeds from issuance	19,070		26,520	1,001
Repayment	(9,311)		(17,618)	(28,331)
Preferred stock:
Proceeds from issuance	1,722		—	5,756
Redeemed	(1,725)		—	(6,675)
Cash dividends paid	(1,141)		(1,115)	(1,205)

Common stock:
Repurchased	(11,851)		(6,033)	(14,464)
Cash dividends paid	(4,789)		(4,178)	(2,422)
Other, net	(374)		(344)	(364)
Net cash provided (used) by financing activities	(22,637)		5,385	(10,746)
Net change in cash, cash equivalents, and restricted cash	(315)		1,037	317
Cash, cash equivalents, and restricted cash at beginning of period	16,171		15,134	14,817
Cash, cash equivalents, and restricted cash at end of period	$	15,856	16,171	15,134