Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Statement of Income - Parent Company

Statement of Income - Parent Company

	Years Ended December 31,
(In millions)	2020		2019		2018
Cash dividends from consolidated banking subsidiary	$	2,721	$	3,300	$	785
Cash dividends from consolidated non-banking subsidiaries and unconsolidated entities	118		285		41
Other, net	92		149		58
Total revenue	2,931		3,734		884
Interest expense	324		415		381
Other expenses	172		108		162
Total expenses	496		523		543
Income tax (benefit)	(109)		(91)		(127)
Income before equity in undistributed income of consolidated subsidiaries and unconsolidated entities	2,544		3,302		468
Equity in undistributed income of consolidated subsidiaries and unconsolidated entities:
Consolidated banking subsidiary	(277)		(1,070)		1,944
Consolidated non-banking subsidiaries and unconsolidated entities	153		10		181
Net income	$	2,420	$	2,242	$	2,593

Statement of Condition - Parent Company

Statement of Condition - Parent Company

	As of December 31,
(In millions)	2020		2019
Assets:
Interest-bearing deposits with consolidated banking subsidiary	$	492	$	428
Trading account assets	412		393
Investment securities available-for-sale	100		250
Investments in subsidiaries:
Consolidated banking subsidiary	26,204		25,451
Consolidated non-banking subsidiaries	8,807		7,240
Unconsolidated entities	124		117
Notes and other receivables from:
Consolidated banking subsidiary	81		—
Consolidated non-banking subsidiaries and unconsolidated entities	3,885		3,361
Other assets	277		270
Total assets	$	40,382	$	37,510
Liabilities:
Accrued expenses and other liabilities	$	557	$	696
Long-term debt	13,625		12,383
Total liabilities	14,182		13,079
Shareholders’ equity	26,200		24,431
Total liabilities and shareholders’ equity	$	40,382	$	37,510

Statement of Cash Flows - Parent Company

Statement of Cash Flows - Parent Company

	Years Ended December 31,
(In millions)	2020		2019		2018
Net cash provided by operating activities	$	3,513	$	2,684	$	2,250
Investing Activities:
Net decrease (increase) in interest-bearing deposits with consolidated banking subsidiary	(64)		58		46
Proceeds from sales and maturities of available-for-sale securities	1,000		900		—
Purchases of available-for-sale securities	(849)		(921)		(224)
Investments in consolidated banking and non-banking subsidiaries	(7,406)		(6,165)		(4,883)
Sale or repayment of investment in consolidated banking and non-banking subsidiaries	4,999		5,345		2,472
Net cash (used in) provided by investing activities	(2,320)		(783)		(2,589)
Financing Activities:
Proceeds from issuance of long-term debt, net of issuance costs	2,489		1,495		996
Payments for long-term debt	(1,700)		(50)		(1,000)
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	(500)		(750)		—
Repurchases of common stock	(515)		(1,585)		(350)
Repurchases of common stock for employee tax withholding	(78)		(81)		(124)
Payments for cash dividends	(889)		(930)		(828)
Net cash provided (used in) financing activities	(1,193)		(1,901)		339
Net change	—		—		—
Cash and due from banks at beginning of year	—		—		—
Cash and due from banks at end of year	$	—	$	—	$	—