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Parent Company | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Parent Company | PARENT C OMPANY Summarized financial information of the parent company is as follows: Table 96: Parent Company – Income Statement
Year ended December 31 – in millions | 2019 |  |  | 2018 |  |  | 2017 |
Operating Revenue |  |  |  |  |
Dividends from: |  |  |  |  |
Bank subsidiaries and bank holding company | $ | 3,570 |  |  | $ | 2,639 |  |  | $ | 2,926 |
Non-bank subsidiaries | 170 |  |  | 157 |  |  | 376 |
Interest income | 169 |  |  | 147 |  |  | 109 |
Noninterest income | 48 |  |  | (1 | ) |  | 37 |
Total operating revenue | 3,957 |  |  | 2,942 |  |  | 3,448 |
Operating Expense |  |  |  |  |
Interest expense | 325 |  |  | 281 |  |  | 215 |
Other expense | 146 |  |  | 139 |  |  | 175 |
Total operating expense | 471 |  |  | 420 |  |  | 390 |
Income before income taxes and equity in undistributed net income of subsidiaries | 3,486 |  |  | 2,522 |  |  | 3,058 |
Equity in undistributed net income of subsidiaries: |  |  |  |  |
Bank subsidiaries and bank holding company | 671 |  |  | 1,602 |  |  | 1,249 |
Non-bank subsidiaries | 164 |  |  | 181 |  |  | (98 | )
Income from continuing operations before taxes | $ | 4,321 |  |  | $ | 4,305 |  |  | 4,209 |
Income tax benefit from continuing operations | (221 | ) |  | (208 | ) |  | (339 | )
Net income from continuing operations | 4,542 |  |  | 4,513 |  |  | 4,548 |
Dividends from discontinued operations |  |  |  |  |
Bank subsidiaries and bank holding company | 460 |  |  | 418 |  |  | 352 |
Equity in undistributed net income of subsidiaries from discontinued operations: |  |  |  |  |
Bank subsidiaries and bank holding company | 528 |  |  | 524 |  |  | 725 |
Income from discontinued operations before taxes | 988 |  |  | 942 |  |  | 1,077 |
Income taxes from discontinued operations | 161 |  |  | 154 |  |  | 287 |
Net income from discontinued operations | 827 |  |  | 788 |  |  | 790 |
Net income | $ | 5,369 |  |  | $ | 5,301 |  |  | $ | 5,338 |
Other comprehensive income, net of tax: |  |  |  |  |
Net pension and other postretirement benefit plan activity arising during the period | (2 | ) |  | 1 |  |  | 1 |
Other comprehensive income (loss) | (2 | ) |  | 1 |  |  | 1 |
Comprehensive income | $ | 5,367 |  |  | $ | 5,302 |  |  | $ | 5,339 |
Table 97: Parent Company – Balance Sheet
December 31 – in millions | 2019 |  |  | 2018 |
Assets |  |  |
Cash held at banking subsidiary | $ | 6 |  |  | $ | 6 |
Restricted deposits with banking subsidiary | 175 |  |  | 175 |
Nonrestricted interest-earning deposits | 7,024 |  |  | 4,655 |
Investments in: |  |  |
Bank subsidiaries and bank holding company | 41,882 |  |  | 39,623 |
Non-bank subsidiaries | 2,054 |  |  | 1,886 |
Net investment held for sale | 6,772 |  |  | 6,240 |
Loans with affiliates | 730 |  |  | 1,397 |
Other assets | 1,512 |  |  | 1,159 |
Total assets | $ | 60,155 |  |  | $ | 55,141 |
Liabilities |  |  |
Subordinated debt (a) | $ | 986 |  |  | $ | 1,652 |
Senior debt (a) | 8,849 |  |  | 5,061 |
Other borrowed funds from affiliates | 307 |  |  | 79 |
Accrued expenses and other liabilities | 699 |  |  | 619 |
Total liabilities | 10,841 |  |  | 7,411 |
Equity |  |  |
Shareholders’ equity | 49,314 |  |  | 47,730 |
Total liabilities and equity | $ | 60,155 |  |  | $ | 55,141 |
(a) | See Note 11 Borrowed Funds for additional information on contractual rates and maturity dates of senior debt and subordinated debt for parent company.
In connection with certain affiliates’ commercial and residential mortgage servicing operations, the parent company has committed to maintain such affiliates’ net worth above minimum requirements. Table 98: Parent Company – Interest Paid and Income Tax Refunds (Payments)
Year ended December 31 – in millions |  | Interest Paid |  |  | Income Tax Refunds/(Payments) |
2019 |  | $ | 300 |  |  | $ | 26 |
2018 |  | $ | 288 |  |  | $ | 88 |
2017 |  | $ | 287 |  |  | $ | 40 |
Table 99: Parent Company – Statement of Cash Flows
Year ended December 31 – in millions | 2019 |  |  | 2018 |  |  | 2017 |
Operating Activities |  |  |  |  |
Net income | $ | 5,369 |  |  | $ | 5,301 |  |  | $ | 5,338 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed net earnings of subsidiaries | (1,363 | ) |  | (2,307 | ) |  | (1,974 | )
Return on investment in subsidiary |  |  |  |  |  | 98 |
Other | 218 |  |  | 155 |  |  | 194 |
Net cash provided (used) by operating activities | $ | 4,224 |  |  | $ | 3,149 |  |  | $ | 3,656 |
Investing Activities |  |  |  |  |
Net change in loans and securities from affiliates | $ | 664 |  |  | $ | 540 |  |  | $ | 114 |
Net change in nonrestricted interest-earning deposits | (2,369 | ) |  | 1,145 |  |  | (1,116 | )
Other | (8 | ) |  | 2 |  |  |  |
Net cash provided (used) by investing activities | $ | (1,713 | ) |  | $ | 1,687 |  |  | $ | (1,002 | )
Financing Activities |  |  |  |  |
Net change in other borrowed funds from affiliates | $ | 228 |  |  | $ | (29 | ) |  | $ | 316 |
Proceeds from long-term borrowings | 4,180 |  |  | 498 |  |  | 1,325 |
Repayments of long-term borrowings | (1,300 | ) |  | (553 | ) |  | (580 | )
Net change in commercial paper |  |  | (100 | ) |  | 100 |
Common and treasury stock issuances | 90 |  |  | 69 |  |  | 132 |
Acquisition of treasury stock | (3,578 | ) |  | (2,877 | ) |  | (2,447 | )
Preferred stock cash dividends paid | (236 | ) |  | (236 | ) |  | (236 | )
Common stock cash dividends paid | (1,895 | ) |  | (1,603 | ) |  | (1,264 | )
Net cash provided (used) by financing activities | $ | (2,511 | ) |  | $ | (4,831 | ) |  | $ | (2,654 | )
Net increase (decrease) in cash and due from banks | $ | — |  |  | $ | 5 |  |  | $ | — |
Net cash provided by operating activities of discontinued operations | 299 |  |  | 264 |  |  | 65 |
Net cash activity from continuing operations | (299 | ) |  | (259 | ) |  | (65 | )
Cash and restricted deposits held at banking subsidiary at beginning of year | 181 |  |  | 176 |  |  | 176 |
Cash and restricted deposits held at banking subsidiary at end of year | $ | 181 |  |  | $ | 181 |  |  | $ | 176 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
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