Parent Company (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Summarized financial information of the parent company is as follows:

Table 116: Parent Company - Income Statement


Year ended December 31 In millions	2022		2021		2020
Operating Revenue
Dividends from continuing operations:
Bank subsidiaries and bank holding company	$	3,925	$	3,980	$	13,701
Non-bank subsidiaries	280		424		345
Interest income	104		15		38
Noninterest income (loss)	(37)		41		37
Total operating revenue	4,272		4,460		14,121
Operating Expense
Interest expense	326		129		179
Other expense	136		245		91
Total operating expense	462		374		270
Income before income taxes and equity in undistributed net income of subsidiaries	3,810		4,086		13,851
Equity in undistributed net income of subsidiaries from continuing operations:
Bank subsidiaries and bank holding company	1,848		1,085		(12,009)
Non-bank subsidiaries	455		543		(86)
Income from continuing operations before taxes	6,113		5,714		1,756
Income tax expense (benefit) from continuing operations	72		41		(1,206)
Net income from continuing operations	6,041		5,673		2,962
Dividends from discontinued operations:
Bank subsidiaries and bank holding company					126
Equity in undistributed net income of subsidiaries from discontinued operations:
Bank subsidiaries and bank holding company					5,651
Income from discontinued operations before taxes					5,777
Income taxes from discontinued operations					1,222
Net income from discontinued operations					4,555
Net income	$	6,041	$	5,673	$	7,517
Other comprehensive income, net of tax:
Net pension and other postretirement benefit plan activity arising during the period	1		11		1
Other comprehensive income	1		11		1
Comprehensive income	$	6,042	$	5,684	$	7,518

Balance Sheet - Parent company

Table 117: Parent Company - Balance Sheet


December 31 – in millions	2022		2021
Assets
Cash held at banking subsidiary	$	4,654	$	5,367
Restricted deposits with banking subsidiary	175		175


Investments in:
Bank subsidiaries and bank holding company	48,867		56,596
Non-bank subsidiaries	3,170		2,693

Loans with affiliates	1,484		1,179
Other assets	2,057		1,999
Total assets	$	60,407	$	68,009
Liabilities
Subordinated debt (a)	$	1,728	$	982
Senior debt (a)	11,379		10,362
Other borrowed funds from affiliates			343
Accrued expenses and other liabilities	1,526		627
Total liabilities	14,633		12,314
Equity
Shareholders’ equity	45,774		55,695
Total liabilities and equity	$	60,407	$	68,009

(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 118: Parent Company - Interest Paid and Income Tax Refunds (Payments)


Year ended December 31 – in millions	Interest Paid		Income Tax Refunds/ (Payments)
2022	$	314	$	(255)
2021	$	307	$	386
2020	$	335	$	29

Statement of Cash Flows - Parent company

Table 119: Parent Company - Statement of Cash Flows


Year ended December 31 – in millions	2022		2021		2020
Operating Activities
Net income	$	6,041	$	5,673	$	7,517
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net earnings of subsidiaries	(2,303)		(1,628)
Return on investment in subsidiaries					6,444

Other	95		(248)		237
Net cash provided (used) by operating activities	$	3,833	$	3,797	$	14,198
Investing Activities
Proceeds from available for sale securities			$	300
Net change in loans and securities from affiliates	$	(531)	(1,188)		$	(2,808)
Net change in nonrestricted interest-earning deposits					7,024
Net cash paid for acquisition			(11,358)
Other	(84)		(5)
Net cash provided (used) by investing activities	$	(615)	$	(12,251)	$	4,216
Financing Activities
Net change in other borrowed funds from affiliates	$	(1,138)	$	(435)	$	473
Proceeds from long-term borrowings	4,335		1,692		1,986
Repayments of long-term borrowings	(1,500)		(500)		(1,750)

Preferred stock issuances	2,225		1,484
Preferred stock redemptions	(1,500)				(480)
Common and treasury stock issuances	68		66		65
Acquisition of treasury stock	(3,731)		(1,079)		(1,624)
Preferred stock cash dividends paid	(301)		(233)		(229)
Common stock cash dividends paid	(2,389)		(2,056)		(1,979)
Net cash provided (used) by financing activities	$	(3,931)	$	(1,061)	$	(3,538)
Net Increase (Decrease) In Cash And Due From Banks	$	(713)	$	(9,515)	$	14,876
Net Cash Provided By Discontinued Operations					11,542
Net Cash Activity From Continuing Operations	(713)		(9,515)		3,334
Cash and restricted deposits held at banking subsidiary at beginning of year	5,542		15,057		181
Cash and restricted deposits held at banking subsidiary at end of year	$	4,829	$	5,542	$	15,057