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Parent Company Financial Statements | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Parent Company Financial Statments | PARENT COMPANY FINANCIAL STATEMENTS BALANCE SHEETS - COMERICA INCORPORATED
(in millions, except share data) |  |  |
December 31 | 2021 |  | 2020
|  |  | (recast)
Assets |  |  |
Cash and due from subsidiary banks | $ | 1,105 |  |  | $ | 1,489 |
Other short-term investments | 113 |  |  | 107 |
Receivable due from subsidiary bank (a) | 150 |  |  | — |
Investment in subsidiaries, principally banks | 8,278 |  |  | 8,215 |
Premises and equipment | 1 |  |  | 1 |
Accrued income and other assets | 265 |  |  | 329 |
Total assets | $ | 9,912 |  |  | $ | 10,141 |
Liabilities and Shareholders’ Equity |  |  |
Medium- and long-term debt | $ | 1,736 |  |  | $ | 1,818 |
Accrued expenses and other liabilities | 279 |  |  | 273 |
Total liabilities | 2,015 |  |  | 2,091 |
Fixed-rate reset non-cumulative perpetual preferred stock, series A, no par value, $100,000 liquidation preference per share: |  |  |
Authorized - 4,000 shares |  |  |
Issued - 4,000 shares | 394 |  |  | 394 |
Common stock - $5 par value: |  |  |
Authorized - 325,000,000 shares |  |  |
Issued - 228,164,824 shares | 1,141 |  |  | 1,141 |
Capital surplus | 2,175 |  |  | 2,185 |
Accumulated other comprehensive (loss) income (b) | (212) |  |  | 64 |
Retained earnings (b) | 10,494 |  |  | 9,727 |
Less cost of common stock in treasury - 97,476,872 shares at 12/31/2021 and 88,997,430 shares at 12/31/2020 | (6,095) |  |  | (5,461) |
Total shareholders’ equity | 7,897 |  |  | 8,050 |
Total liabilities and shareholders’ equity | $ | 9,912 |  |  | $ | 10,141 |
(a)In third quarter 2021 the Corporation issued a $150 million loan to Comerica Bank that, after an initial term of 13 months, will automatically extend at the end of each month to roll into a new 13 month plus one day term. (b)Balances for the year ended December 31, 2020 have been recast to reflect the retrospective application of the Corporation's election to change the accounting method for certain components of the qualified defined benefit pension plan as of January 1, 2021. Refer to Note 1 for further information. STATEMENTS OF INCOME - COMERICA INCORPORATED
(in millions) |  |  |  |  |
Years Ended December 31 | 2021 |  | 2020 |  | 2019
|  |  | (recast) |  | (recast)
Income |  |  |  |  |
Income from subsidiaries: |  |  |  |  |
Dividends from subsidiaries | $ | 849 |  |  | $ | 498 |  |  | $ | 1,229 |
Other interest income | 1 |  |  | 4 |  |  | 20 |
Intercompany management fees | 235 |  |  | 209 |  |  | 224 |
Total income | 1,085 |  |  | 711 |  |  | 1,473 |
Expenses |  |  |  |  |
Interest on medium- and long-term debt | 20 |  |  | 30 |  |  | 56 |
Salaries and benefits expense | 170 |  |  | 141 |  |  | 143 |
Other noninterest expenses | 72 |  |  | 66 |  |  | 79 |
Total expenses | 262 |  |  | 237 |  |  | 278 |
Income before benefit for income taxes and equity in undistributed earnings (losses) of subsidiaries | 823 |  |  | 474 |  |  | 1,195 |
Benefit for income taxes | (6) |  |  | (6) |  |  | (9) |
Income before equity in undistributed earnings (losses) of subsidiaries | 829 |  |  | 480 |  |  | 1,204 |
Equity in undistributed earnings (losses) of subsidiaries, principally banks (a) | 339 |  |  | 17 |  |  | (2) |
Net income | 1,168 |  |  | 497 |  |  | 1,202 |
Less income allocated to participating securities | 5 |  |  | 2 |  |  | 7 |
Preferred stock dividends | 23 |  |  | 13 |  |  | — |
Net income attributable to common shares | $ | 1,140 |  |  | $ | 482 |  |  | $ | 1,195 |
(a) Amounts for the years ended December 31, 2020 and December 31, 2019 have been recast to reflect the retrospective application of the Corporation's election to change the accounting method for certain components of the qualified defined benefit pension plan as of January 1, 2021. Refer to Note 1 for further information. STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED
(in millions) |  |  |  |  |
Years Ended December 31 | 2021 |  | 2020 |  | 2019
|  |  | (recast) |  | (recast)
Operating Activities |  |  |  |  |
Net income | $ | 1,168 |  |  | $ | 497 |  |  | $ | 1,202 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Undistributed (losses) earnings of subsidiaries, principally banks | (339) |  |  | (17) |  |  | 2 |
Depreciation and amortization | — |  |  | — |  |  | 1 |
Net periodic defined benefit cost | 5 |  |  | 4 |  |  | 4 |
Share-based compensation expense | 19 |  |  | 11 |  |  | 15 |
Benefit for deferred income taxes | (2) |  |  | (1) |  |  | (2) |
Other, net | 3 |  |  | 2 |  |  | 28 |
Net cash provided by operating activities | 854 |  |  | 496 |  |  | 1,250 |
Investing Activities |  |  |  |  |
Advance to subsidiary bank | (150) |  |  | — |  |  | — |
Capital transactions with subsidiaries | — |  |  | (21) |  |  | — |
Other, net | (1) |  |  | 2 |  |  | — |
Net cash used in investing activities | (151) |  |  | (19) |  |  | — |
Financing Activities |  |  |  |  |
Medium- and long-term debt: |  |  |  |  |
Maturities | — |  |  | — |  |  | (350) |
Issuances | — |  |  | — |  |  | 550 |
Preferred Stock: |  |  |  |  |
Issuances | — |  |  | 394 |  |  | — |
Cash dividends paid | (23) |  |  | (8) |  |  | — |
Common Stock: |  |  |  |  |
Repurchases | (729) |  |  | (199) |  |  | (1,394) |
Cash dividends paid | (369) |  |  | (375) |  |  | (402) |
Issuances under employee stock plans | 34 |  |  | 4 |  |  | 18 |
Net cash provided by (used in) financing activities | (1,087) |  |  | (184) |  |  | (1,578) |
Net increase (decrease) in cash and cash equivalents | (384) |  |  | 293 |  |  | (328) |
Cash and cash equivalents at beginning of period | 1,489 |  |  | 1,196 |  |  | 1,524 |
Cash and cash equivalents at end of period | $ | 1,105 |  |  | $ | 1,489 |  |  | $ | 1,196 |
Interest paid | $ | 21 |  |  | $ | 33 |  |  | $ | 55 |

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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 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 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=123454820&loc=d3e5283-111683 Reference 3: 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(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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