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Parent Company Financial Statements Parent Company Financial Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Balance Sheets - Comerica Incorporated | BALANCE SHEETS - COMERICA INCORPORATED
(in millions, except share data) |  |  |
December 31 | 2022 |  | 2021
Assets |  |  |
Cash and due from subsidiary banks | $ | 1,810 |  |  | $ | 1,105 |
Other short-term investments | 92 |  |  | 113 |
Receivable due from subsidiary bank | 150 |  |  | 150 |
Investment in subsidiaries, principally banks | 4,853 |  |  | 8,278 |
Premises and equipment | — |  |  | 1 |
Accrued income and other assets | 191 |  |  | 265 |
Total assets | $ | 7,096 |  |  | $ | 9,912 |
Liabilities and Shareholders’ Equity |  |  |
Medium- and long-term debt | $ | 1,593 |  |  | $ | 1,736 |
Accrued expenses and other liabilities | 322 |  |  | 279 |
Total liabilities | 1,915 |  |  | 2,015 |
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 | 2,220 |  |  | 2,175 |
Accumulated other comprehensive loss | (3,742) |  |  | (212) |
Retained earnings | 11,258 |  |  | 10,494 |
Less cost of common stock in treasury - 97,197,962 shares at 12/31/2022 and 97,476,872 shares at 12/31/2021 | (6,090) |  |  | (6,095) |
Total shareholders’ equity | 5,181 |  |  | 7,897 |
Total liabilities and shareholders’ equity | $ | 7,096 |  |  | $ | 9,912 |
Statements of Income - Comerica Incorporated | STATEMENTS OF INCOME - COMERICA INCORPORATED
(in millions) |  |  |  |  |
Years Ended December 31 | 2022 |  | 2021 |  | 2020
Income |  |  |  |  |
Income from subsidiaries: |  |  |  |  |
Dividends from subsidiaries | $ | 1,067 |  |  | $ | 849 |  |  | $ | 498 |
Other interest income | 13 |  |  | 1 |  |  | 4 |
Intercompany management fees | 109 |  |  | 235 |  |  | 209 |
Total income | 1,189 |  |  | 1,085 |  |  | 711 |
Expenses |  |  |  |  |
Interest on medium- and long-term debt | 47 |  |  | 20 |  |  | 30 |
Salaries and benefits expense | 53 |  |  | 170 |  |  | 141 |
Other noninterest expenses | 46 |  |  | 72 |  |  | 66 |
Total expenses | 146 |  |  | 262 |  |  | 237 |
Income before benefit for income taxes and equity in undistributed earnings of subsidiaries | 1,043 |  |  | 823 |  |  | 474 |
Benefit for income taxes | (3) |  |  | (6) |  |  | (6) |
Income before equity in undistributed earnings of subsidiaries | 1,046 |  |  | 829 |  |  | 480 |
Equity in undistributed earnings of subsidiaries, principally banks | 105 |  |  | 339 |  |  | 17 |
Net income | 1,151 |  |  | 1,168 |  |  | 497 |
Less income allocated to participating securities | 6 |  |  | 5 |  |  | 2 |
Preferred stock dividends | 23 |  |  | 23 |  |  | 13 |
Net income attributable to common shares | $ | 1,122 |  |  | $ | 1,140 |  |  | $ | 482 |
Statements of Cash Flows - Comerica Incorporated | STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED
(in millions) |  |  |  |  |
Years Ended December 31 | 2022 |  | 2021 |  | 2020
Operating Activities |  |  |  |  |
Net income | $ | 1,151 |  |  | $ | 1,168 |  |  | $ | 497 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Undistributed (earnings) of subsidiaries, principally banks | (105) |  |  | (339) |  |  | (17) |
Net periodic defined benefit cost | 2 |  |  | 5 |  |  | 4 |
Share-based compensation expense | 22 |  |  | 19 |  |  | 11 |
Benefit for deferred income taxes | — |  |  | (2) |  |  | (1) |
Other, net | 24 |  |  | 3 |  |  | 2 |
Net cash provided by operating activities | 1,094 |  |  | 854 |  |  | 496 |
Investing Activities |  |  |  |  |
Advance to subsidiary bank | — |  |  | (150) |  |  | — |
Capital transactions with subsidiaries | — |  |  | — |  |  | (21) |
Other, net | 2 |  |  | (1) |  |  | 2 |
Net cash provided by (used in) investing activities | 2 |  |  | (151) |  |  | (19) |
Financing Activities |  |  |  |  |
Preferred Stock: |  |  |  |  |
Issuances | — |  |  | — |  |  | 394 |
Cash dividends paid | (23) |  |  | (23) |  |  | (8) |
Common Stock: |  |  |  |  |
Repurchases | (43) |  |  | (729) |  |  | (199) |
Cash dividends paid | (353) |  |  | (369) |  |  | (375) |
Issuances under employee stock plans | 28 |  |  | 34 |  |  | 4 |
Net cash used in financing activities | (391) |  |  | (1,087) |  |  | (184) |
Net increase (decrease) in cash and cash equivalents | 705 |  |  | (384) |  |  | 293 |
Cash and cash equivalents at beginning of period | 1,105 |  |  | 1,489 |  |  | 1,196 |
Cash and cash equivalents at end of period | $ | 1,810 |  |  | $ | 1,105 |  |  | $ | 1,489 |
Interest paid | $ | 41 |  |  | $ | 21 |  |  | $ | 33 |

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