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Parent Company FInancial Statements Parent Company Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Balance Sheets - Comerica Incorporated | BALANCE SHEETS - COMERICA INCORPORATED
(in millions, except share data) |  |  |
December 31 | 2023 |  | 2022
Assets |  |  |
Cash and due from subsidiary banks | $ | 1,415 |  |  | $ | 1,810 |
Other short-term investments | 104 |  |  | 92 |
Receivable due from subsidiary bank | — |  |  | 150 |
Investment in subsidiaries, principally banks | 5,777 |  |  | 4,853 |
Accrued income and other assets | 180 |  |  | 191 |
Total assets | $ | 7,476 |  |  | $ | 7,096 |
Liabilities and Shareholders’ Equity |  |  |
Medium- and long-term debt | $ | 764 |  |  | $ | 1,593 |
Accrued expenses and other liabilities | 306 |  |  | 322 |
Total liabilities | 1,070 |  |  | 1,915 |
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 | 2,224 |  |  | 2,220 |
Accumulated other comprehensive loss | (3,048) |  |  | (3,742) |
Retained earnings | 11,727 |  |  | 11,258 |
Less cost of common stock in treasury - 96,266,568 shares at 12/31/2023 and 97,197,962 shares at 12/31/2022 | (6,032) |  |  | (6,090) |
Total shareholders’ equity | 6,406 |  |  | 5,181 |
Total liabilities and shareholders’ equity | $ | 7,476 |  |  | $ | 7,096 |
Statements of Income - Comerica Incorporated | STATEMENTS OF INCOME - COMERICA INCORPORATED
(in millions) |  |  |  |  |
Years Ended December 31 | 2023 |  | 2022 |  | 2021
Income |  |  |  |  |
Income from subsidiaries: |  |  |  |  |
Dividends from subsidiaries | $ | 677 |  |  | $ | 1,067 |  |  | $ | 849 |
Other interest income | 53 |  |  | 13 |  |  | 1 |
Intercompany management fees | 75 |  |  | 109 |  |  | 235 |
Total income | 805 |  |  | 1,189 |  |  | 1,085 |
Expenses |  |  |  |  |
Interest on medium- and long-term debt | 79 |  |  | 47 |  |  | 20 |
Salaries and benefits expense | 62 |  |  | 53 |  |  | 170 |
Other noninterest expenses | 13 |  |  | 46 |  |  | 72 |
Total expenses | 154 |  |  | 146 |  |  | 262 |
Income before benefit for income taxes and equity in undistributed earnings of subsidiaries | 651 |  |  | 1,043 |  |  | 823 |
Benefit for income taxes | (2) |  |  | (3) |  |  | (6) |
Income before equity in undistributed earnings of subsidiaries | 653 |  |  | 1,046 |  |  | 829 |
Equity in undistributed earnings of subsidiaries, principally banks | 228 |  |  | 105 |  |  | 339 |
Net income | 881 |  |  | 1,151 |  |  | 1,168 |
Less income allocated to participating securities | 4 |  |  | 6 |  |  | 5 |
Preferred stock dividends | 23 |  |  | 23 |  |  | 23 |
Net income attributable to common shares | $ | 854 |  |  | $ | 1,122 |  |  | $ | 1,140 |
Statements of Cash Flows - Comerica Incorporated | STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED
(in millions) |  |  |  |  |
Years Ended December 31 | 2023 |  | 2022 |  | 2021
Operating Activities |  |  |  |  |
Net income | $ | 881 |  |  | $ | 1,151 |  |  | $ | 1,168 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Undistributed losses of subsidiaries, principally banks | (228) |  |  | (105) |  |  | (339) |
Net periodic defined benefit cost | 1 |  |  | 2 |  |  | 5 |
Share-based compensation expense | 18 |  |  | 22 |  |  | 19 |
(Benefit) provision for deferred income taxes | (2) |  |  | — |  |  | (2) |
Other, net | 28 |  |  | 24 |  |  | 3 |
Net cash provided by operating activities | 698 |  |  | 1,094 |  |  | 854 |
Investing Activities |  |  |  |  |
Advance to subsidiary bank | — |  |  | — |  |  | (150) |
Repayment of subsidiary advance | 150 |  |  | — |  |  | — |
Other, net | — |  |  | 2 |  |  | (1) |
Net cash provided by (used in) investing activities | 150 |  |  | 2 |  |  | (151) |
Financing Activities |  |  |  |  |
Maturities of medium- and long-term debt | (850) |  |  | — |  |  | — |
Cash dividends paid on preferred stock | (23) |  |  | (23) |  |  | (23) |
Common Stock: |  |  |  |  |
Repurchases | (17) |  |  | (43) |  |  | (729) |
Cash dividends paid | (371) |  |  | (353) |  |  | (369) |
Issuances under employee stock plans | 18 |  |  | 28 |  |  | 34 |
Net cash used in financing activities | (1,243) |  |  | (391) |  |  | (1,087) |
Net (decrease) increase in cash and cash equivalents | (395) |  |  | 705 |  |  | (384) |
Cash and cash equivalents at beginning of period | 1,810 |  |  | 1,105 |  |  | 1,489 |
Cash and cash equivalents at end of period | $ | 1,415 |  |  | $ | 1,810 |  |  | $ | 1,105 |
Interest paid | $ | 76 |  |  | $ | 41 |  |  | $ | 21 |

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