XML 48 R31.htm IDEA: XBRL DOCUMENT v3.24.0.1
Parent Company FInancial Statements
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Statments PARENT COMPANY FINANCIAL STATEMENTS
BALANCE SHEETS - COMERICA INCORPORATED
(in millions, except share data)  
December 3120232022
Assets
Cash and due from subsidiary banks$1,415 $1,810 
Other short-term investments104 92 
Receivable due from subsidiary bank— 150 
Investment in subsidiaries, principally banks5,777 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 liabilities306 322 
Total liabilities1,070 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 surplus2,224 2,220 
Accumulated other comprehensive loss(3,048)(3,742)
Retained earnings11,727 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’ equity6,406 5,181 
Total liabilities and shareholders’ equity$7,476 $7,096 
STATEMENTS OF INCOME - COMERICA INCORPORATED
(in millions) 
Years Ended December 31202320222021
Income
Income from subsidiaries:
Dividends from subsidiaries$677 $1,067 $849 
Other interest income53 13 1 
Intercompany management fees75 109 235 
Total income805 1,189 1,085 
Expenses
Interest on medium- and long-term debt79 47 20 
Salaries and benefits expense62 53 170 
Other noninterest expenses13 46 72 
Total expenses154 146 262 
Income before benefit for income taxes and equity in undistributed earnings of subsidiaries651 1,043 823 
Benefit for income taxes(2)(3)(6)
Income before equity in undistributed earnings of subsidiaries653 1,046 829 
Equity in undistributed earnings of subsidiaries, principally banks228 105 339 
Net income881 1,151 1,168 
Less income allocated to participating securities4 6 5 
Preferred stock dividends23 23 23 
Net income attributable to common shares$854 $1,122 $1,140 
 
STATEMENTS OF CASH FLOWS - COMERICA INCORPORATED
(in millions)   
Years Ended December 31202320222021
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 cost1 2 5 
Share-based compensation expense18 22 19 
(Benefit) provision for deferred income taxes
(2)— (2)
Other, net28 24 3 
Net cash provided by operating activities698 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 period1,810 1,105 1,489 
Cash and cash equivalents at end of period$1,415 $1,810 $1,105 
Interest paid$76 $41 $21