Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 1,411 $ 1,393 $ 1,186
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Provision for credit losses 287 235 201
Depreciation and amortization 386 493 413
Share-based compensation expense 83 78 92
Deferred income tax expense 23 63 168
Net (losses) gains on sales of securities (24) (21) 0
Impairment losses recognized in earnings on available-for-sale securities 0 0 4
Net change in:      
Trading account securities (32) (11) 47
Loans held for sale (214) (301) 12
Other assets (593) (235) (420)
Other liabilities 194 22 233
Other, net 29 (11) 22
Net cash provided by (used in) operating activities 1,574 1,726 1,954
Investing activities      
Change in interest bearing deposits in banks (112) 90 39
Cash paid for acquisition of a business, net of cash received 0 (15) 0
Proceeds from:      
Maturities and calls of available-for-sale securities 2,124 2,109 1,994
Maturities and calls of held-to-maturity securities 1,021 743 1,054
Sales of available-for-sale securities 3,903 1,419 2,490
Purchases of available-for-sale securities (6,036) (2,485) (5,429)
Purchases of held-to-maturity securities (1,519) (338) (1,356)
Net proceeds from sales of portfolio loans 1,049 697 603
Principal payments received from finance leases 714 0 0
Net loan and lease activity, excluding sales and purchases (2,149) (5,333) (3,680)
Purchases of premises and equipment (107) (110) (194)
Purchases of loans and leases (445) (542) (405)
Net cash paid for branch disposition (548) 0  
Net cash paid for branch disposition     0
Other, net 228 102 18
Net cash provided by (used in) investing activities (1,877) (3,663) (4,866)
Financing activities      
(Decrease) increase in deposits (1,702) 7,733 1,433
Increase (decrease) in short-term borrowings 586 (3,025) 1,371
Net proceeds from issuance of long-term debt 1,796 2,229 1,891
Maturity/redemption of long-term debt (743) (2,798) (948)
Dividends paid on preferred stock (74) (70) (76)
Dividends paid on common stock (597) (514) (349)
Repurchases of common stock (441) (939) (260)
Net proceeds from issuance of preferred stock 0 495 0
Payments related to tax-withholding for share based compensation awards (26) (27) (26)
Other, net 2 5 11
Net cash provided by (used for) financing activities (1,199) 3,089 3,047
Increase (decrease) in cash and cash equivalents (1,502) 1,152 135
Cash and cash equivalents at end of period 2,672 1,520 1,385
Cash and cash equivalents at beginning of period 1,170 2,672 1,520
Supplemental disclosures:      
Interest paid 989 742 409
Income taxes paid (refunded) 111 (52) 84
Non-cash activities:      
Loans transferred to held-for-sale from portfolio 963 818 660
Loans transferred to portfolio from held-for-sale 19 51 12
Transfer of loans to OREO 19 20 29
Transfer of securities from available-for-sale to held-to-maturity 0 2,833 0
Transfer of securities from held-to-maturity to available-for-sale $ 0 $ 2,707 $ 993