Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 1,971 $ 2,249 $ 1,297
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 402 289 25
Depreciation and amortization 798 484 391
Share-based compensation expense 97 105 129
Deferred income tax expense (benefit) (302) 319 (76)
Net change in:      
Trading account securities (106) 27 16
Loans held for sale (83) 675 (56)
Other assets (491) (1,156) 366
Other liabilities 341 1,024 27
Other, net 30 11 (57)
Net cash provided by operating activities 2,657 4,027 2,062
Investing activities      
Change in interest bearing deposits in banks 23 332 716
Net cash (paid) received from business acquisition   (223)  
Net cash (paid) received from business acquisition 0   466
Proceeds from:      
Maturities and calls of available-for-sale securities 2,689 4,053 7,275
Maturities and calls of held-to-maturity securities 1,523 2,803 4,151
Maturities and calls of other securities 615 832 0
Sales of available-for-sale securities 767 0 5,892
Sales of other securities 144 41 98
Purchases of available-for-sale securities (4,965) (7,107) (19,936)
Purchases of held-to-maturity securities (256) (3,229) (4,777)
Purchases of other securities (630) (1,080) (126)
Net proceeds from sales of portfolio loans and leases 450 995 517
Principal payments received under direct finance and sales-type leases 1,891 1,882 1,055
Purchases of loans and leases (71) (610) (1,197)
Net loan and lease activity, excluding sales and purchases (5,108) (10,169) 3,303
Purchases of premises and equipment (140) (214) (247)
Net accrued income and other receivables activity (17) (66) (653)
Net cash paid for branch disposition 0 0 (618)
Other, net 88 151 119
Net cash used in investing activities (2,997) (11,609) (3,962)
Financing activities      
Increase in deposits 3,316 4,651 6,501
Increase (decrease) in short-term borrowings (1,295) 2,161 (1,245)
Net proceeds from issuance of long-term debt 14,965 11,004 775
Maturity/redemption of long-term debt (12,376) (8,017) (3,404)
Dividends paid on preferred stock (134) (113) (138)
Dividends paid on common stock (900) (897) (750)
Repurchases of common stock 0 0 (650)
Repurchase/redemption of preferred stock (82) 0 (700)
Net proceeds from issuance of preferred stock 317 0 486
Other, net (46) (25) (48)
Net cash provided by financing activities 3,765 8,764 827
Increase (decrease) in cash and cash equivalents 3,425 1,182 (1,073)
Cash and cash equivalents at beginning of period [1] 6,704 5,522 6,595
Cash and cash equivalents at end of period [1] 10,129 6,704 5,522
Supplemental disclosures:      
Interest paid 3,359 627 185
Income taxes (refunded) paid 90 (109) 269
Non-cash activities      
Loans transferred to held-for-sale from portfolio 439 748 872
Loans transferred to portfolio from held-for-sale 22 126 102
Transfer of securities from available-for-sale to held-to-maturity $ 0 $ 4,225 $ 3,007
[1] Includes cash and due from banks and interest-earning deposits at the Federal Reserve Bank, included within Interest-earning deposits with banks on our Consolidated Balance Sheets.