v3.20.4
Parent Company (Tables)
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
Group Condensed Statement of Earnings
Group Inc. — Condensed Statements of Earnings
 
    Year Ended December  
       
$ in millions
  
 
2020
 
     2019       2018  
Revenues
                        
Dividends from subsidiaries and other affiliates:
 
                
Bank
  
 
$
 
      40
 
     $     63       $     102  
Nonbank
  
 
11,860
 
     4,199       16,368  
Other revenues
  
 
774
 
     335       (1,376 ) 
Total
non-interest
revenues
  
 
12,674
 
     4,597       15,094  
Interest income
  
 
4,020
 
     7,575       6,617  
Interest expense
  
 
5,861
 
     8,545       8,114  
Net interest loss
  
 
(1,841
) 
     (970 )      (1,497 ) 
Total net revenues
  
 
10,833
 
     3,627       13,597  
 
Operating expenses
                        
Compensation and benefits
  
 
367
 
     331       299  
Other expenses
  
 
3,339
 
     1,365       1,192  
Total operating expenses
  
 
3,706
 
     1,696       1,491  
Pre-tax
earnings
  
 
7,127
 
     1,931       12,106  
Benefit for taxes
  
 
(696
) 
     (538 )      (1,173 ) 
Undistributed earnings/(loss) of subsidiaries
and other affiliates
  
 
1,636
 
     5,997       (2,820 ) 
Net earnings
  
 
9,459
 
     8,466       10,459  
Preferred stock dividends
  
 
544
 
     569       599  
Net earnings applicable to common
shareholders
  
 
$  8,915
 
     $7,897       $  9,860  
Group Condensed Balance Sheets
Group Inc. — Condensed Balance Sheets
 
    As of December  
     
$ in millions
  
 
2020
 
     2019  
Assets
                
Cash and cash equivalents:
                
With third-party banks
  
 
$         26
 
     $         33  
With subsidiary bank
  
 
–
 
     7  
Loans to and receivables from subsidiaries:
                
Bank
  
 
357
 
     2,398  
Nonbank (includes
$7,242
and $6,460 at fair value)
  
 
239,483
 
     239,241  
Investments in subsidiaries and other affiliates:
                
Bank
  
 
31,116
 
     30,376  
Nonbank
  
 
72,689
 
     65,301  
Trading assets (at fair value)
  
 
951
 
     691  
Investments (includes
$16,642
and $16,930 at fair value)
  
 
20,204
 
     20,499  
Other assets
  
 
4,811
 
     4,262  
Total assets
  
 
$369,637
 
     $362,808  
 
Liabilities and shareholders’ equity
                
Secured borrowings with subsidiaries
  
 
$  35,228
 
     $  42,083  
Payables to subsidiaries
  
 
503
 
     640  
Trading liabilities (at fair value)
  
 
320
 
     417  
Unsecured short-term borrowings:
                
With third parties (includes
$1,723
 and $4,751
at fair value)
  
 
20,563
 
     25,635  
With subsidiaries
  
 
7,385
 
     917  
Unsecured long-term borrowings:
                
With third parties (includes
$11,145
 and $15,611
at fair value)
  
 
171,934
 
     168,602  
With subsidiaries
  
 
32,419
 
     28,576  
Other liabilities
  
 
5,353
 
     5,673  
Total liabilities
  
 
273,705
 
     272,543  
 
Commitments, contingencies and guarantees
            
 
Shareholders’ equity
                
Preferred stock
  
 
11,203
 
     11,203  
Common stock
  
 
9
 
     9  
Share-based awards
  
 
3,468
 
     3,195  
Additional
paid-in
capital
  
 
55,679
 
     54,883  
Retained earnings
  
 
112,947
 
     106,465  
Accumulated other comprehensive loss
  
 
(1,434
) 
     (1,484 ) 
Stock held in treasury, at cost
  
 
(85,940
) 
     (84,006 ) 
Total shareholders’ equity
  
 
95,932
 
     90,265  
Total liabilities and shareholders’ equity
  
 
$369,637
 
     $362,808  
Condensed Consolidated Statements of Cash Flows
Group Inc. — Condensed Statements of Cash Flows
 
    Year Ended December  
       
$ in millions
  
 
2020
 
     2019       2018  
Cash flows from operating activities
                        
Net earnings
  
 
$
  
  9,459
 
     $   8,466       $ 10,459  
Adjustments to reconcile net earnings to net
cash provided by operating activities:
                        
Undistributed (earnings)/loss of
subsidiaries and other affiliates
  
 
(1,636
) 
     (5,997 )      2,820  
Depreciation and amortization
  
 
6
 
     26       51  
Deferred income taxes
  
 
(160
) 
     (210 )      (2,817 ) 
Share-based compensation
  
 
127
 
     118       105  
Gain related to extinguishment of
unsecured borrowings
  
 
(1
) 
     (20 )      (160 ) 
Changes in operating assets and liabilities:
                        
Collateralized transactions (excluding
secured borrowings, net)
  
 
332
 
     77       147  
Trading assets
  
 
3,484
 
     5,145       (1,431 ) 
Trading liabilities
  
 
(97
) 
     136       27  
Other, net
  
 
(1,492
) 
     (1,208 )      1,492  
Net cash provided by operating activities
  
 
10,022
 
     6,533       10,693  
Cash flows from investing activities
                        
Purchase of property, leasehold
improvements and equipment
  
 
(26
) 
     (34 )      (63 ) 
Repayments/(issuances) of short-term loans
to subsidiaries, net
  
 
7,021
 
     2,079       10,829  
Issuance of term loans to subsidiaries
  
 
(32,472
) 
     (7,374 )      (30,336 ) 
Repayments of term loans by subsidiaries
  
 
29,568
 
     1,894       25,956  
Purchase of investments
  
 
(3,767
) 
     (16,776 )      (3,141 ) 
Proceeds from sales and paydowns of
investments
  
 
4,135
 
     9,768       –  
Capital distributions from/(contributions to)
subsidiaries, net
  
 
(5,617
) 
     (415 )      1,807  
Net cash provided by/(used for) investing
activities
  
 
(1,158
) 
     (10,858 )      5,052  
Cash flows from financing activities
                        
Secured borrowings with subsidiary
(short-term), net
  
 
(6,360
) 
     26,398       (12,853 ) 
Unsecured short-term borrowings, net:
                        
With third parties
  
 
(1,372
) 
     (22 )      (1,541 ) 
With subsidiaries
  
 
12,603
 
     4,649       11,855  
Proceeds from issuance of unsecured long-term
borrowings
  
 
24,789
 
     8,804       26,157  
Repayment of unsecured long-term borrowings,
including the current portion
  
 
(33,432
) 
     (27,172 )      (32,429 ) 
Purchase of Trust Preferred securities
  
 
(11
) 
     (206 )      (35 ) 
Preferred stock redemption
  
 
(350
) 
     (1,100 )      (650 ) 
Common stock repurchased
  
 
(1,928
) 
     (5,335 )      (3,294 ) 
Settlement of share-based awards in
satisfaction of withholding tax requirements
  
 
(830
) 
     (745 )      (1,118 ) 
Dividends and dividend equivalents paid on
common stock, preferred stock and
share-based awards
  
 
(2,336
) 
     (2,104 )      (1,810 ) 
Proceeds from issuance of preferred stock,
net of issuance costs
  
 
349
 
     1,098       –  
Proceeds from issuance of common stock,
including exercise of share-based awards
  
 
–
 
     –       38  
Other financing, net
  
 
–
 
     (3 )      –  
Net cash provided by/(used for) financing
activities
  
 
(8,878
) 
     4,262       (15,680 ) 
Net increase/(decrease) in cash and cash
equivalents
  
 
(14
) 
     (63 )      65  
Cash and cash equivalents, beginning balance
  
 
40
 
     103       38  
Cash and cash equivalents, ending balance
  
 
$
  
       26
 
     $
  
       40		       $      103