2017 Q4 Form 8-K Financial Statement

#000007297119000225 Filed on February 26, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4 2016
Revenue $88.27B
YoY Change 79.12%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.612B $1.372B $4.970B
YoY Change 17.49% 53.81% 51.16%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $5.909B
YoY Change 48.62%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $4.599B $7.562B $32.12B
YoY Change -39.18% -7.28% -4.52%
Income Tax $775.0M $2.258B $10.08B
% Of Pretax Income 16.85% 29.86% 31.37%
Net Earnings $6.151B $5.274B $21.94B
YoY Change 16.63% -5.4% -4.18%
Net Earnings / Revenue 24.85%
Basic Earnings Per Share $4.03
Diluted Earnings Per Share $1.239M $1.038M $3.99
COMMON SHARES
Basic Shares Outstanding 4.924B shares 5.022B shares 5.053B shares
Diluted Shares Outstanding 5.108B shares

Balance Sheet

Concept 2017 Q4 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $215.9B $221.4B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $8.847B $8.333B $8.333B
YoY Change 6.17% -4.26% -4.26%
Goodwill $26.59B $26.69B
YoY Change -0.4% 4.56%
Intangibles
YoY Change
Long-Term Investments $16.35B $15.71B $15.71B
YoY Change 4.1% 15.1% 15.1%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1952B $1930B $1930B
YoY Change 1.12% 7.97% 7.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $70.62B $57.19B $50.14B
YoY Change 23.48% -3.8% -3.91%
Deferred Revenue
YoY Change
Short-Term Debt $103.3B $96.78B $96.78B
YoY Change 6.69% -0.77% -0.77%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $70.62B $57.19B $50.14B
YoY Change 23.48% -3.8% -3.91%
LONG-TERM LIABILITIES
Long-Term Debt $225.0B $255.1B $255.1B
YoY Change -11.78% 27.84% 27.84%
Other Long-Term Liabilities $8.796B $14.49B $14.49B
YoY Change -39.3% 4.11% 4.11%
Total Long-Term Liabilities $233.8B $269.6B $269.6B
YoY Change -13.26% 26.29% 26.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.62B $57.19B $50.14B
Total Long-Term Liabilities $233.8B $269.6B $269.6B
Total Liabilities $1744B $1730B $1731B
YoY Change 0.81% 8.53% 8.52%
SHAREHOLDERS EQUITY
Retained Earnings $145.3B $133.1B
YoY Change 9.16% 10.1%
Common Stock $9.136B $9.136B
YoY Change 0.0% 0.0%
Preferred Stock $122.0M $126.0M
YoY Change -3.17% 14.55%
Treasury Stock (at cost) $29.89B $22.71B
YoY Change 31.61% 20.38%
Treasury Stock Shares 590.2M shares 465.7M shares
Shareholders Equity $206.9B $199.6B $199.6B
YoY Change
Total Liabilities & Shareholders Equity $1952B $1930B $1930B
YoY Change 1.12% 7.97% 7.97%

Cashflow Statement

Concept 2017 Q4 2016 Q4 2016
OPERATING ACTIVITIES
Net Income $6.151B $5.274B $21.94B
YoY Change 16.63% -5.4% -4.18%
Depreciation, Depletion And Amortization $1.612B $1.372B $4.970B
YoY Change 17.49% 53.81% 51.16%
Cash From Operating Activities $275.0M $4.764B $1.008B
YoY Change -94.23% -222.25% -93.66%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions $30.58B
YoY Change 1019366.67%
Other Investing Activities -$27.94B -$12.93B $508.0M
YoY Change 116.04% -62.84% -77.15%
Cash From Investing Activities -$27.94B -$12.93B -$141.9B
YoY Change 116.04% -62.84% 32.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.701B
YoY Change -3.87%
Debt Paid & Issued, Net $34.46B
YoY Change 26.08%
Cash From Financing Activities 18.40B 9.609B 122.8B
YoY Change 91.46% -76.22% 35.13%
NET CHANGE
Cash From Operating Activities 275.0M 4.764B 1.008B
Cash From Investing Activities -27.94B -12.93B -141.9B
Cash From Financing Activities 18.40B 9.609B 122.8B
Net Change In Cash -9.264B 1.442B -$18.12B
YoY Change -742.44% -15.97% -2585.6%
FREE CASH FLOW
Cash From Operating Activities $275.0M $4.764B $1.008B
Capital Expenditures
Free Cash Flow
YoY Change

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CY2015 wfc Other Comprehensive Income Loss Reclassification Adjustment For Sale Or Write Down Of Securities Included In Net Income Before Tax
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559000000 usd
CY2016 wfc Other Than Temporary Impairment Investments Portion Recognized In Earnings Net
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CY2017 wfc Other Than Temporary Impairment Investments Portion Recognized In Earnings Net
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OtherThanTemporaryImpairmentLossesAvailableforSaleAndHeldtoMaturityDebtSecuritiesPortionRecognizedInEarningsNet
185000000 usd
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OtherThanTemporaryImpairmentLossesAvailableforSaleAndHeldtoMaturityDebtSecuritiesPortionRecognizedInEarningsNet
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376000000 usd
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PaymentsForLoansOriginatedByBankingSubsidiariesNetOfProceedsFromCollections
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PaymentsForLoansOriginatedByBankingSubsidiariesNetOfProceedsFromCollections
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PaymentsforOriginationandpurchasesofMortgageLoansHeldforsaleandOtherLoansHeldforSale
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2352000000 usd
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PaymentstoAcquireNonmarketableEquityInvestments
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CY2016Q4 wfc Percentage Of Underlying Collateral Rated As Investment Grade
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1.00
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PercentageOfUnderlyingCollateralRatedAsInvestmentGrade
1.00
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PreferredStockAmount
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CY2017Q4 wfc Securities Purchased Under Agreements To Resell And Securities Borrowed Amount Offset Against Collateral
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CY2017 wfc Short Term Debt Average Weighted Average Interest Rate
ShortTermDebtAverageWeightedAverageInterestRate
0.0077
CY2015 wfc Short Term Debt Maturity Period
ShortTermDebtMaturityPeriod
P30D
CY2016 wfc Short Term Debt Maturity Period
ShortTermDebtMaturityPeriod
P30D
CY2017 wfc Short Term Debt Maturity Period
ShortTermDebtMaturityPeriod
P30D
CY2015 wfc Total Amountsof Line Items Presentedinthe Consolidated Statementof Income
TotalAmountsofLineItemsPresentedintheConsolidatedStatementofIncome
43206000000 usd
CY2016 wfc Total Amountsof Line Items Presentedinthe Consolidated Statementof Income
TotalAmountsofLineItemsPresentedintheConsolidatedStatementofIncome
45601000000 usd
CY2017 wfc Total Amountsof Line Items Presentedinthe Consolidated Statementof Income
TotalAmountsofLineItemsPresentedintheConsolidatedStatementofIncome
46271000000 usd
CY2016Q4 wfc Trading Assets
TradingAssets
74397000000 usd
CY2017Q4 wfc Trading Assets
TradingAssets
92329000000 usd
CY2015 wfc Transfers From Available For Sale Securities To Held To Maturity Securities
TransfersFromAvailableForSaleSecuritiesToHeldToMaturitySecurities
4972000000 usd
CY2016 wfc Transfers From Available For Sale Securities To Held To Maturity Securities
TransfersFromAvailableForSaleSecuritiesToHeldToMaturitySecurities
4161000000 usd
CY2017 wfc Transfers From Available For Sale Securities To Held To Maturity Securities
TransfersFromAvailableForSaleSecuritiesToHeldToMaturitySecurities
50405000000 usd
CY2015 wfc Transfers From Mortgage Held For Sale To Trading Assets
TransfersFromMortgageHeldForSaleToTradingAssets
46291000000 usd
CY2016 wfc Transfers From Mortgage Held For Sale To Trading Assets
TransfersFromMortgageHeldForSaleToTradingAssets
72399000000 usd
CY2017 wfc Transfers From Mortgage Held For Sale To Trading Assets
TransfersFromMortgageHeldForSaleToTradingAssets
52435000000 usd
CY2016Q4 wfc Unearned Esop Shares Cost
UnearnedESOPSharesCost
1565000000 usd
CY2017Q4 wfc Unearned Esop Shares Cost
UnearnedESOPSharesCost
1678000000 usd
CY2017Q4 wfc Unfunded Credit Commitments Consumer Mortgage Firstand Junior Linesof Credit Portfolio
UnfundedCreditCommitmentsConsumerMortgageFirstandJuniorLinesofCreditPortfolio
62300000000 usd
CY2016Q4 wfc Unpaid Principal Balance Of Mortgage Loans Eligible For Repurchase
UnpaidPrincipalBalanceOfMortgageLoansEligibleForRepurchase
1200000000 usd
CY2017Q4 wfc Unpaid Principal Balance Of Mortgage Loans Eligible For Repurchase
UnpaidPrincipalBalanceOfMortgageLoansEligibleForRepurchase
2200000000 usd
CY2015 wfc Unrealized Gain Loss On Mortgage Servicing Rights Mortgages Held For Sale And Loans Held For Sale
UnrealizedGainLossOnMortgageServicingRightsMortgagesHeldForSaleAndLoansHeldForSale
-62000000 usd
CY2016 wfc Unrealized Gain Loss On Mortgage Servicing Rights Mortgages Held For Sale And Loans Held For Sale
UnrealizedGainLossOnMortgageServicingRightsMortgagesHeldForSaleAndLoansHeldForSale
-139000000 usd
CY2017 wfc Unrealized Gain Loss On Mortgage Servicing Rights Mortgages Held For Sale And Loans Held For Sale
UnrealizedGainLossOnMortgageServicingRightsMortgagesHeldForSaleAndLoansHeldForSale
-886000000 usd
CY2017Q4 wfc Unrecognized Tax Benefits Related To Income Tax Positions On Temporary Differences
UnrecognizedTaxBenefitsRelatedToIncomeTaxPositionsOnTemporaryDifferences
1700000000 usd
CY2015 wfc Unreimbursed Direct Servicing Costs
UnreimbursedDirectServicingCosts
625000000 usd
CY2016 wfc Unreimbursed Direct Servicing Costs
UnreimbursedDirectServicingCosts
819000000 usd
CY2017 wfc Unreimbursed Direct Servicing Costs
UnreimbursedDirectServicingCosts
582000000 usd
CY2016Q4 wfc Variable Interest Entity Nonconsolidated Assets
VariableInterestEntityNonconsolidatedAssets
1395604000000 usd
CY2017Q4 wfc Variable Interest Entity Nonconsolidated Assets
VariableInterestEntityNonconsolidatedAssets
1367437000000 usd
CY2016 wfc Warrants Purchased
WarrantsPurchased
0 shares
CY2017 wfc Warrants Purchased
WarrantsPurchased
0 shares
CY2016 wfc Weighted Average Contractual Yield On Available For Sale Debt Securities
WeightedAverageContractualYieldOnAvailableForSaleDebtSecurities
0.0344
CY2017 wfc Weighted Average Contractual Yield On Available For Sale Debt Securities
WeightedAverageContractualYieldOnAvailableForSaleDebtSecurities
0.0372
CY2016 wfc Weighted Average Contractual Yield On Available For Sale Debt Securities Expected To Mature After Five And Through Ten Years
WeightedAverageContractualYieldOnAvailableForSaleDebtSecuritiesExpectedToMatureAfterFiveAndThroughTenYears
0.0317
CY2017 wfc Weighted Average Contractual Yield On Available For Sale Debt Securities Expected To Mature After Five And Through Ten Years
WeightedAverageContractualYieldOnAvailableForSaleDebtSecuritiesExpectedToMatureAfterFiveAndThroughTenYears
0.0324
CY2016 wfc Weighted Average Contractual Yield On Available For Sale Debt Securities Expected To Mature After One And Through Five Years
WeightedAverageContractualYieldOnAvailableForSaleDebtSecuritiesExpectedToMatureAfterOneAndThroughFiveYears
0.0220
CY2017 wfc Weighted Average Contractual Yield On Available For Sale Debt Securities Expected To Mature After One And Through Five Years
WeightedAverageContractualYieldOnAvailableForSaleDebtSecuritiesExpectedToMatureAfterOneAndThroughFiveYears
0.0311
CY2016 wfc Weighted Average Contractual Yield On Available For Sale Debt Securities Expected To Mature After Ten Years
WeightedAverageContractualYieldOnAvailableForSaleDebtSecuritiesExpectedToMatureAfterTenYears
0.0372
CY2017 wfc Weighted Average Contractual Yield On Available For Sale Debt Securities Expected To Mature After Ten Years
WeightedAverageContractualYieldOnAvailableForSaleDebtSecuritiesExpectedToMatureAfterTenYears
0.0383
CY2016 wfc Weighted Average Contractual Yield On Available For Sale Debt Securities Expected To Mature Within One Year
WeightedAverageContractualYieldOnAvailableForSaleDebtSecuritiesExpectedToMatureWithinOneYear
0.0193
CY2017 wfc Weighted Average Contractual Yield On Available For Sale Debt Securities Expected To Mature Within One Year
WeightedAverageContractualYieldOnAvailableForSaleDebtSecuritiesExpectedToMatureWithinOneYear
0.0370
CY2015 wfc Weighted Average Rate Reduction Related To Loan Modifications
WeightedAverageRateReductionRelatedToLoanModifications
0.0377
CY2016 wfc Weighted Average Rate Reduction Related To Loan Modifications
WeightedAverageRateReductionRelatedToLoanModifications
0.0413
CY2017 wfc Weighted Average Rate Reduction Related To Loan Modifications
WeightedAverageRateReductionRelatedToLoanModifications
0.0592
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:9pt;"><font style="font-family:Georgia,serif;font-size:9pt;">Our accounting and reporting policies conform with U.S. generally accepted accounting principles (GAAP) and practices in the financial services industry. To prepare the financial statements in conformity with GAAP, management must make estimates based on assumptions about future economic and market conditions (for example, unemployment, market liquidity, real estate prices, etc.) that affect the reported amounts of assets and liabilities at the date of the financial statements, income and expenses during the reporting period and the related disclosures. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Management has made significant estimates in several areas, including:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><font style="font-family:Georgia,serif;font-size:9pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;"><font style="font-family:Georgia,serif;font-size:9pt;">allowance for credit losses (Note 6 (Loans and Allowance for Credit Losses)); </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><font style="font-family:Georgia,serif;font-size:9pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;"><font style="font-family:Georgia,serif;font-size:9pt;">valuations of residential mortgage servicing rights (MSRs) (Note 8 (Securitizations and Variable Interest Entities) and Note 9 (Mortgage Banking Activities)) and financial instruments (Note 17 (Fair Values of Assets and Liabilities));</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><font style="font-family:Georgia,serif;font-size:9pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;"><font style="font-family:Georgia,serif;font-size:9pt;">income taxes (Note 22 (Income Taxes)); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;padding-left:0px;"><font style="font-family:Georgia,serif;font-size:9pt;">&#8226;</font></div></td><td style="vertical-align:top;padding-left:24px;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9pt;text-indent:-24px;"><font style="font-family:Georgia,serif;font-size:9pt;">liabilities for contingent litigation losses (Note 15 (Legal Actions)).</font></div></td></tr></table><div style="line-height:120%;font-size:9pt;"><font style="font-family:Georgia,serif;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:Georgia,serif;font-size:9pt;">Actual results could differ from those estimates.</font></div></div>

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