2020 Q4 Form 10-Q Financial Statement

#000007297120000338 Filed on November 02, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $18.86B
YoY Change -14.3%
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 $2.292B $2.586B $2.135B
YoY Change 7.35% 40.54% 55.73%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.432B
YoY Change -70.62%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $3.866B $3.318B $3.602B
YoY Change 7.33% -45.75% -49.41%
Income Tax $574.0M -$83.00M $678.0M
% Of Pretax Income 14.85% -2.5% 18.82%
Net Earnings $3.091B $3.216B $2.873B
YoY Change 7.59% -30.24% -52.62%
Net Earnings / Revenue 17.05%
Basic Earnings Per Share $0.70
Diluted Earnings Per Share $744.6K $0.70 $678.7K
COMMON SHARES
Basic Shares Outstanding 4.134B shares 4.124B shares 4.229B shares
Diluted Shares Outstanding 4.132B shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $264.6B $246.8B $141.3B
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 $13.20B $8.977B $9.309B
YoY Change 41.81% -3.63% 4.36%
Goodwill $26.39B $26.39B $26.39B
YoY Change 0.01% 0.0% -0.11%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1953B $1920B $1928B
YoY Change 1.32% -1.21% 1.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $74.36B $72.27B $75.16B
YoY Change -1.07% -5.57% 8.43%
Deferred Revenue
YoY Change
Short-Term Debt $59.00B $55.22B $104.5B
YoY Change -43.55% -55.43% -1.21%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $74.36B $72.27B $75.16B
YoY Change -1.07% -5.57% 8.43%
LONG-TERM LIABILITIES
Long-Term Debt $213.0B $215.7B $228.2B
YoY Change -6.68% -6.48% -0.37%
Other Long-Term Liabilities $16.51B $13.77B $9.079B
YoY Change 81.84% 38.39% 6.82%
Total Long-Term Liabilities $229.5B $229.5B $237.3B
YoY Change -3.29% -4.62% -0.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $74.36B $72.27B $75.16B
Total Long-Term Liabilities $229.5B $229.5B $237.3B
Total Liabilities $1767B $1740B $1740B
YoY Change 1.59% -0.53% 2.4%
SHAREHOLDERS EQUITY
Retained Earnings $162.7B $160.9B $166.7B
YoY Change -2.41% -3.25% 5.4%
Common Stock $9.136B $9.136B $9.136B
YoY Change 0.0% 0.0% 0.0%
Preferred Stock $53.00M $52.00M $71.00M
YoY Change -25.35% -26.76% -25.26%
Treasury Stock (at cost) $67.79B $68.38B $68.83B
YoY Change -1.51% 10.68% 45.85%
Treasury Stock Shares 1.338B shares 1.349B shares 1.347B shares
Shareholders Equity $184.7B $181.2B $187.1B
YoY Change
Total Liabilities & Shareholders Equity $1953B $1922B $1928B
YoY Change 1.32% -1.12% 1.67%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income $3.091B $3.216B $2.873B
YoY Change 7.59% -30.24% -52.62%
Depreciation, Depletion And Amortization $2.292B $2.586B $2.135B
YoY Change 7.35% 40.54% 55.73%
Cash From Operating Activities -$22.77B -$8.576B $12.42B
YoY Change -283.25% -33.9% -17.37%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $20.51B $42.66B -$2.526B
YoY Change -912.03% -677.94% -86.16%
Cash From Investing Activities $20.51B $42.66B -$2.526B
YoY Change -912.03% -677.94% -86.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.10B -49.82B -17.38B
YoY Change -215.63% -1168.99% -202.37%
NET CHANGE
Cash From Operating Activities -22.77B -8.576B 12.42B
Cash From Investing Activities 20.51B 42.66B -2.526B
Cash From Financing Activities 20.10B -49.82B -17.38B
Net Change In Cash 17.84B -15.73B -7.481B
YoY Change -338.5% 0.24% -154.35%
FREE CASH FLOW
Cash From Operating Activities -$22.77B -$8.576B $12.42B
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="text-indent:18pt"><span style="color:#000000;font-family:'Wells Fargo Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">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:</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Wells Fargo Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Wells Fargo Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:14.5pt">allowance for credit losses (Note 6 (Loans and Related Allowance for Credit Losses); </span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Wells Fargo Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Wells Fargo Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:14.5pt">valuations of residential mortgage servicing rights (MSRs) (Note 10 (Securitizations and Variable Interest Entities) and Note 11 (Mortgage Banking Activities));</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Wells Fargo Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Wells Fargo Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:14.5pt">valuations of financial instruments (Note 15 (Derivatives) and Note 16 (Fair Values of Assets and Liabilities));</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Wells Fargo Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Wells Fargo Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:14.5pt">liabilities for contingent litigation losses (Note 14 (Legal Actions)); and</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Wells Fargo Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Wells Fargo Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:14.5pt">income taxes.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Wells Fargo Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Actual results could differ from those estimates.</span></div>
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These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our 2019 Form 10-K.
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CY2019Q4 wfc Unpaid Principal Balance Of Mortgage Loans Eligible For Repurchase
UnpaidPrincipalBalanceOfMortgageLoansEligibleForRepurchase
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CY2020Q3 us-gaap Continuing Involvement With Transferred Financial Assets Principal Amount Outstanding
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CY2019Q4 us-gaap Continuing Involvement With Transferred Financial Assets Principal Amount Outstanding
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CY2020Q3 wfc Delinquent Amountat Endof Periodon Loansand Foreclosed Assets Managedand Securitizedor Assetbacked Financing Arrangement
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38970000000 usd
CY2019Q4 wfc Delinquent Amountat Endof Periodon Loansand Foreclosed Assets Managedand Securitizedor Assetbacked Financing Arrangement
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us-gaap Net Credit Loss On Loans Managed Or Securitized Or Assetbacked Financing Arrangement
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us-gaap Net Credit Loss On Loans Managed Or Securitized Or Assetbacked Financing Arrangement
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CY2020Q1 wfc Earnings Impact On Retirement Of Affiliated Trust Preferred Securities That Were Retired
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CY2020Q3 wfc Managed Servicing Portfolio
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CY2019Q4 wfc Managed Servicing Portfolio
ManagedServicingPortfolio
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CY2020Q3 wfc Loans Servicedfor Others
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CY2019Q4 wfc Loans Servicedfor Others
LoansServicedforOthers
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CY2020Q3 wfc Ratio Of Mortgage Servicing Rights To Related Loans Serviced For Others
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CY2019Q4 wfc Ratio Of Mortgage Servicing Rights To Related Loans Serviced For Others
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CY2020Q3 wfc Weighted Average Note Rate Mortgage Loans Serviced For Others
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CY2019Q4 wfc Weighted Average Note Rate Mortgage Loans Serviced For Others
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CY2020Q3 wfc Servicer Advanceson Mortgage Loans
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CY2019Q4 wfc Servicer Advanceson Mortgage Loans
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us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
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us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
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CY2020Q3 wfc Unreimbursed Direct Servicing Costs
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CY2019Q3 wfc Unreimbursed Direct Servicing Costs
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wfc Unreimbursed Direct Servicing Costs
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2119000000 usd
wfc Servicing Fees Non Interest Income
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CY2020Q3 us-gaap Amortization Of Mortgage Servicing Rights Ms Rs
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74000000 usd
CY2019Q3 us-gaap Amortization Of Mortgage Servicing Rights Ms Rs
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us-gaap Amortization Of Mortgage Servicing Rights Ms Rs
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240000000 usd
us-gaap Amortization Of Mortgage Servicing Rights Ms Rs
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203000000 usd
CY2020Q3 us-gaap Servicing Asset At Fair Value Other Changes In Fair Value
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598000000 usd
CY2019Q3 us-gaap Servicing Asset At Fair Value Other Changes In Fair Value
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us-gaap Servicing Asset At Fair Value Other Changes In Fair Value
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CY2020Q3 wfc Net Servicing Fees
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CY2019Q3 wfc Net Servicing Fees
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wfc Net Servicing Fees
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wfc Net Servicing Fees
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217000000 usd
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us-gaap Servicing Asset At Fair Value Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions
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CY2020Q3 wfc Net Derivative Gains Losses From Economic Hedges Related To Mortgage Servicing Activities
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513000000 usd
CY2019Q3 wfc Net Derivative Gains Losses From Economic Hedges Related To Mortgage Servicing Activities
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wfc Net Derivative Gains Losses From Economic Hedges Related To Mortgage Servicing Activities
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wfc Net Derivative Gains Losses From Economic Hedges Related To Mortgage Servicing Activities
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CY2020Q3 wfc Servicing Asset At Fair Value Sum Of Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions And Net Derivative Gains Losses
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CY2019Q3 wfc Servicing Asset At Fair Value Sum Of Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions And Net Derivative Gains Losses
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wfc Servicing Asset At Fair Value Sum Of Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions And Net Derivative Gains Losses
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wfc Servicing Asset At Fair Value Sum Of Changes In Fair Value Resulting From Changes In Valuation Inputs Or Changes In Assumptions And Net Derivative Gains Losses
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CY2020Q3 wfc Mortgage Servicing Noninterest Income
MortgageServicingNoninterestIncome
341000000 usd
CY2019Q3 wfc Mortgage Servicing Noninterest Income
MortgageServicingNoninterestIncome
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MortgageServicingNoninterestIncome
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wfc Mortgage Servicing Noninterest Income
MortgageServicingNoninterestIncome
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CY2020Q3 wfc Gain Loss On Mortgage Loan Origination And Sales Activities
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CY2019Q3 wfc Gain Loss On Mortgage Loan Origination And Sales Activities
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wfc Gain Loss On Mortgage Loan Origination And Sales Activities
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wfc Gain Loss On Mortgage Loan Origination And Sales Activities
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us-gaap Servicing Asset At Fair Value Period Increase Decrease
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CY2020Q3 wfc Net Derivative Gains Losses From Economic Hedges Related To Mortgage Loans Heldfor Saleand Derivative Loan Commitments
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wfc Net Derivative Gains Losses From Economic Hedges Related To Mortgage Loans Heldfor Saleand Derivative Loan Commitments
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CY2019Q3 wfc Net Derivative Gains Losses From Economic Hedges Related To Mortgage Loans Heldfor Saleand Derivative Loan Commitments
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wfc Net Derivative Gains Losses From Economic Hedges Related To Mortgage Loans Heldfor Saleand Derivative Loan Commitments
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CY2020Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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us-gaap Amortization Of Intangible Assets
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CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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320000000 usd
CY2020Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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wfc Goodwillreclassforheldforsale
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us-gaap Goodwill Written Off Related To Sale Of Business Unit
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us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2020Q3 wfc Guarantor Obligations Current Carrying Value1
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CY2020Q3 wfc Guarantor Obligations Maximum Exposure Expires In One Year Or Less
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CY2020Q3 wfc Guarantor Obligations Maximum Exposure Expires In One Year Through Three Years
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CY2020Q3 wfc Guarantor Obligations Maximum Exposure Expires In Three Years Through Five Years
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CY2020Q3 wfc Guarantor Obligations Maximum Exposure Expires After Five Years
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CY2020Q3 us-gaap Guarantee Obligations Maximum Exposure
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wfc Debit And Credit Card Services Transaction Volume
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CY2020Q3 wfc Carrying Value Of Delinquent Loans Eligible For Repurchase
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CY2019Q4 wfc Carrying Value Of Delinquent Loans Eligible For Repurchase
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CY2020Q3 wfc Financial Instruments Owned And Pledged As Collateral Carrying Amount
FinancialInstrumentsOwnedAndPledgedAsCollateralCarryingAmount
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CY2020Q3 wfc Securities Purchased Under Agreements To Resell And Securities Borrowed Net Amount In Consolidated Balance Sheet
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CY2020Q3 wfc Securities Purchased Under Agreements To Resell And Securities Borrowed Collateral
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CY2020Q3 wfc Securities Purchased Under Agreements To Resell And Securities Borrowed Net
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CY2020Q3 wfc Securities Sold Under Agreements To Repurchase And Securities Loaned Net Amount In Consolidated Balance Sheet
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CY2019Q4 wfc Securities Sold Under Agreements To Repurchase And Securities Loaned Net
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CY2020Q3 wfc Derivative Liability Fair Value Amount Offset Against Collateral Subject To Master Netting Arrangements
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