Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The significant components of income tax expense (benefit) from continuing operations were as follows.



Year ended December 31, ($ in millions)	2014			2013			2012
Current income tax (benefit) expense
U.S. federal	$	(3	)	$	—		$	—
Foreign	8			4			(24		)
State and local	5			—			10
Total current expense (benefit)	10			4			(14		)
Deferred income tax expense (benefit)
U.S. federal	270			(67		)	(663		)
Foreign	2			(1		)	25
State and local	39			5			(204		)
Total deferred expense (benefit)	311			(63		)	(842		)
Total income tax expense (benefit) from continuing operations	$	321		$	(59	)	$	(856	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of income tax expense (benefit) from continuing operations with the amounts at the statutory U.S. federal income tax rate is shown in the following table.



Year ended December 31, ($ in millions)	2014			2013			2012
Statutory U.S. federal tax expense (benefit)	$	436		$	125		$	180
Change in tax resulting from
Effect of valuation allowance change	(64		)	(154		)	(1,022		)
Changes in unrecognized tax benefits	(63		)	(10		)	(6		)
Tax law enactment	(39		)	(44		)	—
Tax credits	(10		)	(45		)	(45		)
Non-deductible expenses	31			26			12
State and local income taxes, net of federal income tax benefit	48			16			(34		)
Other, net	(18		)	27			59
Total income tax expense (benefit) from continuing operations	$	321		$	(59	)	$	(856	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The significant components of deferred tax assets and liabilities are reflected in the following table.



December 31, ($ in millions)	2014			2013
Deferred tax assets
Tax credit carryforwards	$	1,911		$	1,874
Tax loss carryforwards	1,158			1,624
Mark-to-market on consumer finance receivables and loans	349			721
State and local taxes	227			297
Provision for loan losses	171			257
Unearned insurance premiums	141			140
Hedging transactions	139			177
Basis difference in subsidiaries	17			—
ResCap settlement accrual	—			53
Other	193			247
Gross deferred tax assets	4,306			5,390
Valuation allowance	(734		)	(1,154		)
Deferred tax assets, net of valuation allowance	3,572			4,236
Deferred tax liabilities
Lease transactions	1,148			1,527
Deferred acquisition costs	378			351
Debt transactions	161			191
Sales of finance receivables and loans	16			26
Basis difference in subsidiaries	—			55
Other	62			46
Gross deferred tax liabilities	1,765			2,196
Net deferred tax assets (a)	$	1,807		$	2,040


(a)	Total net deferred tax assets includes $1,812 million of net deferred tax assets included in other assets on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax asset position and $5 million included in accrued expenses and other liabilities on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax liability position at December 31, 2014.

Schedule of Deferred tax assets and related valuation allowances recognized for the net operating and other loss carryforwards and tax credit carryforwards [Table Text Block]

The following table summarizes net deferred tax assets including related valuation allowances at December 31, 2014.



($ in millions)	Deferred Tax Asset/(Liability)				Valuation Allowance			Net Deferred Tax Asset/(Liability)			Years of Expiration
Tax credit carryforwards
Foreign tax credits	$	1,741			$	(478	)	$	1,263		2015 - 2023
General business credits	153				—			153			2032 - 2034
AMT credits	17				—			17			n/a
Total tax credit carryforwards	1,911				(478		)	1,433
Tax loss carryforwards
Net operating losses — federal	1,001				—			1,001			2025 - 2033
Capital losses — federal	157				(135		)	22			2015 - 2017
Total tax loss carryforwards	1,158				(135		)	1,023
State and local tax carryforwards
Net operating losses — state	220				(82		)	138			2015 - 2034
Capital losses — state	38				(33		)	5			2015 - 2017
Total state and local carryforwards	258			(a)	(115		)	143
Other deferred tax assets	979				(6		)	973			n/a
Deferred tax assets	4,306				(734		)	3,572
Deferred tax liabilities	(1,765		)		—			(1,765		)	n/a
Net deferred tax assets	$	2,541			$	(734	)	$	1,807


(a)	State net operating loss and capital loss carryforwards are included in the state and local taxes total disclosed in our deferred inventory table above.

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits.



($ in millions)	2014			2013			2012
Balance at January 1,	$	262		$	102		$	198
Additions based on tax positions related to the current year	—			174			14
Additions for tax positions of prior years	9			1			2
Reductions for tax positions of prior years	—			—			(4		)
Settlements	(79		)	(14		)	(17		)
Expiration of statute of limitations	(1		)	(1		)	(4		)
Foreign-currency translation adjustments	—			—			(5		)
Deconsolidation of ResCap and discontinued operations	—			—			(82		)
Balance at December 31,	$	191		$	262		$	102