Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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

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



Year ended December 31, ($ in millions)	2016		2015		2014
Current income tax expense
U.S. federal	$	—	$	—	$	(3	)
Foreign	8		6		8
State and local	9		3		5
Total current expense	17		9		10
Deferred income tax expense
U.S. federal	423		454		270
Foreign	—		1		2
State and local	30		32		39
Total deferred expense	453		487		311
Total income tax expense from continuing operations	$	470	$	496	$	321

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

A reconciliation of income tax expense 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)	2016			2015			2014
Statutory U.S. federal tax expense	$	553		$	488		$	436
Change in tax resulting from
Changes in unrecognized tax benefits (a)	(161		)	(5		)	(63		)
Valuation allowance change, excluding expirations	51			(25		)	(47		)
State and local income taxes, net of federal income tax benefit	35			38			48
Tax credits, excluding expirations	(15		)	(13		)	(27		)
Nondeductible expenses	7			14			31
Tax law enactment	—			—			(39		)
Other, net	—			(1		)	(18		)
Total income tax expense from continuing operations	$	470		$	496		$	321


(a)	Primarily the result of a Q2 2016 U.S. tax reserve release related to a prior year federal return.

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)	2016			2015
Deferred tax assets
Tax credit carryforwards	$	1,987		$	1,941
Tax loss carryforwards	936			950
Adjustments to loan value	546			311
State and local taxes	162			194
Unearned insurance premiums	141			141
Hedging transactions	123			99
Other	208			212
Gross deferred tax assets	4,103			3,848
Valuation allowance	(646		)	(582		)
Deferred tax assets, net of valuation allowance	3,457			3,266
Deferred tax liabilities
Lease transactions	1,789			1,273
Deferred acquisition costs	424			403
Debt transactions	161			162
Other	107			69
Gross deferred tax liabilities	2,481			1,907
Net deferred tax assets (a)	$	976		$	1,359

(a)

Total net deferred tax assets include $994 million and $1,369 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 $18 million and $10 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, 2016, and 2015, respectively.

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, 2016.



($ in millions)	Deferred tax asset/(liability)				Valuation allowance			Net deferred tax asset/(liability)			Years of expiration
Tax credit carryforwards
Foreign tax credits	$	1,771			$	(485	)	$	1,286		2017–2026
General business credits	191				—			191			2023–2036
Alternative minimum tax (AMT) credits	25				—			25			n/a
Total tax credit carryforwards	1,987				(485		)	1,502
Tax loss carryforwards
Net operating losses — federal	900				—			900			2027–2036
Net operating losses — state	193			(a)	(83		)	110			2017–2036
Capital losses — federal	36				(36		)	—			2017
Capital losses — state	9			(a)	(9		)	—			2017–2027
Total tax loss carryforwards	1,138				(128		)	1,010
Other deferred tax assets	978				(33		)	945			n/a
Deferred tax assets	4,103				(646		)	3,457
Deferred tax liabilities	(2,481		)		—			(2,481		)	n/a
Net deferred tax assets	$	1,622			$	(646	)	$	976


(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)	2016			2015			2014
Balance at January 1,	$	185		$	191		$	262
Additions based on tax positions related to the current year	—			—			—
Additions for tax positions of prior years	12			7			9
Settlements	(182		)	(10		)	(79		)
Expiration of statute of limitations	(1		)	(3		)	(1		)
Balance at December 31,	$	14		$	185		$	191