XML 77 R62.htm IDEA: XBRL DOCUMENT v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The significant components of income tax expense from continuing operations were as follows.
Year ended December 31, ($ in millions)
202120202019
Current income tax expense (benefit)
U.S. federal$502 $— $(2)
Foreign4 6 4 
State and local168 80 65 
Total current expense674 86 67 
Deferred income tax expense (benefit)
U.S. federal151 280 178 
Foreign— 1 2 
State and local(35)(39)(1)
Total deferred expense116 242 179 
Total income tax expense from continuing operations$790 $328 $246 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of income tax expense from continuing operations with the amounts at the statutory U.S. federal income tax rate is shown in the following table.
Year ended December 31, ($ in millions)
202120202019
Statutory U.S. federal tax expense$810 $297 $413 
Change in tax resulting from
State and local income taxes, net of federal income tax benefit106 36 50 
Valuation allowance change, excluding expirations(78)(3)(219)
Tax credits, excluding expirations(58)(29)(27)
Nondeductible expenses30 37 29 
Other, net(20)(10)— 
Total income tax expense from continuing operations$790 $328 $246 
Schedule of Deferred Tax Assets and Liabilities
The significant components of deferred tax assets and liabilities are reflected in the following table.
December 31, ($ in millions)
20212020
Deferred tax assets
Tax credit carryforwards$1,014 $1,786 
Adjustments to loan value920 923 
U.S. federal tax loss carryforwards (b)256 — 
State and local taxes233 191 
Other604 366 
Gross deferred tax assets3,027 3,266 
Valuation allowance(839)(835)
Deferred tax assets, net of valuation allowance2,188 2,431 
Deferred tax liabilities
Lease transactions1,385 1,809 
Deferred acquisition costs403 391 
Other156 229 
Gross deferred tax liabilities1,944 2,429 
Net deferred tax assets (a)$244 $2 
(a)Amounts include $254 million and $94 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 at December 31, 2021, and 2020, respectively, and $10 million and $92 million included in accrued expenses and other liabilities on our Consolidated Balance Sheet for tax jurisdictions in a total net deferred tax liability position.
(b)Primarily the result of a 100% bonus depreciation election for 2021 operating lease originations.
Summary of Valuation Allowance
The following table summarizes net deferred tax assets including related valuation allowances at December 31, 2021.
($ in millions)Deferred tax asset (liability)Valuation allowanceNet deferred tax asset (liability)Years of expiration
Tax credit carryforwards
Foreign tax credits$1,014 $(709)$305 2022–2031
Tax loss carryforwards
Net operating losses — federal256 (a)— 256 2027–Indefinite
Net operating losses — state166 (b)(130)36 2022–Indefinite
Total U.S. federal and state tax loss carryforwards422 (130)292 
Other net deferred tax liabilities(353)— (353)n/a
Net deferred tax assets (liabilities)$1,083 $(839)$244 
(a)Federal net operating loss carryforwards are included in the U.S. federal tax loss carryforwards total disclosed in our deferred inventory table above.
(b)State net operating loss carryforwards are included in the state and local taxes and other liabilities totals disclosed in our deferred inventory table above.
Schedule of Unrecognized Tax Benefits Roll Forward
The following table provides a reconciliation of the beginning and ending amount of unrecognized tax benefits.
($ in millions)202120202019
Balance at January 1,$53 $48 $44 
Additions based on tax positions related to the current year— — — 
Additions for tax positions of prior years7 5 11 
Reductions for tax positions of prior years(7)— (5)
Settlements— — (2)
Expiration of statute of limitations— — — 
Balance at December 31,$53 $53 $48