Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Components of Income Tax Expense

Year ended December 31
In millions			2014		2013		2012
Current
	Federal (a)		$	1,084	$	263	$	453
	State			68		17		29
		Total current		1,152		280		482
Deferred
	Federal (a)			220		1,119		515
	State			35		77		48
		Total deferred		255		1,196		563
Total			$	1,407	$	1,476	$	1,045
(a) Amounts for 2013 and 2012 have been updated to reflect the first quarter 2014 adoption of ASU 2014-01 related to investments in low income housing tax credits.

Deferred Tax Assets and Liabilities

December 31 - in millions				2014		2013
Deferred tax assets
	Allowance for loan and lease losses		$	1,250	$	1,343
	Compensation and benefits			822		581
	Loss and credit carryforward			545		797
	Accrued expenses			581		575
	Other (a)			537		580
		Total gross deferred tax assets		3,735		3,876
	Valuation allowance			(65)		(61)
		Total deferred tax assets		3,670		3,815
Deferred tax liabilities
	Leasing			1,494		1,498
	Goodwill and intangibles			328		342
	Basis difference in loans			44		48
	Fixed assets			381		397
	Net unrealized gains on securities and financial instruments			619		391
	BlackRock basis difference			2,166		2,031
	Other			575		730
		Total deferred tax liabilities		5,607		5,437
	Net deferred tax liability		$	1,937	$	1,622
(a) Amounts for 2013 have been updated to reflect the first quarter 2014 adoption of ASU 2014-01 related to investments in low income housing tax credits.

Reconciliation of Statutory and Effective Tax Rates

Year ended December 31		2014		2013		2012
Statutory tax rate		35.0	%	35.0	%	35.0	%
Increases (decreases) resulting from
	State taxes net of federal benefit	1.2		1.1		1.3
	Tax-exempt interest (a)	(2.2)		(1.9)		(2.3)
	Life insurance	(1.7)		(1.7)		(2.3)
	Dividend received deduction (a)	(1.5)		(1.2)		(1.6)
	Tax credits (a)	(4.4)		(3.7)		(4.6)
	Other (a)	(1.3)		(1.7)		.4
	Effective tax rate	25.1	%	25.9	%	25.9	%
(a)	Amounts for 2013 and 2012 have been updated to reflect the first quarter 2014 adoption of ASU 2014-01 related to investments in low income housing tax credits.

Net Operating Loss Carryforwards and Tax Credit Carryforwards

Table 145: Net Operating Loss Carryforwards and Tax Credit Carryforwards
		December 31			December 31
In millions		2014			2013
Net Operating Loss Carryforwards:
	Federal		$	997	$	1,116
	State			2,594		2,958
Tax Credit Carryforwards:
	Federal		$	35	$	221
	State			7		7

Change in Unrecognized Tax Benefits

In millions			2014		2013		2012
Balance of gross unrecognized tax benefits at January 1		$	110	$	176	$	209
Increases:
	Positions taken during a prior period				11		23
	Positions taken during the current period						1
Decreases:
	Positions taken during a prior period		(27)		(22)		(51)
	Settlements with taxing authorities		(1)		(48)		(1)
	Reductions resulting from lapse of statute of limitations		(5)		(7)		(5)
Balance of gross unrecognized tax benefits at December 31		$	77	$	110	$	176