Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Components of Income Tax Expense

Table 125: Components of Income Tax Expense

Year ended December 31
In millions			2015		2014		2013
Current
	Federal		$	927	$	1,084	$	263
	State			33		68		17
		Total current		960		1,152		280
Deferred
	Federal			320		220		1,119
	State			84		35		77
		Total deferred		404		255		1,196
Total			$	1,364	$	1,407	$	1,476

Deferred Tax Assets and Liabilities

Table 126: Deferred Tax Assets and Liabilities

December 31 - in millions				2015		2014
Deferred tax assets
	Allowance for loan and lease losses		$	1,032	$	1,250
	Compensation and benefits			654		822
	Partnership investments			295		247
	Loss and credit carryforward			502		545
	Accrued expenses			542		581
	Other			320		290
		Total gross deferred tax assets		3,345		3,735
	Valuation allowance			(61)		(65)
		Total deferred tax assets		3,284		3,670
Deferred tax liabilities
	Leasing			1,413		1,494
	Goodwill and intangibles			320		328
	Fixed assets			391		381
	Net unrealized gains on securities and financial instruments			453		619
	BlackRock basis difference			2,327		2,166
	Other			542		619
		Total deferred tax liabilities		5,446		5,607
	Net deferred tax liability		$	2,162	$	1,937

Reconciliation of Statutory and Effective Tax Rates

Table 127: Reconciliation of Statutory and Effective Tax Rates

Year ended December 31		2015		2014		2013
Statutory tax rate		35.0	%	35.0	%	35.0	%
Increases (decreases) resulting from
	State taxes net of federal benefit	1.4		1.2		1.1
	Tax-exempt interest	(2.3)		(2.2)		(1.9)
	Life insurance	(1.7)		(1.7)		(1.7)
	Dividend received deduction	(1.7)		(1.5)		(1.2)
	Tax credits	(3.9)		(4.4)		(3.7)
	Other	(2.0)	(a)	(1.3)		(1.7)
	Effective tax rate	24.8	%	25.1	%	25.9	%
(a)	Includes tax benefits associated with settlement of acquired entity tax contingencies.

Net Operating Loss Carryforwards and Tax Credit Carryforwards

Table 128: Net Operating Loss Carryforwards and Tax Credit Carryforwards

		December 31			December 31
In millions		2015			2014
Net Operating Loss Carryforwards:
	Federal		$	878	$	997
	State		$	2,272	$	2,594
Tax Credit Carryforwards:
	Federal		$	64	$	35
	State		$	3	$	7

Change in Unrecognized Tax Benefits

Table 129: Change in Unrecognized Tax Benefits

In millions			2015		2014		2013
Balance of gross unrecognized tax benefits at January 1		$	77	$	110	$	176
Increases:
	Positions taken during a prior period		17				11
Decreases:
	Positions taken during a prior period		(9)		(27)		(22)
	Settlements with taxing authorities		(52)		(1)		(48)
	Reductions resulting from lapse of statute of limitations		(7)		(5)		(7)
Balance of gross unrecognized tax benefits at December 31		$	26	$	77	$	110