Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Schedule of Components of Income Tax Expense (Benefit)

		Year Ended December 31,
		2014		2013		2012
		(Dollars in millions)
Current expense:
	Federal	$	551	$	1,007	$	275
	State		82		100		70
Total current expense			633		1,107		345
Deferred expense:
	Federal		115		256		396
	State		12		32		23
Total deferred expense			127		288		419
Provision for income taxes		$	760	$	1,395	$	764

Schedule of Effective Income Tax Rate Reconciliation

		Year Ended December 31,
		2014			2013			2012
		(Dollars in millions)
Federal income taxes at statutory rate of 35%		$	1,045		$	1,093		$	977
Increase (decrease) in provision for income taxes as a result of:
	State income taxes, net of Federal tax benefit		61			86			61
	Federal tax credits		(171)			(152)			(126)
	Tax exempt income		(125)			(128)			(133)
	Adjustments for uncertain tax positions		(39)			516			―
	Other, net		(11)			(20)			(15)
Provision for income taxes		$	760		$	1,395		$	764
Effective income tax rate			25.5	%		44.7	%		27.4	%

Schedule of Deferred Tax Assets and Liabilities

			December 31,
			2014		2013
			(Dollars in millions)
Deferred tax assets:
	ALLL		$	556	$	655
	Postretirement plans			372		180
	Net unrealized loss on AFS securities			36		172
	Equity-based compensation			137		152
	Reserves and expense accruals			247		181
	Other			242		189
Total deferred tax assets				1,590		1,529
Deferred tax liabilities:
	Prepaid pension plan expense			477		431
	MSRs			312		380
	Lease financing			375		315
	Loan fees and expenses			265		263
	Identifiable intangible assets			139		128
	Derivatives and hedging			122		45
	Other			93		120
Total deferred tax liabilities				1,783		1,682
		Net deferred tax liability	$	(193)	$	(153)

Changes in Unrecognized Tax Benefits

		As of/ For the Year Ended December 31,
		2014		2013		2012
		(Dollars in millions)
Beginning balance of unrecognized tax benefits		$	644	$	297	$	301
	Additions based on tax positions related to current year		1		18		14
	Additions (reductions) for tax positions of prior years		(34)		343		―
	Settlements		(17)		―		(5)
	Unrecognized deferred tax benefits from business acquisitions		(91)		(14)		(13)
Ending balance of unrecognized tax benefits		$	503	$	644	$	297
Unrecognized tax benefits that would have impacted effective rate if recognized
	Federal	$	497	$	631	$	288
	State		4		11		9