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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Significant Components of Provision for Income Taxes Attributable to Continuing Operations
The following table presents significant components of the provision for income taxes attributable to continuing operations for the years ended December 31, 2021, 2020 and 2019.
Table 15.1: Significant Components of the Provision for Income Taxes Attributable to Continuing Operations
 Year Ended December 31,
(Dollars in millions)202120202019
Current income tax provision:
Federal taxes$2,173 $1,676 $1,207 
State taxes485 370 301 
International taxes152 67 129 
Total current provision$2,810 $2,113 $1,637 
Deferred income tax provision (benefit):
Federal taxes$490 $(1,357)$(222)
State taxes91 (266)(45)
International taxes24 (4)(29)
Total deferred provision (benefit)605 (1,627)(296)
Total income tax provision$3,415 $486 $1,341 
Schedule of Effective Income Tax Rate
The following table presents the reconciliation of the U.S. federal statutory income tax rate to the effective income tax rate applicable to income from continuing operations for the years ended December 31, 2021, 2020 and 2019.
Table 15.2: Effective Income Tax Rate
 Year Ended December 31,
202120202019
Income tax at U.S. federal statutory tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit3.1 3.5 3.1 
Non-deductible expenses0.4 3.2 1.6 
Affordable housing, new markets and other tax credits(2.3)(11.4)(5.2)
Tax-exempt interest and other nontaxable income(0.3)(1.7)(0.8)
Changes in valuation allowance0.4 2.3 (0.3)
Other, net(0.7)(1.7)0.1 
Effective income tax rate21.6 %15.2 %19.5 %
Schedule of Significant Components of Deferred Tax Assets and Liabilities
The following table presents significant components of our deferred tax assets and liabilities as of December 31, 2021 and 2020. The valuation allowance below represents the adjustment of our foreign tax credit carryforward, certain state deferred tax assets and net operating loss carryforwards to the amount we have determined is more likely than not to be realized.
Table 15.3: Significant Components of Deferred Tax Assets and Liabilities
(Dollars in millions)December 31, 2021December 31, 2020
Deferred tax assets:
Allowance for credit losses$2,657 $3,649 
Rewards programs825 711 
Net operating loss and tax credit carryforwards367 314 
Lease liabilities345 396 
Compensation and employee benefits337 306 
Partnership investments238 237 
Other assets359 418 
Subtotal5,128 6,031 
Valuation allowance(355)(296)
Total deferred tax assets4,773 5,735 
Deferred tax liabilities:
Original issue discount361 481 
Right-of-use assets284 342 
Partnership investments128 142 
Mortgage servicing rights88 73 
Security and loan valuations(1)
49 805 
Net unrealized gains on derivatives32 387 
Other liabilities123 179 
Total deferred tax liabilities1,065 2,409 
Net deferred tax assets$3,708 $3,326 
_________
(1)Amount includes the tax impact of our December 31, 2019 transfer of our entire portfolio of held to maturity securities to available for sale.
Schedule of Reconciliation of Change in Unrecognized Tax Benefits
The following table presents the accrued balance of tax, interest and penalties related to unrecognized tax benefits.
Table 15.4: Reconciliation of the Change in Unrecognized Tax Benefits
(Dollars in millions)Gross
Unrecognized
Tax Benefits		Accrued
Interest and
Penalties		Gross Tax,
Interest and
Penalties
Balance as of January 1, 2019$440 $35 $475 
Additions for tax positions related to the current year23 17 40 
Additions for tax positions related to prior years12 4 16 
Reductions for tax positions related to prior years due to IRS and other settlements(44)(25)(69)
Balance as of December 31, 2019431 31 462 
Additions for tax positions related to the current year33 — 33 
Additions for tax positions related to prior years3 21 24 
Reductions for tax positions related to prior years due to IRS and other settlements(16)(6)(22)
Balance as of December 31, 2020451 46 497 
Additions for tax positions related to prior years1 4 5 
Reductions for tax positions related to prior years due to IRS and other settlements(47)(36)(83)
Balance as of December 31, 2021$405 $14 $419 
Portion of balance at December 31, 2021 that, if recognized, would impact the effective income tax rate$143 $10 $153