Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Expense (Benefit) [Abstract]

Schedule Of Components Of Income Tax Expense

The following table presents the components of income tax expense for the years ended December 31:



(In millions)	2012			2011		2010
Current:
Federal	$	153		$	49	$	(885	)
State	65			54		15
Non-U.S.	262			295		156
Total current expense (benefit)	480			398		(714		)

Deferred:
Federal	262			134		745
State	26			8		141
Non-U.S.	(63		)	76		358
Total deferred expense	225			218		1,244
Total income tax expense	$	705		$	616	$	530

Schedule Of Components Of Deferred Tax Liabilities And Assets

ble.

The following table presents significant components of deferred tax assets and liabilities as of December 31:



(In millions)	2012			2011
Deferred tax assets:
Foreign currency translation	$	—		$	2
Unrealized losses on investment securities, net	131			651
Deferred compensation	175			162
Defined benefit pension plan	155			180
Restructuring charges and other reserves	172			141
Real estate	20			28
General business credits	76			34
Non-U.S. earnings	—			14
Other	63			56
Total deferred tax assets	792			1,268
Valuation allowance for deferred tax assets	(28		)	(19		)
Deferred tax assets, net of valuation allowance	$	764		$	1,249

Deferred tax liabilities:
Leveraged lease financing	$	370		$	397
Fixed and intangible assets	1,099			1,067
Non-U.S. earnings	118			—
Foreign currency translation	56			—
Other	81			21
Total deferred tax liabilities	$	1,724		$	1,485

Schedule Of Reconciliation Of The U.S. Statutory Income Tax Rate To The Effective Tax Rate

The following table presents a reconciliation of the U.S. statutory income tax rate to our effective tax rate based on income before income tax expense for the years ended December 31:



	2012		2011		2010
U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
Changes from statutory rate:
State taxes, net of federal benefit	1.8		2.0		1.2
Tax-exempt income	(2.6	)	(2.9	)	(3.6	)
Tax credits	(2.8	)	(1.5	)	(1.3	)
Foreign tax differential	(5.5	)	(4.3	)	(3.6	)
Transactions related to investment securities ⁽¹⁾	—		(4.1	)	(2.3	)
Other, net	(.4	)	.1		—
Effective tax rate	25.5	%	24.3	%	25.4	%

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⁽¹⁾	Amounts for 2011 and 2010 represented the effect of discrete tax benefits attributable to costs incurred in terminating former conduit asset structures; amount for 2010 also included the partial write-off of a deferred tax asset associated with certain investment securities sold in connection with our December 2010 investment portfolio repositionin

Summary Of Activity Related To Unrecognized Tax Benefits

The following table presents activity related to unrecognized tax benefits as of December 31: