Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [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)	2013		2012			2011
Current:
Federal	$	151	$	153		$	49
State	39		65			54
Non-U.S.	248		262			295
Total current expense	438		480			398
Deferred:
Federal	70		262			134
State	25		26			8
Non-U.S.	17		(63		)	76
Total deferred expense	112		225			218
Total income tax expense	$	550	$	705		$	616

Schedule Of Components Of Deferred Tax Liabilities And Assets

The following table presents significant components of our gross deferred tax assets and gross deferred tax liabilities as of December 31. Deferred tax assets and deferred tax liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction.

(In millions)	2013			2012
Deferred tax assets:
Unrealized losses on investment securities, net	$	421		$	131
Deferred compensation(1)	209			175
Defined benefit pension plan	97			155
Restructuring charges and other reserves	126			172
Real estate	18			20
General business credits	3			76
Other	54			63
Total deferred tax assets	928			792
Valuation allowance for deferred tax assets	(33		)	(28		)
Deferred tax assets, net of valuation allowance	$	895		$	764
Deferred tax liabilities:
Leveraged lease financing	$	359		$	370
Fixed and intangible assets	1,073			1,099
Non-U.S. earnings	105			118
Foreign currency translation	35			56
Other(2)	44			81
Total deferred tax liabilities	$	1,616		$	1,724

⁽¹⁾ Amount as of December 31, 2013 reflected an increase of $21 million associated with an out-of-period income tax benefit recorded in 2013.

⁽²⁾ Amount as of December 31, 2013 reflected a decrease of $50 million associated with an out-of-period income tax benefit recorded in

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:

	2013		2012		2011
U.S. federal income tax rate	35.0	%	35.0	%	35.0	%
Changes from statutory rate:
State taxes, net of federal benefit	1.6		1.8		2.0
Tax-exempt income	(3.7	)	(2.6	)	(2.9	)
Tax credits	(3.6	)	(2.8	)	(1.5	)
Foreign tax differential	(5.9	)	(5.5	)	(4.3	)
Transactions related to investment securities(1)	—		—		(4.1	)
Out-of-period income tax benefit(2)	(2.7	)	—		—
Other, net	(.2	)	(.4	)	.1
Effective tax rate	20.5	%	25.5	%	24.3	%

⁽¹⁾ Amounts for 2011 represented the effect of discrete tax benefits attributable to costs incurred in terminating former conduit asset structures.

⁽²⁾ Excluding the impact of the out-of-period income tax benefit of $71 million described earlier in this note, our effective tax rate would have been 23.2%.

Summary Of Activity Related To Unrecognized Tax Benefits

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

(In millions)	2013			2012
Beginning balance	$	95		$	125
Decrease related to agreements with tax authorities	(4		)	(45		)
Increase related to tax positions taken during current year	10			2
Increase related to tax positions taken during prior year	57			13
Ending balance	$	158		$	95