Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Schedule Of Components Of Income Tax Expense


(In millions)	2011		2010			2009
Current:
Federal	$	49	$	(885	)	$	75
State		54		15			39
Non-U.S.		295		156			157


Total current expense (benefit)		398		(714	)		271

Deferred:
Federal		134		745			383
State		8		141			28
Non-U.S.		76		358			40

Total deferred expense		218		1,244			451

Total income tax expense	$	616	$	530		$	722

Schedule Of Components Of Deferred Tax Liabilities And Assets


(In millions)	2011			2010
Deferred tax liabilities:
Lease financing transactions	$	397		$	463
Fixed and intangible assets		1,067			1,029
Other		21			122

Total deferred tax liabilities	$	1,485		$	1,614


Deferred tax assets:
Foreign currency translation	$	2		$	70
Unrealized losses on securities, net		651			1,083
Deferred compensation		162			183
Defined benefit pension plan		180			121
Expenses		141			177
Real estate		28			33
Other		104			137

Total deferred tax assets		1,268			1,804

Valuation allowance for deferred tax assets		(19	)		(18	)

Deferred tax assets net of valuation allowance	$	1,249		$	1,786

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


	2011			2010			2009
U.S. federal income tax rate		35.0	%		35.0	%		35.0	%
Changes from statutory rate:
State taxes, net of federal benefit		2.0			1.2			1.7
Tax-exempt income		(2.9	)		(3.6	)		(3.1	)
Tax credits		(1.5	)		(1.3	)		(1.6	)
Foreign tax differential		(4.3	)		(3.6	)		(5.0	)
Transactions related to investment securities ⁽¹⁾		(4.1	)		(2.3	)		—
Non-deductible penalty		—			—			1.0
Other, net		.1			—			.6


Effective tax rate		24.3	%		25.4	%		28.6	%

⁽¹⁾

Amounts for both years represented the effect of discrete tax benefits related to the cost to terminate funding obligations that supported former conduit asset structures; the amount for 2010 also included the partial write-off of a deferred tax asset associated with certain of the investment securities sold in connection with our December 2010 investment portfolio repositioning.

Summary Of Activity Related To Unrecognized Tax Benefits


(In millions)	2011			2010
Balance at beginning of year	$	446		$	386
Increase (Decrease) related to agreements with tax authorities		(322	)		27
Increase related to tax positions taken during current year		1			33


Balance at end of year	$	125		$	446