Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Provision (Benefit) for Income Taxes from Continuing Operations

The components of the income tax provision are as follows:

Provision (benefit) for income taxes	Year ended Dec. 31,
(in millions)	2016			2015			2014
Current taxes:
Federal	$	823		$	551		$	1,273
Foreign	327			306			337
State and local	153			109			155
Total current tax expense	1,303			966			1,765
Deferred tax expense (benefit):
Federal	(75		)	114			(672		)
Foreign	(14		)	(1		)	(98		)
State and local	(37		)	(66		)	(83		)
Total deferred tax expense (benefits)	(126		)	47			(853		)
Provision for income taxes	$	1,177		$	1,013		$	912

Components of Income (Loss) before Taxes

The components of income before taxes are as follows:

Income before taxes	Year ended Dec. 31,
(in millions)	2016		2015		2014
Domestic	$	3,147	$	2,698	$	2,456
Foreign	1,578		1,537		1,107
Income before taxes	$	4,725	$	4,235	$	3,563

Components of Net Deferred Tax Liability Included in Accrued Taxes and Other Expenses

The components of our net deferred tax liability are as follows:

Net deferred tax liability	Dec. 31,
(in millions)	2016			2015
Depreciation and amortization	$	2,694		$	2,631
Lease financings	391			569
Pension obligation	184			155
Renewable energy investment	179			68
Equity investments	104			113
Employee benefits	(471		)	(470		)
Reserves not deducted for tax	(136		)	(274		)
Credit losses on loans	(100		)	(102		)
Securities valuation	(55		)	156
Other assets	(101		)	(109		)
Other liabilities	162			42
Net deferred tax liability	$	2,851		$	2,779

Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate

The statutory federal income tax rate is reconciled to our effective income tax rate below:

Effective tax rate	Year ended Dec. 31,
	2016		2015		2014
Federal rate	35.0	%	35.0	%	35.0	%
State and local income taxes, net of federal income tax benefit	1.6		0.6		1.3
Foreign operations	(5.6	)	(6.6	)	(3.0	)
Tax credits	(2.2	)	(1.4	)	(0.8	)
Tax-exempt income	(1.8	)	(2.5	)	(3.3	)
Leverage lease adjustment	(0.9	)	(1.3	)	(1.1	)
Carryback claim	—		—		(4.7	)
Nondeductible litigation expense	—		—		2.1
Other – net	(1.2	)	0.1		0.1
Effective tax rate	24.9	%	23.9	%	25.6	%

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block]

Unrecognized tax positions
(in millions)	2016			2015			2014
Beginning balance at Jan. 1, – gross	$	649		$	669		$	866
Prior period tax positions:
Increases	8			13			58
Decreases	(40		)	(21		)	(257		)
Current period tax positions	16			14			19
Settlements	(477		)	(26		)	(17		)
Statute expiration	(10		)	—			—
Ending balance at Dec. 31, – gross	$	146		$	649		$	669