Income Taxes And Tax-Related Items Income Taxes and Tax-Related Items (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes And Tax-Related Items Disclosure [Abstract]

Current and Deferred Components of the Provision for Income Taxes for Continuing Operations

The current and deferred components of the provision (benefit) for income taxes for continuing operations were as follows:

(in millions)
December 31	2011		2010			2009
Current:
Federal	$	42	$	239		$	(28	)
Foreign	9		6			6
State and local	7		12			3
Total current	58		257			(19		)
Deferred:
Federal	73		(202		)	(102		)
State and local	6		—			(10		)
Total deferred	79		(202		)	(112		)
Total	$	137	$	55		$	(131	)

Reconciliation of Expected Income Tax Expense at the Federal Statutory Rate to the Corporation's Provision for Income Taxes for Continuing Operations

A reconciliation of expected income tax expense (benefit) at the federal statutory rate to the Corporation’s provision (benefit) for income taxes for continuing operations and effective tax rate follows:

(dollar amounts in millions)	2011					2010					2009
Years Ended December 31	Amount			Rate		Amount			Rate		Amount			Rate
Tax based on federal statutory rate	$	185		35.0	%	$	110		35.0	%	$	(40	)	35.0	%
State income taxes	9			1.6		7			2.4		(5		)	3.9
Affordable housing and historic credits	(51		)	(9.7	)	(49		)	(15.6	)	(46		)	40.2
Bank-owned life insurance	(14		)	(2.7	)	(15		)	(4.9	)	(14		)	12.0
Termination of structured leasing transactions	—			—		—			—		(11		)	9.8
Other changes in unrecognized tax benefits	17			3.2		2			0.6		1			(1.1	)
Tax-related interest and penalties	(7		)	(1.3	)	3			1.0		(13		)	10.9
Other	(2		)	(0.2	)	(3		)	(1.0	)	(3		)	3.0
Provision (benefit) for income taxes	$	137		25.9	%	$	55		17.5	%	$	(131	)	113.7	%

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefit

A reconciliation of the beginning and ending amount of net unrecognized tax benefits follows:

(in millions)	2011			2010		2009
Balance at January 1	$	10		$	—	$	70
Increases as a result of tax positions taken during a prior period	2			9		2
Increases as a result of tax positions taken during a current period	—			—		1
Increases related to settlements with tax authorities	20			1		—
Decreases as a result of filing amended tax returns	—			—		(34		)
Decreases as a result of tax positions taken during a prior period	—			—		(38		)
Decreases as a result of tax positions taken during a current period	—			—		(1		)
Decrease related to settlements with tax authorities	(12		)	—		—
Balance at December 31	$	20		$	10	$	—

Tax Years for Significant Jurisdictions that Remain Subject to Examination

The following tax years for significant jurisdictions remain subject to examination as of December 31, 2011:

Jurisdiction	Tax Years
Federal	2008-2010
California	2001-2010

Principal Components of Deferred Tax Assets and Liabilities

The principal components of deferred tax assets and liabilities were as follows:

(in millions)
December 31	2011			2010
Deferred tax assets:
Allowance for loan losses	$	328		$	315
Deferred loan origination fees and costs	29			30
Other comprehensive loss	202			221
Employee benefits	15			—
Foreign tax credit	14			14
Auction-rate securities	8			12
Other tax credits	54			51
Other temporary differences, net	46			65
Total deferred tax assets	696			708
Deferred tax liabilities:
Tax-related interest	(3		)	(1		)
Lease financing transactions	(262		)	(287		)
Allowance for depreciation	(36		)	(32		)
Employee benefits	—			(5		)
Total deferred tax liabilities	(301		)	(325		)
Net deferred tax asset	$	395		$	383