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

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Current and Deferred Components of the Provision for Income Taxes

The current and deferred components of the provision for income taxes were as follows:

(in millions)
December 31	2013			2012		2011
Current:
Federal	$	186		$	7	$	42
Foreign	6			6		9
State and local	17			18		7
Total current	209			31		58
Deferred:
Federal	(20		)	152		73
State and local	—			6		6
Total deferred	(20		)	158		79
Total	$	189		$	189	$	137

Reconciliation of Expected Income Tax Expense at the Federal Statutory Rate to the Provision for Income Taxes

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

(dollar amounts in millions)	2013					2012					2011
Years Ended December 31	Amount			Rate		Amount			Rate		Amount			Rate
Tax based on federal statutory rate	$	255		35.0	%	$	249		35.0	%	$	185		35.0	%
State income taxes	11			1.5		14			2.0		9			1.6
Affordable housing and historic credits	(57		)	(7.8	)	(56		)	(7.8	)	(51		)	(9.7	)
Bank-owned life insurance	(15		)	(2.1	)	(15		)	(2.1	)	(14		)	(2.7	)
Other changes in unrecognized tax benefits	(2		)	(0.2	)	1			0.2		17			3.2
Tax-related interest and penalties	(1		)	(0.1	)	—			—		(7		)	(1.3	)
Other	(2		)	(0.4	)	(4		)	(0.7	)	(2		)	(0.2	)
Provision for income taxes	$	189		25.9	%	$	189		26.6	%	$	137		25.9	%

Reconciliation of Beginning and Ending Unrecognized Tax Benefits

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

(in millions)	2013			2012			2011
Balance at January 1	$	42		$	20		$	10
Increases as a result of tax positions taken during a prior period	—			33			22
Decrease related to settlements with tax authorities	(31		)	(11		)	(12		)
Balance at December 31	$	11		$	42		$	20

Tax Years Remaining Open for Examination for Significant Tax Jurisdictions

The following tax years for significant jurisdictions remain subject to examination as of December 31, 2013:

Jurisdiction	Tax Years
Federal	2010-2012
California	2001-2012

Principal Components of Deferred Tax Assets and Liabilities

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

(in millions)
December 31	2013			2012
Deferred tax assets:
Allowance for loan losses	$	209		$	220
Deferred compensation	131			134
Defined benefit plans	2			113
Loan purchase accounting adjustments	17			38
Deferred loan origination fees and costs	28			30
Net unrealized losses on investment securities available-for-sale	39			—
Foreign tax credit	—			1
Other tax credits	—			39
Other temporary differences, net	74			34
Total deferred tax assets	500			609
Deferred tax liabilities:
Lease financing transactions	(226		)	(241		)
Net unrealized gains on investment securities available-for-sale	—			(86		)
Allowance for depreciation	(18		)	(28		)
Total deferred tax liabilities	(244		)	(355		)
Net deferred tax asset	$	256		$	254