Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

Year Ended December 31 (Dollars in Millions)	2015			2014			2013
Federal
Current	$	1,956		$	1,888		$	1,885
Deferred		(223	)		(126	)		(83	)
Federal income tax		1,733			1,762			1,802
State
Current		346			331			216
Deferred		18			(6	)		14
State income tax		364			325			230
Total income tax provision	$	2,097		$	2,087		$	2,032

Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35 Percent to Company's Applicable Income Tax Expense

A reconciliation of expected income tax expense at the federal statutory rate of 35 percent to the Company’s applicable income tax expense follows:

Year Ended December 31 (Dollars in Millions)	2015			2014			2013
Tax at statutory rate	$	2,810		$	2,798		$	2,717
State income tax, at statutory rates, net of federal tax benefit		237			211			150
Tax effect of
Tax credits and benefits, net of related expenses		(700	)		(701	)		(648	)
Tax-exempt income		(201	)		(205	)		(212	)
Noncontrolling interests		(19	)		(20	)		37
Other items		(30	)(a)		4			(12	)
Applicable income taxes	$	2,097		$	2,087		$	2,032

(a) Includes the resolution of certain tax matters with taxing authorities.

Reconciliation of Changes in Federal, State and Foreign Unrecognized Tax Position Balances

A reconciliation of the changes in the federal, state and foreign unrecognized tax position balances are summarized as follows:

Year Ended December 31 (Dollars in Millions)	2015			2014			2013
Balance at beginning of period	$	267		$	264		$	302
Additions (reductions) for tax positions taken in prior years		(17	)		31			44
Additions for tax positions taken in the current year		13			4			–
Exam resolutions		(17	)		(22	)		(56	)
Statute expirations		(3	)		(10	)		(26	)
Balance at end of period	$	243		$	267		$	264

Significant Components of the Company's Net Deferred Tax Asset (Liability)

The significant components of the Company’s net deferred tax asset (liability) follows:

At December 31 (Dollars in Millions)	2015			2014
Deferred Tax Assets
Allowance for credit losses	$	1,615		$	1,652
Accrued expenses		764			630
Federal, state and foreign net operating loss carryforwards		464			212
Partnerships and other investment assets		380			403
Pension and postretirement benefits		247			437
Stock compensation		131			143
Other deferred tax assets, net		219			208
Gross deferred tax assets		3,820			3,685
Deferred Tax Liabilities
Leasing activities		(3,026	)		(3,042	)
Mortgage servicing rights		(859	)		(871	)
Goodwill and other intangible assets		(859	)		(772	)
Loans		(204	)		(212	)
Fixed assets		(111	)		(90	)
Securities available-for-sale and financial instruments		(47	)		(165	)
Other deferred tax liabilities, net		(55	)		(159	)
Gross deferred tax liabilities		(5,161	)		(5,311	)
Valuation allowance		(137	)		(101	)
Net Deferred Tax Asset (Liability)	$	(1,478	)	$	(1,727	)