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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for (Benefit from) Income Taxes
Components of Provision for Income Taxes
$ in millions202220212020
Current
U.S.:
Federal$2,518 $2,554 $1,641 
State and local442 475 399 
Non-U.S.:
U.K.405 551 395 
Japan105 105 185 
Hong Kong29 192 185 
Other1
260 667 684 
Total$3,759 $4,544 $3,489 
Deferred
U.S.:
Federal$(803)$(11)$(249)
State and local(142)33 (38)
Non-U.S.:
U.K.55 (37)(2)
Japan20 12 
Hong Kong(1)(9)(3)
Other1
22 24 30 
Total$(849)$$(250)
Provision for income taxes$2,910 $4,548 $3,239 
1.Other Non-U.S. tax provisions for 2022, 2021 and 2020 primarily include Brazil, Singapore and the Netherlands.
Schedule of Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate
Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Income Tax Rate
202220212020
U.S. federal statutory income tax rate21.0 %21.0 %21.0 %
U.S. state and local income taxes, net of
U.S. federal income tax benefits
1.8 2.1 2.0 
Domestic tax credits and tax exempt income(0.9)(0.6)(0.8)
Non-U.S. earnings0.8 1.4 1.7 
Employee share-based awards(1.7)(0.6)(0.7)
Other(0.3)(0.2)(0.7)
Effective income tax rate20.7 %23.1 %22.5 %
Schedule of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities
$ in millionsAt
December 31,
2022
At
December 31,
2021
Gross deferred tax assets
Net operating loss and tax credit carryforwards$288 $276 
Employee compensation and benefit plans2,487 2,430 
Allowance for credit losses and other reserves595 599 
Valuation of net trading inventory, investments and receivables1,743 474 
Other35 15 
Total deferred tax assets5,148 3,794 
Less: Deferred tax assets valuation allowance205 208 
Deferred tax assets after valuation allowance$4,943 $3,586 
Gross deferred tax liabilities
Fixed assets807 1,287 
Intangibles and goodwill2,019 2,046 
Total deferred tax liabilities$2,826 $3,333 
Net deferred tax assets$2,117 $253 
Schedule of Rollforward of Unrecognized Tax Benefits
Rollforward of Unrecognized Tax Benefits
$ in millions202220212020
Balance at beginning of period$971 $755 $755 
Increases based on tax positions related to the current period256 201 139 
Increases based on tax positions related to prior periods64 74 178 
Increases based on the acquisition of E*TRADE — 26 
Decreases based on tax positions related to prior periods(134)(37)(297)
Decreases related to settlements with taxing authorities(6)(10)(36)
Decreases related to lapse of statute of limitations(22)(12)(10)
Balance at end of period$1,129 $971 $755 
Net unrecognized tax benefits1
$1,007 $860 $665 
1.Represent ending unrecognized tax benefits adjusted for the impact of the federal benefit of state issues, competent authority arrangements and foreign tax credit offsets. If recognized, these net benefits would favorably impact the effective tax rate in future periods.
Schedule of Interest Expense (Benefit) Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits
Interest Expense (Benefit) Associated with Unrecognized Tax Benefits, Net of Federal and State Income Tax Benefits
$ in millions202220212020
Recognized in income statement$39 $14 $56 
Accrued at end of period175 142 134 
Schedule of Earliest Tax Year Subject to Examination in Major Tax Jurisdictions
Earliest Tax Year Subject to Examination in Major Tax Jurisdictions
JurisdictionTax Year
U.S.2017
New York State and New York City2010
U.K.2011
Japan2018
Hong Kong2016