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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2011
Income Taxes (Tables) [Abstract] |
Components of income tax expense | The components of income tax expense for the years ended December 31 included in the Consolidated Statements of Income were as follows:
(Millions) |  |  | 2011 |  |  | 2010 |  |  | 2009
Current income tax expense: |  |  |  |  |  |  |  |  |
| U.S. federal |  | $ | 958 |  | $ | 532 |  | $ | 661
| U.S. state and local |  |  | 156 |  |  | 110 |  |  | 40
| Non-U.S. |  |  | 434 |  |  | 508 |  |  | 295
|  | Total current income tax expense |  |  | 1,548 |  |  | 1,150 |  |  | 996
Deferred income tax expense (benefit): |  |  |  |  |  |  |  |  |
| U.S. federal |  |  | 464 |  |  | 782 |  |  | (231)
| U.S. state and local |  |  | 68 |  |  | 78 |  |  | 24
| Non-U.S. |  |  | (23) |  |  | (103) |  |  | (85)
|  | Total deferred income tax expense |  |  |  |  |  |  |  |  |
|  |  | (benefit) |  |  | 509 |  |  | 757 |  |  | (292)
Total income tax expense on |  |  |  |  |  |  |  |  |
| continuing operations |  | $ | 2,057 |  | $ | 1,907 |  | $ | 704
Income tax (benefit) expense from |  |  |  |  |  |  |  |  |
| discontinued operations |  | $ | (36) |  | $ | ― |  | $ | 4
Effective income tax rate | A reconciliation of the U.S. federal statutory rate of 35 percent to the Company's actual income tax rate for the years ended December 31 on continuing operations was as follows:
|  |  |  | 2011 |  | 2010 |  | 2009 |
Combined tax at U.S. statutory federal |  |  |  |  |  |  |
| income tax rate |  | 35.0 | % | 35.0 | % | 35.0 | %
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |
| Tax-exempt income |  | (1.5) |  | (1.9) |  | (4.6) |
| State and local income taxes, net of |  |  |  |  |  |  |
|  | federal benefit |  | 2.6 |  | 2.7 |  | 2.7 |
| Non-U.S. subsidiaries earnings(a) |  | (4.4) |  | (3.1) |  | (6.8) |
| Tax settlements(b) |  | (1.9) |  | (1.3) |  | (1.4) |
| All other |  | (0.2) |  | 0.6 |  | (0.1) |
|  | Actual tax rates |  | 29.6 | % | 32.0 | % | 24.8 | %
Results for all years primarily include tax benefits associated with the undistributed earnings of certain non-U.S. subsidiaries that were deemed to be reinvested indefinitely. Relate s to the resolution of tax matters in various jurisdictions.
Components of deferred tax assets and liabilities | The significant components of deferred tax assets and liabilities as of December 31 are reflected in the following table:
(Millions) |  |  | 2011 |  |  | 2010
Deferred tax assets: |  |  |  |  |  |
| Reserves not yet deducted for tax purposes |  | $ | 3,435 |  | $ | 3,789
| Employee compensation and benefits |  |  | 760 |  |  | 741
| Other |  |  | 626 |  |  | 290
|  | Gross deferred tax assets |  |  | 4,821 |  |  | 4,820
|  | Valuation allowance |  |  | (112) |  |  | (104)
|  | Deferred tax assets after valuation allowance |  |  | 4,709 |  |  | 4,716
Deferred tax liabilities: |  |  |  |  |  |
| Intangibles and fixed assets |  |  | 1,013 |  |  | 834
| Deferred revenue |  |  | 382 |  |  | 36
| Asset securitizations |  |  | 39 |  |  | 43
| Net unrealized securities gains |  |  | 25 |  |  | 19
| Other |  |  | 375 |  |  | 387
|  | Gross deferred tax liabilities |  |  | 1,834 |  |  | 1,319
Net deferred tax assets |  | $ | 2,875 |  | $ | 3,397
Changes in unrecognized tax benefits | The following table presents changes in unrecognized tax benefits:
(Millions) |  |  | 2011 |  |  | 2010 |  |  | 2009
Balance, January 1 |  | $ | 1,377 |  | $ | 1,081 |  | $ | 1,176
Increases: |  |  |  |  |  |  |  |  |
| Current year tax positions |  |  | 77 |  |  | 182 |  |  | 39
| Tax positions related to prior years |  |  | 247 |  |  | 403 |  |  | 161
| Effects of foreign currency |  |  |  |  |  |  |  |  |
|  | translations |  |  | ― |  |  | ― |  |  | 1
Decreases: |  |  |  |  |  |  |  |  |
| Tax positions related to prior years |  |  | (457) |  |  | (145) |  |  | (197)
| Settlements with tax authorities |  |  | (2) |  |  | (138) |  |  | (97)
| Lapse of statute of limitations |  |  | (19) |  |  | (6) |  |  | (2)
Balance, December 31 |  | $ | 1,223 |  | $ | 1,377 |  | $ | 1,081

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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