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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2012
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) |  |  | 2012 |  |  | 2011 |  |  | 2010
Current income tax expense: |  |  |  |  |  |  |  |  |
| U.S. federal |  | $ | 982 |  | $ | 958 |  | $ | 532
| U.S. state and local |  |  | 189 |  |  | 156 |  |  | 110
| Non-U.S. |  |  | 445 |  |  | 434 |  |  | 508
|  | Total current income tax expense |  |  | 1,616 |  |  | 1,548 |  |  | 1,150
Deferred income tax expense (benefit): |  |  |  |  |  |  |  |  |
| U.S. federal |  |  | 359 |  |  | 464 |  |  | 782
| U.S. state and local |  |  | 39 |  |  | 68 |  |  | 78
| Non-U.S. |  |  | (45) |  |  | (23) |  |  | (103)
|  | Total deferred income tax expense |  |  | 353 |  |  | 509 |  |  | 757
Total income tax expense on |  |  |  |  |  |  |  |  |
| continuing operations |  | $ | 1,969 |  | $ | 2,057 |  | $ | 1,907
Income tax benefit from |  |  |  |  |  |  |  |  |
| discontinued operations |  | $ | ― |  | $ | (36) |  | $ | ―
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:
|  |  |  | 2012 |  | 2011 |  | 2010 |
U.S. statutory federal income tax rate |  | 35.0 | % | 35.0 | % | 35.0 | %
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |
| Tax-exempt income |  | (1.6) |  | (1.5) |  | (1.9) |
| State and local income taxes, net of |  |  |  |  |  |  |
|  | federal benefit |  | 2.5 |  | 2.6 |  | 2.7 |
| Non-U.S. subsidiaries earnings(a) |  | (5.2) |  | (4.4) |  | (3.1) |
| Tax settlements(b) |  | (0.2) |  | (1.9) |  | (1.3) |
| All other |  | ― |  | (0.2) |  | 0.6 |
|  | Actual tax rates(a) |  | 30.5 | % | 29.6 | % | 32.0 | %
Results for all years primarily include d tax benefits associated with the undistributed earnings of certain non-U.S. subsidiaries that were deemed to be reinvested indefinitely. In addition, 2012 and 2011 include d tax benefits of $146 million and $77 million, which decreased the actual tax rates by 2.3 percent and 1.1 percent, respectively, related to the realization of certain foreign tax credits. 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) |  |  | 2012 |  |  | 2011
Deferred tax assets: |  |  |  |  |  |
| Reserves not yet deducted for tax purposes |  | $ | 3,828 |  | $ | 3,435
| Employee compensation and benefits |  |  | 761 |  |  | 760
| Other |  |  | 556 |  |  | 626
|  | Gross deferred tax assets |  |  | 5,145 |  |  | 4,821
|  | Valuation allowance |  |  | (162) |  |  | (112)
|  | Deferred tax assets after valuation allowance |  |  | 4,983 |  |  | 4,709
Deferred tax liabilities: |  |  |  |  |  |
| Intangibles and fixed assets |  |  | 1,218 |  |  | 1,013
| Deferred revenue |  |  | 403 |  |  | 382
| Deferred interest |  |  | 378 |  |  | ―
| Other |  |  | 526 |  |  | 439
|  | Gross deferred tax liabilities |  |  | 2,525 |  |  | 1,834
Net deferred tax assets |  | $ | 2,458 |  | $ | 2,875
Changes in unrecognized tax benefits | The following table presents changes in unrecognized tax benefits:
(Millions) |  |  | 2012 |  |  | 2011 |  |  | 2010
Balance, January 1 |  | $ | 1,223 |  | $ | 1,377 |  | $ | 1,081
Increases: |  |  |  |  |  |  |  |  |
| Current year tax positions |  |  | 51 |  |  | 77 |  |  | 182
| Tax positions related to prior years |  |  | 64 |  |  | 247 |  |  | 403
Decreases: |  |  |  |  |  |  |  |  |
| Tax positions related to prior years |  |  | (44) |  |  | (457) |  |  | (145)
| Settlements with tax authorities |  |  | (25) |  |  | (2) |  |  | (138)
| Lapse of statute of limitations |  |  | (37) |  |  | (19) |  |  | (6)
| Effects of foreign currency |  |  |  |  |  |  |  |  |
|  | translations |  |  | (2) |  |  | ― |  |  | ―
Balance, December 31 |  | $ | 1,230 |  | $ | 1,223 |  | $ | 1,377

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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