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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Table Text Block [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) |  |  | 2014 |  |  | 2013 |  |  | 2012
Current income tax expense: |  |  |  |  |  |  |  |  |
| U.S. federal |  | $ | 2,136 |  | $ | 1,730 |  | $ | 982
| U.S. state and local |  |  | 264 |  |  | 288 |  |  | 189
| Non-U.S. |  |  | 412 |  |  | 514 |  |  | 445
|  | Total current income tax expense |  |  | 2,812 |  |  | 2,532 |  |  | 1,616
Deferred income tax expense (benefit): |  |  |  |  |  |  |  |  |
| U.S. federal |  |  | 352 |  |  | 113 |  |  | 359
| U.S. state and local |  |  | 39 |  |  | 4 |  |  | 39
| Non-U.S. |  |  | (97) |  |  | (120) |  |  | (45)
|  | Total deferred income tax expense |  |  | 294 |  |  | (3) |  |  | 353
Total income tax expense |  | $ | 3,106 |  | $ | 2,529 |  | $ | 1,969
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:
|  |  |  | 2014 |  | 2013 |  | 2012 |
U.S. statutory federal income tax rate |  | 35.0 | % | 35.0 | % | 35.0 | %
(Decrease) increase in taxes resulting from: |  |  |  |  |  |  |
| Tax-exempt income |  | (1.5) |  | (1.6) |  | (1.6) |
| State and local income taxes, net of federal benefit |  | 2.7 |  | 3.1 |  | 2.5 |
| Non-U.S. subsidiaries earnings(a) |  | (2.2) |  | (2.8) |  | (5.2) |
| Tax settlements(b) |  | (0.5) |  | (1.9) |  | (0.2) |
| All other |  | 1.0 |  | 0.3 |  | ― |
|  | Actual tax rates(a) |  | 34.5 | % | 32.1 | % | 30.5 | %
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 include d tax benefits of $146 million, which decreased the actual tax rates by 2.3 percent 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 f ollowing table:
(Millions) |  |  | 2014 |  |  | 2013
Deferred tax assets: |  |  |  |  |  |
| Reserves not yet deducted for tax purposes |  | $ | 3,926 |  | $ | 3,813
| Employee compensation and benefits |  |  | 789 |  |  | 721
| Other |  |  | 266 |  |  | 546
|  | Gross deferred tax assets |  |  | 4,981 |  |  | 5,080
|  | Valuation allowance |  |  | (75) |  |  | (121)
|  | Deferred tax assets after valuation allowance |  |  | 4,906 |  |  | 4,959
Deferred tax liabilities: |  |  |  |  |  |
| Intangibles and fixed assets |  |  | 1,597 |  |  | 1,465
| Deferred revenue |  |  | 498 |  |  | 453
| Deferred interest |  |  | 350 |  |  | 363
| Asset securitization |  |  | 162 |  |  | 130
| Investment in joint ventures |  |  | 223 |  |  | 10
| Other |  |  | 62 |  |  | 95
|  | Gross deferred tax liabilities |  |  | 2,892 |  |  | 2,516
Net deferred tax assets |  | $ | 2,014 |  | $ | 2,443
Changes in unrecognized tax benefits | The following table presents changes in unrecognized tax benefits:
(Millions) |  |  | 2014 |  |  | 2013 |  |  | 2012
Balance, January 1 |  | $ | 1,044 |  | $ | 1,230 |  | $ | 1,223
Increases: |  |  |  |  |  |  |  |  |
| Current year tax positions |  |  | 4 |  |  | 124 |  |  | 51
| Tax positions related to prior years |  |  | 111 |  |  | 176 |  |  | 64
Decreases: |  |  |  |  |  |  |  |  |
| Tax positions related to prior years |  |  | (181) |  |  | (371) |  |  | (44)
| Settlements with tax authorities |  |  | (67) |  |  | (94) |  |  | (25)
| Lapse of statute of limitations |  |  | (1) |  |  | (21) |  |  | (37)
| Effects of foreign currency translations |  |  | (1) |  |  | ― |  |  | (2)
Balance, December 31 |  | $ | 909 |  | $ | 1,044 |  | $ | 1,230

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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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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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