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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | INCOME T AXES The components of income tax expense from continuing operations are as follows: Table 88: Components of Income Tax Expense
Year ended December 31 In millions | 2019 |  |  | 2018 |  |  | 2017 |  |
Current |  |  |  |  |  |
Federal | $ | 570 |  |  | $ | 739 |  |  | $ | 303 |  |
State | 152 |  |  | 178 |  |  | 53 |  |
Total current | 722 |  |  | 917 |  |  | 356 |  |
Deferred |  |  |  |  |  |
Federal | 187 |  |  | 13 |  |  | (602 | ) |
State | (8 | ) |  | (2 | ) |  | 61 |  |
Total deferred | 179 |  |  | 11 |  |  | (541 | ) |
Total | $ | 901 |  |  | $ | 928 |  |  | $ | (185 | ) |
Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows: Table 89: Deferred Tax Assets and Liabilities
December 31 – in millions | 2019 |  |  | 2018 |  |
Deferred tax assets |  |  |  |
Allowance for loan and lease losses | $ | 661 |  |  | $ | 637 |  |
Compensation and benefits | 270 |  |  | 279 |  |
Partnership investments | 120 |  |  | 184 |  |
Loss and credit carryforward | 203 |  |  | 366 |  |
Accrued expenses | 195 |  |  | 207 |  |
Lease obligations | 545 |  |  |  |  |
Other | 161 |  |  | 193 |  |
Total gross deferred tax assets | 2,155 |  |  | 1,866 |  |
Valuation allowance | (31 | ) |  | (37 | ) |
Total deferred tax assets | 2,124 |  |  | 1,829 |  |
Deferred tax liabilities |  |  |  |
Leasing | 1,703 |  |  | 1,169 |  |
Goodwill and intangibles | 194 |  |  | 196 |  |
Fixed assets | 412 |  |  | 379 |  |
Mortgage servicing rights | 99 |  |  | 179 |  |
Net unrealized gains on securities and financial instruments | 401 |  |  |  |  |
Other | 176 |  |  | 129 |  |
Total deferred tax liabilities | 2,985 |  |  | 2,052 |  |
Net deferred tax liability | $ | 861 |  |  | $ | 223 |  |
Reconciliation of Statutory and Effective Tax Rates | A reconciliation between the statutory and effective tax rates from continuing operations follows: Table 90: Reconciliation of Statutory and Effective Tax Rates
Year ended December 31 | 2019 |  |  | 2018 |  |  | 2017 |
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 35.0 | %
Increases (decreases) resulting from: |  |  |  |  |
State taxes net of federal benefit | 2.3 |  |  | 2.5 |  |  | 1.8 |
Tax-exempt interest | (1.5 | ) |  | (1.7 | ) |  | (3.2 | )
Life insurance | (1.0 | ) |  | (1.0 | ) |  | (2.2 | )
Tax credits | (4.2 | ) |  | (4.0 | ) |  | (5.3 | )
Federal deferred tax revaluation |  |  | (2.1 | ) |  | (27.0 | )
Unrecognized tax benefits | (.1 | ) |  | 1.3 |  |  | (.2 | )
Other | (.1 | ) |  | .9 |  |  | (3.1 | )
Effective tax rate | 16.4 | % |  | 16.9 | % |  | (4.2 | )%
Net Operating Loss Carryforwards | The net operating loss carryforwards at December 31, 2019 and 2018 follow Table 91: Net Operating Loss Carryforwards
Dollars in millions | December 31, 2019 |  |  | December 31, 2018 |  |  | Expiration |
Net Operating Loss Carryforwards: |  |  |  |  |  |
Federal | $ | 402 |  |  | $ | 521 |  |  | 2032 |
State | $ | 1,197 |  |  | $ | 1,577 |  |  | 2020-2039 |
Change in Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows: Table 92: Change in Unrecognized Tax Benefits
In millions | 2019 |  |  | 2018 |  |  | 2017 |  |
Balance of gross unrecognized tax benefits at January 1 | $ | 207 |  |  | $ | 18 |  |  | $ | 22 |  |
Increases: |  |  |  |  |  |
Positions taken during a prior period |  |  | 212 |  |  | 4 |  |
Decreases: |  |  |  |  |  |
Positions taken during a prior period | (77 | ) |  | (16 | ) |  | (3 | ) |
Settlements with taxing authorities |  |  | (7 | ) |  | (4 | ) |
Reductions resulting from lapse of statute of limitations |  |  |  |  | (1 | ) |
Balance of gross unrecognized tax benefits at December 31 | $ | 130 |  |  | $ | 207 |  |  | $ | 18 |  |
Favorable (unfavorable) impact if recognized | $ | 76 |  |  | $ | 76 |  |  | $ | 17 |  |
IRS Tax Examination Status | Table 93: IRS Tax Examination Status
| Years under examination |  | Status at December 31 |
Federal | 2016 – 2017 |  | Under Exam |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=117331294&loc=d3e36027-109320 + Details
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