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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense were as follows:
| Year Ended December 31,
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 399 |  |  | $ | 580 |  |  | $ | 367 |
State and local | 169 |  |  | 228 |  |  | 143 |
Total current | 568 |  |  | 808 |  |  | 510 |
Deferred: |  |  |  |  |
Federal | (21) |  |  | (64) |  |  | (18) |
State and local | (6) |  |  | (33) |  |  | (12) |
Total deferred | (27) |  |  | (97) |  |  | (30) |
Amortization of investments in partnerships under proportional amortization method | 181 |  |  | 167 |  |  | 140 |
Total income taxes | $ | 722 |  |  | $ | 878 |  |  | $ | 620 |
Schedule of Income Tax Expense Benefit Reconciliation | Total income taxes differed from the amount computed by applying the statutory federal income tax rate to pre-tax income as follows:
| Year Ended December 31,
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Income taxes at statutory federal income tax rate | $ | 695 |  |  | $ | 760 |  |  | $ | 548 |
Increase (decrease) in taxes: |  |  |  |  |
Tax-exempt income | (53) |  |  | (51) |  |  | (37) |
State and local income taxes, net of federal income tax effect | 136 |  |  | 161 |  |  | 110 |
Tax benefits for investments in partnerships under proportional amortization method, net | (38) |  |  | (26) |  |  | (22) |
Other | (18) |  |  | 34 |  |  | 21 |
Total income taxes | $ | 722 |  |  | $ | 878 |  |  | $ | 620 |
Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) were comprised of the following at December 31:
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Deferred tax assets: |  |  |  |  |
Losses on loans and other assets | $ | 671 |  |  | $ | 686 |  |  | $ | 641 |
Operating lease liabilities | 170 |  |  | 182 |  |  | 183 |
Postretirement and other employee benefits | 63 |  |  | 47 |  |  | — |
Incentive and other compensation plans | 36 |  |  | 30 |  |  | 34 |
Unrealized losses | 52 |  |  | 64 |  |  | 115 |
Interest on loans | 28 |  |  | 42 |  |  | 54 |
Losses on cash flow hedges | 34 |  |  | 52 |  |  | 87 |
Stock-based compensation | 49 |  |  | 54 |  |  | 51 |
Other | 139 |  |  | 153 |  |  | 81 |
Gross deferred tax assets | 1,242 |  |  | 1,310 |  |  | 1,246 |
Deferred tax liabilities: |  |  |  |  |
Retirement benefits | (304) |  |  | (198) |  |  | (88) |
Leases | (150) |  |  | (171) |  |  | (204) |
Right-of-use assets | (147) |  |  | (165) |  |  | (163) |
Depreciation and amortization | (56) |  |  | (157) |  |  | (155) |
Capitalized servicing rights | (36) |  |  | (38) |  |  | (51) |
Postretirement and other employee benefits | — |  |  | — |  |  | (29) |
Other | (68) |  |  | (59) |  |  | (69) |
Gross deferred tax liabilities | (761) |  |  | (788) |  |  | (759) |
Net deferred tax asset | $ | 481 |  |  | $ | 522 |  |  | $ | 487 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:
(Dollars in millions) | Federal, State and Local Tax |  | Accrued Interest |  | Unrecognized Income Tax Benefits
Gross unrecognized tax benefits at January 1, 2022 | $ | 38 |  |  | $ | 8 |  |  | $ | 46 |
Increases as a result of tax positions taken in prior years | — |  |  | 3 |  |  | 3 |
Unrecognized tax benefits assumed in a business combination | 3 |  |  | 1 |  |  | 4 |
Decreases as a result of tax positions taken in prior years | (11) |  |  | (4) |  |  | (15) |
Gross unrecognized tax benefits at December 31, 2022 | 30 |  |  | 8 |  |  | 38 |
Increases as a result of tax positions taken in prior years | 5 |  |  | 1 |  |  | 6 |
Decreases as a result of tax positions taken in prior years | (13) |  |  | (3) |  |  | (16) |
Gross unrecognized tax benefits at December 31, 2023 | 22 |  |  | 6 |  |  | 28 |
Increases as a result of tax positions taken in prior years | 13 |  |  | 7 |  |  | 20 |
Decreases as a result of tax positions taken in prior years | (10) |  |  | (2) |  |  | (12) |
Gross unrecognized tax benefits at December 31, 2024 | $ | 25 |  |  | $ | 11 |  |  | $ | 36 |
Less: Federal, state and local income tax benefits |  |  |  |  | (7) |
Net unrecognized tax benefits at December 31, 2024 that, if recognized, would impact the effective income tax rate |  |  |  |  | $ | 29 |

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