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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of Comprehensive Income Tax | Total income tax expense is presented below:
| Year Ended December 31,
(in millions) | 2018 |  |  | 2017 |  |  | 2016 |
Income tax expense |  | $462 |  |  |  | $260 |  |  |  | $489 |
Tax effect of changes in OCI | (96 | ) |  | (7 | ) |  | (168 | )
Total comprehensive income tax expense |  | $366 |  |  |  | $253 |  |  |  | $321 |
Schedule of Components of Income Tax Expense | Components of income tax expense are presented below:
(in millions) | Current |  | Deferred |  | Total |
Year Ended December 31, 2018 |  |  |
U.S. federal |  | $271 |  |  | $90 |  |  | $361 |
State and local | 94 |  | 7 |  | 101 |
Total |  | $365 |  |  | $97 |  |  | $462 |
Year Ended December 31, 2017 |  |  |
U.S. federal |  | $376 |  |  | ($142 | ) |  | $234 |
State and local | 20 |  | 6 |  | 26 |
Total |  | $396 |  |  | ($136 | ) |  | $260 |
Year Ended December 31, 2016 |  |  |
U.S. federal |  | $292 |  |  | $159 |  |  | $451 |
State and local | 44 |  | (6 | ) | 38 |
Total |  | $336 |  |  | $153 |  |  | $489 |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate differed from the U.S. federal income tax rate of 21% for the year ended December 31, 2018, and 35% for the years ended December 31, 2017 and 2016, as presented below:
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
(in millions, except ratio data) | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
U.S. Federal income tax expense and tax rate |  | $459 |  | 21.0 | % |  |  | $669 |  | 35.0 | % |  |  | $537 |  | 35.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
Federal rate change | (34 | ) | (1.6 | ) |  | (331 | ) | (17.3 | ) |  | — |  | — |
State and local income taxes (net of federal benefit) | 89 |  | 4.1 |  |  | 46 |  | 2.4 |  |  | 38 |  | 2.5 |
Bank-owned life insurance | (12 | ) | (0.5 | ) |  | (19 | ) | (1.0 | ) |  | (19 | ) | (1.2 | )
Tax-exempt interest | (15 | ) | (0.7 | ) |  | (21 | ) | (1.1 | ) |  | (19 | ) | (1.3 | )
Tax advantaged investments (including related credits) | (44 | ) | (2.0 | ) |  | (51 | ) | (2.7 | ) |  | (31 | ) | (2.0 | )
Other tax credits | (8 | ) | (0.4 | ) |  | (3 | ) | (0.1 | ) |  | (14 | ) | (0.9 | )
Adjustments for uncertain tax positions | 1 |  | 0.1 |  |  | (23 | ) | (1.2 | ) |  | — |  | — |
Non-deductible FDIC premiums | 21 |  | 1.0 |  |  | — |  | — |  |  | — |  | — |
Other | 5 |  | 0.2 |  |  | (7 | ) | (0.4 | ) |  | (3 | ) | (0.2 | )
Total income tax expense and tax rate |  | $462 |  | 21.2 | % |  |  | $260 |  | 13.6 | % |  |  | $489 |  | 31.9 | %
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:
| December 31,
(in millions) | 2018 |  |  | 2017 |
Deferred tax assets: |  |  |
Other comprehensive income |  | $366 |  |  |  | $271 |
Allowance for credit losses | 308 |  |  | 310 |
State net operating loss carryforwards | 90 |  |  | 88 |
Accrued expenses not currently deductible | 36 |  |  | 40 |
Investment and other tax credit carryforwards | 74 |  |  | 65 |
Fair value adjustments | 28 |  |  | 27 |
Total deferred tax assets | 902 |  |  | 801 |
Valuation allowance | (110 | ) |  | (105 | )
Deferred tax assets, net of valuation allowance | 792 |  |  | 696 |
Deferred tax liabilities: |  |  |
Leasing transactions | 527 |  |  | 525 |
Amortization of intangibles | 364 |  |  | 352 |
Depreciation | 195 |  |  | 182 |
Pension and other employee compensation plans | 127 |  |  | 110 |
Partnerships | 51 |  |  | 37 |
Deferred Income | 50 |  |  | 27 |
MSRs | 51 |  |  | 34 |
Total deferred tax liabilities | 1,365 |  |  | 1,267 |
Net deferred tax liability |  | $573 |  |  |  | $571 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is presented below:
| December 31,
(in millions) | 2018 |  |  | 2017 |  |  | 2016 |
Balance at the beginning of the year |  | $5 |  |  |  | $42 |  |  |  | $62 |
Gross increase for tax positions related to current year | 3 |  |  | — |  |  | — |
Gross decrease for tax positions related to prior years | — |  |  | (27 | ) |  | (19 | )
Gross increase for tax positions related to prior years | — |  |  | — |  |  | 1 |
Decreases for tax positions as a result of the lapse of the statutes of limitations | — |  |  | (1 | ) |  | (2 | )
Decreases for tax positions related to settlements with taxing authorities | — |  |  | (9 | ) |  | — |
Balance at end of year |  | $8 |  |  |  | $5 |  |  |  | $42 |

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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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