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Income Taxes And Tax-Related Items Income Taxes And Tax-Related Items (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Current and Deferred Components of the Provision for Income Taxes

The current and deferred components of the provision for income taxes were as follows:

(in millions)
December 31			2021						2020						2019
Current:
Federal			$	212					$	171					$	267
Foreign			5						5						7
State and local			26						30						48
Total current			243						206						322
Deferred:
Federal			62						(73)						17
State and local			17						(9)						(3)
Total deferred			79						(82)						14
Total			$	322					$	124					$	336

Reconciliation of Expected Income Tax Expense at the Federal Statutory Rate to the Provision for Income Taxes

A reconciliation of expected income tax expense at the federal statutory rate to the Corporation’s provision for income taxes and effective tax rate follows:

(dollar amounts in millions)			2021												2020												2019
Years Ended December 31			Amount						Rate						Amount						Rate						Amount						Rate
Tax based on federal statutory rate			$	313					21.0		%				$	130					21.0		%				$	323					21.0		%
State income taxes			35						2.4						18						2.9						34						2.2
Affordable housing and historic credits			(13)						(0.9)						(12)						(1.9)						(11)						(0.7)
Bank-owned life insurance			(10)						(0.6)						(10)						(1.6)						(9)						(0.6)
FDIC insurance expense			5						0.3						7						1.1						5						0.3
Employee stock transactions			(3)						(0.2)						(1)						(0.2)						(12)						(0.8)
Tax-related interest and penalties			—						—						(2)						(0.3)						2						0.1
Other			(5)						(0.4)						(6)						(1.0)						4						0.3
Provision for income taxes			$	322					21.6		%				$	124					20.0		%				$	336					21.8		%

Reconciliation of Beginning and Ending Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of net unrecognized tax benefits follows:

(in millions)			2021						2020						2019
Balance at January 1			$	19					$	17					$	14
Increase as a result of tax positions taken during a prior period			1						1						4
Increase as a result of tax positions taken during the current period			3						2						—
Decreases related to settlements with tax authorities			(3)						(1)						(1)
Reduction as a result of expiration of statute of limitations			(2)						—						—
Balance at December 31			$	18					$	19					$	17

Tax Years Remaining Open for Examination for Significant Tax Jurisdictions

The following tax years for significant jurisdictions remain subject to examination as of December 31, 2021:

Jurisdiction			Tax Years
Federal			2017-2020
California			2006-2007, 2018-2020

Principal Components of Deferred Tax Assets and Liabilities

The principal components of deferred tax assets and liabilities were as follows:

(in millions)
December 31			2021						2020
Deferred tax assets:
Allowance for depreciation			$	7					$	—
Allowance for loan losses			124						199
Deferred compensation			71						59
Deferred loan origination fees and costs			17						19
Net unrealized losses on investment securities available-for-sale			30						—
Operating lease liabilities			74						72
Other temporary differences, net			21						51
Total deferred tax assets before valuation allowance			344						400
Valuation allowance			(5)						(3)
Total deferred tax assets			339						397
Deferred tax liabilities:
Lease financing transactions			(49)						(70)
Defined benefit plans			(198)						(137)
Allowance for depreciation			—						(11)
Net hedging gains			(17)						(47)
Leasing Right of Use assets			(66)						(64)
Net unrealized gains on investment securities available-for-sale			—						(65)
Total deferred tax liabilities			(330)						(394)
Net deferred tax assets			$	9					$	3

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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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