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Tax (Tables) | 12 Months Ended
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Dec. 31, 2023
Details of current and deferred taxes | Details of current and deferred taxes
in |  | 2023 |  | 2022 |  | 2021 |
Current and deferred taxes (CHF million)
Switzerland |  | 123 |  | 296 |  | 302 |
Foreign |  | 451 |  | (95) |  | 472 |
Current income tax expense |  | 574 |  | 201 |  | 774 |
Switzerland |  | 37 |  | 73 |  | 156 |
Foreign |  | 243 |  | 3,699 |  | 8 |
Deferred income tax expense |  | 280 |  | 3,772 |  | 164 |
Income tax expense |  | 854 |  | 3,973 |  | 938 |
Income tax expense/(benefit) reported in shareholders' equity related to: |  |  |  |  |  |  |
Gains/(losses) on own credit |  | (675) |  | 876 |  | 12 |
Gains/(losses) on cash flow hedges |  | 66 |  | (266) |  | (62) |
Cumulative translation adjustment |  | 1 |  | (7) |  | 4 |
Unrealized gains/(losses) on debt securities |  | 6 |  | (9) |  | (4) |
Actuarial gains/(losses) |  | (30) |  | (84) |  | 0 |
Reconciliation of taxes computed at the Swiss statutory rate | Reconciliation of taxes computed at the Swiss statutory rate
in |  | 2023 |  | 2022 |  | 2021 |
Income/(loss) before taxes (CHF million)
Switzerland |  | 6,689 |  | 543 |  | 1,659 |
Foreign |  | (9,949) |  | (3,874) |  | (1,750) |
Income/(loss) before taxes |  | (3,260) |  | (3,331) |  | (91) |
Reconciliation of taxes computed at the Swiss statutory rate (CHF million)
Income tax expense/(benefit) computed at the statutory tax rate 1 |  | (603) |  | (616) |  | (17) |
Increase/(decrease) in income taxes resulting from |  |  |  |  |  |  |
Foreign tax rate differential |  | (701) |  | (127) |  | 92 |
Non-deductible amortization of other intangible assets and goodwill impairment |  | 12 |  | 0 |  | (181) |
Other non-deductible expenses |  | 1,109 |  | 303 |  | 369 |
Additional taxable income |  | 1,322 |  | 5 |  | 15 |
Lower taxed income |  | (108) |  | (144) |  | (129) |
(Income)/loss taxable to noncontrolling interests |  | 1 |  | 11 |  | 12 |
Changes in tax law and rates |  | 44 |  | 24 |  | (29) |
Changes in deferred tax valuation allowance |  | (528) |  | 4,512 |  | 612 |
Change in recognition of outside basis difference |  | 41 |  | (2) |  | 3 |
(Windfall tax benefits)/shortfall tax charges on share-based compensation |  | 65 |  | 82 |  | 37 |
Other |  | 200 |  | (75) |  | 154 |
Income tax expense |  | 854 |  | 3,973 |  | 938 |
1 The statutory tax rate was 18.5%.
Details of the tax effect of temporary differences | Deferred tax assets and liabilities
end of |  | 2023 |  | 2022 |
Deferred tax assets and liabilities (CHF million)
Compensation and benefits |  | 359 |  | 638 |
Loans |  | 749 |  | 209 |
Investment securities |  | 569 |  | 992 |
Provisions |  | 132 |  | 641 |
Leases |  | 213 |  | 229 |
Derivatives |  | 24 |  | 38 |
Real estate |  | 295 |  | 229 |
Net operating loss carry-forwards |  | 7,796 |  | 7,720 |
Goodwill and intangible assets |  | 14 |  | 67 |
Other |  | 247 |  | 418 |
Gross deferred tax assets before valuation allowance |  | 10,398 |  | 11,181 |
Less valuation allowance |  | (9,643) |  | (8,488) |
Gross deferred tax assets net of valuation allowance |  | 755 |  | 2,693 |
Compensation and benefits |  | (173) |  | (202) |
Loans |  | (34) |  | (1,190) |
Investment securities |  | (217) |  | (744) |
Provisions |  | (38) |  | (282) |
Leases |  | (164) |  | (219) |
Derivatives |  | (92) |  | (286) |
Real estate |  | (14) |  | (43) |
Other |  | (65) |  | (138) |
Gross deferred tax liabilities |  | (797) |  | (3,104) |
Net deferred tax assets/(liabilities) |  | (42) |  | (411) |
of which deferred tax assets |  | 71 |  | 259 |
of which net operating losses |  | 29 |  | 138 |
of which deductible temporary differences |  | 42 |  | 121 |
of which deferred tax liabilities |  | (113) |  | (670) |
Amounts and expiration dates of net operating loss carry-forwards | Amounts and expiration dates of net operating loss carry-forwards
end of 2023 |  | Total |
Net operating loss carry-forwards (CHF million)
Due to expire within 1 year |  | 28 |
Due to expire within 2 to 5 years |  | 247 |
Due to expire within 6 to 10 years |  | 3,465 |
Due to expire within 11 to 20 years |  | 5,768 |
Amount due to expire |  | 9,508 |
Amount not due to expire |  | 26,219 |
Total net operating loss carry-forwards |  | 35,727 |
Movements in the valuation allowance | Movements in the valuation allowance
in |  | 2023 |  | 2022 |  | 2021 |
Movements (CHF million)
Balance at beginning of period |  | 8,488 |  | 5,338 |  | 4,323 |
Net changes |  | 1,155 |  | 3,150 |  | 1,015 |
Balance at end of period |  | 9,643 |  | 8,488 |  | 5,338 |
Tax benefits associated with share-based compensation | Tax benefits associated with share-based compensation
in |  | 2023 |  | 2022 |  | 2021 |
Tax benefits (CHF million)
Tax benefits recorded in the consolidated statements of operations 1 |  | 269 |  | 213 |  | 227 |
1 Calculated at the statutory tax rate before valuation allowance considerations.
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Reconciliation of gross unrecognized tax benefits
in |  | 2023 |  | 2022 |  | 2021 |
Movements in gross unrecognized tax benefits (CHF million)
Balance at beginning of period |  | 227 |  | 425 |  | 382 |
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period |  | 332 |  | 239 |  | 23 |
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period |  | (226) |  | (434) |  | (35) |
Increases in unrecognized tax benefits as a result of tax positions taken during the current period |  | 8 |  | 46 |  | 54 |
Decreases in unrecognized tax benefits as a result of tax positions taken during the current period |  | (1) |  | (41) |  | 0 |
Decreases in unrecognized tax benefits relating to settlements with tax authorities |  | (10) |  | (4) |  | 0 |
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations |  | (6) |  | (15) |  | (6) |
Other (including foreign currency translation) |  | (25) |  | 11 |  | 7 |
Balance at end of period |  | 299 |  | 227 |  | 425 |
of which, if recognized, would affect the effective tax rate |  | 299 |  | 227 |  | 425 |
Interest and penalties
in |  | 2023 |  | 2022 |  | 2021 |
Interest and penalties (CHF million)
Interest and penalties recognized in the consolidated statements of operations |  | 1 |  | (5) |  | 3 |
Interest and penalties recognized in the consolidated balance sheets |  | 59 |  | 59 |  | 64 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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