BB&T 2009 Annual Report Download - page 131
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BB&T CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The tax effects of temporary differences that gave rise to significant portions of the net deferred tax assets
and liabilities are reflected in the table below. Net deferred tax assets are included in other assets on the
“Consolidated Balance Sheets”.
December 31,
2009 2008
(Dollars in millions)
Deferred tax assets:
Allowance for loan and lease losses $ 992 $ 625
Unrealized loss on securities available for sale 149 193
Postretirement benefit plans 169 273
Equity-based compensation 95 79
Loan basis difference 195 —
Other 258 146
Total deferred tax assets 1,858 1,316
Deferred tax liabilities:
Lease financing (175) (117)
Prepaid pension plan expense (339) (196)
Loan fees & expenses (182) (167)
Depreciation (59) (57)
Identifiable intangible assets (125) (134)
Loan servicing rights (231) (68)
Unamortized FHLB loan prepayment fees (55) (99)
Derivatives & hedging (26) (88)
Other (97) (74)
Total deferred tax liabilities (1,289) (1,000)
Net deferred tax assets $ 569 $ 316
On a periodic basis, BB&T evaluates its income tax positions based on tax laws and regulations and financial
reporting considerations, and records adjustments as appropriate. This evaluation takes into consideration the
status of current taxing authorities’ examinations of BB&T’s tax returns, recent positions taken by the taxing
authorities on similar transactions, if any, and the overall tax environment in relation to tax-advantaged
transactions. Detailed below is a reconciliation of BB&T’s unrecognized tax benefits for the years ended
December 31, 2009, 2008 and 2007. The amounts presented in the reconciliation are gross of any related tax
benefits.
Unrecognized Tax
Benefits
As of December 31,
2009 2008 2007
(Dollars in millions)
Beginning Balance $197 $219 $ 1,257
Current activity:
Additions based on tax positions related to current year —12 14
Reductions for tax positions of prior years 1(30) (1,013)
Settlements (16) — (39)
Lapse of statute of limitations (3) (4) —
Ending Balance $179 $197 $ 219
As of December 31, 2009, BB&T had $179 million of unrecognized federal and state tax benefits that would
have impacted the effective tax rate if recognized. In addition, the Company had $36 million and $35 million in
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