BB&T 2010 Annual Report Download - page 140
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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,
2010 2009
(Dollars in millions)
Deferred tax assets:
Allowance for loan and lease losses $ 1,003 $ 992
Unrealized loss on securities available for sale 198 149
Postretirement plans 219 169
Equity-based compensation 123 95
Loan/Securities basis difference 165 195
OREO Writedown 196 86
Other 290 172
Total deferred tax assets 2,194 1,858
Deferred tax liabilities:
Lease financing (211) (175)
Prepaid pension plan expense (360) (339)
Loan fees & expenses (199) (182)
Depreciation (78) (59)
Identifiable intangible assets (107) (125)
Loan servicing rights (218) (231)
Unamortized FHLB loan prepayment fees (45) (55)
Derivatives & hedging (68) (26)
Other (52) (97)
Total deferred tax liabilities (1,338) (1,289)
Net deferred tax assets $ 856 $ 569
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, 2010, 2009 and 2008. The amounts presented in the reconciliation are gross of any related tax
benefits.
Unrecognized Tax
Benefits Years Ended
December 31,
2010 2009 2008
(Dollars in millions)
Beginning Balance $179 $197 $219
Additions based on tax positions related to current year ——12
Additions (reductions) for tax positions of prior years —1 (30)
Settlements —(16) —
Lapse of statute of limitations (1) (3) (4)
Total unrecognized current tax benefits 178 179 197
Additions based on unrecognized deferred tax benefits from business
combinations 114 ——
Ending Balance $292 $179 $197
As of December 31, 2010, BB&T had $292 million of unrecognized Federal and state tax benefits that would
have impacted the effective tax rate if recognized. In addition, the Company had $37 million and $36 million in
liabilities for tax-related interest recorded on its Consolidated Balance Sheets at December 31, 2010 and 2009,
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