BB&T 2011 Annual Report Download - page 126
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NOTE 13. Income Taxes
The provision for income taxes comprised the following:
Years Ended December 31,
2011 2010 2009
(Dollars in millions)
Current expense:
Federal $ 83 $ 161 $ 302
State 26 18 15
Foreign 2 2 2
Total current expense 111 181 319
Deferred expense (benefit):
Federal 163 (65) (143)
State 22 (1) (17)
Total deferred expense (benefit) 185 (66) (160)
Provision for income taxes $ 296 $ 115 $ 159
The foreign income tax expense is related to income generated on assets controlled by a foreign subsidiary of Branch
Bank.
The reasons for the difference between the provision for income taxes and the amount computed by applying the statutory
Federal income tax rate to income before income taxes were as follows:
Years Ended December 31,
2011 2010 2009
(Dollars in millions)
Federal income taxes at statutory rate of 35% $ 570 $ 339 $ 362
Increase (decrease) in provision for income taxes as a
result of:
Addition to Federal tax reserves, net — 1 26
State income taxes, net of Federal tax benefit 31 11 (2)
Federal tax credits (115) (105) (78)
Interest on Federal tax refunds 1 3 (4)
Tax exempt income (135) (125) (108)
Nontaxable gain on termination of leveraged lease (22) (2) (18)
Other, net (34) (7) (19)
Provision for income taxes $ 296 $ 115 $ 159
Effective income tax rate 18.2 % 11.9 % 15.3 %
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