BB&T 2013 Annual Report Download - page 121
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121
Year Ended December 31, 2011
Unrecognized
Net Pension
and
Postretirement
Costs
Unrealized Net
Gains (Losses)
on Cash Flow
Hedges
Unrealized
Net Gains
(Losses) on
AFS Securities
FDIC's Share
of Unrealized
(Gains) Losses
on AFS
Securities Other, net Total
(Dollars in millions)
AOCI balance, January 1, 2011 $ (368) $ (47) $ (157) $ (176) $ 1 $ (747)
Transfers ― ― 21 ― (21) ―
OCI before reclassifications, net of tax (256) (141) 440 (50) (3) (10)
Amounts reclassified from AOCI:
Personnel expense 34 ― ― ― ― 34
Interest income ― (26) (4) ― 6 (24)
Interest expense ― 72 ― ― ― 72
FDIC loss share income, net ― ― ― 50 ― 50
Securities (gains) losses, net ― ― (62) ― ― (62)
Total before income taxes 34 46 (66) 50 6 70
Less: Income taxes 13 17 (25) 19 2 26
N
et of income taxes 21 29 (41) 31 4 44
N
et change in AOCI (235) (112) 420 (19) (20) 34
AOCI balance, December 31, 2011 $ (603) $ (159) $ 263 $ (195) $ (19) $ (713)
NOTE 12. Income Taxes
The provision for income taxes comprised the following:
Years Ended December 31,
2013 2012 2011
(Dollars in millions)
Current expense:
Federal $ 1,004 $ 273 $ 83
State 100 70 26
Foreign 3 2 2
Total current expense 1,107 345 111
Deferred expense:
Federal 256 396 163
State 32 23 22
Total deferred expense 288 419 185
Provision for income taxes $ 1,395 $ 764 $ 296
The foreign income tax expense is related to income generated on assets controlled by a foreign subsidiary.
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,
2013 2012 2011
(Dollars in millions)
Federal income taxes at statutory rate of 35% $ 1,093 $ 977 $ 570
Increase (decrease) in provision for income taxes as a result of:
State income taxes, net of Federal tax benefit 86 61 31
Federal tax credits (152) (126) (115)
Tax exempt income (128) (133) (135)
N
ontaxable gain on termination of leveraged lease ― (12) (22)
Adjustments for uncertain tax positions 516 ― ―
Other, net (20) (3) (33)
Provision for income taxes $ 1,395 $ 764 $ 296
Effective income tax rate 44.7 % 27.4 % 18.2 %