BB&T 2014 Annual Report Download - page 124
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Table of Contents
The tax effects of temporary differences that gave rise to deferred tax assets and liabilities are reflected in the table below:
Deferred tax assets:
ALLL $ 556 $ 655
Postretirement plans 372 180
Net unrealized loss on AFS securities 36 172
Equity-based compensation 137 152
Reserves and expense accruals 247 181
Other 242 189
Total deferred tax assets 1,590 1,529
Deferred tax liabilities:
Prepaid pension plan expense 477 431
MSRs 312 380
Lease financing 375 315
Loan fees and expenses 265 263
Identifiable intangible assets 139 128
Derivatives and hedging 122 45
Other 93 120
Total deferred tax liabilities 1,783 1,682
Net deferred tax liability $ (193) $ (153)
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 and the overall tax environment in relation to tax-advantaged transactions. The following
table presents changes in unrecognized tax benefits:
Beginning balance of unrecognized tax benefits $ 644 $ 297 $ 301
Additions based on tax positions related to current year 1 18 14
Additions (reductions) for tax positions of prior years (34) 343 ―
Settlements (17) ― (5)
Unrecognized deferred tax benefits from business acquisitions (91) (14) (13)
Ending balance of unrecognized tax benefits $ 503 $ 644 $ 297
Unrecognized tax benefits that would have impacted effective rate if recognized
Federal $ 497 $ 631 $ 288
State 4 11 9
The Company had $210 million, $213 million and $37 million in liabilities for tax-related interest and penalties recorded on its Consolidated Balance
Sheets at December 31, 2014, 2013, and 2012, respectively. The amount of net interest and penalties related to unrecognized tax benefits recognized in the
2014 and 2012 Consolidated Statements of Income was immaterial. The amount of net interest and penalties related to unrecognized tax benefits recognized
in the 2013 Consolidated Statement of Income was $176 million.
The IRS has completed its Federal income tax examinations of BB&T through 2010. Various years remain subject to examination by state taxing authorities.
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Source: BB&T CORP, 10-K, February 25, 2015 Powered by Morningstar® Document Research℠
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