Citibank 2011 Annual Report Download - page 199

Download and view the complete annual report

Please find page 199 of the 2011 Citibank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 320

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222
  • 223
  • 224
  • 225
  • 226
  • 227
  • 228
  • 229
  • 230
  • 231
  • 232
  • 233
  • 234
  • 235
  • 236
  • 237
  • 238
  • 239
  • 240
  • 241
  • 242
  • 243
  • 244
  • 245
  • 246
  • 247
  • 248
  • 249
  • 250
  • 251
  • 252
  • 253
  • 254
  • 255
  • 256
  • 257
  • 258
  • 259
  • 260
  • 261
  • 262
  • 263
  • 264
  • 265
  • 266
  • 267
  • 268
  • 269
  • 270
  • 271
  • 272
  • 273
  • 274
  • 275
  • 276
  • 277
  • 278
  • 279
  • 280
  • 281
  • 282
  • 283
  • 284
  • 285
  • 286
  • 287
  • 288
  • 289
  • 290
  • 291
  • 292
  • 293
  • 294
  • 295
  • 296
  • 297
  • 298
  • 299
  • 300
  • 301
  • 302
  • 303
  • 304
  • 305
  • 306
  • 307
  • 308
  • 309
  • 310
  • 311
  • 312
  • 313
  • 314
  • 315
  • 316
  • 317
  • 318
  • 319
  • 320

177
10. INCOME TAXES
In millions of dollars 2011  
Current æ
&EDERAL $ (144)   
&OREIGN 3,498  
3TATE 241  
Total current income taxes $ 3,595   
Deferred
&EDERAL $ (793)   
&OREIGN 628  
3TATE 91  
Total deferred income taxes $ (74)   
Provision (benefit) for income tax on
continuing operations before
noncontrolling interests (1) $ 3,521   
0ROVISIONæBENEFITæFORæINCOMEæTAXESæONææ
DISCONTINUEDæOPERATIONS 66  
0ROVISIONæBENEFITæFORæINCOMEæTAXESæONææ
CUMULATIVEæEFFECTæOFæACCOUNTINGæCHANGES — 
)NCOMEæTAXæEXPENSEæBENEFITæREPORTEDæINæ
STOCKHOLDERSæEQUITYæRELATEDæTO
&OREIGNæCURRENCYæTRANSLATION (609)  
3ECURITIESæAVAILABLEFORSALE 1,495  
%MPLOYEEæSTOCKæPLANS 297  
#ASHæFLOWæHEDGES (92)  
0ENSIONæLIABILITYæADJUSTMENTS (235)  
4AXæONæEXCHANGEæOFFERæBOOKEDæTOæ
RETAINEDæEARNINGS — 
Income taxes before noncontrolling interests $ 4,443   
æ )NCLUDESæTHEæEFFECTæOFæSECURITIESæTRANSACTIONSæANDæ/44)æLOSSESæRESULTINGæINæAæPROVISIONæBENEFITæOFæ
æMILLIONæANDææMILLIONæINæææMILLIONæANDææMILLIONæINææANDææMILLIONæ
ANDææMILLIONæINææRESPECTIVELYæ
The reconciliation of the federal statutory income tax rate to the
Company’s effective income tax rate applicable to income from continuing
operations (before noncontrolling interests and the cumulative effect of
accounting changes) for the years ended December 31 was as follows:
2011  
Federal statutory rate 35.0%  
3TATEæINCOMEæTAXESæNETæOFæFEDERALæBENEFITæ 1.5  æ
&OREIGNæINCOMEæTAXæRATEæDIFFERENTIAL (8.6)  æ
!UDITæSETTLEMENTSæ — 
%FFECTæOFæTAXæLAWæCHANGESæ 2.0  
4AXæADVANTAGEDæINVESTMENTS (6.0)  
/THERæNET 0.2  
Effective income tax rate 24.1%  
æ &ORææANDææRELATESæTOæTHEæCONCLUSIONæOFæTHEæAUDITæOFæVARIOUSæISSUESæINæTHEæ#OMPANYSæ
næ53æFEDERALæTAXæAUDITæ&ORææALSOæINCLUDESæAæTAXæBENEFITæRELATINGæTOæTHEæRELEASEæOFæTAXæ
RESERVESæONæINTERCHANGEæFEESæ
æ )NCLUDESæTHEæRESULTSæOFæTHEæ*APANæTAXæRATEæCHANGEæINææWHICHæRESULTEDæINæAææMILLIONæ$4!æCHARGE
Deferred income taxes at December 31 related to the following:
In millions of dollars 2011 
Deferred tax assets
#REDITæLOSSæDEDUCTION $ 12,481 
$EFERREDæCOMPENSATIONæANDæEMPLOYEEæBENEFITS 4,936 
2ESTRUCTURINGæANDæSETTLEMENTæRESERVES 1,331 
5NREMITTEDæFOREIGNæEARNINGS 7,362 
)NVESTMENTæANDæLOANæBASISæDIFFERENCES 2,358 
#ASHæFLOWæHEDGES 1,673 
4AXæCREDITæANDæNETæOPERATINGæLOSSæCARRYFORWARDS 22,764 
/THERæDEFERREDæTAXæASSETSæ 2,127 
'ROSSæDEFERREDæTAXæASSETS $ 55,032 
6ALUATIONæALLOWANCE —
Deferred tax assets after valuation allowance $ 55,032 
Deferred tax liabilities
$EFERREDæPOLICYæACQUISITIONæCOSTSææ
ANDæVALUEæOFæINSURANCEæINæFORCE $ (591)  
&IXEDæASSETSæANDæLEASES (1,361) 
)NTANGIBLES (710) 
$EBTæVALUATIONæADJUSTMENTæONæ#ITIæLIABILITIES (533) 
/THERæDEFERREDæTAXæLIABILITIES (307) 
'ROSSæDEFERREDæTAXæLIABILITIES $ (3,502)  
Net deferred tax asset $ 51,530 