SunTrust 2008 Annual Report Download - page 170
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SUNTRUST BANKS, INC.
Notes to Consolidated Financial Statements (Continued)
•Provision for income taxes - Calculated using a nominal income tax rate for each segment. This calculation
includes the impact of various income adjustments, such as the reversal of the fully taxable-equivalent gross up on
tax-exempt assets, tax adjustments and credits that are unique to each business segment. The difference between
the calculated provision for income taxes at the total segment level and the consolidated provision for income taxes
is reported in Reconciling Items.
The Company continues to augment its internal management reporting methodologies. Currently, the segment’s financial
performance is comprised of direct financial results as well as various allocations that for internal management reporting
purposes provide an enhanced view of analyzing the segment’s financial performance. The internal allocations include the
following:
•Operational Costs – Expenses are charged to the segments based on various statistical volumes multiplied by
activity based cost rates. As a result of the activity based costing process, planned residual expenses are also
allocated to the segments. The recoveries for the majority of these costs are in the Corporate Other and Treasury
segment.
•Support and Overhead Costs – Expenses not directly attributable to a specific segment are allocated based on
various drivers (e.g., number of full-time equivalent employees and volume of loans and deposits). The recoveries
for these allocations are in Corporate Other and Treasury.
•Sales and Referral Credits – Segments may compensate another segment for referring or selling certain products.
The majority of the revenue resides in the segment where the product is ultimately managed.
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