SunTrust 2011 Annual Report Download - page 159
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Notes to Consolidated Financial Statements (Continued)
143
NOTE 15 - INCOME TAXES
The components of income tax provision included in the Consolidated Statements of Income/(Loss) were as follows:
(Dollars in millions)
Current income tax expense/(benefit):
Federal
State
Total
Deferred income tax expense/(benefit):
Federal
State
Total
Total income tax expense/(benefit)
Year ended December 31
2011
($4)
—
($4)
$81
2
83
$79
2010
$—
(14)
($14)
($177)
6
(171)
($185)
2009
($7)
3
($4)
($798)
(96)
(894)
($898)
The income tax provision does not reflect the tax effects of unrealized gains and losses and other income and expenses recorded
in AOCI. For additional information on AOCI, see Note 22, “Accumulated Other Comprehensive Income.”
A reconciliation of the expected income tax expense/(benefit) at the statutory federal income tax rate of 35% to the Company’s
actual provision for income taxes and the effective tax rate is as follows:
(Dollars in millions)
Income tax expense/(benefit) at federal statutory rate
Increase (decrease) resulting from:
Tax-exempt interest
Dividends received deduction
Income tax credits, net
State income taxes, net
Completion of audit examinations by taxing authorities
Goodwill impairment
Other
Total income tax expense/(benefit) and rate
Year ended December 31
2011
Amount
$254
(72)
(14)
(88)
2
—
—
(3)
$79
Percent of
Pre-Tax
Income
35.0%
(9.9)
(1.9)
(12.1)
0.2
—
—
(0.4)
10.9%
2010
Amount
$1
(74)
(13)
(88)
12
(20)
—
(3)
($185)
Percent of
Pre-Tax
Income 1
35.0%
NM
NM
NM
NM
NM
—
NM
NM
2009
Amount
($861)
(79)
(12)
(80)
(48)
(55)
237
—
($898)
Percent of
Pre-Tax
Income
(35.0)%
(3.2)
(0.5)
(3.2)
(2.0)
(2.2)
9.6
—
(36.5)%
1 "NM" - Calculated percentage was not considered to be meaningful