Comerica 2010 Annual Report Download - page 135
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Comerica Incorporated and Subsidiaries
The principal components of deferred tax assets and liabilities were as follows:
(in millions)
December 31 2010 2009
Deferred tax assets:
Allowance for loan losses $ 315 $ 344
Deferred loan origination fees and costs 30 27
Other comprehensive income 221 192
Foreign tax credit 14 13
Tax interest -7
Auction-rate securities 12 24
Other tax credits 51 -
Other temporary differences, net 65 72
Total deferred tax assets before valuation allowance 708 679
Valuation allowance -(1)
Total deferred tax assets, net of valuation allowance 708 678
Deferred tax liabilities:
Tax interest (1) -
Lease financing transactions (287) (458)
Allowance for depreciation (32) (42)
Employee benefits (5) (20)
Total deferred tax liabilities (325) (520)
Net deferred tax asset $ 383 $ 158
Included in deferred tax assets at December 31, 2010 were $53 million of federal tax credits, the majority
of which expire in 2029. Deferred tax assets at December 31, 2010 also included net state tax credit carry-
forwards of $5 million which expire in 2027. At December 31, 2010, the Corporation determined that a valuation
allowance was not needed against the federal or state deferred tax assets. This determination was based on
sufficient taxable income in the carry-back period, and anticipated future events to absorb a significant portion of
the deferred tax assets. The remaining deferred tax assets will be absorbed by future reversals of existing taxable
temporary differences. At December 31, 2009, a valuation allowance of $1 million was recorded for certain state
deferred tax assets. For further information on the Corporation’s valuation policy for deferred tax assets, refer to
Note 1.
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