Annual report pursuant to Section 13 and 15(d)

Income Taxes - Reconciliation of Income Tax Expense (Details)

v3.22.4
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Amount      
Expected U.S. federal income tax expense $ 6,504 $ 7,135 $ 3,989
Increase (decrease) in taxes resulting from:      
State tax expense, net of federal benefit 756 1,087 728
Affordable housing/energy/other credits (3,698) (3,795) (2,869)
Tax-exempt income, including dividends (273) (352) (346)
Changes in prior-period UTBs, including interest (273) (155) (41)
Rate differential on non-U.S. earnings 368 45 218
Nondeductible expenses 352 206 324
Tax law changes 186 (2,050) (699)
Other (481) (123) (203)
Total income tax expense $ 3,441 $ 1,998 $ 1,101
Percent      
Expected U.S. federal income tax expense 21.00% 21.00% 21.00%
Increase (decrease) in taxes resulting from:      
State tax expense, net of federal benefit 2.40% 3.20% 3.80%
Affordable housing/energy/other credits (11.90%) (11.20%) (15.10%)
Tax-exempt income, including dividends (0.90%) (1.00%) (1.80%)
Changes in prior-period UTBs, including interest (0.90%) (0.50%) (0.20%)
Rate differential on non-U.S. earnings 1.20% 0.10% 1.10%
Nondeductible expenses 1.10% 0.60% 1.70%
Tax law changes 0.60% (6.00%) (3.70%)
Other (1.50%) (0.30%) (1.00%)
Total income tax expense 11.10% 5.90% 5.80%