Deferred taxes | ||||||||
December 31, (in millions) | 2013 | 2012 | ||||||
Deferred tax assets | ||||||||
Allowance for loan losses | $ | 6,593 | $ | 8,712 | ||||
Employee benefits | 4,468 | 4,308 | ||||||
Accrued expenses and other | 9,179 | 12,393 | ||||||
Non-U.S. operations | 5,493 | 3,537 | ||||||
Tax attribute carryforwards | 748 | 1,062 | ||||||
Gross deferred tax assets | 26,481 | 30,012 | ||||||
Valuation allowance | (724 | ) | (689 | ) | ||||
Deferred tax assets, net of valuation allowance | $ | 25,757 | $ | 29,323 | ||||
Deferred tax liabilities | ||||||||
Depreciation and amortization | $ | 3,196 | $ | 2,563 | ||||
Mortgage servicing rights, net of hedges | 5,882 | 5,336 | ||||||
Leasing transactions | 2,352 | 2,242 | ||||||
Non-U.S. operations | 4,705 | 3,582 | ||||||
Other, net | 3,459 | 4,340 | ||||||
Gross deferred tax liabilities | 19,594 | 18,063 | ||||||
Net deferred tax assets | $ | 6,163 | $ | 11,260 | ||||