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C » Topics » Summary by Business of SFAS 123(R) and Resolution of the Federal Tax Audit

This excerpt taken from the C 10-Q filed May 5, 2006.

Summary by Business of SFAS 123(R) and Resolution of the Federal Tax Audit

        The following table summarizes the SFAS 123(R) impact on 2006 first quarter pretax compensation expense and the tax benefit from the resolution of the Federal Tax Audit:

In millions of dollars
   Charge for stock awards granted to retirement-eligible employees in January 2006
   Accrual of estimated cost of stock awards for retirement-eligible employees to be granted through the first quarter of 2007(1)
   Tax benefit due to the resolution of the Federal Tax Audit
U.S. Cards   $ 16   $ 4   $ 89
U.S. Retail Distribution     29     7     51
U.S. Consumer Lending     6     2     31
U.S. Commercial Business     10     2     4
   
 
 
Total U.S. Consumer   $ 61   $ 15   $ 175

International Cards
 
$
7
 
$
2
 
$
20
International Consumer Finance     3     1     —
International Retail Banking     29     7     55
   
 
 
Total International Consumer   $ 39   $ 10   $ 75
Consumer Other     21     6     40
   
 
 
Global Consumer   $ 121   $ 31   $ 290

Capital Markets and Banking
 
$
346
 
$
93
 
$
151
Transaction Services     8     2     25
   
 
 
Corporate & Investment Banking   $ 354   $ 95   $ 176

Smith Barney
 
$
129
 
$
48
 
 
—
Private Bank     16     3     13
   
 
 
Global Wealth Management   $ 145   $ 51   $ 13

Alternative Investments
 
$
7
 
$
2
 
$
58

Corporate/Other
 
$
21
 
$
19
 
$
61
   
 
 
Continuing Operations   $ 648   $ 198   $ 598
   
 
 
Discontinued Operations     —     —   $ 59
   
 
 
Total   $ 648   $ 198   $ 657
   
 
 
(1)
Represents the 2006 first quarter accrual for estimated awards to be granted through January 2007.
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