Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 587

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 16
Chunk 587
---
 plan). Under this plan, the Corporation makes core matching cash contributions of 100 percent of the first 4 percent of qualified earnings contributed by employees (up to the current IRS compensation limit), invested based on employee investment elections. Employee benefits expense included expense for the plan of $29 million for the year ended December 31, 2024, $27 million for the year ended December 31, 2023 and $24 million for the year ended December 31, 2022.Deferred Compensation PlansThe Corporation offers optional deferred compensation plans under which certain employees and non-employee directors (participants) may make an irrevocable election to defer incentive compensation and/or a portion of base salary until retirement or separation from the Corporation. The participant may direct deferred compensation into one or more deemed investment options. Although not required to do so, the Corporation invests actual funds into the deemed investments as directed by participants, resulting in a deferred compensation asset, recorded in other short-term investments on the Consolidated Balance Sheets that offsets the liability to participants under the plan, recorded in accrued expenses and other liabilities. The earnings from the deferred compensation asset are recorded in interest on short-term investments and other noninterest income and the related change in the liability to participants under the plan is recorded in salaries and benefits expense on the Consolidated Statements of Income.

NOTE 18 - INCOME TAXES AND TAX-RELATED ITEMS

The provision for income taxes is calculated as the sum of income taxes due for the current year and deferred taxes. Income taxes due for the current year are computed by applying federal and state tax statutes to current year taxable income. Deferred taxes arise from temporary differences between the income tax basis and financial accounting basis of assets and liabilities. Tax-related interest and penalties and foreign taxes are then added to the tax provision.

F-87

Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTSComerica Incorporated and Subsidiaries

The current and deferred components of the provision for income taxes were as follows:(in millions)   December 31202420232022Current:Federal$143 $297 $296 Foreign11 9 6 State and local37 49 50 Total current191 355 352 Deferred:Federal23 (83)(24)State and local(24)(9)(3)Total deferred(1)(92)(27)Total$190 $263 $325 Income before income taxes of $888 million for the year ended December 31, 2024