Bank of New York Mellon Corp
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
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Income taxes
BNY recorded an income tax provision of $336 million (22.0% effective tax rate) in the third quarter of 2024. The income tax provision was $285 million (21.5% effective tax rate) in the third quarter of 2023 and $357 million (23.4% effective tax rate) in the second quarter of 2024.
On Jan. 1, 2024, we adopted ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, on a retrospective basis. See Note 2 of the Notes to Consolidated Financial Statements for additional information on the new accounting guidance.
For additional information on income taxes, see Note 11 of the Notes to Consolidated Financial Statements.
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