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Income Taxes

3 Months Ended

Mar. 31, 2015

As of March 31, 2015, and December 31, 2014, we had no liability for unrecognized tax benefits.

The differences between the 35 percent statutory federal income tax rate and our effective income tax rate were as follows:



(Dollars in millions)	Three months ended March 31,
	2015					2014
Tax at statutory rate:	$	61		35.0	%	$	42		35.0	%
Increase (decrease) resulting from:
Tax-exempt income from municipal bonds	(8		)	(4.6	)	(8		)	(6.7	)
Dividend received exclusion	(8		)	(4.6	)	(7		)	(5.9	)
Other	1			0.6		1			1.1
Provision for income taxes	$	46		26.4	%	$	28		23.5	%

The provision for federal income taxes is based upon filing a consolidated income tax return for the company and its subsidiaries. As of March 31, 2015, we had no operating or capital loss carry forwards.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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