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Income Taxes
 6 Months Ended
Jun. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
As of June 30, 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 June 30,
 
Six months ended June 30,
 
 
2015
 
2014
 
2015
 
2014
Tax at statutory rate:
 
$
87

 
35.0
 %
 
$
37

 
35.0
 %
 
$
148

 
35.0
 %
 
$
79

 
35.0
 %
Increase (decrease) resulting from:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Tax-exempt income from municipal bonds
 
(8
)
 
(3.2
)
 
(8
)
 
(7.5
)
 
(16
)
 
(3.8
)
 
(16
)
 
(7.1
)
Dividend received exclusion
 
(7
)
 
(2.8
)
 
(7
)
 
(6.5
)
 
(15
)
 
(3.6
)
 
(14
)
 
(6.2
)
Other
 
0

 
0.0

 
1

 
0.5

 
1

 
0.4

 
2

 
0.9

Provision for income taxes
 
$
72

 
29.0
 %
 
$
23

 
21.5
 %
 
$
118

 
28.0
 %
 
$
51

 
22.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
The provision for federal income taxes is based upon filing a consolidated income tax return for the company and its subsidiaries. As of June 30, 2015, we had no operating or capital loss carry forwards.