XML 28 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes
 9 Months Ended
Sep. 30, 2016
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
As of September 30, 2016, and December 31, 2015, 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 September 30,
 
Nine months ended September 30,
 
 
2016
 
2015
 
2016
 
2015
Tax at statutory rate:
 
$
88

 
35.0
 %
 
$
85

 
35.0
 %
 
$
239

 
35.0
 %
 
$
233

 
35.0
 %
Increase (decrease) resulting from:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Tax-exempt income from municipal bonds
 
(8
)
 
(3.2
)
 
(9
)
 
(3.7
)
 
(25
)
 
(3.7
)
 
(25
)
 
(3.8
)
Dividend received exclusion
 
(8
)
 
(3.2
)
 
(8
)
 
(3.3
)
 
(24
)
 
(3.5
)
 
(23
)
 
(3.5
)
Other
 
1

 
0.3

 
1

 
0.4

 
3

 
0.4

 
2

 
0.4

Provision for income taxes
 
$
73

 
28.9
 %
 
$
69

 
28.4
 %
 
$
193

 
28.2
 %
 
$
187

 
28.1
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
The provision for federal income taxes is based upon filing a consolidated income tax return for the company and its subsidiaries. As of September 30, 2016, we had no operating or capital loss carry forwards.