Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

	Three Months Ended March 31
(Dollars in Millions)	2024		2023
Federal
Current	$	180	$	397
Deferred	133		(32)
Federal income tax	313		365
State
Current	21		96
Deferred	13		(6)
State income tax	34		90
Total income tax provision	$	347	$	455

Reconciliation of Expected Income Tax Expense at Federal Statutory Rate to the Applicable Income Tax Expense

A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows:

	Three Months Ended March 31
(Dollars in Millions)	2024		2023
Tax at statutory rate	$	351	$	453
State income tax, at statutory rates, net of federal tax benefit	81		102
Tax effect of
Tax credits and benefits, net of related expenses	(61)		(77)
Exam resolutions	(65)		—
Tax-exempt income	(31)		(34)
Other items	72		11
Applicable income taxes	$	347	$	455