XML 48 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2012
Components of Income Tax Expense

The components of income tax expense were:

 

    Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
(Dollars in Millions)   2012      2011      2012      2011  

Federal

            

Current

  $ 461       $ 450       $ 1,416       $ 907   

Deferred

    50         (41      26         232   
                                  

Federal income tax

    511         409         1,442         1,139   

State

            

Current

    77         85         239         157   

Deferred

    5         (4      3         18   
                                  

State income tax

    82         81         242         175   
                                  

Total income tax provision

  $ 593       $ 490       $ 1,684       $ 1,314   
                                    
Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35% to Company's Applicable Income Tax Expense

A reconciliation of expected income tax expense at the federal statutory rate of 35 percent to the Company’s applicable income tax expense follows:

 

    Three Months Ended
September 30,
     Nine Months Ended  
September 30,
 
(Dollars in Millions)   2012     2011      2012     2011  

Tax at statutory rate

  $ 709      $ 610       $ 2,030      $ 1,671   

State income tax, at statutory rates, net of federal tax benefit

    53        53         157        114   

Tax effect of

          

Tax credits, net of related expenses

    (120     (124      (322     (319

Tax-exempt income

    (55     (57      (165     (170

Noncontrolling interests

    15        8         39        22   

Other items

    (9             (55     (4
                                

Applicable income taxes

  $ 593      $ 490       $ 1,684      $ 1,314