Income Taxes (Tables)

3 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

	Three Months Ended March 31,
(Dollars in Millions)	2013			2012
Federal
Current	$	490		$	404
Deferred		12			68
Federal income tax		502			472
State
Current		58			50
Deferred		(2	)		5
State income tax		56			55
Total income tax provision	$	558		$	527

Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35 Percent 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 March 31,
(Dollars in Millions)	2013			2012
Tax at statutory rate	$	681		$	641
State income tax, at statutory rates, net of federal tax benefit		36			36
Tax effect of
Tax credits, net of related expenses		(106	)		(89	)
Tax-exempt income		(54	)		(55	)
Noncontrolling interests		14			11
Other items		(13	)		(17	)
Applicable income taxes	$	558		$	527