Income Taxes (Tables)

3 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

	Three Months Ended March 31,
(Dollars in Millions)	2014			2013
Federal
Current	$	490		$	490
Deferred		(67	)		12
Federal income tax		423			502
State
Current		83			58
Deferred		(10	)		(2	)
State income tax		73			56
Total income tax provision	$	496		$	558

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)	2014			2013
Tax at statutory rate	$	668		$	681
State income tax, at statutory rates, net of federal tax benefit		43			36
Tax effect of
Tax credits and benefits, net of related expenses		(165	)		(106	)
Tax-exempt income		(52	)		(54	)
Noncontrolling interests		(5	)		14
Other items		7			(13	)
Applicable income taxes	$	496		$	558