Income Taxes (Tables)

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

	Three Months Ended March 31,
(Dollars in Millions)	2015			2014
Federal
Current	$	380		$	490
Deferred		20			(67	)
Federal income tax		400			423
State
Current		84			83
Deferred		(5	)		(10	)
State income tax		79			73
Total income tax provision	$	479		$	496

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)	2015			2014
Tax at statutory rate	$	673		$	668
State income tax, at statutory rates, net of federal tax benefit		51			43
Tax effect of
Tax credits and benefits, net of related expenses		(164	)		(165	)
Tax-exempt income		(52	)		(52	)
Noncontrolling interests		(4	)		(5	)
Other items (a)		(25	)		7
Applicable income taxes	$	479		$	496

(a) Includes the resolution of certain tax matters with taxing authorities.