Income Taxes (Tables)

3 Months Ended

Mar. 31, 2016

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

	Three Months Ended March 31,
(Dollars in Millions)	2016		2015
Federal
Current	$	301	$	380
Deferred		107		20
Federal income tax		408		400
State
Current		90		84
Deferred		6		(5	)
State income tax		96		79
Total income tax provision	$	504	$	479

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)	2016			2015
Tax at statutory rate	$	667		$	673
State income tax, at statutory rates, net of federal tax benefit		63			51
Tax effect of
Tax credits and benefits, net of related expenses		(166	)		(164	)
Tax-exempt income		(50	)		(52	)
Noncontrolling interests		(5	)		(4	)
Other items (a)		(5	)		(25	)
Applicable income taxes	$	504		$	479

(a) Includes the resolution of certain tax matters with taxing authorities in the first quarter of 2015.