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Income Taxes (Tables)
6 Months Ended
Jun. 30, 2016
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense

The components of income tax expense were:

 

    Three Months Ended
June 30,
             Six Months Ended
June 30,
 
(Dollars in Millions)       2016         2015                  2016         2015  

Federal

             

Current

  $ 613      $ 419            $ 914      $ 799   

Deferred

    (154     13                  (47     33   

Federal income tax

    459        432              867        832   

State

             

Current

    37        96              127        180   

Deferred

    46                         52        (5

State income tax

    83        96                  179        175   

Total income tax provision

  $ 542      $ 528                $ 1,046      $ 1,007   

 

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
June 30,
            Six Months Ended
June 30,
 
(Dollars in Millions)       2016         2015                 2016         2015  

Tax at statutory rate

  $ 727      $ 709           $ 1,394      $ 1,382   

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

    54        63             117        114   

Tax effect of

            

Tax credits and benefits, net of related expenses

    (174     (182          (340     (346

Tax-exempt income

    (49     (51          (99     (103

Noncontrolling interests

    (5     (6          (10     (10

Other items (a)

    (11     (5              (16     (30

Applicable income taxes

  $ 542      $ 528               $ 1,046      $ 1,007   

 

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