Income Taxes (Tables)

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

	Three Months Ended March 31
(Dollars in Millions)	2019		2018
Federal
Current	$	220	$	234
Deferred		116		19
Federal income tax		336		253
State
Current		30		92
Deferred		12		17
State income tax		42		109
Total income tax provision	$	378	$	362

Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 21 Percent to Company's Applicable Income Tax Expense

A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows:

	Three Months Ended March 31
(Dollars in Millions)	2019			2018
Tax at statutory rate	$	438		$	429
State income tax, at statutory rates, net of federal tax benefit		84			89
Tax effect of
Tax credits and benefits, net of related expenses		(103	)		(115	)
Exam resolutions		(49	)		(49	)
Tax-exempt income		(32	)		(32	)
Noncontrolling interests		(2	)		(1	)
Other items		42			41
Applicable income taxes	$	378		$	362