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Income Taxes (Tables)
6 Months Ended
Jun. 30, 2019
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)         2019            2018                  2019            2018  
Federal
                                       
Current
  $ 368     $ 312             $ 588     $ 546  
Deferred
    (31 )     17               85       36  
Federal income tax
    337       329               673       582  
State
                                       
Current
    110       62               140       154  
Deferred
    2       50               14       67  
           
State income tax
    112       112               154       221  
Total income tax provision
  $ 449     $ 441             $ 827     $ 803  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
June 30
        Six Months Ended
June 30
 
(Dollars in Millions)      2019        2018             2019        2018  
Tax at statutory rate
  $ 478     $ 462         $ 916     $ 891  
State income tax, at statutory rates, net of federal tax benefit
    94       96           178       185  
Tax effect of
                                   
Tax credits and benefits, net of related expenses
    (107 )     (132         (210 )     (247
Exam resolutions
                    (49 )     (49
Tax-exempt income
    (31 )     (33         (63 )     (65
Noncontrolling interests
    (2 )     (2         (4 )     (3
Other items
    17       50           59       91  
Applicable income taxes
  $ 449     $ 441         $ 827     $ 803