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Income Taxes (Tables)
9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense
The components of income tax expense were:
 
    Three Months Ended
September 30
              Nine Months Ended    
September 30
 
(Dollars in Millions)   2019     2018           2019     2018  
Federal
                                       
Current
  $ 414     $ 385             $ 1,002     $ 931  
Deferred
    (59 )     (53             26       (17
Federal income tax
    355       332               1,028       914  
State
                                       
Current
    140       141               280       295  
Deferred
    (28 )     (13             (14 )     54  
           
State income tax
    112       128               266       349  
Total income tax provision
  $ 467     $ 460             $ 1,294     $ 1,263  
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
September 30
              Nine Months Ended    
September 30
 
(Dollars in Millions)   2019     2018           2019     2018  
Tax at statutory rate
  $ 501     $ 479             $ 1,417     $ 1,370  
State income tax, at statutory rates, net of federal tax benefit
    99       102               277       287  
Tax effect of
                                       
Tax credits and benefits, net of related expenses
    (97 )     (122             (307 )     (369
Exam resolutions
                        (49 )     (49
Tax-exempt
income
    (29 )     (33             (92 )     (98
Noncontrolling interests
    (1 )     (2             (5 )     (5
Other items
    (6 )     36               53       127  
Applicable income taxes
  $ 467     $ 460             $ 1,294     $ 1,263