Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

	Three Months Ended March 31
(Dollars in Millions)	2020			2019
Federal
Current	$	315		$	220
Deferred		(106	)		116
Federal income tax		209			336
State
Current		70			30
Deferred		(19	)		12
State income tax		51			42
Total income tax provision	$	260		$	378

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)	2020			2019
Tax at statutory rate	$	302		$	438
State income tax, at statutory rates, net of federal tax benefit		59			84
Tax effect of
Tax credits and benefits, net of related expenses		(102	)		(103	)
Exam resolutions		–			(49	)
Tax-exempt income		(29	)		(32	)
Other items		30			40
Applicable income taxes	$	260		$	378