XML 49 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2020
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)   2020     2019             2020     2019  
Federal
            
Current
  $ 704     $ 368          $ 1,019     $ 588  
Deferred
    (659     (31              (765     85  
Federal income tax
    45       337            254       673  
State
            
Current
    136       110            206       140  
Deferred
    (117     2                (136     14  
 
State income tax
    19       112                70       154  
Total income tax provision
  $ 64     $ 449              $ 324     $ 827  
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)   2020     2019             2020     2019  
Tax at statutory rate
  $ 159     $ 478          $ 461     $ 916  
State income tax, at statutory rates, net of federal tax benefit
    36       94            95       178  
Tax effect of
            
Tax credits and benefits, net of related expenses
    (96     (107          (198     (210
Exam resolutions
                           (49
Tax-exempt
income
    (29     (31          (58     (63
Other items
    (6     15                24       55  
Applicable income taxes
  $ 64     $ 449              $ 324     $ 827