Income Taxes (Tables)

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

	Three Months Ended   March 31
(Dollars in Millions)	2021		2020
Federal
Current	$	353	$	315
Deferred		130		(106	)
Federal income tax		483		209
State
Current		94		70
Deferred		30		(19	)
State income tax		124		51
Total income tax provision	$	607	$	260

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)	2021			2020
Tax at statutory rate	$	607		$	302
State income tax, at statutory rates, net of federal tax benefit		114			59
Tax effect of
Tax credits and benefits, net of related expenses		(93	)		(102	)
Tax-exempt income		(28	)		(29	)
Other items		7			30
Applicable income taxes	$	607		$	260