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Income Taxes (Tables)
6 Months Ended
Jun. 30, 2021
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)       2021          2020             2021      2020  
Federal
                      
 
                 
Current
  $ 350      $ 704        
 
   $ 703      $ 1,019  
Deferred
    76        (659  
 
 
 
     206        (765
Federal income tax
    426        45        
 
     909        254  
State
                      
 
                 
Current
    109        136        
 
     203        206  
Deferred
    16        (117  
 
 
 
     46        (136
           
State income tax
    125        19    
 
 
 
     249        70  
Total income tax provision
  $ 551      $ 64    
 
 
 
   $ 1,158      $ 324  
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)       2021         2020             2021     2020  
Tax at statutory rate
  $ 533     $ 159        
 
   $ 1,140     $ 461  
State income tax, at statutory rates, net of federal tax benefit
    105       36        
 
     219       95  
Tax effect of
                     
 
                
Tax credits and benefits, net of related expenses
    (83     (96      
 
     (176     (198
Tax-exempt
income
    (29     (29      
 
     (57     (58
Other items
    25       (6  
 
 
 
     32       24  
Applicable income taxes
  $ 551     $ 64    
 
 
 
   $ 1,158     $ 324