Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

	Three Months Ended March 31
(Dollars in Millions)	2022			2021
Federal
Current	$	404		$	353
Deferred		(102	)		130
Federal income tax		302			483
State
Current		89			94
Deferred		6			30
State income tax		95			124
Total income tax provision	$	397		$	607

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)	2022			2021
Tax at statutory rate	$	411		$	607
State income tax, at statutory rates, net of federal tax benefit		84			114
Tax effect of
Tax credits and benefits, net of related expenses		(106	)		(93	)
Tax-exempt income		(28	)		(28	)
Other items		36			7
Applicable income taxes	$	397		$	607