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Income Taxes (Tables)
6 Months Ended
Jun. 30, 2022
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)       2022         2021                  2022          2021  
Federal
                                          
Current
  $ 221     $ 350               $ 625      $ 703  
           
Deferred
    107       76                 5        206  
Federal income tax
    328       426                 630        909  
State
                                          
Current
    89       109                 178        203  
           
Deferred
    (3     16                 3        46  
           
State income tax
    86       125                 181        249  
Total income tax provision
  $ 414     $ 551               $ 811      $ 1,158  
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)       2022         2021                 2022         2021  
Tax at statutory rate
 
$
409
 
 
$
533
 
          
$
820
 
 
$
1,140
 
State income tax, at statutory rates, net of federal tax benefit
    84       105                168       219  
Tax effect of
                                        
Tax credits and benefits, net of related expenses
    (46     (83              (152     (176
Tax-exempt
income
    (29     (29              (57     (57
Other items
    (4     25                32       32  
Applicable income taxes
  $ 414     $ 551              $ 811     $ 1,158