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Income Taxes (Tables)
9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense
The components of income tax expense were:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Three Months Ended
September 30
     Nine Months Ended
September 30
 
(Dollars in Millions)       2022         2021                  2022         2021  
Federal
                                         
Current
  $ 427     $ 354               $ 1,052     $ 1,057  
           
Deferred
    (51     99                 (46     305  
Federal income tax
    376       453                 1,006       1,362  
State
                                         
Current
    150       94                 328       297  
           
Deferred
    (45     17                 (42     63  
           
State income tax
    105       111                 286       360  
Total income tax provision
  $ 481     $ 564               $ 1,292     $ 1,722  
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
September 30
     Nine Months Ended
September 30
 
(Dollars in Millions)       2022         2021                 2022         2021  
Tax at statutory rate
 
$
482
 
 
$
546
 
          
$
1,302
 
 
$
1,686
 
State income tax, at statutory rates, net of federal tax benefit
    91       108                259       327  
Tax effect of
                                        
Tax credits and benefits, net of related expenses
    (79     (91              (231     (267
Tax-exempt
income
    (30     (28              (87     (85
Other items
    17       29                49       61  
Applicable income taxes
  $ 481     $ 564              $ 1,292     $ 1,722