Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

	Three Months Ended March 31
(Dollars in Millions)	2023			2022
Federal
Current	$	397		$	404
Deferred		(32	)		(102	)
Federal income tax		365			302
State
Current		96			89
Deferred		(6	)		6
State income tax		90			95
Total income tax provision	$	455		$	397

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)	2023			2022
Tax at statutory rate	$	453		$	411
State income tax, at statutory rates, net of federal tax benefit		102			84
Tax effect of
Tax credits and benefits, net of related expenses		(77	)		(106	)
Tax-exempt income		(34	)		(28	)
Other items		11			36
Applicable income taxes	$	455		$	397