Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

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)	2023			2022			2023			2022
Federal
Current	$	263		$	221		$	660		$	625
Deferred		33			107			1			5
Federal income tax		296			328			661			630
State
Current		119			89			215			178
Deferred		(33	)		(3	)		(39	)		3
State income tax		86			86			176			181
Total income tax provision	$	382		$	414		$	837		$	811

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)	2023			2022			2023			2022
Tax at statutory rate	$	368		$	409		$	821		$	820
State income tax, at statutory rates, net of federal tax benefit		83			84			185			168
Tax effect of
Tax credits and benefits, net of related expenses		(63	)		(46	)		(140	)		(152	)
Tax-exempt income		(41	)		(29	)		(75	)		(57	)
Other items		35			(4	)		46			32
Applicable income taxes	$	382		$	414		$	837		$	811