INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Federal and state income tax expense and the statutory tax rate and the actual effective tax rate consist of the following:

TABLE 14.1

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2020			2019			2020			2019
Current income taxes:
Federal taxes	$	39		$	9		$	46		$	27
State taxes	3			1			5			3
Total current income taxes	42			10			51			30
Deferred income taxes:
Federal taxes	(26)			13			(24)			15
State taxes	—			1			—			1
Total deferred income taxes	(26)			14			(24)			16
Total income taxes	$	16		$	24		$	27		$	46
Statutory tax rate	21.0		%	21.0		%	21.0		%	21.0		%
Effective tax rate	16.0		%	19.7		%	17.0		%	19.5		%