INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2021

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 13.1

	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in millions)	2021			2020			2021			2020
Current income taxes:
Federal taxes	$	22		$	16		$	62		$	62
State taxes	1			1			4			6
Total current income taxes	23			17			66			68
Deferred income taxes:
Federal taxes	4			—			7			(24)
State taxes	—			—			1			—
Total deferred income taxes	4			—			8			(24)
Total income taxes	$	27		$	17		$	74		$	44
Statutory tax rate	21.0		%	21.0		%	21.0		%	21.0		%
Effective tax rate	19.7			17.0			19.5			17.0