Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

The components of the income tax provision are as follows:

Year Ended December 31, (Dollars in millions)	2020		2019		2018
Current expense:
Federal	$	979	$	357	$	629
State	155		97		151
Total current expense	1,134		454		780
Deferred expense:
Federal	(131)		290		26
State	(22)		38		(3)
Total deferred expense	(153)		328		23
Provision for income taxes	$	981	$	782	$	803

Schedule of Reconciliation Between Provision for Income Taxes and Amount Computed by Applying Federal Statutory Income Tax Rate

A reconciliation of the provision for income taxes at the statutory federal income tax rate to the Company’s actual provision for income taxes and actual effective tax rate is presented in the following table:

	2020				2019				2018
Year Ended December 31, (Dollars in millions)	Amount		% of Income Before Taxes		Amount		% of Income Before Taxes		Amount		% of Income Before Taxes
Federal income taxes at statutory rate	$	1,149	21.0	%	$	844	21.0	%	$	853	21.0	%
Increase (decrease) in provision for income taxes as a result of:
State income taxes, net of federal tax benefit	105		1.9		107		2.7		117		2.9
Income tax credits, net of amortization	(178)		(3.3)		(86)		(2.1)		(57)		(1.4)
Tax-exempt interest	(99)		(1.8)		(69)		(1.8)		(90)		(2.2)
Federal tax reform impact	—		—		—		—		(27)		(0.7)
Other, net	4		0.1		(14)		(0.3)		7		0.2
Provision for income taxes	$	981	17.9		$	782	19.5		$	803	19.8

Schedule of Deferred Tax Assets and Liabilities

Significant DTAs and DTLs, net of the federal impact for state taxes, are presented in the following table.

December 31, (Dollars in millions)	2020		2019
DTAs:
ALLL	$	1,376	$	366
Employee compensation and benefits	698		721
Loans	369		753
Operating lease liability	469		225
Accruals and reserves	305		322
Federal and state NOLs and other carryforwards	149		156
Net unrealized losses in AOCI	—		257
Other	57		77
Total gross DTAs	3,423		2,877
Valuation allowance	(123)		(130)
Total DTAs net of valuation allowance	3,300		2,747
DTLs:
Pension	1,299		1,167
Goodwill and other intangible assets	688		694
Equipment and auto leasing	599		932
MSRs	459		491
ROU assets	327		146
Net unrealized gains in AOCI	222		—
Premises and equipment	147		162
Partnerships	84		23
Other	48		144
Total DTLs	3,873		3,759
Net DTL	$	(573)	$	(1,012)

Summary of Income Tax Contingencies

The following table provides a rollforward of the Company's gross federal and state UTBs, excluding interest and penalties:

December 31, (Dollars in millions)	2020		2019
Balance, January 1	$	127	$	2
Increases in UTBs related to prior years	4		120
Decreases in UTBs related to prior years	(1)		—
Increases in UTBs related to the current year	18		6
Decreases in UTBs related to settlements	(13)		(1)
Decreases in UTBs related to lapse of the applicable statues of limitations	(2)		—
Balance, December 31	$	133	$	127