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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
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)
202120202019
Current expense:   
Federal$1,113 $979 $357 
State91 155 97 
Total current expense1,204 1,134 454 
Deferred expense:
Federal235 (131)290 
State117 (22)38 
Total deferred expense352 (153)328 
Provision for income taxes$1,556 $981 $782 
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:
202120202019
Year Ended December 31,
(Dollars in millions)
Amount% of Income Before TaxesAmount% of Income Before TaxesAmount% of Income Before Taxes
Federal income taxes at statutory rate$1,679 21.0 %$1,149 21.0 %$844 21.0 %
Increase (decrease) in provision for income taxes as a result of:
State income taxes, net of federal tax benefit164 2.1 105 1.9 107 2.7 
Income tax credits, net of amortization(195)(2.4)(178)(3.3)(86)(2.1)
Tax-exempt interest(86)(1.1)(99)(1.8)(69)(1.8)
Other, net(6)(0.1)0.1 (14)(0.3)
Provision for income taxes$1,556 19.5 $981 17.9 $782 19.5 
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)
20212020
DTAs:  
ALLL$1,033 $1,376 
Employee compensation and benefits819 698 
Net unrealized losses in AOCI488 — 
Operating lease liability389 469 
Accruals and reserves245 305 
Federal and state NOLs and other carryforwards113 149 
Loans53 369 
Other59 57 
Total gross DTAs3,199 3,423 
Valuation allowance(105)(123)
Total DTAs net of valuation allowance3,094 3,300 
DTLs:
Pension1,416 1,299 
Goodwill and other intangible assets630 688 
Equipment and auto leasing465 599 
MSRs360 459 
ROU assets280 327 
Net unrealized gains in AOCI— 222 
Other173 279 
Total DTLs3,324 3,873 
Net DTL$(230)$(573)
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)
20212020
Balance, January 1$133 $127 
Increases in UTBs related to prior years
Decreases in UTBs related to prior years(16)(1)
Increases in UTBs related to the current year18 
Decreases in UTBs related to settlements(14)(13)
Decreases in UTBs related to lapse of the applicable statues of limitations(10)(2)
Balance, December 31$104 $133