Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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)	2019		2018		2017
Current expense:
Federal	$	357	$	629	$	539
State	97		151		80
Total current expense	454		780		619
Deferred expense:
Federal	290		26		253
State	38		(3)		39
Total deferred expense	328		23		292
Provision for income taxes	$	782	$	803	$	911

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:

	2019				2018				2017
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	$	844	21.0	%	$	853	21.0	%	$	1,164	35.0	%
Increase (decrease) in provision for income taxes as a result of:
State income taxes, net of federal tax benefit	107		2.7		117		2.9		77		2.3
Income tax credits, net of amortization	(86)		(2.1)		(57)		(1.4)		(83)		(2.5)
Tax-exempt interest	(69)		(1.8)		(90)		(2.2)		(139)		(4.2)
Federal tax reform impact	—		—		(27)		(0.7)		(43)		(1.3)
Other, net	(14)		(0.3)		7		0.2		(65)		(1.9)
Provision for income taxes	$	782	19.5		$	803	19.8		$	911	27.4

Schedule of Deferred Tax Assets and Liabilities

December 31, (Dollars in millions)	2019		2018
DTAs:
Loans	$	753	$	—
Employee compensation and benefits	721		439
ALLL	366		369
Accruals and reserves	322		106
Net unrealized losses in AOCI	257		530
Operating lease liability	225		—
Federal and state NOLs and other carryforwards	156		16
Partnerships	—		77
Other	77		31
Total gross DTAs	2,877		1,568
Valuation allowance	(130)		—
Total DTAs net of valuation allowance	2,747		1,568
DTLs:
Pension	1,167		660
Equipment and auto leasing	932		375
Goodwill and other intangible assets	694		183
MSRs	491		248
Loans	—		104
ROU assets	146		—
Premises and equipment	162		56
Partnerships	23		—
Other	144		43
Total DTLs	3,759		1,669
Net DTL	$	(1,012)	$	(101)

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)	2019		2018
Balance, January 1	$	2	$	1
Increases in UTBs related to prior years	120		1
Increases in UTBs related to the current year	6		—
Decreases in UTBs related to settlements	(1)		—
Balance, December 31	$	127	$	2