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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense were:
| Three Months Ended September 30 | Nine Months Ended September 30
(Dollars in Millions) | 2025 | 2024 | 2025 | 2024
Federal |  |  |  |
Current | $ | 332 |  | $ | 144 |  | $ | 588 |  | $ | 645 |
Deferred | 88 |  | 79 |  | 441 |  | 261 |
Federal income tax | 420 |  | 223 |  | 1,029 |  | 906 |
State |  |  |  |
Current | 100 |  | 105 |  | 287 |  | 214 |
Deferred | 4 |  | 22 |  | 123 |  | 22 |
State income tax | 104 |  | 127 |  | 410 |  | 236 |
Total income tax provision | $ | 524 |  | $ | 350 |  | $ | 1,439 |  | $ | 1,142 |
Reconciliation of Expected Income Tax Expense at Federal Statutory Rate to the Applicable Income Tax Expense | A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows:
| Three Months Ended September 30 | Nine Months Ended September 30
(Dollars in Millions) | 2025 | 2024 | 2025 | 2024
Tax at statutory rate | $ | 532 |  | $ | 435 |  | $ | 1,467 |  | $ | 1,218 |
State income tax, at statutory rates, net of federal tax benefit | 119 |  | 106 |  | 330 |  | 289 |
Tax effect of |  |  |  |
Tax credits and benefits, net of related expenses | (115) |  | (140) |  | (381) |  | (284) |
Revaluation of tax related assets and liabilities(a) | — |  | — |  | 72 |  | — |
Exam resolutions | (1) |  | (1) |  | (1) |  | (98) |
Tax-exempt income | (39) |  | (38) |  | (112) |  | (105) |
Other items | 28 |  | (12) |  | 64 |  | 122 |
Applicable income taxes | $ | 524 |  | $ | 350 |  | $ | 1,439 |  | $ | 1,142 |
(a)California enacted legislation resulting in a decrease to the Company’s state effective tax rate, requiring the Company to revalue its state deferred tax assets and liabilities. As a result of this revaluation, the Company recorded an estimated net tax expense of $72 million in the second quarter of 2025.

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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