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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Taxes Included in Income Statement

Income taxes included in the income statement are summarized below. We file a consolidated federal income tax return.

Year ended December 31, Dollars in millions			2023			2022			2021
Currently payable:
Federal			$	257		$	368		$	423
State			48			80			73
Total currently payable			$	305		$	448		$	496
Deferred:
Federal			$	(84)		$	(14)		$	119
State			(25)			(12)			27
Total deferred			(109)			(26)			146
Total income tax (benefit) expense (a)			$	196		$	422		$	642

(a)There was income tax (benefit) expense on securities transactions of $(3) million in 2023, $2 million in 2022, and $(2) million in 2021. Income tax expense excludes equity- and gross receipts-based taxes, which are assessed in lieu of an income tax in certain states in which we operate. These non-income taxes, which are recorded in “noninterest expense” on the income statement, totaled $34 million in 2023, $33 million in 2022, and $33 million in 2021.

Schedule of Significant Components of Deferred Tax Assets and Liabilities Included in "Accrued Income and Other Assets" and "Accrued Expense and Other Assets"

Significant components of our deferred tax assets and liabilities included in “accrued income and other assets” on our Consolidated Balance Sheets, are as follows:

December 31, Dollars in millions			2023			2022
Allowance for loan and lease losses			$	422		$	380
Employee benefits			166			187
Net unrealized securities losses			1,612			1,959
Federal net operating losses and credits			3			4
Non-tax accruals			142			61
Operating lease liabilities(a)			136			149
State net operating losses and credits			1			1
Partnership investments			78			90
Other			148			164
Gross deferred tax assets			2,708			2,995
Less: Valuation Allowance			12			11
Total deferred tax assets			$	2,696		$	2,984
Leasing transactions			$	446		$	521
State taxes			77			86
Operating lease right-of-use assets (a)			119			130
Goodwill			157			139
Other			82			86
Total deferred tax liabilities			881			962
Net deferred tax assets (liabilities) (b)			$	1,815		$	2,022

(a)A separate deferred tax asset and liability is recognized for each operating lease item resulting from the adoption of ASC 842 in 2019.

(b)From continuing operations.

Schedule of Total Income Tax Expense (Benefit) and Resulting Effective Tax Rate

The following table shows how our total income tax expense (benefit) and the resulting effective tax rate were derived:

Year ended December 31, Dollars in millions			2023									2022									2021
			Amount			Rate						Amount			Rate						Amount			Rate
Income (loss) before income taxes times 21% statutory federal tax rate			$	244		21.0		%				$	490		21.0		%				$	683		21.0		%
Amortization of tax-advantaged investments			171			14.8						149			6.4						151			4.6
Tax-exempt interest income			(35)			(3.1)						(28)			(1.2)						(26)			(.8)
Corporate-owned life insurance income			(28)			(2.4)						(28)			(1.2)						(27)			(.8)
State income tax, net of federal tax benefit			18			1.6						53			2.3						79			2.4
Tax credits			(196)			(16.9)						(204)			(8.8)						(218)			(6.7)
FDIC Insurance			22			1.9						12			.5						7			.3
Other			—			—						(22)			(.9)						(7)			(.3)
Total income tax expense (benefit)			$	196		16.9		%				$	422		18.1		%				$	642		19.7		%

Schedule of Change in Liability for Unrecognized Tax Benefits

The change in our liability for unrecognized tax benefits is as follows:

Year ended December 31, Dollars in millions			2023			2022
Balance at beginning of year			$	40		$	50
Increase for other tax positions of prior years			5			4
Decrease for payments and settlements			—			—
Decrease related to tax positions taken in prior years			—			(14)
Balance at end of year			$	45		$	40

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

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