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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate from continuing operations varies from the U.S. federal statutory rate principally due to the following:
| Three Months Ended September 30, 2024(a) |
| Exelon |  | ComEd(b) |  | PECO(c) |  | BGE(b) |  | PHI |  | Pepco |  | DPL |  | ACE |
U.S. Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |
Increase (decrease) due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit | 5.7 |  |  | 7.6 |  |  | (2.1) |  |  | 6.5 |  |  | 6.5 |  |  | 6.2 |  |  | 6.3 |  |  | 7.4 |  |
Plant basis differences | (4.8) |  |  | (0.8) |  |  | (19.5) |  |  | (0.8) |  |  | (0.8) |  |  | (1.2) |  |  | (0.8) |  |  | — |  |
Excess deferred tax amortization | (14.0) |  |  | (16.6) |  |  | (2.6) |  |  | (18.6) |  |  | (5.5) |  |  | (6.7) |  |  | (5.9) |  |  | (1.6) |  |
Amortization of investment tax credit, including deferred taxes on basis difference | (0.1) |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | (0.1) |  |
Tax credits | (0.9) |  |  | (2.6) |  |  | — |  |  | (0.6) |  |  | (0.6) |  |  | (0.5) |  |  | (0.6) |  |  | (0.5) |  |
Other | (0.3) |  |  | 0.6 |  |  | (0.3) |  |  | 0.8 |  |  | 0.1 |  |  | (0.2) |  |  | 0.4 |  |  | 0.3 |  |
Effective income tax rate | 6.6 | % |  | 9.1 | % |  | (3.5) | % |  | 8.2 | % |  | 20.6 | % |  | 18.6 | % |  | 20.3 | % |  | 26.5 | % |
| Three Months Ended September 30, 2023(a)
| Exelon |  | ComEd |  | PECO(c) |  | BGE |  | PHI |  | Pepco |  | DPL |  | ACE
U.S. Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (decrease) due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit (d) | (2.7) |  |  | 7.8 |  |  | (1.2) |  |  | 6.6 |  |  | 6.2 |  |  | 5.5 |  |  | 6.1 |  |  | 7.0 |
Plant basis differences | (4.4) |  |  | (0.4) |  |  | (15.6) |  |  | (0.2) |  |  | (1.5) |  |  | (2.4) |  |  | (0.9) |  |  | (0.5) |
Excess deferred tax amortization | (6.4) |  |  | (5.3) |  |  | (2.4) |  |  | (5.4) |  |  | (8.0) |  |  | (9.2) |  |  | (10.0) |  |  | (3.1) |
Amortization of investment tax credit, including deferred taxes on basis difference | (0.1) |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | (0.1) |
Tax credits | (0.5) |  |  | (1.2) |  |  | — |  |  | (2.0) |  |  | (0.5) |  |  | (0.6) |  |  | (0.4) |  |  | (0.3) |
Other | 1.8 |  |  | 0.2 |  |  | 0.2 |  |  | (0.3) |  |  | 0.3 |  |  | 0.6 |  |  | — |  |  | 0.5 |
Effective income tax rate | 8.7 | % |  | 22.0 | % |  | 2.0 | % |  | 19.6 | % |  | 17.4 | % |  | 14.9 | % |  | 15.7 | % |  | 24.5 | %
__________ (a)Positive percentages represent income tax expense. Negative percentages represent income tax benefit. (b)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits. For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits. (c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions. (d)For Exelon, the lower state income taxes, net of federal income tax expense, is primarily due to the long-term marginal state income tax rate change of $54 million.
| Nine Months Ended September 30, 2024(a) |
| Exelon |  | ComEd(b) |  | PECO(c) |  | BGE(b) |  | PHI |  | Pepco |  | DPL |  | ACE |
U.S. Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |
Increase (decrease) due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit | 5.8 |  |  | 7.7 |  |  | (1.2) |  |  | 6.3 |  |  | 6.5 |  |  | 6.2 |  |  | 6.2 |  |  | 7.4 |  |
Plant basis differences | (4.2) |  |  | (0.8) |  |  | (14.7) |  |  | (1.2) |  |  | (0.9) |  |  | (1.3) |  |  | (0.9) |  |  | 0.1 |  |
Excess deferred tax amortization | (14.1) |  |  | (17.4) |  |  | (2.4) |  |  | (17.6) |  |  | (5.4) |  |  | (6.8) |  |  | (5.8) |  |  | (1.6) |  |
Amortization of investment tax credit, including deferred taxes on basis difference | (0.1) |  |  | (0.1) |  |  | — |  |  | — |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | (0.1) |  |
Tax credits | (0.6) |  |  | (1.4) |  |  | — |  |  | (0.4) |  |  | (0.5) |  |  | (0.4) |  |  | (0.4) |  |  | (0.4) |  |
Other | 0.2 |  |  | 0.4 |  |  | (0.2) |  |  | 0.2 |  |  | 0.2 |  |  | (0.1) |  |  | — |  |  | 0.1 |  |
Effective income tax rate | 8.0 | % |  | 9.4 | % |  | 2.5 | % |  | 8.3 | % |  | 20.8 | % |  | 18.6 | % |  | 20.0 | % |  | 26.5 | % |
| Nine Months Ended September 30, 2023(a)
| Exelon |  | ComEd |  | PECO(c) |  | BGE |  | PHI |  | Pepco |  | DPL |  | ACE
U.S. Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (decrease) due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit(d) | 2.8 |  |  | 7.8 |  |  | (1.3) |  |  | 6.5 |  |  | 6.1 |  |  | 5.5 |  |  | 6.2 |  |  | 6.9 |
Plant basis differences | (4.3) |  |  | (0.4) |  |  | (15.5) |  |  | (0.5) |  |  | (1.6) |  |  | (2.5) |  |  | (1.0) |  |  | (0.5) |
Excess deferred tax amortization | (6.6) |  |  | (5.5) |  |  | (2.4) |  |  | (5.4) |  |  | (7.7) |  |  | (9.2) |  |  | (9.4) |  |  | (2.6) |
Amortization of investment tax credit, including deferred taxes on basis difference | (0.1) |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | (0.1) |  |  | — |  |  | (0.1) |  |  | (0.1) |
Tax credits | (0.5) |  |  | (0.7) |  |  | — |  |  | (0.7) |  |  | (0.6) |  |  | (0.7) |  |  | (0.4) |  |  | (0.3) |
Other | 1.5 |  |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.3 |  |  | 0.6 |  |  | — |  |  | 0.3 |
Effective income tax rate | 13.8 | % |  | 22.2 | % |  | 1.9 | % |  | 21.0 | % |  | 17.4 | % |  | 14.7 | % |  | 16.3 | % |  | 24.7 | %
__________ (a)Positive percentages represent income tax expense. Negative percentages represent income tax benefit. (b)For ComEd, the lower effective tax rate is primarily due to CEJA which resulted in the acceleration of certain income tax benefits. For BGE, the lower effective tax rate is primarily due to the Maryland multi-year plan which resulted in the acceleration of certain income tax benefits. (c)For PECO, the lower effective tax rate is primarily related to plant basis differences attributable to tax repair deductions. (d)For Exelon, the lower state income taxes, net of federal income tax expense, is primarily due to the long-term marginal state income tax rate change of $54 million.
Schedule of Unrecognized Tax Benefits Roll Forward | Exelon, PHI and ACE have the following unrecognized tax benefits at September 30, 2024 and December 31, 2023. ComEd's, PECO's, BGE's, Pepco's, and DPL's amounts are not material.
| Exelon(a) |  |  |  | PHI |  | ACE
September 30, 2024 | $ | 85 |  |  |  |  | $ | 38 |  |  | $ | 1 |
December 31, 2023 | 94 |  |  |  |  | 51 |  |  | 15 |
__________ (a)At September 30, 2024 and December 31, 2023, Exelon's unrecognized tax benefits is inclusive of $31 million related to Constellation's share of unrecognized tax benefits for periods prior to the separation. Exelon reflected an offsetting receivable of $31 million in Other deferred debits and other assets in the Consolidated Balance Sheet for these amounts.
Allocation of Tax Benefits | The following table presents the allocation of tax benefits from Exelon under the Tax Sharing Agreement, for the three and nine months ended September 30, 2024, and 2023.
| ComEd |  | PECO |  | BGE |  | PHI |  | Pepco |  | DPL |  | ACE
September 30, 2024 | $ | 30 |  |  | $ | 15 |  |  | $ | 14 |  |  | $ | 16 |  |  | $ | 9 |  |  | $ | 5 |  |  | $ | 2 |
September 30, 2023 | $ | 13 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 2 |

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