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Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Provision for income taxes (benefits)

		For the Years Ended December 31,
INCOME TAXES (1)		2018				2017				2016
		(In millions)
Currently payable (receivable)-
Federal		$	(16	)		$	14			$	(1	)
State		17				20				9
		1				34				8
Deferred, net-
Federal		252				1,647				317
State		243				40				208
		495				1,687				525
Investment tax credit amortization		(6		)		(6		)		(6		)
Total income taxes		$	490			$	1,715			$	527

⁽¹⁾  Income Taxes on Income from Continuing Operations. Currently payable (receivable) in 2018 excludes $1 million of state taxes associated with discontinued operations. Deferred, net in 2018 excludes $1.3 billion of federal tax benefits and $12 million of state taxes associated with discontinued operations

Reconciliation of federal income tax expense at the federal statutory rate to the total provision for income taxes

The following tables provide a reconciliation of federal income tax expense (benefit) at the federal statutory rate to the total income taxes (benefits) for the years ended December 31, 2018, 2017 and 2016:

	For the Years Ended December 31,
	2018				2017				2016
	(In millions)
Income from Continuing Operations, before income taxes	$	1,512			$	1,426			$	1,078
Federal income tax expense at statutory rate (21%, 35%, and 35% for 2018, 2017, and 2016, respectively)	$	318			$	499			$	377
Increases (reductions) in taxes resulting from-
State income taxes, net of federal tax benefit	90				40				16
AFUDC equity and other flow-through	(31		)		(15		)		(13		)
Amortization of investment tax credits	(5		)		(6		)		(6		)
ESOP dividend	(3		)		(5		)		(4		)
Remeasurement of deferred taxes	24				1,193				—
WV unitary group remeasurement	126				—				—
Excess deferred tax amortization due to the Tax Act	(60		)		—				—
Uncertain tax positions	2				(3		)		(8		)
Valuation allowances	21				11				160
Other, net	8				1				5
Total income taxes	$	490			$	1,715			$	527
Effective income tax rate	32.4		%		120.3		%		49.0		%

Accumulated deferred income taxes

Accumulated deferred income taxes as of December 31, 2018 and 2017, are as follows:

		As of December 31,
		2018				2017
		(In millions)
Property basis differences		$	4,737			$	4,354
Pension and OPEB		(629		)		(708		)
TMI-2 nuclear decommissioning		82				37
AROs		(215		)		(157		)
Regulatory asset/liability		414				416
Deferred compensation		(170		)		(149		)
Estimated worthless stock deduction		(1,004		)		—
Loss carryforwards and AMT credits		(899		)		(863		)
Valuation reserve		394				312
All other		(208		)		(71		)
Net deferred income tax liability		$	2,502			$	3,171

Pre-tax net operating loss expiration period

Expiration Period		State				Local
		(In millions)
2019-2023		$	1,583			$	1,581
2024-2028		1,526				—
2029-2033		1,862				—
2034-2038		1,067				—
		$	6,038			$	1,581

Changes in unrecognized tax benefits

The following table summarizes the changes in unrecognized tax positions for the years ended 2018, 2017 and 2016:

		(In millions)
Balance, January 1, 2016		$	26
Current year increases		2
Prior years increases		69
Prior years decreases		(13		)
Balance, December 31, 2016		$	84
Current year increases		2
Decrease for lapse in statute		(6		)
Balance, December 31, 2017		$	80
Current year increases		125
Prior years decreases		(45		)
Decrease for lapse in statute		(2		)
Balance, December 31, 2018		$	158

Details of general taxes

General tax expense for the years ended December 31, 2018, 2017 and 2016, recognized in continuing operations is summarized as follows:

		For the Years Ended December 31,
		2018				2017				2016
		(In millions)
KWH excise		$	198			$	188			$	196
State gross receipts		192				184				184
Real and personal property		478				452				421
Social security and unemployment		103				96				91
Other		22				20				21
Total general taxes		$	993			$	940			$	913

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