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Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Provision for income taxes (benefits)

		For the Years Ended December 31,
INCOME TAXES(1)		2019				2018				2017
		(In millions)
Currently payable (receivable)-
Federal		$	(16	)		$	(16	)		$	14
State(2)		24				17				20
		8				1				34
Deferred, net-
Federal(3)		150				252				1,647
State(4)		60				243				40
		210				495				1,687
Investment tax credit amortization		(5		)		(6		)		(6		)
Total income taxes		$	213			$	490			$	1,715

⁽¹⁾  Income Taxes on Income from Continuing Operations.

⁽²⁾  Excludes $1 million and $22 million of state tax expense associated with discontinued operations for the years ended December 31, 2018 and 2017, respectively.

⁽³⁾  Excludes $(9) million, $(1.3) billion and $(771) million of federal tax benefit associated with discontinued operations for the years ended December 31, 2019, 2018 and 2017, respectively.

⁽⁴⁾  Excludes $4 million, $12 million and $(69) million of state tax expense (benefit) associated with discontinued operations for the years ended December 31, 2019, 2018 and 2017, respectively.

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, 2019, 2018 and 2017:

	For the Years Ended December 31,
	2019				2018				2017
	(In millions)
Income from Continuing Operations, before income taxes	$	1,117			$	1,512			$	1,426
Federal income tax expense at statutory rate (21%, 21%, and 35% for 2019, 2018, and 2017, respectively)	$	235			$	318			$	499
Increases (reductions) in taxes resulting from-
State income taxes, net of federal tax benefit	96				90				40
AFUDC equity and other flow-through	(36		)		(31		)		(15		)
Amortization of investment tax credits	(5		)		(5		)		(6		)
ESOP dividend	(3		)		(3		)		(5		)
Remeasurement of deferred taxes	—				24				1,193
WV unitary group remeasurement	—				126				—
Excess deferred tax amortization due to the Tax Act	(74		)		(60		)		—
Uncertain tax positions	(11		)		2				(3		)
Valuation allowances	5				21				11
Other, net	6				8				1
Total income taxes	$	213			$	490			$	1,715
Effective income tax rate	19.1		%		32.4		%		120.3		%

Accumulated deferred income taxes

Accumulated deferred income taxes as of December 31, 2019 and 2018, are as follows:

		As of December 31,
		2019				2018
		(In millions)
Property basis differences		$	5,037			$	4,737
Pension and OPEB		(698		)		(629		)
TMI-2 nuclear decommissioning		89				82
AROs		(226		)		(215		)
Regulatory asset/liability		445				414
Deferred compensation		(154		)		(170		)
Estimated worthless stock deduction		(1,007		)		(1,004		)
Loss carryforwards and AMT credits		(836		)		(899		)
Valuation reserve		441				394
All other		(242		)		(208		)
Net deferred income tax liability		$	2,849			$	2,502

Pre-tax net operating loss expiration period

Expiration Period		State				Local
		(In millions)
2020-2024		$	1,844			$	1,081
2025-2029		1,652				—
2030-2034		1,265				—
2035-2039		886				—
Indefinite		67				—
		$	5,714			$	1,081

Changes in unrecognized tax benefits

The following table summarizes the changes in unrecognized tax positions for the years ended December 31, 2019, 2018 and 2017:

		(In millions)
Balance, January 1, 2017		$	84
Current year increases		2
Decrease for lapse in statute		(6		)
Balance, December 31, 2017		$	80
Current year increases		125
Prior year decreases		(45		)
Decrease for lapse in statute		(2		)
Balance, December 31, 2018		$	158
Current year increases		22
Prior years decreases		(12		)
Decrease for lapse in statute		(4		)
Balance, December 31, 2019		$	164

Details of general taxes

General tax expense for the years ended December 31, 2019, 2018 and 2017, recognized in continuing operations is summarized as follows:

		For the Years Ended December 31,
		2019				2018				2017
		(In millions)
KWH excise		$	191			$	198			$	188
State gross receipts		185				192				184
Real and personal property		504				478				452
Social security and unemployment		100				103				96
Other		28				22				20
Total general taxes		$	1,008			$	993			$	940

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