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TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Provision for income taxes (benefits) |
|  | For the Years Ended December 31,
INCOME TAXES(1) |  | 2020 |  | 2019 |  | 2018
|  | (In millions)
Currently payable (receivable)- |  |  |  |  |  |
Federal (2) |  | $ | (14) |  |  | $ | (16) |  |  | $ | (16) |
State(3) |  | 21 |  |  | 24 |  |  | 17 |
|  | 7 |  |  | 8 |  |  | 1 |
Deferred, net- |  |  |  |  |  |
Federal(4) |  | 171 |  |  | 150 |  |  | 252 |
State(5) |  | (38) |  |  | 60 |  |  | 243 |
|  | 133 |  |  | 210 |  |  | 495 |
Investment tax credit amortization |  | (14) |  |  | (5) |  |  | (6) |
Total income taxes |  | $ | 126 |  |  | $ | 213 |  |  | $ | 490 |
(1)Income Taxes on Income from Continuing Operations. (2)Excludes $6 million of federal tax expense associated with discontinued operations for the year ended December 31, 2020. (3)Excludes $1 million of state tax expense associated with discontinued operations for the year ended December 31, 2018. (4)Excludes $66 million, $9 million and $1.3 billion of federal tax benefit associated with discontinued operations for the years ended December 31, 2020, 2019 and 2018, respectively. (5)Excludes $1 million, $4 million and $12 million of state tax expense associated with discontinued operations for the years ended December 31, 2020, 2019 and 2018, 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, 2020, 2019 and 2018:
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In millions)
Income from Continuing Operations, before income taxes | $ | 1,129 |  |  | $ | 1,117 |  |  | $ | 1,512 |
Federal income tax expense at statutory rate (21%) | $ | 237 |  |  | $ | 235 |  |  | $ | 318 |
Increases (reductions) in taxes resulting from- |  |  |  |  |
State income taxes, net of federal tax benefit | 75 |  |  | 96 |  |  | 90 |
AFUDC equity and other flow-through | (38) |  |  | (36) |  |  | (31) |
Amortization of investment tax credits | (14) |  |  | (5) |  |  | (5) |
Remeasurement of deferred taxes | — |  |  | — |  |  | 24 |
WV unitary group remeasurement | — |  |  | — |  |  | 126 |
Excess deferred tax amortization due to the Tax Act | (56) |  |  | (74) |  |  | (60) |
TMI-2 reversal of tax regulatory liabilities | (40) |  |  | — |  |  | — |
Uncertain tax positions | (1) |  |  | (11) |  |  | 2 |
Valuation allowances | (49) |  |  | 5 |  |  | 21 |
Other, net | 12 |  |  | 3 |  |  | 5 |
Total income taxes | $ | 126 |  |  | $ | 213 |  |  | $ | 490 |
Effective income tax rate | 11.2 | % |  | 19.1 | % |  | 32.4 | %
Accumulated deferred income taxes | Accumulated deferred income taxes as of December 31, 2020 and 2019, are as follows:
|  | As of December 31,
|  | 2020 |  | 2019
|  | (In millions)
Property basis differences |  | $ | 5,396 |  |  | $ | 5,037 |
Pension and OPEB |  | (769) |  |  | (698) |
TMI-2 nuclear decommissioning |  | — |  |  | 89 |
AROs |  | (28) |  |  | (226) |
Regulatory asset/liability |  | 440 |  |  | 445 |
Deferred compensation |  | (165) |  |  | (154) |
Estimated worthless stock deduction |  | — |  |  | (1,007) |
Loss carryforwards and AMT credits |  | (1,995) |  |  | (836) |
Valuation reserve |  | 496 |  |  | 441 |
All other |  | (280) |  |  | (242) |
Net deferred income tax liability |  | $ | 3,095 |  |  | $ | 2,849 |
Pre-tax net operating loss expiration period |
Expiration Period |  | State |  | Local
|  | (In millions)
2021-2025 |  | $ | 2,253 |  |  | $ | 4,353 |
2026-2030 |  | 1,447 |  |  | — |
2031-2035 |  | 1,152 |  |  | — |
2036-2040 |  | 1,087 |  |  | — |
Indefinite |  | 2,091 |  |  | — |
|  | $ | 8,030 |  |  | $ | 4,353 |
Valuation allowance roll forward | The following table summarizes the changes in valuation allowances on federal, state and local DTAs related to disallowed interest and certain employee remuneration, in addition to state and local NOLs discussed above for the years ended December 31, 2020, 2019 and 2018:
(In millions) |  | 2020 |  | 2019 |  | 2018
Beginning of year balance |  | $ | 441 |  |  | $ | 394 |  |  | $ | 312 |
Charged to income |  | 55 |  |  | 47 |  |  | 82 |
Charged to other accounts |  | — |  |  | — |  |  | — |
Write-offs |  | — |  |  | — |  |  | — |
End of year balance |  | $ | 496 |  |  | $ | 441 |  |  | $ | 394 |
Changes in unrecognized tax benefits | The following table summarizes the changes in unrecognized tax positions for the years ended December 31, 2020, 2019 and 2018:
|  | (In millions)
Balance, January 1, 2018 |  | $ | 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 year decreases |  | (12) |
Decrease for lapse in statute |  | (4) |
Balance, December 31, 2019 |  | $ | 164 |
Current year increases |  | 7 |
Prior years decreases |  | (28) |
Decrease for lapse in statute |  | (2) |
Effectively settled with taxing authorities |  | (2) |
Balance, December 31, 2020 |  | $ | 139 |
Details of general taxes | General tax expense for the years ended December 31, 2020, 2019 and 2018, recognized in continuing operations is summarized as follows:
|  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | (In millions)
KWH excise |  | $ | 183 |  |  | $ | 191 |  |  | $ | 198 |
State gross receipts |  | 182 |  |  | 185 |  |  | 192 |
Real and personal property |  | 541 |  |  | 504 |  |  | 478 |
Social security and unemployment |  | 112 |  |  | 100 |  |  | 103 |
Other |  | 28 |  |  | 28 |  |  | 22 |
Total general taxes |  | $ | 1,046 |  |  | $ | 1,008 |  |  | $ | 993 |

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