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TAXES (Tables)

12 Months Ended

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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