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TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for income taxes (benefits)

						For the Years Ended December 31,
INCOME TAXES(1)						2021						2020						2019
						(In millions)
Currently payable (receivable)-
Federal (2)						$	2					$	(14)					$	(16)
State						21						21						24
						23						7						8
Deferred, net-
Federal(3)						174						171						150
State(4)						127						(38)						60
						301						133						210
Investment tax credit amortization						(4)						(14)						(5)
Total income taxes						$	320					$	126					$	213

(1)Income Taxes on Income from Continuing Operations.

(2)Excludes $2 million of federal tax benefit and $6 million of federal tax expense associated with discontinued operations for the years ended December 31, 2021 and 2020 respectively.

(3)Excludes $46 million, $66 million and $9 million of federal tax benefits associated with discontinued operations for the years ended December 31, 2021, 2020 and 2019, respectively.

(4)Excludes $1 million and $4 million of state tax expense associated with discontinued operations for the years ended December 31, 2020 and 2019, 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, 2021, 2020 and 2019:

			For the Years Ended December 31,
			2021						2020						2019
			(In millions)
Income from Continuing Operations, before income taxes			$	1,559					$	1,129					$	1,117
Federal income tax expense at statutory rate (21%)			$	327					$	237					$	235
Increases (reductions) in taxes resulting from-
State income taxes, net of federal tax benefit			122						75						96
AFUDC equity and other flow-through			(29)						(38)						(36)
Amortization of investment tax credits			(4)						(14)						(5)
Federal tax credits claimed			(34)						—						—
Nondeductible DPA monetary penalty			52						—						—
Excess deferred tax amortization due to the Tax Act			(54)						(56)						(74)
TMI-2 reversal of tax regulatory liabilities			—						(40)						—
Uncertain tax positions			(82)						(1)						(11)
Valuation allowances			17						(49)						5
Other, net			5						12						3
Total income taxes			$	320					$	126					$	213
Effective income tax rate			20.5		%				11.2		%				19.1		%

Accumulated deferred income taxes

Accumulated deferred income taxes as of December 31, 2021 and 2020, are as follows:

						As of December 31,
						2021						2020
						(In millions)
Property basis differences						$	5,670					$	5,396
Pension and OPEB						(570)						(769)
AROs						(21)						(28)
Regulatory asset/liability						322						440
Deferred compensation						(155)						(165)
Loss carryforwards and tax credits						(2,040)						(1,995)
Valuation reserve						484						496
All other						(253)						(280)
Net deferred income tax liability						$	3,437					$	3,095

Pre-tax net operating loss expiration period

Expiration Period						State						Local
						(In millions)
2022-2026						$	2,603					$	3,783
2027-2031						1,390						—
2032-2036						992						—
2037-2041						959						—
Indefinite						2,157						—
						$	8,101					$	3,783

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, 2021, 2020 and 2019:

(In millions)						2021						2020						2019
Beginning of year balance						$	496					$	441					$	394
Charged to income						(12)						55						47
Charged to other accounts						—						—						—
Write-offs						—						—						—
End of year balance						$	484					$	496					$	441

Changes in unrecognized tax benefits

The following table summarizes the changes in unrecognized tax positions for the years ended December 31, 2021, 2020 and 2019:

						(In millions)
Balance, January 1, 2019						$	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 year decreases						(28)
Decrease for lapse in statute						(2)
Effectively settled with taxing authorities						(2)
Balance, December 31, 2020						$	139
Current year increases						15
Prior years decreases						(8)
Effectively settled with taxing authorities						(97)
Decrease for lapse in statute						(2)
Balance, December 31, 2021						$	47

Details of general taxes

General tax expense for the years ended December 31, 2021, 2020 and 2019, recognized in continuing operations is summarized as follows:

						For the Years Ended December 31,
						2021						2020						2019
						(In millions)
KWH excise						$	189					$	183					$	191
State gross receipts						190						182						185
Real and personal property						571						541						504
Social security and unemployment						103						112						100
Other						20						28						28
Total general taxes						$	1,073					$	1,046					$	1,008

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