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TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Provision for income taxes (benefits) |
|  | For the Years Ended December 31,
INCOME TAXES(1) |  | 2022 |  | 2021 |  | 2020
|  | (In millions)
Currently payable (receivable)- |  |  |  |  |  |
Federal (2) |  | $ | — |  |  | $ | 2 |  |  | $ | (14) |
State |  | 11 |  |  | 21 |  |  | 21 |
|  | 11 |  |  | 23 |  |  | 7 |
Deferred, net- |  |  |  |  |  |
Federal(3) |  | 946 |  |  | 174 |  |  | 171 |
State(4) |  | 47 |  |  | 127 |  |  | (38) |
|  | 993 |  |  | 301 |  |  | 133 |
Investment tax credit amortization |  | (4) |  |  | (4) |  |  | (14) |
Total income taxes |  | $ | 1,000 |  |  | $ | 320 |  |  | $ | 126 |
(1) Income Taxes on Income from Continuing Operations. (2) Excludes $2 million of federal tax benefit associated with discontinued operations for the years ended December 31, 2021. (3) Excludes $46 million and $66 million of federal tax benefits associated with discontinued operations for the years ended December 31, 2021 and 2020, respectively. (4) Excludes $1 million of state tax expense associated with discontinued operations for the year ended December 31, 2020.
Schedule of 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, 2022, 2021 and 2020:
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In millions)
Income from Continuing Operations, before income taxes | $ | 1,439 |  |  | $ | 1,559 |  |  | $ | 1,129 |
Federal income tax expense at statutory rate (21%) | $ | 302 |  |  | $ | 327 |  |  | $ | 237 |
Increases (reductions) in taxes resulting from- |  |  |  |  |
State and municipal income taxes, net of federal tax benefit | 56 |  |  | 122 |  |  | 75 |
AFUDC equity and other flow-through | (26) |  |  | (29) |  |  | (38) |
Amortization of investment tax credits | (4) |  |  | (4) |  |  | (14) |
Deferred gain on 19.9% FET minority interest sale | 752 |  |  | — |  |  | — |
Federal tax credits claimed | (3) |  |  | (34) |  |  | — |
Nondeductible DPA monetary penalty | — |  |  | 52 |  |  | — |
Excess deferred tax amortization due to the Tax Act | (51) |  |  | (54) |  |  | (56) |
TMI-2 reversal of tax regulatory liabilities | — |  |  | — |  |  | (40) |
Uncertain tax positions | 2 |  |  | (82) |  |  | (1) |
Valuation allowances | (47) |  |  | 17 |  |  | (49) |
Other, net | 19 |  |  | 5 |  |  | 12 |
Total income taxes | $ | 1,000 |  |  | $ | 320 |  |  | $ | 126 |
Effective income tax rate | 69.5 | % |  | 20.5 | % |  | 11.2 | %
Schedule of Accumulated deferred income taxes | ccumulated deferred income taxes as of December 31, 2022 and 2021, are as follows:
|  | As of December 31,
|  | 2022 |  | 2021
|  | (In millions)
Property basis differences |  | $ | 5,528 |  |  | $ | 5,670 |
Pension and OPEB |  | (496) |  |  | (570) |
AROs |  | (22) |  |  | (21) |
Regulatory asset/liability |  | 432 |  |  | 322 |
Deferred compensation |  | (149) |  |  | (155) |
Deferred gain on 19.9% FET minority interest sale |  | 752 |  |  | — |
Loss carryforwards and tax credits |  | (2,073) |  |  | (2,040) |
Valuation reserve |  | 440 |  |  | 484 |
All other |  | (210) |  |  | (253) |
Net deferred income tax liability |  | $ | 4,202 |  |  | $ | 3,437 |
Schedule of Pre-tax net operating loss expiration period |
Expiration Period |  | State |  | Local
|  | (In millions)
2023-2027 |  | $ | 2,479 |  |  | $ | 4,317 |
2028-2032 |  | 1,603 |  |  | — |
2033-2037 |  | 876 |  |  | — |
2038-2042 |  | 935 |  |  | — |
Indefinite |  | 2,351 |  |  | — |
|  | $ | 8,244 |  |  | $ | 4,317 |
Schedule of 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, 2022, 2021 and 2020:
(In millions) |  | 2022 |  | 2021 |  | 2020
Beginning of year balance |  | $ | 484 |  |  | $ | 496 |  |  | $ | 441 |
Charged to income |  | (44) |  |  | (12) |  |  | 55 |
Charged to other accounts |  | — |  |  | — |  |  | — |
Write-offs |  | — |  |  | — |  |  | — |
End of year balance |  | $ | 440 |  |  | $ | 484 |  |  | $ | 496 |
Schedule of Changes in unrecognized tax benefits | The following table summarizes the changes in unrecognized tax positions for the years ended December 31, 2022, 2021 and 2020:
|  | (In millions)
Balance, January 1, 2020 |  | $ | 164 |
Current year increases |  | 7 |
Prior year decreases |  | (28) |
Effectively settled with taxing authorities |  | (2) |
Decrease for lapse in statute |  | (2) |
Balance, December 31, 2020 |  | $ | 139 |
Current year increases |  | 15 |
Prior year decreases |  | (8) |
Effectively settled with taxing authorities |  | (97) |
Decrease for lapse in statute |  | (2) |
Balance, December 31, 2021 |  | $ | 47 |
Prior years increases |  | 2 |
Decrease for lapse in statute |  | (7) |
Balance, December 31, 2022 |  | $ | 42 |
Schedule of Details of general taxes | General tax expense for the years ended December 31, 2022, 2021 and 2020, recognized in continuing operations is summarized as follows:
|  | For the Years Ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  | (In millions)
kWh excise |  | $ | 191 |  |  | $ | 189 |  |  | $ | 183 |
State gross receipts |  | 219 |  |  | 190 |  |  | 182 |
Real and personal property |  | 596 |  |  | 571 |  |  | 541 |
Social security and unemployment |  | 105 |  |  | 103 |  |  | 112 |
Other |  | 18 |  |  | 20 |  |  | 28 |
Total general taxes |  | $ | 1,129 |  |  | $ | 1,073 |  |  | $ | 1,046 |

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