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INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following tables reconcile the effective tax rate to the federal income tax statutory rate for the three months ended March 31, 2024 and 2023:

												For the Three Months Ended March 31,
																		2024						2023
																		(In millions)
Income before income taxes																		$	402					$	400
Federal income tax expense at statutory rate (21%)																		$	84					$	84
Increases (reductions) in tax expense resulting from:
State and municipal income taxes, net of federal tax benefit																		23						14
AFUDC equity and other flow-through																		(7)						(5)
Deferred taxes related to sale of equity interest in FET, net																		7						—
Excess deferred tax amortization due to the Tax Act																		(13)						(16)
Valuation allowances																		39						9
Other, net																		2						4
Total income taxes																		$	135					$	90
Effective income tax rate																		33.6		%				22.5		%

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- References

No definition available.

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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