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INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following tables reconcile the effective income tax rate to the federal income tax statutory rate for the three and six months ended June 30, 2024 and 2023:

						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2024						2023						2024						2023
						(In millions)
Income before income taxes						$	163					$	328					$	565					$	728
Federal income tax expense at statutory rate (21%)						$	34					$	69					$	119					$	153
Increases (reductions) in tax expense resulting from:
Nondeductible SEC and OOCIC loss contingencies						27						—						27						—
State and municipal income taxes, net of federal tax benefit						21						19						43						43
AFUDC equity and other flow-through						(8)						(4)						(16)						(9)
Deferred taxes related to sale of equity interest in FET, net						—						—						7						—
Excess deferred tax amortization due to the Tax Act						(13)						(16)						(26)						(32)
Valuation allowances						(3)						—						36						—
Other, net						7						6						10						9
Total income taxes						$	65					$	74					$	200					$	164
Effective income tax rate						39.9		%				22.6		%				35.4		%				22.5		%

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- References

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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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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