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INCOME TAXES (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2024 and 2023:
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
|  | (In millions)
Income before income taxes |  | $ | 560 |  |  | $ | 470 |  |  | $ | 1,125 |  |  | $ | 1,198 |
Federal income tax expense at statutory rate (21%) |  | $ | 118 |  |  | $ | 99 |  |  | $ | 236 |  |  | $ | 252 |
Increases (reductions) in tax expense resulting from: |  |  |  |  |  |  |  |
State and municipal income taxes, net of federal tax benefit |  | 33 |  |  | 25 |  |  | 76 |  |  | 49 |
AFUDC equity and other flow-through |  | (6) |  |  | (15) |  |  | (19) |  |  | (25) |
Deductions associated with certain equity method investments |  | (14) |  |  | — |  |  | (14) |  |  | — |
Deferred taxes related to sale of equity interest in FET, net |  | — |  |  | — |  |  | 7 |  |  | — |
Excess deferred tax amortization due to the Tax Act |  | (13) |  |  | 2 |  |  | (40) |  |  | (30) |
Federal tax credits claimed |  | — |  |  | (2) |  |  | — |  |  | (2) |
Nondeductible SEC and OOCIC settlements |  | — |  |  | — |  |  | 27 |  |  | — |
Remeasurement of excess deferred taxes |  | (21) |  |  | — |  |  | (21) |  |  | — |
Uncertain tax positions |  | — |  |  | 50 |  |  | — |  |  | 50 |
Valuation allowances |  | (3) |  |  | (122) |  |  | 33 |  |  | (113) |
Other, net |  | — |  |  | (8) |  |  | 9 |  |  | 12 |
Total income taxes |  | $ | 94 |  |  | $ | 29 |  |  | $ | 294 |  |  | $ | 193 |
Effective income tax rate |  | 16.8 | % |  | 6.2 | % |  | 26.1 | % |  | 16.1 | %

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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 + Details
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