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TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Provision for income taxes (benefits) | The following table provides the composite of income taxes on income from continuing operations for the years ended 2024, 2023 and 2022:
INCOME TAXES ON INCOME FROM CONTINUING OPERATIONS |  | For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
|  | (In millions)
Currently payable - |  |  |  |  |  |
Federal |  | $ | 32 |  |  | $ | 14 |  |  | $ | — |
State |  | 29 |  |  | 1 |  |  | 11 |
|  | 61 |  |  | 15 |  |  | 11 |
Deferred, net - |  |  |  |  |  |
Federal(1) |  | 190 |  |  | 279 |  |  | 946 |
State |  | 130 |  |  | (24) |  |  | 47 |
|  | 320 |  |  | 255 |  |  | 993 |
Investment tax credit amortization |  | (4) |  |  | (3) |  |  | (4) |
Total income taxes on income from continuing operations |  | $ | 377 |  |  | $ | 267 |  |  | $ | 1,000 |
(1) Excludes $21 million of federal tax expense associated with discontinued operations for the year ended December 31, 2023.
Schedule of Reconciliation of federal income tax expense at the federal statutory rate to the total provision for income taxes | The following table provides a reconciliation of federal income tax expense at the federal statutory rate to the total income taxes on income from continuing operations for the years ended December 31, 2024, 2023 and 2022:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In millions)
Income from continuing operations, before income taxes | $ | 1,504 |  |  | $ | 1,464 |  |  | $ | 1,439 |
Federal income tax expense at the 21% statutory rate | $ | 316 |  |  | $ | 307 |  |  | $ | 302 |
Increases (reductions) in taxes resulting from- |  |  |  |  |
State and municipal income taxes, net of federal tax benefit | 140 |  |  | 80 |  |  | 56 |
AFUDC equity and other flow-through | (30) |  |  | (30) |  |  | (26) |
Amortization of investment tax credits | (4) |  |  | (3) |  |  | (4) |
Deductions associated with certain equity method investments | (19) |  |  | — |  |  | — |
Taxes related to the combined sale of 49.9% of the equity interests of FET | 6 |  |  | 58 |  |  | 752 |
Federal tax credits claimed | (2) |  |  | (3) |  |  | (3) |
Tax on distributions from FET | 16 |  |  | — |  |  | — |
Excess deferred tax amortization due to the Tax Act | (52) |  |  | (46) |  |  | (51) |
Nondeductible SEC and OAG settlements | 27 |  |  | — |  |  | — |
Remeasurement of excess deferred income taxes | (43) |  |  | — |  |  | — |
Uncertain tax positions | — |  |  | 41 |  |  | 2 |
Valuation allowances | 16 |  |  | (146) |  |  | (47) |
Other, net | 6 |  |  | 9 |  |  | 19 |
Total income taxes on income from continuing operations | $ | 377 |  |  | $ | 267 |  |  | $ | 1,000 |
Effective income tax rate (continuing operations) | 25.1 | % |  | 18.2 | % |  | 69.5 | %
Schedule of Accumulated deferred income taxes | Net accumulated deferred income tax liabilities (assets) as of December 31, 2024 and 2023, are as follows:
|  | As of December 31,
|  | 2024 |  | 2023
|  | (In millions)
Property basis differences |  | $ | 6,079 |  |  | $ | 5,787 |
Pension and OPEB |  | (322) |  |  | (331) |
Regulatory asset/liability |  | 744 |  |  | 647 |
Deferred compensation |  | (127) |  |  | (153) |
Deferred gain on 19.9% FET equity interest sale |  | — |  |  | 810 |
Loss carryforwards and tax credits |  | (762) |  |  | (2,192) |
Valuation allowances |  | 240 |  |  | 226 |
Other |  | (239) |  |  | (264) |
Net accumulated deferred income tax liability |  | $ | 5,613 |  |  | $ | 4,530 |
Schedule of Pre-tax net operating loss expiration period |
Expiration Period |  | State |  | Local
|  | (In millions)
2025-2029 |  | $ | 1,569 |  |  | $ | 5,706 |
2030-2034 |  | 1,279 |  |  | — |
2035-2039 |  | 881 |  |  | — |
2040-2044 |  | 978 |  |  | — |
Indefinite |  | 2,450 |  |  | — |
|  | $ | 7,157 |  |  | $ | 5,706 |
Schedule of Valuation allowance roll forward | The following table summarizes the changes in valuation allowances on federal, state, and local deferred tax assets related to business interest expense carryforwards and employee compensation deduction limitations under section 162(m), in addition to state and local NOLs discussed above for the years ended December 31, 2024, 2023 and 2022:
(In millions) |  | 2024 |  | 2023 |  | 2022
Beginning of year balance |  | $ | 226 |  |  | $ | 440 |  |  | $ | 484 |
Charged to income |  | 14 |  |  | (214) |  |  | (44) |
Charged to other accounts |  | — |  |  | — |  |  | — |
Write-offs |  | — |  |  | — |  |  | — |
End of year balance |  | $ | 240 |  |  | $ | 226 |  |  | $ | 440 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the changes (gross) in uncertain tax positions for the years ended December 31, 2024, 2023 and 2022:
|  | (In millions)
Balance, January 1, 2022 |  | $ | 47 |
Prior year increases |  | 2 |
Decrease for lapse in statute |  | (7) |
Balance, December 31, 2022 |  | $ | 42 |
Prior year increases |  | 88 |
Effectively settled with taxing authorities |  | (24) |
Decrease for lapse in statute |  | (1) |
Balance, December 31, 2023 |  | $ | 105 |
Prior years increases |  | — |
Effectively settled with taxing authorities |  | — |
Decrease for lapse in statute |  | — |
Balance, December 31, 2024 |  | $ | 105 |
Schedule of Details of general taxes | General tax expense for the years ended December 31, 2024, 2023 and 2022, recognized in continuing operations is summarized as follows:
|  | For the Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (In millions)
kWh excise |  | $ | 186 |  |  | $ | 185 |  |  | $ | 191 |
State gross receipts |  | 247 |  |  | 235 |  |  | 219 |
Real and personal property |  | 642 |  |  | 615 |  |  | 596 |
Social security and unemployment |  | 113 |  |  | 113 |  |  | 105 |
Other |  | 24 |  |  | 16 |  |  | 18 |
Total general taxes |  | $ | 1,212 |  |  | $ | 1,164 |  |  | $ | 1,129 |

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