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INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Federal and state income tax expense and the statutory tax rate and the actual effective tax rate consist of the following:

TABLE 12.1

	Three Months Ended June 30,								Six Months Ended June 30,
(in millions)	2019				2018				2019				2018
Current income taxes:
Federal taxes	$	9			$	6			$	27			$	23
State taxes	1				1				3				3
Total current income taxes	10				7				30				26
Deferred income taxes:
Federal taxes	13				13				15				15
State taxes	1				1				1				1
Total deferred income taxes	14				14				16				16
Total income taxes	$	24			$	21			$	46			$	42
Statutory tax rate	21.0		%		21.0		%		21.0		%		21.0		%
Effective tax rate	19.7		%		19.4		%		19.5		%		19.5		%

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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