INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022:

	For the Three Months
	Ended March 31,
Reconciliation of federal income tax expense:	2023			2022
	(In millions)
Income before income taxes	$	400		$	371
Federal income tax expense at statutory rate (21%)	$	84		$	78
Increases (reductions) in tax expense resulting from:
State income taxes, net of federal tax benefit	14			26
AFUDC equity and other flow-through	(5)			(8)
Excess deferred tax amortization due to the Tax Act	(16)			(15)
Valuation allowances	9			34
Remeasurement of state deferred taxes	—			(26)
Other, net	4			(6)
Total income taxes	$	90		$	83
Effective income tax rate	22.5		%	22.4		%