INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022:

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
	2023			2022			2023			2022
	(In millions)
Income before income taxes	$	328		$	241		$	728		$	612
Federal income tax expense at statutory rate (21%)	$	69		$	51		$	153		$	129
Increases (reductions) in tax expense resulting from:
State income taxes, net of federal tax benefit	19			17			43			44
AFUDC equity and other flow-through	(4)			(7)			(9)			(14)
Excess deferred tax amortization due to the Tax Act	(16)			(15)			(32)			(31)
Valuation allowances	—			—			—			34
Remeasurement of state deferred taxes	—			—			—			(26)
Other, net	6			3			9			(4)
Total income taxes	$	74		$	49		$	164		$	132
Effective income tax rate	22.6		%	20.3		%	22.5		%	21.6		%