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Income Taxes (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| Income Tax Disclosure [Abstract] |
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| Schedule of Components of Income Tax Expense (Benefit) |
The following table represents the net interest receivable (payable), including interest related to tax positions reflected in the Registrants’ Consolidated Balance Sheets. | | | | | | | | | | | | | | | | | | | | | Net interest receivable (payable) as of | Exelon | | Generation | | ComEd | | PECO | | BGE | December 31, 2014 | $ | (310 | ) | | $ | 40 |
| | $ | (203 | ) | | $ | 3 |
| | $ | (1 | ) | December 31, 2013 | (349 | ) | | (37 | ) | | (174 | ) | | 3 |
| | — |
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Income tax expense (benefit) from continuing operations is comprised of the following components: | | | | | | | | | | | | | | | | | | | | | For the Year Ended December 31, 2014 | Exelon | | Generation | | ComEd | | PECO | | BGE | Included in operations: | | | | | | | | | | Federal | | | | | | | | | | Current | $ | 121 |
| | $ | 360 |
| | $ | (171 | ) | | $ | 28 |
| | $ | 24 |
| Deferred | 576 |
| | (35 | ) | | 395 |
| | 87 |
| | 90 |
| Investment tax credit amortization | (20 | ) | | (16 | ) | | (2 | ) | | — |
| | (1 | ) | State | | | | | | | | | | Current | 42 |
| | 35 |
| | 7 |
| | (2 | ) | | — |
| Deferred | (53 | ) | | (137 | ) | | 39 |
| | 1 |
| | 27 |
| Total | $ | 666 |
| | $ | 207 |
| | $ | 268 |
| | $ | 114 |
| | $ | 140 |
| For the Year Ended December 31, 2013 |
Exelon | |
Generation | |
ComEd | |
PECO | |
BGE | Included in operations: | | | | | | | | | | Federal | | | | | | | | | | Current | $ | 744 |
| | $ | 250 |
| | $ | 160 |
| | $ | 126 |
| | $ | 9 |
| Deferred | 140 |
| | 360 |
| | (27 | ) | | 23 |
| | 100 |
| Investment tax credit amortization | (15 | ) | | (11 | ) | | (2 | ) | | (1 | ) | | (1 | ) | State | | | | | | | | | | Current | 181 |
| | 50 |
| | 50 |
| | 16 |
| | — |
| Deferred | (6 | ) | | (34 | ) | | (29 | ) | | (2 | ) | | 26 |
| Total | $ | 1,044 |
| | $ | 615 |
| | $ | 152 |
| | $ | 162 |
| | $ | 134 |
| For the Year Ended December 31, 2012 |
Exelon | |
Generation | |
ComEd | |
PECO | |
BGE | Included in operations: | | | | | | | | | | Federal | | | | | | | | | | Current | $ | 37 |
| | $ | 104 |
| | $ | (40 | ) | | $ | 88 |
| | $ | (97 | ) | Deferred | 701 |
| | 326 |
| | 237 |
| | 25 |
| | 101 |
| Investment tax credit amortization | (11 | ) | | (6 | ) | | (2 | ) | | (2 | ) | | (1 | ) | State | | | | | | | | | | Current | (25 | ) | | (12 | ) | | 6 |
| | 4 |
| | — |
| Deferred | (75 | ) | | 88 |
| | 38 |
| | 12 |
| | 4 |
| Total | $ | 627 |
| | $ | 500 |
| | $ | 239 |
| | $ | 127 |
| | $ | 7 |
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| Interest Income and Interest Expense Disclosure [Table Text Block] |
The following table sets forth the net interest expense, including interest related to tax positions, recognized in interest expense (income) in other income and deductions in the Registrants’ Consolidated Statements of Operations and Comprehensive Income. The Registrants have not accrued any material penalties with respect to uncertain tax positions. | | | | | | | | | | | | | | | | | | | | | Net interest expense (income) for the years ended | Exelon | | Generation | | ComEd | | PECO | | BGE | December 31, 2014 | $ | (36 | ) | | $ | (50 | ) | | $ | 6 |
| | $ | — |
| | $ | 1 |
| December 31, 2013 | 391 |
| | 17 |
| | 281 |
| | (1 | ) | | — |
| December 31, 2012 | (1 | ) | | 11 |
| | (20 | ) | | (1 | ) | | 9 |
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| Effective Income Tax Rate Reconciliation |
The effective income tax rate from continuing operations varies from the U.S. Federal statutory rate principally due to the following: | | | | | | | | | | | | | | | | For the Year Ended December 31, 2014 | Exelon | | Generation | | ComEd | | PECO | | BGE | U.S. Federal statutory rate | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | Increase (decrease) due to: | | | | | | | | | | State income taxes, net of Federal income tax benefit | 1.3 |
| | (1.9 | ) | | 4.5 |
| | (0.1 | ) | | 5.0 |
| Qualified nuclear decommissioning trust fund income | 2.4 |
| | 4.8 |
| | — |
| | — |
| | — |
| Tax exempt income | (0.2 | ) | | (0.5 | ) | | — |
| | — |
| | — |
| Domestic production activities deduction | (2.0 | ) | | (4.1 | ) | | — |
| | — |
| | — |
| Health care reform legislation | 0.1 |
| | — |
| | 0.2 |
| | — |
| | 0.2 |
| Amortization of investment tax credit, net deferred taxes | (1.1 | ) | | (2.0 | ) | | (0.3 | ) | | (0.1 | ) | | (0.3 | ) | Plant basis differences | (1.9 | ) | | — |
| | (0.1 | ) | | (10.4 | ) | | 0.2 |
| Production tax credits and other credits | (2.4 | ) | | (4.8 | ) | | — |
| | — |
| | — |
| Non-controlling interest | (1.8 | ) | | (3.7 | ) | | — |
| | — |
| | — |
| Statute of limitations expiration | (2.6 | ) | | (5.3 | ) | | — |
| | — |
| | — |
| Other | — |
| | (0.6 | ) | | 0.3 |
| | 0.1 |
| | (0.2 | ) | Effective income tax rate | 26.8 | % | | 16.9 | % | | 39.6 | % | | 24.5 | % | | 39.9 | % | For the Year Ended December 31, 2013 | Exelon | | Generation | | ComEd | | PECO | | BGE | U.S. Federal statutory rate | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | Increase (decrease) due to: | | | | | | | | | | State income taxes, net of Federal income tax benefit | 4.8 |
| | 1.8 |
| | 3.4 |
| | 1.6 |
| | 4.9 |
| Qualified nuclear decommissioning trust fund income | 3.7 |
| | 6.1 |
| | — |
| | — |
| | — |
| Tax exempt income | (0.2 | ) | | (0.3 | ) | | — |
| | — |
| | — |
| Domestic production activities deduction | — |
| | — |
| | — |
| | — |
| | — |
| Health care reform legislation | 0.1 |
| | — |
| | 0.7 |
| | — |
| | 0.2 |
| Amortization of investment tax credit, net deferred taxes | (1.9 | ) | | (3.0 | ) | | (0.6 | ) | | (0.1 | ) | | — |
| Plant basis differences | (1.6 | ) | | — |
| | (0.8 | ) | | (7.1 | ) | | (0.2 | ) | Production tax credits and other credits | (2.1 | ) | | (3.4 | ) | | (0.1 | ) | | — |
| | — |
| Statute of limitations expiration | (0.1 | ) | | (0.2 | ) | | — |
| | — |
| | — |
| Other | (0.1 | ) | | 0.7 |
| | 0.3 |
| | (0.3 | ) | | (0.9 | ) | Effective income tax rate | 37.6 | % | | 36.7 | % | | 37.9 | % | | 29.1 | % | | 39.0 | % | For the Year Ended December 31, 2012 | Exelon (a) | | Generation (a) | | ComEd | | PECO | | BGE (b) | U.S. Federal statutory rate | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | | 35.0 | % | Increase (decrease) due to: | | | | | | | | | | State income taxes, net of Federal income tax benefit | (3.5 | ) | | 4.9 |
| | 4.6 |
| | 2.0 |
| | 24.3 |
| Qualified nuclear decommissioning trust fund income | 5.4 |
| | 9.1 |
| | — |
| | — |
| | — |
| Tax exempt income | (0.2 | ) | | (0.4 | ) | | — |
| | — |
| | — |
| Domestic production activities deduction | — |
| | — |
| | — |
| | — |
| | — |
| Health care reform legislation | 0.1 |
| | — |
| | 0.4 |
| | — |
| | 11.6 |
| Amortization of investment tax credit | (1.1 | ) | | (1.3 | ) | | (0.4 | ) | | (0.3 | ) | | (8.6 | ) | Plant basis differences | (2.4 | ) | | — |
| | (0.3 | ) | | (11.5 | ) | | (9.0 | ) | Production tax credits and other credits | (2.2 | ) | | (3.7 | ) | | — |
| | — |
| | — |
| Fines and Penalties | 2.6 |
| | 4.4 |
| | — |
| | — |
| | — |
| Merger expenses (c) | 2.4 |
| | — |
| | — |
| | — |
| | 24.2 |
| Statute of limitations expiration | (0.1 | ) | | (0.3 | ) | | — |
| | — |
| | — |
| Other | (1.1 | ) | | (0.4 | ) | | (0.6 | ) | | (0.2 | ) | | (13.9 | ) | Effective income tax rate | 34.9 | % | | 47.3 | % | | 38.7 | % | | 25.0 | % | | 63.6 | % |
_____________________ | | (a) | Exelon activity for the twelve months ended December 31, 2012 includes the results of Constellation and BGE for March 12, 2012—December 31, 2012. Generation activity for the twelve months ended December 31, 2012 includes the results of Constellation for March 12, 2012—December 31, 2012. |
| | (b) | BGE activity represents the activity for the twelve months ended December 31, 2012. |
| | (c) | Prior to the close of the merger, the Registrants recorded the applicable taxes on merger transaction costs assuming the merger would not be completed. Upon closing of the merger, the Registrants reversed such taxes for those merger transaction costs that were determined to be non tax-deductible upon successful completion of a merger. |
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| Tax Effects of Temporary Differences |
The tax effects of temporary differences and carryforwards, which give rise to significant portions of the deferred tax assets (liabilities), as of December 31, 2014 and 2013 are presented below: | | | | | | | | | | | | | | | | | | | | | For the Year Ended December 31, 2014 | Exelon | | Generation | | ComEd | | PECO | | BGE | Plant basis differences | $ | (12,143 | ) | | $ | (3,834 | ) | | $ | (3,945 | ) | | $ | (2,749 | ) | | $ | (1,661 | ) | Accrual based contracts | (178 | ) | | (178 | ) | | — |
| | — |
| | — |
| Derivatives and other financial instruments | (46 | ) | | (79 | ) | | (4 | ) | | — |
| | — |
| Deferred pension and postretirement obligation | 1,914 |
| | (390 | ) | | (543 | ) | | 2 |
| | (53 | ) | Nuclear decommissioning activities | (726 | ) | | (726 | ) | | — |
| | — |
| | — |
| Deferred debt refinancing costs | 112 |
| | 57 |
| | (18 | ) | | (2 | ) | | (4 | ) | Regulatory assets and liabilities | (1,824 | ) | | — |
| | (286 | ) | | 27 |
| | (258 | ) | Tax loss carryforward | 111 |
| | 48 |
| | — |
| | 11 |
| | 39 |
| Tax credit carryforward | 97 |
| | 143 |
| | — |
| | — |
| | — |
| Investment in CENG | (563 | ) | | (563 | ) | | — |
| | — |
| | — |
| Other, net | 1,029 |
| | 346 |
| | 255 |
| | 111 |
| | 30 |
| Deferred income tax liabilities (net) | $ | (12,217 | ) | | $ | (5,176 | ) | | $ | (4,541 | ) | | $ | (2,600 | ) | | $ | (1,907 | ) | Unamortized investment tax credits | (555 | ) | | (528 | ) | | (20 | ) | | (2 | ) | | (5 | ) | Total deferred income tax liabilities (net) and unamortized investment tax credits | $ | (12,772 | ) | | $ | (5,704 | ) | | $ | (4,561 | ) | | $ | (2,602 | ) | | $ | (1,912 | ) | For the Year Ended December 31, 2013 | Exelon | | Generation | | ComEd | | PECO | | BGE | Plant basis differences | $ | (11,612 | ) | | $ | (3,879 | ) | | $ | (3,523 | ) | | $ | (2,573 | ) | | $ | (1,538 | ) | Accrual based contracts | (214 | ) | | (214 | ) | | — |
| | — |
| | — |
| Derivatives and other financial instruments | (509 | ) | | (505 | ) | | (4 | ) | | — |
| | — |
| Deferred pension and postretirement obligation | 1,489 |
| | (362 | ) | | (522 | ) | | — |
| | (74 | ) | Nuclear decommissioning activities | (647 | ) | | (646 | ) | | — |
| | — |
| | — |
| Deferred debt refinancing costs | 173 |
| | 79 |
| | (21 | ) | | (3 | ) | | (5 | ) | Regulatory assets and liabilities | (1,611 | ) | | — |
| | (241 | ) | | 42 |
| | (253 | ) | Tax loss carryforward | 252 |
| | 76 |
| | 47 |
| | 11 |
| | 52 |
| Tax credit carryforward | 534 |
| | 534 |
| | — |
| | — |
| | — |
| Investment in CENG | (541 | ) | | (541 | ) | | — |
| | — |
| | — |
| Other, net | 804 |
| | 67 |
| | 154 |
| | 122 |
| | 26 |
| Deferred income tax liabilities (net) | $ | (11,882 | ) | | $ | (5,391 | ) | | $ | (4,110 | ) | | $ | (2,401 | ) | | $ | (1,792 | ) | Unamortized investment tax credits | (490 | ) | | (454 | ) | | (22 | ) | | (3 | ) | | (6 | ) | Total deferred income tax liabilities (net) and unamortized investment tax credits | $ | (12,372 | ) | | $ | (5,845 | ) | | $ | (4,132 | ) | | $ | (2,404 | ) | | $ | (1,798 | ) |
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| Summary of Loss Carryforwards |
The following table provides the Registrants’ carryforwards and any corresponding valuation allowances as of December 31, 2014. | | | | | | | | | | | | | | | | | | Exelon | | Generation | | ComEd | | PECO | | BGE | | Federal | | | | | | | | | | | Federal general business credits carryforward | 184 |
| (a) | 184 |
| | — |
| | — |
| | — |
| | State | | | | | | | | | | | State net operating losses and other credit carryforwards | 3,141 |
| | 1,693 |
| | — |
| | 170 |
| | 730 |
| (e) | Deferred taxes on state tax attributes (net) | 169 |
| | 96 |
| | — |
| | 11 |
| | 39 |
| | Valuation allowance on state tax attributes | 50 |
| | 48 |
| | — |
| | — |
| | 1 |
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_____________________ | | (a) | Exelon’s federal general business credit carryforwards will expire beginning in 2032. |
| | (b) | Exelon’s state net operating losses and other carryforwards, which are presented on a post-apportioned basis, will expire beginning in 2015 |
| | (c) | Generation’s state net operating losses and other carryforwards, which are presented on a post-apportioned basis, will expire beginning in 2015. |
| | (d) | PECO’s state net operating losses will expire beginning in 2031. |
| | (e) | BGE’s state net operating losses will expire beginning in 2026 |
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| Reconciliation of Unrecognized Tax Benefits Excluding Amounts Pertaining to Examined Tax Returns Foll Forward |
The following table provides a reconciliation of the Registrants’ unrecognized tax benefits as of December 31, 2014, 2013 and 2012: | | | | | | | | | | | | | | | | | | | | | | Exelon | | Generation | | ComEd | | PECO | | BGE | Unrecognized tax benefits at January 1, 2014 | $ | 2,175 |
| | $ | 1,415 |
| | $ | 324 |
| | $ | 44 |
| | $ | — |
| Increases based on tax positions related to 2014 | 15 |
| | 15 |
| | — |
| | — |
| | — |
| Change to positions that only affect timing | (255 | ) | | 33 |
| | (175 | ) | | — |
| | — |
| Increases based on tax positions prior to 2014 | 18 |
| | 18 |
| | — |
| | — |
| | — |
| Decreases based on tax positions prior to 2014 | (1 | ) | | (2 | ) | | — |
| | — |
| | — |
| Decrease from settlements with taxing authorities | (35 | ) |
| (34 | ) |
| — |
|
| — |
|
| — |
| Decreases from expiration of statute of limitations | (88 | ) | | (88 | ) | | — |
| | — |
| | — |
| Unrecognized tax benefits at December 31, 2014 | $ | 1,829 |
| | $ | 1,357 |
| | $ | 149 |
| | $ | 44 |
| | $ | — |
| |
Exelon | | Generation | | ComEd | | PECO | | BGE | Unrecognized tax benefits at January 1, 2013 | $ | 1,024 |
| | $ | 876 |
| | $ | 67 |
| | $ | 44 |
| | $ | — |
| Increases based on tax positions related to 2013 | 19 |
| | 19 |
| | — |
| | — |
| | — |
| Change to positions that only affect timing | 649 |
| | 36 |
| | 257 |
| | — |
| | — |
| Increases based on tax positions prior to 2013 | 493 |
| | 493 |
| | — |
| | — |
| | — |
| Decreases based on tax positions prior to 2013 | (6 | ) | | (5 | ) | | — |
| | — |
| | — |
| Decreases from expiration of statute of limitations | (4 | ) | | (4 | ) | | — |
| | — |
| | — |
| Unrecognized tax benefits at December 31, 2013 | $ | 2,175 |
| | $ | 1,415 |
| | $ | 324 |
| | $ | 44 |
| | $ | — |
|
| | | | | | | | | | | | | | | | | | | | | | Exelon | | Generation | | ComEd | | PECO | | BGE | Unrecognized tax benefits at January 1, 2012 | $ | 807 |
| | $ | 683 |
| | $ | 70 |
| | $ | 48 |
| | $ | 11 |
| Merger balance transfer | 195 |
| | 183 |
| | — |
| | — |
| | — |
| Increases based on tax positions related to 2012 | 34 |
| | 3 |
| | — |
| | — |
| | — |
| Change to positions that only affect timing | (88 | ) | | (69 | ) | | (3 | ) | | (4 | ) | | (11 | ) | Increases based on tax positions prior to 2012 | 91 |
| | 91 |
| | — |
| | — |
| | — |
| Decreases based on tax positions prior to 2012 | (6 | ) | | (6 | ) | | — |
| | — |
| | — |
| Decreases related to settlements with taxing authorities | (2 | ) | | (2 | ) | | — |
| | — |
| | — |
| Decreases from expiration of statute of limitations | (7 | ) | | (7 | ) | | — |
| | — |
| | — |
| Unrecognized tax benefits at December 31, 2012 | $ | 1,024 |
| | $ | 876 |
| | $ | 67 |
| | $ | 44 |
| | $ | — |
|
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| Summary of Open Tax Years by Jurisdiction |
Description of tax years that remain open to assessment by major jurisdiction | | | Taxpayer | Open Years | Exelon (and predecessors) and subsidiaries consolidated Federal income tax returns | 1999, 2001-2013 | Constellation and subsidiaries consolidated Federal income tax returns | 2011-March 2012 | Exelon and subsidiaries Illinois unitary income tax returns | 2007-2013 | Constellation combined New York corporate income tax returns | 2008-2013 | Various separate company Pennsylvania corporate net income tax returns | 2010-2013 | BGE Maryland corporate net income tax returns | 2011-2013
| Various Exelon Maryland corporate net income tax returns | 2012-2013
| Various Constellation (Non-BGE) Maryland corporate net income tax returns | 2011-2013
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