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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
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

 
—

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
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
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.
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
)
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

 
_____________________
(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
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

 
$
—
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