Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Schedule Of Income Tax Expense (Benefit)

	For the Year Ended December 31,
	2012			2011			2010
	(millions of dollars)
Current Tax (Benefit) Expense
Federal	$	(76	)	$	9		$	(270	)
State and local		(39	)		4			(50	)
Total Current Tax (Benefit) Expense		(115	)		13			(320	)
Deferred Tax Expense (Benefit)
Federal		216			121			300
State and local		58			19			34
Investment tax credit amortization		(3	)		(4	)		(3	)
Total Deferred Tax Expense		271			136			331
Total Consolidated Income Tax Expense Related to Continuing Operations	$	156		$	149		$	11

Effective Income Tax Rate From Continuing Operations

	For the Year Ended December 31,
	2012					2011					2010
	(millions of dollars)
Income tax at Federal statutory rate	$	154		35.0	%	$	143		35.0	%	$	52		35.0	%
Increases (decreases) resulting from:
State income taxes, net of Federal effect		21		4.8	%		22		5.4	%		—		—
Asset removal costs		(11	)	(2.5	)%		(7	)	(1.7	)%		(3	)	(2.2	)%
Change in estimates and interest related to uncertain and effectively settled tax positions		(8	)	(1.8	)%		(11	)	(2.7	)%		(6	)	(4.0	)%
Change in state deferred tax balances as a result of restructuring		—		—			—		—			(6	)	(4.0	)%
Cross-border energy lease investments		12		2.7	%		16		3.9	%		(5	)	(3.3	)%
Deferred tax basis adjustments		(1	)	(0.2	)%		2		0.5	%		(3	)	(2.0	)%
Depreciation		(1	)	(0.2	)%		—		—			(3	)	(2.0	)%
Investment tax credit amortization		(3	)	(0.7	)%		(4	)	(1.0	)%		(4	)	(2.7	)%
Reversal of valuation allowances		—		—			—		—			(8	)	(5.3	)%
State tax benefits related to prior years’ asset dispositions		—		—			(4	)	(1.0	)%		—		—
Other, net		(7	)	(1.7	)%		(8	)	(2.0	)%		(3	)	(2.2	)%
Consolidated Income Tax Expense Related to Continuing Operations	$	156		35.4	%	$	149		36.4	%	$	11		7.3	%

Components Of Consolidated Deferred Income Tax Liabilities (Assets)

	At December 31,
	2012			2011
	(millions of dollars)
Deferred Tax Liabilities (Assets)
Depreciation and other basis differences related to plant and equipment	$	2,299		$	1,871
Deferred electric service and electric restructuring liabilities		110			131
Cross-border energy lease investments		756			793
Federal and state net operating losses		(394	)		(220	)
Valuation allowances on state net operating losses		21			21
Pension and other postretirement benefits		128			130
Deferred taxes on amounts to be collected through future rates		58			47
Other		172			32
Total Deferred Tax Liabilities, net		3,150			2,805
Deferred tax assets included in Current Assets		28			59
Deferred tax liabilities included in Other Current Liabilities		(2	)		(1	)
Total Consolidated Deferred Tax Liabilities, net non-current	$	3,176		$	2,863

Reconciliation Of Beginning And Ending Balances Of Unrecognized Tax Benefits

	2012			2011			2010
	(millions of dollars)
Beginning balance as of January 1,	$	357		$	395		$	246
Tax positions related to current year:
Additions		1			2			150
Reductions		—			—			—
Tax positions related to prior years:
Additions		79			20			35
Reductions		(235	)		(57	)		(36	)
Settlements		(2	)		(3	)		—
Ending balance as of December 31,	$	200		$	357		$	395

Other Taxes

	2012		2011		2010
	(millions of dollars)
Gross Receipts/Delivery	$	135	$	145	$	145
Property		75		71		70
County Fuel and Energy		160		170		154
Environmental, Use and Other		62		65		65
Total	$	432	$	451	$	434

Potomac Electric Power Co [Member]

Schedule Of Income Tax Expense (Benefit)

	For the Year Ended December 31,
	2012			2011			2010
	(millions of dollars)
Current Tax Benefit
Federal	$	(84	)	$	(19	)	$	(28	)
State and local		(27	)		(16	)		(7	)
Total Current Tax Benefit		(111	)		(35	)		(35	)
Deferred Tax Expense (Benefit)
Federal		127			54			52
State and local		33			19			22
Investment tax credit amortization		(1	)		(2	)		(2	)
Total Deferred Tax Expense		159			71			72
Total Income Tax Expense	$	48		$	36		$	37

Effective Income Tax Rate From Continuing Operations

	For the Year Ended December 31,
	2012					2011					2010
	(millions of dollars)
Income tax at Federal statutory rate	$	61		35.0	%	$	47		35.0	%	$	51		35.0	%
Increases (decreases) resulting from:
State income taxes, net of Federal effect		10		5.7	%		8		5.5	%		8		5.5	%
Asset removal costs		(11	)	(6.3	)%		(7	)	(5.0	)%		(3	)	(2.1	)%
Change in estimates and interest related to uncertain and effectively settled tax positions		(11	)	(6.3	)%		(9	)	(6.6	)%		(11	)	(7.6	)%
Depreciation		1		0.6	%		(1	)	(0.7	)%		3		2.1	%
Investment tax credit amortization		(1	)	(0.6	)%		(2	)	(1.1	)%		(2	)	(1.4	)%
Software amortization		1		0.6	%		—		(0.3	)%		(4	)	(2.8	)%
Other, net		(2	)	(1.1	)%		—		(0.1	)%		(5	)	(3.2	)%
Income Tax Expense	$	48		27.6	%	$	36		26.7	%	$	37		25.5	%

Components Of Consolidated Deferred Income Tax Liabilities (Assets)

	At December 31,
	2012			2011
	(millions of dollars)
Deferred Tax Liabilities (Assets)
Depreciation and other basis differences related to plant and equipment	$	1,105		$	902
Pension and other postretirement benefits		111			117
Deferred taxes on amounts to be collected through future rates		28			20
Federal and state net operating losses		(174	)		(80	)
Other		140			69
Total Deferred Tax Liabilities, net		1,210			1,028
Deferred tax assets included in Current Assets		9			11
Total Deferred Tax Liabilities, net non-current	$	1,219		$	1,039

Reconciliation Of Beginning And Ending Balances Of Unrecognized Tax Benefits

	2012			2011			2010
	(millions of dollars)
Beginning balance as of January 1	$	173		$	190		$	71
Tax positions related to current year:
Additions		—			—			110
Reductions		—			—			—
Tax positions related to prior years:
Additions		60			12			24
Reductions		(142	)		(26	)		(15	)
Settlements		—			(3	)		—
Ending balance as of December 31	$	91		$	173		$	190

Other Taxes

	2012		2011		2010
	(millions of dollars)
Gross Receipts/Delivery	$	106	$	109	$	108
Property		46		44		42
County Fuel and Energy		160		170		154
Environmental, Use and Other		60		59		60
Total	$	372	$	382	$	364

Atlantic City Electric Co [Member]

Schedule Of Income Tax Expense (Benefit)

	For the Year Ended December 31,
	2012			2011			2010
	(millions of dollars)
Current Tax (Benefit) Expense
Federal	$	(31	)	$	(9	)	$	(5	)
State and local		(12	)		1			—
Total Current Tax Benefit		(43	)		(8	)		(5	)
Deferred Tax Expense (Benefit)
Federal		46			35			33
State and local		16			7			16
Investment tax credit amortization		(1	)		(1	)		(1	)
Total Deferred Tax Expense		61			41			48
Total Consolidated Income Tax Expense	$	18		$	33		$	43

Effective Income Tax Rate From Continuing Operations

	For the Year Ended December 31,
	2012					2011					2010
	(millions of dollars)
Income tax at Federal statutory rate	$	19		35.0	%	$	25		35.0	%	$	33		35.0	%
Increases (decreases) resulting from:
State income taxes, net of Federal effect		3		5.7	%		4		6.0	%		7		7.3	%
Adjustments to prior years’ taxes		—		—			(1	)	(1.7	)%		—		—
Change in estimates and interest related to uncertain and effectively settled tax positions		(1	)	(1.9	)%		5		6.9	%		5		5.2	%
Investment tax credit amortization		(1	)	(1.9	)%		(1	)	(1.3	)%		(1	)	(1.0	) %
Other, net		(2	)	(2.9	)%		1		0.9	%		(1	)	(1.7	)%
Consolidated Income Tax Expense	$	18		34.0	%	$	33		45.8	%	$	43		44.8	%

Components Of Consolidated Deferred Income Tax Liabilities (Assets)

	As of December 31,
	2012			2011
	(millions of dollars)
Deferred Tax Liabilities (Assets)
Depreciation and other basis differences related to plant and equipment	$	538		$	424
Deferred taxes on amounts to be collected through future rates		15			11
Payment for termination of purchased power contracts with NUGs		47			53
Deferred electric service and electric restructuring liabilities		116			137
Pension and other postretirement benefits		34			28
Fuel and purchased energy		3			4
Federal and state net operating loss		(54	)		(8	)
Other		58			40
Total Deferred Tax Liabilities, net		757			689
Deferred tax assets included in Current Assets		10			9
Deferred tax liabilities included in Other Current Liabilities		(1	)		—
Total Consolidated Deferred Tax Liabilities, net non-current	$	766		$	698

Reconciliation Of Beginning And Ending Balances Of Unrecognized Tax Benefits

	2012			2011			2010
	(millions of dollars)
Beginning balance as of January 1	$	79		$	83		$	39
Tax positions related to current year:
Additions		1			2			50
Reductions		—			—			(1	)
Tax positions related to prior years:
Additions		8			4			—
Reductions		(69	)		(10	)		(5	)
Settlements		(2	)		—			—
Ending balance as of December 31	$	17		$	79		$	83

Other Taxes

	2012		2011		2010
	(millions of dollars)
Gross Receipts/Delivery	$	14	$	20	$	20
Property		3		3		3
Environmental, Use and Other		1		2		3
Total	$	18	$	25	$	26

Delmarva Power & Light Co/De [Member]

Schedule Of Income Tax Expense (Benefit)

	For the Year Ended December 31,
	2012			2011			2010
	(millions of dollars)
Current Tax (Benefit) Expense
Federal	$	(9	)	$	(22	)	$	(37	)
State and local		(1	)		8			(5	)
Total Current Tax Benefit		(10	)		(14	)		(42	)
Deferred Tax Expense (Benefit)
Federal		44			53			61
State and local		11			4			13
Investment tax credit amortization		(1	)		(1	)		(1	)
Total Deferred Tax Expense		54			56			73
Total Income Tax Expense	$	44		$	42		$	31

Effective Income Tax Rate From Continuing Operations

	For the Year Ended December 31,
	2012					2011					2010
	(millions of dollars)
Income tax at Federal statutory rate	$	41		35.0	%	$	40		35.0	%	$	27		35.0	%
Increases (decreases) resulting from:
State income taxes, net of Federal effect		6		5.1	%		6		5.3	%		4		5.3	%
Change in estimates and interest related to uncertain and effectively settled tax positions		—		—			(3	)	(2.7	)%		1		1.3	%
Deferred tax basis adjustments		(1	)	(0.8	)%		(1	)	(0.9	)%		—		—
Depreciation		(1	)	(0.8	)%		1		0.9	%		1		1.3	%
Investment tax credit amortization		(1	)	(0.9	)%		(1	)	(0.9	)%		(1	)	(1.3	)%
Other, net		—		—			—		0.5	%		(1	)	(0.8	)%
Income Tax Expense	$	44		37.6	%	$	42		37.2	%	$	31		40.8	%

Components Of Consolidated Deferred Income Tax Liabilities (Assets)

	As of December 31,
	2012			2011
	(millions of dollars)
Deferred Tax Liabilities (Assets)
Depreciation and other basis differences related to plant and equipment	$	623		$	526
Deferred taxes on amounts to be collected through future rates		15			14
Federal and state net operating losses		(80	)		(57	)
Pension and other postretirement benefits		85			86
Electric restructuring liabilities		(5	)		—
Other		49			34
Total Deferred Tax Liabilities, net		687			603
Deferred tax assets included in Current Assets		11			11
Deferred tax liabilities included in Other Current Liabilities		(1	)		1
Total Deferred Tax Liabilities, net non-current	$	697		$	615

Reconciliation Of Beginning And Ending Balances Of Unrecognized Tax Benefits

	2012			2011			2010
	(millions of dollars)
Beginning balance as of January 1	$	35		$	40		$	39
Tax positions related to current year:
Additions		—			—			3
Reductions		—			—			—
Tax positions related to prior years:
Additions		—			7			5
Reductions		(26	)		(12	)		(7	)
Settlements		—			—			—
Ending balance as of December 31	$	9		$	35		$	40

Other Taxes

	2012		2011		2010
	(millions of dollars)
Gross Receipts/Delivery	$	14	$	15	$	16
Property		21		19		19
Environmental, Use and Other		1		3		2
Total	$	36	$	37	$	37