XML 96 R86.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Details) (USD $)
3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2012
Mar. 31, 2012
Mar. 31, 2011
Sep. 30, 2012
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Effective Income Tax Rate Reconciliation              
U.S. Federal statutory rate         35.00% [1] 35.00% 35.00%
Increase (decrease) due to:              
State income taxes, net of Federal income tax benefit         (3.60%) [1] 4.40% 3.00%
Qualified nuclear decommissioning trust fund income (losses)         5.40% [1] 0.50% 1.70%
Domestic production activities deduction           (0.30%) (1.20%)
Tax exempt income         (0.20%) [1] (0.20%) (0.10%)
Nontaxable postretirement benefits           (0.30%)  
Health Care Reform Legislation         0.10% [1] (0.20%) 1.40%
Amortization of investment tax credit         (1.10%) [1] 0.90% (0.30%)
Plant basis differences         (2.40%) [1] (1.00%)  
Production Tax Credits         (2.20%) [1]    
Fines and Penalties         (2.60%) [1]    
Merger Expenses         (2.40%) [1],[2]    
Other         (1.10%) [1] (0.20%) (0.20%)
Effective income tax rate         34.90% [1] 36.80% 39.30%
Unrecognized Tax Benefits For Which Timing Of Ultimate Benefits Uncertain [Abstract]              
Tax positions for which there is uncertainty about the timing of tax benefits $ 730,000,000       $ 730,000,000 $ 804,000,000  
Accounting for Uncertainty in Income Taxes [Abstract]              
Unrecognized tax benefits that if recognized would affect the effective tax rate 294,000,000       294,000,000 3,000,000  
Interest recognized related to uncertain tax positions [Abstract]              
Net interest receivable (payable) recognized related to uncertain tax positions 31,000,000       31,000,000 74,000,000  
Net interest (income) expense recognized related to uncertain tax positions         (1,000,000) (56,000,000) 110,000,000
Tax Method of Accounting for Repairs [Abstract]              
Repair cost tax benefit       26,000,000      
1999 Sale of Fossil Generating Assets [Abstract]              
Deferred tax gain on sale of fossil generating assets 2,800,000,000       2,800,000,000    
Deferred tax gain under involuntary conversion provisions of the IRC 1,600,000,000       1,600,000,000    
Deferred tax gain under like-kind exchange provisions of the IRC 1,200,000,000       1,200,000,000    
IRS asserted penalties for understatement of tax         86,000,000    
Potential tax and interest from a successful IRS challenge of the like-kind exchange transaction position 860,000,000       860,000,000    
Potential interest expense from a successful IRS challenge of the like-kind exchange position 320,000,000       320,000,000    
Unsuccessful Litigation Determinations [Abstract]              
Expected non-cash charge to earnings 270,000,000       270,000,000    
Unrecognized tax benefits for Generation Repairs 107,000,000       107,000,000    
FIN 48 Tax Remeasurement [Abstract]              
FIN 48 Tax Remeasurement Interest Expense             65,000,000
Tax Settlement [Abstract]              
Payment to IRS for open tax positions           302,000,000 302,000,000
Income tax benefit recorded as a result of re-apportionment of state income taxes [Abstract]              
Income tax benefit recorded as a result of re-apportionment of state income taxes 3,000,000 116,000,000 22,000,000     1,000,000  
Gross Deferred Income tax expense recorded as a result of re-apportionment of state income taxes   72,000,000          
Deferred state tax liability resulting from purchase accounting   44,000,000          
Income and cash tax benefit as a result of repair costs deduction [Abstract]              
Cash tax benefit (detriment) as a result of repair costs deduction         300,000,000    
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns [Roll Forward]              
Unrecognized tax benefits - beginning balance   807,000,000 787,000,000 807,000,000 807,000,000 787,000,000 1,498,000,000
Merger Balance Transfer         195,000,000    
Increases based on tax positions related to current year         34,000,000 5,000,000 1,000,000
Decreases based on tax positions related to current year             (2,000,000)
Changes to tax positions that only affect timing         (88,000,000) 21,000,000 (262,000,000)
Increases based on tax positions prior to current year         (91,000,000)   8,000,000
Decreases based on tax positions prior to current year         6,000,000 (3,000,000) 3,000,000
Decreases related to settlements with taxing authorities         2,000,000   (452,000,000)
Decreases from expiration of statute of limitations         (7,000,000) (3,000,000) (1,000,000)
Unrecognized tax benefits - ending balance 1,024,000,000       1,024,000,000 807,000,000 787,000,000
Income Tax Expense Benefit Continuing Operations [Line Items]              
Income Tax Expense (Benefit)         627,000,000 1,457,000,000 1,658,000,000
Operating Loss Carryforwards [Line Items]              
Federal net operating loss 635,000,000 [3]       635,000,000 [3]    
Federal capital loss carryforward 178,000,000 [4]       178,000,000 [4]    
Federal general business credits carryforward         226,000,000 [5]    
State net operating loss carryforward 3,365,000,000 [6]       3,365,000,000 [6]    
State capital loss carryforward 127,000,000 [7]       127,000,000 [7]    
Deferred taxes 187,000,000       187,000,000    
Valuation allowance 36,000,000       36,000,000    
Tax Effects Of Temporary Differences [Line Items]              
Plant basis differences (10,689,000,000)       (10,689,000,000) (7,803,000,000)  
Accrual based contracts (389,000,000)       (389,000,000)    
Unrealized gains on derivative financial instruments (392,000,000)       (392,000,000) (468,000,000)  
Deferred pension and other post-retirement obligation 1,225,000,000       1,225,000,000 665,000,000  
Nuclear decommissioning activities (604,000,000)       (604,000,000) (452,000,000)  
Deferred debt refinancing costs (537,000,000)       (537,000,000) (37,000,000)  
Net operating losses 421,000,000       421,000,000    
Tax credit carry-forward 226,000,000       226,000,000    
Investment in CENG (405,000,000)       (405,000,000)    
Other, net (25,000,000)       (25,000,000) 41,000,000  
Deferred income tax liabilities, net (11,169,000,000)       (11,169,000,000) (8,054,000,000)  
Unamortized investment tax credits (251,000,000)       (251,000,000) (200,000,000)  
Total deferred income tax liabilities, net and unamortized investment tax credits (11,420,000,000)       (11,420,000,000) (8,254,000,000)  
Federal Income Tax Expense Benefit Continuing Operations [Member]
             
Income Tax Expense Benefit Continuing Operations [Line Items]              
Current Income Tax Expense Benefit         37,000,000 1,000,000 506,000,000
Deferred Income Tax Expense Benefit         701,000,000 1,200,000,000 972,000,000
Investment tax credit amortization         (11,000,000) (12,000,000) (12,000,000)
State Income Tax Expense Benefit Continuing Operations [Member]
             
Income Tax Expense Benefit Continuing Operations [Line Items]              
Current Income Tax Expense Benefit         (25,000,000) (3,000,000) 171,000,000
Deferred Income Tax Expense Benefit         (75,000,000) 271,000,000 21,000,000
Exelon Generation Co L L C [Member]
             
Effective Income Tax Rate Reconciliation              
U.S. Federal statutory rate         35.00% [1] 35.00% 35.00%
Increase (decrease) due to:              
State income taxes, net of Federal income tax benefit         4.70% [1] 4.50% 3.70%
Qualified nuclear decommissioning trust fund income (losses)         9.10% [1] 0.70% 2.30%
Domestic production activities deduction           (0.40%) (1.50%)
Tax exempt income         (0.40%) [1] (0.20%) (0.20%)
Nontaxable postretirement benefits           (0.30%)  
Health Care Reform Legislation             0.70%
Amortization of investment tax credit         (1.30%) [1] 1.20% (0.20%)
Production Tax Credits         (3.70%) [1]    
Uncertain Tax Position Remeasurement             (2.00%)
Fines and Penalties         (4.40%) [1]    
Other         (0.50%) [1] (0.70%) (0.40%)
Effective income tax rate         47.30% [1] 37.40% 37.40%
Accounting for Uncertainty in Income Taxes [Abstract]              
Unrecognized tax benefits that if recognized would affect the effective tax rate 263,000,000       263,000,000 3,000,000  
Information by nature of uncertainty related to unrecognized tax benefits 100,000,000       100,000,000    
Interest recognized related to uncertain tax positions [Abstract]              
Net interest receivable (payable) recognized related to uncertain tax positions (20,000,000)       (20,000,000) 33,000,000  
Net interest (income) expense recognized related to uncertain tax positions         11,000,000 (40,000,000) 6,000,000
FIN 48 Tax Remeasurement [Abstract]              
FIN 48 Tax Remeasurement Current Tax Expense (Benefit)             (70,000,000)
Income tax benefit recorded as a result of re-apportionment of state income taxes [Abstract]              
Income tax benefit recorded as a result of re-apportionment of state income taxes 7,000,000 14,000,000 11,000,000     8,000,000  
Deferred state tax liability resulting from purchase accounting   14,000,000          
Income and cash tax benefit as a result of repair costs deduction [Abstract]              
Income tax benefit (expense) as a result of repair costs deduction         28,000,000    
Cash tax benefit (detriment) as a result of repair costs deduction         28,000,000    
Allocated tax benefits [Abstract]              
Allocated tax benefits         48,000,000 30,000,000 60,000,000
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns [Roll Forward]              
Unrecognized tax benefits - beginning balance   683,000,000 664,000,000 683,000,000 683,000,000 664,000,000 633,000,000
Merger Balance Transfer         183,000,000    
Increases based on tax positions related to current year         3,000,000 1,000,000  
Decreases based on tax positions related to current year             (2,000,000)
Changes to tax positions that only affect timing         (69,000,000) 24,000,000 55,000,000
Increases based on tax positions prior to current year         (91,000,000)   8,000,000
Decreases based on tax positions prior to current year         6,000,000 (3,000,000) 3,000,000
Decreases related to settlements with taxing authorities         2,000,000   (26,000,000)
Decreases from expiration of statute of limitations         (7,000,000) (3,000,000) (1,000,000)
Unrecognized tax benefits - ending balance 876,000,000       876,000,000 683,000,000 664,000,000
Income Tax Expense Benefit Continuing Operations [Line Items]              
Income Tax Expense (Benefit)         500,000,000 1,056,000,000 1,178,000,000
Operating Loss Carryforwards [Line Items]              
Federal net operating loss 303,000,000       303,000,000    
Federal capital loss carryforward 178,000,000       178,000,000    
Federal general business credits carryforward         226,000,000    
State net operating loss carryforward 1,649,000,000 [8]       1,649,000,000 [8]    
State capital loss carryforward 119,000,000 [9]       119,000,000 [9]    
Deferred taxes 99,000,000       99,000,000    
Valuation allowance 35,000,000       35,000,000    
Tax Effects Of Temporary Differences [Line Items]              
Plant basis differences (3,545,000,000)       (3,545,000,000) (2,670,000,000)  
Accrual based contracts (389,000,000)       (389,000,000)    
Unrealized gains on derivative financial instruments (479,000,000)       (479,000,000) (737,000,000)  
Deferred pension and other post-retirement obligation (439,000,000)       (439,000,000) (520,000,000)  
Nuclear decommissioning activities (604,000,000)       (604,000,000) (452,000,000)  
Deferred debt refinancing costs 163,000,000       163,000,000    
Net operating losses 226,000,000       226,000,000    
Tax credit carry-forward 226,000,000       226,000,000    
Investment in CENG (419,000,000)       (419,000,000)    
Other, net 9,000,000       9,000,000 338,000,000  
Deferred income tax liabilities, net (5,251,000,000)       (5,251,000,000) (4,041,000,000)  
Unamortized investment tax credits (216,000,000)       (216,000,000) (169,000,000)  
Total deferred income tax liabilities, net and unamortized investment tax credits (5,467,000,000)       (5,467,000,000) (4,210,000,000)  
Exelon Generation Co L L C [Member] | Federal Income Tax Expense Benefit Continuing Operations [Member]
             
Income Tax Expense Benefit Continuing Operations [Line Items]              
Current Income Tax Expense Benefit         104,000,000 431,000,000 372,000,000
Deferred Income Tax Expense Benefit         326,000,000 435,000,000 635,000,000
Investment tax credit amortization         (6,000,000) (7,000,000) (7,000,000)
Exelon Generation Co L L C [Member] | State Income Tax Expense Benefit Continuing Operations [Member]
             
Income Tax Expense Benefit Continuing Operations [Line Items]              
Current Income Tax Expense Benefit         (12,000,000) 74,000,000 65,000,000
Deferred Income Tax Expense Benefit         88,000,000 123,000,000 113,000,000
Exelon Generation Co L L C [Member] | Settlement With Taxing Authority [Member]
             
Accounting for Uncertainty in Income Taxes [Abstract]              
Information by nature of uncertainty related to unrecognized tax benefits 55,000,000       55,000,000    
Commonwealth Edison Co [Member]
             
Effective Income Tax Rate Reconciliation              
U.S. Federal statutory rate         35.00% 35.00% 35.00%
Increase (decrease) due to:              
State income taxes, net of Federal income tax benefit         4.60% 3.60% 6.30%
Nontaxable postretirement benefits           (0.40%)  
Health Care Reform Legislation         0.40% (1.00%) 1.40%
Amortization of investment tax credit         (0.40%)   (0.40%)
Plant basis differences         (0.30%) (0.30%) (0.10%)
Uncertain Tax Position Remeasurement             9.00%
Other         (0.60%) 0.60% 0.20%
Effective income tax rate         38.70% 37.50% 51.40%
Interest recognized related to uncertain tax positions [Abstract]              
Net interest receivable (payable) recognized related to uncertain tax positions 107,000,000       107,000,000 23,000,000  
Net interest (income) expense recognized related to uncertain tax positions         (20,000,000) (14,000,000) 57,000,000
Unsuccessful Litigation Determinations [Abstract]              
Expected non-cash charge to earnings 185,000,000       185,000,000    
FIN 48 Tax Remeasurement [Abstract]              
FIN 48 Tax Remeasurement Interest Expense             36,000,000
FIN 48 Tax Remeasurement Current Tax Expense (Benefit)             70,000,000
Income and cash tax benefit as a result of repair costs deduction [Abstract]              
Cash tax benefit (detriment) as a result of repair costs deduction         250,000,000    
Allocated tax benefits [Abstract]              
Allocated tax benefits             2,000,000
Intercompany Non-Cash Allocation of Tax Benefit             11,000,000
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns [Roll Forward]              
Unrecognized tax benefits - beginning balance   70,000,000 72,000,000 70,000,000 70,000,000 72,000,000 471,000,000
Changes to tax positions that only affect timing         (3,000,000) (2,000,000) (3,000,000)
Decreases related to settlements with taxing authorities             (396,000,000)
Unrecognized tax benefits - ending balance 67,000,000       67,000,000 70,000,000 72,000,000
Income Tax Expense Benefit Continuing Operations [Line Items]              
Income Tax Expense (Benefit)         239,000,000 250,000,000 357,000,000
Operating Loss Carryforwards [Line Items]              
Federal net operating loss 91,000,000       91,000,000    
Tax Effects Of Temporary Differences [Line Items]              
Plant basis differences (3,537,000,000)       (3,537,000,000) (3,264,000,000)  
Unrealized gains on derivative financial instruments (4,000,000)       (4,000,000) (4,000,000)  
Deferred pension and other post-retirement obligation (598,000,000)       (598,000,000) (623,000,000)  
Deferred debt refinancing costs (25,000,000)       (25,000,000) (31,000,000)  
Net operating losses 32,000,000       32,000,000    
Other, net (33,000,000)       (33,000,000) 16,000,000  
Deferred income tax liabilities, net (4,165,000,000)       (4,165,000,000) (3,906,000,000)  
Unamortized investment tax credits (24,000,000)       (24,000,000) (26,000,000)  
Total deferred income tax liabilities, net and unamortized investment tax credits (4,189,000,000)       (4,189,000,000) (3,932,000,000)  
Commonwealth Edison Co [Member] | Federal Income Tax Expense Benefit Continuing Operations [Member]
             
Income Tax Expense Benefit Continuing Operations [Line Items]              
Current Income Tax Expense Benefit         (40,000,000) (329,000,000) (203,000,000)
Deferred Income Tax Expense Benefit         237,000,000 544,000,000 496,000,000
Investment tax credit amortization         (2,000,000) (3,000,000) (3,000,000)
Commonwealth Edison Co [Member] | State Income Tax Expense Benefit Continuing Operations [Member]
             
Income Tax Expense Benefit Continuing Operations [Line Items]              
Current Income Tax Expense Benefit         6,000,000 (123,000,000) (22,000,000)
Deferred Income Tax Expense Benefit         38,000,000 161,000,000 89,000,000
PECO Energy Co [Member]
             
Effective Income Tax Rate Reconciliation              
U.S. Federal statutory rate         35.00% 35.00% 35.00%
Increase (decrease) due to:              
State income taxes, net of Federal income tax benefit         2.00% (0.50%) (4.70%)
Nontaxable postretirement benefits           (0.30%)  
Health Care Reform Legislation             1.60%
Amortization of investment tax credit         (0.30%)   (0.40%)
Plant basis differences         (11.50%) (6.90%) 0.20%
Other         (0.20%)   0.20%
Effective income tax rate         25.00% 27.30% 31.90%
Interest recognized related to uncertain tax positions [Abstract]              
Net interest receivable (payable) recognized related to uncertain tax positions 2,000,000       2,000,000 28,000,000  
Net interest (income) expense recognized related to uncertain tax positions         (1,000,000) (1,000,000) 35,000,000
Tax Method of Accounting for Repairs [Abstract]              
Repair cost tax benefit       29,000,000      
FIN 48 Tax Remeasurement [Abstract]              
FIN 48 Tax Remeasurement Interest Expense             22,000,000
Income and cash tax benefit as a result of repair costs deduction [Abstract]              
Income tax benefit (expense) as a result of repair costs deduction         35,000,000    
Cash tax benefit (detriment) as a result of repair costs deduction         95,000,000    
Allocated tax benefits [Abstract]              
Allocated tax benefits         9,000,000 18,000,000 43,000,000
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns [Roll Forward]              
Unrecognized tax benefits - beginning balance   48,000,000 44,000,000 48,000,000 48,000,000 44,000,000 372,000,000
Increases based on tax positions related to current year           4,000,000  
Changes to tax positions that only affect timing         (4,000,000)   (328,000,000)
Unrecognized tax benefits - ending balance 44,000,000       44,000,000 48,000,000 44,000,000
Income Tax Expense Benefit Continuing Operations [Line Items]              
Income Tax Expense (Benefit)         127,000,000 146,000,000 152,000,000
Operating Loss Carryforwards [Line Items]              
State net operating loss carryforward 209,000,000 [10]       209,000,000 [10]    
Deferred taxes 14,000,000       14,000,000    
Tax Effects Of Temporary Differences [Line Items]              
Plant basis differences (2,437,000,000)       (2,437,000,000) (2,238,000,000)  
Deferred pension and other post-retirement obligation (11,000,000)       (11,000,000) (31,000,000)  
Deferred debt refinancing costs (4,000,000)       (4,000,000) (6,000,000)  
Net operating losses 14,000,000       14,000,000    
Other, net 150,000,000       150,000,000 135,000,000  
Deferred income tax liabilities, net (2,288,000,000)       (2,288,000,000) (2,140,000,000)  
Unamortized investment tax credits (3,000,000)       (3,000,000) (5,000,000)  
Total deferred income tax liabilities, net and unamortized investment tax credits (2,291,000,000)       (2,291,000,000) (2,145,000,000)  
PECO Energy Co [Member] | Federal Income Tax Expense Benefit Continuing Operations [Member]
             
Income Tax Expense Benefit Continuing Operations [Line Items]              
Current Income Tax Expense Benefit         88,000,000 (71,000,000) 464,000,000
Deferred Income Tax Expense Benefit         25,000,000 223,000,000 (276,000,000)
Investment tax credit amortization         (2,000,000) (2,000,000) (2,000,000)
PECO Energy Co [Member] | State Income Tax Expense Benefit Continuing Operations [Member]
             
Income Tax Expense Benefit Continuing Operations [Line Items]              
Current Income Tax Expense Benefit         4,000,000 (37,000,000) 87,000,000
Deferred Income Tax Expense Benefit         12,000,000 33,000,000 (121,000,000)
Baltimore Gas and Electric Company [Member]
             
Effective Income Tax Rate Reconciliation              
U.S. Federal statutory rate         35.00% [11] 35.00% 35.00%
Increase (decrease) due to:              
State income taxes, net of Federal income tax benefit         24.30% [11] 5.20% 5.50%
Health Care Reform Legislation         11.60% [11] (0.50%) 1.10%
Amortization of investment tax credit         (8.60%) [11] (0.50%) (0.40%)
Plant basis differences         (9.00%) [11] (2.00%) (1.00%)
Merger Expenses         (24.20%) [11],[2]    
Other         (13.90%) [11] (1.70%) (0.40%)
Effective income tax rate         63.60% [11] 35.50% 39.80%
Interest recognized related to uncertain tax positions [Abstract]              
Net interest receivable (payable) recognized related to uncertain tax positions           (1,000,000)  
Net interest (income) expense recognized related to uncertain tax positions           (3,000,000) 2,000,000
Income and cash tax benefit as a result of repair costs deduction [Abstract]              
Cash tax benefit (detriment) as a result of repair costs deduction         27,000,000    
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns [Roll Forward]              
Unrecognized tax benefits - beginning balance   11,000,000 73,000,000 11,000,000 11,000,000 73,000,000 112,000,000
Merger Balance Transfer         0    
Changes to tax positions that only affect timing         (11,000,000) (62,000,000) (39,000,000)
Unrecognized tax benefits - ending balance           11,000,000 73,000,000
Income Tax Expense Benefit Continuing Operations [Line Items]              
Income Tax Expense (Benefit)         7,000,000 75,000,000 97,000,000
Operating Loss Carryforwards [Line Items]              
Federal net operating loss 154,000,000       154,000,000    
State net operating loss carryforward 950,000,000 [12]       950,000,000 [12]    
Deferred taxes 51,000,000       51,000,000    
Valuation allowance 1,000,000       1,000,000    
Tax Effects Of Temporary Differences [Line Items]              
Plant basis differences (1,553,000,000)       (1,553,000,000) (1,220,000,000)  
Deferred pension and other post-retirement obligation (12,000,000)       (12,000,000) (93,000,000)  
Deferred debt refinancing costs (4,000,000)       (4,000,000) (4,000,000)  
Net operating losses 105,000,000       105,000,000    
Other, net (186,000,000)       (186,000,000) (226,000,000)  
Deferred income tax liabilities, net (1,650,000,000)       (1,650,000,000) (1,543,000,000)  
Unamortized investment tax credits (6,000,000)       (6,000,000) (8,000,000)  
Total deferred income tax liabilities, net and unamortized investment tax credits (1,656,000,000)       (1,656,000,000) (1,551,000,000)  
Baltimore Gas and Electric Company [Member] | Federal Income Tax Expense Benefit Continuing Operations [Member]
             
Income Tax Expense Benefit Continuing Operations [Line Items]              
Current Income Tax Expense Benefit         (97,000,000) (71,000,000) (201,000,000)
Deferred Income Tax Expense Benefit         101,000,000 130,000,000 279,000,000
Investment tax credit amortization         (1,000,000) (1,000,000) (1,000,000)
Baltimore Gas and Electric Company [Member] | State Income Tax Expense Benefit Continuing Operations [Member]
             
Income Tax Expense Benefit Continuing Operations [Line Items]              
Current Income Tax Expense Benefit             (2,000,000)
Deferred Income Tax Expense Benefit         $ 4,000,000 $ 17,000,000 $ 22,000,000
[1] 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.
[2] 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.
[3] Exelon's federal net operating loss will expire beginning in 2033
[4] Exelon’s federal capital loss carryforwards will expire beginning in 2018
[5] Exelon’s federal general business credit carryforwards will expire beginning in 2033
[6] Exelon’s state net operating losses will expire beginning in 2014
[7] Exelon’s state capital loss carryforwards will expire beginning in 2018
[8] Generation’s state net operating losses will expire beginning in 2014
[9] Generation’s state capital loss carryforwards will expire beginning in 2018
[10] PECO’s state net operating losses will expire beginning in 2032
[11] BGE activity represents the activity for the twelve months ended December 31, 2012, 2011 and 2010.
[12] BGE’s state net operating losses will expire beginning in 2026