Exelon 2015 Annual Report Download - page 357

Table of Contents
Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
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 — — —
Domestic production activities deduction — — — — —
Health care reform legislation 0.1 — 0.7 — 0.2
Amortization of investment tax credit, including deferred taxes on basis
difference (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 (0.3) 0.4 0.3 (0.3) (0.9)
Effective income tax rate 37.6% 36.7% 37.9% 29.1% 39.0%
The tax effects of temporary differences and carryforwards, which give rise to significant portions of the deferred tax assets (liabilities), as of
December 31, 2015 and 2014 are presented below:
For the Year Ended December 31, 2015 Exelon Generation ComEd PECO BGE
Plant basis differences $(13,393) $ (4,269) $(4,424) $(2,901) $(1,821)
Accrual based contracts (136) (136) — — —
Derivatives and other financial instruments (203) (181) (4) — —
Deferred pension and postretirement obligation 1,801 (371) (505) (9) (47)
Nuclear decommissioning activities (592) (592) — — —
Deferred debt refinancing costs 133 48 (15) (1) (4)
Regulatory assets and liabilities (1,706) — (219) 16 (264)
Tax loss carryforward 103 56 — — 33
Tax credit carryforward 327 374 — — —
Investment in CENG (595) (595) — — —
Other, net 1,112 425 270 105 27
Deferred income tax liabilities (net) $(13,149) $ (5,241) $(4,897) $(2,790) $(2,076)
Unamortized investment tax credits (622) (598) (17) (2) (5)
Total deferred income tax liabilities (net) and unamortized investment tax
credits $(13,771) $ (5,839) $(4,914) $(2,792) $(2,081)
350
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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