ComEd 2006 Annual Report Download - page 252

Exelon Corporation and Subsidiary Companies
Exelon Generation Company, LLC and Subsidiary Companies
Commonwealth Edison Company and Subsidiary Companies
PECO Energy Company and Subsidiary Companies
Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
12. Income Taxes (Exelon, Generation, ComEd and PECO)
Income tax expense (benefit) from continuing operations is comprised of the following
components:
For the Year Ended December 31, 2006 Exelon Generation ComEd PECO
Included in operations:
Federal
Current ............................................ $ 935 $571 $282 $ 356
Deferred ........................................... 112 157 83 (156)
Investment tax credit amortization ...................... (13) (8) (3) (2)
State
Current ............................................ 200 122 60 44
Deferred ........................................... (28) 24 23 (62)
Total income tax expense ................................. $1,206 $866 $445 $ 180
For the Year Ended December 31, 2005 Exelon Generation ComEd PECO
Included in operations:
Federal
Current ............................................. $376 $315 $112 $312
Deferred ............................................ 411 270 187 (53)
Investment tax credit amortization ....................... (13) (8) (3) (2)
State
Current ............................................. 86 69 25 17
Deferred ............................................ 84 63 42 (27)
Total income tax expense ................................. $944 $709 $363 $247
Included in cumulative effect of changes in accounting principles:
Deferred
Federal ............................................. $(22) $ (16) $ (5) $ (2)
State .............................................. (5) (3) (1) —
Total income tax benefit ................................... $(27) $ (19) $ (6) $ (2)
For the Year Ended December 31, 2004 Exelon Generation ComEd PECO
Included in operations:
Federal
Current ............................................. $406 $230 $231 $311
Deferred ............................................ 260 114 147 (59)
Investment tax credit amortization ....................... (13) (8) (3) (2)
State
Current ............................................. 86 19 73 36
Deferred ............................................ (26) 46 9 (37)
Total income tax expense ................................. $713 $401 $457 $249
Included in cumulative effect of changes in accounting principles:
Deferred
Federal ............................................. $ 12 $ 17 $— $—
State .............................................. 5 5 — —
Total income tax expense benefit ........................... $ 17 $ 22 $— $—
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