ComEd 2015 Annual Report Download - page 356

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
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
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, 2015 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 3.7 1.0 4.9 1.0 5.3
Qualified nuclear decommissioning trust fund loss (0.4) (0.8) — — —
Domestic production activities deduction (0.7) (1.3) — — —
Health care reform legislation — — — — 0.1
Amortization of investment tax credit, including deferred taxes on basis
difference (0.9) (1.5) (0.3) (0.1) (0.1)
Plant basis differences (1.5) — (0.1) (8.7) (0.7)
Production tax credits and other credits (1.9) (3.4) — — —
Non-controlling interest 0.3 0.5 — — —
Statute of limitations expiration (1.4) (2.4) — — —
Other — — 0.2 0.2 —
Effective income tax rate 32.2% 27.1% 39.7% 27.4% 39.6%
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 — — —
Domestic production activities deduction (2.0) (4.1) — — —
Health care reform legislation 0.1 — 0.2 — 0.2
Amortization of investment tax credit, including deferred taxes on basis
difference (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 (0.2) (1.1) 0.3 0.1 (0.2)
Effective income tax rate 26.8% 16.9% 39.6% 24.5% 39.9%
349
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.