ComEd 2015 Annual Report Download - page 358

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, 2014 Exelon Generation ComEd PECO BGE
Plant basis differences $(12,143) $ (3,834) $(3,945) $(2,749) $(1,660)
Accrual based contracts (178) (178) — — —
Derivatives and other financial instruments (46) (79) (4) — —
Deferred pension and postretirement obligation 1,914 (390) (543) 2 (53)
Nuclear decommissioning activities (726) (726) — — —
Deferred debt refinancing costs 112 57 (18) (2) (4)
Regulatory assets and liabilities (1,824) — (286) 27 (258)
Tax loss carryforward 111 48 — 11 39
Tax credit carryforward 97 143 — — —
Investment in CENG (563) (563) — — —
Other, net 1,029 346 255 111 30
Deferred income tax liabilities (net) $(12,217) $ (5,176) $(4,541) $(2,600) $(1,906)
Unamortized investment tax credits (555) (528) (20) (2) (5)
Total deferred income tax liabilities (net) and unamortized investment tax
credits $(12,772) $ (5,704) $(4,561) $(2,602) $(1,911)
The following table provides the Registrants’ carryforwards and any corresponding valuation allowances as of December 31, 2015.
Exelon Generation ComEd PECO BGE
Federal
Federal general business credits carryforward 416 415 — — —
State
State net operating losses and other credit carryforwards 2,086 1,259 — — 618
Deferred taxes on state tax attributes (net) 117 66 — — 34
Valuation allowance on state tax attributes 13 11 — — 1
(a) Exelon’s federal general business credit carryforwards will expire beginning in 2032.
(b) Exelon’s and Generation’s state net operating losses and other carryforwards, which are presented on a post-apportioned basis, will expire beginning in 2016.
(c) BGE’s state net operating losses will expire beginning in 2026.
Tabular reconciliation of unrecognized tax benefits
The following table provides a reconciliation of the Registrants’ unrecognized tax benefits as of December 31, 2015, 2014 and 2013:
Exelon Generation ComEd PECO BGE
Unrecognized tax benefits at January 1, 2015 $1,829 $ 1,357 $ 149 $ 44 $—
Increases based on tax positions related to 2015 108 — — — 106
Change to positions that only affect timing (705) (659) (7) (44) —
Increases based on tax positions prior to 2015 79 65 — — 14
Decreases based on tax positions prior to 2015 (116) (112) — — —
Decrease from settlements with taxing authorities (31) (31) — — —
Decreases from expiration of statute of limitations (86) (86) — — —
Unrecognized tax benefits at December 31, 2015 $1,078 $ 534 $ 142 $— $120
351
(a)
(b) (b) (c)
Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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