XML 50 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2013
Income Taxes [Line Items]  
Effective Income Tax Rate Reconciliation
For the Three Months Ended September 30, 2013Exelon 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 benefit3.0  2.6  5.4  (0.3)  5.6 
 Qualified nuclear decommissioning trust fund income3.5  5.3  0.0  0.0  0.0 
 Tax exempt income(0.2)  (0.3)  0.0  0.0  0.0 
 Health care reform legislation0.1  0.0  0.4  0.0  0.2 
 Amortization of investment tax credit, net deferred taxes(1.5)  (2.1)  (0.4)  (0.1)  (0.3) 
 Plant basis differences(0.8)  0.0  (0.4)  (6.9)  0.1 
 Production tax credits and other credits(2.2)  (3.3)  0.0  0.0  0.0 
 Other0.5  0.1  0.3  (0.1)  (0.2) 
                
Effective income tax rate37.4% 37.3% 40.3% 27.6% 40.4%
                
For the Nine Months Ended September 30, 2013Exelon 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 benefit5.3  1.8  5.2  1.9  5.6 
 Qualified nuclear decommissioning trust fund income3.2  5.1  0.0  0.0  0.0 
 Tax exempt income(0.2)  (0.3)  0.0  0.0  0.0 
 Health care reform legislation0.1  0.0  0.9  0.0  0.2 
 Amortization of investment tax credit, net deferred taxes(2.3)  (3.4)  (0.8)  (0.1)  (0.3) 
 Plant basis differences(1.7)  0.0  (1.2)  (7.3)  (0.4) 
 Production tax credits and other credits(2.4)  (3.9)  0.0  0.0  0.0 
 Other0.2  1.1  0.8  0.0  0.0 
                
Effective income tax rate37.2% 35.4% 39.9% 29.5% 40.1%

                
For the Three Months Ended September 30, 2012Exelon(a)  Generation(a) ComEd  PECO  BGE (b)
                
U.S. Federal statutory rate35.0% 35.0% 35.0% 35.0% 0.0%
Increase (decrease) due to:              
 State income taxes, net of Federal income tax benefit5.6  5.9  5.0  3.0  0.0 
 Qualified nuclear decommissioning trust fund income7.8  21.5  0.0  0.0  0.0 
 Domestic production activities deduction0.3  0.8  0.0  0.0  0.0 
 Tax exempt income(0.2)  (0.5)  0.0  0.0  0.0 
 Health care reform legislation0.0  0.0  0.6  0.0  0.0 
 Amortization of investment tax credit, net deferred taxes(4.8)  (13.0)  (0.5)  (0.3)  0.0 
 Plant basis differences(4.7)  0.0  (0.5)  (21.0)  0.0 
 Production tax credits and other credits(2.5)  (7.4)  0.0  0.0  0.0 
 Fines and Penalties(0.1)  0.0  0.0  0.0  0.0 
 Other (d)(1.2)  7.1  0.0  0.2  0.0 
                
Effective income tax rate35.2% 49.4% 39.6% 16.9% 0.0%
                
For the Nine Months Ended September 30, 2012Exelon(a)  Generation(a) ComEd  PECO  BGE (b)
                
U.S. Federal statutory rate35.0% 35.0% 35.0% 35.0% 35.0%
Increase (decrease) due to:              
 State income taxes, net of Federal income tax benefit(4.7)  2.5  5.4  3.2  2.3 
 Qualified nuclear decommissioning trust fund income6.9  10.9  0.0  0.0  0.0 
 Tax exempt income(0.3)  (0.5)  0.0  0.0  0.0 
 Health care reform legislation0.2  0.0  0.6  0.0  (4.6) 
 Amortization of investment tax credit, net deferred taxes(2.3)  (3.3)  (0.5)  (0.3)  2.9 
 Plant basis differences(2.2)  0.0  (0.2)  (9.7)  7.2 
 Production tax credits and other credits(2.6)  (4.3)  0.0  0.0  0.0 
 Fines and Penalties3.8  6.0  0.0  0.0  0.0 
 Merger expenses (c)3.6  0.0  0.0  0.0  (14.0) 
 Other(1.3)  0.8  0.2  0.0  4.5 
                
Effective income tax rate36.1% 47.1% 40.5% 28.2% 33.3%

              

(a) Exelon activity for the three and nine months ended September 30, 2012 includes the results of Constellation and BGE for March 12, 2012 - September 30, 2012. Generation activity for the three and nine months ended September 30, 2012 includes the results of Constellation for March 12, 2012 - September 30, 2012.

(b)       BGE activity represents the activity for the three and nine months ended September 30, 2012. BGE activity for the three months ended September 30, 2012 resulted in zero pre-tax income and zero income taxes. BGE recognized a loss before income taxes for the nine months ended September 30, 2012. As a result, positive percentages represent an income tax benefit for BGE for the nine months ended September 30, 2012.

(c)       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.

(d) For the three months ended September 30, 2012, Generation's effective tax rate was affected by the resolution of uncertain Federal tax positions (5.3%), the finalization of prior year tax return calculations 4.2%, changes in the forecasted activity attributable to noncontrolling interests 4.1%, and other 4.1%.