Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Total income tax expense varied from the statutory federal income tax rate for the following reasons:

	Year Ended December 31,
	2014			2013			2012
	(In millions)
Income before income taxes	$	830		$	741		$	768
Income tax expense at 35% statutory rate	$	291		$	260		$	269
Production tax credits	(22		)	(15		)	(5		)
Investment tax credits	(5		)	(5		)	(6		)
Depreciation	3			3			3
AFUDC - Equity	(7		)	(5		)	(4		)
Employee Stock Ownership Plan dividends	(3		)	(2		)	(3		)
Domestic production activities deduction	(2		)	(18		)	(16		)
State and other income taxes, net of federal benefit	43			41			40
Other, net	—			(5		)	4
Income tax expense	$	298		$	254		$	282
Effective income tax rate	35.9		%	34.3		%	36.7		%

Schedule of Components of Income Tax Expense (Benefit)

Components of income tax expense  were as follows:

	Year Ended December 31,
	2014			2013		2012
	(In millions)
Current income tax expense (benefit)
Federal	$	(19	)	$	123	$	267
State and other income tax	20			23		67
Total current income taxes	1			146		334
Deferred income tax expense (benefit)
Federal	251			68		(47		)
State and other income tax	46			40		(5		)
Total deferred income taxes	297			108		(52		)
Total	$	298		$	254	$	282

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) were comprised of the following at December 31:

	2014			2013
	(In millions)
Property, plant and equipment	$	(3,152	)	$	(2,807	)
Securitized regulatory assets	(3		)	(130		)
Pension and benefits	(43		)	27
Other	12			12
	$	(3,186	)	$	(2,898	)
Current deferred income tax assets (liabilities)	$	2		$	(91	)
Long-term deferred income tax liabilities	(3,188		)	(2,807		)
	$	(3,186	)	$	(2,898	)
Deferred income tax assets	$	357		$	420
Deferred income tax liabilities	(3,543		)	(3,318		)
	$	(3,186	)	$	(2,898	)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2014		2013		2012
	(In millions)
Balance at January 1	$	4	$	4	$	59
Reductions for tax positions of prior years	—		—		(3		)
Settlements	—		—		(52		)
Balance at December 31	$	4	$	4	$	4