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:

	2014			2013			2012
	(In millions)
Income before income taxes	$	1,275		$	922		$	960
Income tax expense at 35% statutory rate	$	446		$	323		$	336
Production tax credits	(119		)	(68		)	(49		)
Investment tax credits	(6		)	(6		)	(6		)
Depreciation	(4		)	(4		)	(4		)
AFUDC - Equity	(7		)	(5		)	(4		)
Employee Stock Ownership Plan dividends	(4		)	(4		)	(4		)
Domestic production activities deduction	—			(14		)	(14		)
State and local income taxes, net of federal benefit	51			37			37
Enactment of New York Corporate Income Tax Legislation, net of federal benefit	8			—			—
Other, net	(1		)	(5		)	(6		)
Income tax expense	$	364		$	254		$	286
Effective income tax rate	28.5		%	27.5		%	29.8		%

Schedule of Components of Income Tax Expense (Benefit)

Components of income tax expense were as follows:

	2014			2013		2012
	(In millions)
Current income tax expense (benefit)
Federal	$	(16	)	$	74	$	190
State and other income tax	24			16		49
Total current income taxes	8			90		239
Deferred income tax expense
Federal	289			122		39
State and other income tax	67			42		8
Total deferred income taxes	356			164		47
Total income taxes from continuing operations	364			254		286
Discontinued operations	—			—		(29		)
Total	$	364		$	254	$	257

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	$	(3,832	)	$	(3,372	)
Securitized regulatory assets	(2		)	(127		)
Tax credit carry-forwards	296			266
Pension and benefits	(152		)	(30		)
State net operating loss and credit carry-forwards	39			43
Other	(19		)	(92		)
	(3,670		)	(3,312		)
Less valuation allowance	(31		)	(37		)
	$	(3,701	)	$	(3,349	)
Current deferred income tax assets (liabilities)	$	75		$	(28	)
Long-term deferred income tax liabilities	(3,776		)	(3,321		)
	$	(3,701	)	$	(3,349	)
Deferred income tax assets	$	861		$	934
Deferred income tax liabilities	(4,562		)	(4,283		)
	$	(3,701	)	$	(3,349	)

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	$	10		$	11		$	48
Reductions for tax positions of prior years	—			—			(2		)
Additions for tax positions of current year	—			—			1
Settlements	—			—			(30		)
Lapse of statute of limitations	(1		)	(1		)	(6		)
Balance at December 31	$	9		$	10		$	11