Federal general business credits carryforwards and other carryforwards(a)

[Table of Contents](#i0fa971ac9e834218957059819155291f_10)Combined Notes to Consolidated Financial Statements(Dollars in millions, except per share data unless otherwise noted)  
Note 14 — Income Taxes

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|  | As of December 31, 2020 |
|  | Exelon |  |  |  | ComEd |  | PECO |  | BGE |  | PHI |  | Pepco |  | DPL |  | ACE |
| Plant basis differences | $ | (13,868) |  |  |  |  | $ | (4,432) |  |  | $ | (2,131) |  |  | $ | (1,711) |  |  | $ | (2,822) |  |  | $ | (1,259) |  |  | $ | (806) |  |  | $ | (725) |  |
| Accrual based contracts | 40  |  |  |  |  | —  |  |  | —  |  |  | —  |  |  | 77  |  |  | —  |  |  | —  |  |  | —  |  |
| Derivatives and other financial instruments | 41  |  |  |  |  | 84  |  |  | —  |  |  | —  |  |  | 2  |  |  | —  |  |  | —  |  |  | —  |  |
| Deferred pension and postretirement obligation | 1,559  |  |  |  |  | (288) |  |  | (30) |  |  | (33) |  |  | (80) |  |  | (74) |  |  | (40) |  |  | (7) |  |
| Nuclear decommissioning activities | (742) |  |  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |
| Deferred debt refinancing costs | 169  |  |  |  |  | (6) |  |  | —  |  |  | (2) |  |  | 131  |  |  | (3) |  |  | (1) |  |  | (1) |  |
| Regulatory assets and liabilities | (1,107) |  |  |  |  | 87  |  |  | (231) |  |  | 142  |  |  | (41) |  |  | 38  |  |  | 67  |  |  | 46  |  |
| Tax loss carryforward, net of valuation allowances | 286  |  |  |  |  | —  |  |  | 47  |  |  | 57  |  |  | 90  |  |  | 4  |  |  | 49  |  |  | 38  |  |
| Tax credit carryforward | 841  |  |  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |
| Investment in partnerships | (835) |  |  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |  | —  |  |
| Other, net | 1,070  |  |  |  |  | 223  |  |  | 104  |  |  | 29  |  |  | 220  |  |  | 107  |  |  | 18  |  |  | 27  |  |
| Deferred income tax liabilities (net) | $ | (12,546) |  |  |  |  | $ | (4,332) |  |  | $ | (2,241) |  |  | $ | (1,518) |  |  | $ | (2,423) |  |  | $ | (1,187) |  |  | $ | (713) |  |  | $ | (622) |  |
| Unamortized investment tax credits(a) | (464) |  |  |  |  | (9) |  |  | (1) |  |  | (3) |  |  | (6) |  |  | (2) |  |  | (2) |  |  | (3) |  |
| Total deferred income tax liabilities (net) and unamortized investment tax credits | $ | (13,010) |  |  |  |  | $ | (4,341) |  |  | $ | (2,242) |  |  | $ | (1,521) |  |  | $ | (2,429) |  |  | $ | (1,189) |  |  | $ | (715) |  |  | $ | (625) |  |

\_\_\_\_\_\_\_\_\_(a)Does not include unamortized investment tax credits reclassified to liabilities held for sale.The following table provides Exelon’s, PECO’s, BGE’s, PHI’s, Pepco’s, DPL’s, and ACE’s carryforwards, of which the state related items are presented on a post-apportioned basis, and any corresponding valuation allowances as of December 31, 2021. ComEd does not have net operating losses or credit carryforwards for the year ended December 31, 2021.

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|  | Exelon |  |  |  | PECO |  | BGE |  | PHI |  | Pepco |  | DPL |  | ACE |
| Federal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| Federal general business credits carryforwards and other carryforwards(a) | $ | 806  |  |  |  |  | $ | —  |  |  | $ | —  |  |  | $ | —  |  |  | $ | —  |  |  | $ | —  |  |  | $ | —  |  |
| State |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| State net operating losses and other carryforwards | 5,485  |  |  |  |  | 890  |  |  | 1,098  |  |  | 1,512  |  |  | 42  |  |  | 736  |  |  | 605  |  |
| Deferred taxes on state tax attributes (net of federal taxes) | 365  |  |  |  |  | 70  |  |  | 72  |  |  | 104  |  |  | 3  |  |  | 50  |  |  | 43  |  |
| Valuation allowance on state tax attributes (net of federal taxes)(b) | 59  |  |  |  |  | 3  |  |  | —  |  |  | 31  |  |  | —  |  |  | 31  |  |  | —  |  |
| Year in which net operating loss or credit carryforwards will begin to expire(c) | 2035 |  |  |  | 2032 |  | 2033 |  | 2029 |  | N/A |  | 2032 |  | 2031 |

\_\_\_\_\_\_\_\_\_\_(a)For Exelon, the federal general business credit carryforward will begin expiring in 2035. (b)At Exelon, a full valuation allowance has been recorded against certain separate company state net operating loss carryforwards that are expected to expire before realization. At PECO, a full valuation allowance has been recorded against Pennsylvania charitable contributions carryforwards that are expected to expire before realization. At DPL, a full valuation allowance has been recorded against Delaware net operating losses carryforwards due to a change in Delaware tax law. (c)A portion of Exelon's, BGE's, Pepco's, and DPL's Maryland state net operating loss carryforward have an indefinite carryforward period.Tabular Reconciliation of Unrecognized Tax BenefitsThe following table presents changes in unrecognized tax benefits, for Exelon, PHI, and ACE. ComEd's, PECO's, BGE's, Pepco's, and DPL's amounts are not material.261  
  
  

