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This paper presents a novel time-domain perspective of the Currents' Physical Components (CPC) power theory for single-phase systems operating under nonsinusoidal conditions. The proposed CPC decomposition reveals some appealing physical characteristics of the load current components in terms of measurable powers that are distributed over the branches in the load network. Instrumental in the time-domain equivalent of the reactive current is the concept of Iliovici's reactive power, which is a measure of the area of the loop formed by the Lissajous figure when plotting the current against the voltage. For sinusoidal systems, Iliovici's reactive power integral is included in the IEEE Standards on power definitions. Furthermore, the reactive current is decomposed into two new currents that represent the reactive counterparts of the active and scattered current., Submitted for publication. In V2 we corrected some typo's, added some references and a subsection comparing Iliovici's reactive power to Budeanu's concept