Allegheny Power 2013 Annual Report Download - page 111
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96
Accumulated deferred income taxes as of December 31, 2013 and 2012 are as follows:
FirstEnergy FES
(In millions)
December 31, 2013
Property basis differences $ 8,078 $ 1,428
Regulatory transition charge (26) —
Customer receivables for future income taxes (2) —
Deferred MISO/PJM transmission costs 27 —
Other regulatory assets — RCP 69 —
Deferred sale and leaseback gain (411) (370)
Non-utility generation costs (1) —
Unamortized investment tax credits (62) (16)
Unrealized losses on derivative hedges (20) (1)
Pensions and OPEB (938) (77)
Lease market valuation liability (59) 55
Oyster Creek securitization (Note 12) 57 —
Nuclear decommissioning activities 44 31
Mark-to-market adjustments 31 30
Deferred gain for asset sales — affiliated companies 781 —
Loss carryforwards and AMT credits (1,599) (369)
Loss carryforward valuation reserve 142 18
Storm damage 179 —
Market transition charge 81 —
All other 231 (13)
Net deferred income tax liability $ 6,602 $ 716
December 31, 2012
Property basis differences $ 7,868 $ 1,060
Regulatory transition charge 79 —
Customer receivables for future income taxes 130 —
Deferred MISO/PJM transmission costs 125 —
Other regulatory assets — RCP 161 —
Deferred sale and leaseback gain (431) (384)
Non-utility generation costs 5 —
Unamortized investment tax credits (67) (17)
Unrealized losses on derivative hedges (21) 2
Pensions and OPEB (1,102) (105)
Lease market valuation liability (81) 33
Oyster Creek securitization (Note 12) 75 —
Nuclear decommissioning activities 127 111
Mark-to-market adjustments 30 30
Loss carryforwards and ATM credits (1,199) (221)
Loss carryforward valuation reserve 102 16
Storm damage 192 —
Market transition charge 65 —
All other 239 (22)
Net deferred income tax liability $ 6,297 $ 503
FirstEnergy accounts for uncertainty in income taxes recognized in its financial statements. Accounting guidance prescribes a
recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or
expected to be taken on a company's tax return. As of December 31, 2013 and 2012, FirstEnergy's total unrecognized income tax
benefits were approximately $48 million and $43 million, respectively. All $48 million of unrecognized income tax benefits as of
December 31, 2013, would impact the effective tax rate if ultimately recognized in future years. As of December 31, 2013, it is