Duke Energy 2011 Annual Report Download - page 232

PART II
DUKE ENERGY CORPORATION •DUKE ENERGY CAROLINAS, LLC •DUKE ENERGY OHIO, INC. •DUKE ENERGY INDIANA, INC.
Combined Notes to Consolidated Financial Statements – (Continued)
Tax Credits and NOL Carryforwards
(in millions) For the Year Ended
December 31, 2011
Description Amount Expiration year
Investment Tax Credits $362 2029 – 2031
Alternative Minimum Tax Credits 145 Indefinite
Federal NOL 274 2031
State NOL(a) 47 2016 – 2031
Foreign NOL(b) 102 2015 – 2029; Indefinite
(a) A valuation allowance of $41 million has been recorded on the State NOL
Carryforwards, as presented in the Net Deferred Income Tax Liability Components
table.
(b) A valuation allowance of $102 million has been recorded on the Foreign NOL
Carryforwards, as presented in the Net Deferred Income Tax Liability Components
table.
For the Year Ended
December 31, 2010
(in millions)
Duke
Energy
Duke
Energy
Carolinas
Duke
Energy
Ohio
Duke
Energy
Indiana
Deferred credits and
other liabilities $ 679 $ 204 $ 61 $ 70
TaxCreditsandNOL
Carryforwards 554 52 — 100
Other 100 15 19 5
Total deferred
income tax assets 1,333 271 80 175
Valuation allowance (145) — — —
Net deferred income
tax assets 1,188 271 80 175
Investments and other
assets (781) (675) (11) (41)
Accelerated depreciation
rates (6,052) (2,990) (1,529) (973)
Regulatory assets and
deferred debits (996) (513) (171) (93)
Total deferred
income tax
liabilities (7,829) (4,178) (1,711) (1,107)
Net deferred income
tax liabilities $(6,641) $(3,907) $(1,631) $ (932)
The above amounts have been classified in the Consolidated
Balance Sheets as follows:
Deferred Tax Assets (Liabilities)
For the Year Ended
December 31, 2011
(in millions)
Duke
Energy
Duke
Energy
Carolinas
Duke
Energy
Ohio
Duke
Energy
Indiana
Current deferred tax
assets, included in
other current assets $ 210 $ 46 $ 33 $ 13
Non-current deferred
tax assets, included
in other investments
and other assets 67 — — —
Non-current deferred
tax liabilities (7,581) (4,555) (1,853) (927)
Total net deferred
income tax
liabilities $(7,304) $(4,509) $(1,820) $(914)
For the Year Ended
December 31, 2010
(in millions)
Duke
Energy
Duke
Energy
Carolinas
Duke
Energy
Ohio
Duke
Energy
Indiana
Current deferred tax
assets, included in
other current assets $ 236 $ 81 $ 9 $ 41
Non-current deferred
tax assets, included
in other investments
and other assets 101 — — —
Non-current deferred
tax liabilities (6,978) (3,988) (1,640) (973)
Total net deferred
income tax
liabilities $(6,641) $(3,907) $(1,631) $(932)
Deferred income taxes and foreign withholding taxes have not
been provided on undistributed earnings of Duke Energy’s foreign
subsidiaries when such amounts are deemed to be indefinitely
reinvested. The cumulative undistributed earnings as of
December 31, 2011 on which Duke Energy has not provided
deferred income taxes and foreign withholding taxes is $1.7 billion.
The amount of unrecognized deferred tax liability related to these
undistributed earnings is estimated at between $250 million and
$325 million.
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