Duke Energy 2012 Annual Report Download - page 253

PART II
233
DUKE ENERGY CORPORATION • DUKE ENERGY CAROLINAS, LLC • PROGRESS ENERGY, INC. • CAROLINA POWER & LIGHT COMPANY d/b/a PROGRESS ENERGY
CAROLINAS, INC. • FLORIDA POWER CORPORATION d/b/a PROGRESS ENERY FLORIDA, INC. • DUKE ENERGY OHIO, INC. • DUKE ENERGY INDIANA, INC
.
Combined Notes to Consolidated Financial Statements – (Continued)
Year Ended December 31, 2011
(in millions)
Duke
Energy
Duke
Energy
Carolinas
Progress
Energy
Progress
Energy
Carolinas
Progress
Energy
Florida
Duke
Energy
Ohio
Duke
Energy
Indiana
Current income taxes
Federal $ (37) $(122) $ (91) $ (27) $ (60) $ (95) $ 95
State 21 30 29 21 5 1 42
Foreign 164 — — — — — —
Total current income taxes 148 (92) (62) (6) (55) (94) 137
Deferred income taxes
Federal 526 531 365 262 214 194 (38)
State 56 40 27 6 22 (2) (23)
Foreign 32 — — — — — —
Total deferred income taxes(a) 614 571 392 268 236 192 (61)
Investment tax credit amortization (10) (7) (7) (6) (1) (2) (2)
Income tax expense from continuing operations(b) 752 472 323 256 180 96 74
Tax benefi t from discontinued operations — — (3) — — — —
Total income tax expense included in Consolidated Statements of Operations $752 $ 472 $320 $256 $ 180 $ 96 $ 74
(a) Includes benefi ts of NOL carryforwards of $274 million at Duke Energy, $79 million at Duke Energy Carolinas, $213 million at Progress Energy, $54 million at Progress Energy Carolinas, $41 million at Progress Energy Florida
and $47 million at Duke Energy Ohio.
(b) Includes benefi ts of uncertain tax benefi ts relating primarily to certain temporary differences of $43 million at Duke Energy, $43 million at Duke Energy Carolinas, $(3) million at Progress Energy, $(1) million at Progress Energy
Carolinas, $(19) million at Progress Energy Florida, $3 million at Duke Energy Ohio and $3 million at Duke Energy Indiana. The offset to these temporary differences are included in deferred income taxes.
Year Ended December 31, 2010
(in millions)
Duke
Energy
Duke
Energy
Carolinas
Progress
Energy
Progress
Energy
Carolinas
Progress
Energy
Florida
Duke
Energy
Ohio
Duke
Energy
Indiana
Current income taxes
Federal $ (5) $ 3 $ (46) $ 73 $ (44) $107 $ (3)
State 39 (2) (13) (8) (4) 8 16
Foreign 125 — — — — — —
Total current income taxes(a) 159 1 (59) 65 (48) 115 13
Deferred income taxes
Federal 639 388 505 238 286 6 123
State 83 75 100 53 39 12 22
Foreign 20 — — — — — —
Total deferred income taxes(b) 742 463 605 291 325 18 145
Investment tax credit amortization (11) (7) (7) (6) (1) (1) (2)
Income tax expense from continuing operations 890 457 539 350 276 132 156
Tax benefi t from discontinued operations (1) — (9) — — — —
Total income tax expense included in Consolidated Statements of Operations $889 $ 457 $ 530 $350 $276 $132 $156
(a) Includes uncertain tax benefi ts relating primarily to certain temporary differences of $(392) million at Duke Energy, $(300) million at Duke Energy Carolinas, $16 million at Progress Energy, $15 million at Progress Energy
Carolinas, $1 million at Progress Energy Florida, $(3) million at Duke Energy Ohio and $(7) million at Duke Energy Indiana. The offset to these temporary differences are included in deferred income taxes.
(b) Includes benefi ts of NOL carryforwards of $37 million at Progress Energy and $9 million at Progress Energy Florida.