Duke Energy 2013 Annual Report Download - page 217

199
PART II
DUKE ENERGY CORPORATION • DUKE ENERGY CAROLINAS, LLC • PROGRESS ENERGY, INC. •
DUKE ENERGY PROGRESS, INC. • DUKE ENERGY FLORIDA, INC. • DUKE ENERGY OHIO, INC. • DUKE ENERGY INDIANA, INC.
Combined Notes to Consolidated Financial Statements – (Continued)
22. INCOME TAXES
INCOME TAX EXPENSE
Components of Income Tax Expense
Year Ended December 31, 2013
(in millions)
Duke
Energy
Duke
Energy
Carolinas
Progress
Energy
Duke
Energy
Progress
Duke
Energy
Florida
Duke
Energy
Ohio
Duke
Energy
Indiana
Current income taxes
Federal $ (123) $ 49 $ (221) $ (70) $ (143) $ (21) $ (88)
State (37) 11 (37) (10) (13) (2) 7
Foreign 151 — — — — — —
Total current income taxes (9) 60 (258) (80) (156) (23) (81)
Deferred income taxes
Federal 1,129 464 555 316 326 93 276
State 142 75 84 59 44 5 29
Foreign 14 — — — — — —
Total deferred income taxes(a) 1,285 539 639 375 370 98 305
Investment tax credit amortization (15) (5) (8) (7) (1) — (1)
Income tax expense from continuing operations 1,261 594 373 288 213 75 223
Tax benefit from discontinued operations (27) — (26) — — — —
Total income tax expense included in Consolidated
Statements of Operations $ 1,234 $ 594 $ 347 $ 288 $ 213 $ 75 $ 223
(a) Includes benefits of net operating loss (NOL) carryforwards of $837 million at Duke Energy, $458 million at Progress Energy, $64 million at Duke Energy Progress, $301 million at Duke Energy Florida, $29 million at Duke
Energy Ohio and $179 million at Duke Energy Indiana.
Year Ended December 31, 2012
(in millions)
Duke
Energy
Duke
Energy
Carolinas
Progress
Energy
Duke
Energy
Progress
Duke
Energy
Florida
Duke
Energy
Ohio
Duke
Energy
Indiana
Current income taxes
Federal $ (46) $ (1) $ (88) $ (48) $ 6 $ 26 $ (27)
State 35 (25) 2 (6) — 11 27
Foreign 133 — — — — — —
Total current income taxes 122 (26) (86) (54) 6 37 —
Deferred income taxes
Federal 513 408 226 162 121 72 (47)
State 64 77 40 9 21 (9) (25)
Foreign 20 — — — — — —
Total deferred income taxes(a) 597 485 266 171 142 63 (72)
Investment tax credit amortization (14) (6) (8) (7) (1) (2) (1)
Income tax expense (benefit) from continuing operations 705 453 172 110 147 98 (73)
Tax expense from discontinued operations 24 — 29 — — — —
Total income tax expense (benefit) included in Consolidated
Statements of Operations $ 729 $ 453 $ 201 $ 110 $ 147 $ 98 $ (73)
(a) Includes benefits of NOL carryforwards of $1,127 million at Duke Energy, $245 million at Duke Energy Carolinas, $357 million at Progress Energy, $257 million at Duke Energy Progress, $25 million at Duke Energy Florida,
$99 million at Duke Energy Ohio and $205 million at Duke Energy Indiana.