Duke Energy 2013 Annual Report Download - page 221

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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)
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 Assets: Other $ 732 $ 90 $ 359 $ 144 $ 152 $ 21 $ 1
Investments and Other Assets: Other 85 — 20 — — — —
Current Liabilities: Other (6) — — — — — —
Deferred Credits and Other Liabilities: Other (10,490) (5,181) (2,558) (2,162) (1,518) (1,853) (853)
Net deferred income tax liabilities $ (9,679) $ (5,091) $ (2,179) $ (2,018) $(1,366) $ (1,832) $(852)
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, 2013 on which Duke Energy has not provided
deferred income taxes and foreign withholding taxes is approximately $2.4 billion.
The amount of unrecognized deferred tax liability related to these undistributed
earnings is estimated at between $300 million and $375 million.
UNRECOGNIZED TAX BENEFITS
The following tables present changes to unrecognized tax benefits.
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
Unrecognized tax benefits — January 1 $ 540 $ 271 $131 $ 67 $ 44 $ 36 $ 32
Unrecognized tax benefits increases (decreases)
Gross decreases — tax positions in prior periods (231) (100) (86) (45) (37) (36) (31)
Decreases due to settlements (66) — — — — — —
Reduction due to lapse of statute of limitations (13) — (13) — 1 — —
Total changes (310) (100) (99) (45) (36) (36) (31)
Unrecognized tax benefits — December 31 $ 230 $ 171 $ 32 $ 22 $ 8 $ — $ 1
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
Unrecognized tax benefits — January 1 $ 385 $ 260 $ 173 $ 73 $ 80 $ 32 $ 24
Acquisitions 128 — — — — — —
Unrecognized tax benefits increases (decreases)
Gross increases — tax positions in prior periods 29 12 23 10 12 2 6
Gross decreases — tax positions in prior periods (4) — (72) (19) (52) — —
Gross increases — current period tax positions 28 15 8 4 4 4 4
Gross decreases — current period tax positions (9) (5) (1) (1) — (2) (2)
Decreases due to settlements (13) (11) — — — — —
Reduction due to lapse of statute of limitations (4) — — — — — —
Total changes 155 11 (42) (6) (36) 4 8
Unrecognized tax benefits — December 31 $ 540 $ 271 $ 131 $ 67 $ 44 $ 36 $ 32