Duke Energy 2014 Annual Report Download - page 224
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204
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)
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 $ (141) $ 49 $ (221) $ (70) $(143) $ (24) $ (88)
State (40) 11 (37) (10) (13) (4) 7
Foreign 151 — — — — — —
Total current income taxes (30) 60 (258) (80) (156) (28) (81)
Deferred income taxes
Federal 1,092 464 555 316 326 65 276
State 144 75 84 59 44 6 29
Foreign 14 — — — — — —
Total deferred income taxes(a) 1,250 539 639 375 370 71 305
Investment tax credit amortization (15) (5) (8) (7) (1) — (1)
Income tax expense from continuing operations 1,205 594 373 288 213 43 223
Tax expense from discontinued operations 29 — (26) — — 32 —
Total income tax expense included in Consolidated
Statements of Operations $ 1,234 $ 594 $ 347 $ 288 $ 213 $ 75 $ 223
(a) Includes benefi ts of NOL carryforwards of $808 million at Duke Energy, $458 million at Progress Energy, $64 million at Duke Energy Progress, $301 million at Duke Energy Florida 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 $ (108) $ (1) $ (88) $ (48) $ 6 $ (8) $ (27)
State 29 (25) 2 (6) — 5 27
Foreign 133 — — — — — —
Total current income taxes 54 (26) (86) (54) 6 (3) —
Deferred income taxes
Federal 491 408 226 162 121 40 (47)
State 71 77 40 9 21 (2) (25)
Foreign 20 — — — — — —
Total deferred income taxes(a) 582 485 266 171 142 38 (72)
Investment tax credit amortization (13) (6) (8) (7) (1) (2) (1)
Income tax expense (benefi t) from continuing operations 623 453 172 110 147 33 (73)
Tax benefi t from discontinued operations 107 — 29 — — 65 —
Total income tax expense (benefi t) included in Consolidated
Statements of Operations $ 730 $ 453 $ 201 $ 110 $ 147 $ 98 $ (73)
(a) Includes benefi ts of NOL carryforwards of $1,062 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, $34
million at Duke Energy Ohio and $205 million at Duke Energy Indiana.
Duke Energy Income from Continuing Operations before Income Taxes
Years Ended December 31,
(in millions) 2014 2013 2012
Domestic $ 3,600 $ 3,183 $1,600
Foreign 534 612 634
Income from continuing operations before income taxes $ 4,134 $3,795 $2,234