Duke Energy 2015 Annual Report Download - page 222
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202
PART II
DUKE ENERGY CORPORATION • DUKE ENERGY CAROLINAS, LLC • PROGRESS ENERGY, INC. •
DUKE ENERGY PROGRESS, LLC. • DUKE ENERGY FLORIDA, LLC. • DUKE ENERGY OHIO, INC. • DUKE ENERGY INDIANA, INC.
Combined Notes to Consolidated Financial Statements – (Continued)
Year Ended December 31, 2014
(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 $ — $ 161 $ (466) $(184) $ (53) $ (73) $(112)
State 56 51 (8) 14 1 3 1
Foreign 144 — — — — — —
Total current income taxes 200 212 (474) (170) (52) (70) (111)
Deferred income taxes
Federal 1,517 407 938 436 350 113 294
State 35 (25) 84 25 52 1 15
Foreign (67) — — — — — —
Total deferred income taxes(a)(b) 1,485 382 1,022 461 402 114 309
Investment tax credit amortization (16) (6) (8) (6) (1) (1) (1)
Income tax expense from continuing operations 1,669 588 540 285 349 43 197
Tax benefit from discontinued operations (295) — (4) — — (300) —
Total income tax expense (benefit) included in Consolidated
Statements of Operations $ 1,374 $ 588 $ 536 $ 285 $ 349 $(257) $ 197
(a) There were no benefits of NOL carryforwards.
(b) Includes utilization of NOL and tax credit carryforwards of $1,544 million at Duke Energy, $345 million at Duke Energy Carolinas, $530 million at Progress Energy, $291 million at Duke Energy Progress, $64 million at
Duke Energy Florida, $56 million at Duke Energy Ohio and $141 million at Duke Energy Indiana.
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 (benefit) 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 benefits 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.
Duke Energy Income from Continuing Operations before Income Taxes
Years Ended December 31,
(in millions) 2015 2014 2013
Domestic $ 3,828 $3,600 $3,183
Foreign 309 534 612
Income from continuing operations before income taxes $ 4,137 $ 4,134 $3,795