Energy Transfer 2012 Annual Report Download - page 186
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F - 41
Deferred taxes result from the temporary differences between financial reporting carrying amounts and the tax basis of existing
assets and liabilities. The table below summarizes the principal components of the deferred tax assets (liabilities) as follows:
December 31,
2012 2011
Deferred income tax assets:
Net operating losses and alternative minimum tax credit $ 268 $ 3
Pension and other postretirement benefits 127 —
Long term debt 117 —
Other 288 2
Total deferred income tax assets 800 5
Valuation allowance (90) —
Net deferred income tax assets 710 5
Deferred income tax liabilities:
Properties, plants and equipment (1,938)(55)
Inventory (516) —
Investment in unconsolidated affiliates (1,542)(72)
Trademarks (192) —
Other (128)(1)
Total deferred income tax liabilities (4,316)(128)
Net deferred income tax liability (3,606)(123)
Less: current portion of deferred income tax assets (liabilities) (130) 3
Accumulated deferred income taxes $ (3,476) $ (126)
The completion of the Southern Union, Sunoco and Holdco transactions (see Note 3) significantly increased the deferred
tax assets (liabilities). The table below provides a rollforward of the net deferred income tax liability as follows:
December 31,
2012
Net deferred income tax liability, beginning of year $ (123)
Southern Union acquisition (1,420)
Sunoco acquisition (1,989)
Tax provision (including discontinued operations) (73)
Other (1)
Net deferred income tax liability $ (3,606)
Holdco and other corporate subsidiaries have gross federal net operating loss carryforwards of $362 million, of which $18
million, $40 million and $304 million will expire in 2030, 2031 and 2032, respectively. Holdco has $37 million of federal
alternative minimum tax credits which do not expire. Holdco and other corporate subsidiaries have state net operating loss
carryforward benefits of $104 million, net of federal tax, which expire between 2013 and 2032. The valuation allowance of
$90 million is applicable to the state net operating loss carryforward benefits applicable to Sunoco pre-acquisition periods.
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