PG&E 2014 Annual Report Download - page 105
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97
Deferred income tax liabilities:
Regulatory balancing accounts $ 512 $ 261 $ 512 $ 261
Property related basis differences 8,683 8,048 8,666 8,038
Income tax regulatory asset (1) 974 748 974 748
Other 88 151 86 86
Total deferred income tax liabilities $ 10,257 $ 9,208 $ 10,238 $ 9,133
Total net deferred income tax liabilities $ 8,507 $ 7,505 $ 8,764 $ 7,722
Classicationofnetdeferredincometaxliabilities:
Included in current liabilities (assets) $ (6) $ (318) $ (9) $ (320)
Included in noncurrent liabilities 8,513 7,823 8,773 8,042
Total net deferred income tax liabilities $ 8,507 $ 7,505 $ 8,764 $ 7,722
(1) Represents the deferred income tax component of the cumulative differences between amounts recognized for ratemaking purposes and amounts recognized in
accordance with GAAP. (See Note 3 above.)
The following table reconciles income tax expense at the federal statutory rate to the income tax provision:
PG&E Corporation Utility
Year Ended December 31,
2014 2013 2012 2014 2013 2012
Federal statutory income tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
Increase (decrease) in income
tax rate resulting from:
State income tax (net of
federal benet) (1) 1.4 (3.1) (3.9) 1.6 (2.2) (3.0)
Effect of regulatory treatment
of xed asset differences (2) (15.0) (4.2) (4.1) (14.7) (3.8) (3.9)
Tax credits (0.7) (0.4) (0.6) (0.7) (0.4) (0.6)
Benet of loss carryback (0.8) (1.1) (0.7) (0.8) (1.0) (0.4)
Non deductible penalties 0.3 0.8 0.6 0.3 0.7 0.5
Other, net (0.8) (2.2) (3.8) 0.4 (0.9) (0.8)
Effective tax rate 19.4% 24.8% 22.5% 21.1% 27.4% 26.8%
(1) Includes the effect of state flow-through ratemaking treatment.
(2) Represents effect of federal flow-through ratemaking treatment including those deductions related to repairs and certain other property-related costs discussed
below in the “2014 GRC Impact” section.