CenterPoint Energy 2014 Annual Report Download - page 121

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows:
Tax Attribute Carryforwards and Valuation Allowance. CenterPoint Energy has $9 million
of federal capital loss carryforwards which
expire in 2018, $725 million of state net operating loss carryforwards which expire between 2015 and 2034 , $4 million
of state tax credits which
do not expire, and $244 million of state capital loss carryforwards which expire in 2017
for which management established a full valuation
allowance of $2 million net of federal tax. The valuation allowance was established based upon management’
s evaluation that loss carryforwards
may not be fully realized.
111
December 31,
2014
2013
(in millions)
Deferred tax assets:
Current:
Allowance for doubtful accounts
$
10
$
11
Deferred gas costs —
7
Other
13
12
Total current deferred tax assets
23
30
Non-current:
Loss and credit carryforwards
69
51
Employee benefits
327
258
Other
89
76
Total non-current deferred tax assets before valuation allowance
485
385
Valuation allowance
(2
)
(2
)
Total non-current deferred tax assets, net of valuation allowance
483
383
Total deferred tax assets, net of valuation allowance
506
413
Deferred tax liabilities:
Current:
Unrealized gain on indexed debt securities
636
541
Unrealized gain on TW securities
65
97
Deferred gas costs
6
—
Total current deferred tax liabilities
707
638
Non-current:
Depreciation
2,201
1,908
Regulatory assets, net
1,228
1,308
Investment in unconsolidated affiliates
1,789
1,590
Other
21
119
Total non-current deferred tax liabilities
5,239
4,925
Total deferred tax liabilities
5,946
5,563
Accumulated deferred income taxes, net
$
5,440
$
5,150