Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense (benefit) consists of the following for the years ended December 31 (in millions):



	2014			2013			2012

Current:
Federal	$	2		$	54		$	(112	)
State	10			13			(3		)
Total	12			67			(115		)

Deferred:
Federal	260			204			283
State	43			29			33
Total	303			233			316

Investment tax credits	(6		)	(3		)	(4		)
Total income tax expense	$	309		$	297		$	197

Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense is as follows for the years ended December 31:



	2014		2013		2012

Federal statutory income tax rate	35	%	35	%	35	%
State income taxes, net of federal income tax benefit	3		3		3
Federal income tax credits⁽¹⁾	(7	)	(7	)	(9	)
Other	—		(1	)	(2	)
Effective income tax rate	31	%	30	%	27	%


(1)	Primarily attributable to the impact of federal renewable electricity production tax credits for qualifying wind-powered generating facilities that extend 10 years from the date the facilities were placed in-service.

Components of Net Deferred Income Tax Liability [Table Text Block]

The net deferred income tax liability consists of the following as of December 31 (in millions):



	2014			2013

Deferred income tax assets:
Regulatory liabilities	$	362		$	355
Employee benefits	184			98
Derivative contracts and unamortized contract values	79			76
State carryforwards	68			68
Loss contingencies	70			67
Asset retirement obligations	47			48
Other	92			86
	902			798
Deferred income tax liabilities:
Property, plant and equipment	(4,780		)	(4,528		)
Regulatory assets	(647		)	(525		)
Other	(56		)	(38		)
	(5,483		)	(5,091		)
Net deferred income tax liability	$	(4,581	)	$	(4,293	)

Reflected as:
Deferred income taxes - current assets	$	28		$	66
Deferred income taxes - noncurrent liabilities	(4,609		)	(4,359		)
	$	(4,581	)	$	(4,293	)

Summary of Operating Loss Carryforwards [Table Text Block]

The following table provides PacifiCorp's net operating loss and tax credit carryforwards and expiration dates as of December 31, 2014 (in millions):



	State

Net operating loss carryforwards	$	1,417
Deferred income taxes on net operating loss carryforwards	$	52
Expiration dates	2015 - 2032

Tax credit carryforwards	$	16
Expiration dates	2015 - indefinite