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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Deferred Income Tax Assets and Liabilities The significant components of deferred income tax assets and liabilities consisted of the following.
($ millions) | 2024 |  |  | 2023 |
Gross deferred income tax assets |  |  |
Regulatory liabilities | 659 |  |  | 636 |
Tax loss and credit carryforwards | 629 |  |  | 600 |
Employee future benefits | 123 |  |  | 136 |
Other | 216 |  |  | 144 |
| 1,627 |  |  | 1,516 |
Valuation allowance | (50) |  |  | (23) |
Net deferred income tax asset | 1,577 |  |  | 1,493 |
Gross deferred income tax liabilities |  |  |
PPE | (5,993) |  |  | (5,355) |
Regulatory assets | (432) |  |  | (372) |
Intangible assets | (172) |  |  | (165) |
| (6,597) |  |  | (5,892) |
Net deferred income tax liability | (5,020) |  |  | (4,399) |
Income Tax Expense
($ millions) | 2024 |  |  | 2023 |
Canadian |  |  |
Earnings before income tax expense | 518 |  |  | 526 |
Current income tax | 154 |  |  | 71 |
Deferred income tax | (87) |  |  | 17 |
Total Canadian | 67 |  |  | 88 |
Foreign |  |  |
Earnings before income tax expense | 1,656 |  |  | 1,544 |
Current income tax | 38 |  |  | 17 |
Deferred income tax | 241 |  |  | 255 |
Total Foreign | 279 |  |  | 272 |
Income tax expense | 346 |  |  | 360 |
Income tax expense differs from the amount that would be expected to be generated by applying the enacted combined Canadian federal and provincial statutory income tax rate to earnings before income tax expense. The following is a reconciliation of consolidated statutory taxes to consolidated effective taxes.
($ millions, except as indicated) | 2024 |  |  | 2023 |
Earnings before income tax expense | 2,174 |  |  | 2,070 |
Combined Canadian federal and provincial statutory income tax rate (%) | 30.0 |  |  | 30.0 |
Expected federal and provincial taxes at statutory rate | 652 |  |  | 621 |
(Decrease)/Increase resulting from: |  |  |
Foreign and other statutory rate differentials | (169) |  |  | (166) |
Effects of rate-regulated accounting | (97) |  |  | (98) |
Tax credits | (36) |  |  | (14) |
Enactment of new tax laws, change in tax rate | 2 |  |  | 12 |
Other | (6) |  |  | 5 |
Income tax expense | 346 |  |  | 360 |
Effective tax rate (%) | 15.9 |  |  | 17.4 |
Income Tax Carryforwards(1) |  |  |
($ millions) | Expiring Year |  | 2024 |
Canadian |  |  |
Non-capital loss | 2028-2044 |  | 155 |
Other tax credits and restricted interest and financing expenses(2) | 2026-2044 |  | 77 |
|  |  | 232 |
Foreign |  |  |
Federal and state net operating loss(3) | 2029-2044 |  | 315 |
Other tax credits | 2027-2044 |  | 82 |
|  |  | 397 |
Total income tax carryforwards recognized |  |  | 629 |
(1) Income tax carryforwards presented on an after-tax basis (2) Indefinite carryforward for restricted interest and financing expenses (3) Indefinite carryforward for Federal net operating losses, and for states that have adopted the Federal provisions, effective for tax years beginning after December 31, 2017 The Corporation and certain of its subsidiaries are subject to taxation in Canada, the United States and other foreign jurisdictions. The material jurisdictions in which the Corporation is subject to potential income tax compliance examinations include the United States (Federal, Arizona, Kansas, Iowa, Michigan, Minnesota and New York) and Canada (Federal, British Columbia and Alberta). The Corporation's 2020 to 2024 taxation years are still open for audit in Canadian jurisdictions, and its 2020 to 2024 taxation years are still open for audit in United States jurisdictions.

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