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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Reconciliation of Effective Income Tax Rate | The income tax provision, for the years ended December 31, differs from that computed using the enacted combined Canadian federal and provincial statutory income tax rate for the following reasons: millions of dollars 2024 2023 Income before provision for income taxes $ 409 $ 1,173 Statutory income tax rate 29.0% 29.0% Income taxes, at statutory income tax rate 119 340 Deferred income taxes on regulated income recorded as regulatory assets and regulatory liabilities (90) (72) Interest and financing expenses (58) - Valuation allowance (58) 3 Tax credits (57) (53) Goodwill impairment charge 49 - Amortization of deferred income tax regulatory liabilities (36) (33) Foreign tax rate variance (31) (36) Additional impact from the sale of LIL equity interest 22 - Tax effect of equity earnings (14) (15) Manufacturing allowance (9) (8) Other 4 2 Income tax (recovery) expense $ (159) $ 128 Effective income tax rate (39%) 11%
Composition of Taxes on Income from Continuing Operations | millions of dollars 2024 2023 Current income taxes Canada $ 29 $ 26 United States 4 5 Deferred income taxes Canada (200) 93 United States 155 128 Adjustments to beginning of the year valuation allowance Canada (61) - Investment tax credits United States (6) (29) Operating loss carryforwards Canada (4) (93) United States (76) (2) Income tax (recovery) expense $ (159) $ 128 The following table reflects the composition of income before provision for income taxes presented in the Consolidated Statements of Income for the years ended December 31: millions of dollars 2024 2023 Canada $ 156 $ 171 United States 203 964 Other 50 38 Income before provision for income taxes $ 409 $ 1,173
Schedule of Deferred Income Tax Assets and Liabilities | The deferred income tax assets and liabilities presented in the Consolidated Balance Sheets as at December 31 consisted of the following: millions of dollars 2024 2023 Deferred income tax assets: Tax loss carryforwards $ 1,118 $ 1,195 Tax credit carryforwards 534 454 Regulatory liabilities 225 175 Derivative instruments 144 205 Other 462 372 Total deferred income tax assets before valuation allowance 2,483 2,401 Valuation allowance (322) (363) Total deferred income tax assets after valuation allowance $ 2,161 $ 2,038 Deferred income tax liabilities: PP&E $ (3,421) $ (3,223) Regulatory assets (198) (196) Derivative instruments (105) (235) Investments subject to significant influence (46) (216) Other (330) (312) Total deferred income tax liabilities $ (4,100) $ (4,182) Consolidated Balance Sheets presentation: Long-term deferred income tax assets $ 392 $ 208 Long-term deferred income tax liabilities (2,331) (2,352) Net deferred income tax liabilities $ (1,939) $ (2,144)
Net Operating Loss ("NOL"), Capital Loss and Tax Credit Carryforwards and Their Expiration Periods | Emera’s NOL, capital loss and tax credit carryforwards and their expiration periods as at December 31, 2024 consisted of the following: Subject to Tax Valuation Net Tax Expiration millions of dollars Carryforwards Allowance Carryforwards Period Canada NOL $ 2,420 $ (967) $ 1,453 2026 - 2044 Capital loss 55 (55) - Indefinite Tax Credit 2 (1) 1 2028 - 2042 United States Federal NOL $ 1,587 $ (1) $ 1,586 2036 - Indefinite State NOL 1,351 (1) 1,350 2026 - Indefinite Tax credit 533 (3) 530 2025 - 2044 Other NOL $ 91 $ (23) $ 68 2025 - 2031
Details of Change in Unrecognized Tax Benefits | millions of dollars 2024 2023 Balance, January 1 $ 37 $ 33 Increases due to tax positions related to current year 6 5 Increases due to tax positions related to a prior year 2 1 Decreases due to tax positions related to a prior year (3) (2) Balance, December 31 $ 42 $ 37

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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