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Income Taxes | 12 Months Ended
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Dec. 31, 2012
Income Taxes Note [Abstract] |
Income Taxes | INCOME TAXES Income tax expense (benefit) consists of the following (in millions):
| Years Ended December 31,
| 2012 |  | 2011 |  | 2010
Current: |  |  |  |  |
Federal | $ | 16 |  |  | $ | 2 |  |  | $ | (20 | )
State and local | 1 |  |  | — |  |  | — |
| 17 |  |  | 2 |  |  | (20 | )
Deferred: |  |  |  |  |
Federal | 30 |  |  | 43 |  |  | 61 |
State and local | 17 |  |  | 13 |  |  | 12 |
| 47 |  |  | 56 |  |  | 73 |
Income tax expense | $ | 64 |  |  | $ | 58 |  |  | $ | 53 |
The significant differences between the U.S. federal statutory rate and PGE’s effective tax rate for financial reporting purposes are as follows:
| Years Ended December 31,
| 2012 |  | 2011 |  | 2010
Federal statutory tax rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Federal tax credits | (11.8 | ) |  | (12.7 | ) |  | (10.4 | )
State and local taxes, net of federal tax benefit | 3.5 |  |  | 2.6 |  |  | 4.4 |
Adjustment to deferred taxes for change in blended composite state tax rate | 2.6 |  |  | — |  |  | — |
Flow through depreciation and cost basis differences | 2.4 |  |  | 2.1 |  |  | 0.1 |
Other | (0.6 | ) |  | 1.3 |  |  | 1.2 |
Effective tax rate | 31.1 | % |  | 28.3 | % |  | 30.3 | %
Deferred income tax assets and liabilities consist of the following (in millions):
| As of December 31,
| 2012 |  | 2011
Deferred income tax assets: |  |  |
Employee benefits | $ | 162 |  |  | $ | 135 |
Price risk management | 77 |  |  | 145 |
Tax credits, net of valuation allowance | 55 |  |  | 56 |
Regulatory liabilities | 20 |  |  | 22 |
Tax loss carryforwards | — |  |  | 1 |
Total deferred income tax assets | 314 |  |  | 359 |
Deferred income tax liabilities: |  |  |
Depreciation and amortization | 623 |  |  | 572 |
Regulatory assets | 224 |  |  | 274 |
Other | 4 |  |  | 9 |
Total deferred income tax liabilities | 851 |  |  | 855 |
Deferred income tax liability, net | $ | (537 | ) |  | $ | (496 | )
Classification of net deferred income taxes: |  |  |
Current deferred income tax asset (1) | $ | 51 |  |  | $ | 33 |
Noncurrent deferred income tax liability | (588 | ) |  | (529 | )
| $ | (537 | ) |  | $ | (496 | )
(1) | Included in Other current assets in the consolidated balance sheets.
PGE has federal and state tax credit carryforwards of $41 million and $14 million, respectively, which will expire at various dates from 2014 through 2031. PGE believes that it is more likely than not that its deferred income tax assets as of December 31, 2012 and 2011 will be realized; accordingly, no valuation allowance has been recorded. During the year ended December 31, 2011, the valuation allowance decreased $2 million as a result of the expiration of unused state credits. As of December 31, 2012 and 2011, PGE had no unrecognized tax benefits. As of December 31, 2010, the amount of the Company’s unrecognized tax benefit was $2 million, including interest, resulting from a gross increase in a position taken in a prior period. During the year ended December 31, 2010, the Company recognized $1 million in interest and no penalties. During 2011, the unrecognized tax benefit of $2 million was recognized as a result of filing for a federal tax accounting method change. PGE files income tax returns in the U.S. federal jurisdiction, the states of Oregon and Montana, and certain local jurisdictions. The Internal Revenue Service (IRS) is in the process of finalizing an examination of PGE’s income tax returns for 2006, 2009, and 2010, for which no material findings have been identified. The Company is not currently under examination by state or local tax authorities.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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