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Income Taxes | 12 Months Ended
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Dec. 31, 2016
Income Taxes Note [Abstract] |
Income Taxes | INCOME TAXES Income tax expense consists of the following (in millions):
| Years Ended December 31,
| 2016 |  | 2015 |  | 2014
Current: |  |  |  |  |
Federal | $ | 10 |  |  | $ | 4 |  |  | $ | 20 |
State and local | 3 |  |  | 1 |  |  | 2 |
| 13 |  |  | 5 |  |  | 22 |
Deferred: |  |  |  |  |
Federal | 23 |  |  | 26 |  |  | 26 |
State and local | 14 |  |  | 14 |  |  | 13 |
| 37 |  |  | 40 |  |  | 39 |
Income tax expense | $ | 50 |  |  | $ | 45 |  |  | $ | 61 |
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,
| 2016 |  | 2015 |  | 2014
Federal statutory tax rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Federal tax credits * | (18.2 | ) |  | (19.0 | ) |  | (11.4 | )
State and local taxes, net of federal tax benefit | 4.8 |  |  | 4.2 |  |  | 3.9 |
Flow through depreciation and cost basis differences | 0.2 |  |  | — |  |  | (2.3 | )
Other | (1.2 | ) |  | 0.5 |  |  | 0.8 |
Effective tax rate | 20.6 | % |  | 20.7 | % |  | 26.0 | %
* | Federal tax credits consist primarily of production tax credits (PTCs) earned from Company-owned wind-powered generating facilities. The federal PTCs are earned based on a per-kilowatt hour rate, and as a result, the annual amount of PTCs earned will vary based on weather conditions. The PTCs are generated for 10 years from the corresponding facility’s in service date. PGE’s PTCs end at various dates between 2017 and 2024.
Deferred income tax assets and liabilities consist of the following (in millions):
| As of December 31,
| 2016 |  | 2015
Deferred income tax assets: |  |  |
Employee benefits | $ | 181 |  |  | $ | 170 |
Price risk management | 59 |  |  | 112 |
Regulatory liabilities | 29 |  |  | 42 |
Tax credits | 56 |  |  | 46 |
Other | 5 |  |  | — |
Total deferred income tax assets | 330 |  |  | 370 |
Deferred income tax liabilities: |  |  |
Depreciation and amortization | 829 |  |  | 781 |
Regulatory assets | 170 |  |  | 220 |
Other | — |  |  | 1 |
Total deferred income tax liabilities | 999 |  |  | 1,002 |
Deferred income tax liability, net | $ | (669 | ) |  | $ | (632 | )
As of December 31, 2016, PGE has federal credit carryforwards of $56 million, which will expire at various dates through 2036. PGE believes that it is more likely than not that its deferred income tax assets as of December 31, 2016 and 2015 will be realized; accordingly, no valuation allowance has been recorded. As of December 31, 2016 and 2015, PGE had no unrecognized tax benefits. PGE and its subsidiaries file a consolidated federal income tax return. The Company also files income tax returns in the states of Oregon, California, and Montana, and in certain local jurisdictions. The Internal Revenue Service (IRS) has completed its examination of all tax years through 2010 and all issues were resolved related to those years. The Company does not believe that any open tax years for federal or state income taxes could result in any adjustments that would be significant to the consolidated financial statements.

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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 Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: 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=65882285&loc=d3e32559-109319 Reference 3: 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=65882285&loc=d3e32718-109319 Reference 4: 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=65882285&loc=d3e32639-109319 Reference 5: 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=65882285&loc=d3e32537-109319 + Details
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