Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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

Income tax expense consists of the following (in millions):



	Years Ended December 31,
	2015		2014		2013
Current:
Federal	$	4	$	20	$	10
State and local	1		2		—
	5		22		10
Deferred:
Federal	26		26		4
State and local	14		13		7
	40		39		11
Income tax expense	$	45	$	61	$	21

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

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,
	2015		2014		2013
Federal statutory tax rate	35.0	%	35.0	%	35.0	%
Federal tax credits	(19.0	)	(11.4	)	(21.8	)
State and local taxes, net of federal tax benefit	4.2		3.9		3.4
Flow through depreciation and cost basis differences	—		(2.3	)	2.8
Other	0.5		0.8		(2.6	)
Effective tax rate	20.7	%	26.0	%	16.8	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred income tax assets and liabilities consist of the following (in millions):



	As of December 31,
	2015			2014
Deferred income tax assets:
Employee benefits	$	170		$	161
Price risk management	112			88
Regulatory liabilities	42			48
Tax credits	46			13
Other	—			1
Total deferred income tax assets	370			311
Deferred income tax liabilities:
Depreciation and amortization	781			693
Regulatory assets	220			210
Other	1			—
Total deferred income tax liabilities	1,002			903
Deferred income tax liability, net	$	(632	)	$	(592	)
Classification of net deferred income taxes:
Current deferred income tax asset ⁽¹⁾⁽²⁾	$	—		$	33
Noncurrent deferred income tax liability	(632		)	(625		)
	$	(632	)	$	(592	)

(1) Included in Other current assets in the consolidated balance sheets.

(2) Current deferred income tax asset was not retrospectively restated for the adoption of ASU 2015-17, Balance Sheet Classification of Deferred Taxes. For additional information, see Note 2, Summary of Significant Accounting Policies.