APS 2011 Annual Report Download - page 130

PINNACLE WEST CAPITAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
105
The components of the net deferred income tax liability were as follows (dollars in thousands):
December 31,
2011 2010
DEFERRED TAX ASSETS
Risk management activities $ 117,765 $ 124,731
Regulatory liabilities:
Asset retirement obligation and removal
costs 236,739 222,448
Deferred fuel and purchased power -- 23,089
Renewable energy standard 19,722 18,749
Unamortized investment tax credits 31,460 642
Other 33,155 27,718
Pension and other postretirement liabilities 501,202 321,182
Real estate investments and assets held for
sale -- 19,855
Renewable energy incentives 57,901 37,327
Credit and loss carryforwards 171,915 42,971
Other 73,759 68,684
Total deferred tax assets 1,243,618 907,396
DEFERRED TAX LIABILITIES
Plant-related (2,446,908) (2,210,976)
Risk management activities (30,171) (30,125)
Regulatory assets:
Allowance for equity funds used during
construction (33,347) (28,276)
Deferred fuel and purchased power (10,884) --
Deferred fuel and purchased power –
mark-to-market (30,559) (30,276)
Pension and other postretirement
benefits (408,716) (264,313)
Other (73,087) (77,078)
Other (4,763) (5,316)
Total deferred tax liabilities (3,038,435) (2,646,360)
Deferred income taxes – net $ (1,794,817) $ (1,738,964)
As of December 31, 2011, the deferred tax assets for credit and loss carryforwards relate to
federal general business credits ($67 million) and federal net operating losses ($92 million), both of
which first begin to expire in 2029, and other federal and state loss carryforwards ($13 million) which
first begin to expire in 2014.
5. Lines of Credit and Short-Term Borrowings
The table below presents the consolidated credit facilities and the amounts available and
outstanding as of December 31, 2011 (dollars in millions):