National Grid 2006 Annual Report Download - page 59

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
NOTE G – INCOME TAXES
The following is a summary of the components of federal and state income tax and reconciliation
between the amount of federal income tax expense reported in the Consolidated Statements of
Income and the computed amount at the statutory level.
Total income taxes in the consolidated statements of income are as follows:
Total income taxes, as shown above, consist of the following components:
Previously recognized ITC related to the transmission and distribution facilities of the Company’s
regulated subsidiaries are amortized over their estimated productive lives.
Total income taxes, as shown above, consist of federal and state components as follows:
59
National Grid USA / Annual Report
(In thousands) 2006 2005 2004
Income taxes charged to operations 316,052$ 306,229$ 269,667$
Income taxes charged (credited) to "Other income" 3,816 (4,263) 1,534
Total income taxes 319,868$ 301,966$ 271,201$
For the Year Ended March 31,
(In thousands) 2006 2005 2004
Current income taxes 281,995$ 88,011$ 127,597$
Deferred income taxes 44,612 220,121 150,422
Investment tax credits, net (6,739) (6,166) (6,818)
Total income taxes 319,868$ 301,966$ 271,201$
For the Year Ended March 31,
(In thousands) 2006 2005 2004
Current income taxes 281,995$ 88,011$ 127,597$
Deferred income taxes 44,612 220,121 150,422
Investment tax credits, net (6,739) (6,166) (6,818)
Total income taxes 319,868$ 301,966$ 271,201$
For the Year Ended March 31,
(In thousands) 2006 2005 2004
Federal income taxes 272,505$ 273,269$ 235,775$
State income taxes 47,363 28,697 35,426
Total income taxes 319,868$ 301,966$ 271,201$
For the Year Ended March 31,