National Grid 2008 Annual Report Download - page 327

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 22625
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 121
Description: EXH 2(B).6.1
0/3725.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/725/3*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 22625
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 121 Description: EXH 2(B).6.1
0/3725.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/725/3*
The assumptions used in health care cost trends have a si
g
nificant effect on the amounts reported. A one percent chan
g
e in
the assumed rates would have the following effects:
NOTE G – INCOME TAXES
The followin
g
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:
F-36
Pa
y
ments Subsidies
(In thousands
)
2009 $ 127,008 $ 7,676
2010 $ 132,042 $ 8,268
2011 $ 137,022 $ 8,708
2012 $ 140,849 $ 9,015
2013-2017 $ 742,438 $ 48,356
2007
Increase 1%
Total of service cost plus interest cost $ 28,270
Postretirement benefit obli
g
ation $ 333,616
Decrease 1%
Total of service cost
p
lus interest cost $
(
23,241
)
Postretirement benefit obligation $ (289,647)
For the Year Ended
March 31,
2007 2006
(In thousands
)
Income taxes char
g
ed to o
p
erations $187,966 $ 319,232
Income taxes credited to “Other deductions” (3,924) (2,032)
Total income taxes $ 184,042 $ 317,200
For the Year Ended
March 31,
2007 2006
(In thousands
)
Current income taxes $75,463 $ 282,320