Xcel Energy 2009 Annual Report Download - page 114

The components of Xcel Energy’s net deferred tax liability from continuing operations (current and noncurrent) at
Dec. 31 were as follows:
2009 2008
(Thousands of Dollars)
Deferred tax liabilities:
Differences between book and tax bases of property .................... $3,224,853 $2,770,768
Regulatory assets .......................................... 232,898 188,603
Employee benefits ......................................... 109,375 40,708
Deferred fuel costs ......................................... 45,868 49,195
Partnership income/loss ...................................... 44,325 7,934
Other ................................................. 31,592 40,161
Total deferred tax liabilities .................................. $3,688,911 $3,097,369
2009 2008
(Thousands of Dollars)
Deferred tax assets:
NOL carryforward ......................................... $ 126,114 $ 46,297
Tax credit carryforward ...................................... 124,503 112,952
Unbilled revenue — fuel costs .................................. 62,056 83,128
Regulatory liabilities ........................................ 48,437 39,946
Rate refund ............................................. 40,956 40,347
Environmental remediation .................................... 40,874 28,443
Deferred investment tax credits ................................. 39,968 41,460
Other comprehensive income .................................. 34,779 37,032
Bad debts .............................................. 21,983 25,136
Accrued liabilities and other ................................... 16,239 1,644
Total deferred tax assets .................................... $ 555,909 $ 456,385
Net deferred tax liability ....................................... $3,133,002 $2,640,984
9. Preferred and Common Stock
Preferred Stock — Xcel Energy has authorized 7,000,000 shares of preferred stock with a $100 par value. At Dec. 31,
2009 and 2008, Xcel Energy had six series of preferred stock outstanding, redeemable at its option at prices ranging
from $102 to $103.75 per share plus accrued dividends. The holders of the $3.60 series preferred stock are entitled to
three votes per each share held. The holders of the other series of preferred stock are entitled to one vote per share. In
the event dividends payable on the preferred stock of any series outstanding is in arrears in an amount equal to four
quarterly dividends, the holders of preferred stocks, voting as a class, are entitled to elect the smallest number of
directors necessary to constitute a majority of the Board of Directors. The holders of common stock, voting as a class,
are entitled to elect the remaining directors.
The charters of some of Xcel Energy’s subsidiaries also authorize the issuance of preferred stock. However, at Dec. 31,
2009 and 2008, there are no preferred shares of subsidiaries outstanding. The following table lists preferred shares by
subsidiary:
Preferred Preferred
Shares Shares
Authorized Par Value Outstanding
SPS ......................................... 10,000,000 $1.00 None
PSCo ........................................ 10,000,000 0.01 None
Common Stock and Equivalents — In September 2008, Xcel Energy issued 17,250,000 shares of common stock to
underwriters at a price of $20.10 per share. The shares were re-offered to the public at a price of $20.20 per share plus
a commission of $0.05 per share from the purchasers.
Xcel Energy has common stock equivalents consisting of 401(k) equity awards and stock options. Restricted stock units
and performance shares are included as common stock equivalents when all necessary conditions for issuance have been
satisfied by the end of the period being reported.
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