Xcel Energy 2015 Annual Report Download - page 116
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Other Income Tax Matters — NOL amounts represent the amount of the tax loss that is carried forward and tax credits represent the
deferred tax asset. NOL and tax credit carryforwards as of Dec. 31 were as follows:
(Millions of Dollars) 2015 2014
Federal NOL carryforward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,153 $ 1,349
Federal tax credit carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 360 327
State NOL carryforwards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,124 1,722
Valuation allowances for state NOL carryforwards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (65) (53)
State tax credit carryforwards, net of federal detriment (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 19
Valuation allowances for state credit carryforwards, net of federal benefit (b) . . . . . . . . . . . . . . . . . . . . . . (24) —
(a) State tax credit carryforwards are net of federal detriment of $24 million and $10 million as of Dec. 31, 2015 and 2014, respectively.
(b) Valuation allowances for state tax credit carryforwards were net of federal benefit of $13 million as of Dec. 31, 2015.
The federal carryforward periods expire between 2021 and 2035. The state carryforward periods expire between 2016 and 2035.
Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to
income before income tax expense. The following reconciles such differences for the years ending Dec. 31:
2015 2014 2013
Federal statutory rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.0% 35.0% 35.0%
Increases (decreases) in tax from:
State income taxes, net of federal income tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1 4.0 4.1
Change in unrecognized tax benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6 0.2 0.6
NOL carryback . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3)(0.9) (0.8)
Regulatory differences — utility plant items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.0)(1.3) (1.6)
Tax credits recognized, net of federal income tax expense . . . . . . . . . . . . . . . . . . . . . . . . (2.7)(2.6) (2.6)
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.2)(0.5) (0.9)
Effective income tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.5% 33.9% 33.8%
The components of Xcel Energy’s income tax expense for the years ending Dec. 31 were:
(Thousands of Dollars) 2015 2014 2013
Current federal tax (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (36,129) $ (73,160) $ (46,173)
Current state tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,324 9,225 7,678
Current change in unrecognized tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,933 23,915 13,162
Deferred federal tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,078 505,236 439,085
Deferred state tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,132 84,787 80,907
Deferred change in unrecognized tax (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (36,342)(20,645) (4,930)
Deferred investment tax credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,277)(5,543) (5,753)
Total income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 542,719 $ 523,815 $ 483,976
The components of deferred income tax expense for the years ending Dec. 31 were:
(Thousands of Dollars) 2015 2014 2013
Deferred tax expense excluding items below . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 546,664 $ 616,934 $ 588,053
Amortization and adjustments to deferred income taxes on income tax regulatory assets
and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,810)(48,674) (64,420)
Tax benefit (expense) allocated to OCI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,013 1,117 (8,572)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1
Deferred tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 535,868 $ 569,378 $ 515,062