CenterPoint Energy 2015 Annual Report Download - page 118
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Please find page 118 of the 2015 CenterPoint Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.CenterPointHouston’s$300millionrevolvingcreditfacility,whichisscheduledtoterminateonSeptember9,2019,canbedrawnatLIBORplus1.125%
basedonCenterPointHouston’scurrentcreditratings.TherevolvingcreditfacilitycontainsafinancialcovenantwhichlimitsCenterPointHouston’sconsolidated
debt(excludingtransitionandsystemrestorationbonds)toanamountnottoexceed65%ofCenterPointHouston’sconsolidatedcapitalization.AsofDecember
31,2015,CenterPointHouston’sdebt(excludingtransitionandsystemrestorationbonds)tocapitalratio,asdefinedinitscreditfacilityagreement,was51.7%.
CERCCorp.’s$600millionrevolvingcreditfacility,whichisscheduledtoterminateonSeptember9,2019,canbedrawnatLIBORplus1.50%basedon
CERCCorp.’scurrentcreditratings.TherevolvingcreditfacilitycontainsafinancialcovenantwhichlimitsCERC’sconsolidateddebttoanamountnottoexceed
65%ofCERC’sconsolidatedcapitalization.AsofDecember31,2015,CERC’sdebttocapitalratio,asdefinedinitscreditfacilityagreement,was33.9%.
CenterPointEnergy,CenterPointHoustonandCERCCorp.wereincompliancewithallfinancialdebtcovenantsasofDecember31,2015.
Maturities. CenterPointEnergy’smaturitiesoflong-termdebt,capitalleasesandsinkingfundrequirements,excludingtheZENSobligation,are$716million
in2016,$911millionin2017,$1.1billionin2018,$1.6billionin2019and$231millionin2020.Thesematuritiesincludetransitionandsystemrestoration
bondprincipalrepaymentsonscheduledpaymentdatesaggregating$391millionin2016,$411millionin2017,$434millionin2018,$458millionin2019and
$231millionin2020.
Liens. AsofDecember31,2015,CenterPointHouston’sassetsweresubjecttolienssecuringapproximately$102millionoffirstmortgagebonds.Sinking
orimprovement fund and replacement fund requirements onthefirstmortgage bonds may besatisfiedbycertification ofproperty additions. Sinking fundand
replacement fund requirements for 2015,2014and2013have been satisfied by certification of property additions. The replacement fund requirement to be
satisfiedin2016isapproximately$223million, and thesinkingfundrequirementtobesatisfied in 2016isapproximately$1.6million.CenterPointEnergy
expectsCenterPointHoustontomeetthese2016obligationsbycertificationofpropertyadditions.AsofDecember31,2015,CenterPointHouston’sassetswere
alsosubjecttolienssecuringapproximately$2.1billionofgeneralmortgagebondswhicharejuniortotheliensofthefirstmortgagebonds.
(13) Income Taxes
ThecomponentsofCenterPointEnergy’sincometaxexpense(benefit)wereasfollows:
Year Ended December 31,
2015
2014
2013
(in millions)
Currentincometaxexpense(benefit):
Federal $ (37)
$ (20)
$ 91
State 12
14
23
Totalcurrentexpense(benefit) (25)
(6)
114
Deferredincometaxexpense(benefit):
Federal (359)
273
370
State (54)
7
(14)
Totaldeferredexpense(benefit) (413)
280
356
Totalincometaxexpense(benefit) $ (438)
$ 274
$ 470
112