Eversource 2010 Annual Report Download - page 122
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105
As of December 31,
2010 2009
(Millions of Dollars) CL&P PSNH WMECO CL&P PSNH WMECO
Deferred Tax Assets - Current:
Derivative Liability and Change in Fair Value
of Energy Contracts $ 18.7 $ 5.1 $ - $ 2.6 $ 7.4 $ -
Allowance for Uncollectible Accounts and Other 60.2 11.2 2.0 25.3 6.0 2.8
Total Deferred Tax Assets – Current 78.9 16.3 2.0 27.9 13.4 2.8
Deferred Tax Liabilities - Current:
Derivative Assets and Change in Fair Value
of Energy Contracts 3.1 - - 8.3 0.2 -
Property Tax Accruals and Other 43.4 5.6 3.7 31.2 5.1 3.0
Total Deferred Tax Liabilities – Current 46.5 5.6 3.7 39.5 5.3 3.0
Net Deferred Tax Liabilities/(Assets) - Current (32.4) (10.7) 1.7 11.6 (8.1) 0.2
Deferred Tax Assets - Long-Term:
Regulatory Deferrals 68.9 34.4 6.5 70.0 36.2 5.4
Employee Benefits 63.9 121.8 1.8 85.2 135.1 8.3
Income Tax Gross-Up 7.4 1.6 6.9 12.8 2.2 7.2
Derivative Liability 352.5 - - 364.5 3.0 -
Other 56.8 8.5 14.3 88.8 9.5 8.4
Net Deferred Tax Assets – Long-Term 549.5 166.3 29.5 621.3 186.0 29.3
Deferred Tax Liabilities - Long-Term:
Accelerated Depreciation and Other
Plant-Related Differences 917.0 309.8 168.4 754.1 263.1 152.8
Regulatory Amounts:
Securitized Contract Termination Costs (0.8) 50.4 16.2 9.6 69.9 22.1
Other Regulatory Deferrals 546.6 105.1 51.1 536.2 111.1 51.2
Income Tax Gross-Up 138.5 14.0 13.7 145.3 10.9 14.0
Derivative Assets 44.8 - - 71.4 - -
Other 4.5 14.3 2.4 6.2 6.7 0.6
Total Deferred Tax Liabilities - Long-Term 1,650.6 493.6 251.8 1,522.8 461.7 240.7
Net Deferred Tax Liabilities - Long-Term 1,101.1 327.3 222.3 901.5 275.7 211.4
Net Deferred Tax Liabilities $ 1,068.7 $ 316.6 $ 224.0 $ 913.1 $ 267.6 $ 211.6
Total Deferred Tax Assets $ 628.4 $ 182.6 $ 31.5 $ 649.2 $ 199.4 $ 32.1
Total Deferred Tax Liabilities $ 1,697.1 $ 499.2 $ 255.5 $ 1,562.3 $ 467.0 $ 243.7
Net Deferred Tax Liabilities/(Assets) - Current are recorded as current liabilities or assets and are included in Other Current Liabilities or
Prepayments and Other Current Assets, respectively, on the accompanying consolidated balance sheets.
As of December 31, 2010, NU had state net operating loss carryforwards of $317.7 million that expire between December 31, 2011 and
December 31, 2027 and state credit carryforwards of $84.9 million that begin expiring in 2013. As of December 31, 2009, NU had state
net operating loss carryforwards of $323.9 million that expire between December 31, 2010 and December 31, 2027 and state credit
carryforwards of $88.7 million that expire by December 31, 2014. The net operating loss carryforward deferred tax asset has been fully
reserved by a valuation allowance. As of December 31, 2010, CL&P had state tax credit carryforwards of $56.1 million that expire by
2014. As of December 31, 2009, CL&P had state tax credit carryforwards of $61.1 million that expire by 2014.