Eversource 2012 Annual Report Download - page 123
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110
11. INCOME TAXES
The tax effect of temporary differences is accounted for in accordance with the rate-making treatment of the applicable regulatory
commissions and relevant accounting authoritative literature. The components of income tax expense are as follows:
NU
For the Years Ended December 31,
(Millions of Dollars)
2012
2011
2010
Current Income Taxes:
Federal
$
(30.9)
$
3.0
$
9.0
State
17.6
(26.0)
(6.5)
Total Current
(13.3)
(23.0)
2.5
Deferred Income Taxes, Net:
Federal
291.3
187.7
201.2
State
0.8
9.1
9.7
Total Deferred
292.1
196.8
210.9
Investment Tax Credits, Net (3.9)
(2.8)
(3.0)
Income Tax Expense $ 274.9
$ 171.0
$ 210.4
For the Years Ended December 31,
2012
2011
2010
NSTAR
NSTAR
NSTAR
(Millions of Dollars) CL&P
Electric
(1)
PSNH WMECO CL&P Electric(1)
PSNH WMECO
CL&P Electric(1)
PSNH WMECO
Current Income Taxes:
Federal
$
(47.8)
$
93.5
$
(0.9)
$
(24.7)
$
13.9
$
64.9
$
(25.8)
$
0.1
$
20.7
$
94.8
$
6.1
$
3.1
State
3.1
27.6
3.4
3.4
(34.4)
30.2
0.1
0.3
(1.1)
27.0
5.6
2.5
Total Current
(44.7)
121.1
2.5
(21.3)
(20.5)
95.1
(25.7)
0.4
19.6
121.8
11.7
5.6
Deferred Income
Taxes, Net:
Federal
141.5
11.4
46.5
51.2
106.4
74.8
67.7
22.1
108.1
41.7
37.6
11.0
State (0.5)
(7.1)
12.0
2.7
6.2
(2.8)
7.9
1.0
7.0
(0.1)
1.6
-
Total Deferred
141.0
4.3
58.5
53.9
112.6
72.0
75.6
23.1
115.1
41.6
39.2
11.0
Investment Tax
Credits, Net
(1.9)
(1.4)
-
(0.5)
(2.1)
(1.4)
-
(0.3)
(2.3)
(1.4)
(0.1)
(0.3)
Income Tax Expense
$
94.4
$
124.0
$
61.0
$
32.1
$
90.0
$
165.7
$
49.9
$
23.2
$
132.4
$
162.0
$
50.8
$
16.3
(1)
NSTAR Electric amounts are included in NU consolidated from the date of the merger, April 10, 2012, through December 31, 2012. NSTAR Electric
amounts are not included in NU consolidated for the years ended December 31, 2011 and 2010.
A reconciliation between income tax expense and the expected tax expense at the statutory rate is as follows:
NU
For the Years Ended December 31,
(Millions of Dollars, except percentages)
2012
2011
2010
Income Before Income Tax Expense
$
808.0
$
571.5
$
604.5
Statutory Federal Income Tax Expense at 35%
282.8
200.0
211.6
Tax Effect of Differences:
Depreciation
(10.8)
(14.2)
(9.5)
Investment Tax Credit Amortization
(3.9)
(2.8)
(3.0)
Other Federal Tax Credits
(3.8)
(3.5)
(3.8)
State Income Taxes, Net of Federal Impact
4.4
22.1
12.5
Medicare Subsidy
-
-
15.6
Tax Asset Valuation Allowance/Reserve Adjustments
7.6
(33.1)
(10.5)
Other, Net (1.4)
2.5
(2.5)
Income Tax Expense $ 274.9
$ 171.0
$ 210.4
Effective Tax Rate 34.0%
29.9%
34.8%