Eversource 2012 Annual Report Download - page 125

112
As of December 31,
2012
2011
NSTAR
NSTAR
(Millions of Dollars)
CL&P
Electric
PSNH
WMECO
CL&P
Electric (1)
PSNH
WMECO
Deferred Tax Assets:
Derivative Liabilities and Change in
Fair Value of Energy Contracts
$
375.9
$
5.8
$
-
$
(1.7)
$
412.2
$
1.3
$
-
$
2.9
Allowance for Uncollectible Accounts
30.4
16.2
2.9
3.2
32.4
9.5
3.0
3.9
Regulatory Deferrals
35.5
123.6
43.9
6.3
78.4
114.9
39.3
15.0
Employee Benefits
141.2
116.3
64.8
16.3
121.4
115.3
87.9
13.3
Tax Effect - Tax Regulatory Assets
5.2
6.0
1.7
1.7
6.4
6.9
1.6
6.5
Federal Net Operating Loss Carryforwards
82.0
-
71.4
15.1
85.5
-
60.8
-
Other
82.8
26.0
33.7
8.0
76.0
36.1
26.0
17.6
Total Deferred Tax Assets
$
753.0
$
293.9
$
218.4
$
48.9
$
812.3
$
284.0
$
218.6
$
59.2
Deferred Tax Liabilities:
Accelerated Depreciation and Other
Plant-Related Differences
$
1,194.7
$
1,079.3
$
476.5
$
261.3
$
1,046.9
$
987.8
$
423.8
$
194.9
Property Tax Accruals
44.4
23.1
6.8
5.1
41.9
21.8
4.5
3.4
Regulatory Amounts:
Other Regulatory Deferrals
677.7
379.6
149.3
74.5
734.2
400.6
122.5
79.3
Tax Effect - Tax Regulatory Assets
151.8
20.9
15.8
13.9
141.8
21.9
16.1
13.7
Goodwill - 1999 Merger
-
181.0
-
-
-
187.8
-
-
Derivative Assets
36.2
-
-
-
39.1
-
-
-
Securitized Contract Termination Costs
-
5.5
7.9
3.3
-
41.3
29.7
10.0
Other
10.1
30.2
14.1
2.3
8.2
34.8
14.0
1.1
Total Deferred Tax Liabilities
$
2,114.9
$
1,719.6
$
670.4
$
360.4
$
2,012.1
$
1,696.0
$
610.6
$
302.4
(1)
NSTAR Electric amounts are not included in NU consolidated as of December 31, 2011.
Carryforwards: Amounts are as follows:
As of December 31, 2012
NSTAR
Year
(Millions of Dollars)
NU
CL&P
Electric
PSNH
WMECO
Expiration Begins
State Credit Carryforwards
$
110.2
$
75.2
$
-
$
-
$
-
2013
State Net Operating Loss Carryforward
74.9
-
-
-
-
2013
Federal Net Operating Loss Carryforward 606.9
234.3
-
204.0
43.3
2031
Federal Credit Carryforwards
3.8
-
-
3.8
-
2031
As of December 31, 2011
NSTAR Year
(Millions of Dollars) NU CL&P Electric PSNH WMECO Expiration Begins
State Credit Carryforwards
$
101.4
$
68.6
$
-
$
-
$
-
2013
Federal Net Operating Loss Carryforward
510.2
244.2
-
173.8
-
2031
Federal Credit Carryforwards
6.6
-
-
3.4
3.2
2031
For 2012, the state net operating loss carryforward has been partially reserved by a valuation allowance of $0.3 million (net of federal
income tax).
Unrecognized Tax Benefits: A reconciliation of the activity in unrecognized tax benefits from January 1, 2010 to December 31, 2012, all
of which would impact the effective tax rate, if recognized, is as follows:
NSTAR
(Millions of Dollars)
NU
CL&P
Electric (1)
Balance as of January 1, 2010
$
124.3
$
89.0
$
13.8
Gross Increases - Current Year
10.8
5.3
-
Gross Increases - Prior Year
0.8
-
-
Settlement
(34.3)
(13.5)
(13.8)
Lapse of Statute of Limitations
(0.4)
-
-
Balance as of December 31, 2010
101.2
80.8
-
Gross Increases - Current Year
8.0
1.4
-
Gross Decreases - Prior Year
(35.7)
(35.7)
-
Balance as of December 31, 2011
73.5
46.5
-
Gross Increases - Current Year
10.3
2.5
-
Gross Increases - Prior Year
0.1
-
-
Gross Decreases - Prior Year
(0.8)
-
-
Balance as of December 31, 2012
$
83.1
$
49.0
$
-
(1) NSTAR Electric amounts are not included in NU consolidated for the years ended December 31, 2011 and 2010.
Interest and Penalties: Interest on uncertain tax positions is recorded and generally classified as a component of Other Interest
Expense. However, when resolution of uncertainties results in the Company receiving interest income, any related interest benefit is
recorded in Other Income, Net on the accompanying consolidated statements of income. No penalties have been recorded. If
penalties are recorded in the future, then the estimated penalties would be classified as a component of Other Income, Net on the