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87
10. INCOME TAXES
The components of income tax expense are as follows:
NU For the Years Ended December 31,
2014 2013 2012
(1)
Current Income Taxes:
Federal $4.4 $8.8 $(30.9)
State 24.5 (9.4) 17.6
Total Current 28.9 (0.6) (13.3)
Deferred Income Taxes, Net:
Federal 406.8 386.2 291.3
State 36.5 45.4 0.8
Total Deferred 443.3 431.6 292.1
Investment Tax Credits, Net (3.9) (4.1) (3.9)
Income Tax Expense $468.3 $426.9 $274.9
(1)
NSTAR amounts were included in NU beginning April 10, 2012.
For the Years Ended December 31,
2014 2013 2012
NSTAR NSTAR NSTAR
CL&P Electric PSNH WMECO CL&P Electric PSNH WMECO CL&P Electric PSNH WMECO
Current Income Taxes:
Federal$(0.2) $75.0 $(22.6) $1.9 $20.1 $95.8 $(8.2) $(53.4) $(47.8) $93.5 $(0.9) $(24.7)
State 4.3 20.2 (0.1) 1.8 (6.7) 29.6 3.6 4.2 3.1 27.6 3.4 3.4
Total Current 4.1 95.2 (22.7) 3.7 13.4 125.4 (4.6) (49.2) (44.7) 121.1 2.5 (21.3)
Deferred Income
Taxes, Net:
Federal 138.0 88.0 79.6 28.1 114.9 49.8 64.5 84.7 141.5 11.4 46.5 51.2
State (7.1) 20.1 15.2 6.0 15.1 (1.0) 11.2 2.3 (0.5) (7.1) 12.0 2.7
Total Deferred 130.9 108.1 94.8 34.1 130.0 48.8 75.7 87.0 141.0 4.3 58.5 53.9
Investment Tax
Credits, Net (1.5) (1.3) - (0.5) (1.7) (1.3) - (0.4) (1.9) (1.4) - (0.5)
Income Tax Expense $133.5 $202.0 $72.1 $37.3 $141.7 $172.9 $71.1 $37.4 $94.4 $124.0 $61.0 $32.1
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,
2014 2013 2012
(1)
Income Before Income Tax Expense $1,295.4 $1,220.6 $808.0
Statutory Federal Income Tax Expense at 35% 453.4 427.2 282.8
Tax Effect of Differences:
Depreciation (5.6) (7.4) (10.8)
Investment Tax Credit Amortization (3.9) (4.1) (3.9)
Other Federal Tax Credits (3.5) (3.7) (3.8)
State Income Taxes, Net of Federal Impact 42.5 27.6 4.4
Dividends on ESOP (8.0) (8.0) (6.4)
Tax Asset Valuation Allowance/Reserve Adjustments (2.9) (4.3) 7.6
Other, Net (3.7) (0.4) 5.0
Income Tax Expense $468.3 $426.9 $274.9
Effective Tax Rate 36.2% 35.0% 34.0%
(1)
NSTAR amounts were included in NU beginning April 10, 2012.