Eversource 2015 Annual Report Download - page 101

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89
As of December 31,
2015
2014
NSTAR
NSTAR
(Millions of Dollars) CL&P
Electric
PSNH
WMECO
CL&P
Electric
PSNH
WMECO
Deferred Tax Assets:
Employee Benefits $
126.1
$
91.3
$
37.1 $
10.0
$
129.0 $
39.9 $
46.8 $
9.2
Derivative Liabilities 165.7
0.6
- -
193.0 1.8 - -
Regulatory Deferrals - Liabilities 36.0
109.4
42.1 6.1
73.9 181.3 46.5 11.4
Allowance for Uncollectible Accounts 30.4
8.5
3.6 4.5
32.3 13.8 3.2 3.8
Tax Effect - Tax Regulatory Liabilities 3.1
1.5
2.3 2.4
3.1 1.8 2.1 2.5
Federal Net Operating Loss Carryforwards -
-
2.4 0.4
- - 32.1 4.5
Other 55.5
3.4
61.1 5.0
53.8 19.9 48.9 4.9
Total Deferred Tax Assets 416.8
214.7
148.6 28.4
485.1 258.5 179.6 36.3
Less: Valuation Allowance 3.1
-
- -
4.0 - - -
Net Deferred Tax Assets
$
413.7
$
214.7
$
148.6 $
28.4
$
481.1 $
258.5 $
179.6 $
36.3
Deferred Tax Liabilities:
Accelerated Depreciation and Other
Plant-Related Differences $
1,545.6
$
1,387.1
$
655.3 $
416.1
$
1,378.6 $
1,296.9 $
596.6 $
385.8
Property Tax Accruals 27.3
22.8
7.3 10.6
58.1 25.0 7.4 12.8
Regulatory Amounts:
Regulatory Deferrals - Assets 456.8
339.7
137.9 60.5
502.3 276.0 147.6 60.4
Tax Effect - Tax Regulatory Assets 168.7
36.0
15.4 9.0
166.9 35.5 15.9 9.3
Goodwill Regulatory Asset - 1999 Merger -
167.4
- -
- 174.4 - -
Derivative Assets 17.7
-
- -
32.6 - - -
Other 18.5
22.0
38.6 2.7
19.4 33.5 35.6 2.8
Total Deferred Tax Liabilities $
2,234.6
$
1,975.0
$
854.5 $
498.9
$
2,157.9 $
1,841.3 $
803.1 $
471.1
Carryforwards: The following tables provide the amounts and expiration dates of state tax credit and loss carryforwards and federal tax credit and
net operating loss carryforwards:
As of December 31, 2015
NSTAR
(Millions of Dollars) Eversource
CL&P Electric PSNH WMECO Expiration Range
Federal Net Operating Loss
$
15.5 $
-
$
-
$
7.0 $
1.0 2032
Federal Tax Credit 26.1 0.1
0.2
15.0 - 2031 - 2035
Federal Charitable Contribution 14.9 -
-
- - 2016 - 2018
State Tax Credit 101.2 73.8
-
- - 2015 - 2020
State Charitable Contribution 3.0 -
-
- - 2015 - 2019
As of December 31, 2014
NSTAR
(Millions of Dollars) Eversource
CL&P Electric PSNH WMECO Expiration Range
Federal Net Operating Loss
$
168.8 $
-
$
-
$
91.8 $
12.7 2031 - 2032
Federal Tax Credit
16.3 0.1
0.2
11.1 - 2031 - 2034
Federal Charitable Contribution
19.4 -
-
- - 2016 - 2018
State Tax Credit 99.7 71.0
-
- - 2014 - 2019
State Loss Carryforwards
40.6 -
-
- - 2014 - 2034
State Charitable Contribution
2.1 -
-
- - 2015 - 2018
In 2015, the Company decreased its valuation allowance reserve for state credits and state loss carryforwards by $1.3 million (CL&P $0.9 million),
net of tax, to reflect an update for expired state tax credits and loss carryforwards.
In 2014, the Company recorded a reduction to its state credit carryforwards of $11 million (CL&P $10.1 million), net of tax, as a result of an update
to reflect the amounts expired. Further, the Company decreased its valuation allowance reserve for state credits by $19.2 million at CL&P, net of tax,
to reflect an update for expired state credits and latest estimate of usage.
For 2015 and 2014, state credit and state loss carryforwards have been partially reserved by a valuation allowance of $3.1 million and $4.4 million
(net of tax), respectively.