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87
10. INCOME TAXES
The components of income tax expense are as follows:
Eversource
For the Years Ended December 31,
(Millions of Dollars) 2015
2014
2013
Current Income Taxes:
Federal $
6.2 $
4.4 $
8.8
State 45.7 24.5 (9.4)
Total Current 51.9 28.9 (0.6)
Deferred Income Taxes, Net:
Federal 436.1 406.8 386.2
State 55.6 36.5 45.4
Total Deferred 491.7 443.3 431.6
Investment Tax Credits, Net (3.6) (3.9) (4.1)
Income Tax Expense $
540.0 $
468.3 $
426.9
For the Years Ended December 31,
2015
2014 2013
NSTAR
NSTAR
NSTAR
(Millions of Dollars) CL&P
Electric
PSNH
WMECO
CL&P
Electric
PSNH
WMECO
CL&P
Electric
PSNH
WMECO
Current Income Taxes:
Federal $
26.9 $
36.3 $
(16.7) $
(3.5) $
(0.2) $
75.0 $
(22.6) $
1.9 $
20.1 $
95.8 $
(8.2) $
(53.4)
State
15.8
19.8
6.0
1.6
4.3
20.2
(0.1)
1.8
(6.7)
29.6
3.6
4.2
Total Current
42.7
56.1
(10.7)
(1.9)
4.1
95.2
(22.7)
3.7
13.4
125.4
(4.6)
(49.2)
Deferred Income
Taxes, Net:
Federal
135.8
147.5
74.5
33.4
138.0
88.0
79.6
28.1
114.9
49.8
64.5
84.7
State
0.2
25.7
9.3
6.0
(7.1)
20.1
15.2
6.0
15.1
(1.0)
11.2
2.3
Total Deferred
136.0
173.2
83.8
39.4
130.9
108.1
94.8
34.1
130.0
48.8
75.7
87.0
Investment Tax
Credits, Net
(1.3)
(1.3)
-
(0.5)
(1.5)
(1.3)
-
(0.5)
(1.7)
(1.3)
-
(0.4)
Income Tax Expense $
177.4 $
228.0 $
73.1 $
37.0 $
133.5 $
202.0 $
72.1 $
37.3 $
141.7 $
172.9 $
71.1 $
37.4
A reconciliation between income tax expense and the expected tax expense at the statutory rate is as follows:
Eversource
For the Years Ended December 31,
(Millions of Dollars, except percentages)
2015
2014 2013
Income Before Income Tax Expense
$
1,425.9 $
1,295.4 $
1,220.6
Statutory Federal Income Tax Expense at 35% 499.1 453.4 427.2
Tax Effect of Differences:
Depreciation (4.6) (5.6) (7.4)
Investment Tax Credit Amortization (3.6) (3.9) (4.1)
Other Federal Tax Credits (3.8) (3.5) (3.7)
State Income Taxes, Net of Federal Impact 61.1 42.5 27.6
Dividends on ESOP (8.1) (8.0) (8.0)
Tax Asset Valuation Allowance/Reserve Adjustments 4.7 (2.9) (4.3)
Other, Net (4.8) (3.7) (0.4)
Income Tax Expense $
540.0 $
468.3 $
426.9
Effective Tax Rate 37.9% 36.2% 35.0%