Xcel Energy 2013 Annual Report Download - page 116

98
The components of deferred income tax expense for the years ending Dec. 31 were:
(Thousands of Dollars) 2013 2012 2011
Deferred tax expense excluding items below . . . . . . . . . . . . . . . . . . . . . . . $ 588,053 $ 559,860 $ 446,893
Amortization and adjustments to deferred income taxes on income tax
regulatory assets and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (64,420)(63,862)(7,108)
Tax (expense) benefit allocated to OCI. . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,572) 12,102 26,798
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 (6)(16)
Deferred tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 515,062 $ 508,094 $ 466,567
The components of Xcel Energy’s net deferred tax liability (current and noncurrent) at Dec. 31 were as follows:
(Thousands of Dollars) 2013 2012
Deferred tax liabilities:
Differences between book and tax bases of property . . . . . . . . . . . . . . . . $ 5,562,446 $ 4,867,142
Regulatory assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321,636 293,367
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254,639 220,781
Total deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,138,721 $ 5,381,290
Deferred tax assets:
NOL carryforward. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 532,774 $ 430,765
Tax credit carryforward. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311,388 273,776
Unbilled revenue - fuel costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,908 60,068
Rate refund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,804 8,109
Environmental remediation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,886 44,549
Regulatory liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,947 34,471
Deferred investment tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,231 35,767
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,202 95,308
NOL and tax credit valuation allowances. . . . . . . . . . . . . . . . . . . . . . . . . (3,263)(3,314)
Total deferred tax assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,148,877 $ 979,499
Net deferred tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,989,844 $ 4,401,791
7. Earnings Per Share
Basic EPS was computed by dividing the earnings available to common shareholders by the weighted average number of common
shares outstanding during the period. Diluted EPS was computed by dividing the earnings available to common shareholders by the
diluted weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that
could occur if securities or other agreements to issue common stock (i.e., common stock equivalents), were settled. The weighted
average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated based on the
treasury stock method.
Common Stock Equivalents — Xcel Energy Inc. currently has common stock equivalents related to certain equity awards in share-
based compensation arrangements.
Common stock equivalents related to share-based compensation causing dilutive impact to EPS relates to commitments to issue
common stock as an employer match to 401(k) plan participants. In October 2013, Xcel Energy determined that it would settle the
2013 401(k) employer match in cash instead of common stock for all employee groups except PSCo bargaining employees. Share-
based compensation accounting for the impacted employee groups ceased in October 2013, and corresponding expense amounts
recorded to equity were reclassified to a liability for expected cash settlements.
Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as
there is no further service, performance or market condition associated with these awards. Restricted stock, granted to settle amounts
due to certain employees under the Xcel Energy Inc. Executive Annual Incentive Award Plan, is included in common shares
outstanding when granted.