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These excerpts taken from the NRG 10-K filed Feb 12, 2009. Income
Taxes
NRG accounts for income taxes using the liability method in
accordance with SFAS 109, which requires that the Company
use the asset and liability method of accounting for deferred
income taxes and provide deferred income taxes for all
significant temporary differences.
NRG has two categories of income tax expense or
benefit — current and deferred, as follows:
NRG reports some of the Company’s revenues and expenses
differently for financial statement purposes than for income tax
return purposes resulting in temporary and permanent differences
between the Company’s financial statements and income tax
returns. The tax effects of such temporary differences are
recorded as either deferred income tax assets or deferred income
tax liabilities in the Company’s consolidated balance
sheets. NRG measures the Company’s deferred income tax
assets and deferred income tax liabilities using income tax
rates that are currently in effect. A valuation allowance is
recorded to reduce the Company’s net deferred tax assets to
an amount that is more-likely-than-not to be realized.
In January 2007, the Company adopted FIN No. 48,
Accounting for Uncertainty in Income Taxes — an
interpretation of FASB Statement No. 109, or
FIN 48, which applies to all tax positions related to
income taxes subject to SFAS 109. Under FIN 48, tax
benefits are recognized when it is more-likely-than-not that a
tax position will be sustained upon examination by the
authorities. The benefit from a position that has surpassed the
more-likely-than-not threshold is the largest amount of benefit
that is more than 50% likely to be realized upon settlement. The
Company recognizes interest and penalties accrued related to
unrecognized tax benefits as a component of income tax expense.
Table of Contents
NRG
ENERGY, INC. AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
Income Taxes NRG accounts for income taxes using the liability method in accordance with SFAS 109, which requires that the Company use the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences. NRG has two categories of income tax expense or benefit — current and deferred, as follows:
NRG reports some of the Company’s revenues and expenses differently for financial statement purposes than for income tax return purposes resulting in temporary and permanent differences between the Company’s financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in the Company’s consolidated balance sheets. NRG measures the Company’s deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. A valuation allowance is recorded to reduce the Company’s net deferred tax assets to an amount that is more-likely-than-not to be realized. In January 2007, the Company adopted FIN No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109, or FIN 48, which applies to all tax positions related to income taxes subject to SFAS 109. Under FIN 48, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense.
Table of ContentsNRG ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Income Taxes NRG accounts for income taxes using the liability method in accordance with SFAS 109, which requires that the Company use the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences. NRG has two categories of income tax expense or benefit — current and deferred, as follows:
NRG reports some of the Company’s revenues and expenses differently for financial statement purposes than for income tax return purposes resulting in temporary and permanent differences between the Company’s financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in the Company’s consolidated balance sheets. NRG measures the Company’s deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. A valuation allowance is recorded to reduce the Company’s net deferred tax assets to an amount that is more-likely-than-not to be realized. In January 2007, the Company adopted FIN No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109, or FIN 48, which applies to all tax positions related to income taxes subject to SFAS 109. Under FIN 48, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense.
Table of ContentsNRG ENERGY, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) These excerpts taken from the NRG 10-K filed Feb 28, 2008. Income
Taxes
NRG accounts for income taxes using the liability method in
accordance with SFAS No. 109, Accounting for Income
Taxes, or SFAS 109, which requires that the Company use
the asset and liability method of accounting for deferred income
taxes and provide deferred income taxes for all significant
temporary differences.
NRG has two categories of income tax expense or
benefit — current and deferred, as follows:
NRG reports some of the Company’s revenues and expenses
differently for financial statement purposes than for income tax
return purposes resulting in temporary and permanent differences
between the Company’s financial statements and income tax
returns. The tax effects of such temporary differences are
recorded as either deferred income tax assets or deferred income
tax liabilities in the Company’s consolidated balance
sheets. NRG measures the Company’s deferred income tax
assets and deferred income tax liabilities using income tax
rates that are currently in effect. A valuation allowance is
recorded to reduce the Company’s net deferred tax
liabilities to an amount that is more likely than not to be
realized.
In January 2007, the Company adopted FASB Interpretation Number
48, Accounting for Uncertainty in Income Taxes — an
interpretation of FASB Statement No. 109, or
FIN 48, which applies to all tax positions related to
income taxes subject to SFAS 109. FIN 48 requires a
new evaluation process for all tax positions taken, recognizing
tax benefits when it is more-likely-than-not that a tax position
will be sustained upon examination by the authorities. The
benefit from a position that has surpassed the
more-likely-than-not threshold is the largest amount of benefit
that is more than 50% likely to be realized upon settlement. The
Company recognizes interest and penalties accrued related to
unrecognized tax benefits as a component of income tax expense.
Income Taxes NRG accounts for income taxes using the liability method in accordance with SFAS No. 109, Accounting for Income Taxes, or SFAS 109, which requires that the Company use the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences. NRG has two categories of income tax expense or benefit — current and deferred, as follows:
NRG reports some of the Company’s revenues and expenses differently for financial statement purposes than for income tax return purposes resulting in temporary and permanent differences between the Company’s financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in the Company’s consolidated balance sheets. NRG measures the Company’s deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. A valuation allowance is recorded to reduce the Company’s net deferred tax liabilities to an amount that is more likely than not to be realized. In January 2007, the Company adopted FASB Interpretation Number 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109, or FIN 48, which applies to all tax positions related to income taxes subject to SFAS 109. FIN 48 requires a new evaluation process for all tax positions taken, recognizing tax benefits when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. This excerpt taken from the NRG 10-K filed Feb 28, 2007. Income
Taxes
NRG accounts for income taxes using the liability method in
accordance with SFAS No. 109, Accounting for Income
Taxes, or FAS 109, which requires that the Company use
the asset and liability method of accounting for deferred income
taxes and provide deferred income taxes for all significant
temporary differences.
NRG has two categories of income tax expense or
benefit — current and deferred, as follows:
NRG reports some of the Company’s revenues and expenses
differently for financial statement purposes than for income tax
return purposes resulting in temporary and permanent differences
between the Company’s financial statements and income tax
returns. The tax effects of such temporary differences are
recorded as either deferred income tax assets or deferred income
tax liabilities in the Company’s consolidated balance
sheets. NRG measures the Company’s deferred income tax
assets and deferred income tax liabilities using income tax
rates that are currently in effect. A valuation allowance is
recorded to reduce the Company’s net deferred tax
liabilities to an amount that is more likely than not to be
realized.
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