XML 34 R22.htm IDEA: XBRL DOCUMENT
v3.19.2

INCOME TAXES | 6 Months Ended
--- | ---
Jun. 30, 2019
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The provision for income taxes differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to income before income taxes as a result of the following:
|  | Three Months Ended June 30, 2019 |  | Three Months Ended June 30, 2018
(in millions) |  | Amount |  | Effective Tax Rate |  | Amount |  | Effective Tax Rate
Statutory federal income tax |  | $ | 52.7 |  |  | 21.0 | % |  | $ | 59.2 |  |  | 21.0 | %
State income taxes net of federal tax benefit |  | 15.6 |  |  | 6.2 | % |  | 17.7 |  |  | 6.3 | %
Tax repairs |  | (30.4 | ) |  | (12.1 | )% |  | (22.5 | ) |  | (8.0 | )%
Federal excess deferred tax amortization |  | (7.5 | ) |  | (3.0 | )% |  | 1.5 |  |  | 0.5 | %
Wind production tax credits |  | (6.2 | ) |  | (2.5 | )% |  | (2.1 | ) |  | (0.7 | )%
Excess tax benefits – stock options |  | (4.4 | ) |  | (1.7 | )% |  | (1.0 | ) |  | (0.3 | )%
Other |  | (4.6 | ) |  | (1.8 | )% |  | (1.7 | ) |  | (0.7 | )%
Total income tax expense |  | $ | 15.2 |  |  | 6.1 | % |  | $ | 51.1 |  |  | 18.1 | %
|  | Six Months Ended June 30, 2019 |  | Six Months Ended June 30, 2018
(in millions) |  | Amount |  | Effective Tax Rate |  | Amount |  | Effective Tax Rate
Statutory federal income tax |  | $ | 154.6 |  |  | 21.0 | % |  | $ | 159.7 |  |  | 21.0 | %
State income taxes net of federal tax benefit |  | 46.5 |  |  | 6.3 | % |  | 47.6 |  |  | 6.3 | %
Tax repairs |  | (60.0 | ) |  | (8.1 | )% |  | (48.0 | ) |  | (6.3 | )%
Federal excess deferred tax amortization |  | (20.7 | ) |  | (2.8 | )% |  | (14.0 | ) |  | (1.8 | )%
Wind production tax credits |  | (19.6 | ) |  | (2.7 | )% |  | (5.9 | ) |  | (0.8 | )%
Excess tax benefits – stock options |  | (11.6 | ) |  | (1.6 | )% |  | (1.9 | ) |  | (0.3 | )%
Other |  | (9.0 | ) |  | (1.2 | )% |  | 1.9 |  |  | 0.2 | %
Total income tax expense |  | $ | 80.2 |  |  | 10.9 | % |  | $ | 139.4 |  |  | 18.3 | %
The effective tax rates of 6.1% and 10.9% for the three and six months ended June 30, 2019, respectively, differ from the United States statutory federal income tax rate of 21%, primarily due to the flow through of tax repairs in connection with the Wisconsin rate settlement, the impact of the Tax Legislation, and wind production tax credits generated from recent acquisitions of wind generation facilities in our non-utility energy infrastructure segment, partially offset by state income taxes. The effective tax rates of 18.1% and 18.3% for the three and six months ended June 30, 2018, respectively, differ from the United States statutory federal income tax rate of 21%, primarily due to the flow through of tax repairs in connection with the Wisconsin rate settlement and the impact of the Tax Legislation, partially offset by state income taxes. The Tax Legislation, signed into law in December 2017, required our regulated utilities to remeasure their deferred income taxes and we began to amortize the resulting excess deferred income taxes beginning in 2018 in accordance with normalization requirements (see federal excess deferred tax amortization line above). See Note 23, Regulatory Environment, for more information about the Wisconsin rate settlement.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration