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Income Tax Expense (Tables) | 6 Months Ended
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Jun. 30, 2011
Income Tax Expense [Abstract] |
Income Tax Expense |
| Quarter Ended | Six Months Ended
| June 30, | June 30,
| 2011 | 2010 | 2011 | 2010
Millions |  |  |  |
Current Tax Expense (Benefit) |  |  |  |
Federal (a) | - | - | - | $7.2
State (a) | $0.1 | $(1.9) | $0.2 | (1.0)
Total Current Tax Expense (Benefit) | 0.1 | (1.9) | 0.2 | 6.2
Deferred Tax Expense |  |  |  |
Federal (b) | 4.0 | 8.2 | 10.8 | 18.0
State (b) | - | 3.3 | 1.5 | 5.5
Deferred Tax Credits | (0.3) | (0.2) | (0.5) | (0.4)
Total Deferred Tax Expense | 3.7 | 11.3 | 11.8 | 23.1
Total Income Tax Expense | $3.8 | $9.4 | $12.0 | $29.3
(a) | For the quarter and six months ended June 30, 2011, the federal and state current tax expense was affected by a net operating loss (NOL) which resulted primarily from the bonus depreciation provision of tax legislation passed in 2010. The 2011 federal and state NOL will be carried forward to offset future taxable income. For the six months ended June 30, 2010, we recorded federal current tax expense, as the 2010 tax legislation allowing bonus depreciation was not enacted until the third quarter of 2010. The state current benefit for the quarter and six months ended June 30, 2010, was due to the completion of a state audit and state renewable tax credits.
(b) | The quarter ended June 30, 2011, includes a $2.9 million income tax benefit related to the MPUC approval of our request to defer the retail portion of the tax charge taken in 2010 resulting from PPACA. The six months ended June 30, 2011, includes the second quarter item above and the reversal in the first quarter of 2011 of a $6.2 million deferred tax liability related to a revenue receivable that Minnesota Power agreed to forgo as part of a stipulation and settlement agreement in its 2010 rate case. Included in the six months ended June 30, 2010, is a charge of $4.0 million as a result of PPACA (See Note 5. Regulatory Matters).

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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