XML 57 R36.htm IDEA: XBRL DOCUMENT v3.22.0.1

Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax Expense [Table Text Block]

Income Tax Expense
Year Ended December 31			2021			2020			2019
Millions
Current Income Tax Expense (a)
Federal			—			—			—
State			—			—			$0.1
Total Current Income Tax Expense			—			—			$0.1
Deferred Income Tax Expense (Benefit)
Federal (b)			$(37.2)			$(48.8)			$(27.8)
State			10.8			9.8			21.7
Investment Tax Credit Amortization			(0.5)			(0.5)			(0.6)
Total Deferred Income Tax Expense (Benefit)			$(26.9)			$(39.5)			$(6.7)
Total Income Tax Expense (Benefit)			$(26.9)			$(39.5)			$(6.6)

(a)For the years ended December 31, 2021, 2020 and 2019, the federal and state current tax expense was minimal due to NOLs which resulted from the bonus depreciation and related tax attributes from large wind projects. Federal and state NOLs are being carried forward to offset current and future taxable income.

(b)For the years ended December 31, 2021, 2020 and 2019, the federal tax benefit is primarily due to production tax credits.

Reconciliation of Taxes from Federal Statutory Rate to Total Income Tax Expense [Table Text Block]

Reconciliation of Taxes from Federal Statutory
Rate to Total Income Tax Expense
Year Ended December 31			2021			2020			2019
Millions
Income Before Non-Controlling Interest and Income Taxes			$110.9			$122.1			$178.9
Statutory Federal Income Tax Rate			21		%	21		%	21		%
Income Taxes Computed at Statutory Federal Rate			$23.3			$25.6			$37.6
Increase (Decrease) in Tax Due to:
State Income Taxes – Net of Federal Income Tax Benefit			8.6			7.7			17.2
Production Tax Credits			(53.5)			(62.7)			(50.7)
Regulatory Differences – Excess Deferred Tax Benefit (a)			(9.5)			(9.9)			(8.8)
U.S. Water Services Sale of Stock Basis Difference			—			—			1.7
Non-Controlling Interest			6.3			2.7			—
Share-Based Compensation			0.5			—			—
Other			(2.6)			(2.9)			(3.6)
Total Income Tax Expense (Benefit)			$(26.9)			$(39.5)			$(6.6)

(a)Excess deferred income taxes are being returned to customers under both the Average Rate Assumption Method and amortization periods as approved by regulators. (See Note 4. Regulatory Matters.)

Deferred Tax Assets and Liabilities [Table Text Block]

Deferred Income Tax Assets and Liabilities
As of December 31			2021			2020
Millions
Deferred Income Tax Assets
Employee Benefits and Compensation			$44.5			$67.6
Property-Related			54.8			61.4
NOL Carryforwards			67.5			60.7
Tax Credit Carryforwards			509.1			455.7
Power Sales Agreements			16.5			20.1
Regulatory Liabilities			101.5			107.7
Other			—			22.4
Gross Deferred Income Tax Assets			793.9			795.6
Deferred Income Tax Asset Valuation Allowance			(69.0)			(69.9)
Total Deferred Income Tax Assets			$724.9			$725.7
Deferred Income Tax Liabilities
Property-Related			$680.8			$691.5
Regulatory Asset for Benefit Obligations			54.9			71.5
Unamortized Investment Tax Credits			30.5			31.1
Partnership Basis Differences			106.3			86.7
Regulatory Assets			30.0			32.6
Other			8.1			8.0
Total Deferred Income Tax Liabilities			$910.6			$921.4
Net Deferred Income Taxes (a)			$185.7			$195.7

(a)Recorded as a net long-term Deferred Income Tax liability on the Consolidated Balance Sheet.

NOL and Tax Credit Carryforwards [Table Text Block]

NOL and Tax Credit Carryforwards
As of December 31			2021			2020
Millions
Federal NOL Carryforwards (a)			$177.3			$197.5
Federal Tax Credit Carryforwards			$416.4			$362.9
State NOL Carryforwards (a)			$506.9			$270.1
State Tax Credit Carryforwards (b)			$24.2			$23.4

(a)Pre-tax amounts.

(b)Net of a $68.6 million valuation allowance as of December 31, 2021 ($69.4 million as of December 31, 2020).

Gross Unrecognized Income Tax Benefits [Table Text Block]

Gross Unrecognized Income Tax Benefits			2021			2020			2019
Millions
Balance at January 1			$1.4			$1.4			$1.6
Additions for Tax Positions Related to the Current Year			—			0.1			0.1
Additions for Tax Positions Related to Prior Years			—			—			0.1
Reductions for Tax Positions Related to Prior Years			(0.1)			(0.1)			(0.4)
Lapse of Statute			—			—			—
Balance as of December 31			$1.3			$1.4			$1.4

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

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32559-109319

+ Details

Name:	us-gaap_SummaryOfTaxCreditCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration