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Income Tax Expense (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Tax Expense |
Income Tax Expense |  |  |
Year Ended December 31 | 2023 | 2022 | 2021
Millions |  |  |
Current Income Tax Expense (a) |  |  |
Federal | $9.4 |  | $1.2 |  | — |
State | 0.9 |  | 6.1 |  | — |
Total Current Income Tax Expense | $10.3 |  | $7.3 |  | — |
Deferred Income Tax Expense (Benefit) |  |  |
Federal (b) | $(6.0) | $(32.8) | $(37.2)
State (c) | 24.0 | (5.2) | 10.8
Investment Tax Credit Amortization | (0.4) | (0.5) | (0.5)
Total Deferred Income Tax Expense (Benefit) | $17.6 |  | $(38.5) | $(26.9)
Total Income Tax Expense (Benefit) | $27.9 |  | $(31.2) | $(26.9)
(a)For the years ended December 31, 2023 and 2022, the federal current tax expense was partially offset by production tax credits and NOLs. For the year ended December 31, 2021, the federal and state current tax expense was minimal due to NOLs. (b)For the year ended December 31, 2023, the federal deferred income tax benefit was due to tax credits, partially offset by deferred partnership income. For the years ended December 31, 2022 and 2021, the federal deferred income tax benefit is primarily due to production tax credits. (c)For the year ended December 31, 2022, the state impact includes the benefit of deferred repricing as a result of the New Energy acquisition.
Reconciliation of Taxes from Federal Statutory Rate to Total Income Tax Expense |
Reconciliation of Taxes from Federal Statutory |  |  |  |
Rate to Total Income Tax Expense |  |  |  |
Year Ended December 31 | 2023 | 2022 | 2021 |
Millions |  |  |  |
Income Before Non-Controlling Interest and Income Taxes | $206.8 |  | $100.1 |  | $110.9 |  |
Statutory Federal Income Tax Rate | 21 | % | 21 | % | 21 | % |
Income Taxes Computed at Statutory Federal Rate | $43.4 |  | $21.0 |  | $23.3 |  |
Increase (Decrease) in Tax Due to: |  |  |  |
State Income Taxes – Net of Federal Income Tax Benefit | 19.7 |  | 8.6 |  | 8.6 |  |
Deferred Revaluation – Net of Federal Income Tax Benefit | — |  | (7.9) |  | — |  |
Production Tax Credits (a) | (31.6) |  | (50.7) |  | (53.5) |  |
Investment Tax Credits (a) | (5.8) |  | (4.1) |  | — |  |
Regulatory Differences – Excess Deferred Tax Benefit | (9.9) |  | (9.1) |  | (9.5) |  |
Non-Controlling Interest | 13.3 |  | 11.2 |  | 6.3 |  |
AFUDC - Equity | (1.3) |  | (1.1) |  | (1.0) |  |
Other | 0.1 |  | 0.9 |  | (1.1) |  |
Total Income Tax Expense (Benefit) | $27.9 | $(31.2) | $(26.9) |
(a)For the year ended December 31, 2023, the credits are presented net of any estimated discount on the sale of certain credits.
Deferred Tax Assets and Liabilities |
Deferred Income Tax Assets and Liabilities |  |
As of December 31 | 2023 | 2022
Millions |  |
Deferred Income Tax Assets |  |
Employee Benefits and Compensation | $29.3 |  | $46.4 |
Property-Related | 58.1 |  | 61.9 |
NOL Carryforwards | 13.0 |  | 16.7 |
Capital Loss Carryforwards | 2.1 |  | 13.1 |
Tax Credit Carryforwards | 557.4 |  | 548.7 |
Power Sales Agreements | 9.0 |  | 13.7 |
Regulatory Liabilities | 89.0 |  | 95.5 |
Other | 8.7 |  | 28.1 |
Gross Deferred Income Tax Assets | 766.6 |  | 824.1 |
Deferred Income Tax Asset Valuation Allowance | (58.0) |  | (60.2) |
Total Deferred Income Tax Assets | $708.6 |  | $763.9 |
Deferred Income Tax Liabilities |  |
Deferred Gain | $7.9 |  | $7.9 |
Property-Related | 632.0 |  | 661.7 |
Regulatory Asset for Benefit Obligations | 48.1 |  | 57.7 |
Unamortized Investment Tax Credits | 29.6 |  | 30.0 |
Partnership Basis Differences | 156.5 |  | 126.0 |
Fuel Adjustment Clause | 1.9 |  | 10.7 |
Regulatory Assets | 25.3 |  | 28.0 |
Total Deferred Income Tax Liabilities | $901.3 |  | $922.0 |
Net Deferred Income Taxes (a) | $192.7 |  | $158.1 |
(a)Recorded as a net Deferred Income Tax liability on the Consolidated Balance Sheet.
NOL and Tax Credit Carryforwards |
NOL and Tax Credit Carryforwards |  |
As of December 31 | 2023 | 2022
Millions |  |
Federal Tax Credit Carryforwards | $480.4 | $464.5
Federal Capital Loss Carryforwards (a) | — |  | $35.1
State NOL Carryforwards (a) | $280.9 | $323.0
State Tax Credit Carryforwards (b) | $21.5 | $24.5
State Capital Loss Carryforwards (a) | — |  | $83.2
(a)Pre-tax amounts; state NOL carryforwards net of a $10.5 million valuation allowance and state capital loss carryforwards net of a $58.7 million valuation allowance. (b)Net of a $55.4 million valuation allowance as of December 31, 2023 ($59.6 million as of December 31, 2022).
Gross Unrecognized Income Tax Benefits |
Gross Unrecognized Income Tax Benefits | 2023 | 2022 | 2021
Millions |  |  |
Balance at January 1 | $1.3 |  | $1.3 |  | $1.4 |
Reductions for Tax Positions Related to Prior Years | (0.2) |  | — |  | (0.1) |
Balance as of December 31 | $1.1 |  | $1.3 |  | $1.3 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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