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Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax Expense

Income Tax Expense
Year Ended December 31			2024			2023			2022
Millions
Current Income Tax Expense (a)
Federal			$8.4			$9.4			$1.2
State			12.1			0.9			6.1
Total Current Income Tax Expense			$20.5			$10.3			$7.3
Deferred Income Tax Expense (Benefit)
Federal (b)			$(20.1)			$(6.0)			$(32.8)
State (c)			5.0			24.0			(5.2)
Investment Tax Credit Amortization			(0.7)			(0.4)			(0.5)
Total Deferred Income Tax Expense (Benefit)			$(15.8)			$17.6			$(38.5)
Total Income Tax Expense (Benefit)			$4.7			$27.9			$(31.2)

(a)For the years ended December 31, 2024, the federal current tax expense was partially offset by tax credits. For the years ended December 31, 2023 and 2022, the federal current tax expense was partially offset by tax credits and NOLs.

(b)The federal deferred income tax benefit is primarily due to tax credits. For the year ended December 31, 2023, the federal deferred income tax benefit was partially offset by deferred partnership income.

(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			2024			2023			2022
Millions
Income Before Non-Controlling Interest and Income Taxes			$126.4			$206.8			$100.1
Statutory Federal Income Tax Rate			21		%	21		%	21		%
Income Taxes Computed at Statutory Federal Rate			$26.5			$43.4			$21.0
Increase (Decrease) in Tax Due to:
State Income Taxes – Net of Federal Income Tax Benefit			13.5			19.7			8.6
Deferred Revaluation – Net of Federal Income Tax Benefit			—			—			(7.9)
Production Tax Credits (a)			(32.4)			(31.6)			(50.7)
Investment Tax Credits (a)			(4.8)			(5.8)			(4.1)
Regulatory Differences – Excess Deferred Tax Benefit			(9.9)			(9.9)			(9.1)
Non-Controlling Interest			11.0			13.3			11.2
AFUDC - Equity			(1.5)			(1.3)			(1.1)
Transaction Costs			4.7			—			—
Other			(2.4)			0.1			0.9
Total Income Tax Expense (Benefit)			$4.7			$27.9			$(31.2)

(a)For the years ended December 31, 2023 and 2024, 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			2024			2023
Millions
Deferred Income Tax Assets
Deferred Gain - Land Sales			$16.5			$8.3
Employee Benefits and Compensation			20.5			29.3
Property-Related			52.0			58.1
NOL Carryforwards			10.6			13.0
Tax Credit Carryforwards			486.9			557.4
Power Sales Agreements			7.3			9.0
Regulatory Liabilities			84.0			89.0
Other			4.2			0.6
Gross Deferred Income Tax Assets			682.0			764.7
Deferred Income Tax Asset Valuation Allowance			(44.9)			(58.0)
Total Deferred Income Tax Assets			$637.1			$706.7
Deferred Income Tax Liabilities
Deferred Gain			$7.1			$7.9
Property-Related			619.7			632.0
Regulatory Asset for Benefit Obligations			46.0			48.1
Unamortized Investment Tax Credits			29.0			29.6
Partnership Basis Differences			164.3			156.5
Regulatory Assets			24.4			25.3
Total Deferred Income Tax Liabilities			$890.5			$899.4
Net Deferred Income Taxes (a)			$253.4			$192.7

(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			2024			2023
Millions
Federal Tax Credit Carryforwards			$424.7			$480.4
State NOL Carryforwards (a)			$258.8			$280.9
State Tax Credit Carryforwards (b)			$19.9			$21.5

(a)Pre-tax amounts; state NOL carryforwards net of a $9.7 million valuation allowance.

(b)Net of a $42.3 million valuation allowance as of December 31, 2024 ($55.4 million as of December 31, 2023).

Gross Unrecognized Income Tax Benefits

Gross Unrecognized Income Tax Benefits			2024			2023			2022
Millions
Balance at January 1			$1.1			$1.3			$1.3
Reductions for Tax Positions Related to Prior Years			—			(0.2)			—
Balance as of December 31			$1.1			$1.1			$1.3

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