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Note 14 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

(in thousands)		2019				2018				2017
Tax Computed at Federal Statutory Rate		$	21,901			$	20,356			$	34,893
Increases (Decreases) in Tax from:
State Income Taxes Net of Federal Income Tax Expense			3,561				5,210				4,368
Differences Reversing in Excess of Federal Rates			(3,357	)			(3,432	)			551
Permanent Differences, R&D Tax Credits, Unitary Tax and Other Adjustments			(1,315	)			(1,864	)			(1,873	)
North Dakota Wind Tax Credit Amortization – Net of Federal Taxes			(1,033	)			(1,033	)			(850	)
Corporate-owned Life Insurance			(749	)			(3	)			(845	)
Excess Tax deduction – Equity Method Stock Awards			(744	)			(708	)			(751	)
Allowance for Funds Used During Construction – Equity			(501	)			(431	)			(322	)
Employee Stock Ownership Plan Dividend Deduction			(281	)			(298	)			(509	)
Investment Tax Credit Amortization			(41	)			(98	)			(164	)
Federal Production Tax Credits (PTCs)			-				(3,111	)			(7,527	)
Section 199 Domestic Production Activities Deduction			-				-				(1,471	)
Effect of TCJA Tax Rate Reduction on Value of Net Deferred Tax Assets			-				-				1,756
Income Tax Expense		$	17,441			$	14,588			$	27,256
Overall Effective Federal and State Income Tax Rate			16.7	%			15.0	%			27.3	%
Income Tax Expense Includes the Following:
Current Federal Income Taxes		$	5,156			$	4,960			$	4,434
Current State Income Taxes			1,333				1,395				1,128
Deferred Federal Income Taxes			8,859				8,065				25,648
Deferred State Income Taxes			3,167				4,410				4,587
Federal PTCs			-				(3,111	)			(7,527	)
North Dakota Wind Tax Credit Amortization – Net of Federal Taxes			(1,033	)			(1,033	)			(850	)
Investment Tax Credit Amortization			(41	)			(98	)			(164	)
Total		$	17,441			$	14,588			$	27,256
Total Income Before Income Taxes		$	104,288			$	96,933			$	99,695

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

(in thousands)		2019				2018
Deferred Tax Assets
Benefit Liabilities		$	36,246			$	33,967
Retirement Benefits Liabilities			36,206				32,664
Regulatory Tax Liability			35,700				33,228
North Dakota Wind Tax Credits			31,611				32,570
Cost of Removal			25,604				21,787
Federal PTCs			20,017				32,101
Differences Related to Property			6,979				6,842
Lease Liability			5,733				-
Vacation Accrual			1,884				1,919
Net Operating Loss Carryforward			1,860				2,489
Investment Tax Credits			408				449
Other			344				3,218
Valuation Allowance			(800	)			(600	)
Total Deferred Tax Assets		$	201,792			$	200,634
Deferred Tax Liabilities
Differences Related to Property		$	(268,495	)		$	(261,396	)
Retirement Benefits Regulatory Asset			(36,206	)			(32,664	)
Excess Tax over Book Pension			(17,556	)			(15,145	)
Right of Use Asset			(5,705	)			-
North Dakota Wind Tax Credits			(3,126	)			(4,386	)
Impact of State Net Operating Losses on Federal Taxes			(385	)			(523	)
Other			(2,260	)			(7,496	)
Total Deferred Tax Liabilities		$	(333,733	)		$	(321,610	)
Deferred Income Taxes		$	(131,941	)		$	(120,976	)

Schedule of Expiration of Operating Loss Carryforwards and Tax Credit Carryforwards [Table Text Block]

(in thousands)		Amount				2022-2032				2033-2038				2039-2043
United States
Federal Tax Credits		$	23,002			$	-			$	22,220			$	782
State Net Operating Losses			1,860				1,833				27				-
State Tax Credits			32,177				-				2,643				29,534

Summary of Income Tax Contingencies [Table Text Block]

(in thousands)		2019				2018				2017
Balance on January 1		$	1,282			$	684			$	891
Increases Related to Tax Positions for Prior Years			37				6				28
Decreases Related to Tax Positions for Prior Years			-				-				(172	)
Increases Related to Tax Positions for Current Year			339				778				143
Uncertain Positions Resolved During Year			(170	)			(186	)			(206	)
Balance on December 31		$	1,488			$	1,282			$	684

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