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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (Benefit) | The provision for income taxes charged to income for the years ended December 31, 2024, 2023 and 2022 consisted of the following:
(in thousands) | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal Income Taxes | $ | 36,238 |  |  | $ | 41,253 |  |  | $ | 31,949 |
State Income Taxes | 6,533 |  |  | 15,126 |  |  | 9,568 |
Deferred |  |  |  |  |
Federal Income Taxes | 13,078 |  |  | 9,832 |  |  | 22,480 |
State Income Taxes | 9,979 |  |  | 3,676 |  |  | 9,943 |
Tax Credits |  |  |  |  |
North Dakota Wind Tax Credit Amortization, Net of Federal Tax | (586) |  |  | (586) |  |  | (586) |
Investment Tax Credit Amortization | (12) |  |  | (3) |  |  | (3) |
Total | $ | 65,230 |  |  | $ | 69,298 |  |  | $ | 73,351 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the statutory federal income tax rate to our effective tax rate for each of the years ended December 31, 2024, 2023 and 2022 is as follows:
| 2024 |  | 2023 |  | 2022
Income Taxes at Federal Statutory Rate | $ | 77,047 |  | 21.0 | % |  | $ | 76,332 |  | 21.0 | % |  | $ | 75,082 |  | 21.0 | %
Increases (Decreases) in Tax from: |  |  |  |  |  |  |  |
State Taxes on Income, Net of Federal Tax | 14,360 |  | 3.9 |  |  | 14,429 |  | 4.0 |  |  | 15,049 |  | 4.2 |
Production Tax Credits (PTCs) | (20,106) |  | (5.5) |  |  | (17,394) |  | (4.8) |  |  | (14,985) |  | (4.2) |
Amortization of Excess Deferred Income Taxes | (2,788) |  | (0.8) |  |  | (2,205) |  | (0.6) |  |  | (1,625) |  | (0.5) |
North Dakota Wind Tax Credit Amortization, Net of Federal Tax | (586) |  | (0.2) |  |  | (586) |  | (0.2) |  |  | (586) |  | (0.2) |
Other, Net | (2,697) |  | (0.6) |  |  | (1,278) |  | (0.3) |  |  | 416 |  | 0.2 |
Income Taxes at Effective Tax Rate | $ | 65,230 |  | 17.8 | % |  | $ | 69,298 |  | 19.1 | % |  | $ | 73,351 |  | 20.5 | %
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities were composed of the following on December 31, 2024 and 2023:
(in thousands) | 2024 |  | 2023
Deferred Tax Assets |  |  |
Employee Benefits | $ | 37,456 |  |  | $ | 39,959 |
Regulatory Liabilities | 52,664 |  |  | 56,479 |
Tax Credit Carryforwards | 18,268 |  |  | 21,836 |
Cost of Removal | 35,374 |  |  | 32,993 |
Asset Retirement Obligations | 10,948 |  |  | 9,494 |
Net Operating Loss Carryforward | 2,289 |  |  | 2,336 |
Other | 19,449 |  |  | 11,310 |
Total Deferred Tax Assets | $ | 176,448 |  |  | $ | 174,407 |
Deferred Tax Liabilities |  |  |
Differences Related to Property | $ | (375,120) |  |  | $ | (347,885) |
Retirement Benefits Regulatory Asset | (22,892) |  |  | (22,458) |
Pension Expense | (26,034) |  |  | (24,875) |
Other | (20,147) |  |  | (16,462) |
Total Deferred Tax Liabilities | (444,193) |  |  | (411,680) |
Deferred Income Taxes | $ | (267,745) |  |  | $ | (237,273) |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity for unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022:
(in thousands) | 2024 |  | 2023 |  | 2022
Balance on January 1 | $ | 1,489 |  |  | $ | 923 |  |  | $ | 827 |
Increases (Decreases) for tax positions taken during a prior period | (189) |  |  | 596 |  |  | 44 |
Increases for tax positions taken during the current period | 188 |  |  | 163 |  |  | 260 |
Decreases due to settlements with taxing authorities | — |  |  | — |  |  | — |
Decreases as a result of a lapse of applicable statutes of limitations | (363) |  |  | (193) |  |  | (208) |
Balance on December 31 | $ | 1,125 |  |  | $ | 1,489 |  |  | $ | 923 |

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