XML 80 R50.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

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

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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ 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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

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

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

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