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Taxes | 9 Months Ended
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Sep. 30, 2021
Income Tax Disclosure [Abstract] |
Taxes | Taxes - MGE E nergy and MGE. Effective Tax Rate. The consolidated income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes, as follows:
|  | MGE Energy |  | MGE
Three Months Ended September 30, |  | 2021 |  | 2020 |  | 2021 |  | 2020
Statutory federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit |  | 6.2 |  |  | 6.3 |  |  | 6.2 |  |  | 6.2 |
Amortized investment tax credits |  | (1.2) |  |  | (0.1) |  |  | (1.3) |  |  | (0.1) |
Credit for electricity from wind energy |  | (4.8) |  |  | (5.0) |  |  | (5.2) |  |  | (5.4) |
AFUDC equity, net |  | (1.1) |  |  | (1.1) |  |  | (1.2) |  |  | (1.2) |
Amortization of utility excess deferred tax - tax reform(a) |  | (12.4) |  |  | (2.0) |  |  | (13.5) |  |  | (2.2) |
Other, net, individually insignificant |  | (0.4) |  |  | (0.4) |  |  | (0.3) |  |  | (0.4) |
Effective income tax rate |  | 7.3 | % |  | 18.7 | % |  | 5.7 | % |  | 17.9 | %
|  | MGE Energy |  | MGE
Nine Months Ended September 30, |  | 2021 |  | 2020 |  | 2021 |  | 2020
Statutory federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit |  | 6.2 |  |  | 6.3 |  |  | 6.2 |  |  | 6.2 |
Amortized investment tax credits |  | (1.4) |  |  | (0.1) |  |  | (1.5) |  |  | (0.1) |
Credit for electricity from wind energy |  | (6.0) |  |  | (6.1) |  |  | (6.6) |  |  | (6.6) |
AFUDC equity, net |  | (1.0) |  |  | (1.3) |  |  | (1.1) |  |  | (1.4) |
Amortization of utility excess deferred tax - tax reform(a) |  | (14.5) |  |  | (2.4) |  |  | (15.9) |  |  | (2.6) |
Other, net, individually insignificant |  | (0.1) |  |  | (0.1) |  |  | - |  |  | - |
Effective income tax rate |  | 4.2 | % |  | 17.3 | % |  | 2.1 | % |  | 16.5 | %
(a) Included are impacts of the 2017 Tax Act for the regulated utility for excess deferred taxes recognized using a normalization method of accounting in recognition of IRS rules that restrict the rate at which the excess deferred taxes may be returned to utility customers. For the three months ended September 30, 2021 and 2020, MGE recognized $0.7 million. For the nine months ended September 30, 2021 and 2020, MGE recognized $2.0 million. Included in the 2021 rate settlement was a one-time return to customers of the electric portion of excess deferred taxes related to the 2017 Tax Act not restricted by IRS normalization rules. For the three and nine months ended September 30, 2021, MGE recognized $3.3 million and $9.9 million, respectively.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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