INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Schedule of components of net deferred tax liability

Components of our net deferred tax liability are as follows (thousands):

	2015		2014
Deferred tax assets
Safe harbor lease receivables	$	35,945	$	38,218
Net operating loss carryforwards		152,936		131,935
Alternative minimum tax credit carryforwards		3,834		3,834
Deferred revenues		16,933		16,933
Colowyo Coal- coal contract intangible liability		2,341		3,547
Other		35,332		46,856
		247,321		241,323
Deferred tax liabilities
Basis differences- property, plant and equipment		160,494		152,497
Capital credits from other associations		38,663		36,790
Deferred debt prepayment transaction costs		66,020		69,266
Other		10,773		—
		275,950		258,553
Net deferred tax liability	$	(28,629)	$	(17,230)

Schedule of reconciliation of statutory federal income tax rate and effective tax rate

	2015		2014		2013
Federal income tax expense at statutory rate	35.00	%	35.00	%	35.00	%
State income tax expense, net of federal benefit	2.63		2.63		2.63
Patronage exclusion	(37.63)		(37.63)		(37.63)
Asset retirement obligations	(0.58)		1.40		(6.74)
Postretirement medical actuarial gains and losses	(1.09)		2.44		0.18
Various book tax differences	2.84		4.52		8.93
Regulatory treatment of deferred taxes	(1.17)		(8.36)		(2.37)
Effective tax rate	0.00	%	0.00	%	0.00	%