Income Tax Expense (Tables)

6 Months Ended

Jun. 30, 2020


	Quarter Ended			Six Months Ended
	June 30,			June 30,
	2020	2019	2020	2019
Millions
Current Income Tax Expense (a)
Federal	—	—	—	—
State	—	$(0.1)	—	$0.2
Total Current Income Tax Expense (Benefit)	—	$(0.1)	—	$0.2
Deferred Income Tax Expense (Benefit)
Federal (b)	$(8.6)	$(7.1)	$(26.2)	$(16.8)
State (c)	0.2	2.5	4.2	15.0
Investment Tax Credit Amortization	(0.1)	(0.1)	(0.3)	(0.3)
Total Deferred Income Tax Benefit	$(8.5)	$(4.7)	$(22.3)	$(2.1)
Total Income Tax Benefit	$(8.5)	$(4.8)	$(22.3)	$(1.9)

(a)For each of the six months ended June 30, 2020 and 2019, the federal and state current tax expense was minimal due to NOLs which resulted from the bonus depreciation provisions of certain tax legislation. Federal and state NOLs are being carried forward to offset current and future taxable income.

(b)For each of the six months ended June 30, 2020 and 2019, the federal income tax benefit is primarily due to production tax credits.

(c)For the six months ended June 30, 2019, the state income tax expense is primarily related to the sale of U.S. Water Services.

Reconciliation of Taxes from Federal Statutory Rate to Total Income Tax Expense [Table Text Block]


	Quarter Ended						Six Months Ended
Reconciliation of Taxes from Federal Statutory	June 30,						June 30,
Rate to Total Income Tax Expense	2020		2019		2020		2019
Millions
Income Before Income Taxes	$8.4		$29.4		$59.1		$102.8


Statutory Federal Income Tax Rate	21	%	21	%	21	%	21	%
Income Taxes Computed at Statutory Federal Rate	$1.7		$6.2		$12.4		$21.6
Increase (Decrease) in Income Tax Due to:
State Income Taxes – Net of Federal Income Tax Benefit	0.1		1.9		3.3		12.0


Production Tax Credits	(9.6)		(9.8)		(33.4)		(26.1)
Regulatory Differences – Excess Deferred Tax	(0.9)		(1.6)		(5.3)		(4.8)
U.S. Water Services Sale of Stock Basis Difference	—		(0.7)		—		1.7
Share-Based Compensation	—		—		(0.1)		(0.9)
Other	0.2		(0.8)		0.8		(5.4)
Total Income Tax Benefit	$(8.5)		$(4.8)		$(22.3)		$(1.9)