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Accounting For Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense

 

 

 

 

2020

 

 

2019

 

 

2018

 

Current income tax expense (benefit)

 

$

(37,913

)

 

$

16,276

 

 

$

17,490

 

Deferred income tax expense

 

 

44,964

 

 

 

15,098

 

 

 

8,570

 

Total income tax expense

 

$

7,051

 

 

$

31,374

 

 

$

26,060

 

 

Schedule of Effective Income Tax Rate Reconciliation

 

 

 

2020

 

 

2019

 

 

2018

 

Federal income taxes at statutory rates

 

$

28,673

 

 

 

21.0

%

 

$

47,909

 

 

 

21.0

%

 

$

34,158

 

 

 

21.0

%

Increase (decrease) in tax resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax effect of regulatory treatment of utility

   plant differences

 

 

(12,893

)

 

 

(9.4

)

 

 

(9,967

)

 

 

(4.3

)

 

 

(8,153

)

 

 

(5.0

)

State income tax expense

 

 

814

 

 

 

0.6

 

 

 

1,465

 

 

 

0.6

 

 

 

1,191

 

 

 

0.7

 

Acquisition costs

 

 

 

 

 

 

 

 

(1,712

)

 

 

(0.7

)

 

 

329

 

 

 

0.2

 

Non-plant excess deferred turnaround

 

 

(8,476

)

 

 

(6.2

)

 

 

(5,690

)

 

 

(2.5

)

 

 

 

 

 

 

Tax loss on sale of METALfx

 

 

 

 

 

 

 

 

(1,272

)

 

 

(0.6

)

 

 

 

 

 

 

Customer refunds related to prior years at 35 percent

 

 

(1,189

)

 

 

(0.9

)

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

122

 

 

 

0.1

 

 

 

641

 

 

 

0.3

 

 

 

(1,465

)

 

 

(0.9

)

Total income tax expense

 

$

7,051

 

 

 

5.2

%

 

$

31,374

 

 

 

13.8

%

 

$

26,060

 

 

 

16.0

%

 

Schedule of Deferred Income Tax Assets and Liabilities The total net deferred income tax liability consisted of the following as of December 31 (dollars in thousands):

 

 

 

2020

 

 

2019

 

Deferred income tax assets:

 

 

 

 

 

 

 

 

Regulatory liabilities

 

$

179,871

 

 

$

181,455

 

Tax credits and NOL carryforwards

 

 

57,516

 

 

 

22,331

 

Provisions for pensions

 

 

37,501

 

 

 

41,648

 

Other

 

 

42,641

 

 

 

36,542

 

Total gross deferred income tax assets

 

 

317,529

 

 

 

281,976

 

Valuation allowances for deferred tax assets

 

 

(10,021

)

 

 

(16,551

)

Total deferred income tax assets after valuation allowances

 

 

307,508

 

 

 

265,425

 

Deferred income tax liabilities:

 

 

 

 

 

 

 

 

Utility property, plant, and equipment

 

 

666,639

 

 

 

581,387

 

Regulatory assets

 

 

232,697

 

 

 

210,231

 

Other

 

 

2,884

 

 

 

2,320

 

Total deferred income tax liabilities

 

 

902,220

 

 

 

793,938

 

Net long-term deferred income tax liability

 

$

594,712

 

 

$

528,513