XML 98 R71.htm IDEA: XBRL DOCUMENT v3.20.4
Income Taxes (Details) - USD ($)
3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income tax provision components [Abstract]                      
Current payable: Federal                 $ 4,179,000 $ 8,017,000 $ 18,622,000
Current payable: State                 5,095,000 4,647,000 5,163,000
Net-deferred: Federal                 6,181,000 3,510,000 120,000
Net-deferred: State                 4,182,000 3,702,000 3,629,000
Amortized investment tax credits                 (214,000) (92,000) (100,000)
Total income tax provision $ 3,370,000 $ 7,300,000 $ 3,740,000 $ 5,013,000 $ 3,116,000 $ 7,454,000 $ 3,505,000 $ 5,709,000 $ 19,423,000 $ 19,784,000 $ 27,434,000
Reconciliation of tax provision to statutory federal income tax rate [Abstract]                      
Statutory federal income tax rate                 21.00% 21.00% 21.00%
State income taxes, net of federal benefit                 6.30% 6.20% 6.30%
Amortized investment tax credits                 (0.20%) (0.10%) (0.10%)
Credit for electricity from wind energy                 (6.20%) [1] (5.70%) [1] (0.30%)
AFUDC equity, net                 (1.20%) (0.30%) (0.60%)
Amortization of utility excess deferred tax [2]                 (2.00%) (2.40%) (1.80%)
Other, net, individually significant                 (0.30%) (0.10%) 0.10%
Effective income tax rate                 17.40% 18.60% 24.60%
Components Of Deferred Tax Assets [Abstract]                      
Investment in ATC 21,688,000       22,576,000       $ 21,688,000 $ 22,576,000  
Federal tax credits 19,199,000       0       19,199,000 0  
Accrued expenses 11,115,000       15,901,000       11,115,000 15,901,000  
Pension and other postretirement benefits 35,446,000       30,968,000       35,446,000 30,968,000  
Deferred tax regulatory account 41,318,000       35,493,000       41,318,000 35,493,000  
Derivatives 3,852,000       7,351,000       3,852,000 7,351,000  
Leases 6,704,000       5,167,000       6,704,000 5,167,000  
Other deferred tax assets 14,073,000       12,540,000       14,073,000 12,540,000  
Gross deferred income tax assets 153,395,000       129,996,000       153,395,000 129,996,000  
Less valuation allowance (38,000)       (86,000)       (38,000) (86,000)  
Net deferred income tax assets 153,357,000       129,910,000       153,357,000 129,910,000  
Components Of Deferred Tax Liabilities [Abstract]                      
Property-related 257,397,000       245,083,000       257,397,000 245,083,000  
Investment in ATC 51,518,000       51,569,000       51,518,000 51,569,000  
Bond transactions 595,000       657,000       595,000 657,000  
Pension and other postretirement benefits 45,658,000       45,683,000       45,658,000 45,683,000  
Derivatives 3,852,000       7,351,000       3,852,000 7,351,000  
Tax deductible prepayments 9,059,000       9,078,000       9,059,000 9,078,000  
Leases 6,704,000       5,167,000       6,704,000 5,167,000  
Other deferred tax liabilities 10,045,000       8,624,000       10,045,000 8,624,000  
Gross deferred income tax liabilities 384,828,000       373,212,000       384,828,000 373,212,000  
Deferred income taxes 231,471,000       243,302,000       231,471,000 243,302,000  
Operating loss deductions and tax credit carryforwards [Abstract]                      
Federal tax credits 19,199,000       0       19,199,000 0  
Unrecognized tax benefits [Roll Forward]                      
Unrecognized tax benefits, beginning balance       2,093,000       1,949,000 2,093,000 1,949,000 $ 1,924,000
Additions based on tax positions related to current year                 796,000 741,000 425,000
Additions based on tax positions related to prior year                 0 84,000 272,000
Reductions based on tax positions related to prior years                 (608,000) (681,000) (672,000)
Unrecognized tax benefits, ending balance 2,281,000       2,093,000       2,281,000 2,093,000 1,949,000
Interest on unrecognized tax benefits [Roll Forward]                      
Accrued interest on unrecognized tax benefits, beginning balance       $ 176,000       $ 191,000 176,000 191,000 165,000
Reduction in interest expense on uncertain tax positions                 (124,000) (137,000) (136,000)
Interest expense on uncertain tax positions                 102,000 122,000 162,000
Accrued interest on unrecognized tax benefits, ending balance 154,000       176,000       154,000 176,000 191,000
Unrecognized Tax Benefits                      
Unrecognized tax benefits permanent differences 0       100,000       0 100,000 300,000
State [Member]                      
Operating loss deductions and tax credit carryforwards [Abstract]                      
State net operating losses 621,000       1,406,000       621,000 1,406,000  
Valuation allowances for state net operating losses (621,000)       (1,406,000)       (621,000) (1,406,000)  
Federal [Member]                      
Components Of Deferred Tax Assets [Abstract]                      
Federal tax credits 19,199,000       0       19,199,000 0  
Operating loss deductions and tax credit carryforwards [Abstract]                      
Federal tax credits 19,199,000       0       19,199,000 0  
Excess Deferred Taxes, Tax Cuts And Jobs Act [Member]                      
Effects Of The Tax Cuts And Jobs Act [Abstract]                      
Excess Deferred Tax Income Statement Effect                 2,200,000 2,600,000 2,100,000
MGE [Member]                      
Income tax provision components [Abstract]                      
Current payable: Federal                 3,716,000 7,616,000 19,926,000
Current payable: State                 4,790,000 4,608,000 5,704,000
Net-deferred: Federal                 4,756,000 2,242,000 (2,563,000)
Net-deferred: State                 3,787,000 3,044,000 2,494,000
Amortized investment tax credits                 (214,000) (92,000) (100,000)
Total income tax provision                 $ 16,835,000 $ 17,418,000 $ 25,461,000
Reconciliation of tax provision to statutory federal income tax rate [Abstract]                      
Statutory federal income tax rate                 21.00% 21.00% 21.00%
State income taxes, net of federal benefit                 6.30% 6.10% 6.20%
Amortized investment tax credits                 (0.20%) (0.10%) (0.10%)
Credit for electricity from wind energy                 (6.80%) [1] (6.20%) [1] (0.40%)
AFUDC equity, net                 (1.40%) (0.30%) (0.50%)
Amortization of utility excess deferred tax [2]                 (2.20%) (2.70%) (2.00%)
Other, net, individually significant                 (0.30%) (0.10%) 0.20%
Effective income tax rate                 16.40% 17.70% 24.40%
Components Of Deferred Tax Assets [Abstract]                      
Investment in ATC 0       0       $ 0 $ 0  
Federal tax credits 20,080,000       0       20,080,000 0  
Accrued expenses 11,105,000       15,890,000       11,105,000 15,890,000  
Pension and other postretirement benefits 35,446,000       30,968,000       35,446,000 30,968,000  
Deferred tax regulatory account 41,318,000       35,493,000       41,318,000 35,493,000  
Derivatives 3,852,000       7,351,000       3,852,000 7,351,000  
Leases 6,704,000       5,167,000       6,704,000 5,167,000  
Other deferred tax assets 14,125,000       12,593,000       14,125,000 12,593,000  
Gross deferred income tax assets 132,630,000       107,462,000       132,630,000 107,462,000  
Less valuation allowance (38,000)       (86,000)       (38,000) (86,000)  
Net deferred income tax assets 132,592,000       107,376,000       132,592,000 107,376,000  
Components Of Deferred Tax Liabilities [Abstract]                      
Property-related 257,397,000       245,083,000       257,397,000 245,083,000  
Investment in ATC 0       0       0 0  
Bond transactions 595,000       657,000       595,000 657,000  
Pension and other postretirement benefits 45,658,000       45,683,000       45,658,000 45,683,000  
Derivatives 3,852,000       7,351,000       3,852,000 7,351,000  
Tax deductible prepayments 9,059,000       9,051,000       9,059,000 9,051,000  
Leases 6,704,000       5,167,000       6,704,000 5,167,000  
Other deferred tax liabilities 9,717,000       8,425,000       9,717,000 8,425,000  
Gross deferred income tax liabilities 332,982,000       321,417,000       332,982,000 321,417,000  
Deferred income taxes 200,390,000       214,041,000       200,390,000 214,041,000  
Operating loss deductions and tax credit carryforwards [Abstract]                      
Federal tax credits 20,080,000       0       20,080,000 0  
State net tax operating loss deductions 600,000               600,000    
MGE [Member] | State [Member]                      
Operating loss deductions and tax credit carryforwards [Abstract]                      
State net operating losses 621,000       1,406,000       621,000 1,406,000  
Valuation allowances for state net operating losses (621,000)       (1,406,000)       (621,000) (1,406,000)  
MGE [Member] | Federal [Member]                      
Components Of Deferred Tax Assets [Abstract]                      
Federal tax credits 20,080,000       0       20,080,000 0  
Operating loss deductions and tax credit carryforwards [Abstract]                      
Federal tax credits $ 20,080,000       $ 0       20,080,000 0  
MGE [Member] | Excess Deferred Taxes, Tax Cuts And Jobs Act [Member]                      
Effects Of The Tax Cuts And Jobs Act [Abstract]                      
Excess Deferred Tax Income Statement Effect                 $ 2,200,000 $ 2,600,000  
[1] Saratoga became operational in February 2019.
[2] Included are impacts of the Tax Cuts and Jobs Act for the regulated utility for excess deferred taxes recognized using a normalization method of accounting. For the years ended December 31, 2020, 2019, and 2018, MGE recognized $2.2 million, $2.6 million, and $2.1 million, respectively. The amount and timing of the cash impacts will depend on the period over which certain income tax benefits are provided to customers, as determined by the PSCW.