INCOME TAXES

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The provision for income taxes differs from the amount of income tax determined by applying the applicable United States statutory federal income tax rate to income before income taxes as a result of the following:

	Three Months Ended June 30, 2023				Three Months Ended June 30, 2022
(in millions)	Amount		Effective Tax Rate		Amount		Effective Tax Rate
Statutory federal income tax	$	71.1	21.0	%	$	73.7	21.0	%
State income taxes net of federal tax benefit	21.0		6.2	%	22.2		6.3	%
PTCs	(33.9)		(10.0)	%	(22.9)		(6.5)	%
Federal excess deferred tax amortization	(7.3)		(2.2)	%	(8.4)		(2.4)	%
Other, net	(2.4)		(0.7)	%	(1.2)		(0.3)	%
Total income tax expense	$	48.5	14.3	%	$	63.4	18.1	%
	Six Months Ended June 30, 2023				Six Months Ended June 30, 2022
(in millions)	Amount		Effective Tax Rate		Amount		Effective Tax Rate
Statutory federal income tax	$	193.2	21.0	%	$	219.2	21.0	%
State income taxes net of federal tax benefit	56.8		6.2	%	65.8		6.3	%
PTCs	(100.1)		(10.9)	%	(67.7)		(6.5)	%
Federal excess deferred tax amortization	(20.4)		(2.2)	%	(24.2)		(2.3)	%
Other, net	(6.9)		(0.8)	%	(2.6)		(0.3)	%
Total income tax expense	$	122.6	13.3	%	$	190.5	18.2	%

The effective tax rates for the three and six months ended June 30, 2023, and 2022, differ from the United States statutory federal income tax rate of 21%, primarily due to PTCs generated from ownership interests in renewable generation facilities in our non-utility energy infrastructure and Wisconsin segments and the impact of the protected deferred tax benefits associated with the Tax Legislation, as discussed in more detail below. These items were partially offset by state income taxes.

The Tax Legislation required our regulated utilities to remeasure their deferred income taxes and we began to amortize the resulting excess protected deferred income taxes beginning in 2018 in accordance with normalization requirements (see federal excess deferred tax amortization lines above).

See Note 26, Regulatory Environment, in our 2022 Annual Report on Form 10-K for more information about the impact of the Tax Legislation.