Investor Presentaiton
L
(in millions)
Appendix 45
Income Tax Reconciliation (Fourth Quarter)
Three Months Ended December 31,
2020
2019
Income Before Income Taxes
$47.8
$60.1
Variance
($12.3)
Income tax calculated at federal statutory rate
10.0
21.0%
12.6
20.8%
(2.6)
Permanent or flow through adjustments:
State income, net of federal provisions
(1.6)
(3.3%)
(1.6)
Flow-through repairs deductions
(8.9)
(18.7%)
(7.1) (11.8%)
(1.8)
Production tax credits
(5.5)
(11.6%)
(4.2)
(7.1%)
(1.3)
Share-based compensation
0.6
1.3%
(0.2)
(0.3%)
0.8
Amortization of excess deferred income taxes
(0.3)
(0.6%)
0.2
0.4%
(0.5)
Release of unrecognized tax benefit
Impact of Tax Cuts and Jobs Act
(0.2)
(0.3%)
0.2
Plant and depreciation of flow-through items
Prior year permanent return to accrual adjustments
(0.2)
(0.4%)
(1.5)
(2.4%)
1.3
0.0
0.1%
0.0
0.1%
Other,
net
0.1
0.1%
0.4
0.7%
(0.3)
Sub-total
(15.8)
(33.1%) (12.5)
(20.7%)
(3.3)
Income Tax (Benefit) Expense
$ (5.8)
(12.1%) $ 0.1
0.2%
$ (5.9)
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