Investor Presentaiton
L
(dollars in millions)
Operating Income
Interest Expense
Other Income, net
Income Before Taxes
Income Tax Benefit
Net Income
Appendix 53
Operating to Net Income (Full Year)
Twelve Months Ended December 31,
2020
2019
Variance
$ 236.2
$ 276.9
$ (40.7)
(14.7)%
(96.8)
4.8
(95.1)
(1.7)
(1.8)%
0.4
4.4
1,237.0%
144.2
182.2
(38.0)
(20.8)%
11.0
19.9
(8.9)
(44.7)%
$ 155.2
$ 202.1
$ (46.9)
(23.2)%
$1.7 million increase in interest expenses was primarily due to higher borrowings issued as a
precautionary measure in order to increase our cash position and preserve financial flexibility in light of
the uncertainty in the markets, partially offset by lower interest rates on our revolving credit facilities.
$4.4 million increase in other income was primarily due to a $7.0 million decrease in pension
expense that was partly offset by a $5.3 million decrease in the value of deferred shares held in trust
for non-employee directors deferred compensation (both of which are offset in operating, general and
administrative expense with no impact to net income), and higher capitalization of AFUDC.
$8.9 million decrease in income tax benefit due primarily due to the release of approximately $22.8
million of unrecognized tax benefits in 2019, including $2.7 million of accrued interest and penalties,
due to the lapse of statutes of limitation in the second quarter of 2019.
NorthWestern
Energy
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