Investor Presentaiton
L
(in millions)
Appendix 54
Income Tax Reconciliation (Full Year)
Twelve Months Ended December 31,
2020
2019
Variance
Income Before Income Taxes
$144.2
$182.2
($38.0)
Income tax calculated at federal statutory rate
30.3
21.0%
38.3
21.0%
(8.0)
Permanent or flow through adjustments:
State income, net of federal provisions
(1.5)
(1.1%)
1.2
0.7%
(2.7)
Flow-through repairs deductions
(23.8)
(16.5%)
(19.7)
(10.8%)
(4.1)
Production tax credits
(13.1)
(9.1%)
(11.5)
(6.3%)
(1.6)
Amortization of excess deferred income taxes
(1.0)
(0.7%)
(1.7)
(0.9%)
0.7
Release of unrecognized tax benefit
(22.8)
(12.5%)
22.8
Impact of Tax Cuts and Jobs Act
(0.2)
(0.1%)
0.2
Plant and depreciation of flow-through items
0.1
0.1%
(4.0) (2.2%)
4.1
Prior year permanent return to accrual adjustments
Other, net
(1.7)
(1.2%)
0.6
0.3%
(2.3)
(0.3)
(0.1%)
(0.1)
(0.1%)
(0.2)
Sub-total
(41.3)
(28.6%)
(58.2)
(31.9%)
16.9
Income Tax Benefit
$ (11.0)
(7.6%)
$ (19.9)
(10.9%)
8.9
NorthWestern
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