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INCOME TAXES (Notes) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Tax Disclosure | INCOME TAXES The following table sets forth our provision for income taxes for the periods indicated:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Thousands of dollars)
Current income tax provision (benefit) |  |  |  |  |
Federal | $ | 16,551 |  |  | $ | 61,745 |  |  | $ | (1,568) |
State | (829) |  |  | 6,815 |  |  | (1,565) |
Total current income tax provision (benefit) | 15,722 |  |  | 68,560 |  |  | (3,133) |
Deferred income tax provision (benefit) |  |  |  |  |
Federal | 21,905 |  |  | (22,234) |  |  | 37,810 |
State | 2,868 |  |  | 200 |  |  | 5,639 |
Total deferred income tax provision (benefit) | 24,773 |  |  | (22,034) |  |  | 43,449 |
Total provision for income taxes | $ | 40,495 |  |  | $ | 46,526 |  |  | $ | 40,316 |
The following table is a reconciliation of our income tax provision for the periods indicated:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Thousands of dollars)
Income before income taxes | $ | 271,727 |  |  | $ | 268,268 |  |  | $ | 246,750 |
Federal statutory income tax rate | 21 | % |  | 21 | % |  | 21 | %
Provision for federal income taxes | 57,063 |  |  | 56,335 |  |  | 51,817 |
State income taxes, net of federal tax benefit | 3,834 |  |  | 7,016 |  |  | 4,074 |
Amortization of excess deferred federal income taxes | (20,565) |  |  | (17,986) |  |  | (17,289) |
Amortization of excess deferred state income taxes | (1,795) |  |  | — |  |  | — |
Tax (expense) benefit for employee share-based compensation | 418 |  |  | 350 |  |  | (469) |
Other, net | 1,540 |  |  | 811 |  |  | 2,183 |
Total provision for income taxes | $ | 40,495 |  |  | $ | 46,526 |  |  | $ | 40,316 |
As of December 31, 2023, we have no uncertain tax positions. Changes in tax laws or tax rates are recognized in the financial reporting period that includes the enactment date. Income tax expense reflects credits for the amortization of the regulatory liability associated with EDIT that was returned to customers of $22.4 million and $18.0 million for the years ending December 31, 2023, and 2022, respectively. The following table sets forth the tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities for the periods indicated:
| December 31,
| 2023 |  | 2022
| (Thousands of dollars)
Deferred tax assets |  |  |
Employee benefits and other accrued liabilities | $ | — |  |  | $ | 4,256 |
Regulatory adjustments for enacted tax rate changes | 107,948 |  |  | 114,551 |
Net operating loss | 93,255 |  |  | 161,320 |
Lease obligation basis | 4,500 |  |  | 9,158 |
Purchased-gas cost adjustment | 5,232 |  |  | 3,384 |
Other | — |  |  | 3,014 |
Total deferred tax assets | 210,935 |  |  | 295,683 |
Deferred tax liabilities |  |  |
Excess of tax over book depreciation | 822,619 |  |  | 792,570 |
Winter weather event costs | 56,914 |  |  | 121,347 |
Other regulatory assets and liabilities, net | 70,384 |  |  | 71,180 |
Employee benefits and other accrued liabilities | 205 |  |  | — |
Right-of-use asset basis | 4,662 |  |  | 9,042 |
Other | 8,219 |  |  | — |
Total deferred tax liabilities | 963,003 |  |  | 994,139 |
Net deferred tax liabilities | $ | 752,068 |  |  | $ | 698,456 |
We deduct our purchased gas costs for federal income tax purposes in the period they are paid. As a result of the impacts from government securitization of Winter Storm Uri, we recorded a $64.4 million and $299.7 million decrease in our deferred tax liability for the years ended December 31, 2023 and 2022, respectively. At December 31, 2023, we had $87.6 million (tax effected) of federal net operating loss carryforwards and $5.7 million (tax effected) of state net operating loss carryforwards available to offset future taxable income. We have filed our consolidated federal and state income tax returns for years 2020, 2021 and 2022. We are no longer subject to income tax examination for years prior to 2019.

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