XML 60 R11.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2012
Income Tax Disclosure [Abstract] |
Income Taxes | Note 3 – Income Taxes Income tax expense differs from the amount computed by applying the statutory rate on book income subject to tax for the following reasons:
|  | (Thousands of Dollars) |
|  | Years Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Income Tax at Statutory Rate |  | $ | 7,420 |  |  | $ | 6,816 |  |  | $ | 7,224 |
Tax Effect of: |  |  |  |  |  |  |  |  |  |  |  |
Utility Plant Related |  |  | (442 | ) |  |  | (620 | ) |  |  | (826 | )
State Income Taxes – Net |  |  | 420 |  |  |  | 305 |  |  |  | 336 |
Employee Benefits |  |  | (23 | ) |  |  | 1 |  |  |  | 33 |
Other |  |  | 8 |  |  |  | 25 |  |  |  | 19 |
Total Income Tax Expense |  | $ | 7,383 |  |  | $ | 6,527 |  |  | $ | 6,786 |
Income tax expense is comprised of the following:
|  | (Thousands of Dollars) |
|  | Years Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 2,994 |  |  | $ | 3,550 |  |  | $ | 5,584 |
State |  |  | 430 |  |  |  | 395 |  |  |  | 481 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 3,832 |  |  |  | 2,594 |  |  |  | 770 |
State |  |  | 206 |  |  |  | 67 |  |  |  | 30 |
Investment Tax Credits |  |  | (79 | ) |  |  | (79 | ) |  |  | (79 | )
Total Income Tax Expense |  | $ | 7,383 |  |  | $ | 6,527 |  |  | $ | 6,786 |
The statutory review periods for income tax returns for the years prior to 2010 have been closed. An examination by the Internal Revenue Service of Middlesex’s Federal income tax returns for 2007 and 2008 was completed during 2010 and resulted in a net refund, including interest, of less than $0.1 million. The refund noted above was recorded to the appropriate current and deferred tax accounts and the interest was reported as other income. In the event that there is interest and penalties associated with income tax adjustments in future examinations, these amounts will be reported under interest expense and other expense, respectively. There are no unrecognized tax benefits resulting from prior period tax positions. The Company is not aware of any uncertain tax positions that could result in a future tax liability. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax purposes. The components of the net deferred tax liability are as follows:
|  | (Thousands of Dollars) |
|  | December 31, |
|  | 2012 |  |  | 2011 |
Utility Plant Related |  | $ | 39,020 |  |  | $ | 35,135 |
Customer Advances |  |  | (3,673 | ) |  |  | (3,737 | )
Employee Benefits |  |  | 6,523 |  |  |  | 6,342 |
Investment Tax Credits (ITC) |  |  | 1,068 |  |  |  | 1,146 |
Other |  |  | (94 | ) |  |  | (718 | )
Total Deferred Tax Liability and ITC |  | $ | 42,844 |  |  | $ | 38,168 |

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration