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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income tax expense reconciliation

Income tax (benefit) 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,
		2021				2020				2019
Income Tax at Statutory Rate		$	6,521			$	7,204			$	6,457
Tax Effect of:
Utility Plant Related			(1,290	)			(1,356	)			(802	)
Tangible Property Repairs			(12,281	)			(11,298	)			(10,156	)
State Income Taxes – Net			1,499				1,364				1,173
Other			63				(33	)			188
Total Income Tax (Benefit) Expense		$	(5,488	)		$	(4,119	)		$	(3,140	)

Income tax expense

Income tax (benefit) expense is comprised of the following:

		(Thousands of Dollars)
		Years Ended December 31,
		2021				2020				2019
Current:
Federal		$	(8,247	)		$	(4,281	)		$	(3,822	)
State			1,467				2,598				2,246
Deferred:
Federal			933				(1,490	)			(726	)
State			431				(871	)			(761	)
Investment Tax Credits			(72	)			(75	)			(77	)
Total Income Tax (Benefit) Expense		$	(5,488	)		$	(4,119	)		$	(3,140	)

Deferred 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,
		2021				2020
Utility Plant Related		$	65,107			$	56,868
Customer Advances			(3,595	)			(3,626	)
Employee Benefits			7,091				7,339
Investment Tax Credits			373				445
Other			524				271
Total Accumulated Deferred Income Taxes		$	69,500			$	61,297

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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