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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) differs from the amount computed by applying the statutory rate on book income subject to tax for the following reasons:

		(In Thousands)
		Years Ended December 31,
		2024				2023				2022
Income Tax at Statutory Rate		$	10,764			$	6,839			$	9,590
Tax Effect of:
Utility Plant Related			(659	)			(1,495	)			(1,106	)
Tangible Property Repairs			(4,535	)			(5,475	)			(6,767	)
State Income Taxes – Net			1,270				1,117				1,296
Other			65				55				227
Total Income Tax Expense		$	6,905			$	1,041			$	3,240

Schedule of Income Tax Expense (Benefit) is Comprised

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

		(In Thousands)
		Years Ended December 31,
		2024				2023				2022
Current:
Federal		$	1,554			$	2,952			$	425
State			1,126				1,066				1,381
Deferred:
Federal			3,802				(3,261	)			1,242
State			482				348				260
Investment Tax Credits			(59	)			(64	)			(68	)
Total Income Tax Expense		$	6,905			$	1,041			$	3,240

Schedule of Deferred Income Taxes Reflect the Net Tax Effect

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:

		(In Thousands)
		December 31,
		2024				2023
Utility Plant Related		$	95,877			$	84,330
Customer Advances			(3,525	)			(3,546	)
Employee Benefits			7,888				7,100
Investment Tax Credits			181				240
Other			814				612
Total Accumulated Deferred Income Taxes		$	101,235			$	88,736

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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