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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Provisions for Federal and State Income Taxes

Provisions for Federal and State Income Taxes in the accompanying consolidated statements of earnings for the years ended December 31, 2013, 2012 and 2011 are shown in the table below:

		($000’s)
		2013				2012				2011
Current Federal Tax Provision (Benefit)
Current Benefit of Operating Loss Carrybacks		$	—			$	—			$	—
Total Current Federal Tax Provision (Benefit)			—				—				—
Deferred Federal Tax Provision (Benefit)
Utility Plant Differences			28,907				6,019				13,002
Net Operating Loss Carryforwards			(8,053	)			2,835				(4,844	)
Regulatory Assets and Liabilities			(11,483	)			472				513
Other, net			681				(241	)			(695	)
Total Deferred Federal Tax Provision (Benefit)			10,052				9,085				7,976
Total Federal Tax Provision			10,052				9,085				7,976
State
Current			386				132				1,358
Deferred			2,214				1,759				691
Total State Tax Provision			2,600				1,891				2,049
Total Provision for Federal and State Income Taxes		$	12,652			$	10,976			$	10,025

Differences Between Provisions for Income Taxes and Provisions Calculated at Statutory Federal Tax Rate

The differences between the Company’s provisions for Income Taxes and the provisions calculated at the statutory federal tax rate, expressed in percentages, are shown below:

		2013				2012				2011
Statutory Federal Income Tax Rate			34	%			34	%			34	%
Income Tax Effects of:
State Income Taxes, Net			5				5				5
Utility Plant Differences			(2	)			(2	)			(1	)
Other, Net			—				1				—
Effective Income Tax Rate			37	%			38	%			38	%

Deferred Income Taxes Assets Liabilities Current

Deferred Tax Assets and Liabilities

Temporary differences which gave rise to current deferred tax assets and liabilities in 2013 and 2012, are shown below:

Current Deferred Income Taxes (000’s)		2013				2012
Accrued Revenue, Current Portion		$	6,583			$	13,568
Other, net			108				(168	)
Total Current Deferred Income Tax Liabilities		$	6,691			$	13,400

Deferred Income Taxes Assets liabilities Noncurrent

Deferred Tax Assets and Liabilities

Temporary differences which gave rise to noncurrent deferred tax assets and liabilities in 2013 and 2012, are shown below:

Noncurrent Deferred Income Taxes (000’s)		2013				2012
Utility Plant Differences		$	102,479			$	66,907
Net Operating Loss Carryforwards			(17,403	)			(8,521	)
AMT Tax Credit Carryforwards			(1,538	)			(1,538	)
Regulatory Assets & Liabilities			17,174				17,872
Retirement Benefit Obligations			(28,287	)			(38,644	)
Other, net			754				2,606
Total Noncurrent Deferred Income Tax Liabilities		$	73,179			$	38,682

X

- 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/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

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X

- Definition

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/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

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X

- 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://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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