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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Provisions for Federal and State Income Taxes | Provisions for Federal and State Income Taxes reflected as operating expenses in the accompanying consolidated statements of earnings for the years ended December 31, 2014, 2013 and 2012 are shown in the table below:
|  | ($000’s) |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Current Federal Tax Provision (Benefit) |  |  |  |  |  |  |  |  |  |  |  |
Operating Income |  | $ | 3,179 |  |  | $ | — |  |  | $ | — |
Current Benefit of Operating Loss Carrybacks |  |  | (3,179 | ) |  |  | — |  |  |  | — |
Total Current Federal Tax Provision (Benefit) |  |  | — |  |  |  | — |  |  |  | — |
Deferred Federal Tax Provision (Benefit) |  |  |  |  |  |  |  |  |  |  |  |
Utility Plant Differences |  |  | 10,649 |  |  |  | 28,907 |  |  |  | 6,019 |
Net Operating Loss Carryforwards |  |  | 2,589 |  |  |  | (8,053 | ) |  |  | 2,835 |
Regulatory Assets and Liabilities |  |  | (5,946 | ) |  |  | (11,483 | ) |  |  | 472 |
Other, net |  |  | 3,517 |  |  |  | 681 |  |  |  | (241 | )
Total Deferred Federal Tax Provision (Benefit) |  |  | 10,809 |  |  |  | 10,052 |  |  |  | 9,085 |
Total Federal Tax Provision |  |  | 10,809 |  |  |  | 10,052 |  |  |  | 9,085 |
State |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | (387 | ) |  |  | 386 |  |  |  | 132 |
Deferred |  |  | 3,573 |  |  |  | 2,214 |  |  |  | 1,759 |
Total State Tax Provision |  |  | 3,186 |  |  |  | 2,600 |  |  |  | 1,891 |
Total Provision for Federal and State Income Taxes |  | $ | 13,995 |  |  | $ | 12,652 |  |  | $ | 10,976 |
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:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Statutory Federal Income Tax Rate |  |  | 34 | % |  |  | 34 | % |  |  | 34 | %
Income Tax Effects of: |  |  |  |  |  |  |  |  |  |  |  |
State Income Taxes, net |  |  | 2 |  |  |  | 5 |  |  |  | 5 |
Utility Plant Differences |  |  | (1 | ) |  |  | (2 | ) |  |  | (2 | )
Other, net |  |  | 1 |  |  |  | — |  |  |  | 1 |
Effective Income Tax Rate |  |  | 36 | % |  |  | 37 | % |  |  | 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 2014 and 2013, are shown below:
Current Deferred Income Taxes (000’s) |  | 2014 |  |  | 2013 |
Accrued Revenue, Current Portion |  | $ | 3,038 |  |  | $ | 6,583 |
Other, net |  |  | 90 |  |  |  | 108 |
Total Current Deferred Income Tax Liabilities |  | $ | 3,128 |  |  | $ | 6,691 |
Deferred Income Taxes Assets liabilities Noncurrent |
Deferred Tax Assets and Liabilities | Temporary differences which gave rise to noncurrent deferred tax assets and liabilities in 2014 and 2013, are shown below:
Noncurrent Deferred Income Taxes (000’s) |  | 2014 |  |  | 2013 |
Utility Plant Differences |  | $ | 120,534 |  |  | $ | 102,479 |
Retirement Benefit Obligations |  |  | (44,829 | ) |  |  | (28,287 | )
Net Operating Loss Carryforwards |  |  | (13,122 | ) |  |  | (17,403 | )
Regulatory Assets & Liabilities |  |  | 12,740 |  |  |  | 17,174 |
AMT Tax Credit Carryforwards |  |  | (2,139 | ) |  |  | (1,538 | )
Other, net |  |  | (314 | ) |  |  | 754 |
Total Noncurrent Deferred Income Tax Liabilities |  | $ | 72,870 |  |  | $ | 73,179 |

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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/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 + Details
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- 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 + Details
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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://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 + Details
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