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Income Taxes (Tables)

12 Months Ended

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

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

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 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.

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+ References

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-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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