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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015, 2014 and 2013 are shown in the table below:

		($000’s)
		2015				2014				2013
Current Federal Tax Provision (Benefit)
Operating Income		$	3,710			$	3,179			$	—
Current Benefit of Operating Loss Carryforwards			(3,710	)			(3,179	)			—
Total Current Federal Tax Provision (Benefit)			—				—				—
Deferred Federal Tax Provision (Benefit)
Utility Plant Differences			17,924				10,649				28,907
Net Operating Loss Carryforwards / (Carrybacks)			2,374				2,589				(8,053	)
Regulatory Assets and Liabilities			(6,101	)			(5,946	)			(11,483	)
Other, net			(1,784	)			3,517				681
Total Deferred Federal Tax Provision (Benefit)			12,413				10,809				10,052
Total Federal Tax Provision			12,413				10,809				10,052
State
Current			3,530				(387	)			386
Deferred			(500	)			3,573				2,214
Total State Tax Provision			3,030				3,186				2,600
Total Provision for Federal and State Income Taxes		$	15,443			$	13,995			$	12,652

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:

		2015				2014				2013
Statutory Federal Income Tax Rate			34	%			34	%			34	%
Income Tax Effects of:
State Income Taxes, net			5				2				5
Utility Plant Differences			(2	)			(1	)			(2	)
Tax Credits and Other, net			—				1				—
Effective Income Tax Rate			37	%			36	%			37	%

Deferred Income Taxes Assets Liabilities Current

Deferred Tax Assets and Liabilities

Temporary differences which gave rise to current deferred tax assets and liabilities in 2015 and 2014, are shown below:

Current Deferred Income Taxes (000’s)		2015				2014
Accrued Revenue, Current Portion		$	5,090			$	(3,038	)
Other, net			(348	)			(90	)
Total Current Deferred Income Tax Assets (Liabilities)		$	4,742			$	(3,128	)

Deferred Income Taxes Assets liabilities Noncurrent

Deferred Tax Assets and Liabilities

Temporary differences which gave rise to noncurrent deferred tax assets and liabilities in 2015 and 2014, are shown below:

Noncurrent Deferred Income Taxes (000’s)		2015				2014
Utility Plant Differences		$	141,185			$	120,534
Retirement Benefit Obligations			(43,543	)			(44,829	)
Net Operating Loss Carryforwards			(10,500	)			(13,122	)
Regulatory Assets & Liabilities			10,535				12,740
AMT Tax Credit Carryforwards			(2,677	)			(2,139	)
Other, net			(2,792	)			(314	)
Total Noncurrent Deferred Income Tax Liabilities		$	92,208			$	72,870

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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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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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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