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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016, 2015 and 2014 are shown in the table below:

		($000’s)
		2016				2015				2014
Current Income Tax Provision
Federal		$	—			$	—			$	—
State			—				3,530				(387	)
Total Current Income Taxes			—				3,530				(387	)
Deferred Income Provision
Federal			11,209				12,413				10,809
State			4,145				(500	)			3,573
Total Deferred Income Taxes			15,354				11,913				14,382
Total Income Tax Expense		$	15,354			$	15,443			$	13,995

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:

		2016				2015				2014
Statutory Federal Income Tax Rate			34	%			34	%			34	%
Income Tax Effects of:
State Income Taxes, net			4				5				2
Utility Plant Differences			(1	)			(2	)			(1	)
Tax Credits			(1	)			(1	)			—
Other, net			—				1				1
Effective Income Tax Rate			36	%			37	%			36	%

Deferred Tax Assets and Liabilities

Temporary differences which gave rise to deferred tax assets and liabilities in 2016 and 2015, are shown below:

Temporary Differences (000’s)		2016				2015
Deferred Tax Assets
Retirement Benefit Obligations		$	56,804			$	43,543
Net Operating Loss Carryforwards			23,921				10,500
Tax Credit Carryforwards			3,365				2,677
Other, net			1,426				4,019
Total Deferred Tax Assets		$	85,516			$	60,739
Deferred Tax Liabilities
Utility Plant Differences		$	169,240			$	142,412
Regulatory Assets & Liabilities			10,594				5,445
Other, net			3,629				348
Total Deferred Tax Liabilities			183,463				148,205
Net Deferred Tax Liabilities		$	97,947			$	87,466

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=65882285&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=65882285&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=65882285&loc=d3e32687-109319

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