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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018, 2017 and 2016 are shown in the table below:

		($000’s)
		2018				2017				2016
Current Income Tax Provision
Federal		$	—			$	—			$	—
State			355				—				—
Total Current Income Taxes		$	355				—				—
Deferred Income Provision
Federal		$	5,032				13,675				11,209
State			3,006				3,862				4,145
Total Deferred Income Taxes			8,038				17,537				15,354
Total Income Tax Expense		$	8,393			$	17,537			$	15,354

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:

		2018				2017				2016
Statutory Federal Income Tax Rate			21	%			34	%			34	%
Income Tax Effects of:
State Income Taxes, net			6				6				4
Utility Plant Differences			(7	)			(1	)			(1	)
Tax Credits and Other, net			—				(1	)			(1	)
Effective Income Tax Rate			20	%			38	%			36	%

Deferred Tax Assets and Liabilities

Temporary differences which gave rise to deferred tax assets and liabilities in 2018 and 2017 are shown below:

Temporary Differences (000’s)		2018				2017
Deferred Tax Assets
Retirement Benefit Obligations		$	32,249			$	38,915
Net Operating Loss Carryforwards			10,773				12,686
Tax Credit Carryforwards			2,704				3,536
Other, net			1,571				1,155
Total Deferred Tax Assets		$	47,297			$	56,292
Deferred Tax Liabilities
Utility Plant Differences		$	132,682			$	127,932
Regulatory Assets & Liabilities			6,429				9,323
Other, net			5,964				1,894
Total Deferred Tax Liabilities			145,075				139,149
Net Deferred Tax Liabilities		$	97,778			$	82,857

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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