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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
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, 2020, 2019 and 2018 are shown in the following table:
|  | ($000’s) |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Current Income Tax Provision |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 250 |  |  | $ | — |  |  | $ | — |
State |  |  | 678 |  |  |  | 351 |  |  |  | 355 |
Total Current Income Taxes |  | $ | 928 |  |  | $ | 351 |  |  | $ | 355 |
Deferred Income Provision |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 6,483 |  |  | $ | 9,340 |  |  | $ | 5,032 |
State |  |  | 2,838 |  |  |  | 4,117 |  |  |  | 3,006 |
Total Deferred Income Taxes |  |  | 9,321 |  |  |  | 13,457 |  |  |  | 8,038 |
Total Income Tax Expense |  | $ | 10,249 |  |  | $ | 13,808 |  |  | $ | 8,393 |
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 in the following table:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Statutory Federal Income Tax Rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Income Tax Effects of: |  |  |  |  |  |  |  |  |  |  |  |
State Income Taxes, net |  |  | 6 |  |  |  | 6 |  |  |  | 6 |
Utility Plant Differences |  |  | (4 | ) |  |  | (3 | ) |  |  | (7 | )
Other, ne t |  |  | 1 |  |  |  | — |  |  |  | — |
Effective Income Tax Rate |  |  | 24 | % |  |  | 24 | % |  |  | 20 | %
Deferred Tax Assets and Liabilities | Temporary differences which gave rise to deferred tax assets and liabilities in 2020 and 2019 are shown in the following table:
Temporary Differences (000’s) |  | 2020 |  |  | 2019 |
Deferred Tax Assets |  |  |  |  |  |  |  |
Retirement Benefit Obligations |  | $ | 40,740 |  |  | $ | 36,551 |
Net Operating Loss Carryforwards |  |  | — |  |  |  | 1,609 |
Tax Credit Carryforwards |  |  | 344 |  |  |  | 1,489 |
Other, net |  |  | 1,252 |  |  |  | 1,589 |
Total Deferred Tax Assets |  | $ | 42,336 |  |  | $ | 41,238 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Utility Plant Differences |  | $ | 143,800 |  |  | $ | 134,011 |
Regulatory Assets & Liabilities |  |  | 6,247 |  |  |  | 5,239 |
Other, net |  |  | 1,307 |  |  |  | 5,539 |
Total Deferred Tax Liabilities |  |  | 151,354 |  |  |  | 144,789 |
Net Deferred Tax Liabilities |  | $ | 109,018 |  |  | $ | 103,551 |

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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://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 + 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://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 + Details
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