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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023, 2022, and 2021 are shown in the following table:
|  | (in millions) |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current Income Tax Provision |  |  |  |  |  |  |  |  |
Federal |  | $ | 4.3 |  |  | $ | — |  |  | $ | — |
State |  |  | 1.5 |  |  |  | 0.2 |  |  |  | 0.7 |
Total Current Income Taxes |  | $ | 5.8 |  |  | $ | 0.2 |  |  | $ | 0.7 |
Deferred Income Tax Provision |  |  |  |  |  |  |  |  |
Federal |  | $ | 4.8 |  |  | $ | 6.6 |  |  | $ | 7.3 |
State |  |  | 2.6 |  |  |  | 4.4 |  |  |  | 3.5 |
Total Deferred Income Taxes |  |  | 7.4 |  |  |  | 11.0 |  |  |  | 10.8 |
Total Income Tax Expense |  | $ | 13.2 |  |  | $ | 11.2 |  |  | $ | 11.5 |
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:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Statutory Federal Income Tax Rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Income Tax Effects of: |  |  |  |  |  |  |  |  |
State Income Taxes, net |  |  | 6 | % |  |  | 6 | % |  |  | 6 | %
Utility Plant Differences |  |  | (5 | )% |  |  | (6 | )% |  |  | (3 | )%
Other, net |  |  | 1 | % |  |  | — | % |  |  | — | %
Effective Income Tax Rate |  |  | 23 | % |  |  | 21 | % |  |  | 24 | %
Deferred Tax Assets and Liabilities | Temporary differences which gave rise to deferred tax assets and liabilities in 2023 and 2022 are shown in the following table:
Temporary Differences (in millions) |  | 2023 |  |  | 2022 |
Deferred Tax Assets |  |  |  |  |  |
Retirement Benefit Obligations |  | $ | 11.2 |  |  | $ | 11.0 |
Net Operating Loss Carryforwards |  |  | 0.1 |  |  |  | 3.5 |
Tax Credit Carryforwards |  |  | 1.3 |  |  |  | 1.0 |
Other, net |  |  | 1.3 |  |  |  | 1.4 |
Total Deferred Tax Assets |  | $ | 13.9 |  |  | $ | 16.9 |
Deferred Tax Liabilities |  |  |  |  |  |
Utility Plant Differences |  |  | 180.3 |  |  | $ | 168.3 |
Regulatory Assets & Liabilities |  |  | 8.9 |  |  |  | 11.3 |
Other, net |  |  | 0.8 |  |  |  | 0.7 |
Total Deferred Tax Liabilities |  |  | 190.0 |  |  |  | 180.3 |
Net Deferred Tax Liabilities |  | $ | 176.1 |  |  | $ | 163.4 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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