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v3.20.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes [Abstract] |
Provisions for Income Taxes | The provisions for income taxes consist of:
|  | 2020 |  |  | 2019 |
Federal current |  | $ | 1,376 |  |  | $ | 1,148 |
State current |  |  | 554 |  |  |  | 451 |
Federal deferred |  |  | 247 |  |  |  | 475 |
State deferred |  |  | (120 | ) |  |  | 205 |
Federal investment tax credit, net of current utilization |  |  | (39 | ) |  |  | (39 | )
Total income taxes |  | $ | 2,018 |  |  | $ | 2,240 |
Reconciliation of Statutory Federal Tax Provision to Total Provision | A reconciliation of the statutory Federal tax provision to the total provision follows:
|  | 2020 |  |  | 2019 |
Statutory Federal tax provision |  | $ | 3,909 |  |  | $ | 3,495 |
State income taxes, net of Federal benefit |  |  | 426 |  |  |  | 574 |
IRS TPR deduction |  |  | (1,979 | ) |  |  | (1,642 | )
Tax-exempt interest |  |  | (29 | ) |  |  | (25 | )
Amortization of investment tax credit |  |  | (39 | ) |  |  | (39 | )
Cash value of life insurance |  |  | (110 | ) |  |  | 6 |
Amortization of excess accumulated deferred income taxes on accelerated depreciation |  |  | (182 | ) |  |  | (149 | )
Other, net |  |  | 22 |  |  |  | 20 |
Total income taxes |  | $ | 2,018 |  |  | $ | 2,240 |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences between book and tax balances that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 are summarized in the following table:
|  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |
Reserve for doubtful accounts |  | $ | 189 |  |  | $ | 88 |
Compensated absences |  |  | 151 |  |  |  | 148 |
Deferred compensation |  |  | 1,375 |  |  |  | 1,276 |
Excess accumulated deferred income taxes on accelerated depreciation |  |  | 3,995 |  |  |  | 4,047 |
Deferred taxes associated with the gross-up of revenues necessary to return, in rates, the effect of temporary differences |  |  | 2,456 |  |  |  | 2,104 |
Customers’ advances for construction and contributions in aid of construction |  |  | 1,815 |  |  |  | 998 |
Revenue reduction for tax rate change |  |  | – |  |  |  | 7 |
Tax effect of pension regulatory liability |  |  | 7 |  |  |  | – |
Other costs deducted for book, not for tax |  |  | 64 |  |  |  | 69 |
Total deferred tax assets |  |  | 10,052 |  |  |  | 8,737 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Accelerated depreciation |  |  | 29,893 |  |  |  | 28,891 |
Basis differences from IRS TPR |  |  | 13,671 |  |  |  | 11,311 |
Investment tax credit |  |  | 356 |  |  |  | 384 |
Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences |  |  | 8,088 |  |  |  | 6,987 |
Pensions |  |  | 638 |  |  |  | 525 |
Tax effect of pension regulatory asset |  |  | – |  |  |  | 106 |
Unamortized debt issuance costs |  |  | 500 |  |  |  | 531 |
Other costs deducted for tax, not for book |  |  | 444 |  |  |  | 428 |
Total deferred tax liabilities |  |  | 53,590 |  |  |  | 49,163 |
Net deferred tax liability |  | $ | 43,538 |  |  | $ | 40,426 |

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