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Income Taxes (Tables)

12 Months Ended

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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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-SubTopic 10
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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.

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