XML 52 R36.htm IDEA: XBRL DOCUMENT v3.22.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Provisions for Income Taxes

The provisions for income taxes consist of:

		2021				2020
Federal current		$	710			$	1,376
State current			246				554
Federal deferred			311				247
State deferred			(109	)			(120	)
Federal investment tax credit, net of current utilization			(38	)			(39	)
Total income taxes		$	1,120			$	2,018

Reconciliation of Statutory Federal Tax Provision to Total Provision

A reconciliation of the statutory Federal tax provision to the total provision follows:

		2021				2020
Statutory Federal tax provision		$	3,802			$	3,909
State income taxes, net of Federal benefit			177				426
IRS TPR deduction			(2,620	)			(1,979	)
Tax-exempt interest			(34	)			(29	)
Amortization of investment tax credit			(38	)			(39	)
Cash value of life insurance			(17	)			(110	)
Amortization of excess accumulated deferred income taxes on accelerated depreciation			(182	)			(182	)
Other, net			32				22
Total income taxes		$	1,120			$	2,018

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, 2021 and 2020 are summarized in the following table:

		2021				2020
Deferred tax assets:
Reserve for doubtful accounts		$	247			$	189
Compensated absences			176				151
Deferred compensation			1,376				1,375
Excess accumulated deferred income taxes on accelerated depreciation			3,942				3,995
Deferred taxes associated with the gross-up of revenues necessary to return, in rates, the effect of temporary differences			2,348				2,456
Customers’ advances for construction and contributions in aid of construction			1,545				1,815
Tax effect of pension regulatory liability			3,429				7
Other costs deducted for book, not for tax			74				64
Total deferred tax assets			13,137				10,052
Deferred tax liabilities:
Accelerated depreciation			30,953				29,893
Basis differences from IRS TPR			16,912				13,671
Investment tax credit			329				356
Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences			9,553				8,088
Pensions			4,060				638
Unamortized debt issuance costs			469				500
Other costs deducted for tax, not for book			451				444
Total deferred tax liabilities			62,727				53,590
Net deferred tax liability		$	49,590			$	43,538

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

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=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration