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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Provisions for Income Taxes | The provisions for income taxes consist of:
|  | 2022 |  |  | 2021 |
Federal current |  | $ | 11 |  |  | $ | 710 |
State current |  |  | – |  |  |  | 246 |
Federal deferred |  |  | 370 |  |  |  | 311 |
State deferred |  |  | (331 | ) |  |  | (109 | )
Federal investment tax credit, net of current utilization |  |  | (35 | ) |  |  | (38 | )
Total income taxes |  | $ | 15 |  |  | $ | 1,120 |
Reconciliation of Statutory Federal Tax Provision to Total Provision | A reconciliation of the statutory Federal tax provision to the total provision follows:
|  | 2022 |  |  | 2021 |
Statutory Federal tax provision |  | $ | 4,115 |  |  | $ | 3,802 |
State income taxes, net of Federal benefit |  |  | (196 | ) |  |  | 177 |
IRS TPR deduction |  |  | (3,675 | ) |  |  | (2,620 | )
Tax-exempt interest |  |  | (41 | ) |  |  | (34 | )
Amortization of investment tax credit |  |  | (35 | ) |  |  | (38 | )
Cash value of life insurance |  |  | 13 |  |  |  | (17 | )
Amortization of excess accumulated deferred income taxes on accelerated depreciation |  |  | (160 | ) |  |  | (182 | )
Change in enacted state tax rate |  |  | 3 |  |  |  | – |
Other, net |  |  | (9 | ) |  |  | 32 |
Total income taxes |  | $ | 15 |  |  | $ | 1,120 |
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, 2022 and 2021 are summarized in the following table:
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Reserve for doubtful accounts |  | $ | 240 |  |  | $ | 247 |
Compensated absences |  |  | 172 |  |  |  | 176 |
Deferred compensation |  |  | 1,052 |  |  |  | 1,376 |
Excess accumulated deferred income taxes on accelerated depreciation |  |  | 3,385 |  |  |  | 3,942 |
Deferred taxes associated with the gross-up of revenues necessary to return, in rates, the effect of temporary differences |  |  | 1,700 |  |  |  | 2,348 |
Customers’ advances for construction and contributions in aid of construction |  |  | 1,260 |  |  |  | 1,545 |
Tax effect of pension regulatory liability |  |  | 3,717 |  |  |  | 3,429 |
Tax loss carryover |  |  | 839 |  |  |  | – |
Contribution carryover |  |  | 140 |  |  |  | – |
Other costs deducted for book, not for tax |  |  | 58 |  |  |  | 74 |
Total deferred tax assets |  |  | 12,563 |  |  |  | 13,137 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Accelerated depreciation |  |  | 28,772 |  |  |  | 30,953 |
Basis differences from IRS TPR |  |  | 18,713 |  |  |  | 16,912 |
Investment tax credit |  |  | 316 |  |  |  | 329 |
Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences |  |  | 7,439 |  |  |  | 9,553 |
Pensions |  |  | 4,262 |  |  |  | 4,060 |
Unamortized debt issuance costs |  |  | 393 |  |  |  | 469 |
Other costs deducted for tax, not for book |  |  | 569 |  |  |  | 451 |
Total deferred tax liabilities |  |  | 60,464 |  |  |  | 62,727 |
Net deferred tax liability |  | $ | 47,901 |  |  | $ | 49,590 |

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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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