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Income Taxes (Tables)

12 Months Ended

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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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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-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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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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