XML 52 R38.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Provisions for Income Taxes

The provisions for income taxes consist of:

		2023				2022
Federal current		$	506			$	11
State current			241				-
Federal deferred			540				370
State deferred			25				(331	)
Federal investment tax credit, net of current utilization			(35	)			(35	)
Total income taxes		$	1,277			$	15

Reconciliation of Statutory Federal Tax Provision to Total Provision

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

		2023				2022
Statutory Federal tax provision		$	5,257			$	4,115
State income taxes, net of Federal benefit			287				(196	)
IRS TPR deduction			(4,029	)			(3,675	)
Tax-exempt interest			(40	)			(41	)
Amortization of investment tax credit			(35	)			(35	)
Cash value of life insurance			5				13
Amortization of excess accumulated deferred income taxes on accelerated depreciation			(197	)			(160	)
Change in enacted state tax rate			(9	)			3
Other, net			38				(9	)
Total income taxes		$	1,277			$	15

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, 2023 and 2022 are summarized in the following table:

		2023				2022
Deferred tax assets:
Reserve for doubtful accounts		$	278			$	240
Compensated absences			186				172
Deferred compensation			1,073				1,052
Excess accumulated deferred income taxes on accelerated depreciation			3,335				3,385
Deferred taxes associated with the gross-up of revenues necessary to return, in rates, the effect of temporary differences			1,623				1,700
Customers’ advances for construction and contributions in aid of construction			1,117				1,260
Tax effect of pension regulatory liability			5,286				3,717
Tax loss carryover			168				839
Contribution carryover			113				140
Other costs deducted for book, not for tax			62				58
Total deferred tax assets			13,241				12,563
Deferred tax liabilities:
Accelerated depreciation			29,298				28,772
Basis differences from IRS TPR			23,182				18,713
Investment tax credit			290				316
Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences			8,965				7,439
Pensions			5,831				4,262
Unamortized debt issuance costs			363				393
Other costs deducted for tax, not for book			547				569
Total deferred tax liabilities			68,476				60,464
Net deferred tax liability		$	55,235			$	47,901

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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

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