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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Provisions for Income Taxes

The provisions for income taxes consist of:

		2024				2023
Federal current		$	728			$	506
State current			147				241
Federal deferred			409				540
State deferred			102				25
Federal investment tax credit, net of current utilization			(36	)			(35	)
Total income taxes		$	1,350			$	1,277

Reconciliation of Statutory Federal Tax Provision to Total Provision

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

		2024				2023
Statutory Federal tax provision		$	4,552			$	5,257
State income taxes, net of Federal benefit			244				287
IRS TPR deduction			(3,315	)			(4,029	)
Tax-exempt interest			(33	)			(40	)
Amortization of investment tax credit			(36	)			(35	)
Cash value of life insurance			(19	)			5
Amortization of excess accumulated deferred income taxes on accelerated depreciation			(196	)			(197	)
Change in enacted state tax rate			21				(9	)
Other, net			132				38
Total income taxes		$	1,350			$	1,277

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, 2024 and 2023 are summarized in the following table:

		2024				2023
Deferred tax assets:
Reserve for doubtful accounts		$	440			$	278
Compensated absences			178				186
Deferred compensation			998				1,073
Excess accumulated deferred income taxes on accelerated depreciation			3,280				3,335
Deferred taxes associated with the gross-up of revenues necessary to return, in rates, the effect of temporary differences			1,622				1,623
Customers’ advances for construction and contributions in aid of construction			1,032				1,117
Tax effect of pension regulatory liability			5,693				5,286
Tax loss carryover			71				168
Contribution carryover			16				113
Other costs deducted for book, not for tax			50				62
Total deferred tax assets			13,380				13,241
Deferred tax liabilities:
Accelerated depreciation			30,069				29,298
Basis differences from IRS TPR			26,787				23,182
Investment tax credit			265				290
Deferred taxes associated with the gross-up of revenues necessary to recover, in rates, the effect of temporary differences			10,208				8,965
Pensions			6,237				5,831
Unamortized debt issuance costs			333				363
Other costs deducted for tax, not for book			638				547
Total deferred tax liabilities			74,537				68,476
Net deferred tax liability		$	61,157			$	55,235

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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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-Topic 740
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-Name Accounting Standards Codification
-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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