XML 45 R32.htm IDEA: XBRL DOCUMENT
v3.22.4

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
INCOME TAXES [Abstract] |
Components of Income Tax Expense |
Components of Income Tax Expense |  |  |
In thousands |  | For the Year Ended December 31, |
State income taxes |  | 2022 |  |  | 2021 |  |  | 2020 |
Current |  | $ | 1,373 |  |  | $ | 1,216 |  |  | $ | 2,348 |
Deferred |  |  | 663 |  |  |  | 776 |  |  |  | (279 | )
Total state income tax expense |  | $ | 2,036 |  |  | $ | 1,992 |  |  | $ | 2,069 |
|  | For the Year Ended December 31, |
Federal income taxes |  | 2022 |  |  | 2021 |  |  | 2020 |
Current |  | $ | 2,912 |  |  | $ | 2,144 |  |  | $ | 5,725 |
Deferred |  |  | 930 |  |  |  | 1,601 |  |  |  | (2,110 | )
Total federal income tax expense |  | $ | 3,842 |  |  | $ | 3,745 |  |  | $ | 3,615 |
Reconciliation of Effective Tax Rate |
Reconciliation of effective tax rate: |
|  | For the Year Ended December 31, |
In thousands |  | 2022 |  |  | 2022 |  |  | 2021 |  |  | 2021 |  |  | 2020 |  |  | 2020 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Reconciliation of effective tax rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income before federal and state income taxes |  | $ | 23,876 |  |  |  | 100.0 | % |  | $ | 22,564 |  |  |  | 100.0 | % |  | $ | 22,501 |  |  |  | 100.0 | %
Amount computed at statutory rate |  |  | 5,014 |  |  |  | 21.0 | % |  |  | 4,738 |  |  |  | 21.0 | % |  |  | 4,725 |  |  |  | 21.0 | %
Reconciling items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income tax-net of federal tax benefit |  |  | 1,696 |  |  |  | 7.1 | % |  |  | 1,600 |  |  |  | 7.1 | % |  |  | 1,704 |  |  |  | 7.6 | %
Regulatory liability adjustment |  |  | (450 | ) |  |  | (1.9 | )% |  |  | (451 | ) |  |  | (2.0 | )% |  |  | (451 | ) |  |  | (2.0 | )%
Other |  |  | (382 | ) |  |  | (1.6 | )% |  |  | (150 | ) |  |  | (0.7 | )% |  |  | (294 | ) |  |  | (1.3 | )%
Total income tax expense and effective rate |  | $ | 5,878 |  |  |  | 24.6 | % |  | $ | 5,737 |  |  |  | 25.4 | % |  | $ | 5,684 |  |  |  | 25.3 | %
Deferred Income Taxes | Deferred income taxes at December 31, 2022 and 2021 were comprised of the following:
|  | For the Year Ended December 31, |
In thousands |  | 2022 |  |  | 2021 |
Deferred tax assets related to: |  |  |  |  |  |
Federal and state operating loss carry-forwards |  | $ | 922 |  |  | $ | 629 |
Less: valuation allowance |  |  | (600 | ) |  |  | (493 | )
Bad debt allowance |  |  | 116 |  |  |  | 240 |
Stock options |  |  | 47 |  |  |  | 148 |
Other |  |  | 28 |  |  |  | 75 |
Total deferred tax assets |  | $ | 513 |  |  | $ | 599 |
Deferred tax liabilities related to: |  |  |  |  |  |  |  |
Property plant and equipment basis differences |  | $ | (52,565 | ) |  | $ | (48,536 | )
Bond retirement costs |  |  | (1,058 | ) |  |  | (1,210 | )
Property taxes |  |  | (609 | ) |  |  | (481 | )
Other |  |  | (833 | ) |  |  | (685 | )
Total deferred tax liabilities |  | $ | (55,065 | ) |  | $ | (50,912 | )
Net deferred tax liability |  | $ | (54,552 | ) |  | $ | (50,313 | )
Schedule of Valuation Allowance |
Schedule of Valuation Allowance |
| Balance at Beginning of Period |  | Additions Charged to Costs and Expenses |  | Deductions |  | Balance at End of Period |
In thousands |  |  |  |  |  |  |  |
Classification |  |  |  |  |  |  |  |
For the Year Ended December 31, 2022 Valuation allowance for deferred tax assets |  | $ | 546 |  |  | $ | 54 |  |  |  | — |  |  | $ | 600 |
For the Year Ended December 31, 2021 Valuation allowance for deferred tax assets |  | $ | 493 |  |  | $ | 53 |  |  |  | — |  |  | $ | 546 |
For the Year Ended December 31, 2020 Valuation allowance for deferred tax assets |  | $ | 335 |  |  | $ | 158 |  |  |  | — |  |  | $ | 493 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table provides the changes in the Company’s uncertain tax position:
|  | For the years ended December 31, |
In thousands |  | 2022 |  |  | 2021 |
Balance at beginning of year |  | $ | 202 |  |  | $ | 209 |
Additions based on tax positions related to the current year |  |  | 146 |  |  |  | — |
Additions based on tax positions related to prior years |  |  | 10 |  |  |  | 19 |
Reductions for tax positions of prior years |  |  | — |  |  |  | — |
Lapses in statutes of limitations |  |  | (212 | ) |  |  | (26 | )
Balance at end of year |  | $ | 146 |  |  | $ | 202 |

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 https://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 https://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 https://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

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + 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 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration