Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income tax expense reconciliation

Income tax expense differs from the amount computed by applying the statutory rate on book income subject to tax for the following reasons:

	(Thousands of Dollars)
	Years Ended December 31,
	2019			2018			2017
Income Tax at Statutory Rate	$	6,457		$	7,009		$	11,868
Tax Effect of:
Utility Plant Related		(802	)		422			(1,016	)
Tangible Property Repairs		(10,156	)		(7,763	)		—
State Income Taxes – Net		1,173			1,207			895
Tax Act		—			—			(610	)
Other		188			49			(37	)
Total Income Tax Expense	$	(3,140	)	$	924		$	11,100

Income tax expense

Income tax expense is comprised of the following:

	(Thousands of Dollars)
	Years Ended December 31,
	2019			2018			2017
Current:
Federal	$	(3,822	)	$	(188	)	$	2,090
State		2,246			2,073			1,066
Deferred:
Federal		(726	)		(338	)		7,713
State		(761	)		(545	)		310
Investment Tax Credits		(77	)		(78	)		(79	)
Total Income Tax Expense	$	(3,140	)	$	924		$	11,100

Deferred tax liability

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax purposes. The components of the net deferred tax liability are as follows:

	(Thousands of Dollars)
	December 31,
	2019			2018
Utility Plant Related	$	50,608		$	44,777
Customer Advances		(3,661	)		(3,702	)
Employee Benefits		6,543			5,490
Investment Tax Credits (ITC)		519			596
Other		399			109
Total Deferred Tax Liability and ITC	$	54,408		$	47,270