Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income tax expense reconciliation

Income tax (benefit) expense is comprised of the following:

	(Thousands of Dollars)
	Years Ended December 31,
	2020			2019			2018
Current:
Federal	$	(4,281	)	$	(3,822	)	$	(188	)
State		2,598			2,246			2,073
Deferred:
Federal		(1,490	)		(726	)		(338	)
State		(871	)		(761	)		(545	)
Investment Tax Credits		(75	)		(77	)		(78	)
Total Income Tax (Benefit) Expense	$	(4,119	)	$	(3,140	)	$	924

Income tax expense

Income tax (benefit) 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,
	2020			2019			2018
Income Tax at Statutory Rate	$	7,204		$	6,457		$	7,009
Tax Effect of:
Utility Plant Related		(1,356	)		(802	)		422
Tangible Property Repairs		(11,298	)		(10,156	)		(7,763	)
State Income Taxes – Net		1,364			1,173			1,207
Other		(33	)		188			49
Total Income Tax (Benefit) Expense	$	(4,119	)	$	(3,140	)	$	924

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,
	2020			2019
Utility Plant Related	$	56,868		$	50,608
Customer Advances		(3,626	)		(3,661	)
Employee Benefits		7,339			6,543
Investment Tax Credits		445			519
Other		271			399
Total Accumulated Deferred Income Taxes	$	61,297		$	54,408