Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Schedule of income tax expense reconciliation

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,
	2022			2021			2020
Income Tax at Statutory Rate	$	9,590		$	6,521		$	7,204
Tax Effect of:
Utility Plant Related		(1,106	)		(1,290	)		(1,356	)
Tangible Property Repairs		(6,767	)		(12,281	)		(11,298	)
State Income Taxes – Net		1,296			1,499			1,364
Other		227			63			(33	)
Total Income Tax Expense (Benefit)	$	3,240		$	(5,488	)	$	(4,119	)

Schedule of income tax expense

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

	(Thousands of Dollars)
	Years Ended December 31,
	2022			2021			2020
Current:
Federal	$	425		$	(8,247	)	$	(4,281	)
State		1,381			1,467			2,598
Deferred:
Federal		1,242			933			(1,490	)
State		260			431			(871	)
Investment Tax Credits		(68	)		(72	)		(75	)
Total Income Tax (Benefit) Expense	$	3,240		$	(5,488	)	$	(4,119	)

Schedule of net 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,
	2022			2021
Utility Plant Related	$	72,996		$	65,107
Customer Advances		(3,568	)		(3,595	)
Employee Benefits		7,380			7,091
Investment Tax Credits		304			373
Other		671			524
Total Accumulated Deferred Income Taxes	$	77,783		$	69,500