Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Provisions for Federal and State Income Taxes

Provisions for Federal and State Income Taxes reflected as operating expenses in the accompanying consolidated statements of earnings for the years ended December 31, 2022, 2021, and 2020 are shown in the following table:

	(in millions)
	2022		2021		2020
Current Income Tax Provision
Federal	$	—	$	—	$	0.3
State		0.2		0.7		0.6
Total Current Income Taxes	$	0.2	$	0.7	$	0.9
Deferred Income Tax Provision
Federal	$	6.6	$	7.3	$	6.5
State		4.4		3.5		2.8
Total Deferred Income Taxes		11.0		10.8		9.3
Total Income Tax Expense	$	11.2	$	11.5	$	10.2

Differences Between Provisions for Income Taxes and Provisions Calculated at Statutory Federal Tax Rate

The differences between the Company’s provisions for Income Taxes and the provisions calculated at the statutory federal tax rate, expressed in percentages, are shown in the following table:

	2022			2021			2020
Statutory Federal Income Tax Rate		21	%		21	%		21	%
Income Tax Effects of:
State Income Taxes, net		6	%		6	%		6	%
Utility Plant Differences		(6	)%		(3	)%		(4	)%
Other, net		—	%		—	%		1	%
Effective Income Tax Rate		21	%		24	%		24	%

Deferred Tax Assets and Liabilities

Temporary differences which gave rise to deferred tax assets and liabilities in 2022 and 2021 are shown in the following table:

Temporary Differences (in millions)	2022		2021
Deferred Tax Assets
Retirement Benefit Obligations	$	11.0	$	34.1
Net Operating Loss Carryforwards		3.5		4.1
Tax Credit Carryforwards		1.0		0.7
Other, net		1.4		1.3
Total Deferred Tax Assets	$	16.9	$	40.2
Deferred Tax Liabilities
Utility Plant Differences		168.3	$	157.4
Regulatory Assets & Liabilities		11.3		9.4
Other, net		0.7		1.1
Total Deferred Tax Liabilities		180.3		167.9
Net Deferred Tax Liabilities	$	163.4	$	127.7