Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022, and 2021 are shown in the following table:

	(in millions)
	2023		2022		2021
Current Income Tax Provision
Federal	$	4.3	$	—	$	—
State		1.5		0.2		0.7
Total Current Income Taxes	$	5.8	$	0.2	$	0.7
Deferred Income Tax Provision
Federal	$	4.8	$	6.6	$	7.3
State		2.6		4.4		3.5
Total Deferred Income Taxes		7.4		11.0		10.8
Total Income Tax Expense	$	13.2	$	11.2	$	11.5

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:

	2023			2022			2021
Statutory Federal Income Tax Rate		21	%		21	%		21	%
Income Tax Effects of:
State Income Taxes, net		6	%		6	%		6	%
Utility Plant Differences		(5	)%		(6	)%		(3	)%
Other, net		1	%		—	%		—	%
Effective Income Tax Rate		23	%		21	%		24	%

Deferred Tax Assets and Liabilities

Temporary differences which gave rise to deferred tax assets and liabilities in 2023 and 2022 are shown in the following table:

Temporary Differences (in millions)	2023		2022
Deferred Tax Assets
Retirement Benefit Obligations	$	11.2	$	11.0
Net Operating Loss Carryforwards		0.1		3.5
Tax Credit Carryforwards		1.3		1.0
Other, net		1.3		1.4
Total Deferred Tax Assets	$	13.9	$	16.9
Deferred Tax Liabilities
Utility Plant Differences		180.3	$	168.3
Regulatory Assets & Liabilities		8.9		11.3
Other, net		0.8		0.7
Total Deferred Tax Liabilities		190.0		180.3
Net Deferred Tax Liabilities	$	176.1	$	163.4