Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020, 2019 and 2018 are shown in the following table:

	($000’s)
	2020		2019		2018
Current Income Tax Provision
Federal	$	250	$	—	$	—
State		678		351		355
Total Current Income Taxes	$	928	$	351	$	355
Deferred Income Provision
Federal	$	6,483	$	9,340	$	5,032
State		2,838		4,117		3,006
Total Deferred Income Taxes		9,321		13,457		8,038
Total Income Tax Expense	$	10,249	$	13,808	$	8,393

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:

	2020			2019			2018
Statutory Federal Income Tax Rate		21	%		21	%		21	%
Income Tax Effects of:
State Income Taxes, net		6			6			6
Utility Plant Differences		(4	)		(3	)		(7	)
Other, net		1			—			—
Effective Income Tax Rate		24	%		24	%		20	%

Deferred Tax Assets and Liabilities

Temporary differences which gave rise to deferred tax assets and liabilities in 2020 and 2019 are shown in the following table:

Temporary Differences (000’s)	2020		2019
Deferred Tax Assets
Retirement Benefit Obligations	$	40,740	$	36,551
Net Operating Loss Carryforwards		—		1,609
Tax Credit Carryforwards		344		1,489
Other, net		1,252		1,589
Total Deferred Tax Assets	$	42,336	$	41,238
Deferred Tax Liabilities
Utility Plant Differences	$	143,800	$	134,011
Regulatory Assets & Liabilities		6,247		5,239
Other, net		1,307		5,539
Total Deferred Tax Liabilities		151,354		144,789
Net Deferred Tax Liabilities	$	109,018	$	103,551