Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021, 2020, and 2019 are shown in the following table:

	(in millions)
	2021		2020		2019
Current Income Tax Provision
Federal	$	—	$	0.3	$	—
State		0.7		0.6		0.3
Total Current Income Taxes	$	0.7	$	0.9	$	0.3
Deferred Income Tax Provision
Federal	$	7.3	$	6.5	$	9.4
State		3.5		2.8		4.1
Total Deferred Income Taxes		10.8		9.3		13.5
Total Income Tax Expense	$	11.5	$	10.2	$	13.8

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:

	2021			2020			2019
Statutory Federal Income Tax Rate		21	%		21	%		21	%
Income Tax Effects of:
State Income Taxes, net		6			6			6
Utility Plant Differences		(3	)		(4	)		(3	)
Other, net		—			1			—
Effective Income Tax Rate		24	%		24	%		24	%

Deferred Tax Assets and Liabilities

Temporary differences which gave rise to deferred tax assets and liabilities in 2021 and 2020 are shown in the following table:

Temporary Differences (in millions)	2021		2020
Deferred Tax Assets
Retirement Benefit Obligations	$	34.1	$	40.7
Net Operating Loss Carryforwards		4.1		—
Tax Credit Carryforwards		0.7		0.3
Other, net		1.3		1.3
Total Deferred Tax Assets	$	40.2	$	42.3
Deferred Tax Liabilities
Utility Plant Differences		157.4	$	143.8
Regulatory Assets & Liabilities		9.4		6.2
Other, net		1.1		1.3
Total Deferred Tax Liabilities		167.9		151.3
Net Deferred Tax Liabilities	$	127.7	$	109.0