v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
The components of income tax expense were:
202520242023
Current:
Federal$5,276 (1,828)10,185 
State1,896 443 4,281 
Deferred:
Federal5,360 11,063 (8,871)
State(177)(708)361 
$12,355 8,970 5,956 
Schedule of Effective Income Tax Rate Reconciliation
The following table reconciles income tax expense to the amount computed by applying the federal statutory rate to income before income taxes of $114,933, $102,937 and $90,943 in 2025, 2024 and 2023, respectively:
2025 (a)
20242023
Income tax at federal statutory rate$24,136 21.0 %21,617 19,098 
Increase (decrease) in taxes attributable to:
State and local income taxes, net of federal income tax effect (b)
1,326 1.2 %6,488 6,001 
Tax credits
(208)(0.2)%— — 
Nontaxable or nondeductible items
543 0.5 %— — 
Changes in unrecognized tax benefits
331 0.3 %(1,053)(4,330)
Property flow-through— — %(14,793)(9,045)
Pension flow-through— — %(530)(597)
Stock-based compensation— — %192 (491)
Other adjustments:
Impact of rate regulation
Flow-through
(11,933)(10.4)%— — 
Reversal of excess deferred taxes recognized in regulatory liability
(1,517)(1.3)%(3,227)(3,625)
Other items
(323)(0.3)%276 (1,055)
$12,355 10.8 %8,970 5,956 
(a)ASU 2023-09 “Improvements to Income Tax Disclosures” was adopted prospectively with the annual financial statements for the year ended December 31, 2025. Accordingly, the table above was updated for the year ended December 31, 2025 to present disclosures as per the new ASU.
(b)Majority of the tax expense reported in this category relates to California. State flow-through adjustments are included in this category for the year ended December 31, 2025.
Schedule of Deferred Tax Assets and Liabilities
The components of the net deferred tax liability as of December 31 were as follows:
20252024
Deferred tax assets:
Advances and contributions$28,183 26,744 
Unamortized investment tax credit1,141 1,061 
Pensions, postretirement benefits and stock-based compensation11,749 12,529 
Debt premium, net2,734 3,446 
California franchise tax257 503 
Deferred revenue— — 
Tax related regulatory liability
22,572 23,112 
Other9,560 6,337 
Total deferred tax assets76,196 73,732 
Deferred tax liabilities:
Utility plant304,002 277,085 
Pension and postretirement9,272 9,068 
Deferred gain and other-property608 608 
Regulatory asset - business combinations debt premium, net2,734 3,446 
Intangibles2,193 2,443 
Deferred revenue2,330 1,418 
Tax related regulatory asset
57,503 50,728 
Other5,447 4,979 
Total deferred tax liabilities384,089 349,775 
Net deferred tax liabilities$307,893 276,043 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
202520242023
Balance at beginning of year$3,707 4,511 9,004 
Increase related to tax positions taken during the current year663 658 231 
Increase related to tax positions taken during a prior year113 380 364 
Reductions related to statute expiration(389)(1,701)(1,191)
Reductions related to tax positions taken in a prior year— (141)(3,897)
Balance at end of year$4,094 3,707 4,511 
Schedule of Income Taxes Paid (Net of Refunds)
Income Taxes paid (net of refunds) for the year ending December 31, 2025 were as below:

2025
Federal
$2,000 
State
1,238 
Foreign
— 
Total
$3,238 

Income Taxes paid (net of refunds) exceeded 5% of total income taxes paid (net of refunds) in the following jurisdictions:

State:
2025
California
$400 
Connecticut
521 
Maine
*
Tennessee
219 
Texas
*
Total
$1,140 
*Jurisdiction below the threshold for the period presented