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INCOME TAXES | 12 Months Ended
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Dec. 31, 2014
INCOME TAXES [Abstract] |
INCOME TAXES | Note 7, Income Taxes: Income tax expense (benefit) consists of the following:
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 10,257 |  |  | $ | 18,253 |  |  | $ | 9,375 |
State |  |  | 1,611 |  |  |  | 2,621 |  |  |  | 1,439 |
|  |  | 11,868 |  |  |  | 20,874 |  |  |  | 10,814 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 4,323 |  |  |  | (706 | ) |  |  | (2,235 | )
State |  |  | 477 |  |  |  | 54 |  |  |  | 26 |
|  |  | 4,800 |  |  |  | (652 | ) |  |  | (2,209 | )
|  | $ | 16,668 |  |  | $ | 20,222 |  |  | $ | 8,605 |
The differences between income tax expense in the accompanying Consolidated Financial Statements and the amount computed by applying the statutory Federal income tax rate are as follows:
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Statutory rates applied to income before income taxes |  | $ | 8,840 |  |  | $ | 18,370 |  |  | $ | 8,231 |
State income taxes, net of Federal tax benefit |  |  | 788 |  |  |  | 1,610 |  |  |  | 769 |
Net permanent differences |  |  | 42 |  |  |  | 316 |  |  |  | 8 |
Release of valuation allowance in accumulated other comprehensive income related to settled pension obligations |  |  | 6,866 |  |  |  | — |  |  |  | — |
Change in deferred tax asset valuation allowance |  |  | — |  |  |  | (1,363 | ) |  |  | (1,207 | )
Change in state credits |  |  | 110 |  |  |  | 1,466 |  |  |  | 1,129 |
Change for net operating loss carrybacks, amended returns and related receivables |  |  | — |  |  |  | (204 | ) |  |  | 342 |
Change in deferred tax rate |  |  | — |  |  |  | — |  |  |  | (125 | )
Change in reserve for uncertain tax positions |  |  | — |  |  |  | — |  |  |  | (674 | )
Other |  |  | 22 |  |  |  | 27 |  |  |  | 132 |
|  | $ | 16,668 |  |  | $ | 20,222 |  |  | $ | 8,605 |
The change in state credits in 2014, 2013 and 2012 is the unused amounts which expired as of the end of each of the tax years. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The amounts in the following table are grouped based on broad categories of items that generate the deferred tax assets and liabilities.
(In thousands) |  | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |
Accounts receivable related |  | $ | 743 |  |  | $ | 610 |
Net property and equipment |  |  | 5,787 |  |  |  | 11,977 |
Leases |  |  | 5,055 |  |  |  | 5,007 |
Accrued liabilities |  |  | 9,523 |  |  |  | 776 |
State tax credits |  |  | — |  |  |  | 110 |
Retirement benefits |  |  | 720 |  |  |  | 4,633 |
Other |  |  | 31 |  |  |  | 28 |
Total deferred tax assets |  |  | 21,859 |  |  |  | 23,141 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Inventory related |  |  | 9,198 |  |  |  | 8,951 |
Other |  |  | 740 |  |  |  | 643 |
Total deferred tax liabilities |  |  | 9,938 |  |  |  | 9,594 |
Net deferred tax assets |  | $ | 11,921 |  |  | $ | 13,547 |
Deferred tax assets and deferred tax liabilities which are current are netted against each other as are non-current deferred tax assets and non-current deferred tax liabilities as they relate to each tax-paying component for presentation in the consolidated balance sheets. These groupings are detailed in the following table:
(In thousands) |  | 2014 |  |  | 2013 |
Current assets (liabilities): |  |  |  |  |  |
Current deferred assets |  | $ | 5,801 |  |  | $ | 11,048 |
Current deferred liabilities |  |  | (11,490 | ) |  |  | (10,754 | )
|  |  | (5,689 | ) |  |  | 294 |
Non-current assets (liabilities): |  |  |  |  |  |  |  |
Non-current deferred assets |  |  | 38,978 |  |  |  | 39,974 |
Non-current deferred liabilities |  |  | (21,368 | ) |  |  | (26,721 | )
|  |  | 17,610 |  |  |  | 13,253 |
Net deferred tax assets |  | $ | 11,921 |  |  | $ | 13,547 |
We review our deferred tax assets to determine the need for a valuation allowance. Based on evidence we conclude that it is more-likely-than-not that our deferred tax assets will be realized and therefore a valuation allowance is not required. We established a valuation allowance in 2008 against virtually all of our deferred tax assets due to our operating loss in that year and projected loss in 2009. A portion of the allowance was charged to AOCI and was increased in 2009. Our profitability in 2011 was sufficient for us to release the valuation allowance. The "backward-tracing" prohibition in ASC 740, Income Taxes required us to record the total amount of the release as a tax benefit in net income including the portion originally charged to AOCI. This resulted in a debit valuation allowance of $6,866,000 remaining in AOCI until the settlement of the Plan's pension obligations in 2014 when this amount was reversed and included in total tax expense. We file income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. With respect to U.S. federal, state and local jurisdictions, with limited exceptions, we are no longer subject to income tax audits for years before 2009. Uncertain Tax Positions During 2012 we settled federal and state audits and the statute of limitations lapsed eliminating our remaining $674,000 unrecognized tax positions and reducing our effective tax rate in that year. No new uncertain tax positions were identified in 2013 or 2014. Interest and penalties associated with uncertain tax positions, if any, are recognized as components of income tax expense.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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