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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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

Schedule of Effective Income Tax Rate Reconciliation

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

Schedule of Deferred Tax Assets and Liabilities

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

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: 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

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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