XML 31 R15.htm IDEA: XBRL DOCUMENT
v3.3.1.900

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2015
INCOME TAXES [Abstract] |
INCOME TAXES | Note 7, Income Taxes: Income tax expense (benefit) consists of the following:
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 17,598 |  |  | $ | 10,257 |  |  | $ | 18,253 |
State |  |  | 2,907 |  |  |  | 1,611 |  |  |  | 2,621 |
|  |  | 20,505 |  |  |  | 11,868 |  |  |  | 20,874 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (2,476 | ) |  |  | 4,323 |  |  |  | (706 | )
State |  |  | (543 | ) |  |  | 477 |  |  |  | 54 |
|  |  | (3,019 | ) |  |  | 4,800 |  |  |  | (652 | )
|  | $ | 17,486 |  |  | $ | 16,668 |  |  | $ | 20,222 |
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) |  | 2015 |  |  | 2014 |  |  | 2013 |
Statutory rates applied to income before income taxes |  | $ | 15,846 |  |  | $ | 8,840 |  |  | $ | 18,370 |
State income taxes, net of Federal tax benefit |  |  | 1,487 |  |  |  | 788 |  |  |  | 1,610 |
Net permanent differences |  |  | (11 | ) |  |  | 42 |  |  |  | 316 |
Release of debit balance in accumulated other comprehensive income related to settled pension obligations |  |  | — |  |  |  | 6,866 |  |  |  | — |
Change in deferred tax asset valuation allowance |  |  | — |  |  |  | — |  |  |  | (1,363 | )
Change in state credits |  |  | — |  |  |  | 110 |  |  |  | 1,466 |
Other |  |  | 164 |  |  |  | 22 |  |  |  | (177 | )
|  | $ | 17,486 |  |  | $ | 16,668 |  |  | $ | 20,222 |
The change in state credits in 2014 and 2013 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) |  | 2015 |  |  | 2014 |
Deferred tax assets: |  |  |  |  |  |
Accounts receivable |  | $ | 772 |  |  | $ | 743 |
Property and equipment |  |  | 9,250 |  |  |  | 5,787 |
Leases |  |  | 5,880 |  |  |  | 5,055 |
Accrued liabilities |  |  | 10,916 |  |  |  | 9,523 |
Retirement benefits |  |  | 579 |  |  |  | 720 |
Other |  |  | 31 |  |  |  | 31 |
Total deferred tax assets |  |  | 27,428 |  |  |  | 21,859 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Inventory |  |  | 9,285 |  |  |  | 9,198 |
Other |  |  | 898 |  |  |  | 740 |
Total deferred tax liabilities |  |  | 10,183 |  |  |  | 9,938 |
Net deferred tax assets |  | $ | 17,245 |  |  | $ | 11,921 |
As discussed in Note 1, we adopted ASU 2015-17 as of December 31, 2015, and we applied the new guidance prospectively and the 2014 balance sheet was not adjusted. For 2015, deferred tax assets and liabilities are classified as noncurrent. For 2014, 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) |  | 2015 |  |  | 2014 |
Current assets (liabilities): |  |  |  |  |  |
Current deferred assets |  | $ | — |  |  | $ | 5,801 |
Current deferred liabilities |  |  | — |  |  |  | (11,490 | )
|  |  | — |  |  |  | (5,689 | )
Non-current assets (liabilities): |  |  |  |  |  |  |  |
Non-current deferred assets |  |  | 27,428 |  |  |  | 38,978 |
Non-current deferred liabilities |  |  | (10,183 | ) |  |  | (21,368 | )
|  |  | 17,245 |  |  |  | 17,610 |
Net deferred tax assets |  | $ | 17,245 |  |  | $ | 11,921 |
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 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 2010. Uncertain Tax Positions No uncertain tax positions were identified for the years currently open under statute of limitations, including 2013, 2014 and 2015. Interest and penalties associated with uncertain tax positions, if any, are recognized as components of income tax expense.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 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 2: 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 Reference 3: 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 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 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration