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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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

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)		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

Schedule of Deferred Tax Assets and Liabilities

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

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

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- References

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- Definition

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
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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- Definition

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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- Definition

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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