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INCOME TAXES | 12 Months Ended
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Dec. 31, 2016
INCOME TAXES [Abstract] |
INCOME TAXES | Note 7, Income Taxes: Income tax expense (benefit) consists of the following:
(In thousands) |  | 2016 |  | 2015 |  | 2014 |
Current |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 16,259 |  | $ | 17,598 |  | $ | 10,257 |
State |  |  | 2,326 |  |  | 2,907 |  |  | 1,611 |
|  |  | 18,585 |  |  | 20,505 |  |  | 11,868 |
Deferred |  |  |  |  |  |  |  |  |  |
Federal |  |  | (690 | ) |  | (2,476 | ) |  | 4,323 |
State |  |  | (430 | ) |  | (543 | ) |  | 477 |
|  |  | (1,120 | ) |  | (3,019 | ) |  | 4,800 |
|  | $ | 17,465 |  | $ | 17,486 |  | $ | 16,668 |
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) | 2016 |  | 2015 |  | 2014 |
Statutory rates applied to income before income taxes | $ | 16,037 |  | $ | 15,846 |  | $ | 8,840 |
State income taxes, net of Federal tax benefit |  | 1,494 |  |  | 1,487 |  |  | 788 |
Net permanent differences |  | 99 |  |  | (11 | ) |  | 42 |
Release of debit balance in accumulated other comprehensive income related to settled pension obligations |  | — |  |  | — |  |  | 6,866 |
Change in state credits |  | — |  |  | — |  |  | 110 |
Other |  | (165 | ) |  | 164 |  |  | 22 |
| $ | 17,465 |  | $ | 17,486 |  | $ | 16,668 |
The change in state credits in 2014 is the unused amounts which expired. 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) |  | 2016 |  | 2015 |
Deferred tax assets: |  |  |  |  |  |  |
Accounts receivable |  | $ | 808 |  | $ | 772 |
Property and equipment |  |  | 10,276 |  |  | 9,250 |
Leases |  |  | 5,913 |  |  | 5,880 |
Accrued liabilities |  |  | 12,217 |  |  | 10,916 |
Retirement benefits |  |  | 513 |  |  | 579 |
Other |  |  | 69 |  |  | 31 |
Total deferred tax assets |  |  | 29,796 |  |  | 27,428 |
Deferred tax liabilities: |  |  |  |  |  |  |
Inventory |  |  | 10,082 |  |  | 9,285 |
Other |  |  | 1,338 |  |  | 898 |
Total deferred tax liabilities |  |  | 11,420 |  |  | 10,183 |
Net deferred tax assets |  | $ | 18,376 |  | $ | 17,245 |
As discussed in Note 1, we adopted ASU 2015-17 for the quarter ended December 31, 2015, and all deferred tax assets and liabilities are now classified as noncurrent. 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 2014. Uncertain Tax Positions No uncertain tax positions were identified for the years currently open under statute of limitations, including 2014, 2015 and 2016. 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 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=65882285&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=65882285&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=65882285&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=65882285&loc=d3e32537-109319 + Details
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