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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following:

(In thousands)		2018				2017				2016
Current
Federal		$	8,422			$	14,239			$	16,259
State			2,118				2,350				2,326
			10,540				16,589				18,585
Deferred
Federal			(232	)			5,829				(690	)
State			(207	)			(270	)			(430	)
			(439	)			5,559				(1,120	)
		$	10,101			$	22,148			$	17,465

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)	2018			2017			2016
Statutory rates applied to income before income taxes	$	8,486		$	15,129		$	16,037
State income taxes, net of Federal tax benefit		1,616			1,306			1,494
Net permanent differences		220			95			99
Other		(221	)		(250	)		(165	)
Tax Act, net impact		—			5,868			—
	$	10,101		$	22,148		$	17,465

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)		2018				2017
Deferred tax assets:
Accounts receivable		$	530			$	433
Property and equipment			7,584				6,434
Leases			4,135				4,356
Accrued liabilities			8,172				8,171
Retirement benefits			266				492
Other			56				62
Total deferred tax assets			20,743				19,948
Deferred tax liabilities:
Inventory			7,649				7,034
Other			550				539
Total deferred tax liabilities			8,199				7,573
Net deferred tax assets		$	12,544			$	12,375

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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