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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Provision for Income Taxes

The provision for income taxes for the years ended December 31 consist of the following:

(In thousands)		2020				2019				2018
Current
Federal		$	16,831			$	7,701			$	8,422
State			3,210				1,849				2,118
			20,041				9,550				10,540
Deferred
Federal			(1,217	)			(2,217	)			(232	)
State			(1,241	)			(474	)			(207	)
			(2,458	)			(2,691	)			(439	)
Total income tax expense		$	17,583			$	6,859			$	10,101

Statutory to Effective Income Tax 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)		2020				2019				2018
Statutory rates applied to income before income taxes		$	16,164			$	6,032			$	8,486
State income taxes, net of Federal tax benefit			2,057				1,149				1,616
Net permanent differences			520				228				220
Other			48				(128	)			(218	)
Leases			—				(418	)			—
State tax credits			(1,206	)			(4	)			(3	)
		$	17,583			$	6,859			$	10,101

Deferred Tax Assets and Liabilities

(In thousands)		2020				2019
Deferred tax assets:
Property and equipment		$	8,868			$	10,517
Lease Liabilities			58,417				44,751
Accrued liabilities			9,885				9,386
Retirement benefits			662				504
State tax credits			943				21
Other			660				574
Total deferred tax assets			79,435				65,753
Deferred tax liabilities:			7,135
Inventory related			7,135				7,912
Right-of-use lease assets			56,032				44,152
Other			454				491
Total deferred tax liabilities			63,621				52,555
Net deferred tax assets		$	15,814			$	13,198

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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
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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.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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