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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes: The provision for income taxes for the years ended December 31 consist of the following:
(In thousands) | 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 14,015 |  |  | $ | 25,318 |  |  | $ | 22,832 |
State | 3,548 |  |  | 4,241 |  |  | 4,666 |
| 17,563 |  |  | 29,559 |  |  | 27,498 |
Deferred |  |  |  |  |
Federal | 474 |  |  | (628) |  |  | 589 |
State | (1,645) |  |  | 1,212 |  |  | (355) |
| (1,171) |  |  | 584 |  |  | 234 |
Total income tax expense | $ | 16,392 |  |  | $ | 30,143 |  |  | $ | 27,732 |
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) | 2023 |  | 2022 |  | 2021 |  |
Statutory rates applied to income before income taxes | $ | 15,274 |  |  | $ | 25,095 |  |  | $ | 24,949 |  |  |
State income taxes, net of Federal tax benefit | 2,042 |  |  | 4,888 |  |  | 3,836 |  |  |
Nondeductible compensation expense | 878 |  |  | 368 |  |  | 358 |  |  |
Other | (1,802) |  |  | (208) |  |  | (1,411) |  |  |
| $ | 16,392 |  |  | $ | 30,143 |  |  | $ | 27,732 |  |  |
Our effective tax rate differs from the federal statutory rate primarily due to state income taxes. 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) | 2023 |  | 2022
Deferred tax assets: |  |  |
Property and equipment | $ | 8,183 |  |  | $ | 7,414 |
Lease liabilities | 54,390 |  |  | 55,322 |
Accrued liabilities | 11,899 |  |  | 11,786 |
Retirement benefits | 136 |  |  | 60 |
State tax credits | 1,710 |  |  | 1,158 |
Other | 531 |  |  | 702 |
Total deferred tax assets | 76,849 |  |  | 76,442 |
Deferred tax liabilities: |  |  |
Inventory related | 9,145 |  |  | 7,058 |
Right-of-use lease assets | 51,123 |  |  | 53,320 |
Other | 940 |  |  | 563 |
Total deferred tax liabilities | 61,208 |  |  | 60,941 |
Net deferred tax assets | $ | 15,641 |  |  | $ | 15,501 |
We review our deferred tax assets to determine the need for a valuation allowance. Based on evidence, we concluded that it is more-likely-than-not that our deferred tax assets will be realized and therefore a valuation allowance is not required. 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 2020. Uncertain Tax Positions Interest and penalties associated with uncertain tax positions, if any, are recognized as components of income tax expense. No amounts for uncertain tax positions were recorded for the years currently open under statute of limitations.

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