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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for 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

Schedule of 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)			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

Schedule of Deferred Tax Assets and Liabilities

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

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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

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-Topic 740
-SubTopic 10
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-Paragraph 9
-Section 50
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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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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.

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