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Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Taxes [Abstract] |
Income Taxes |
10. | Income Taxes
The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2010. The federal and state income tax provision consisted of the following:
Year ended December 31, |  | 2014 |  |  | 2013 |  |  | 2012 |
|  |  | Current |  |  |  | Deferred |  |  |  | Current |  |  |  | Deferred |  |  |  | Current |  |  |  | Deferred |
Federal |  | $ | 25,797 |  |  | $ | (10,429 | ) |  | $ | 49,022 |  |  | $ | 4,879 |  |  | $ | 34,941 |  |  | $ | (327 | )
State |  |  | 5,019 |  |  |  | (1,775 | ) |  |  | 9,202 |  |  |  | 857 |  |  |  | 6,635 |  |  |  | 231 |
|  | $ | 30,816 |  |  | $ | (12,204 | ) |  | $ | 58,224 |  |  | $ | 5,736 |  |  | $ | 41,576 |  |  | $ | (96 | )
The effective income tax rate varied from the statutory federal income tax rate as follows:
Year ended December 31, |  | 2014 |  |  | 2013 |  |  | 2012 |
Statutory federal income tax rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State income taxes, net of federal tax benefit |  |  | 3.7 |  |  |  | 3.7 |  |  |  | 4.0 |
Domestic production activities deduction |  |  | (4.6 | ) |  |  | (2.7 | ) |  |  | (3.0 | )
Other items |  |  | (1.6) |  |  |  | 0.5 |  |  |  | 1.0 |
Effective income tax rate |  |  | 32.5 | % |  |  | 36.5 | % |  |  | 37.0 | %
Significant components of the Company's deferred tax assets and liabilities are as follows:
December 31, |  | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |  |  |
Product liability |  | $ | 289 |  |  | $ | 451 |
Employee compensation and benefits |  |  | 3,621 |  |  |  | 3,708 |
Allowances for doubtful accounts and discounts |  |  | 2,351 |  |  |  | 2,558 |
Inventories |  |  | 1,411 |  |  |  | 932 |
Additional minimum pension liability |  |  | - |  |  |  | 10,905 |
Stock-based compensation |  |  | 4,517 |  |  |  | 3,672 |
Other |  |  | 1,487 |  |  |  | 1,853 |
Total deferred tax assets |  |  | 13,676 |  |  |  | 24,079 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Pension plans |  |  | - |  |  |  | 11,310 |
Depreciation |  |  | 14,377 |  |  |  | 14,311 |
Other |  |  | 387 |  |  |  | 422 |
Total deferred tax liabilities |  |  | 14,764 |  |  |  | 26,043 |
Net deferred tax (liabilities) assets |  | $ | (1,088 | ) |  | $ | (1,964 | )
Changes in deferred tax assets relating to the additional minimum pension liability are not charged to expense and are therefore not included in the deferred tax provision; instead they are charged to other comprehensive income. The Company made income tax payments of approximately $34.0 million, $59.9 million, and $33.0 million, during 2014, 2013, and 2012, respectively. The Company expects to realize its deferred tax assets through tax deductions against future taxable income or carry back against taxes previously paid. The Company does not believe it has included any “uncertain tax positions” in its federal income tax return or any of the state income tax returns it is currently filing. The Company has made an evaluation of the potential impact of additional state taxes being assessed by jurisdictions in which the Company does not currently consider itself liable. The Company does not anticipate that such additional taxes, if any, would result in a material change to its financial position.

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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 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 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=6907707&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=6907707&loc=d3e32537-109319 Reference 6: 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=6907707&loc=d3e32559-109319 + Details
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