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Income Taxes | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Note 7 – Income taxes: The provision for income taxes and the difference between such provision for income taxes and the amount that would be expected using the U.S. federal statutory income tax are presented below. All of our pre-tax income relates to operations in the United States.
| Years ended December 31, |
| 2017 |  |  | 2018 |  |  | 2019 |
| (In thousands) |
Provision for income taxes: |  |  |  |  |  |  |  |  |  |  |
Currently payable | $ | 5,736 |  |  | $ | 5,064 |  |  | $ | 4,849 |
Deferred income tax expense (benefit) |  | (1,775 | ) |  |  | 86 |  |  |  | 89 |
Total | $ | 3,961 |  |  | $ | 5,150 |  |  | $ | 4,938 |
Expected tax expense, at the U.S. federal statutory income tax rate of 35% in 2017 and 21% in 2018 and 2019 | $ | 6,007 |  |  | $ | 4,300 |  |  | $ | 4,397 |
Changes in federal tax rate, net |  | (1,861 | ) |  |  | — |  |  |  | — |
State income taxes |  | 235 |  |  |  | 812 |  |  |  | 742 |
Domestic production activities deduction |  | (505 | ) |  |  | — |  |  |  | — |
Foreign derived intangible income benefit |  | — |  |  |  | — |  |  |  | (201 | )
Other, net |  | 85 |  |  |  | 38 |  |  |  | — |
Total | $ | 3,961 |  |  | $ | 5,150 |  |  | $ | 4,938 |
On December 22, 2017, H.R.1, formally known as the “Tax Cuts and Jobs Act” (“2017 Tax Act”) was enacted into law. This tax legislation, among other changes, (i) reduced the federal corporate income tax rate from 35% to 21% effective January 1, 2018; (ii) eliminated the domestic production activities deduction beginning in 2018; and (iii) allows for the expensing of certain capital expenditures. Following the enactment of the 2017 Tax Act, the Securities and Exchange Commission issued Staff Accounting Bulletin (SAB) 118 to provide guidance on the accounting and reporting impacts of the 2017 Tax Act. SAB 118 required that companies account for changes related to the 2017 Tax Act in the period of enactment unless the impact of such changes could not be reasonably estimated. Where the use of estimated provisional amounts was necessary, SAB 118 provided for a measurement period of no longer than one year during which companies could adjust those amounts as additional information became available. Therefore, as required under GAAP, we revalued our net deferred tax liability associated with our net taxable temporary differences based on deferred tax balances as of the enactment date to reflect the effect of the reduction in the corporate income tax rate. Our temporary differences as of December 31, 2017 were not materially different from our temporary differences as of the enactment date, accordingly revaluation of our net taxable temporary differences was based on our net deferred tax liability as of December 31, 2017. Such revaluation resulted in a non-cash deferred income tax benefit of approximately $1.9 million recognized in continuing operations for the period ended December 31, 2017, reducing our net deferred income tax liability as of that date. During 2018 we finalized our analysis of the 2017 Tax Act and recorded an immaterial adjustment within the defined measurement period. Under the 2017 Tax Act, beginning in 2018, domestic corporations who are U.S. exporters with no foreign operations may be eligible for a deduction under the foreign derived intangible income provisions. We qualify for this deduction and recognized a current cash tax benefit of $0.2 million in 2019 ($0.1 million of such current cash tax benefit is related to 2018). See also Note 10 to our Consolidated Financial Statements. The components of the net deferred tax liability are summarized below.
| December 31, |
| 2018 |  |  | 2019 |
| (In thousands) |
Tax effect of temporary differences related to: |  |  |  |  |  |  |
Inventories | $ | 356 |  |  | $ | 400 |
Property and equipment |  | (2,912 | ) |  |  | (3,058 | )
Accrued liabilities and other deductible differences | 25 |  |  |  | 19 |
Accrued employee benefits |  | 1,032 |  |  |  | 1,054 |
Goodwill |  | (1,693 | ) |  |  | (1,693 | )
Other taxable differences |  | (6 | ) |  |  | (9 | )
Total deferred tax liability | $ | (3,198 | ) |  | $ | (3,287 | )
We and Contran file income tax returns in U.S. federal and various state and local jurisdictions. Our income tax returns prior to 2016 are generally considered closed to examination by applicable tax authorities.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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