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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Pre-tax Income and Provision for 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

Components of Net Deferred Tax Liability

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	)

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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
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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