Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income tax expense (benefit) consists of the following:

(In thousands)	2019			2018			2017
Current
Federal	$	7,701		$	8,422		$	14,239
State		1,849			2,118			2,350
		9,550			10,540			16,589
Deferred
Federal		(2,217	)		(232	)		5,829
State		(474	)		(207	)		(270	)
		(2,691	)		(439	)		5,559
	$	6,859		$	10,101		$	22,148

Effective Income Tax Rate 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)	2019			2018			2017
Statutory rates applied to income before income taxes	$	6,032		$	8,486		$	15,129
State income taxes, net of Federal tax benefit		1,149			1,616			1,306
Net permanent differences		228			220			95
Other		(132	)		(221	)		(250	)
Leases		(418	)		—			—
Tax Act, net impact		—			—			5,868

	$	6,859		$	10,101		$	22,148

Deferred Tax Assets and Liabilities

The amounts in the following table are grouped based on broad categories of items that generate the deferred tax assets and liabilities.

(In thousands)	2019		2018
Deferred tax assets:
Accounts receivable	$	545	$	530
Property and equipment		10,517		7,584
Lease Liabilities		44,751		—
Leases		—		4,135
Accrued liabilities		9,386		8,172
Retirement benefits		504		266
Other		50		56
Total deferred tax assets		65,753		20,743

Deferred tax liabilities:
Inventory related		7,912		7,649
Right-of-use lease assets		44,152		—
Other		491		550
Total deferred tax liabilities		52,555		8,199
Net deferred tax assets	$	13,198	$	12,544