Income Taxes (Tables)

12 Months Ended

Dec. 29, 2012

Components Of Income Before Income Taxes


(THOUSANDS OF DOLLARS)	2012		2011		2010
U.S.	$	7,592	$	5,610	$	2,156
Non-U.S.		5,167		5,539		5,694
	$	12,759	$	11,149	$	7,850

Components Of Provision For Income Taxes


(THOUSANDS OF DOLLARS)	2012		2011		2010
Currently Payable (Receivable):
Federal	$	102	$	(1,185)	$	1,233
State		(145)		179		214
Foreign		1,085		921		1,094
		1,042		(85)		2,541
Deferred:
Federal		2,690		2,939		(797)
State		9		(10)		-
Foreign		(130)		(5)		(102)
		2,569		2,924		(899)
Total	$	3,611	$	2,839	$	1,642

Reconciliation Of Income Taxes Computed At Statutory Federal Income Tax Rate To Provision For Income Taxes From Operations


(THOUSANDS OF DOLLARS)	2012		2011		2010
Statutory Federal income tax provision	$	4,465	$	3,902	$	2,747
State income tax expense, less Federal tax benefit		79		234		134
Foreign tax rate differential		(1,034)		(1,023)		(1,001)
Adjustment related to uncertain tax benefits		193		(16)		(223)
Miscellaneous		(92)		(258)		(15)
Income Tax Provision	$	3,611	$	2,839	$	1,642

Schedule Of Deferred Tax Assets And Deferred Tax Liabilities


(THOUSANDS OF DOLLARS)	2012		2011
Current Deferred Tax Assets:
Additional costs inventoried for tax purposes and
inventory adjustments not deductible for tax purposes	$	725	$	1,077
Excess benefit plan		1,067		1,005
Accrued pension costs		769		689
Net operating loss carryforward		-		1,315
Other		1,543		1,548
		4,104		5,634
Less Valuation Allowance		(687)		(1,428)
Current Deferred Tax Assets	$	3,417	$	4,206


(THOUSANDS OF DOLLARS)	2012		2011
Long-Term Deferred Tax Assets and Liabilities:
Assets:
Intangible assets	$	-	$	212
Accrued warranty costs		658		733
Foreign tax credit carryforward		2,866		1,185
Net operating loss carryforward		2,782		3,047
Accrued pension costs		7,494		7,662
Deferred gain on sale of real estate		873		1,105
Other		1,651		1,507
		16,324		15,451
Less Valuation Allowance		(3,490)		(3,487)
Long-Term Deferred Tax Assets	$	12,834	$	11,964


Liabilities:
Property, plant and equipment, principally due to
differences in depreciation	$	(1,154)	$	(849)
Intangible assets		(110)		-
Long-Term Deferred Tax Liabilities	$	(1,264)	$	(849)
Net Long-Term Deferred Tax Asset	$	11,570	$	11,115
Net Deferred Tax Asset	$	14,987	$	15,321

Tabular Reconciliation Of Beginning And Ending Balances Of Unrecognized Tax Benefits


(THOUSANDS OF DOLLARS)	2012		2011		2010
Beginning of Year	$	361	$	376	$	586
Gross increases - current period tax positions		199		16		92
Lapse of statute limitations		(11)		(31)		(302)
End of Year	$	549	$	361	$	376

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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