Income Taxes (Tables)

12 Months Ended

Dec. 29, 2012

Deferred income tax (assets) liabilities

Deferred income taxes are provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for income tax reporting purposes. Deferred income tax (assets) liabilities relate to:

	2012			2011			2010
Property, plant and equipment	$	5,942,048		$	5,480,102		$	4,546,941
Total deferred income tax liabilities		5,942,048			5,480,102			4,546,941

Other postretirement benefits		(885,729	)		(653,238	)		(515,133	)
Inventories		(761,613	)		(1,005,134	)		(747,397	)
Allowance for doubtful accounts		(104,903	)		(94,120	)		(126,593	)
Intangible assets		(422,443	)		(472,243	)		(429,749	)
Accrued compensation		(197,582	)		(224,155	)		(258,631	)
Pensions		(7,128,057	)		(5,573,596	)		(4,338,664	)
Other		(116,826	)		(160,876	)		(184,561	)
Total deferred income tax assets		(9,617,153	)		(8,183,362	)		(6,600,728	)
Net deferred income tax assets	$	(3,675,105	)	$	(2,703,260	)	$	(2,053,787	)

Income before income taxes

Income before income taxes consists of:

	2012		2011		2010
Domestic	$	8,614,664	$	5,180,467	$	6,173,597
Foreign		4,609,854		3,326,462		2,074,821
	$	13,224,518	$	8,506,929	$	8,248,418

Provision for income taxes

The provision for income taxes follows:

	2012		2011		2010
Current:
Federal	$	1,909,172	$	214,988	$	1,543,735
Foreign		1,367,025		830,028		403,115
State		220,820		109,711		232,390
Deferred:
Federal		1,022,660		1,747,620		497,815
Foreign		—		—		—
State		79,041		99,652		28,358
	$	4,598,718	$	3,001,999	$	2,705,413

Reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:

	2012						2011						2010
	Amount			Percent			Amount			Percent			Amount			Percent
Income taxes using U.S. federal statutory rate	$	4,496,336			34	%	$	2,892,356			34	%	$	2,804,462			34	%
State income taxes, net of federal benefit		188,490			2			133,201			2			153,535			2
Impact of foreign subsidiaries on effective tax rate		136,590			1			21,329			-			38,813			1
Impact of manufacturers deduction on effective tax rate		(232,928	)		(2	)		(50,537	)		(1	)		(176,847	)		(2	)
Other—net		10,230			-			5,650			-			(114,550	)		(2	)
	$	4,598,718			35	%	$	3,001,999			35	%	$	2,705,413			33	%

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:

	2012			2011			2010

Balance at beginning of year	$	486,332		$	495,843		$	791,540
Increases for positions taken during the current period		119,893			25,398			30,876
Decreases relating to settlements		-			-			(56,360	)
Decreases resulting from the expiration of the statute of limitations		(106,601	)		(34,909	)		(270,213	)
Balance at end of year	$	499,624		$	486,332		$	495,843