Income Taxes (Tables)

12 Months Ended

Dec. 30, 2023

Income Taxes

Deferred Income Tax (Assets) Liabilities

	2023			2022
Property, plant, and equipment	$	3,897,991		$	3,568,209
Right of Use Asset		4,192,368			2,786,486
Intangible assets		1,674,225			3,374,192
Other		369,358			876,731
Foreign Withholding Tax		-			60,462
Total deferred income tax liabilities		10,133,942			10,666,080
Other postretirement benefits		(139,050	)		(151,486	)
Inventories		(1,587,374	)		(1,562,175	)
Allowance for doubtful accounts		(133,988	)		(160,446	)
Accrued compensation		(434,631	)		(498,530	)
Lease Obligation		(4,192,368	)		(2,786,486	)
Pensions		(4,819,568	)		(5,042,030	)
Foreign Tax Credit		(1,110,534	)		(953,916	)
Total deferred income tax assets		(12,417,513	)		(11,155,069	)
Net deferred income tax (assets) liabilities	$	(2,283,571	)	$	(488,989	)

Income Before Income Taxes

	2023						2022
	Continuing Operations		Discontinued Operations		Total Income Statement		Continuing Operations		Discontinued Operations		Total Income Statement
Domestic	$	8,351,677		-	$	8,351,677	$	12,787,773	$	1,666,312	$	14,454,085
Foreign		2,640,266		-		2,640,266		1,615,144		-		1,615,144
	$	10,991,943		-	$	10,991,943	$	14,402,917	$	1,666,312	$	16,069,229

Provision for Income Taxes

	2023								2022
	Continuing Operations			Discontinued Operations		Total Income Statement			Continuing Operations			Discontinued Operations		Total Income Statement
Current
Federal	$	2,558,279			-	$	2,558,279		$	4,528,423		$	332,665	$	4,861,088
Foreign		967,152			-		967,152			572,555			-		572,555
State		503,738			-		503,738			1,361,461			82,190		1,443,651
Deferred:
Federal		(1,371,310	)		-		(1,371,310	)		(2,567,573	)		-		(2,567,573	)
Foreign		(60,462	)		-		(60,462	)		-			-		-
State		(190,457	)		-		(190,457	)		(542,410	)		-		(542,410	)
	$	2,406,940			-	$	2,406,940		$	3,352,456		$	414,855	$	3,767,311

Reconciliation of Income Taxes Computed Using the U.S. Federal Statutory Rate to that Reflected in Operations

	2023						2022
	Amount			Percent			Amount			Percent
Income taxes using U.S. federal statutory rate	$	2,308,308			21	%	$	3,374,538			21	%
State income taxes, net of federal benefit		244,874			2			714,416			4
Impact on Foreign Repatriation Tax Reform		306,330			3			-			0
Impact of foreign subsidiaries on effective tax rate		(297,728	)		(3	)		(41,404	)		0
Impact of Research & Development tax credit		(136,343	)		(1	)		(131,005	)		(1	)
Uncertain tax positions reserve		461			0			54,705			0
Other net		(18,962	)		0			(203,939	)		(1	)
	$	2,406,940			22	%	$	3,767,311			23	%

	2023						2022
	Amount			Percent			Amount			Percent
Income taxes using U.S. federal statutory rate	$	2,308,308			21	%	$	3,024,612			21	%
State income taxes, net of federal benefit		244,874			2			649,486			4
Impact on Foreign Repatriation Tax Reform		306,330			3			-			0
Impact of foreign subsidiaries on effective tax rate		(297,728	)		(3	)		(41,404	)		0
Impact of Research & Development tax credit		(136,343	)		(1	)		(131,005	)		(1	)
Uncertain tax positions reserve		461			0			54,705			0
Other net		(18,962	)		0			(203,938	)		(1	)
	$	2,406,940			22	%	$	3,352,456			23	%

	2023					2022
	Amount		Percent			Amount		Percent
Income taxes using U.S. federal statutory rate		-		0	%	$	349,925		21	%
State income taxes, net of federal benefit		-		0			64,930		4
	$	-		0	%	$	414,855		25	%

Reconciliation of Unrecognized Tax Benefits

	2023			2022
Balance at beginning of year	$	685,518		$	672,098
Increase for positions taken during the current period		34,293			58,586
Increase (decrease) for positions taken during the prior period		(59,779	)		-
Decrease resulting from the expiration of the statute of limitations		(88,168	)		(45,166	)
Balance at end of year	$	571,864		$	685,518