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Income Taxes | 12 Months Ended
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Dec. 29, 2012
Income Taxes [Abstract] |
Income Taxes | Note 7 Income Taxes The provision (benefit) for income taxes consists of:
(dollars in thousands) |  | 2012 |  | 2011 |  | 2010 |
Current: |  |  |  |  |  |  |
Federal | $ | 30,258 | $ | 24,518 | $ | 1,578 |
State |  | 2,534 |  | 781 |  | (679 | )
Deferred: |  |  |  |  |  |  |
Federal |  | 12,107 |  | 12,731 |  | 33,612 |
State |  | 3,504 |  | 3,992 |  | 4,583 |
| $ | 48,403 | $ | 42,022 | $ | 39,094 |
The reconciliation of income taxes computed at the federal statutory rate (35% in 2012, 2011 and 2010) to the provision for income taxes is:
(dollars in thousands) |  | 2012 |  |  | 2011 |  |  | 2010 |
Income taxes at federal statutory rate | $ | 45,820 |  | $ | 41,151 |  | $ | 37,585 |
State income taxes, net of federal income tax benefit |  | 3,925 |  |  | 2,558 |  |  | 2,538 |
Other |  | (1,342 | ) |  | (1,687 | ) |  | (1,029 | )
Provision for income taxes (effective tax rate 37.0%, 35.7% and 36.4%, respectively) | $ | 48,403 |  | $ | 42,022 |  | $ | 39,094 |
Cash paid for income taxes was $27,500,000, $21,000,000 and $4,123,000 in 2012, 2011 and 2010, respectively. The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities at December 29, 2012 and December 31, 2011, are:
(dollars in thousands) |  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |  |  |
Accounts receivable | $ | 426 |  | $ | 403 |
Compensated absences |  | 510 |  |  | 495 |
Long term employment incentives |  | 2,891 |  |  | 1,554 |
Employee benefit plans |  | 3,784 |  |  | 3,496 |
General liability insurance |  | 1,113 |  |  | 1,074 |
Postretirement benefit obligations |  | 6,255 |  |  | 5,931 |
Net operating loss carryforwards |  | 6,535 |  |  | 6,825 |
Total deferred tax assets |  | 21,514 |  |  | 19,778 |
Deferred tax liabilities: |  |  |  |  |  |
Inventories |  | (6,241 | ) |  | (5,511 | )
Unrealized gains on marketable securities |  | (3,506 | ) |  | (3,799 | )
Nondeductible accruals and other |  | (1,995 | ) |  | (1,021 | )
Depreciation |  | (102,301 | ) |  | (86,658 | )
Total deferred tax liabilities |  | (114,043 | ) |  | (96,989 | )
Net deferred tax liability | $ | (92,529 | ) | $ | (77,211 | )
Current deferred liability - net | $ | (3,420 | ) | $ | (4,130 | )
Noncurrent deferred liability - net |  | (89,109 | ) |  | (73,081 | )
Net deferred tax liability | $ | (92,529 | ) | $ | (77,211 | )
The following table summarizes the activity related to the Company's unrecognized tax benefits:
(dollars in thousands) |  | 2012 | 2011 |
Unrecognized tax benefits at beginning of year | $ | 161 | 925 |
Increases based on tax positions related to the current year |  | --- | --- |
Additions for tax positions of prior year |  | 64 | --- |
Reductions for tax positions of prior years |  | --- | --- |
Settlements |  | --- | (764 | )
Expiration of the statute of limitations for assessment of taxes |  | --- | --- |
Unrecognized tax benefits at end of year | $ | 225 | 161 |
During 2012 the Company completed a final settlement with a state taxing authority resulting in a $64,000 state tax benefit net of Federal income taxes. The end of year unrecognized tax benefit of $225,000 for 2012 would impact the effective tax rate over time and if recognized would reduce the effective tax rate. Management anticipates settlement for the majority of unrecognized tax benefits within the next twelve months. The Company's U.S. Federal income tax filings have been examined by the Internal Revenue Service through 2008. The Company or one of its subsidiaries files tax returns in various states. The tax years subject to examination in Pennsylvania, where the majority of the Company's revenues are generated, are 2009 to 2012. The Company has net operating loss carryforwards of $96 million available for state income tax purposes. The net operating losses will begin to expire starting in 2027. The Company expects to fully utilize these net operating loss carryforwards.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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