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INCOME TAXES
6 Months Ended
Jun. 28, 2014
INCOME TAXES [Abstract]  
INCOME TAXES

NOTE 6 - INCOME TAXES

 

The Company's 2014 and 2013 effective tax rates differ from the statutory federal tax rate due principally to state income taxes partially offset by tax benefits related to the American Jobs Creation Act of 2004.  The Company's effective income tax rate in the three and six months ended June 28, 2014 was 32.8% and 34.8%, respectively.  The Company's effective income tax rate in the three and six months ended June 29, 2013 was 36.5%.  The decrease in the effective income tax rate in 2014 is due to the recognition of an increase in the 2013 domestic production activities deduction.

 

Income tax payments in the three and six months ended June 28, 2014 totaled $22.4 million and $22.5 million, respectively.  Income tax payments in the three and six months ended June 29, 2013 totaled $26.7 million and $27.1 million, respectively.

 

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2011.

 

The Company does not believe it has included any “uncertain tax positions” in its federal income tax return or any of the state income tax returns it is currently filing. The Company has made an evaluation of the potential impact of additional state taxes being assessed by jurisdictions in which the Company does not currently consider itself liable.  The Company does not anticipate that such additional taxes, if any, would result in a material change to its financial position.