Notes to Consolidated Financial Statements (continued) 7. STOCK OPTIONS AND AWARDS  (continued) The Eastern Company 8. INCOME TAXES 46 Range of Exercise Prices Outstanding as of December 28, 2019 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price Exercisable as of December 28, 2019 Weighted- Average Remaining Contractual Life Weighted- Average Exercise Price $ 0.00 25,000 2.3 — — — — Stock Grants Outstanding and Exercisable As of December 28, 2019, outstanding SARs and options had an intrinsic value of $2,898,945. 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: 2019 2018 Property, plant and equipment $ 4,638,141 $ 2,582,792 Right of Use Asset 2,933,189 -- Intangible assets 9,236,711 4,710,052 Other 380,336 218,710 Foreign Withholding Tax 315,747 540,761 Total deferred income tax liabilities 17,504,124 8,052,315 Other postretirement benefits (239,348 ) (156,710 ) Inventories (1,422,472 ) (1,133,427 ) Allowance for doubtful accounts (123,172 ) (146,576 ) Accrued compensation (311,125 ) (200,232 ) Lease Obligation (2,933,189 ) -- Pensions (6,804,275 ) (6,127,538 ) Foreign Tax Credit (400,078 ) (167,826 ) Total deferred income tax assets (12,233,659 ) (7,932,309 ) Net deferred income tax (assets) liabilities $ 5,270,465 $ 120,006 Income before income taxes consists of: 2019 2018 Domestic $ 12,537,168 $ 12,431,889 Foreign 3,668,803 5,158,440 $ 16,205,971 $ 17,590,329