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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Income before income taxes

Income before income taxes was derived from the following sources:

		2012				2011				2010
United States		$	21,754			$	18,842			$	9,007
Foreign			23,073				27,152				21,176
		$	44,827			$	45,994			$	30,183

Components of income taxes

The components of income taxes for the years ended December 31 are as follows:

		2012				2011				2010
Current
Federal		$	9,663			$	5,679			$	1,768
Foreign			7,885				8,896				5,498
State and local			920				1,123				809
			18,468				15,698				8,075
Deferred
Federal			(1,443	)			726				342
Foreign			(1,310	)			(1,199	)			(1,098	)
State and local			(174	)			(215	)			(144	)
			(2,927	)			(688	)			(900	)
Income taxes		$	15,541			$	15,010			$	7,175

Differences between the provision for income taxes at the U.S. federal statutory rate and the tax

The differences between the provision for income taxes at the U.S. federal statutory rate and the tax shown in the Statements of Consolidated Income for the years ended December 31 are summarized as follows:

		2012				2011				2010
U. S. federal statutory tax rate			35	%			35	%			35	%
Federal tax at statutory rate		$	15,689			$	16,098			$	10,564
State and local taxes, net of federal benefit			485				590				432
U.S. federal permanent items			332				14				324
Domestic productions activity deduction			(669	)			(401	)			(312	)
Foreign earnings and related tax credits			1,498				261				641
Non-U.S. tax rate variances			(1,175	)			(1,510	)			(3,121	)
Unrecognized tax benefits			310				21				(368	)
Valuation allowance			(337	)			19				(403	)
Tax credits			(85	)			(265	)			(329	)
Other, net			(507	)			183				(253	)
		$	15,541			$	15,010			$	7,175

Tax effects of temporary differences that give rise to the Company's deferred tax assets and liabilities

The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows:

		2012				2011
Deferred tax assets:
Accrued compensation and benefits		$	1,808			$	1,520
Inventory valuation reserves			2,771				1,938
Benefit plan reserves			9,468				9,126
Capital tax loss carryforwards			2,034				2,054
Net operating loss carryforwards			788				1,061
Other accrued expenses			2,480				2,222
Unrealized foreign exchange			58				346
Gross deferred tax assets			19,407				18,267
Valuation allowance			(2,329	)			(3,115	)
Net deferred tax assets			17,078				15,152
Deferred tax liabilities:
Depreciation and other basis differences			(5,276	)			(4,602	)
Intangibles			(3,571	)			(2,706	)
Other			(90	)			(307	)
Deferred tax liabilities			(8,937	)			(7,615	)
Net deferred tax assets		$	8,141			$	7,537

		2012				2011
Change in net deferred tax assets:
Deferred income tax benefit		$	2,927			$	688
Items of other comprehensive income (loss)			(1,033	)			2,175
Currency translation			(254	)			(49	)
Deferred tax balances from business acquisition			(1,036	)			0
Total change in net deferred tax assets		$	604			$	2,814

Changes in unrecognized tax benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for the period ended December 31:

		2012				2011				2010
Balance at January 1		$	1,015			$	1,062			$	1,304
Additions for tax positions of current year			0				0				53
Additions for tax positions of prior years			511				0				62
Reductions for tax positions of prior years			0				(32	)			(281	)
Expiration of statutes of limitations			(165	)			(15	)			(76	)
Balance at December 31		$	1,361			$	1,015			$	1,062

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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