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Income Taxes | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Components of the provision for income taxes are as follows:
| 2012 |  | 2011
Current: |  |  |
Federal - US | $ | 3,633,000 |  |  | $ | 4,793,000 |
Federal - Foreign | 227,000 |  |  | 242,000 |
State and local | 96,000 |  |  | 117,000 |
| 3,956,000 |  |  | 5,152,000 |
Deferred: |  |  |
Federal | 10,000 |  |  | 566,000 |
State and local | — |  |  | 4,000 |
| 10,000 |  |  | 570,000 |
Provision for income taxes | $ | 3,966,000 |  |  | $ | 5,722,000 |
A reconciliation of the income tax provision based on the federal statutory income tax rate of 34% to the Company's income tax provision for the years ended December 31 is as follows:
| 2012 |  | 2011
Provision at federal statutory rate - US | $ | 4,133,000 |  |  | $ | 5,525,000 |
Effect of Mexican income tax penalties, interest and surcharges | — |  |  | 89,000 |
Effect of foreign taxes | (169,000 | ) |  | 84,000 |
Other | 2,000 |  |  | 24,000 |
Provision for income taxes | $ | 3,966,000 |  |  | $ | 5,722,000 |
The Company's 2009 Mexican income tax return was reviewed by Mexican tax authorities in 2011 and was closed in early 2012. As a result of the review, the Company incurred expense of approximately $89,000 in income tax penalties, interest and surcharges during 2011, all of which was included in income tax expense. Certain tax benefits related to incentive stock options recorded directly to additional paid in capital totaled $163,000 and $322,000 for the years ended December 31, 2012 and 2011, respectively. The Company’s consolidated balance sheets at December 31, 2012 and December 31, 2011 include a net deferred tax asset of $3,164,000 and $2,888,000, respectively. The Company performs analyses to evaluate the balance of deferred tax assets that will be realized. Such analyses are based on the premise that the Company is, and will continue to be, a going concern and that it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Deferred tax assets consist of the following at December 31:
| 2012 |  | 2011
Current asset (liability): |  |  |
Accrued liabilities | $ | 661,000 |  |  | $ | 687,000 |
Accounts receivable | 446,000 |  |  | 545,000 |
Inventory | 678,000 |  |  | 704,000 |
Other, net | (87,000 | ) |  | (93,000 | )
Total current asset | 1,698,000 |  |  | 1,843,000 |
Non-current asset (liability): |  |  |
Property, plant, and equipment | (2,080,000 | ) |  | (2,197,000 | )
Post retirement benefits | 3,662,000 |  |  | 3,459,000 |
Interest rate swap | 72,000 |  |  | 112,000 |
Other, net | (188,000 | ) |  | (329,000 | )
Total non-current asset | 1,466,000 |  |  | 1,045,000 |
Total deferred tax asset - net | $ | 3,164,000 |  |  | $ | 2,888,000 |
At December 31, 2012, a provision has not been made for U.S. taxes on accumulated undistributed earnings of approximately $4,174,000 of the Company's Mexican subsidiary that would become payable upon repatriation to the United States. It is the intention of the Company to reinvest all such earnings in operations and facilities outside of the United States. At December 31, 2012 and 2011 the Company had no liability for unrecognized tax benefits under guidance relating to tax uncertainties. The Company does not anticipate that the unrecognized tax benefits will significantly change within the next twelve months. The Company files income tax returns in the U.S. federal jurisdiction, Mexico and various state jurisdictions. The Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for the years before 2009, and no longer subject to Mexican income tax examinations by Mexican authorities for the years before 2007.

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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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