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Income Taxes | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Components of the provision for income taxes are as follows:
| 2013 |  | 2012
Current: |  |  |
Federal - US | $ | 2,540,000 |  |  | $ | 3,633,000 |
Federal - Foreign | 171,000 |  |  | 227,000 |
State and local | 44,000 |  |  | 96,000 |
| 2,755,000 |  |  | 3,956,000 |
Deferred: |  |  |
Federal | 496,000 |  |  | 10,000 |
Federal- Foreign | (240,000 | ) |  | — |
State and local | 23,000 |  |  | — |
| 279,000 |  |  | 10,000 |
Provision for income taxes | $ | 3,034,000 |  |  | $ | 3,966,000 |
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:
| 2013 |  | 2012
Provision at federal statutory rate - US | $ | 3,366,000 |  |  | $ | 4,133,000 |
Effect of Mexican tax law change | (240,000 | ) |  | — |
Effect of foreign taxes | (192,000 | ) |  | (169,000 | )
State and local tax expense, net of federal benefit | 44,000 |  |  | 59,000 |
Other | 56,000 |  |  | (57,000 | )
Provision for income taxes | $ | 3,034,000 |  |  | $ | 3,966,000 |
In December 2013, Mexican legislature approved tax reform that will be effective with tax years beginning January 1, 2014. The new tax reform eliminated the Mexican IETU (Flat Rate Business Tax), under which the Company has historically been taxed. As a result of the approved tax reform in Mexico, the Company will now be subject to taxation under Mexico's income tax regime. Accordingly, during the fourth quarter of 2013, the Company recorded a net deferred tax asset on its balance sheet and a credit to deferred tax expense of $240,000 for net deductions expected to be realized in future years as a result of this Mexican tax reform. Certain tax benefits related to incentive stock options and vesting of restricted stock recorded directly to additional paid in capital totaled $409,000 and $163,000 for the years ended December 31, 2013 and 2012, respectively. The Company’s consolidated balance sheets at December 31, 2013 and December 31, 2012 include a net deferred tax asset of $1,911,000 and $3,164,000, 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:
| 2013 |  | 2012
Current asset (liability): |  |  |
Accrued liabilities | $ | 742,000 |  |  | $ | 661,000 |
Accounts receivable | 400,000 |  |  | 446,000 |
Inventory | 576,000 |  |  | 678,000 |
Other, net | (103,000 | ) |  | (87,000 | )
Total current asset | 1,615,000 |  |  | 1,698,000 |
Non-current asset (liability): |  |  |
Property, plant, and equipment | (2,030,000 | ) |  | (2,080,000 | )
Post retirement benefits | 2,554,000 |  |  | 3,662,000 |
Other, net | (228,000 | ) |  | (116,000 | )
Total non-current asset | 296,000 |  |  | 1,466,000 |
Total deferred tax asset - net | $ | 1,911,000 |  |  | $ | 3,164,000 |
At December 31, 2013, a provision has not been made for U.S. taxes on accumulated undistributed earnings of approximately $5,072,000 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, 2013 and 2012 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 2010, and no longer subject to Mexican income tax examinations by Mexican authorities for the years before 2008.

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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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 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=26873400&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 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: 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 6: 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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