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Income Taxes | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Components of the provision for income taxes are as follows:
| 2016 |  | 2015 |  | 2014
Current: |  |  |  |  |
Federal - US | $ | 3,408,000 |  |  | $ | 4,466,000 |  |  | $ | 1,875,000 |
Federal - Foreign | — |  |  | 405,000 |  |  | 453,000 |
State and local | 2,000 |  |  | 18,000 |  |  | 42,000 |
| 3,410,000 |  |  | 4,889,000 |  |  | 2,370,000 |
Deferred: |  |  |  |  |
Federal | 490,000 |  |  | 1,143,000 |  |  | 2,423,000 |
Federal- Foreign | (86,000 | ) |  | 27,000 |  |  | (29,000 | )
State and local | 22,000 |  |  | 59,000 |  |  | 127,000 |
| 426,000 |  |  | 1,229,000 |  |  | 2,521,000 |
Provision for income taxes | $ | 3,836,000 |  |  | $ | 6,118,000 |  |  | $ | 4,891,000 |
A reconciliation of the income tax provision based on the federal statutory income tax rate to the Company's income tax provision for the years ended December 31 is as follows:
| 2016 |  | 2015 |  | 2014
Provision at federal statutory rate - US | $ | 3,823,000 |  |  | $ | 6,177,000 |  |  | $ | 4,938,000 |
Effect of foreign taxes | 34,000 |  |  | (84,000 | ) |  | (115,000 | )
Disqualified stock options | — |  |  | (5,000 | ) |  | (84,000 | )
State and local tax expense, net of federal benefit | 24,000 |  |  | 76,000 |  |  | 170,000 |
Other | (45,000 | ) |  | (46,000 | ) |  | (18,000 | )
Provision for income taxes | $ | 3,836,000 |  |  | $ | 6,118,000 |  |  | $ | 4,891,000 |
In October 2016, the Internal Revenue Service entered into a unilateral agreement with the Large Taxpayer Division of Mexico's Servicio de Administracion Tributaria (SAT) to provide for a Fast Track methodology to resolve all pending Advanced Pricing Agreements (APA) for the Maquiladora industry. The Company's Mexican subsidiary filed an APA and qualifies for and has adopted this methodology. The cumulative change for 2014 through 2016 results in a transfer pricing adjustment in 2016 increasing the parent company's income and a resulting reduction in income for the Mexican subsidiary. This resulted in creating a $321,000 operating loss in 2016 for the Mexican subsidiary. This net operating loss carryforward ("NOL") is available to offset future taxable income in Mexico. The Company anticipates utilizing this NOL in 2017, therefore no valuation allowance has been recorded. Taxes payable for vested restricted stock value below the fair market value at grant date amounted to $16,000 for the year ended December 31, 2016. Certain tax benefits related to incentive stock options and vesting of restricted stock totaled $211,000 and $395,000 for the years ended December 31, 2015 and 2014, respectively. The Company performs an analysis to evaluate the balance of deferred tax assets that will be realized. The analysis is based on the premise that the deferred tax benefits will be realized through the generation of future taxable income. Based on the analysis, the Company has not realized a valuation allowance on the deferred tax assets as of December 31, 2016 and 2015. Deferred tax assets consist of the following at December 31:
| 2016 |  | 2015
Current asset (liability): |  |  |
Accrued liabilities | $ | 938,000 |  |  | $ | 820,000 |
Accounts receivable | 110,000 |  |  | 202,000 |
Inventory | 588,000 |  |  | 698,000 |
Other, net | (255,000 | ) |  | (122,000 | )
Total current asset | 1,381,000 |  |  | 1,598,000 |
Non-current asset (liability): |  |  |
Property, plant, and equipment | (5,274,000 | ) |  | (4,844,000 | )
Post retirement benefits | 3,212,000 |  |  | 3,350,000 |
Other, net | (311,000 | ) |  | (758,000 | )
Total non-current asset (liability) | (2,373,000 | ) |  | (2,252,000 | )
Total deferred tax asset (liability) - net | $ | (992,000 | ) |  | $ | (654,000 | )
At December 31, 2016, a provision has not been made for U.S. taxes on accumulated undistributed earnings of approximately $6,965,000 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, 2016 and 2015 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 and local jurisdictions. The Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for the years before 2013, and no longer subject to Mexican income tax examinations by Mexican authorities for the years before 2011.

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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 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 2: 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=65882285&loc=d3e32559-109319 Reference 3: 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=65882285&loc=d3e32718-109319 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=65882285&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=65882285&loc=d3e32537-109319 + Details
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