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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of provision for income taxes

Components of the provision for income taxes are as follows:

	2017				2016				2015
Current:
Federal - US	$	1,993,000			$	3,408,000			$	4,466,000
Federal - Foreign	613,000				—				405,000
State and local	24,000				2,000				18,000
	2,630,000				3,410,000				4,889,000
Deferred:
Federal	(407,000		)		490,000				1,143,000
Federal- Foreign	52,000				(86,000		)		27,000
State and local	11,000				22,000				59,000
	(344,000		)		426,000				1,229,000
Provision for income taxes	$	2,286,000			$	3,836,000			$	6,118,000

Reconciliation of income tax provision

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:

	2017				2016				2015
Provision at federal statutory rate - US	$	2,634,000			$	3,823,000			$	6,177,000
Adjustments for US tax law changes	(185,000		)		—				—
Excess tax benefit — equity transactions	(126,000		)		—				—
Effect of foreign taxes	(58,000		)		34,000				(84,000		)
State and local tax expense	35,000				24,000				76,000
Other	(14,000		)		(45,000		)		(51,000		)
Provision for income taxes	$	2,286,000			$	3,836,000			$	6,118,000

Components of deferred tax assets

Deferred tax assets consist of the following at December 31:

	2017				2016
Current asset (liability):
Accrued liabilities	$	608,000			$	938,000
Accounts receivable	156,000				110,000
Inventory	371,000				588,000
Other, net	(292,000		)		(255,000		)
Total current asset	843,000				1,381,000
Non-current asset (liability):
Property, plant, and equipment	(3,345,000		)		(5,274,000		)
Post retirement benefits	2,060,000				3,212,000
Other, net	47,000				(311,000		)
Total non-current liability	(1,238,000		)		(2,373,000		)
Total deferred tax liability - net	$	(395,000	)		$	(992,000	)

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- References

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- Definition

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.

+ References

Reference 1: 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=84230637&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: 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=84230637&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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