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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Tax Expense (Benefit) |
|  | 2016 |  | 2015
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 566,361 |  |  | $ | 1,304,253 |
State |  |  | (5,648 | ) |  |  | 164,913 |
Foreign |  |  | 984,469 |  |  |  | 553,259 |
|  |  | 1,545,182 |  |  |  | 2,022,425 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | 83,290 |  |  |  | (196,476 | )
State |  |  | 17,233 |  |  |  | (5,077 | )
|  |  | 100,523 |  |  |  | (201,553 | )
|  | $ | 1,645,705 |  |  | $ | 1,820,872 |
US and Foreign Income Before Income Taxes |
|  | 2016 |  | 2015
United States |  | $ | 2,008,065 |  |  | $ | 3,256,251 |
Foreign |  |  | 5,488,638 |  |  |  | 3,358,146 |
|  | $ | 7,496,703 |  |  | $ | 6,614,397 |
US Statutory Rate Reconciliation |
|  | 2016 |  | 2015
Federal income |  |  |  |  |  |  |  |
taxes at |  |  |  |  |  |  |  |
34% statutory rate |  | $ | 2,496,270 |  |  | $ | 1,878,464 |
State and local |  |  |  |  |  |  |  |
taxes, net of |  |  |  |  |  |  |  |
federal income |  |  |  |  |  |  |  |
tax effect |  |  | 18,998 |  |  |  | 105,492 |
Permanent items |  |  | (25,077 | ) |  |  | 328,075 |
Foreign tax rate difference |  |  | (919,038 | ) |  |  | (601,269 | )
Change in deferred income tax |  |  |  |  |  |  |  |
valuation allowance |  |  | 74,552 |  |  |  | 110,110 |
Provision for income taxes |  | $ | 1,645,705 |  |  | $ | 1,820,872 |
Deferred Tax Assets and Liabilities |
|  | 2016 |  | 2015
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Plant, property |  |  |  |  |  |  |  |
and equipment |  | $ | 604,271 |  |  | $ | 536,759 |
|  |  | 604,271 |  |  |  | 536,759 |
Deferred income tax assets: |  |  |  |  |  |  |  |
Asset valuations |  |  | 720,189 |  |  |  | 677,994 |
Operating loss |  |  |  |  |  |  |  |
carryforwards and credits |  |  | 121,658 |  |  |  | 110,110 |
Pension |  |  | 227,681 |  |  |  | 189,920 |
Foreign tax credit |  |  | 186,504 |  |  |  | 186,504 |
Other |  |  | 593,140 |  |  |  | 753,219 |
|  |  | 1,849,172 |  |  |  | 1,917,747 |
Net deferred |  |  |  |  |  |  |  |
income tax asset before valuation allowance |  |  | 1,244,901 |  |  |  | 1,380,988 |
Valuation |  |  |  |  |  |  |  |
allowance |  |  | (74,552 | ) |  |  | (110,110 | )
Net deferred |  |  |  |  |  |  |  |
income tax asset |  | $ | 1,170,349 |  |  | $ | 1,270,878 |

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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=65882285&loc=d3e32639-109319 + Details
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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=65882285&loc=d3e32537-109319 + Details
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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=65882285&loc=d3e32687-109319 + Details
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