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Income Taxes | 12 Months Ended
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Dec. 31, 2011
Income Taxes [Abstract] |
Income Taxes | 8. Income Taxes Deferred income taxes are provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for income tax reporting purposes. Deferred income tax (assets) liabilities relate to:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Property, plant and equipment |  | $ | 5,480,102 |  |  | $ | 4,546,941 |  |  | $ | 3,984,625 |
Total deferred income tax liabilities |  |  | 5,480,102 |  |  |  | 4,546,941 |  |  |  | 3,984,625 |
Other postretirement benefits |  |  | (653,238 | ) |  |  | (515,133 | ) |  |  | (472,878 | )
Inventories |  |  | (1,005,134 | ) |  |  | (747,397 | ) |  |  | (688,253 | )
Allowance for doubtful accounts |  |  | (94,120 | ) |  |  | (126,593 | ) |  |  | (93,386 | )
Intangible assets |  |  | (472,243 | ) |  |  | (429,749 | ) |  |  | (409,233 | )
Accrued compensation |  |  | (224,155 | ) |  |  | (258,631 | ) |  |  | (294,464 | )
Pensions |  |  | (5,573,596 | ) |  |  | (4,338,664 | ) |  |  | (4,248,502 | )
Other |  |  | (160,876 | ) |  |  | (184,561 | ) |  |  | (191,130 | )
Total deferred income tax assets |  |  | (8,183,362 | ) |  |  | (6,600,728 | ) |  |  | (6,397,846 | )
Net deferred income tax assets |  | $ | (2,703,260 | ) |  | $ | (2,053,787 | ) |  | $ | (2,413,221 | )
Income before income taxes consists of:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Domestic |  | $ | 5,180,467 |  |  | $ | 6,173,597 |  |  | $ | 2,274,641 |
Foreign |  |  | 3,326,462 |  |  |  | 2,074,821 |  |  |  | (373,112 | )
|  | $ | 8,506,929 |  |  | $ | 8,248,418 |  |  | $ | 1,901,529 |
The provision for income taxes follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 214,988 |  |  | $ | 1,543,735 |  |  | $ | 505,005 |
Foreign |  |  | 830,028 |  |  |  | 403,115 |  |  |  | (128,177 | )
State |  |  | 109,711 |  |  |  | 232,390 |  |  |  | 252,506 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 1,747,620 |  |  |  | 497,815 |  |  |  | 264,227 |
Foreign |  |  | - |  |  |  | - |  |  |  | - |
State |  |  | 99,652 |  |  |  | 28,358 |  |  |  | (28,439 | )
|  | $ | 3,001,999 |  |  | $ | 2,705,413 |  |  | $ | 865,122 |
A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Income taxes using U.S. federal statutory rate |  | $ | 2,892,356 |  |  |  | 34 | % |  | $ | 2,804,462 |  |  |  | 34 | % |  | $ | 646,520 |  |  |  | 34 | %
State income taxes, net of federal benefit |  |  | 133,201 |  |  |  | 2 |  |  |  | 153,535 |  |  |  | 2 |  |  |  | 149,893 |  |  |  | 8 |
Impact of foreign subsidiaries on effective tax rate |  |  | 21,329 |  |  |  | - |  |  |  | 38,813 |  |  |  | 1 |  |  |  | 173,415 |  |  |  | 9 |
Impact of manufacturers deduction on effective tax rate |  |  | (50,537 | ) |  |  | (1 | ) |  |  | (176,847 | ) |  |  | (2 | ) |  |  | (68,174 | ) |  |  | (4 | )
Other-net |  |  | 5,650 |  |  |  | - |  |  |  | (114,550 | ) |  |  | (2 | ) |  |  | (36,532 | ) |  |  | (2 | )
|  | $ | 3,001,999 |  |  |  | 35 | % |  | $ | 2,705,413 |  |  |  | 33 | % |  | $ | 865,122 |  |  |  | 45 | %
Total income taxes paid were $1,631,299 in 2011, $2,466,998 in 2010 and $645,976 in 2009. United States income taxes have been provided on the undistributed earnings of foreign subsidiaries ($13,701,360 at December 31, 2011) only where necessary because such earnings are intended to be reinvested abroad indefinitely or repatriated only when substantially free of such taxes. During 2011, 2010 and 2009, the Company received tax benefits of $106,000, $108,000 and $203,000, respectively, as a result of the exercise and sale of incentive stock options that resulted in the disqualification of those incentive stock options, and the exercise of non-qualified stock options during the year. The tax benefit associated with the exercise of the incentive and non-qualified stock options has been recorded to common stock. A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Balance at beginning of year |  | $ | 495,843 |  |  | $ | 791,540 |  |  | $ | 1,316,240 |
Decrease for tax positions taken during a prior period |  |  | - |  |  |  | - |  |  |  | (3,651 | )
Increases for positions taken during the current period |  |  | 25,398 |  |  |  | 30,876 |  |  |  | 118,786 |
Decreases relating to settlements |  |  | - |  |  |  | (56,360 | ) |  |  | (408,000 | )
Decreases resulting from the expiration of the statute of limitations |  |  | (34,909 | ) |  |  | (270,213 | ) |  |  | (231,835 | )
Balance at end of year |  | $ | 486,332 |  |  | $ | 495,843 |  |  | $ | 791,540 |
The Company files income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2008 and non-U.S. income tax examinations by tax authorities prior to 2005. Included in the balance at December 31, 2011, are $183,306 of unrecognized tax benefits that would affect the annual effective tax rate. In 2011, the Company recognized accrued interest related to unrecognized tax benefits in income tax expense. The Company had approximately $169,000 of accrued interest at December 31, 2011. The total amount of unrecognized tax benefits could increase or decrease within the next twelve months for a number of reasons, including the closure of federal, state and foreign tax years by expiration of the statute of limitations and the recognition and measurement considerations under ASC 740. The Company believes that the total amount of unrecognized tax benefits will not increase or decrease significantly over the next twelve months.

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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 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: 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 Reference 6: 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 7: 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 8: 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 + Details
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