Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

	2012			2011
Current:
Federal	$	843,812		$	756,126
State		115,111			88,741
Foreign		523,752			532,827
		1,482,675			1,377,694
Deferred:
Federal		(31,374	)		(142,281	)
State		(4,685	)		(18,802	)
Foreign		1,199			(1,784	)
		(34,860	)		(162,867	)
	$	1,447,815		$	1,214,827

US and Foreign Income Before Income Taxes

	2012		2011
United States	$	2,169,451	$	1,901,905
Foreign		2,827,595		2,124,115
	$	4,997,046	$	4,026,020

US Statutory Rate Reconciliation

	2012			2011
Federal income taxes at 34% statutory rate	$	1,698,996		$	1,368,847
State and local taxes, net of federal income tax effect		75,697			46,160
Permanent items		79,892			7,149
Foreign tax rate difference		(460,351	)		(308,250	)
Change in deferred income tax valuation allowance		53,581			100,921
Provision for income taxes	$	1,447,815		$	1,214,827

Deferred Tax Assets and Liabilities

	2011			2010
Deferred income tax liabilities:
Plant, property
and equipment	$	322,604		$	383,875
		322,604			383,875
Deferred income tax assets:
Asset valuations		426,429			372,774
Contribution carryforward		296,802			309,818
Operating loss
carryforwards and credits		2,148,208			2,047,287
Pension		467,087			522,903
Foreign tax credit		48,847			-
Other		418,938			328,718
		3,806,311			3,581,500
Net deferred
income tax asset before valuation allowance		3,483,707			3,197,625
Valuation
allowance		(2,148,208	)		(2,047,287	)
Net deferred
income tax asset	$	1,335,499		$	1,150,338