Acme United (ACU) 10-K 15 Mar 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 08, 2019	Jun. 30, 2018
Document And Entity Information
Entity Registrant Name	ACME UNITED CORP
Entity Central Index Key	0000002098
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		3,350,833
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018
Entity Public Float			$ 61,417,386
Entity Emerging Growth Company?	false
Entity Small Business?	true
Entity Shell Company?	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements Of Operations
Net sales	$ 137,321,395	$ 130,550,349
Cost of goods sold	86,672,413	82,651,076
Gross profit	50,648,982	47,899,273
Selling, general and administrative expenses	43,192,076	40,016,220
Operating income	7,456,906	7,883,053
Interest:
Interest expense	(1,891,042)	(1,356,536)
Interest income	32,818	29,376
Interest expense, net	(1,858,224)	(1,327,160)
Other expense	(67,458)	(62,596)
Total other expense, net	(1,925,682)	(1,389,756)
Income before income tax expense	5,531,224	6,493,297
Income tax expense	932,874	2,440,818
Net income	$ 4,598,350	$ 4,052,479
Basic earnings per share	$ 1.36	$ 1.21
Diluted earnings per share	$ 1.3	$ 1.09

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements Of Comprehensive Income
Net income	$ 4,598,350	$ 4,052,479
Other comprehensive (loss) gain -
Foreign currency translation	(461,374)	614,741
Change in net prior service credit and actuarial gains, net of income tax expense	37,388	87,461
Total other comprehensive (loss) income	(423,986)	702,202
Comprehensive income	$ 4,174,364	$ 4,754,681

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 4,409,042	$ 9,338,269
Accounts receivable, less allowance	25,101,663	26,012,368
Inventories, net	41,332,137	40,086,871
Prepaid expenses and other current assets	2,149,295	2,380,137
Total current assets	72,992,137	77,817,645
Property, plant and equipment:
Land	1,422,785	1,428,597
Buildings	10,143,678	9,561,692
Machinery and equipment	18,244,038	16,242,764
Total property, plant and equipment	29,810,501	27,233,053
Less: accumulated depreciation	15,267,877	13,504,914
Net plant, property and equipment	14,542,624	13,728,139
Intangible assets, less accumulated amortization	17,044,400	17,882,005
Goodwill	4,696,370	4,696,370
Deferred income taxes	113,353	509,646
Other assets	88,902	96,001
Total assets	109,477,786	114,729,806
Current liabilities:
Accounts payable	7,982,620	11,150,960
Current portion of mortgage payable	266,667	266,667
Other accrued liabilities	5,115,400	5,365,344
Total current liabilities	13,364,687	16,782,971
Long-term debt	40,283,115	43,450,348
Mortgage payable, net of current portion	3,444,445	3,711,111
Other accrued liabilities - non current	53,128	847,383
Total liabilities	57,145,375	64,791,813
STOCKHOLDERS' EQUITY
Common stock, par value $2.50: authorized 8,000,000 shares; issued - 4,838,071 shares in 2018 and in 2017, including treasury stock	12,094,413	12,094,413
Treasury stock, at cost, 1,487,238 shares in 2018 and 1,464,010 shares in 2017	(14,235,190)	(13,870,041)
Additional paid-in capital	8,981,523	8,880,543
Accumulated other comprehensive loss	(2,057,985)	(1,633,999)
Retained earnings	47,549,650	44,467,077
Total stockholders' equity	52,332,411	49,937,993
Total liabilities and stockholders' equity	$ 109,477,786	$ 114,729,806

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
STOCKHOLDERS' EQUITY
Common stock, par value	$ 2.50	$ 2.50
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	4,838,071	4,838,071
Treasury stock, shares	1,487,238	1,464,010

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Total
Balance at Dec. 31, 2016	$ 11,971,657	$ (13,870,041)	$ 8,493,256	$ (2,336,201)	$ 41,861,675	$ 46,120,346
Balance (shares) at Dec. 31, 2016	3,324,955
Net income					4,052,479	4,052,479
Total other comprehensive income (loss)				702,202		702,202
Stock compensation expense			684,351			684,351
Distribution to shareholders					(1,447,077)	(1,447,077)
Issuance of common stock	$ 122,756		526,466			$ 649,222
Issuance of common stock (shares)	49,106					109,098
Cash settlement of stock options			(823,530)			$ (823,530)
Balance at Dec. 31, 2017	$ 12,094,413	(13,870,041)	8,880,543	(1,633,999)	44,467,077	49,937,993
Balance (shares) at Dec. 31, 2017	3,374,061
Net income					4,598,350	4,598,350
Total other comprehensive income (loss)				(423,986)		(423,986)
Stock compensation expense			869,055			869,055
Distribution to shareholders					(1,515,777)	$ (1,515,777)
Issuance of common stock (shares)						75,500
Cash settlement of stock options			(768,075)			$ (768,075)
Purchase of treasury stock		(365,149)				$ (365,149)
Purchase of treasury stock (shares)	(23,228)					(23,228)
Balance at Dec. 31, 2018	$ 12,094,413	$ (14,235,190)	$ 8,981,523	$ (2,057,985)	$ 47,549,650	$ 52,332,411
Balance (shares) at Dec. 31, 2018	3,350,833

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Net income	$ 4,598,350	$ 4,052,479
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	2,011,675	1,722,568
Amortization	1,217,525	1,172,292
Stock compensation expense	869,055	684,351
Deferred income taxes	396,233	660,703
Changes in operating assets and liabilities
Accounts receivable	807,988	(5,230,159)
Inventories	(1,580,151)	(1,846,765)
Prepaid expenses and other current assets	573,604	82,679
Accounts payable	(3,066,106)	3,733,667
Other accrued liabilities	(1,352,904)	(220,939)
Total adjustments	(123,081)	758,397
Net cash provided by operating activities	4,475,269	4,810,876
Investing activities:
Purchase of property, plant and equipment	(2,850,993)	(3,146,194)
Purchase of intellectual property	(379,921)
Purchase of building		(4,000,000)
Acquisitions		(7,233,114)
Net cash used by investing activities	(3,230,914)	(14,379,308)
Financing activities:
Net (repayments) borrowings of long-term debt	(3,167,233)	10,514,417
Borrowings on mortgage		4,000,000
Repayments on mortgage	(266,667)	(22,222)
Distributions to shareholders	(1,484,829)	(1,408,428)
Cash settlement of stock options	(768,075)	(823,530)
Purchase of treasury stock	(365,149)
Issuance of common stock		649,231
Net cash (used) provided by financing activities	(6,051,953)	12,909,468
Effect of exchange rate changes	(121,629)	86,463
Net (decrease) increase in cash and cash equivalents	(4,929,227)	3,427,499
Cash and cash equivalents at beginning of year	9,338,269	5,910,770
Cash and cash equivalents at end of year	4,409,042	9,338,269
Supplemental cash flow information
Cash paid for income taxes	887,592	1,570,370
Cash paid for interest expense	$ 1,855,356	$ 1,255,190

Operations

Operations	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operations	1. Operations The operations of Acme United Corporation (the “Company”) consist of three reportable segments. The operations of the Company are structured and evaluated based on geographic location. The three reportable segments operate in the United States (including Asian operations), Canada and Europe. Principal products across all segments are scissors, shears, knives, rulers, pencil sharpeners, first aid safety kits, and related products which are sold primarily to wholesale, contract and retail stationery distributors, office supply super stores, mass market retailers, industrial distributors, school supply distributors, drug store retailers, sporting goods stores, hardware chains and wholesale florists.

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Accounting Policies	2. Accounting Policies Estimates Principles of Consolidation Translation of Foreign Currency Cash Equivalents Accounts Receivable Inventories Property, Plant and Equipment, and Depreciation Intangible Assets reviews the values recorded for intangible assets to assess recoverability from future operations whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Deferred Income Taxes Revenue Recognition Refer to Note 10 – Revenue from Contracts with Customers. Research and Development Shipping Costs Advertising Costs Subsequent Events Concentration Recently Issued and Adopted Accounting Standards In August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606) In March 2017, the FASB issued ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In February 2016, the FASB issued ASU 2016-02, Leases Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842, Leases (Topic 842): Targeted Improvements, Leases (Topic 842): Narrow-Scope Improvements for Lessors At transition, lessees and lessors may elect to apply a package of practical expedients permitting entities not to reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. These practical expedients must be elected as a package and consistently applied. The Company has elected to apply the package of practical expedients upon adoption. Upon adoption of the amended guidance, the Company expects to record operating lease right-of-use assets and related liabilities of approximately $2.9 million, primarily related to real estate leases. The Company currently does not expect the amended guidance to have any other material impacts on our consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosures Requirements for Defined Benefit Plans Income Statement - Reporting Comprehensive Income (Topic 220)

Inventories

Inventories	12 Months Ended
	Dec. 31, 2018
Inventory Disclosure [Abstract]
Inventories	3. Inventories Inventories consisted of: December 31, 2018 2017 Finished goods $ 33,427,983 $ 33,110,826 Work in process 141,646 193,557 Materials and supplies 7,762,508 6,782,488 Inventories, net: $ 41,332,137 $ 40,086,871 Inventories are stated net of valuation allowances for slow moving and obsolete inventory of $538,354 as of December 31, 2018 and $654,855 as of December 31, 2017.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	4. Intangible Assets and Goodwill The Company’s intangible assets and goodwill consisted of: December 31, 2018 2017 First Aid Only Tradename $ 3,410,000 $ 3,410,000 First Aid Only Customer List 5,500,010 5,500,010 DMT Trademarks 1,387,000 1,387,000 DMT Customer List 1,369,000 1,369,000 DMT Non-Compete 183,000 183,000 Slice License Agreement 379,921 — Patents 2,271,980 2,271,980 Trademarks 663,698 663,698 Pac-Kit Tradename, Customer List 1,500,000 1,500,000 Spill Magic Customer List 3,965,000 3,965,000 Spill Magic Trademarks 1,034,000 1,034,000 Spill Magic Non-Compete 67,111 67,111 C-Thru Customer List 1,050,000 1,050,000 Subtotal 22,780,720 22,400,799 Less: Accumulated Amortization 5,736,320 4,518,794 Subtotal Intangible Assets 17,044,400 17,882,005 Goodwill 4,696,370 4,696,370 Total: $ 21,740,770 $ 22,578,375 Amortization expense for patents and trademarks for the years ended December 31, 2018 and 2017 were $1,217,526 and $1,172,292, respectively. The estimated aggregate amortization expense for each of the next five succeeding years, calculated on a similar basis, is as follows: 2019 - $1,241,417; 2020 - $1,236,796; 2021 - $1,234,971; 2022 - $1,231,686; and 2023 - $1,227,488.

Other Accrued Liabilities

Other Accrued Liabilities	12 Months Ended
	Dec. 31, 2018
Payables and Accruals [Abstract]
Other Accrued Liabilities	5. Other Accrued Liabilities The Company’s other current and long-term accrued liabilities consisted of: December 31, 2018 2017 Customer Rebates $ 3,395,511 $ 3,733,472 Pension Liability 147,099 113,042 Accrued Compensation 370,477 339,474 Dividend Payable 402,158 371,207 Other 853,283 1,655,531 Total: $ 5,168,528 $ 6,212,726

Pension and Profit Sharing

Pension and Profit Sharing	12 Months Ended
	Dec. 31, 2018
Retirement Benefits [Abstract]
Pension and Profit Sharing	6. Pension and Profit Sharing United States employees, hired prior to July 1, 1993, are covered by a funded, defined benefit pension plan. The benefits of this pension plan are based on years of service and the average compensation of the highest three consecutive years during the last ten years of employment. In December 1995, the Company's Board of Directors approved an amendment to the United States pension plan that terminated all future benefit accruals as of February 1, 1996, without terminating the pension plan. In accordance with the adoption of ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost The Company’s funding policy with respect to its qualified plan is to contribute at least the minimum amount required by applicable laws and regulations. In 2018, the Company contributed $25,107 to the plan. The plan asset weighted average allocation at December 31, 2018 and December 31, 2017, by asset category, were as follows: Asset Category: 2018 2017 Equity Securities 65 % 67 % Fixed Income Securities 33 % 32 % Other Securities / Investments 2 % 1 % Total: 100 % 100 % The Company’s investment policy for the pension plan is to minimize risk by balancing investments between equity securities and fixed income securities. Plan funds are invested in long-term obligations with a history of moderate to low risk. The pension plan asset information included below is presented at fair value. ASC 820 establishes a framework for measuring fair value and requires disclosures about assets and liabilities measured at fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: · Level 1 – Inputs to the valuation methodology based on unadjusted quoted market prices in active markets that are accessible at the measurement date. · Level 2 – Inputs to the valuation methodology that include quoted market prices that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly. · Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following tables present the pension plan assets by level within the fair value hierarchy as of December 31, 2018 and 2017: 2018 Level 1 Level 2 Level 3 Total Money Market Fund $ 4 $ 17,320 $ — $ 17,324 Equity Common and Collected Funds 99,616 564,341 — 663,957 Fixed Income Common and Collected Funds 83,211 249,309 — 332,520 Total: $ 182,831 $ 830,970 $ — $ 1,013,801 2017 Level 1 Level 2 Level 3 Total Money Market Fund $ — $ 10,774 $ — $ 10,774 Equity Common and Collected Funds 125,451 711,143 — 836,594 Fixed Income Common and Collected Funds 100,430 302,001 — 402,431 Total: $ 225,881 $ 1,023,918 $ — $ 1,249,799 Other disclosures related to the pension plan follow: 2018 2017 Assumptions used to determine benefit obligation: Discount rate 3.87 % 3.14 % Changes in benefit obligation: Benefit obligation at beginning of year $ (1,362,867 ) $ (1,499,798 ) Interest cost (39,851 ) (48,161 ) Service cost (33,000 ) (36,000 ) Actuarial gain (loss) 71,338 (20,289 ) Benefits and plan expenses paid 203,450 241,381 Benefit obligation at end of year: $ (1,160,930 ) $ (1,362,867 ) Changes in plan assets: Fair value of plan assets at beginning of year $ 1,249,825 $ 1,294,727 Actual return on plan assets (57,651 ) 196,479 Employer contribution 25,107 — Benefits and plan expenses paid (203,450 ) (241,381 ) Fair value of plan assets at end of year 1,013,831 1,249,825 Funded status: $ (147,099 ) $ (113,042 ) Amounts recognized in Accumulated Other Comprehensive Income: Net actuarial loss $ 880,370 $ 913,870 Prior service cost 1,082 1,625 Total: $ 881,452 $ 915,495 Accrued benefits costs are included in other accrued liabilities (non-current). 2018 2017 Assumptions used to determine net periodic benefit cost: Discount rate 3.14 % 3.40 % Expected return on plan assets 6.00 % 6.00 % Components of net benefit expense: Interest cost $ 39,851 $ 48,161 Service cost 33,000 36,000 Expected return on plan assets (67,547 ) (69,465 ) Amortization of prior service costs 543 543 Amortization of actuarial loss 87,360 108,052 Net periodic benefit cost: $ 93,207 $ 123,291 The Company employs a building block approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely-accepted capital market principle that assets with higher volatility generate higher returns over the long run. Our expected 6% long-term rate of return on plan assets is determined based on long-term historical performance of plan assets, current asset allocation and projected long-term rates of return. The following table discloses the change recorded in other comprehensive income related to benefit costs: 2018 2017 Balance at beginning of the year $ 915,495 $ 1,130,815 Change in net loss 53,860 (106,725 ) Amortization of actuarial loss (87,360 ) (108,052 ) Amortization of prior service cost (543 ) (543 ) Change recognized in other comprehensive income (34,043 ) (215,320 ) Total recognized in other comprehensive income $ 881,452 $ 915,495 The Company anticipates that in 2019, net periodic benefit cost will include approximately $87,000 of net actuarial loss and $543 of prior service cost. The following benefits are expected to be paid: 2019 $ 168,000 2020 152,000 2021 136,000 2022 122,000 2023 108,000 Years 2024 - 2028 387,000 The Company also has a qualified, profit sharing plan covering substantially all of its United States employees. Annual Company contributions to this profit sharing plan are determined by the Company’s Compensation Committee. For the years ended December 31, 2018 and 2017, the Company contributed 50% of employee’s contributions, up to the first 6% contributed by each employee. Total contribution expense under this profit sharing plan was $271,541 in 2018 and $236,993 in 2017.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The amounts of income tax expense (benefit) reflected in operations is as follows: 2018 2017 Current: Federal $ (118,269 ) $ 1,263,124 State 44,315 32,737 Foreign 618,930 693,297 Total: $ 544,976 $ 1,989,158 Deferred: Federal $ 311,608 $ 431,454 State 76,290 20,206 Total: 387,898 451,660 Total Income Tax Expense: $ 932,874 $ 2,440,818 The current state tax provision was comprised of taxes on income, the minimum capital tax and other franchise taxes related to the jurisdictions in which the Company's facilities are located. A summary of United States and foreign income before income taxes follows: 2018 2017 United States $ 1,928,627 $ 2,477,871 Foreign 3,602,597 4,015,426 Total: $ 5,531,224 $ 6,493,297 As discussed in Note 11 below, for segment reporting, direct import sales are included in the United States segment. However, the revenues are earned by our Hong Kong subsidiary and related income taxes are paid in Hong Kong whose rate approximates 16.5%. As such, income of the Asian subsidiary is included in the foreign income before taxes. The following schedule reconciles the amounts of income taxes computed at the United States statutory rates to the actual amounts reported in operations: 2018 2017 Federal income taxes at 21% statutory rate $ 1,083,174 $ 2,322,741 State and local taxes, net of federal income tax effect 95,278 39,783 Permanent items (75,022 ) (370,978 ) Transition tax on deemed repatriation of foreign earnings — 1,169,263 Effect of federal rate change on deferred taxes (111,324 ) 74,462 Foreign tax rate difference (59,232 ) (699,047 ) Change in deferred income tax valuation allowance — (95,406 ) Provision for income taxes: $ 932,874 $ 2,440,818 The following summarizes deferred income tax assets and liabilities: 2018 2017 Deferred income tax liabilities: Plant, property and equipment $ 847,162 $ 563,289 847,162 563,289 Deferred income tax assets: Asset valuations 575,920 506,993 Pension 105,647 96,098 Other 278,948 469,844 960,515 1,072,935 Net deferred income tax asset: $ 113,353 $ 509,646 The Tax Cuts and Jobs Act (the “Tax Act”) was signed into law in December 2017 and includes a broad range of tax reforms, certain of which were required by GAAP to be recognized upon enactment. The U.S. Securities and Exchange Commission has issued Staff Accounting Bulletin 118 (SAB 118), which provides guidance on accounting for the tax effects of the Act. SAB 118 provides a measurement period that should not extend beyond one year from the enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Act. As permitted by SAB 118, the Company has subsequently finalized its accounting analysis based on the guidance, interpretations and data available as of December 31, 2018. There were no material adjustments to the Company’s financial statements as a result. The Act introduced provisions that fundamentally change the U.S. approach to taxation of foreign earnings. Under the Act, qualified dividends of foreign subsidiaries are no longer subject to U.S. tax. Under the previously-existing tax rules, dividends from foreign operations were subjected to U.S. tax, and if not considered permanently reinvested, the Company had recognized expense and recorded a liability for the tax expected to be incurred upon receipt of the dividend of these foreign earnings. Although the Act excludes dividends of foreign subsidiaries from taxation, it includes provisions for a mandatory deemed dividend of undistributed foreign earnings at tax rates of 15.5% or 8% ("transition tax") depending on the nature of the foreign operations' assets. Companies may utilize tax attributes (including net operating losses and tax credits) to offset the transition tax. The estimated provisional net effect of applying the provisions of the Act on our 2017 results of operations was a non-cash charge to tax expense of $1,170,000. This provisional amount could be revised as additional guidance and interpretations are issued and as we continue to examine the details of the Act and the related tax attributes. On January 22, 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of the Act. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company considers any potential GILTI as an expense in the period the tax is incurred. Based on our historical financial performance in the U.S., at December 31, 2017, the Company had a significant net deferred tax asset position. As such, with the Act's reduction of the corporate tax rate from 35% to 21%, the Company re-measured its net deferred tax assets at the lower corporate rate of 21% and recognized a $75,000 tax expense to adjust net deferred tax assets to the reduced value. The total effect in 2017 of applying the U.S. tax reform provisions of the Act was tax expense of $1,245,000 increasing the effective rate for 2017 by 128%. In 2018, the Company evaluated its tax positions for years which remain subject to examination by major tax jurisdictions, in accordance with the requirements of ASC 740 and as a result, concluded no adjustment was necessary. The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Company’s evaluation of uncertain tax positions was performed for the tax years ended December 31, 2015 and forward, the tax years which remain subject to examination by major tax jurisdictions as of December 31, 2018. Due to the uncertain nature of the realization of the Company's deferred income tax assets based on past performance of its German subsidiary and carry forward expiration dates, the Company has recorded a valuation allowance for the amount of deferred income tax assets which are not expected to be realized. This valuation allowance, all of which is related to deferred tax assets resulting from net operating losses of the Company’s German subsidiary, is subject to periodic review, and, if the allowance is reduced, the tax benefit will be recorded in future operations as a reduction of the Company's tax expense.

Long-Term Debt and Shareholders

Long-Term Debt and Shareholders' Equity	12 Months Ended
	Dec. 31, 2018
Long-term Debt And Shareholders Equity
Long-Term Debt and Shareholders' Equity	8. Long-Term Debt and Shareholders’ Equity On May 24, 2018, the Company amended its revolving loan agreement with HSBC Bank, N.A. The amendment lowered the interest rate to LIBOR plus 1.75%; interest is payable monthly. In addition, the expiration date of the credit facility was extended to May 24, 2023. The prior interest rate was LIBOR plus 2%. The amount available for borrowing remains unchanged at $50 million. The Company must pay a facility fee, payable quarterly, in an amount equal to two tenths of one percent (.20%) per annum of the average daily unused portion of the revolving credit line. The facility is intended to provide liquidity for growth, share repurchases, dividends, acquisitions, and other business activities. Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than zero, measured as of the end of each fiscal year. At December 31, 2018, the Company was in compliance with the covenants then in effect under the loan agreement. Long term debt consists of borrowings under the Company’s revolving loan agreement with HSBC Bank, N.A. As of December 31, 2018, $40,283,000 was outstanding and $9,717,000 was available for borrowing under the Company’s revolving loan agreement. On October 26, 2017, the Company exercised its option to purchase its First Aid Only manufacturing and distribution center in Vancouver, WA for $4.0 million. The property consists of 53,000 square feet of office, manufacturing, and warehouse space on 2.86 acres. The purchase was financed by a variable rate mortgage with HSBC Bank, N.A. at an interest rate of LIBOR plus 2.5%. Commencing on December 1, 2017, principal payments of $22,222 are due monthly, with all amounts outstanding due on maturity on October 31, 2024. Minimum annual mortgage payments are due as follows: 2019 - $266,664; 2020 - $266,664; 2021 - $266,664; 2022 - $266,664; 2023 - $266,664; and thereafter - $2,377,794. During the twelve months ended December 31, 2018, the Company repurchased a total of 23,228 shares of its Common Stock. As of December 31, 2018, 17,999 shares may be purchased in the future under the repurchase program announced in 2010.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies The Company leases certain office, manufacturing and warehouse facilities and various equipment under non-cancelable operating leases. Total rent expense was $1,243,732 and $1,432,677 in 2018 and 2017, respectively. Minimum annual rental commitments under non-cancelable leases with remaining terms of one year or more as of December 31, 2018 are as follows: 2019 - $1,064,585; 2020 - $927,681; 2021 - $572,344; 2022 - $278,797; 2023 - $255,122; and thereafter - $64,248. There are no pending material legal proceedings to which the Company is a party or, to the actual knowledge of the Company, contemplated by any governmental authority.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	10. Revenue from Contracts with Customers On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers Nature of Goods and Services The Company recognizes revenue from the sales of a broad line of products that are grouped into two main categories: (i) cutting, sharpening and measuring; and (ii) first aid and safety. The cutting and sharpening category includes scissors, knives, paper trimmers, pencil sharpeners and other sharpening tools. The first aid and safety category includes first aid kits and refills, over-the-counter medications and a variety of safety products. Revenue recognition is evaluated through the following five steps: (i) identification of the contract or contracts with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Revenue is generated by the sale of the Company’s products to its customers. Sales contracts (purchase orders) generally have a single performance obligation that is satisfied at a point in time, with shipment or delivery, depending on the terms of the underlying contract. Revenue is measured based on the consideration specified in the contract. The amount of consideration we receive and revenue we recognize is impacted by incentives ("customer rebates"), including sales rebates, which are generally tied to sales volume levels, in-store promotional allowances, shared media and customer catalog allowances and other cooperative advertising arrangements; freight allowance programs offered to our customers; and allowance for returns and discounts. We generally recognize customer rebate costs as a deduction to gross sales at the time that the associated revenue is recognized. Significant Payment Terms Payment terms for each customer are dependent on the agreed upon contractual repayment terms. Typically between 30 and 90 days, but they vary dependent on the size of the customer and its risk profile to the Company. Some customers receive discounts for early payment. Product Returns The Company accepts product returns in the normal course of business. The Company estimates reserves for returns and the related refunds to customers based on historical experience. Reserves for returned merchandise are included as a component of “Accounts receivables” in the consolidated balance sheets. Practical Expedient Usage and Accounting Policy Elections The Company has determined to utilize the modified retrospective approach which requires cumulative effect adjustment to the opening balance of retained earnings in the current year. This opening adjustment is determined based on the impact of the new revenue standard’s application on contracts that were not completed as of January 1, 2018, the date of initial application of the standard. This election did not have an impact on the Company’s consolidated financial statements. For the Company’s contracts that have an original duration of one year or less, the Company uses the practical expedient in ASC 606-10-32-18 applicable to such contracts and accordingly, does not consider the time value of money in relation to significant financing components. The effect of applying this practical expedient election did not have an impact on the Company’s consolidated financial statements. Per ASC 606-10-25-18B, the Company has elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity instead of a performance obligation. Furthermore, shipping and handling activities performed before transfer of control of the product also do not constitute a separate and distinct performance obligation. The Company has elected to exclude from the transaction price those amounts which relate to sales and other taxes that are assessed by governmental authorities and that are imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer. Applying the practical expedient in ASC 340-40-25-4 – Other Assets and Deferred Costs Disaggregation of Revenues The following table represents external net sales disaggregated by product category: For the twelve months ended December 31, 2018 (amounts in 000's) US Canada Europe Total Cutting, Sharpening and Measuring $ 64,271 $ 6,973 $ 9,103 $ 80 ,347 First Aid and Safety 56,974 — — 56,974 Total Net Sales $ 121,245 $ 6,973 $ 9,103 $ 137,321

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2018
Segment Information
Segment Information	11. Segment Information The Company reports financial information based on the organizational structure used by the Company’s chief operating decision makers for making operating and investment decisions and for assessing performance. The Company’s reportable business segments consist of: (1) United States; (2) Canada; and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, the Company’s chief operating decision makers review the financial results of both on a consolidated basis, and the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the “United States segment” or “U.S. segment”. Each reportable segment derives its revenue from the sales of cutting devices, measuring instruments and safety products for school, office, home, hardware, sporting and industrial use. Domestic sales orders are filled primarily from the Company’s distribution centers in North Carolina, Washington, Massachusetts, Tennessee and California. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products. Orders filled from the Company’s inventory are generally for less than container-sized lots. Direct import sales are products sold by the Company’s Asian subsidiary, directly to major U.S. retailers who take ownership of the products in Asia. These sales are completed by delivering product to the customers’ common carriers at the shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately 12% and 11% of the Company’s total net sales in 2018 and 2017, respectively. The Chief Operating Decision Maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment revenues are defined as total revenues, including both external customer revenue and inter-segment revenue. Segment operating earnings are defined as segment revenues, less cost of goods sold and operating expenses. Identifiable assets by segment are those assets used in the respective reportable segment’s operations. Inter-segment amounts are eliminated to arrive at consolidated financial results. The following table sets forth certain financial data by segment for the fiscal years ended December 31, 2018 and 2017: Financial data by segment: (000’s omitted) Year Ended December 31, 2018: United States Canada Europe Consolidated Net sales $ 120,993 $ 7,040 $ 9,288 $ 137,321 Operating income 6,103 884 470 7,457 Assets 99,720 3,839 5,918 109,477 Additions to property, plant and equipment 2,705 83 63 2,851 Depreciation and amortization 3,153 9 67 3,229 Year Ended December 31, 2017: United States Canada Europe Consolidated Net sales $ 115,407 $ 6,935 $ 8,208 $ 130,550 Operating income 6,788 775 320 7,883 Assets 104,431 4,926 5,373 114,730 Additions to property, plant and equipment 7,014 19 113 7,146 Depreciation and amortization 2,845 8 42 2,895 The following is a reconciliation of segment operating income to consolidated income before taxes: 2018 2017 Total operating income $ 7,457 $ 7,883 Interest expense, net 1,858 1,327 Other expense 67 63 Consolidated income before taxes $ 5,532 $ 6,493 The table below presents revenue by geographic area. Revenues are attributed to countries based on location of the customer. Revenues 2018 2017 United States $ 119,573 $ 114,231 International: Canada 7,040 6,935 Europe 9,288 8,208 Other 1,420 1,176 Total International $ 17,748 $ 16,319 Total Revenues $ 137,321 $ 130,550

Stock Option Plans

Stock Option Plans	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Plans	12. Stock Option Plans The Company grants stock options under the 2012 Employee Stock Option Plan (the “2012 Employee Plan”) and under the 2017 Non-Salaried Director Stock Option Plan (the “2017 Director Plan”). The Company also has two plans under which the Company no longer grants options but under which certain options remain outstanding: the 2002 Employee stock Option Plan and the 2005 Non-Salaried Director Stock Option Plan (the “2005 Director Plan”). The 2012 Employee Plan, which became effective April 23, 2012, provides for the issuance of incentive and nonqualified stock options at an exercise price equal to the fair market value of the Common Stock on the date the option is granted. The terms of the options granted are subject to the provisions of the 2012 Employee Plan. Options granted under the 2012 Employee Plan vest 25% one day after the first anniversary of the grant date and 25% one day after each of the next three anniversaries. As of December 31, 2018, the number of shares available for grant under the 2012 Employee Plan was 65,000. Under the terms of the Employee Plan, no option may be granted under that plan after the tenth anniversary of the adoption of the plan. Options outstanding under the Company’s 2002 Employee Stock Option Plan have the same vesting schedule as the 2012 Employee Plan. The 2017 Director Plan provides for the issuance of stock options for up to a total of 60,000 shares of the Company's common stock to non-salaried directors. Under the Director Plan, Directors elected after the effective date and at subsequent Annual Meetings who have not received any prior grant under this or previous plans shall receive an initial grant of an option to purchase 5,000 shares of Common Stock (the “Initial Option”). Each year, each elected Director not receiving an Initial Option will receive an option to purchase 5,000 shares of Common Stock (the “Annual Option”). The Initial Option vests 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option becomes fully exercisable one day after the date of grant. The exercise price of each option granted equals the fair market value of the Common Stock on the date the option is granted, and expires ten (10) years from the date of grant. As provided in the Director Plan, no options may be granted under the Director Plan after the tenth anniversary of the adoption of the Plan, i.e., after April 24, 2027. As of December 31, 2018, the number of shares available for grant under the 2017 Director Plan was 20,000. The 2005 Director Plan, as amended, provided for the issuance of stock options for up to a total of 180,000 shares of the Company's common stock to non-salaried directors. Under the Director Plan, Directors elected on April 25, 2005 and at subsequent Annual Meetings who had not received any prior grant under this or previous plans received an initial grant of an option to purchase 5,000 shares of Common Stock (the “Initial Option”). Each year, each elected Director not receiving an Initial Option received a 5,000 share option (the “Annual Option”). The Initial Option vested 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option became fully exercisable one day after the date of grant. The exercise price of each option granted equaled the fair market value of the Common Stock on the date the option was granted, and expired ten (10) years from the date of grant. As provided in the Director Plan, no options could be granted under the Director Plan after the tenth anniversary of the adoption of the Plan, i.e., after April 25, 2015. The Company has amended certain of its stock option plans for both employees and directors to permit options to be exercised on a net basis and receive either cash or shares of the Company’s Common Stock. Specifically, optionees may, at the time of exercise of an option and subject to the consent of the Company, elect either (i) to receive from the Company cash in an amount equal to the number of shares of Common Stock subject to the option (or portion thereof) that is being exercised multiplied by the excess of (a) the fair market value per share over (b) the exercise price per share of the option ( a “net cash settlement”); or (ii) to make payment of the exercise price of the option by reduction in the number of shares of Common Stock otherwise deliverable upon exercise of such option by the number of shares having an aggregate fair market value equal to the total exercise price of the option (or portion thereof). In 2018, the Company paid a total of approximately $768,075 to optionees who had elected a net cash settlement of their respective options. A summary of changes in options issued under the Company’s stock option plans follows: 2018 2017 Options outstanding at the beginning of the year 1,289,080 1,088,278 Options granted 232,200 313,900 Options forfeited (11,500 ) (4,000 ) Options exercised (75,500 ) (109,098 ) Options outstanding at the end of the year 1,434,280 1,289,080 Options exercisable at the end of the year 918,405 814,180 Common stock available for future grants at the end of the year 85,000 62,700 Weighted average exercise price per share: Granted $ 22.75 $ 24.87 Forfeited 23.07 19.12 Exercised 11.47 13.13 Outstanding 18.07 16.87 Exercisable 15.15 13.38 A summary of options outstanding as December 31, 2018 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (Years) Weighted-Average Exercise Price Number Exercisable Weighted-Average Exercise Price $7.30 to $10.74 299,180 3 $ 9.88 299,180 $ 9.88 $10.75 to $16.82 262,750 4 13.62 262,750 13.62 $16.83 to $22.08 337,875 7 19.41 244,625 18.75 $22.09 to $23.97 228,200 10 22.79 20,000 22.66 $23.98 to $28.20 306,275 9 24.87 91,850 25.41 1,434,280 918,405 The weighted average remaining contractual life of all outstanding stock options is 6 years. Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period. The Company uses the Black-Scholes option pricing model to determine the fair value of employee and non-employee director stock options. The determination of the fair value of stock-based payment awards on the date of grant, using an option-pricing model, is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected term”), the estimated volatility of the Company’s Common Stock price over the expected term (“volatility”) and the number of options that will not fully vest in accordance with applicable vesting requirements (“forfeitures”). The Company estimates the expected term of options granted by evaluating various factors, including the vesting period, historical employee information, as well as current and historical stock prices and market conditions. The Company estimates the volatility of its common stock by calculating historical volatility based on the closing stock price on the last day of each of the 60 months leading up to the month the option was granted. The risk-free interest rate that the Company uses in the option valuation model is the interest rate on U.S. Treasury zero-coupon bond issues with remaining terms similar to the expected term of the options granted. Historical information was the basis for calculating the dividend yield. The Company is required to estimate forfeitures at the time of grant and to revise those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company used a mix of historical data and future assumptions to estimate pre-vesting option forfeitures and to record stock-based compensation expense only for those awards that are expected to vest. All stock-based payment awards are amortized over the requisite service periods of the awards, which are generally the vesting periods. The assumptions used to value option grants for the twelve months ended December 31, 2018 and December 31, 2017 were as follows: 2018 2017 Expected life in years 5 5 Interest rate 2.43 - 3.02% 1.82 - 1.95% Volatility .287 - .316 .259 - .277 Dividend yield 1.8 - 2.75% 1.5 - 1.6% Total stock-based compensation recognized in the Company’s consolidated statements of operations for the years ended December 31, 2018 and 2017 was $869,055 and $684,351, respectively. At December 31, 2018, there was approximately $2,151,417 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested stock-based payments granted to the Company’s employees. As of December 31, 2018, the remaining unamortized expense is expected to be recognized over a weighted average period of 3 years. The weighted average fair value at the date of grant for options granted during 2018 and 2017 was $5.77 and $4.83 per option, respectively. The aggregate intrinsic value of outstanding options was $1,566,625 at December 31, 2018. The aggregate intrinsic value of exercisable options was $1,566,625 at December 31, 2018. The aggregate intrinsic value of options exercised during 2018 was $768,075.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	13. Earnings Per Share The calculation of earnings per share follows: 2018 2017 Numerator: Net income $ 4,598,350 $ 4,052,479 Denominator: Denominator for basic earnings per share: Weighted average shares outstanding 3,370,744 3,356,383 Effect of dilutive employee stock options 171,166 368,220 Denominator for dilutive earnings per share 3,541,910 3,724,603 Basic earnings per share $ 1.36 $ 1.21 Dilutive earnings per share $ 1.30 $ 1.09 For 2018 and 2017, respectively, 692,600 and 205,500 stock options were excluded from diluted earnings per share calculations because they would have been anti-dilutive.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Accumulated Other Comprehensive Loss	14. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss follow: Foreign currency translation adjustment Net prior service credit and actuarial losses Total Balances, December 31, 2016 $ (1,672,188 ) $ (664,012 ) $ (2,336,201 ) Change in net prior service credit and actuarial losses, net of tax 87,461 87,461 Translation adjustment 614,741 614,741 Balances, December 31, 2017 $ (1,057,447 ) $ (576,551 ) $ (1,633,999 ) Change in net prior service credit and actuarial losses, net of tax 37,388 37,388 Translation adjustment (461,374 ) (461,374 ) Balances, December 31, 2018 $ (1,518,821 ) $ (539,163 ) $ (2,057,985 )

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2018
Financial Instruments
Financial Instruments	15. Financial Instruments The carrying value of the Company’s bank debt is a reasonable estimate of fair value because of the nature of its payment terms and maturity.

Quarterly Data (unaudited)

Quarterly Data (unaudited)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Data (unaudited)	16. Quarterly Data (unaudited) Quarters (000’s omitted, except per share data): 2018 First Second Third Fourth Total Net sales $ 31,709 $ 39,751 $ 34,731 $ 31,130 $ 137,321 Cost of goods sold 19,585 25,039 22,281 19,767 86,672 Gross profit 12,124 14,712 12,450 11,363 50,649 Net income 764 2,436 807 591 4,598 Basic earnings per share $ 0.23 $ 0.72 $ 0.24 $ 0.18 $ 1.36 Diluted earnings per share $ 0.21 $ 0.67 $ 0.23 $ 0.19 $ 1.30 Dividends per share $ 0.11 $ 0.11 $ 0.11 $ 0.12 $ 0.45 2017 First Second Third Fourth Total Net sales $ 27,745 $ 38,849 $ 33,785 $ 30,171 $ 130,550 Cost of goods sold 17,181 24,366 21,559 19,545 82,651 Gross profit 10,564 14,483 12,226 10,626 47,899 Net income 659 2,846 1,202 (655 ) 4,052 Basic earnings per share $ 0.20 $ 0.85 $ 0.36 $ (0.20 ) $ 1.21 Diluted earnings per share $ 0.18 $ 0.75 $ 0.32 $ (0.16 ) $ 1.09 Dividends per share $ 0.10 $ 0.11 $ 0.11 $ 0.11 $ 0.43 Earnings per share were computed independently for each of the quarters presented. Therefore, the sum of the four quarterly earnings per share amounts may not necessarily equal the earnings per share for the year.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2018
Business Combinations
Business Combinations	18. Business Combinations On February 1, 2017, the Company purchased the assets of Spill Magic, Inc., located in Santa Ana, CA and Smyrna, TN. The Spill Magic products are leaders in absorbents that encapsulate spills into dry powders that can be safely disposed. Customers, include many large retail chains, use Spill Magic products to remove liquids from broken glass containers, oil and gas spills, bodily fluids and solvents. The Company purchased Spill Magic assets for $7.2 million in cash using funds borrowed under its revolving credit facility with HSBC. The purchase price was allocated to assets acquired as follows (in thousands): Assets: Accounts Receivable $ 684 Inventory 453 Equipment 296 Intangible Assets 5,066 Goodwill 748 Total assets $ 7,247 Assuming Spill Magic assets were acquired on January 1, 2017, unaudited pro forma combined net sales for the twelve months ended December 31, 2017 for the Company would have been approximately $131.0 million. Unaudited pro forma combined net income for the twelve months ended December 31, 2017 for the Company would have been approximately $3.9 million. Net sales for the twelve months ended December 31, 2017 attributable to Spill Magic products were approximately $6.5 million. Net income for the twelve months ended December 31, 2017 attributable to Spill Magic products was approximately $0.8 million.

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies Policies Abstract
Estimates	Estimates
Principles of Consolidation	Principles of Consolidation
Translation of Foreign Currency	Translation of Foreign Currency
Cash Equivalents	Cash Equivalents
Accounts Receivable	Accounts Receivable
Inventories	Inventories
Property, Plant and Equipment and Depreciation	Property, Plant and Equipment, and Depreciation
Intangible Assets	Intangible Assets reviews the values recorded for intangible assets to assess recoverability from future operations whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable.
Deferred Income Taxes	Deferred Income Taxes
Revenue Recognition	Revenue Recognition Refer to Note 10 – Revenue from Contracts with Customers.
Research and Development	Research and Development
Shipping Costs	Shipping Costs
Advertising Costs	Advertising Costs
Subsequent Events	Subsequent Events
Concentration	Concentration
Recently Issued and Adopted Accounting Standards	Recently Issued and Adopted Accounting Standards In August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606) In March 2017, the FASB issued ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In February 2016, the FASB issued ASU 2016-02, Leases Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842, Leases (Topic 842): Targeted Improvements, Leases (Topic 842): Narrow-Scope Improvements for Lessors At transition, lessees and lessors may elect to apply a package of practical expedients permitting entities not to reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. These practical expedients must be elected as a package and consistently applied. The Company has elected to apply the package of practical expedients upon adoption. Upon adoption of the amended guidance, the Company expects to record operating lease right-of-use assets and related liabilities of approximately $2.9 million, primarily related to real estate leases. The Company currently does not expect the amended guidance to have any other material impacts on our consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosures Requirements for Defined Benefit Plans Income Statement - Reporting Comprehensive Income (Topic 220)

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2018
Inventory Disclosure [Abstract]
Inventories	December 31, 2018 2017 Finished goods $ 33,427,983 $ 33,110,826 Work in process 141,646 193,557 Materials and supplies 7,762,508 6,782,488 Inventories, net: $ 41,332,137 $ 40,086,871

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	December 31, 2018 2017 First Aid Only Tradename $ 3,410,000 $ 3,410,000 First Aid Only Customer List 5,500,010 5,500,010 DMT Trademarks 1,387,000 1,387,000 DMT Customer List 1,369,000 1,369,000 DMT Non-Compete 183,000 183,000 Slice License Agreement 379,921 — Patents 2,271,980 2,271,980 Trademarks 663,698 663,698 Pac-Kit Tradename, Customer List 1,500,000 1,500,000 Spill Magic Customer List 3,965,000 3,965,000 Spill Magic Trademarks 1,034,000 1,034,000 Spill Magic Non-Compete 67,111 67,111 C-Thru Customer List 1,050,000 1,050,000 Subtotal 22,780,720 22,400,799 Less: Accumulated Amortization 5,736,320 4,518,794 Subtotal Intangible Assets 17,044,400 17,882,005 Goodwill 4,696,370 4,696,370 Total: $ 21,740,770 $ 22,578,375

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Payables and Accruals [Abstract]
Accrued Liabilities	December 31, 2018 2017 Customer Rebates $ 3,395,511 $ 3,733,472 Pension Liability 147,099 113,042 Accrued Compensation 370,477 339,474 Dividend Payable 402,158 371,207 Other 853,283 1,655,531 Total: $ 5,168,528 $ 6,212,726

Pension and Profit Sharing (Tab

Pension and Profit Sharing (Tables)	12 Months Ended
	Dec. 31, 2018
Retirement Benefits [Abstract]
Plan Asset Allocation	Asset Category: 2018 2017 Equity Securities 65 % 67 % Fixed Income Securities 33 % 32 % Other Securities / Investments 2 % 1 % Total: 100 % 100 %
Pension Plan Assets by Level	2018 Level 1 Level 2 Level 3 Total Money Market Fund $ 4 $ 17,320 $ — $ 17,324 Equity Common and Collected Funds 99,616 564,341 — 663,957 Fixed Income Common and Collected Funds 83,211 249,309 — 332,520 Total: $ 182,831 $ 830,970 $ — $ 1,013,801 2017 Level 1 Level 2 Level 3 Total Money Market Fund $ — $ 10,774 $ — $ 10,774 Equity Common and Collected Funds 125,451 711,143 — 836,594 Fixed Income Common and Collected Funds 100,430 302,001 — 402,431 Total: $ 225,881 $ 1,023,918 $ — $ 1,249,799
Changes in Benefit Obligation	2018 2017 Assumptions used to determine benefit obligation: Discount rate 3.87 % 3.14 % Changes in benefit obligation: Benefit obligation at beginning of year $ (1,362,867 ) $ (1,499,798 ) Interest cost (39,851 ) (48,161 ) Service cost (33,000 ) (36,000 ) Actuarial gain (loss) 71,338 (20,289 ) Benefits and plan expenses paid 203,450 241,381 Benefit obligation at end of year: $ (1,160,930 ) $ (1,362,867 ) Changes in plan assets: Fair value of plan assets at beginning of year $ 1,249,825 $ 1,294,727 Actual return on plan assets (57,651 ) 196,479 Employer contribution 25,107 — Benefits and plan expenses paid (203,450 ) (241,381 ) Fair value of plan assets at end of year 1,013,831 1,249,825 Funded status: $ (147,099 ) $ (113,042 ) Amounts recognized in Accumulated Other Comprehensive Income: Net actuarial loss $ 880,370 $ 913,870 Prior service cost 1,082 1,625 Total: $ 881,452 $ 915,495
Components of Net Benefit Expense	2018 2017 Assumptions used to determine net periodic benefit cost: Discount rate 3.14 % 3.40 % Expected return on plan assets 6.00 % 6.00 % Components of net benefit expense: Interest cost $ 39,851 $ 48,161 Service cost 33,000 36,000 Expected return on plan assets (67,547 ) (69,465 ) Amortization of prior service costs 543 543 Amortization of actuarial loss 87,360 108,052 Net periodic benefit cost: $ 93,207 $ 123,291
Amounts Recognized in Other Comprehensive Income	2018 2017 Balance at beginning of the year $ 915,495 $ 1,130,815 Change in net loss 53,860 (106,725 ) Amortization of actuarial loss (87,360 ) (108,052 ) Amortization of prior service cost (543 ) (543 ) Change recognized in other comprehensive income (34,043 ) (215,320 ) Total recognized in other comprehensive income $ 881,452 $ 915,495
Benefits Expected to be Paid	2019 $ 168,000 2020 152,000 2021 136,000 2022 122,000 2023 108,000 Years 2024 - 2028 387,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	2018 2017 Current: Federal $ (118,269 ) $ 1,263,124 State 44,315 32,737 Foreign 618,930 693,297 Total: $ 544,976 $ 1,989,158 Deferred: Federal $ 311,608 $ 431,454 State 76,290 20,206 Total: 387,898 451,660 Total Income Tax Expense: $ 932,874 $ 2,440,818
US and Foreign Income Before Income Taxes	2018 2017 United States $ 1,928,627 $ 2,477,871 Foreign 3,602,597 4,015,426 Total: $ 5,531,224 $ 6,493,297
US Statutory Rate Reconciliation	2018 2017 Federal income taxes at 21% statutory rate $ 1,083,174 $ 2,322,741 State and local taxes, net of federal income tax effect 95,278 39,783 Permanent items (75,022 ) (370,978 ) Transition tax on deemed repatriation of foreign earnings — 1,169,263 Effect of federal rate change on deferred taxes (111,324 ) 74,462 Foreign tax rate difference (59,232 ) (699,047 ) Change in deferred income tax valuation allowance — (95,406 ) Provision for income taxes: $ 932,874 $ 2,440,818
Deferred Tax Assets and Liabilities	2018 2017 Deferred income tax liabilities: Plant, property and equipment $ 847,162 $ 563,289 847,162 563,289 Deferred income tax assets: Asset valuations 575,920 506,993 Pension 105,647 96,098 Other 278,948 469,844 960,515 1,072,935 Net deferred income tax asset: $ 113,353 $ 509,646

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
External net sales disaggregated by product category	For the twelve months ended December 31, 2018 (amounts in 000's) US Canada Europe Total Cutting, Sharpening and Measuring $ 64,271 $ 6,973 $ 9,103 $ 80 ,347 First Aid and Safety 56,974 — — 56,974 Total Net Sales $ 121,245 $ 6,973 $ 9,103 $ 137,321

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Information Tables Abstract
Financial Data By Segment Table	Financial data by segment: (000’s omitted) Year Ended December 31, 2018: United States Canada Europe Consolidated Net sales $ 120,993 $ 7,040 $ 9,288 $ 137,321 Operating income 6,103 884 470 7,457 Assets 99,720 3,839 5,918 109,477 Additions to property, plant and equipment 2,705 83 63 2,851 Depreciation and amortization 3,153 9 67 3,229 Year Ended December 31, 2017: United States Canada Europe Consolidated Net sales $ 115,407 $ 6,935 $ 8,208 $ 130,550 Operating income 6,788 775 320 7,883 Assets 104,431 4,926 5,373 114,730 Additions to property, plant and equipment 7,014 19 113 7,146 Depreciation and amortization 2,845 8 42 2,895
Reconciliation of Segment Operating Income to Consolidated Income Before Taxes	2018 2017 Total operating income $ 7,457 $ 7,883 Interest expense, net 1,858 1,327 Other expense 67 63 Consolidated income before taxes $ 5,532 $ 6,493
Revenue by Geographic Area	Revenues 2018 2017 United States $ 119,573 $ 114,231 International: Canada 7,040 6,935 Europe 9,288 8,208 Other 1,420 1,176 Total International $ 17,748 $ 16,319 Total Revenues $ 137,321 $ 130,550

Stock Option Plans (Tables)

Stock Option Plans (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Activity	2018 2017 Options outstanding at the beginning of the year 1,289,080 1,088,278 Options granted 232,200 313,900 Options forfeited (11,500 ) (4,000 ) Options exercised (75,500 ) (109,098 ) Options outstanding at the end of the year 1,434,280 1,289,080 Options exercisable at the end of the year 918,405 814,180 Common stock available for future grants at the end of the year 85,000 62,700 Weighted average exercise price per share: Granted $ 22.75 $ 24.87 Forfeited 23.07 19.12 Exercised 11.47 13.13 Outstanding 18.07 16.87 Exercisable 15.15 13.38
Summary of Options Outstanding	Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (Years) Weighted-Average Exercise Price Number Exercisable Weighted-Average Exercise Price $7.30 to $10.74 299,180 3 $ 9.88 299,180 $ 9.88 $10.75 to $16.82 262,750 4 13.62 262,750 13.62 $16.83 to $22.08 337,875 7 19.41 244,625 18.75 $22.09 to $23.97 228,200 10 22.79 20,000 22.66 $23.98 to $28.20 306,275 9 24.87 91,850 25.41 1,434,280 918,405
Assumptions Used to Value Option Grants	2018 2017 Expected life in years 5 5 Interest rate 2.43 - 3.02% 1.82 - 1.95% Volatility .287 - .316 .259 - .277 Dividend yield 1.8 - 2.75% 1.5 - 1.6%

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	2018 2017 Numerator: Net income $ 4,598,350 $ 4,052,479 Denominator: Denominator for basic earnings per share: Weighted average shares outstanding 3,370,744 3,356,383 Effect of dilutive employee stock options 171,166 368,220 Denominator for dilutive earnings per share 3,541,910 3,724,603 Basic earnings per share $ 1.36 $ 1.21 Dilutive earnings per share $ 1.30 $ 1.09

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Accumulated Comprehensive (Loss) Income	Foreign currency translation adjustment Net prior service credit and actuarial losses Total Balances, December 31, 2016 $ (1,672,188 ) $ (664,012 ) $ (2,336,201 ) Change in net prior service credit and actuarial losses, net of tax 87,461 87,461 Translation adjustment 614,741 614,741 Balances, December 31, 2017 $ (1,057,447 ) $ (576,551 ) $ (1,633,999 ) Change in net prior service credit and actuarial losses, net of tax 37,388 37,388 Translation adjustment (461,374 ) (461,374 ) Balances, December 31, 2018 $ (1,518,821 ) $ (539,163 ) $ (2,057,985 )

Quarterly Data (Tables)

Quarterly Data (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Quarterly Data	Quarters (000’s omitted, except per share data): 2018 First Second Third Fourth Total Net sales $ 31,709 $ 39,751 $ 34,731 $ 31,130 $ 137,321 Cost of goods sold 19,585 25,039 22,281 19,767 86,672 Gross profit 12,124 14,712 12,450 11,363 50,649 Net income 764 2,436 807 591 4,598 Basic earnings per share $ 0.23 $ 0.72 $ 0.24 $ 0.18 $ 1.36 Diluted earnings per share $ 0.21 $ 0.67 $ 0.23 $ 0.19 $ 1.30 Dividends per share $ 0.11 $ 0.11 $ 0.11 $ 0.12 $ 0.45 2017 First Second Third Fourth Total Net sales $ 27,745 $ 38,849 $ 33,785 $ 30,171 $ 130,550 Cost of goods sold 17,181 24,366 21,559 19,545 82,651 Gross profit 10,564 14,483 12,226 10,626 47,899 Net income 659 2,846 1,202 (655 ) 4,052 Basic earnings per share $ 0.20 $ 0.85 $ 0.36 $ (0.20 ) $ 1.21 Diluted earnings per share $ 0.18 $ 0.75 $ 0.32 $ (0.16 ) $ 1.09 Dividends per share $ 0.10 $ 0.11 $ 0.11 $ 0.11 $ 0.43

Business Combinations - Busines

Business Combinations - Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2018
Spill Magic
Purchase Price Allocation	Assets: Accounts Receivable $ 684 Inventory 453 Equipment 296 Intangible Assets 5,066 Goodwill 748 Total assets $ 7,247

Accounting Policies - Accountin

Accounting Policies - Accounting Policies (Detail Narrative)	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Foreign currency transaction gains (losses) during period	$ (7,458)	$ 24,404
Allowance for doubtful accounts	$ 462,132	166,907
Weighted average intangible assets amortization period	10 years
Research and development costs during period	$ 734,000	752,000
Shipping costs during period	7,553,410	6,595,544
Advertising costs during period	1,935,267	$ 1,997,113
Operating lease right-of-use assets and associated liabilities upon adoption	$ 2,900,000
Major Customer No. 1
Net sales to major customers	13.00%	16.00%
Major Customer No. 2
Net sales to major customers		11.00%
Exceeded 10% of Consolidated Net Sales
Number of major customers	1	2
Minimum Range
Asset useful life	3 years
Maximum Range
Asset useful life	30 years

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Inventory valuation allowance	$ 538,354	$ 654,855

Inventories - Inventories (Deta

Inventories - Inventories (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Finished goods	$ 33,427,983	$ 33,110,826
Work in process	141,646	193,557
Materials and supplies	7,762,508	6,782,488
Inventories, net	$ 41,332,137	$ 40,086,871

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense - patents and trademarks	$ 1,217,526	$ 1,172,292
Estimated aggregate amortization expense:
2019	1,241,417
2020	1,236,796
2021	1,234,971
2022	1,231,686
2023	$ 1,227,488

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($)	Dec. 31, 2018	Feb. 28, 2018	Dec. 31, 2017
Slice License Agreement	$ 379,921
Patents	2,271,980		$ 2,271,980
Trademarks	663,698		663,698
Subtotal	22,780,720		22,400,799
Accumulated amortization	5,736,320		4,518,794
Subtotal Intangible Assets	17,044,400		17,882,005
Goodwill	4,696,370		4,696,370
Total	21,740,770		22,578,375
First Aid Only, Inc.
Tradename	3,410,000		3,410,000
Customer List	5,500,010		5,500,010
Pac-Kit
Tradename, Customer List	1,500,000		1,500,000
Vogel Capital Inc. d/b/a Diamond Machining Technology
Non-Compete	183,000		183,000
Trademarks	1,387,000		1,387,000
Customer List	1,369,000		1,369,000
The C-Thru Ruler Company
Customer List	1,050,000		1,050,000
Spill Magic
Non-Compete	67,111		67,111
Trademarks	1,034,000		1,034,000
Customer List	$ 3,965,000		$ 3,965,000
Goodwill		$ 748,000

Other Accrued Liabilities (Deta

Other Accrued Liabilities (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Payables and Accruals [Abstract]
Customer Rebates	$ 3,395,511	$ 3,733,472
Pension Liability	147,099	113,042
Accrued Compensation	370,477	339,474
Dividend Payable	402,158	371,207
Other	853,283	1,655,531
Total other accrued liabilities	$ 5,168,528	$ 6,212,726

Pension and Profit Sharing - Pl

Pension and Profit Sharing - Plan Asset Allocation (Details)	Dec. 31, 2018	Dec. 31, 2017
Plan asset weighted average allocation	100.00%	100.00%
Equity Securities
Plan asset weighted average allocation	65.00%	67.00%
Fixed Income Securities
Plan asset weighted average allocation	33.00%	32.00%
Other Securities/Investments
Plan asset weighted average allocation	2.00%	1.00%

Pension and Profit Sharing - Pe

Pension and Profit Sharing - Pension Plan Assets by Fair Value Hiearchy (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension plan assets	$ 1,013,081	$ 1,249,825	$ 1,294,727
Money Market Fund
Pension plan assets	17,324	10,774
Equity Common and Collected Funds
Pension plan assets	663,957	836,594
Fixed Income Common and Collected Funds
Pension plan assets	332,520	402,431
Level 1
Pension plan assets	182,831	225,881
Level 1 | Money Market Fund
Pension plan assets	4
Level 1 | Equity Common and Collected Funds
Pension plan assets	99,616	125,451
Level 1 | Fixed Income Common and Collected Funds
Pension plan assets	83,211	100,430
Level 2
Pension plan assets	830,970	1,023,918
Level 2 | Money Market Fund
Pension plan assets	17,320	10,774
Level 2 | Equity Common and Collected Funds
Pension plan assets	564,341	711,143
Level 2 | Fixed Income Common and Collected Funds
Pension plan assets	249,309	302,001
Level 3
Pension plan assets	$ 0	$ 0

Pension and Profit Sharing - Be

Pension and Profit Sharing - Benefit Obligation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assumptions used to determine benefit obligation:
Discount rate		3.87%	3.14%
Changes in benefit obligation:
Benefit obligation at beginning of year	$ (1,160,930)	$ (1,362,867)	$ (1,499,798)
Interest cost		(39,851)	(48,161)
Service cost	(543)	(33,000)	(36,000)
Actuarial gain (loss)	$ (87,000)	71,338	(20,289)
Benefits and plan expenses paid		203,450	241,381
Benefit obligation at end of year		$ (1,160,930)	$ (1,362,867)

Pension And Profit Sharing - Ch

Pension And Profit Sharing - Changes In Plan Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Changes in plan assets:
Fair value of plan assets at beginning of year	$ 1,249,825	$ 1,294,727
Actual return on plan assets	(57,651)	196,479
Employer contribution	25,107
Benefits and plan expenses paid	(203,450)	(241,381)
Fair value of plan assets at end of year	1,013,081	1,249,825
Funded status	$ (147,099)	$ (113,042)

Pension and Profit Sharing - _2

Pension and Profit Sharing - Periodic Benefit Cost (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assumptions used to determine net periodic benefit cost:
Discount rate		3.14%	3.40%
Expected return on plan assets		6.00%	6.00%
Components of net benefit expense:
Interest cost		$ 39,851	$ 48,161
Service cost	$ 543	33,000	36,000
Expected return on plan assets		(67,547)	(69,465)
Amortization of prior service costs		543	543
Amortization of actuarial loss		87,360	108,052
Net periodic benefit cost		$ 93,207	$ 123,291

Pension and Profit Sharing - Am

Pension and Profit Sharing - Amounts Recognized in Other Comprehensive Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Balance at beginning of the year	$ 915,495	$ 1,130,815
Change in net loss	53,860	(106,725)
Amortization of actuarial loss	(87,360)	(108,052)
Amortization of prior service cost	(543)	(543)
Change recognized in other comprehensive income	(34,043)	(215,320)
Total recognized in other comprehensive income	881,452	915,495
Amounts recognized in accumulated other comprehensive income:
Net actuarial loss			$ 880,370	$ 913,870
Prior service cost			1,082	1,625
Total	$ 915,495	$ 1,130,815	$ 881,452	$ 915,495

Pension and Profit Sharing - Es

Pension and Profit Sharing - Estimated Future Benefit Payments (Details)	Dec. 31, 2018USD ($)
Estimated future benefit payments:
2019	$ 168,000
2020	152,000
2021	136,000
2022	122,000
2023	108,000
Years 2024 - 2028	$ 387,000

Pension and Profit Sharing (Det

Pension and Profit Sharing (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Non-service components of periodic pension cost			$ 87,000
Company contributions to plan		$ 25,107
Expected long-term rate of return on plan assets		6.00%	6.00%
Net actuarial gain (loss)	$ (87,000)	$ 71,338	$ (20,289)
Prior service cost	$ 543	$ 33,000	$ 36,000
Company contributions to profit sharing plan		50.00%	50.00%
Employee contributions to profit sharing plan		6.00%	6.00%
Total profit sharing contribution expense		$ 271,541	$ 236,993

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2017	Nov. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Foreign subsidiary earnings	$ 3,157,020		$ 7,158,497	$ 3,157,020
Undistributed foreign earnings tax rate			15.50%
Transition tax rate			8.00%
Estimated provisional net effect of Tax Cuts and Jobs Act of 2017				1,169,263
Corporate tax rates	21.00%	35.00%
Tax Cuts and Jobs Act of 2017 recognized tax expense			$ (111,324)	74,462
Total tax expense from applying Tax Cut and Jobs Act of 2017				$ 1,245,000
Tax Cuts and Jobs Act of 2017 effective tax rate increase				128.00%
Hong Kong
Hong Kong income tax rate			16.50%

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Current:
Federal	$ (118,269)	$ 1,263,124
State	44,315	32,737
Foreign	618,930	693,297
Total Current	544,976	1,989,158
Deferred:
Federal	311,608	431,454
State	76,290	20,206
Total Deferred	387,898	451,660
Total Income Tax Expense	$ 932,874	$ 2,440,818

Income Taxes - US and Foreign I

Income Taxes - US and Foreign Income Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
United States	$ 1,928,627	$ 2,477,871
Foreign	3,602,597	4,015,426
Total	$ 5,531,224	$ 6,493,297

Income Taxes - US Statutory Rat

Income Taxes - US Statutory Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal income taxes at 21% statutory rate	$ 1,083,174	$ 2,322,741
State and local taxes, net of federal income tax effect	95,278	39,783
Permanent items	(75,022)	(370,978)
Transition tax on deemed repatriation of foreign earnings		1,169,263
Effect of federal rate change on deferred taxes	(111,324)	74,462
Foreign tax rate difference	(59,232)	(699,047)
Change in deferred income tax valuation allowance		(95,406)
Provision for income taxes	$ 932,874	$ 2,440,818

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred income tax liabilities:
Plant, property and equipment	$ 847,162	$ 563,289
Total	847,162	563,289
Deferred income tax assets:
Asset valuations	575,920	506,993
Pension	105,647	96,098
Other	278,948	469,844
Total	960,515	1,072,935
Net deferred income tax asset	$ 113,353	$ 509,646

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($)	1 Months Ended	5 Months Ended	7 Months Ended	12 Months Ended
	Oct. 31, 2017	May 31, 2018	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Credit facility borrowing capacity			$ 50,000,000	$ 50,000,000
Outstanding borrowings under revolving loan agreement			40,283,000	40,283,000
Amount available for borrowing under revolving loan agreement			$ 9,717,000	$ 9,717,000
Estimated provisional net effect of Tax Cuts and Jobs Act of 2017					$ 1,169,263
Shares repurchased during period				23,228
Shares that may be purchased under repurchase program			17,999	17,999
First Aid Only Mortgage
Interest rate of LIBOR plus percentage	2.50%
Credit facility interest rate	Interest rate of LIBOR plus 2.5%
Maturity date	Oct. 31, 2024
Covenant terms and compliance	Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than zero, measured as of the end of each fiscal year. At December 31, 2018, the Company was in compliance with the covenants then in effect under the loan agreement.
Purchase price	$ 4,000,000
Monthly payment	$ 22,222
Minimum Annual Mortgage Payments:
2019			$ 266,664	$ 266,664
2020			266,664	266,664
2021			266,664	266,664
2022			266,664	266,664
2023			266,664	266,664
Thereafter			$ 2,377,794	$ 2,377,794
HSBC Revolving Loan Agreement
Interest rate of LIBOR plus percentage		2.00%	1.75%
Credit facility interest rate		Interest rate of LIBOR plus 2%	Interest rate of LIBOR plus 1.75%
Facility fee per annum			0.20%
Maturity date		May 6, 2019	May 24, 2023

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 1,243,732	$ 1,432,677
Minimum Annual Rental Commitments
2019	1,064,585
2020	927,681
2021	572,344
2022	278,797
2023	255,122
Thereafter	$ 64,248

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details)	12 Months Ended
	Dec. 31, 2018USD ($)
Net sales	$ 137,321,395
Cutting, Sharpening and Measuring
Net sales	80,347,000
First Aid and Safety
Net sales	56,974,000
United States
Net sales	121,245,000
United States | Cutting, Sharpening and Measuring
Net sales	64,271,000
United States | First Aid and Safety
Net sales	56,974,000
Canada
Net sales	6,973,000
Canada | Cutting, Sharpening and Measuring
Net sales	6,973,000
Canada | First Aid and Safety
Net sales	0
Europe
Net sales	9,103,000
Europe | Cutting, Sharpening and Measuring
Net sales	9,103,000
Europe | First Aid and Safety
Net sales	$ 0

Segment Information (Details Na

Segment Information (Details Narrative)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Segment Information Details Narrative Abstract
Direct import sales to total net sales ratio	12.00%	11.00%

Segment Information - Financial

Segment Information - Financial Data by Segment (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Net sales	$ 31,130,000	$ 34,731,000	$ 39,751,000	$ 31,709,000	$ 30,171,000	$ 33,785,000	$ 38,849,000	$ 27,745,000	$ 137,321,395	$ 130,550,349
Operating income									7,456,906	7,883,053
Assets	109,477,786				114,729,806				109,477,786	114,729,806
Additions to property, plant and equipment									2,851,000	7,146,000
Depreciation and amortization									3,229,000	2,895,000
United States
Net sales									120,993,000	115,407,000
Operating income									6,103,000	6,788,000
Assets	99,720,000				104,431,000				99,720,000	104,431,000
Additions to property, plant and equipment									2,705,000	7,014,000
Depreciation and amortization									3,153,000	2,845,000
Canada
Net sales									7,040,000	6,935,000
Operating income									884,000	775,000
Assets	3,839,000				4,926,000				3,839,000	4,926,000
Additions to property, plant and equipment									83,000	19,000
Depreciation and amortization									9,000	8,000
Europe
Net sales									9,288,000	8,208,000
Operating income									470,000	320,000
Assets	$ 5,918,000				$ 5,373,000				5,918,000	5,373,000
Additions to property, plant and equipment									63,000	113,000
Depreciation and amortization									$ 67,000	$ 42,000

Reconciliation of Segment Opera

Reconciliation of Segment Operating Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Reconciliation Of Segment Operating Income
Total operating income	$ 7,456,906	$ 7,883,053
Interest expense, net	1,858,224	1,327,160
Other expense	67,458	62,596
Consolidated income before taxes	$ 5,531,224	$ 6,493,297

Segment Revenues (Details)

Segment Revenues (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Total Revenues	$ 31,130,000	$ 34,731,000	$ 39,751,000	$ 31,709,000	$ 30,171,000	$ 33,785,000	$ 38,849,000	$ 27,745,000	$ 137,321,395	$ 130,550,349
United States
Total Revenues									120,993,000	115,407,000
Canada
Total Revenues									7,040,000	6,935,000
Europe
Total Revenues									9,288,000	8,208,000
Other International
Total Revenues									1,420,000	1,176,000
Total International
Total Revenues									$ 17,748,000	$ 16,319,000

Stock Option Plans (Details Nar

Stock Option Plans (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Shares available for grant	85,000	62,700
Weighted average remaining contractual term	6 years
Stock-based compensation	$ 869,055	$ 684,351
Unrecognized compensation cost	$ 2,151,417
Unrecognized compensation cost recognition period	3 years
Weighted average fair value at the date of grant	$ 5.77	$ 4.83
Aggregate intrinsic value of outstanding options	$ 1,566,625
Aggregate intrinsic value of exercisable options	1,566,625
Aggregate intrinsic value of options exercised	768,075
Cash settlement of stock options	$ 768,075	$ 823,530
Employee Plan
Vesting term	Options granted under the 2012 Employee Plan vest 25% one day after the first anniversary of the grant date and 25% one day after each of the next three anniversaries. Under the terms of the Employee Plan, no option may be granted under that plan after the tenth anniversary of the adoption of the plan. Options outstanding under the Company's 2002 Employee Stock Option Plan have the same vesting schedule as the 2012 Employee plan.
Shares available for grant	65,000
2005 Director Plan
Vesting term	The Initial Option vests 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option becomes fully exercisable one day after the date of grant. The exercise price of each option granted equals the fair market value of the Common Stock on the date the option is granted, and expires ten (10) years from the date of grant.
Shares authorized under plan	180,000
Shares offered under initial option	5,000
Shares offered under annual option	5,000
2017 Director Plan
Vesting term	The Initial Option vests 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option becomes fully exercisable one day after the date of grant. The exercise price of each option granted equals the fair market value of the Common Stock on the date the option is granted, and expires ten (10) years from the date of grant.
Shares available for grant	20,000
Shares authorized under plan	60,000
Shares offered under initial option	5,000
Shares offered under annual option	5,000

Stock Option Plans - Stock Opti

Stock Option Plans - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding at the beginning of the year	1,289,080	1,088,278
Options granted	232,200	313,900
Options forfeited	(11,500)	(4,000)
Options exercised	(75,500)	(109,098)
Options outstanding at the end of the year	1,434,280	1,289,080
Options exercisable at the end of the year	918,405	814,180
Common stock available for future grants at the end of the year	85,000	62,700
Weighted average exercise price per share:
Granted	$ 22.75	$ 24.87
Forfeited	23.07	19.12
Exercised	11.47	13.13
Outstanding	18.07	16.87
Exercisable	$ 15.15	$ 13.38

Stock Option Plans - Summary of

Stock Option Plans - Summary of Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Number outstanding | shares	1,434,280
Number exercisable | shares	918,405
$7.30-$10.74
Range of exercise prices, lower range	$ 7.30
Range of exercise prices, upper range	$ 10.74
Number outstanding | shares	299,180
Options outstanding weighted-average remaining contractual life (years)	3 years
Options outstanding weighted-average exercise price	$ 9.88
Number exercisable | shares	299,180
Options exercisable weighted-average exercise price	$ 9.88
$10.75-$16.82
Range of exercise prices, lower range	10.75
Range of exercise prices, upper range	$ 16.82
Number outstanding | shares	262,750
Options outstanding weighted-average remaining contractual life (years)	4 years
Options outstanding weighted-average exercise price	$ 13.62
Number exercisable | shares	262,750
Options exercisable weighted-average exercise price	$ 13.62
$16.83-$22.08
Range of exercise prices, lower range	16.83
Range of exercise prices, upper range	$ 22.08
Number outstanding | shares	337,875
Options outstanding weighted-average remaining contractual life (years)	7 years
Options outstanding weighted-average exercise price	$ 19.41
Number exercisable | shares	244,625
Options exercisable weighted-average exercise price	$ 18.75
$22.09-$23.97
Range of exercise prices, lower range	22.09
Range of exercise prices, upper range	$ 23.97
Number outstanding | shares	228,200
Options outstanding weighted-average remaining contractual life (years)	10 years
Options outstanding weighted-average exercise price	$ 22.79
Number exercisable | shares	20,000
Options exercisable weighted-average exercise price	$ 22.66
$23.98-$28.2
Range of exercise prices, lower range	23.98
Range of exercise prices, upper range	$ 28.20
Number outstanding | shares	306,275
Options outstanding weighted-average remaining contractual life (years)	9 years
Options outstanding weighted-average exercise price	$ 24.87
Number exercisable | shares	91,850
Options exercisable weighted-average exercise price	$ 25.41

Stock Option Plans - Assumption

Stock Option Plans - Assumptions Used to Value Option Grants (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected life in years	5 years	5 years
Interest rate, minimum	2.43%	1.82%
Interest rate, maximum	3.02%	1.95%
Volatility, minimum	0.287%	0.259%
Volatility, maximum	0.316%	0.277%
Dividend yield	1.8% - 2.75%	1.5% - 1.6%

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Options excluded from earnings per share calculation	692,600	205,500

Earnings Per Share - Earnings P

Earnings Per Share - Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income	$ 591,000	$ 807,000	$ 2,436,000	$ 764,000	$ (655,000)	$ 1,202,000	$ 2,846,000	$ 659,000	$ 4,598,350	$ 4,052,479
Weighted average shares outstanding									3,370,744	3,356,383
Effect of dilutive employee stock options									171,166	368,220
Denominator for dilutive earnings per share									3,541,910	3,724,603
Basic earnings per share	$ .18	$ .24	$ .72	$ .23	$ (.20)	$ .36	$ .85	$ .20	$ 1.36	$ 1.21
Dilutive earnings per share	$ .19	$ .23	$ .67	$ .21	$ (.16)	$ .32	$ .75	$ .18	$ 1.3	$ 1.09

Comprehensive Income - Accumula

Comprehensive Income - Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accumulated other comprehensive income (loss), beginning balance	$ (1,633,999)	$ (2,336,201)
Change in net prior service credit and actuarial losses, net of tax	37,388	87,461
Translation adjustment	(461,374)	614,741
Accumulated other comprehensive income (loss), ending balance	(2,057,985)	(1,633,999)
Foreign Currency Translation Adjustment
Accumulated other comprehensive income (loss), beginning balance	(1,057,447)	(1,672,188)
Translation adjustment	(461,374)	614,741
Accumulated other comprehensive income (loss), ending balance	(1,518,821)	(1,057,447)
Net Prior Service Credit and Actuarial Losses
Accumulated other comprehensive income (loss), beginning balance	(576,551)	(664,012)
Change in net prior service credit and actuarial losses, net of tax	37,388	87,461
Accumulated other comprehensive income (loss), ending balance	$ (539,163)	$ (576,551)

Quarterly Data - Quarterly Data

Quarterly Data - Quarterly Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 31,130,000	$ 34,731,000	$ 39,751,000	$ 31,709,000	$ 30,171,000	$ 33,785,000	$ 38,849,000	$ 27,745,000	$ 137,321,395	$ 130,550,349
Cost of goods sold	19,767,000	22,281,000	25,039,000	19,585,000	19,545,000	21,559,000	24,366,000	17,181,000	86,672,413	82,651,076
Gross profit	11,363,000	12,450,000	14,712,000	12,124,000	10,626,000	12,226,000	14,483,000	10,564,000	50,648,982	47,899,273
Net income	$ 591,000	$ 807,000	$ 2,436,000	$ 764,000	$ (655,000)	$ 1,202,000	$ 2,846,000	$ 659,000	$ 4,598,350	$ 4,052,479
Basic earnings per share	$ .18	$ .24	$ .72	$ .23	$ (.20)	$ .36	$ .85	$ .20	$ 1.36	$ 1.21
Diluted earnings per share	.19	.23	.67	.21	(.16)	.32	.75	.18	1.3	1.09
Dividends per share	$ .12	$ .11	$ .11	$ .11	$ .11	$ .11	$ .11	$ .10	$ .45	$ .43

Business Combination (Details N

Business Combination (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended								12 Months Ended
	Feb. 28, 2017	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Net sales		$ 31,130,000	$ 34,731,000	$ 39,751,000	$ 31,709,000	$ 30,171,000	$ 33,785,000	$ 38,849,000	$ 27,745,000	$ 137,321,395	$ 130,550,349
Net income										$ 7,456,906	7,883,053
Spill Magic
Purchase price	$ 7,200,000
Net sales											6,500,000
Net income											800,000
Unaudited proforma net sales during period											131,000,000
Unaudited proforma net income during period											$ 3,900,000

Business Combination Purchase P

Business Combination Purchase Price Allocation (Details) - USD ($)	Dec. 31, 2018	Feb. 28, 2018	Dec. 31, 2017
Assets:
Goodwill	$ 4,696,370		$ 4,696,370
Spill Magic
Assets:
Accounts Receivable		$ 684,000
Inventory		453,000
Equipment		296,000
Intangible Assets		5,066,000
Goodwill		748,000
Total assets		$ 7,247,000