Acme United (ACU) 10-K13 Mar 202019 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Mar. 12, 2020	Jun. 30, 2019
Cover [Abstract]
Entity Registrant Name	ACME UNITED CORP
Entity Central Index Key	0000002098
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		3,352,130
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Public Float			$ 66,303,009
Trading Symbol	ACU
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity File Number	01-07698
Entity Tax Identification Number	06-0236700
Entity Address, Address Line One	55 Walls Drive
Entity Address, City or Town	Fairfield
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06824
City Area Code	203
Local Phone Number	254-6060
Entity Interactive Data Current	Yes
Title of 12(b) Security	$2.50 par value Common Stock
Security Exchange Name	NYSEAMER
Entity Incorporation, State or Country Code	CT
Document Annual Report	true
Document Transition Report	false
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Documents Incorporated by Reference	DOCUMENTS INCORPORATE BY REFERENCE (1) Certain portions of the Company’s Proxy Statement for the Annual Meeting scheduled for April 20, 2020 are incorporated into the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, in Part III.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Condensed Consolidated Statements Of Operations
Net sales	$ 142,457,342	$ 137,321,395
Cost of goods sold	90,456,484	86,672,413
Gross profit	52,000,858	50,648,982
Selling, general and administrative expenses	43,571,510	43,192,076
Operating income	8,429,348	7,456,906
Non operating items:
Interest expense	(1,828,408)	(1,891,042)
Interest income	39,896	32,818
Interest expense, net	(1,788,512)	(1,858,224)
Other expense	(97,672)	(67,458)
Total other expense, net	(1,886,184)	(1,925,682)
Income before income tax expense	6,543,164	5,531,224
Income tax expense	1,029,556	932,874
Net income	$ 5,513,608	$ 4,598,350
Basic earnings per share	$ 1.65	$ 1.36
Diluted earnings per share	$ 1.60	$ 1.30

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
Consolidated Statements of Comprehensive Income - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Condensed Consolidated Statements Of Comprehensive Loss Income [Abstract]
Net income	$ 5,513,608	$ 4,598,350
Other comprehensive gain (loss) -
Foreign currency translation	45,223	(461,374)
Change in net prior service credit and actuarial gains, net of income tax expense	143,906	37,388
Total other comprehensive income (loss)	189,129	(423,986)
Comprehensive income	$ 5,702,737	$ 4,174,364

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 6,821,883	$ 4,409,042
Accounts receivable, less allowance	25,484,865	25,101,663
Inventories	39,261,105	41,332,137
Prepaid expenses and other current assets	1,578,248	2,149,295
Total current assets	73,146,101	72,992,137
Property, plant and equipment:
Land	1,420,104	1,422,785
Buildings	10,095,529	10,143,678
Machinery and equipment	19,111,801	18,244,038
Total property, plant and equipment	30,627,434	29,810,501
Less: accumulated depreciation	16,591,890	15,267,877
Net property, plant and equipment	14,035,544	14,542,624
Intangible assets, less accumulated amortization	15,792,738	17,044,400
Goodwill	4,696,370	4,696,370
Operating lease right-of-use asset, net	2,989,272
Deferred income taxes		113,353
Other assets	88,828	88,902
Total assets	110,748,853	109,477,786
Current liabilities:
Accounts payable	6,692,692	7,982,620
Operating lease liability - current portion	1,047,498
Current portion of mortgage payable	266,667	266,667
Other accrued liabilities	8,576,248	5,115,400
Total current liabilities	16,583,105	13,364,687
Long-term debt	33,240,407	40,283,115
Mortgage payable, net of current portion	3,177,778	3,444,445
Operating lease liability - non-current portion	1,960,996
Deferred income taxes	49,284
Other non-current liabilities	32,302	53,128
Total liabilities	55,043,872	57,145,375
STOCKHOLDERS' EQUITY
Common stock, par value $2.50: authorized 8,000,000 shares; issued - 4,838,071 shares in 2019 and in 2018, including treasury stock	12,094,413	12,094,413
Treasury stock, at cost, 1,487,238 shares in 2019 and 2018	(14,235,190)	(14,235,190)
Additional paid-in capital	8,262,208	8,981,523
Accumulated other comprehensive loss	(1,987,870)	(2,057,985)
Retained earnings	51,571,420	47,549,650
Total stockholders' equity	55,704,981	52,332,411
Total liabilities and stockholders' equity	$ 110,748,853	$ 109,477,786

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
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	1,487,238

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning Balance at Dec. 31, 2017	$ 49,937,993	$ 12,094,413	$ (13,870,041)	$ 8,880,543	$ (1,633,999)	$ 44,467,077
Beginning Balance, shares at Dec. 31, 2017		3,374,061
Net income	4,598,350					4,598,350
Other comprehensive income (loss)	(423,986)				(423,986)
Stock compensation expense	869,055			869,055
Distribution to shareholders	(1,515,777)					(1,515,777)
Cash settlement of stock options	(768,075)			(768,075)
Purchase of treasury stock	(365,149)		(365,149)
Purchase of treasury stock (shares)		(23,228)
Ending Balance at Dec. 31, 2018	52,332,411	$ 12,094,413	(14,235,190)	8,981,523	(2,057,985)	47,549,650
Ending Balance, shares at Dec. 31, 2018		3,350,833
Net income	5,513,608					5,513,608
Other comprehensive income (loss)	189,129				189,129
Adoption of ASU 2018-02					(119,014)	119,014
Stock compensation expense	968,467			968,467
Distribution to shareholders	(1,610,852)					(1,610,852)
Cash settlement of stock options	$ (1,687,782)			(1,687,782)
Purchase of treasury stock (shares)	0
Ending Balance at Dec. 31, 2019	$ 55,704,981	$ 12,094,413	$ (14,235,190)	$ 8,262,208	$ (1,987,870)	$ 51,571,420
Ending Balance, shares at Dec. 31, 2019		3,350,833

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Operating activities:
Net income	$ 5,513,608	$ 4,598,350
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	2,181,060	2,011,675
Amortization	1,251,662	1,217,525
Stock compensation expense	968,467	869,055
Deferred income taxes	162,637	396,233
Non-cash lease expense	19,222
Provision for doubtful accounts	290,128	156,000
Changes in operating assets and liabilities
Accounts receivable	(784,562)	651,988
Inventories	2,089,861	(1,580,151)
Prepaid expenses and other current assets	666,070	573,604
Accounts payable	(1,525,060)	(3,066,106)
Other accrued liabilities	3,869,138	(1,352,904)
Total adjustments	9,188,623	(123,081)
Net cash provided by operating activities	14,702,231	4,475,269
Investing activities:
Purchase of property, plant and equipment	(1,680,479)	(2,850,993)
Purchase of intellectual property		(379,921)
Net cash used by investing activities	(1,680,479)	(3,230,914)
Financing activities:
Net repayments of long-term debt	(7,042,708)	(3,167,233)
Repayments on mortgage	(266,667)	(266,667)
Distributions to shareholders	(1,608,956)	(1,484,829)
Cash settlement of stock options	(1,687,782)	(768,075)
Purchase of treasury stock		(365,149)
Net cash used by financing activities	(10,606,113)	(6,051,953)
Effect of exchange rate changes	(2,799)	(121,629)
Net increase (decrease) in cash and cash equivalents	2,412,841	(4,929,227)
Cash and cash equivalents at beginning of year	4,409,042	9,338,269
Cash and cash equivalents at end of year	6,821,883	4,409,042
Supplemental cash flow information:
Cash paid for income taxes	422,339	887,592
Cash paid for interest expense	$ 1,863,961	$ 1,855,356

Operations

Operations	12 Months Ended
Operations	Dec. 31, 2019
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
Accounting Policies	Dec. 31, 2019
Accounting Policies [Abstract]
Accounting Policies	2. Accounting Policies Estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most sensitive and significant accounting estimates relate to customer rebates, valuation allowances for deferred income tax assets, obsolete and slow-moving inventories, potentially uncollectible accounts receivable, pension liability and accruals for income taxes. Actual results could differ from those estimates. Principles of Consolidation – The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned by the Company. All significant intercompany accounts and transactions are eliminated in consolidation. Translation of Foreign Currency – For foreign operations whose functional currencies are not U.S. dollars, assets and liabilities are translated at rates in effect at the end of the year; revenues and expenses are translated at average rates in effect during the year. Resulting translation adjustments are made directly to accumulated other comprehensive income. Foreign currency transaction gains and losses are recognized in operating results. Included in other expense were foreign currency transaction losses of $38,988 in 2019 and foreign currency transaction gains of $7,458 in 2018 Cash Equivalents – Investments with an original maturity of three months or less, as well as time deposits and certificates of deposit that are readily redeemable at the date of purchase, are considered cash equivalents. Accounts Receivable – Accounts receivable are shown less an allowance for doubtful accounts of $522,560 at December 31, 2019 and $462,132 at December 31, 2018. Inventories – Inventories are stated at the lower of cost, or net realizable value, determined by the first-in, first-out method. Property, Plant and Equipment, and Depreciation – Property, plant and equipment is recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, which range from 3 to 30 years. Intangible Assets – Intangible assets with finite useful lives are recorded at cost upon acquisition and amortized over the term of the related contract or useful life, as applicable. Intangible assets held by the Company with finite useful lives include patents and trademarks. Patents and trademarks are amortized over their estimated useful lives. The weighted average amortization period for intangible assets at December 31, 2019 was 10 years. The Company periodically 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. At December 31, 2019 and 2018, the Company assessed the recoverability of its long-lived assets and believed that there were no events or circumstances present that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives. Deferred Income Taxes – Deferred income taxes are provided for the differences between the financial statement and tax bases of assets and liabilities, and on operating loss carryovers, using tax rates in effect in years in which the differences are expected to reverse. Leases - The Company determines whether an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with right-of-use (“ROU”) assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. Lease arrangements with lease and non-lease components are generally accounted for as a single lease component. Revenue Recognition – Revenue is recognized when the price is fixed, the title and risks and rewards of ownership have passed to the customer, and when collection is reasonably assured. Depending on the contractual terms of each customer, revenue is recognized either at the time of shipment or upon delivery. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Customer rebates and incentives earned based on promotional programs in place, volume of purchases or other factors are also estimated at the time of revenue recognition and recorded as a reduction of that revenue. Refer to Note 9 – Revenue from Contracts with Customers. Research and Development – Research and development costs ($596,000 in 2019 and $734,000 in 2018) are included in selling, general and administrative expenses and expensed as incurred. Shipping Costs – The costs of shipping product to our customers ($6,695,223 in 2019 and $7,553,410 in 2018) are included in selling, general and administrative expenses. Advertising Costs – The Company expenses the production costs of advertising the first time that the related advertising takes place. Advertising costs ($1,104,543 in 2019 and $1,935,267 in 2018) are included in selling, general and administrative expenses. Subsequent Events – The Company has evaluated events and transactions subsequent to December 31, 2019 through the date the consolidated financial statements were included in this Form 10-K and filed with the SEC. Concentration – The Company performs ongoing credit evaluations of its customers and generally does not require collateral for the extension of credit. Allowances for credit losses are provided and have been within management's expectations. The Company had one customer in 2019 and 2018 that individually exceeded 10% of consolidated net sales. Net sales to this customer were approximately 17% and 16% of consolidated net sales in 2019 and 2018, respectively. Recently Issued and Adopted Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. 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) In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 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 recorded 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 impact 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

Inventories

Inventories	12 Months Ended
Inventories	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventories	3. Inventories Inventories consisted of: December 31, 2019 2018 Finished goods $ 32,899,114 $ 33,427,983 Work in process 274,158 141,646 Materials and supplies 6,087,833 7,762,508 Inventories: $ 39,261,105 $ 41,332,137 Inventories are stated net of valuation allowances for slow moving and obsolete inventory of $696,486 as of December 31, 2019 and $538,354 as of December 31, 2018.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	12 Months Ended
Intangible Assets and Goodwill	Dec. 31, 2019
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, 2019 2018 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 379,921 379,921 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 22,780,720 Less: Accumulated Amortization 6,987,982 5,736,320 Intangible Assets $ 15,792,738 $ 17,044,400 Goodwill $ 4,696,370 $ 4,696,370 Amortization expense for patents and

Other Accrued Liabilities

Other Accrued Liabilities	12 Months Ended
Other Accrued Liabilities	Dec. 31, 2019
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, 2019 2018 Customer Rebates $ 4,849,081 $ 3,395,511 Pension Liability 44,667 147,099 Accrued Compensation 1,695,464 370,477 Dividend Payable 402,318 402,158 Other 1,617,020 853,283 Total: $ 8,608,550 $ 5,168,528

Pension and Profit Sharing

Pension and Profit Sharing	12 Months Ended
Pension and Profit Sharing	Dec. 31, 2019
Compensation And Retirement Disclosure [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. 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 2019, the Company contributed $14,413 to the plan. The plan asset weighted average allocation at December 31, 2019 and December 31, 2018, by asset category, were as follows: Asset Category: 2019 2018 Equity Securities 66 % 65 % Fixed Income Securities 32 % 33 % Other Securities / Investments 2 % 2 % 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, 2019 and 2018: 2019 Level 1 Level 2 Level 3 Total Money Market Fund $ 31 $ 16,763 $ — $ 16,794 Equity Common and Collected Funds 102,030 580,839 — 682,869 Fixed Income Common and Collected Funds 82,670 246,316 — 328,986 Total: $ 184,731 $ 843,918 $ — $ 1,028,649 2018 Level 1 Level 2 Level 3 Total Money Market Fund $ 4 $ 17,320 $ — $ 17,324 Equity Common and Collected Funds 99,616 564,371 — 663,957 Fixed Income Common and Collected Funds 83,211 249,309 — 332,520 Total: $ 182,831 $ 831,000 $ — $ 1,013,831 Other disclosures related to the pension plan follow: 2019 2018 Assumptions used to determine benefit obligation: Discount rate 2.74 % 3.87 % Changes in benefit obligation: Benefit obligation at beginning of year $ (1,160,930 ) $ (1,362,867 ) Interest cost (41,841 ) (39,851 ) Service cost (25,000 ) (33,000 ) Actuarial (loss) gain (46,288 ) 71,338 Benefits and plan expenses paid 200,743 203,450 Benefit obligation at end of year: $ (1,073,316 ) $ (1,160,930 ) Changes in plan assets: Fair value of plan assets at beginning of year $ 1,013,831 $ 1,249,825 Actual return on plan assets 201,148 (57,651 ) Employer contribution 14,413 25,107 Benefits and plan expenses paid (200,743 ) (203,450 ) Fair value of plan assets at end of year 1,028,649 1,013,831 Funded status: $ (44,667 ) $ (147,099 ) Amounts recognized in accumulated other comprehensive income: Net actuarial loss $ 689,398 $ 880,370 Prior service cost 538 1,082 Total: $ 689,936 $ 881,452 Accrued benefits costs are included in other accrued liabilities (non-current). 2019 2018 Assumptions used to determine net periodic benefit cost: Discount rate 3.87 % 3.14 % Expected return on plan assets 6.00 % 6.00 % Components of net benefit expense: Service cost $ 25,000 $ 33,000 Interest cost 41,841 39,851 Expected return on plan assets (54,330 ) (67,547 ) Amortization of prior service costs 544 543 Amortization of actuarial loss 90,442 87,360 78,497 60,207 Net periodic benefit cost: $ 103,497 $ 93,207 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: 2019 2018 Balance at beginning of the year $ 881,452 $ 915,495 Change in net loss (100,530 ) 53,860 Amortization of actuarial loss (90,442 ) (87,360 ) Amortization of prior service cost (544 ) (543 ) Change recognized in other comprehensive income (191,516 ) (34,043 ) Total recognized in other comprehensive income $ 689,936 $ 881,452 The Company anticipates that in 2020, net periodic benefit cost will include approximately $74,720 of net actuarial loss and $543 of prior service cost. The following benefits are expected to be paid: 2020 $ 152,000 2021 135,000 2022 120,000 2023 106,000 2024 95,000 Years 2025 - 2029 332,000 The Company also has a qualified, 401k plan covering substantially all of its United States employees. Annual Company contributions to this plan are determined by the Company’s Compensation Committee. For the years ended December 31, 2019 and 2018, the Company contributed 50% of employee’s contributions, up to the first 6% contributed by each employee. Total contribution expense under this 401k plan was $309,922 in 2019 and $271,541 in 2018.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The amounts of income tax expense (benefit) reflected in operations is as follows: 2019 2018 Current: Federal $ (82,673 ) $ (118,269 ) State 109,593 44,315 Foreign 887,556 618,930 Total: $ 914,476 $ 544,976 Deferred: Federal $ 92,446 $ 311,608 State 22,634 76,290 Total: 115,080 387,898 Total Income Tax Expense: $ 1,029,556 $ 932,874 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: 2019 2018 United States $ 800,796 $ 1,928,627 Foreign 5,742,368 3,602,597 Total: $ 6,543,164 $ 5,531,224 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: 2019 2018 Federal income taxes at 21% statutory rate $ 1,365,124 $ 1,146,673 State and local taxes, net of federal income tax effect 109,593 95,278 Permanent items (137,051 ) (75,022 ) Effect of federal rate change on deferred taxes — (111,324 ) Foreign tax rate difference (209,216 ) (59,232 ) Change in deferred income tax valuation allowance (98,894 ) (63,499 ) Provision for income taxes: $ 1,029,556 $ 932,874 The following summarizes deferred income tax assets and liabilities: 2019 2018 Deferred income tax liabilities: Plant, property and equipment $ 1,022,898 $ 847,162 1,022,898 847,162 Deferred income tax assets: Asset valuations 604,755 575,920 Pension 81,561 105,647 Other 287,115 278,948 973,431 960,515 Net deferred income tax (liability) asset: $ (49,467 ) $ 113,353 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. In 2019, 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, 2016 and forward, the tax years which remain subject to examination by major tax jurisdictions as of December 31, 2019. 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
Long-Term Debt and Shareholders' Equity	Dec. 31, 2019
Debt [Abstract]
Long-Term Debt and Shareholders' Equity	8. Long-Term Debt and Shareholders’ Equity Long-term debt consists of borrowings under the Company’s revolving loan agreement with HSBC Bank, N.A. The agreement provides for borrowings of up to $50 million at Prime Rate less 1.25%. The credit facility has an expiration date of May 24, 2023. 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, acquisition 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, 2019, the Company was in compliance with the covenants then in effect under the loan agreement. As of December 31, 2019, $33,240,407 was outstanding and $16,759,593 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: 2020 - $266,664; 2021 - $266,664; 2022 - $266,664; 2023 - $266,664; 2024 - $266,664; and thereafter - $2,111,130. On November 14, 2019, the Company announced a Common Stock repurchase program of up to a total of 200,000 shares. The program does not have an expiration date. During the twelve months ended December 31, 2019, the Company did not repurchase any shares of its Common Stock. As of December 31, 2019, a total of 217,999 shares may be purchased in the future under the repurchase programs announced in 2010 and 2019.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
Revenue from Contracts with Customers	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	9. 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 catalogue 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 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, by segment: For the twelve months ended December 31, 2019 (amounts in 000's) United States Canada Europe Total Cutting, Sharpening and Measuring $ 63,189 $ 6,678 $ 10,062 $ 79,929 First Aid and Safety 62,528 — — 62,528 Total Net Sales $ 125,717 $ 6,678 $ 10,062 $ 142,457 For the twelve months ended December 31, 2018 (amounts in 000's) United States Canada Europe Total Cutting, Sharpening and Measuring $ 64,019 $ 7,040 $ 9,288 $ 80,347 First Aid and Safety 56,974 — — 56,974 Total Net Sales $ 120,993 $ 7,040 $ 9,288 $ 137,321

Segment Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2019
Segment Information [Abstract]
Segment Information	10. 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 14% and 12% of the Company’s total net sales in 2019 and 2018, 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, 2019 and 2018: Financial data by segment: (000’s omitted) Year Ended December 31, 2019: United States Canada Europe Consolidated Net sales $ 125,717 $ 6,678 $ 10,062 $ 142,457 Operating income 7,199 771 459 8,429 Assets 98,577 6,168 6,003 110,749 Additions to property, plant and equipment 1,646 2 32 1,680 Depreciation and amortization 3,347 16 70 3,433 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 99,721 3,839 5,918 109,478 Additions to property, plant and equipment 2,705 83 63 2,851 Depreciation and amortization 3,153 9 67 3,229 The following is a reconciliation of segment operating income to consolidated income before taxes: 2019 2018 Total operating income $ 8,429 $ 7,457 Interest expense, net 1,789 1,858 Other expense 97 68 Consolidated income before taxes $ 6,543 $ 5,531 The table below presents revenue by geographic area. Revenues are attributed to countries based on location of the customer. Revenues 2019 2018 United States $ 124,059 $ 119,573 International: Canada 6,678 7,040 Europe 10,062 9,288 Other 1,658 1,420 Total International $ 18,398 $ 17,748 Total Revenues $ 142,457 $ 137,321

Stock Option Plans

Stock Option Plans	12 Months Ended
Stock Option Plans	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Option Plans	11. 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, 2019, the number of shares available for grant under the 2012 Employee Plan was 44,875. 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, 2019, there were no shares available for grant under the 2017 Director Plan. 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 2019, the Company paid a total of approximately $1,687,782 and 160,586 shares 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: 2019 2018 Options outstanding at the beginning of the year 1,434,280 1,289,080 Options granted 120,000 232,200 Options forfeited (26,500 ) (11,500 ) Options exercised (164,086 ) (75,500 ) Options outstanding at the end of the year 1,363,694 1,434,280 Options exercisable at the end of the year 932,094 918,405 Common stock available for future grants at the end of the year 44,875 85,000 Weighted average exercise price per share: Granted $ 19.88 $ 22.75 Forfeited 23.29 23.07 Exercised 10.54 11.47 Outstanding 19.08 18.07 Exercisable 17.50 15.15 A summary of options outstanding as December 31, 2019 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 $10.74 156,969 2 $ 10.17 156,969 $ 10.17 $10.75 to $16.82 242,750 3 13.57 242,750 13.57 $16.83 to $22.08 448,250 7 19.52 302,625 19.23 $22.09 to $23.97 217,700 9 22.79 69,425 22.76 $23.98 to $28.20 298,025 8 24.87 160,325 25.07 1,363,694 932,094 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, 2019 and December 31, 2018 were as follows: 2019 2018 Expected life in years 5 - 6 5 Interest rate 1.52 - 2.39% 2.43 - 3.02% Volatility .358 - .375 .287 - .316 Dividend yield 2.0 - 2.2% 1.8 - 2.75% Total stock-based compensation recognized in the Company’s consolidated statements of operations for the years ended December 31, 2019 and 2018 was $968,467 and $869,055, respectively. At December 31, 2019, there was approximately $1,410,872 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, 2019, 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 2019 and 2018 was $5.88 and $5.77 per option, respectively. The aggregate intrinsic value of outstanding options was $6,751,281 at December 31, 2019. The aggregate intrinsic value of exercisable options was $6,072,173 at December 31, 2019. The aggregate intrinsic value of options exercised during 2019 was $1,734,667.

Earnings Per Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	12. Earnings Per Share The calculation of earnings per share follows: 2019 2018 Numerator: Net income $ 5,513,608 $ 4,598,350 Denominator: Denominator for basic earnings per share: Weighted average shares outstanding 3,351,731 3,370,744 Effect of dilutive employee stock options 100,892 171,166 Denominator for dilutive earnings per share 3,452,623 3,541,910 Basic earnings per share $ 1.65 $ 1.36 Dilutive earnings per share $ 1.60 $ 1.30 For 2019 and 2018, respectively, 705,725 and 692,600 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
Accumulated Other Comprehensive Loss	Dec. 31, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	13. 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, 2017 $ (1,057,448 ) $ (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 $ (1,518,822 ) $ (539,163 ) $ (2,057,985 ) Change in net prior service credit and actuarial losses, net of tax 143,906 143,906 Adoption of ASU 2018-02 (119,014 ) (119,014 ) Translation adjustment 45,223 45,223 Balances, December 31, 2019 $ (1,473,599 ) $ (514,271 ) $ (1,987,870 )

Financial Instruments

Financial Instruments	12 Months Ended
Financial Instruments	Dec. 31, 2019
Financial Instruments [Abstract]
Financial Instruments	14. 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
Quarterly Data (unaudited)	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Data (unaudited)	15. Quarterly Data (unaudited) Quarters (000’s omitted, except per share data): 2019 First Second Third Fourth Total Net sales $ 31,370 $ 40,220 $ 36,995 $ 33,872 $ 142,457 Cost of goods sold 19,568 25,449 23,861 21,578 90,456 Gross profit 11,802 14,771 13,134 12,294 52,001 Net income 807 2,671 1,059 978 5,514 Basic earnings per share $ 0.24 $ 0.80 $ 0.32 $ 0.29 $ 1.65 Diluted earnings per share $ 0.24 $ 0.77 $ 0.30 $ 0.29 $ 1.60 Dividends per share $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.48 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 $ 0.17 $ 1.30 Dividends per share $ 0.11 $ 0.11 $ 0.11 $ 0.12 $ 0.45 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.

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2019
Leases [Abstract]
Leases	16. Leases The Company has operating leases for office and warehouse space and equipment under various arrangements which provide the right to use the underlying asset and require lease payments for the lease term. The Company’s lease portfolio consists of operating leases which expire at various dates through 2024. Certain of the Company’s lease arrangements contain renewal provisions, exercisable at the Company's option. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is an operating lease at inception. All other leases are recorded on the balance sheet with right-of-use (“ROU”) assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. As most of our leases do not provide an implicit rate, the present value of lease payments is determined primarily using our incremental borrowing rate based on the information available at the lease commencement date. Lease agreements with lease and non-lease components are generally accounted for as a single lease component. The Company’s operating lease expense is recognized on a straight-line basis over the lease term. Operating lease cost was $1.1 million for the twelve-months ended December 31, 2019. For the twelve months ended December 31, 2019, $0.4 million was included in cost of goods sold and $0.7 million was included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. Information related to leases (in 000’s) Twelve months ended December 31, 2019 Operating lease cost $ 1,121 Operating lease - cash flow $ 1,099 December 31, 2019 Weighted-average remaining lease term 4.0 years Weighted-average discount rate 5 % Future minimum lease payments under non-cancellable leases as of December 31, 2019: 2020 $ 1,108 2021 736 2022 467 2023 462 2024 278 Thereafter 295 Total future minimum lease payments $ 3,345 Less : imputed interest (337 ) Less : present value of lease liabilities - current (1,047 ) Present value of lease liabilities - non-current $ 1,962

Subsequent Event

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Event	17. Subsequent Event On January 7, 2020, the Company purchased the assets of First Aid Central, located in Laval, Quebec, Canada, including a broad line of first aid kits, refills, and safety products which are sold to a wide range of industries and end users. Its products meet federal Health Canada and provincial regulatory requirements. The Company purchased First Aid Central assets for $2.1 million in cash using funds borrowed under its revolving credit facility with HSBC Bank, N.A.

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2019
Accounting Policies [Abstract]
Estimates	Estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most sensitive and significant accounting estimates relate to customer rebates, valuation allowances for deferred income tax assets, obsolete and slow-moving inventories, potentially uncollectible accounts receivable, pension liability and accruals for income taxes. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation – The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned by the Company. All significant intercompany accounts and transactions are eliminated in consolidation.
Translation of Foreign Currency	Translation of Foreign Currency – For foreign operations whose functional currencies are not U.S. dollars, assets and liabilities are translated at rates in effect at the end of the year; revenues and expenses are translated at average rates in effect during the year. Resulting translation adjustments are made directly to accumulated other comprehensive income. Foreign currency transaction gains and losses are recognized in operating results. Included in other expense were foreign currency transaction losses of $38,988 in 2019 and foreign currency transaction gains of $7,458 in 2018
Cash Equivalents	Cash Equivalents – Investments with an original maturity of three months or less, as well as time deposits and certificates of deposit that are readily redeemable at the date of purchase, are considered cash equivalents.
Accounts Receivable	Accounts Receivable – Accounts receivable are shown less an allowance for doubtful accounts of $522,560 at December 31, 2019 and $462,132 at December 31, 2018.
Inventories	Inventories – Inventories are stated at the lower of cost, or net realizable value, determined by the first-in, first-out method.
Property, Plant and Equipment and Depreciation	Property, Plant and Equipment, and Depreciation – Property, plant and equipment is recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, which range from 3 to 30 years.
Intangible Assets	Intangible Assets – Intangible assets with finite useful lives are recorded at cost upon acquisition and amortized over the term of the related contract or useful life, as applicable. Intangible assets held by the Company with finite useful lives include patents and trademarks. Patents and trademarks are amortized over their estimated useful lives. The weighted average amortization period for intangible assets at December 31, 2019 was 10 years. The Company periodically 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. At December 31, 2019 and 2018, the Company assessed the recoverability of its long-lived assets and believed that there were no events or circumstances present that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives.
Deferred Income Taxes	Deferred Income Taxes – Deferred income taxes are provided for the differences between the financial statement and tax bases of assets and liabilities, and on operating loss carryovers, using tax rates in effect in years in which the differences are expected to reverse.
Leases	Leases - The Company determines whether an arrangement is a lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with right-of-use (“ROU”) assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. Lease arrangements with lease and non-lease components are generally accounted for as a single lease component.
Revenue Recognition	Revenue Recognition – Revenue is recognized when the price is fixed, the title and risks and rewards of ownership have passed to the customer, and when collection is reasonably assured. Depending on the contractual terms of each customer, revenue is recognized either at the time of shipment or upon delivery. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Customer rebates and incentives earned based on promotional programs in place, volume of purchases or other factors are also estimated at the time of revenue recognition and recorded as a reduction of that revenue. Refer to Note 9 – Revenue from Contracts with Customers.
Research and Development	Research and Development – Research and development costs ($596,000 in 2019 and $734,000 in 2018) are included in selling, general and administrative expenses and expensed as incurred.
Shipping Costs	Shipping Costs – The costs of shipping product to our customers ($6,695,223 in 2019 and $7,553,410 in 2018) are included in selling, general and administrative expenses.
Advertising Costs	Advertising Costs – The Company expenses the production costs of advertising the first time that the related advertising takes place. Advertising costs ($1,104,543 in 2019 and $1,935,267 in 2018) are included in selling, general and administrative expenses.
Subsequent Events	Subsequent Events – The Company has evaluated events and transactions subsequent to December 31, 2019 through the date the consolidated financial statements were included in this Form 10-K and filed with the SEC.
Concentration	Concentration – The Company performs ongoing credit evaluations of its customers and generally does not require collateral for the extension of credit. Allowances for credit losses are provided and have been within management's expectations. The Company had one customer in 2019 and 2018 that individually exceeded 10% of consolidated net sales. Net sales to this customer were approximately 17% and 16% of consolidated net sales in 2019 and 2018, respectively.
Recently Issued and Adopted Accounting Standards	Recently Issued and Adopted Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. 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) In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 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 recorded 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 impact 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

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventories	December 31, 2019 2018 Finished goods $ 32,899,114 $ 33,427,983 Work in process 274,158 141,646 Materials and supplies 6,087,833 7,762,508 Inventories: $ 39,261,105 $ 41,332,137

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	12 Months Ended
Intangible Assets and Goodwill (Tables)	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	The Company’s intangible assets and goodwill consisted of: December 31, 2019 2018 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 379,921 379,921 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 22,780,720 Less: Accumulated Amortization 6,987,982 5,736,320 Intangible Assets $ 15,792,738 $ 17,044,400 Goodwill $ 4,696,370 $ 4,696,370

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)	12 Months Ended
Other Accrued Liabilities (Tables)	Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued Liabilities	December 31, 2019 2018 Customer Rebates $ 4,849,081 $ 3,395,511 Pension Liability 44,667 147,099 Accrued Compensation 1,695,464 370,477 Dividend Payable 402,318 402,158 Other 1,617,020 853,283 Total: $ 8,608,550 $ 5,168,528

Pension and Profit Sharing (Tab

Pension and Profit Sharing (Tables)	12 Months Ended
Pension and Profit Sharing (Tables)	Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]
Plan Asset Allocation	Asset Category: 2019 2018 Equity Securities 66 % 65 % Fixed Income Securities 32 % 33 % Other Securities / Investments 2 % 2 % Total: 100 % 100 %
Pension Plan Assets by Level	2019 Level 1 Level 2 Level 3 Total Money Market Fund $ 31 $ 16,763 $ — $ 16,794 Equity Common and Collected Funds 102,030 580,839 — 682,869 Fixed Income Common and Collected Funds 82,670 246,316 — 328,986 Total: $ 184,731 $ 843,918 $ — $ 1,028,649 2018 Level 1 Level 2 Level 3 Total Money Market Fund $ 4 $ 17,320 $ — $ 17,324 Equity Common and Collected Funds 99,616 564,371 — 663,957 Fixed Income Common and Collected Funds 83,211 249,309 — 332,520 Total: $ 182,831 $ 831,000 $ — $ 1,013,831
Changes in Benefit Obligation	2019 2018 Assumptions used to determine benefit obligation: Discount rate 2.74 % 3.87 % Changes in benefit obligation: Benefit obligation at beginning of year $ (1,160,930 ) $ (1,362,867 ) Interest cost (41,841 ) (39,851 ) Service cost (25,000 ) (33,000 ) Actuarial (loss) gain (46,288 ) 71,338 Benefits and plan expenses paid 200,743 203,450 Benefit obligation at end of year: $ (1,073,316 ) $ (1,160,930 ) Changes in plan assets: Fair value of plan assets at beginning of year $ 1,013,831 $ 1,249,825 Actual return on plan assets 201,148 (57,651 ) Employer contribution 14,413 25,107 Benefits and plan expenses paid (200,743 ) (203,450 ) Fair value of plan assets at end of year 1,028,649 1,013,831 Funded status: $ (44,667 ) $ (147,099 ) Amounts recognized in accumulated other comprehensive income: Net actuarial loss $ 689,398 $ 880,370 Prior service cost 538 1,082 Total: $ 689,936 $ 881,452
Components of Net Benefit Expense	2019 2018 Assumptions used to determine net periodic benefit cost: Discount rate 3.87 % 3.14 % Expected return on plan assets 6.00 % 6.00 % Components of net benefit expense: Service cost $ 25,000 $ 33,000 Interest cost 41,841 39,851 Expected return on plan assets (54,330 ) (67,547 ) Amortization of prior service costs 544 543 Amortization of actuarial loss 90,442 87,360 78,497 60,207 Net periodic benefit cost: $ 103,497 $ 93,207
Amounts Recognized in Other Comprehensive Income	2019 2018 Balance at beginning of the year $ 881,452 $ 915,495 Change in net loss (100,530 ) 53,860 Amortization of actuarial loss (90,442 ) (87,360 ) Amortization of prior service cost (544 ) (543 ) Change recognized in other comprehensive income (191,516 ) (34,043 ) Total recognized in other comprehensive income $ 689,936 $ 881,452
Benefits Expected to be Paid	2020 $ 152,000 2021 135,000 2022 120,000 2023 106,000 2024 95,000 Years 2025 - 2029 332,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	The amounts of income tax expense (benefit) reflected in operations is as follows: 2019 2018 Current: Federal $ (82,673 ) $ (118,269 ) State 109,593 44,315 Foreign 887,556 618,930 Total: $ 914,476 $ 544,976 Deferred: Federal $ 92,446 $ 311,608 State 22,634 76,290 Total: 115,080 387,898 Total Income Tax Expense: $ 1,029,556 $ 932,874
US and Foreign Income Before Income Taxes	A summary of United States and foreign income before income taxes follows: 2019 2018 United States $ 800,796 $ 1,928,627 Foreign 5,742,368 3,602,597 Total: $ 6,543,164 $ 5,531,224
US Statutory Rate Reconciliation	The following schedule reconciles the amounts of income taxes computed at the United States statutory rates to the actual amounts reported in operations: 2019 2018 Federal income taxes at 21% statutory rate $ 1,365,124 $ 1,146,673 State and local taxes, net of federal income tax effect 109,593 95,278 Permanent items (137,051 ) (75,022 ) Effect of federal rate change on deferred taxes — (111,324 ) Foreign tax rate difference (209,216 ) (59,232 ) Change in deferred income tax valuation allowance (98,894 ) (63,499 ) Provision for income taxes: $ 1,029,556 $ 932,874
Deferred Tax Assets and Liabilities	The following summarizes deferred income tax assets and liabilities: 2019 2018 Deferred income tax liabilities: Plant, property and equipment $ 1,022,898 $ 847,162 1,022,898 847,162 Deferred income tax assets: Asset valuations 604,755 575,920 Pension 81,561 105,647 Other 287,115 278,948 973,431 960,515 Net deferred income tax (liability) asset: $ (49,467 ) $ 113,353

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
Revenue from Contracts with Customers (Tables)	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenues	The following table represents external net sales disaggregated by product category, by segment: For the twelve months ended December 31, 2019 (amounts in 000's) United States Canada Europe Total Cutting, Sharpening and Measuring $ 63,189 $ 6,678 $ 10,062 $ 79,929 First Aid and Safety 62,528 — — 62,528 Total Net Sales $ 125,717 $ 6,678 $ 10,062 $ 142,457 For the twelve months ended December 31, 2018 (amounts in 000's) United States Canada Europe Total Cutting, Sharpening and Measuring $ 64,019 $ 7,040 $ 9,288 $ 80,347 First Aid and Safety 56,974 — — 56,974 Total Net Sales $ 120,993 $ 7,040 $ 9,288 $ 137,321

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Dec. 31, 2019
Segment Information Tables [Abstract]
Financial Data By Segment Table	Financial data by segment: (000’s omitted) Year Ended December 31, 2019: United States Canada Europe Consolidated Net sales $ 125,717 $ 6,678 $ 10,062 $ 142,457 Operating income 7,199 771 459 8,429 Assets 98,577 6,168 6,003 110,749 Additions to property, plant and equipment 1,646 2 32 1,680 Depreciation and amortization 3,347 16 70 3,433 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 99,721 3,839 5,918 109,478 Additions to property, plant and equipment 2,705 83 63 2,851 Depreciation and amortization 3,153 9 67 3,229
Reconciliation of Segment Operating Income to Consolidated Income Before Taxes	The following is a reconciliation of segment operating income to consolidated income before taxes: 2019 2018 Total operating income $ 8,429 $ 7,457 Interest expense, net 1,789 1,858 Other expense 97 68 Consolidated income before taxes $ 6,543 $ 5,531
Revenue by Geographic Area	The table below presents revenue by geographic area. Revenues are attributed to countries based on location of the customer. Revenues 2019 2018 United States $ 124,059 $ 119,573 International: Canada 6,678 7,040 Europe 10,062 9,288 Other 1,658 1,420 Total International $ 18,398 $ 17,748 Total Revenues $ 142,457 $ 137,321

Stock Option Plans (Tables)

Stock Option Plans (Tables)	12 Months Ended
Stock Option Plans (Tables)	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Option Activity	2019 2018 Options outstanding at the beginning of the year 1,434,280 1,289,080 Options granted 120,000 232,200 Options forfeited (26,500 ) (11,500 ) Options exercised (164,086 ) (75,500 ) Options outstanding at the end of the year 1,363,694 1,434,280 Options exercisable at the end of the year 932,094 918,405 Common stock available for future grants at the end of the year 44,875 85,000 Weighted average exercise price per share: Granted $ 19.88 $ 22.75 Forfeited 23.29 23.07 Exercised 10.54 11.47 Outstanding 19.08 18.07 Exercisable 17.50 15.15
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 $10.74 156,969 2 $ 10.17 156,969 $ 10.17 $10.75 to $16.82 242,750 3 13.57 242,750 13.57 $16.83 to $22.08 448,250 7 19.52 302,625 19.23 $22.09 to $23.97 217,700 9 22.79 69,425 22.76 $23.98 to $28.20 298,025 8 24.87 160,325 25.07 1,363,694 932,094
Assumptions Used to Value Option Grants	2019 2018 Expected life in years 5 - 6 5 Interest rate 1.52 - 2.39% 2.43 - 3.02% Volatility .358 - .375 .287 - .316 Dividend yield 2.0 - 2.2% 1.8 - 2.75%

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	2019 2018 Numerator: Net income $ 5,513,608 $ 4,598,350 Denominator: Denominator for basic earnings per share: Weighted average shares outstanding 3,351,731 3,370,744 Effect of dilutive employee stock options 100,892 171,166 Denominator for dilutive earnings per share 3,452,623 3,541,910 Basic earnings per share $ 1.65 $ 1.36 Dilutive earnings per share $ 1.60 $ 1.30

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Dec. 31, 2019
Equity [Abstract]
Accumulated Comprehensive Loss	Foreign currency translation adjustment Net prior service credit and actuarial losses Total Balances, December 31, 2017 $ (1,057,448 ) $ (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 $ (1,518,822 ) $ (539,163 ) $ (2,057,985 ) Change in net prior service credit and actuarial losses, net of tax 143,906 143,906 Adoption of ASU 2018-02 (119,014 ) (119,014 ) Translation adjustment 45,223 45,223 Balances, December 31, 2019 $ (1,473,599 ) $ (514,271 ) $ (1,987,870 )

Quarterly Data (Tables)

Quarterly Data (Tables)	12 Months Ended
Quarterly Data (Tables)	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Data	Quarters (000’s omitted, except per share data): 2019 First Second Third Fourth Total Net sales $ 31,370 $ 40,220 $ 36,995 $ 33,872 $ 142,457 Cost of goods sold 19,568 25,449 23,861 21,578 90,456 Gross profit 11,802 14,771 13,134 12,294 52,001 Net income 807 2,671 1,059 978 5,514 Basic earnings per share $ 0.24 $ 0.80 $ 0.32 $ 0.29 $ 1.65 Diluted earnings per share $ 0.24 $ 0.77 $ 0.30 $ 0.29 $ 1.60 Dividends per share $ 0.12 $ 0.12 $ 0.12 $ 0.12 $ 0.48 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 $ 0.17 $ 1.30 Dividends per share $ 0.11 $ 0.11 $ 0.11 $ 0.12 $ 0.45 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.

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2019
Leases Tables [Abstract]
Information Related to Leases	Information related to leases (in 000’s) Twelve months ended December 31, 2019 Operating lease cost $ 1,121 Operating lease - cash flow $ 1,099 December 31, 2019 Weighted-average remaining lease term 4.0 years Weighted-average discount rate 5 %
Future Minimum Lease Payments	Future minimum lease payments under non-cancellable leases as of December 31, 2019: 2020 $ 1,108 2021 736 2022 467 2023 462 2024 278 Thereafter 295 Total future minimum lease payments $ 3,345 Less : imputed interest (337 ) Less : present value of lease liabilities - current (1,047 ) Present value of lease liabilities - non-current $ 1,962

Accounting Policies - Accountin

Accounting Policies - Accounting Policies (Detail Narrative)	12 Months Ended
	Dec. 31, 2019USD ($)Customer	Dec. 31, 2018USD ($)Customer
Accounting Policies [Line Items]
Foreign currency transaction gains (losses) during period	$ (38,988)	$ 7,458
Allowance for doubtful accounts	$ 522,560	462,132
Weighted average intangible assets amortization period	10 years
Research and development costs during period	$ 596,000	734,000
Shipping costs during period	6,695,223	7,553,410
Advertising costs during period	1,104,543	$ 1,935,267
Operating lease right-of-use assets and associated liabilities upon adoption	$ 2,989,272
Major Customer
Accounting Policies [Line Items]
Net sales to major customers	17.00%	16.00%
Exceeded 10% of Consolidated Net Sales
Accounting Policies [Line Items]
Number of major customers \| Customer	1	1
Minimum Range
Accounting Policies [Line Items]
Asset useful life	3 years
Maximum Range
Accounting Policies [Line Items]
Asset useful life	30 years

Inventories - Inventories (Deta

Inventories - Inventories (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 32,899,114	$ 33,427,983
Work in process	274,158	141,646
Materials and supplies	6,087,833	7,762,508
Inventories:	$ 39,261,105	$ 41,332,137

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Inventory valuation allowance	$ 696,486	$ 538,354

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Trademarks	$ 663,698	$ 663,698
Slice License Agreement	379,921	379,921
Patents	2,271,980	2,271,980
Subtotal	22,780,720	22,780,720
Accumulated amortization	6,987,982	5,736,320
Intangible Assets	15,792,738	17,044,400
Goodwill	4,696,370	4,696,370
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
Customer List	1,369,000	1,369,000
Trademarks	1,387,000	1,387,000
Non-Compete	183,000	183,000
The C-Thru Ruler Company
Customer List	1,050,000	1,050,000
Spill Magic
Customer List	3,965,000	3,965,000
Trademarks	1,034,000	1,034,000
Non-Compete	$ 67,111	$ 67,111

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense - patents and trademarks	$ 1,251,662	$ 1,217,525
Estimated aggregate amortization expense:
2020	1,236,796
2021	1,234,971
2022	1,231,686
2023	1,227,488
2024	$ 1,222,299

Other Accrued Liabilities (Deta

Other Accrued Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Customer Rebates	$ 4,849,081	$ 3,395,511
Pension Liability	44,667	147,099
Accrued Compensation	1,695,464	370,477
Dividend Payable	402,318	402,158
Other	1,617,020	853,283
Total other accrued liabilities	$ 8,608,550	$ 5,168,528

Pension and Profit Sharing (Det

Pension and Profit Sharing (Details Narrative) - USD ($)	12 Months Ended
Pension and Profit Sharing (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Company contributions to plan		$ 14,413
Expected long-term rate of return on plan assets		6.00%	6.00%
Net actuarial gain (loss)		$ (46,288)	$ 71,338
Prior service cost		$ 25,000	$ 33,000
Company contributions to 401k plan		50.00%	50.00%
Employee contributions to profit 401k plan		6.00%	6.00%
Total contribution expense		$ 309,922	$ 271,541
Forecast
Defined Benefit Plan Disclosure [Line Items]
Net actuarial gain (loss)	$ (74,720)
Prior service cost	$ 543

Pension and Profit Sharing - Pl

Pension and Profit Sharing - Plan Asset Allocation (Details)	Dec. 31, 2019	Dec. 31, 2018
Plan asset weighted average allocation	100.00%	100.00%
Equity Securities
Plan asset weighted average allocation	66.00%	65.00%
Fixed Income Securities
Plan asset weighted average allocation	32.00%	33.00%
Other Securities/Investments
Plan asset weighted average allocation	2.00%	2.00%

Pension and Profit Sharing - Pe

Pension and Profit Sharing - Pension Plan Assets by Fair Value Hierarchy (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension plan assets	$ 1,028,649	$ 1,013,831	$ 1,249,825
Level 1
Pension plan assets	184,731	182,831
Level 2
Pension plan assets	843,918	831,000
Money Market Fund
Pension plan assets	16,794	17,324
Money Market Fund \| Level 1
Pension plan assets	31	4
Money Market Fund \| Level 2
Pension plan assets	16,763	17,320
Equity Common and Collected Funds
Pension plan assets	682,869	663,957
Equity Common and Collected Funds \| Level 1
Pension plan assets	102,030	99,616
Equity Common and Collected Funds \| Level 2
Pension plan assets	580,839	564,371
Fixed Income Common and Collected Funds
Pension plan assets	328,986	332,520
Fixed Income Common and Collected Funds \| Level 1
Pension plan assets	82,670	83,211
Fixed Income Common and Collected Funds \| Level 2
Pension plan assets	$ 246,316	$ 249,309

Pension and Profit Sharing - Be

Pension and Profit Sharing - Benefit Obligation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Assumptions used to determine benefit obligation:
Discount rate	2.74%	3.87%
Changes in benefit obligation:
Benefit obligation at beginning of year	$ (1,160,930)	$ (1,362,867)
Interest cost	(41,841)	(39,851)
Service cost	(25,000)	(33,000)
Actuarial (loss) gain	(46,288)	71,338
Benefits and plan expenses paid	200,743	203,450
Benefit obligation at end of year:	$ (1,073,316)	$ (1,160,930)

Pension And Profit Sharing - Ch

Pension And Profit Sharing - Changes In Plan Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Changes in plan assets:
Fair value of plan assets at beginning of year	$ 1,013,831	$ 1,249,825
Actual return on plan assets	201,148	(57,651)
Employer contribution	14,413	25,107
Benefits and plan expenses paid	(200,743)	(203,450)
Fair value of plan assets at end of year	1,028,649	1,013,831
Funded status:	$ (44,667)	$ (147,099)

Pension and Profit Sharing - Am

Pension and Profit Sharing - Amounts Recognized in Other Comprehensive Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Compensation And Retirement Disclosure [Abstract]
Balance at beginning of the year	$ 689,936	$ 881,452	$ 915,495
Change in net loss	(100,530)	53,860
Amortization of actuarial loss	(90,442)	(87,360)
Amortization of prior service cost	(544)	(543)
Change recognized in other comprehensive income	(191,516)	(34,043)
Amounts recognized in accumulated other comprehensive income:
Net actuarial loss	689,398	880,370
Prior service cost	538	1,082
Total:	$ 689,936	$ 881,452	$ 915,495

Pension and Profit Sharing - _2

Pension and Profit Sharing - Periodic Benefit Cost (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Assumptions used to determine net periodic benefit cost:
Discount rate	3.87%	3.14%
Expected return on plan assets	6.00%	6.00%
Components of net benefit expense:
Service cost	$ 25,000	$ 33,000
Interest cost	41,841	39,851
Expected return on plan assets	(54,330)	(67,547)
Amortization of prior service costs	544	543
Amortization of actuarial loss	90,442	87,360
Total non-service cost	78,497	60,207
Net periodic benefit cost:	$ 103,497	$ 93,207

Pension and Profit Sharing - Es

Pension and Profit Sharing - Estimated Future Benefit Payments (Details)	Dec. 31, 2019USD ($)
Estimated future benefit payments:
2020	$ 152,000
2021	135,000
2022	120,000
2023	106,000
2024	95,000
Years 2025 - 2029	$ 332,000

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ (82,673)	$ (118,269)
State	109,593	44,315
Foreign	887,556	618,930
Total Current	914,476	544,976
Deferred:
Federal	92,446	311,608
State	22,634	76,290
Total Deferred	115,080	387,898
Total Income Tax Expense	$ 1,029,556	$ 932,874

Income Taxes - US and Foreign I

Income Taxes - US and Foreign Income Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
United States	$ 800,796	$ 1,928,627
Foreign	5,742,368	3,602,597
Total	$ 6,543,164	$ 5,531,224

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
Income Taxes (Details Narrative)	Dec. 31, 2019
Hong Kong
Hong Kong income tax rate	16.50%

Income Taxes - US Statutory Rat

Income Taxes - US Statutory Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal income taxes at 21% statutory rate	$ 1,365,124	$ 1,146,673
State and local taxes, net of federal income tax effect	109,593	95,278
Permanent items	(137,051)	(75,022)
Effect of federal rate change on deferred taxes		(111,324)
Foreign tax rate difference	(209,216)	(59,232)
Change in deferred income tax valuation allowance	(98,894)	(63,499)
Total Income Tax Expense	$ 1,029,556	$ 932,874

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred income tax liabilities:
Plant, property and equipment	$ 1,022,898	$ 847,162
Total	1,022,898	847,162
Deferred income tax assets:
Asset valuations	604,755	575,920
Pension	81,561	105,647
Other	287,115	278,948
Total	973,431	960,515
Net deferred income tax (liability) asset:	$ (49,467)
Net deferred income tax (liability) asset:		$ 113,353

Long-Term Debt and Shareholde_2

Long-Term Debt and Shareholders' Equity (Details Narrative)	1 Months Ended	12 Months Ended
Long-Term Debt and Shareholders' Equity (Details Narrative)	Oct. 31, 2017USD ($)ft²	Dec. 31, 2019USD ($)shares	Nov. 14, 2019shares	Oct. 31, 2017a
Long Term Debt And Stockholders Equity [Line Items]
Outstanding borrowings under revolving loan agreement		$ 33,240,407
Amount available for borrowing under revolving loan agreement		$ 16,759,593
Shares repurchased during period \| shares		0
Shares that may be purchased under repurchase programs \| shares		217,999
Maximum Range
Long Term Debt And Stockholders Equity [Line Items]
Shares authorized to be repurchased during period \| shares			200,000
HSBC Bank
Long Term Debt And Stockholders Equity [Line Items]
Credit facility borrowing capacity		$ 50,000,000
Credit facility interest rate		Prime Rate less 1.25%
Credit facility expiration date		May 24, 2023
Facility fee per annum		0.20%
HSBC Bank \| Prime Rate
Long Term Debt And Stockholders Equity [Line Items]
Interest rate		1.25%
First Aid Only Distribution Center
Long Term Debt And Stockholders Equity [Line Items]
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, 2019, the Company was in compliance with the covenants then in effect under the loan agreement.
Purchase price	$ 4,000,000
Area of real estate property	53,000			2.86
Variable rate mortgage interest rate	interest rate of LIBOR plus 2.5%
Monthly payment	$ 22,222
Mortgage maturity date	October 31, 2024
2020		$ 266,664
2021		266,664
2022		266,664
2023		266,664
2024		266,664
Thereafter		$ 2,111,130
First Aid Only Distribution Center \| LIBOR Rate
Long Term Debt And Stockholders Equity [Line Items]
Interest rate	2.50%

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 142,457	$ 137,321
Cutting, Sharpening and Measuring
Net sales	79,929	80,347
First Aid and Safety
Net sales	62,528	56,974
United States
Net sales	125,717	120,993
United States \| Cutting, Sharpening and Measuring
Net sales	63,189	64,019
United States \| First Aid and Safety
Net sales	62,528	56,974
Europe
Net sales	10,062	9,288
Europe \| Cutting, Sharpening and Measuring
Net sales	10,062	9,288
Europe \| First Aid and Safety
Net sales	0	0
Canada
Net sales	6,678	7,040
Canada \| Cutting, Sharpening and Measuring
Net sales	6,678	7,040
Canada \| First Aid and Safety
Net sales	$ 0	$ 0

Segment Information (Details Na

Segment Information (Details Narrative)	12 Months Ended
Segment Information (Details Narrative)	Dec. 31, 2019	Dec. 31, 2018
Segment Information Details Narrative [Abstract]
Direct import sales to total net sales ratio	14.00%	12.00%

Segment Information - Financial

Segment Information - Financial Data by Segment (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 33,872,000	$ 36,995,000	$ 40,220,000	$ 31,370,000	$ 31,130,000	$ 34,731,000	$ 39,751,000	$ 31,709,000	$ 142,457,342	$ 137,321,395
Operating income									8,429,348	7,456,906
Assets	110,748,853				109,477,786				110,748,853	109,477,786
Additions to property, plant and equipment									1,680,000	2,851,000
Depreciation and amortization									3,433,000	3,229,000
United States Segment
Net sales									125,717,000	120,993,000
Operating income									7,199,000	6,103,000
Assets	98,577,000				99,721,000				98,577,000	99,721,000
Additions to property, plant and equipment									1,646,000	2,705,000
Depreciation and amortization									3,347,000	3,153,000
Canada Segment
Net sales									6,678,000	7,040,000
Operating income									771,000	884,000
Assets	6,168,000				3,839,000				6,168,000	3,839,000
Additions to property, plant and equipment									2,000	83,000
Depreciation and amortization									16,000	9,000
Europe Segment
Net sales									10,062,000	9,288,000
Operating income									459,000	470,000
Assets	$ 6,003,000				$ 5,918,000				6,003,000	5,918,000
Additions to property, plant and equipment									32,000	63,000
Depreciation and amortization									$ 70,000	$ 67,000

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Operating Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reconciliation Of Segment Operating Income Details [Abstract]
Operating income	$ 8,429,348	$ 7,456,906
Interest expense, net	1,788,512	1,858,224
Other expense	(97,672)	(67,458)
Consolidated income before taxes	$ 6,543,164	$ 5,531,224

Segment Information - Segment R

Segment Information - Segment Revenues (Details) - USD ($)	3 Months Ended								12 Months Ended
Segment Information - Segment Revenues (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Total Revenues	$ 33,872,000	$ 36,995,000	$ 40,220,000	$ 31,370,000	$ 31,130,000	$ 34,731,000	$ 39,751,000	$ 31,709,000	$ 142,457,342	$ 137,321,395
United States
Total Revenues									124,059,000	119,573,000
Canada
Total Revenues									6,678,000	7,040,000
Europe
Total Revenues									10,062,000	9,288,000
Other International
Total Revenues									1,658,000	1,420,000
Total International
Total Revenues									$ 18,398,000	$ 17,748,000

Stock Option Plans (Details Nar

Stock Option Plans (Details Narrative) - USD ($)	12 Months Ended
Stock Option Plans (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Shares available for grant	44,875	85,000
Cash settlement of stock options	$ 1,687,782	$ 768,075
Shares related to settlement of stock options	160,586
Weighted average remaining contractual term	6 years
Stock-based compensation	$ 968,467	$ 869,055
Unrecognized compensation cost	$ 1,410,872
Unrecognized compensation cost recognition period	3 years
Weighted average fair value at the date of grant	$ 5.88	$ 5.77
Aggregate intrinsic value of outstanding options	$ 6,751,281
Aggregate intrinsic value of exercisable options	6,072,173
Aggregate intrinsic value of options exercised	$ 1,734,667
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	44,875
2005 Director Plan
Vesting term	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.
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	0
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, 2019	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options outstanding at the beginning of the year	1,434,280	1,289,080
Options granted	120,000	232,200
Options forfeited	(26,500)	(11,500)
Options exercised	(164,086)	(75,500)
Options outstanding at the end of the year	1,363,694	1,434,280
Options exercisable at the end of the year	932,094	918,405
Common stock available for future grants at the end of the year	44,875	85,000
Weighted average exercise price per share:
Granted	$ 19.88	$ 22.75
Forfeited	23.29	23.07
Exercised	10.54	11.47
Outstanding	19.08	18.07
Exercisable	$ 17.50	$ 15.15

Stock Option Plans - Summary of

Stock Option Plans - Summary of Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2019$ / sharesshares
Number outstanding \| shares	1,363,694
Number exercisable \| shares	932,094
$7.30-$10.74
Range of exercise prices, lower range	$ 7.30
Range of exercise prices, upper range	$ 10.74
Number outstanding \| shares	156,969
Options outstanding weighted-average remaining contractual life (years)	2 years
Options outstanding weighted-average exercise price	$ 10.17
Number exercisable \| shares	156,969
Options exercisable weighted-average exercise price	$ 10.17
$10.75-$16.82
Range of exercise prices, lower range	10.75
Range of exercise prices, upper range	$ 16.82
Number outstanding \| shares	242,750
Options outstanding weighted-average remaining contractual life (years)	3 years
Options outstanding weighted-average exercise price	$ 13.57
Number exercisable \| shares	242,750
Options exercisable weighted-average exercise price	$ 13.57
$16.83-$22.08
Range of exercise prices, lower range	16.83
Range of exercise prices, upper range	$ 22.08
Number outstanding \| shares	448,250
Options outstanding weighted-average remaining contractual life (years)	7 years
Options outstanding weighted-average exercise price	$ 19.52
Number exercisable \| shares	302,625
Options exercisable weighted-average exercise price	$ 19.23
$22.09-$23.97
Range of exercise prices, lower range	22.09
Range of exercise prices, upper range	$ 23.97
Number outstanding \| shares	217,700
Options outstanding weighted-average remaining contractual life (years)	9 years
Options outstanding weighted-average exercise price	$ 22.79
Number exercisable \| shares	69,425
Options exercisable weighted-average exercise price	$ 22.76
$23.98-$28.2
Range of exercise prices, lower range	23.98
Range of exercise prices, upper range	$ 28.20
Number outstanding \| shares	298,025
Options outstanding weighted-average remaining contractual life (years)	8 years
Options outstanding weighted-average exercise price	$ 24.87
Number exercisable \| shares	160,325
Options exercisable weighted-average exercise price	$ 25.07

Stock Option Plans - Assumption

Stock Option Plans - Assumptions Used to Value Option Grants (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life in years		5 years
Interest rate, minimum	1.52%	2.43%
Interest rate, maximum	2.39%	3.02%
Volatility, minimum	0.358%	0.287%
Volatility, maximum	0.375%	0.316%
Dividend yield	2.0 - 2.2%	1.8 - 2.75%
Minimum Range
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life in years	5 years
Maximum Range
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life in years	6 years

Earnings Per Share - Earnings P

Earnings Per Share - Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
Earnings Per Share - Earnings Per Share (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 978,000	$ 1,059,000	$ 2,671,000	$ 807,000	$ 591,000	$ 807,000	$ 2,436,000	$ 764,000	$ 5,513,608	$ 4,598,350
Weighted average shares outstanding									3,351,731	3,370,744
Effect of dilutive employee stock options									100,892	171,166
Denominator for dilutive earnings per share									3,452,623	3,541,910
Basic earnings per share	$ 0.29	$ 0.32	$ 0.80	$ 0.24	$ 0.18	$ 0.24	$ 0.72	$ 0.23	$ 1.65	$ 1.36
Dilutive earnings per share	$ 0.29	$ 0.30	$ 0.77	$ 0.24	$ 0.17	$ 0.23	$ 0.67	$ 0.21	$ 1.60	$ 1.30

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	12 Months Ended
Earnings Per Share (Details Narrative) - shares	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Options excluded from earnings per share calculation	705,725	692,600

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Accumulated Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accumulated other comprehensive income (loss), beginning balance	$ (2,057,985)	$ (1,633,999)
Change in net prior service credit and actuarial losses, net of tax	143,906	37,388
Translation adjustment	45,223	(461,374)
Accumulated other comprehensive income (loss), ending balance	(1,987,870)	(2,057,985)
ASU 2018-02
Adoption of ASU 2018-02	(119,014)
Foreign Currency Translation Adjustment
Accumulated other comprehensive income (loss), beginning balance	(1,518,822)	(1,057,448)
Translation adjustment	45,223	(461,374)
Accumulated other comprehensive income (loss), ending balance	(1,473,599)	(1,518,822)
Net Prior Service Credit and Actuarial Losses
Accumulated other comprehensive income (loss), beginning balance	(539,163)	(576,551)
Change in net prior service credit and actuarial losses, net of tax	143,906	37,388
Accumulated other comprehensive income (loss), ending balance	(514,271)	$ (539,163)
Net Prior Service Credit and Actuarial Losses \| ASU 2018-02
Adoption of ASU 2018-02	$ (119,014)

Quarterly Data - Quarterly Data

Quarterly Data - Quarterly Data (Details) - USD ($)	3 Months Ended								12 Months Ended
Quarterly Data - Quarterly Data (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 33,872,000	$ 36,995,000	$ 40,220,000	$ 31,370,000	$ 31,130,000	$ 34,731,000	$ 39,751,000	$ 31,709,000	$ 142,457,342	$ 137,321,395
Cost of goods sold	21,578,000	23,861,000	25,449,000	19,568,000	19,767,000	22,281,000	25,039,000	19,585,000	90,456,484	86,672,413
Gross profit	12,294,000	13,134,000	14,771,000	11,802,000	11,363,000	12,450,000	14,712,000	12,124,000	52,000,858	50,648,982
Net income	$ 978,000	$ 1,059,000	$ 2,671,000	$ 807,000	$ 591,000	$ 807,000	$ 2,436,000	$ 764,000	$ 5,513,608	$ 4,598,350
Basic earnings per share	$ 0.29	$ 0.32	$ 0.80	$ 0.24	$ 0.18	$ 0.24	$ 0.72	$ 0.23	$ 1.65	$ 1.36
Diluted earnings per share	0.29	0.30	0.77	0.24	0.17	0.23	0.67	0.21	1.60	1.30
Dividends per share	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.11	$ 0.11	$ 0.11	$ 0.48	$ 0.45

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	12 Months Ended
Leases (Details Narrative) $ in Thousands	Dec. 31, 2019USD ($)
Lessee Lease Description [Line Items]
Operating lease expense	$ 1,121
Cost of Goods Sold
Lessee Lease Description [Line Items]
Operating lease expense	400
Selling, General and Administrative Expenses
Lessee Lease Description [Line Items]
Operating lease expense	$ 700

Leases - Information Related to

Leases - Information Related to Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Leases Details [Abstract]
Operating lease cost	$ 1,121
Operating lease - cash flow	$ 1,099
Weighted-average remaining lease term	4 years
Weighted-average discount rate	5.00%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details)	Dec. 31, 2019USD ($)
Future Minimum Lease Payments:
2020	$ 1,108,000
2021	736,000
2022	467,000
2023	462,000
2024	278,000
Thereafter	295,000
Total future minimum lease payments	3,345,000
Less : imputed interest	(337,000)
Less : present value of lease liabilities - current	(1,047,498)
Present value of lease liabilities - non-current	$ 1,960,996

Subsequent Event (Details Narra

Subsequent Event (Details Narrative) $ in Millions	Jan. 07, 2020USD ($)
Subsequent Event \| First Aid Central
Subsequent Event [Line Items]
Purchase price	$ 2.1