Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 03, 2016 | May. 01, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 3, 2016 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 | |
Entity Registrant Name | NATIONAL PRESTO INDUSTRIES INC | |
Entity Central Index Key | 80,172 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 6,944,373 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 03, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 29,876 | $ 56,222 |
Marketable securities | 36,318 | 32,259 |
Accounts receivable, net | 55,823 | 67,528 |
Inventories: | ||
Finished goods | 34,064 | 32,585 |
Work in process | 65,104 | 57,484 |
Raw materials and supplies | 8,768 | 8,553 |
Total inventory | 107,936 | 98,622 |
Other current assets | 7,566 | 6,961 |
Total current assets | 237,519 | 261,592 |
PROPERTY, PLANT AND EQUIPMENT: | ||
PROPERTY, PLANT AND EQUIPMENT | 178,124 | 177,628 |
Less allowance for depreciation | 88,602 | 86,322 |
PROPERTY, PLANT AND EQUIPMENT, NET | 89,522 | 91,306 |
GOODWILL | 11,485 | 11,485 |
INTANGIBLE ASSETS, net | 4,903 | 5,471 |
NOTE RECEIVABLE | 3,972 | 3,940 |
DEFERRED INCOME TAXES | 3,333 | 3,336 |
OTHER ASSETS | 9,832 | 10,254 |
Total assets | 360,566 | 387,384 |
CURRENT LIABILITIES: | ||
Accounts payable | 31,464 | 32,536 |
Federal and state income taxes | 3,314 | 2,196 |
Accrued liabilities | 13,737 | 13,398 |
Total current liabilities | $ 48,515 | $ 48,130 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock, $1 par value: Authorized: 12,000,000 shares; Issued: 7,440,518 shares | $ 7,441 | $ 7,441 |
Paid-in capital | 7,239 | 6,775 |
Retained earnings | 312,849 | 340,799 |
Accumulated other comprehensive loss | (4) | (9) |
Stockholders' Equity before Treasury Stock | 327,525 | 355,006 |
Treasury stock, at cost | 15,474 | 15,752 |
Total stockholders' equity | 312,051 | 339,254 |
Total liabilities and stockholders' equity | $ 360,566 | $ 387,384 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 03, 2016 | Dec. 31, 2015 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 12,000,000 | 12,000,000 |
Common stock, shares issued | 7,440,518 | 7,440,518 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Apr. 05, 2015 | |
Consolidated Statements Of Comprehensive Income [Abstract] | ||
Net sales | $ 86,497 | $ 100,999 |
Cost of sales | 68,716 | 80,120 |
Gross profit | 17,781 | 20,879 |
Selling and general expenses | 6,503 | 6,161 |
Intangibles amortization | 568 | 2,394 |
Operating profit | 10,710 | 12,324 |
Other income, principally interest | 183 | 75 |
Earnings before provision for income taxes | 10,893 | 12,399 |
Provision for income taxes | 3,682 | 4,290 |
Net earnings | $ 7,211 | $ 8,109 |
Weighted average common shares outstanding: | ||
Basic and diluted | 6,964 | 6,943 |
Net earnings per share: | ||
Basic and diluted | $ 1.04 | $ 1.17 |
Other comprehensive income, net of tax: | ||
Unrealized gain on available-for-sale securities | $ 5 | $ 7 |
Comprehensive income | $ 7,216 | $ 8,116 |
Cash dividends declared and paid per common share | $ 5.05 | $ 4.05 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Apr. 05, 2015 | |
Cash flows from operating activities: | ||
Net earnings | $ 7,211 | $ 8,109 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Provision for depreciation | 2,411 | 2,485 |
Intangibles amortization | 568 | 2,394 |
Provision for doubtful accounts | 4 | 6 |
Noncash retirement plan expense | 198 | 231 |
Other | 89 | 38 |
Changes in: | ||
Accounts receivable | 11,701 | 17,400 |
Inventories | (9,314) | (4,171) |
Other assets and current assets | (183) | (8,737) |
Accounts payable and accrued liabilities | (733) | (1,194) |
Federal and state income taxes | 1,097 | 6,256 |
Net cash provided by operating activities | 13,049 | 22,817 |
Cash flows from investing activities: | ||
Marketable securities purchased | (5,313) | (2,015) |
Marketable securities - maturities and sales | 1,263 | 3,838 |
Purchase of property, plant and equipment | (629) | (1,553) |
Sale of property, plant and equipment | 2 | 22 |
Net cash provided by (used in) investing activities | (4,677) | 292 |
Cash flows from financing activities: | ||
Dividends paid | (35,161) | (28,114) |
Proceeds from sale of treasury stock | 443 | 323 |
Other | (5) | |
Net cash used in financing activities | (34,718) | (27,796) |
Net decrease in cash and cash equivalents | (26,346) | (4,687) |
Cash and cash equivalents at beginning of period | 56,222 | 54,043 |
Cash and cash equivalents at end of period | $ 29,876 | $ 49,356 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Apr. 03, 2016 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | NOTE A – BASIS OF PRESENTATION The consolidated interim financial statements included herein are unaudited and have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management of the Company, the consolidated interim financial statements reflect all the adjustments which were of a normal recurring nature necessary for a fair presentation of the results of the interim periods. The condensed consolidated balance sheet as of December 31, 2015 is summarized from audited consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2015 Annual Report on Form 10-K. Interim results for the period are not indicative of those for the year. |
Reclassifications
Reclassifications | 3 Months Ended |
Apr. 03, 2016 | |
Reclassifications [Abstract] | |
Reclassifications | NOTE B – RECLASSIFICATIONS Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s financial statement presentation. These reclassifications did not affect net earnings or stockholders’ equity as previously reported. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Apr. 03, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE C – EARNINGS PER SHARE Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share also includes the dilutive effect of additional potential common shares issuable. Unvested stock awards, which contain non-forfeitable rights to dividends whether paid or unpaid (“participating securities”), are included in the number of shares outstanding for both basic and diluted earnings per share calculations. |
Business Segments
Business Segments | 3 Months Ended |
Apr. 03, 2016 | |
Business Segments [Abstract] | |
Business Segments | NOTE D – BUSINESS SEGMENTS In the following summary, operating profit represents earnings before other income, principally interest income and income taxes. The Company's segments operate discretely from each other with no shared manufacturing facilities. Costs associated with corporate activities (such as cash and marketable securities management) and the assets associated with such activities are included within the Housewares/Small Appliances segment for all periods presented. (in thousands) Housewares / Small Appliances Defense Products Absorbent Products Total Quarter ended April 3, 2016 External net sales $ 21,396 $ 44,546 $ 20,555 $ 86,497 Gross profit 4,606 11,761 1,414 17,781 Operating profit 1,698 8,439 573 10,710 Total assets 148,284 151,730 60,552 360,566 Depreciation and amortization 241 1,290 1,448 2,979 Capital expenditures 439 33 157 629 Quarter ended April 5, 2015 External net sales $ 23,293 $ 59,678 $ 18,028 $ 100,999 Gross profit (loss) 4,840 16,088 (49) 20,879 Operating profit (loss) 2,026 11,074 (776) 12,324 Total assets 148,600 144,208 65,301 358,109 Depreciation and amortization 235 3,035 1,609 4,879 Capital expenditures 132 34 1,387 1,553 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Apr. 03, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | NOTE E - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company utilizes the methods of fair value as described in Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures, to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amount for cash and cash equivalents, accounts receivable, note receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments. |
Cash, Cash Equivalents And Mark
Cash, Cash Equivalents And Marketable Securities | 3 Months Ended |
Apr. 03, 2016 | |
Cash, Cash Equivalents And Marketable Securities [Abstract] | |
Cash, Cash Equivalents And Marketable Securities | NOTE F - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents. Cash equivalents include money market funds. The Company deposits its cash in high quality financial institutions. The balances, at times, may exceed federally insured limits. Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 820). The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at estimated fair value, with unrealized gains and losses, net of tax, reported as a separate component of stockholders' equity. Highly liquid, tax-exempt variable rate demand notes with put options exercisable in three months or less are classified as marketable securities. At April 3, 2016 and December 31, 2015, cost for marketable securities was determined using the specific identification method. A summary of the amortized costs and fair values of the Company’s marketable securities at the end of the periods presented is shown in the following table. All of the Company’s marketable securities are classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable. There were no transfers into or out of Level 2 during the three months ended April 3, 2016. (In Thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses April 3, 2016 Tax-exempt Municipal Bonds $ 23,242 $ 23,236 $ 6 $ 12 Variable Rate Demand Notes 13,082 13,082 - - Total Marketable Securities $ 36,324 $ 36,318 $ 6 $ 12 December 31, 2015 Tax-exempt Municipal Bonds $ 20,129 $ 20,115 $ 4 $ 18 Variable Rate Demand Notes 12,144 12,144 - - Total Marketable Securities $ 32,273 $ 32,259 $ 4 $ 18 Proceeds from maturities and sales of available-for-sale securities totaled $ 1,263,000 and $ 3,838,000 for the three month periods ended April 3, 2016 and April 5, 2015, respectively. There were no gross gains or losses related to sales of marketable securities during the same periods. Net unrealized gains included in other comprehensive income were $ 9,000 and $ 12,000 before taxes for the three month periods ended April 3, 2016 and April 5, 2015, respectively. No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the same periods. The contractual maturities of the marketable securities held at April 3, 2016 are as follows: $ 15,054,000 within one year; $ 11,336,000 beyond one year to five years; $ 5,551,000 beyond five years to ten years, and $ 4,377,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which can be tendered for cash at par plus interest within seven days. Despite the stated contractual maturity date, to the extent a tender is not honored, the notes become immediately due and payable. |
Other Assets
Other Assets | 3 Months Ended |
Apr. 03, 2016 | |
Other Assets [Abstract] | |
Other Assets | NOTE G – OTHER ASSETS Other Assets includes prepayments that are made from time to time by the Company for certain materials used in the manufacturing process in the Housewares/Small Appliances segment. The Company expects to utilize the prepayments and related materials over an estimated period of up to three years. As of April 3, 2016 and December 31, 2015, $15,832,000 and $16,254,000 of such prepayments, respectively, remained unused and outstanding. At April 3, 2016 and December 31, 2015, $6,000,000 of these amounts are included in Other Current Assets, representing the Company’s best estimate of the expected utilization of the prepayments and related materials during the twelve-month periods following those dates. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Apr. 03, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | NOTE H – COMMITMENTS AND CONTINGENCIES The Company is involved in largely routine litigation incidental to its business. Management believes the ultimate outcome of the litigation will not have a material effect on the Company's consolidated financial position, liquidity, or results of operations. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Apr. 03, 2016 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Recently Issued Accounting Pronouncements | NOTE I – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . ASU 2016-09 provides guidance that simplifies some provisions in stock compensation accounting for tax consequences related to stock payments and amends how excess tax benefits and payments to cover the tax liabilities of award recipients should be classified. ASU 2016-09 also allows an entity to elect an accounting policy for forfeitures and revises the withholding requirements for classifying stock awards as equity. The guidance is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company does not expect the adoption of ASU 2016-09 to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. The guidance is effective for reporting periods (interim and annual) beginning after December 15, 2017. The Company does not expect the adoption of ASU 2016-01 to have a material effect on its consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . ASU 2015-16 requires the acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . ASU 2015-11 requires inventory to be measured at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 does not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method, but applies to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. ASU 2015-11 is effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-11 to have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. It is effective for annual reporting periods beginning after December 15, 2017. Early adoption is permitted as of annual reporting periods beginning after December 15, 2016. The amendment may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements, but does not expect the impact to be material. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
Business Segments [Abstract] | |
Summary Of Business Segments Information | (in thousands) Housewares / Small Appliances Defense Products Absorbent Products Total Quarter ended April 3, 2016 External net sales $ 21,396 $ 44,546 $ 20,555 $ 86,497 Gross profit 4,606 11,761 1,414 17,781 Operating profit 1,698 8,439 573 10,710 Total assets 148,284 151,730 60,552 360,566 Depreciation and amortization 241 1,290 1,448 2,979 Capital expenditures 439 33 157 629 Quarter ended April 5, 2015 External net sales $ 23,293 $ 59,678 $ 18,028 $ 100,999 Gross profit (loss) 4,840 16,088 (49) 20,879 Operating profit (loss) 2,026 11,074 (776) 12,324 Total assets 148,600 144,208 65,301 358,109 Depreciation and amortization 235 3,035 1,609 4,879 Capital expenditures 132 34 1,387 1,553 |
Cash, Cash Equivalents And Ma16
Cash, Cash Equivalents And Marketable Securities (Tables) | 3 Months Ended |
Apr. 03, 2016 | |
Cash, Cash Equivalents And Marketable Securities [Abstract] | |
Summary Of The Amortized Costs And Fair Values Of Marketable Securities | (In Thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses April 3, 2016 Tax-exempt Municipal Bonds $ 23,242 $ 23,236 $ 6 $ 12 Variable Rate Demand Notes 13,082 13,082 - - Total Marketable Securities $ 36,324 $ 36,318 $ 6 $ 12 December 31, 2015 Tax-exempt Municipal Bonds $ 20,129 $ 20,115 $ 4 $ 18 Variable Rate Demand Notes 12,144 12,144 - - Total Marketable Securities $ 32,273 $ 32,259 $ 4 $ 18 |
Business Segments (Schedule Of
Business Segments (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 03, 2016 | Apr. 05, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
External net sales | $ 86,497 | $ 100,999 | |
Gross profit (loss) | 17,781 | 20,879 | |
Operating profit (loss) | 10,710 | 12,324 | |
Total assets | 360,566 | 358,109 | $ 387,384 |
Depreciation and amortization | 2,979 | 4,879 | |
Capital expenditures | 629 | 1,553 | |
Housewares/ Small Appliances [Member] | |||
Segment Reporting Information [Line Items] | |||
External net sales | 21,396 | 23,293 | |
Gross profit (loss) | 4,606 | 4,840 | |
Operating profit (loss) | 1,698 | 2,026 | |
Total assets | 148,284 | 148,600 | |
Depreciation and amortization | 241 | 235 | |
Capital expenditures | 439 | 132 | |
Defense Products [Member] | |||
Segment Reporting Information [Line Items] | |||
External net sales | 44,546 | 59,678 | |
Gross profit (loss) | 11,761 | 16,088 | |
Operating profit (loss) | 8,439 | 11,074 | |
Total assets | 151,730 | 144,208 | |
Depreciation and amortization | 1,290 | 3,035 | |
Capital expenditures | 33 | 34 | |
Absorbent Products [Member] | |||
Segment Reporting Information [Line Items] | |||
External net sales | 20,555 | 18,028 | |
Gross profit (loss) | 1,414 | (49) | |
Operating profit (loss) | 573 | (776) | |
Total assets | 60,552 | 65,301 | |
Depreciation and amortization | 1,448 | 1,609 | |
Capital expenditures | $ 157 | $ 1,387 |
Cash, Cash Equivalents And Ma18
Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) - USD ($) | 3 Months Ended | |
Apr. 03, 2016 | Apr. 05, 2015 | |
Cash, Cash Equivalents And Marketable Securities [Line Items] | ||
Transfers into Level 2 | $ 0 | |
Transfers out of Level 2 | 0 | |
Proceeds from sales of available-for-sale securities | 1,263,000 | $ 3,838,000 |
Gross gains or losses related to sales of marketable securities | 0 | 0 |
Net unrealized gains included in accumulated other comprehensive income, before taxes | 9,000 | 12,000 |
Contractual maturities of marketable securities within 1 year | 15,054,000 | |
Contractual maturities of marketable securities, years 2-5 | 11,336,000 | |
Contractual maturities of marketable securities, years 6-10 | 5,551,000 | |
Contractual maturities of marketable securities, after 10 years | $ 4,377,000 | |
Marketable securities liquidation period | 7 days | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Cash, Cash Equivalents And Marketable Securities [Line Items] | ||
Reclassification out of AOCI | $ 0 | $ 0 |
Cash, Cash Equivalents And Ma19
Cash, Cash Equivalents And Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($) $ in Thousands | Apr. 03, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | $ 36,324 | $ 32,273 |
MARKETABLE SECURITIES, Fair Value | 36,318 | 32,259 |
MARKETABLE SECURITIES, Gross Unrealized Gains | 6 | 4 |
MARKETABLE SECURITIES, Gross Unrealized Losses | 12 | 18 |
Tax-Exempt Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | 23,242 | 20,129 |
MARKETABLE SECURITIES, Fair Value | 23,236 | 20,115 |
MARKETABLE SECURITIES, Gross Unrealized Gains | 6 | 4 |
MARKETABLE SECURITIES, Gross Unrealized Losses | 12 | 18 |
Variable Rate Demand Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | 13,082 | 12,144 |
MARKETABLE SECURITIES, Fair Value | $ 13,082 | $ 12,144 |
Other Assets (Narrative) (Detai
Other Assets (Narrative) (Details) - Housewares/ Small Appliances [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 03, 2016 | Dec. 31, 2015 | |
Expected prepayment utilization period | 3 years | |
Other Assets [Member] | ||
Materials Prepayments | $ 15,832 | $ 16,254 |
Other Current Assets [Member] | ||
Materials Prepayments | $ 6,000 | $ 6,000 |