National Presto Industries (NPK) 10-Q 12 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Apr. 02, 2017	May 01, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 2, 2017
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017
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		6,963,475

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 02, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 16,620	$ 27,034
Marketable securities	143,379	84,457
Accounts receivable, net	41,251	67,285
Inventories:
Finished goods	25,077	25,200
Work in process	81,070	66,528
Raw materials	3,634	3,675
Total inventory	109,781	95,403
Assets held for sale	4,501	58,893
Other current assets	7,537	7,423
Total current assets	323,069	340,495
PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT	101,823	101,163
Less allowance for depreciation	53,361	51,688
PROPERTY, PLANT AND EQUIPMENT, NET	48,462	49,475
GOODWILL	11,485	11,485
INTANGIBLE ASSETS, net	4,594	4,961
NOTES RECEIVABLE	6,588	6,534
DEFERRED INCOME TAXES	4,908
OTHER ASSETS	3,634	4,644
Total assets	402,740	417,594
CURRENT LIABILITIES:
Accounts payable	36,214	39,584
Federal and state income taxes	23,272	6,273
Accrued liabilities	12,321	12,244
Liabilities held for sale	90	6,253
Total current liabilities	71,897	64,354
DEFERRED INCOME TAXES		3,004
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	8,424	7,913
Retained earnings	329,953	350,203
Accumulated other comprehensive loss	(19)	(47)
Stockholders' equity before treasury stock	345,799	365,510
Treasury stock, at cost	14,956	15,274
Total stockholders' equity	330,843	350,236
Total liabilities and stockholders' equity	$ 402,740	$ 417,594

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 02, 2017	Dec. 31, 2016
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. 02, 2017	Apr. 03, 2016
Consolidated Statements Of Comprehensive Income [Abstract]
Net sales	$ 72,854	$ 65,942
Cost of sales	52,728	49,894
Gross profit	20,126	16,048
Selling and general expenses	5,760	5,827
Intangibles amortization	367	568
Operating profit	13,999	9,653
Other income	950	183
Earnings from continuing operations before provision for income taxes	14,949	9,836
Provision for income taxes from continuing operations	4,976	3,326
Earnings from continuing operations	9,973	6,510
Earnings from discontinued operations, net of tax	8,182	701
Net earnings	$ 18,155	$ 7,211
Weighted average shares outstanding:
Basic and diluted	6,981	6,964
Earnings per share, basic and diluted:
From continuing operations	$ 1.43	$ 0.94
From discontinued operations	1.17	0.10
Net earnings per share	$ 2.60	$ 1.04
Other comprehensive income, net of tax:
Unrealized gain on available-for-sale securities	$ 28	$ 5
Comprehensive income	$ 18,183	$ 7,216
Cash dividends declared and paid per common share	$ 5.50	$ 5.05

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2017	Apr. 03, 2016
Cash flows from operating activities:
Net earnings	$ 18,155	$ 7,211
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation	1,739	2,411
Intangibles amortization	367	568
Provision for doubtful accounts	5	4
Non-cash retirement plan expense	183	198
Gain on involuntary conversion of machinery and equipment	(1,580)
Gain on disposal of property, plant and equipment	(2)
Gain on divestiture of business	(10,704)
Other	67	89
Changes in operating accounts:
Accounts receivable, net	25,874	11,701
Inventories	(14,072)	(9,314)
Other assets and current assets	896	(183)
Accounts payable and accrued liabilities	(4,584)	(733)
Federal and state income taxes	9,055	1,097
Net cash provided by operating activities	25,399	13,049
Cash flows from investing activities:
Marketable securities purchased	(85,715)	(5,313)
Marketable securities - maturities and sales	26,835	1,263
Proceeds from divestiture of business, net	63,324
Purchase of property, plant and equipment	(2,257)	(629)
Sale of property, plant and equipment	1	2
Net cash provided by (used in) investing activities	2,188	(4,677)
Cash flows from financing activities:
Dividends paid	(38,405)	(35,161)
Proceeds from sale of treasury stock	519	443
Other	(115)
Net cash used in financing activities	(38,001)	(34,718)
Net decrease in cash and cash equivalents	(10,414)	(26,346)
Cash and cash equivalents at beginning of year	27,034	56,222
Cash and cash equivalents at end of year	$ 16,620	$ 29,876

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	Apr. 02, 2017
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, 2016 is summarized from audited consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2016 Annual Report on Form 10-K. Interim results for the period are not indicative of those for the year.  On January 3, 2017, the Company and its wholly-owned subsidiary, Presto Absorbent Products, Inc. (“PAPI”), entered into an asset purchase agreement wherein substantially all PAPI assets were sold and certain liabilities were assigned to Drylock Technologies, LTD. (“Drylock”) in exchange for $67,000,000 , subject to customary post-closing adjustments. The asset purchase agreement also provides for additional proceeds of $4,000,000 upon the sale of certain delayed assets, consisting of machinery and equipment that were the subject of an involuntary conversion, at a future date. As a result of this transaction, effective in the fourth quarter of 2016, the Company classified its results of operations for all periods presented to reflect its Absorbent Products business as a discontinued operation and classified the assets and liabilities of its Absorbent Products business as held for sale. See Note I for further discussion.

Reclassifications

Reclassifications	3 Months Ended
	Apr. 02, 2017
Reclassifications [Abstract]
Reclassifications	NOTE B – RECLASSIFICATIONS In addition to the reclassifications mentioned in Note A above, 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. 02, 2017
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. 02, 2017
Business Segments [Abstract]
Business Segments	NOTE D – BUSINESS SEGMENTS In the following summary, operating profit represents earnings before other 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 Assets Held for Sale Total  Quarter ended April 2, 2017  External net sales $ 20,047 $ 52,807 $ $ 72,854  Gross profit 3,169 16,957 20,126  Operating profit 547 13,452 13,999  Total assets 238,143 160,096 4,501 402,740  Depreciation and amortization 303 1,754 2,057  Capital expenditures 460 217 677   Quarter ended April 3, 2016  External net sales $ 21,396 $ 44,546 $ $ 65,942  Gross profit 4,287 11,761 16,048  Operating profit 1,214 8,439 9,653  Total assets 148,284 151,730 60,552 360,566  Depreciation and amortization 241 1,290 1,531  Capital expenditures 439 33 472  

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	3 Months Ended
	Apr. 02, 2017
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 amounts for cash and cash equivalents, accounts receivable, notes receivable, accounts payable, and accrued liabilities approximate 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. 02, 2017
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 2, 2017 and December 31, 2016, 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 2, 2017.     (In Thousands)  MARKETABLE SECURITIES  Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses  April 2, 2017  Tax-exempt Municipal Bonds $ 32,736 $ 32,707 $ 8 $ 37  Variable Rate Demand Notes 110,672 110,672 - -  Total Marketable Securities $ 143,408 $ 143,379 $ 8 $ 37   December 31, 2016  Tax-exempt Municipal Bonds $ 38,223 $ 38,151 $ 1 $ 73  Variable Rate Demand Notes 46,306 46,306 - -  Total Marketable Securities $ 84,529 $ 84,457 $ 1 $ 73  Proceeds from maturities and sales of available-for-sale securities totaled $ 26,835,000 and $ 1,263,000 for the three month periods ended April 2, 2017 and April 3, 2016, 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 $ 42,000 and $ 9,000 before taxes for the three month periods ended April 2, 2017 and April 3, 2016, 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 2, 2017 are as follows: $ 26,201,000 within one year; $ 16,234,000 beyond one year to five years; $ 5,117,000 beyond five years to ten years, and $ 95,827,000 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. 02, 2017
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 2, 2017 and December 31, 2016, $9,964,000 and $10,974,000 of such prepayments, respectively, remained unused and outstanding. At April 2, 2017 and December 31, 2016, $6,330,000 of these amounts were 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. 02, 2017
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.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Apr. 02, 2017
Discontinued Operations [Abstract]
Discontinued Operations	NOTE I – DISCONTINUED OPERATIONS On January 3, 2017, the Company and its wholly-owned subsidiary, Presto Absorbent Products, Inc. (“PAPI”), entered into an asset purchase agreement wherein substantially all PAPI assets were sold and certain liabilities were assigned to Drylock Technologies, LTD. (“Drylock”) in exchange for $67,000,000 , subject to customary post-closing adjustments. The asset purchase agreement also provides for additional proceeds of $4,000,000 upon the sale of certain delayed assets, consisting of machinery and equipment that were the subject of an involuntary conversion, at a future date. As a result of this transaction, effective in the fourth quarter of 2016, the Company classified its results of operations for all periods presented to reflect its Absorbent Products business as a discontinued operation and classified the assets and liabilities of its Absorbent Products business as held for sale. The Company’s pre-tax gain on sale of $10,704,000 , net of one-time transaction costs, was recorded in the first quarter of 2017 within earnings from discontinued operations. This amount is subject to the post-closing adjustments mentioned above.  The following table summarizes the results of the Absorbent Products business within discontinued operations for each of the periods presented:      Three Months Ended (Unaudited)  (in thousands) April 2, 2017 April 3, 2016  Net sales $ 421 $ 20,555  Cost of sales (468) (18,822)  Selling and general expenses (26) (676)  Gain on divestiture, net 10,704 -  Other income 1,648 -  Earnings from discontinued operations before provision for income taxes 12,279 1,057  Provision for income taxes from discontinued operations 4,097 356  Earnings from discontinued operations, net of tax $ 8,182 $ 701  The following table summarizes the major classes of assets and liabilities of the Absorbent Products business held for sale for each of the periods presented:       (in thousands) April 2, 2017 (Unaudited) December 31,2016  Accounts receivable, net $ 1,934 $ 13,781  Inventories - 10,747  Property, plant and equipment, net 2,567 34,365  Assets held for sale $ 4,501 $ 58,893   Accounts payable $ 77 $ 5,245  Accrued liabilities 13 1,008  Liabilities held for sale $ 90 $ 6,253  The Consolidated Statements of Cash Flows do not present the cash flows from discontinued operations separately from cash flows from continuing operations. Cash provided by (used in) operating activities from discontinued operations was $(5, 196 ,000) and $ 1,0 2 0 ,000 for the three months ended April 2, 2017 and April 3, 2016, respectively. Cash provided by (used in) investing activities related to discontinued operations was $61,744,000 and $(157,000) for the three months ended April 2, 2017 and April 3, 2016, respectively.  In connection with the asset purchase agreement discussed above, the Company entered into a 10 -year lease agreement with Drylock for a portion of its manufacturing and warehouse facilities. The lease agreement provides for total annual payments of $1,288,000 initially and provides Drylock an option for early termination of the lease after the initial five years and an option to modify the space subject to the agreement. The agreement also allows for adjustments to the rental payments based on certain price indices. The Company has also entered into a transition services agreement with Drylock which is expected to continue through the end of 2017.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Apr. 02, 2017
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	NOTE J – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates the performance of Step 2 from the goodwill impairment test. In performing its annual or interim impairment testing, an entity will instead compare the fair value of the reporting unit with its carrying amount and recognize any impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The standard is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements.  In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 80 5 ): Clarifying the Definition of a Business , which provides guidance in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted under certain circumstances. The Company does not expect the adoption of ASU 2017-01 to have a material impact on its consolidated financial statements.  In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 provides guidance on the following eight specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-15 to have a material impact on its consolidated financial statements.  In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 provides guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance requires a modified retrospective transition method and early adoption is permitted. The Company does not expect the adoption of ASU 2016-13 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 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 expects to adopt ASU 2014-09 as of January 1, 2018, and continues to deliberate on the transition method. While the Company’s evaluation of the impact of the standard is ongoing, representative samples of existing revenue contracts have been considered. The Company continues to evaluate if there will be any effect on the timing and pattern of revenue recognition, and additional disclosures may be required. The Company will continue assessing the impact of ASU 2014-09 on its consolidated financial statements through the date of adoption.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Apr. 02, 2017
Business Segments [Abstract]
Summary Of Business Segments Information	   (in thousands)  Housewares / Small Appliances Defense Products Assets Held for Sale Total  Quarter ended April 2, 2017  External net sales $ 20,047 $ 52,807 $ $ 72,854  Gross profit 3,169 16,957 20,126  Operating profit 547 13,452 13,999  Total assets 238,143 160,096 4,501 402,740  Depreciation and amortization 303 1,754 2,057  Capital expenditures 460 217 677   Quarter ended April 3, 2016  External net sales $ 21,396 $ 44,546 $ $ 65,942  Gross profit 4,287 11,761 16,048  Operating profit 1,214 8,439 9,653  Total assets 148,284 151,730 60,552 360,566  Depreciation and amortization 241 1,290 1,531  Capital expenditures 439 33 472  

Cash, Cash Equivalents And Ma17

Cash, Cash Equivalents And Marketable Securities (Tables)	3 Months Ended
	Apr. 02, 2017
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 2, 2017  Tax-exempt Municipal Bonds $ 32,736 $ 32,707 $ 8 $ 37  Variable Rate Demand Notes 110,672 110,672 - -  Total Marketable Securities $ 143,408 $ 143,379 $ 8 $ 37   December 31, 2016  Tax-exempt Municipal Bonds $ 38,223 $ 38,151 $ 1 $ 73  Variable Rate Demand Notes 46,306 46,306 - -  Total Marketable Securities $ 84,529 $ 84,457 $ 1 $ 73 

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Apr. 02, 2017
Discontinued Operations [Abstract]
Results of discontinued operations and schedule of major classes of assets and liabilities	The following table summarizes the results of the Absorbent Products business within discontinued operations for each of the periods presented:      Three Months Ended (Unaudited)  (in thousands) April 2, 2017 April 3, 2016  Net sales $ 421 $ 20,555  Cost of sales (468) (18,822)  Selling and general expenses (26) (676)  Gain on divestiture, net 10,704 -  Other income 1,648 -  Earnings from discontinued operations before provision for income taxes 12,279 1,057  Provision for income taxes from discontinued operations 4,097 356  Earnings from discontinued operations, net of tax $ 8,182 $ 701  The following table summarizes the major classes of assets and liabilities of the Absorbent Products business held for sale for each of the periods presented:       (in thousands) April 2, 2017 (Unaudited) December 31,2016  Accounts receivable, net $ 1,934 $ 13,781  Inventories - 10,747  Property, plant and equipment, net 2,567 34,365  Assets held for sale $ 4,501 $ 58,893   Accounts payable $ 77 $ 5,245  Accrued liabilities 13 1,008  Liabilities held for sale $ 90 $ 6,253 

Basis Of Presentation (Narrativ

Basis Of Presentation (Narrative) (Details) - USD ($) $ in Thousands	Jan. 03, 2017	Dec. 31, 2017
Proceeds from sale	$ 67,000
Scenario, Forecast [Member]
Proceeds from sale		$ 4,000

Business Segments (Schedule Of

Business Segments (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2017	Apr. 03, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
External net sales	$ 72,854	$ 65,942
Gross profit	20,126	16,048
Operating profit	13,999	9,653
Total assets	402,740	360,566	$ 417,594
Depreciation and amortization	2,057	1,531
Capital expenditures	677	472
Housewares/ Small Appliances [Member]
Segment Reporting Information [Line Items]
External net sales	20,047	21,396
Gross profit	3,169	4,287
Operating profit	547	1,214
Total assets	238,143	148,284
Depreciation and amortization	303	241
Capital expenditures	460	439
Defense Products [Member]
Segment Reporting Information [Line Items]
External net sales	52,807	44,546
Gross profit	16,957	11,761
Operating profit	13,452	8,439
Total assets	160,096	151,730
Depreciation and amortization	1,754	1,290
Capital expenditures	217	33
Discontinued Operations Held-for-sale [Member]
Segment Reporting Information [Line Items]
Total assets	$ 4,501	$ 60,552

Cash, Cash Equivalents And Ma21

Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) - USD ($)	3 Months Ended
	Apr. 02, 2017	Apr. 03, 2016
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	26,835,000	$ 1,263,000
Gross gains or losses related to sales of marketable securities	0	0
Net unrealized gains (losses) included in accumulated other comprehensive income, before taxes	42,000	9,000
Contractual maturities of marketable securities within 1 year	26,201,000
Contractual maturities of marketable securities, years 2-5	16,234,000
Contractual maturities of marketable securities, years 6-10	5,117,000
Contractual maturities of marketable securities, after 10 years	$ 95,827,000
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 Ma22

Cash, Cash Equivalents And Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($) $ in Thousands	Apr. 02, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	$ 143,408	$ 84,529
MARKETABLE SECURITIES, Fair Value	143,379	84,457
MARKETABLE SECURITIES, Gross Unrealized Gains	8	1
MARKETABLE SECURITIES, Gross Unrealized Losses	37	73
Tax-Exempt Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	32,736	38,223
MARKETABLE SECURITIES, Fair Value	32,707	38,151
MARKETABLE SECURITIES, Gross Unrealized Gains	8	1
MARKETABLE SECURITIES, Gross Unrealized Losses	37	73
Variable Rate Demand Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	110,672	46,306
MARKETABLE SECURITIES, Fair Value	$ 110,672	$ 46,306

Other Assets (Narrative) (Detai

Other Assets (Narrative) (Details) - Housewares/ Small Appliances [Member] - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2017	Dec. 31, 2016
Expected prepayment utilization period	3 years
Other Assets [Member]
Materials Prepayments	$ 9,964	$ 10,974
Other Current Assets [Member]
Materials Prepayments	$ 6,330	$ 6,330

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands	Jan. 03, 2017	Apr. 02, 2017	Apr. 03, 2016	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	$ 67,000
Gain on divestiture of business, net		$ 10,704
Cash provided by (used in) operating activities of discontinued operations		(5,196)	$ 1,020
Cash provided by (used in) investing activities related to discontinued operations		$ 61,744	$ (157)
Term of lease		10 years
Early termination term		5 years
Scenario, Forecast [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale				$ 4,000
Discontinued Operations Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on divestiture of business, net		$ 10,704
Discontinued Operations Held-for-sale [Member] | Scenario, Forecast [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total annual lease payments				$ 1,288

Discontinued Operations (Summar

Discontinued Operations (Summary Of Results) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2017	Apr. 03, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	$ 72,854	$ 65,942
Cost of sales	(52,728)	(49,894)
Selling and general expenses	(5,760)	(5,827)
Gain on divestiture of business, net	10,704
Other income	950	183
Earnings from discontinued operations, net of tax	8,182	701
Discontinued Operations Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	421	20,555
Cost of sales	(468)	(18,822)
Selling and general expenses	(26)	(676)
Gain on divestiture of business, net	10,704
Other income	1,648
Earnings from discontinued operations before provision for income taxes	12,279	1,057
Provision for income taxes from discontinued operations	4,097	356
Earnings from discontinued operations, net of tax	$ 8,182	$ 701

Discontinued Operations (Summ26

Discontinued Operations (Summary of Major Classes of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Apr. 02, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	$ 41,251	$ 67,285
Inventories	109,781	95,403
Property, Plant and equipment, net	48,462	49,475
Accounts payable	36,214	39,584
Accrued liabilities	12,321	12,244
Discontinued Operations Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	1,934	13,781
Inventories		10,747
Property, Plant and equipment, net	2,567	34,365
Assets held for sale	4,501	58,893
Accounts payable	77	5,245
Accrued liabilities	13	1,008
Liabilities held for sale	$ 90	$ 6,253