National Presto Industries (NPK) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jul. 05, 2015	Aug. 01, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 5, 2015
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015
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		6,931,011
Entity Current Reporting Status	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 05, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 49,805	$ 54,043
Marketable securities	21,705	22,404
Accounts receivable, net	50,274	68,752
Inventories:
Finished goods	34,697	30,308
Work in process	52,886	50,569
Raw materials and supplies	9,505	8,181
Total inventory	97,088	89,058
Deferred tax assets	6,623	6,623
Income tax receivable		1,668
Other current assets	9,337	9,671
Total current assets	234,832	252,219
PROPERTY, PLANT AND EQUIPMENT	173,625	171,264
Less allowance for depreciation	80,257	75,721
PROPERTY, PLANT AND EQUIPMENT, NET	93,368	95,543
GOODWILL	11,485	11,485
INTANGIBLE ASSETS, net	7,361	10,644
NOTE RECEIVABLE	3,880	3,818
OTHER ASSETS	12,321	4,650
Total assets	363,247	378,359
CURRENT LIABILITIES:
Accounts payable	29,634	32,948
Federal and state income taxes	127
Accrued liabilities	13,734	15,680
Total current liabilities	43,495	48,628
DEFERRED INCOME TAXES	$ 4,291	$ 4,288
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	6,376	5,906
Retained earnings	317,532	328,417
Accumulated other comprehensive income (loss)	3	(3)
Stockholders' Equity before Treasury Stock	331,352	341,761
Treasury stock, at cost	15,891	16,318
Total stockholders' equity	315,461	325,443
Total liabilities and stockholders' equity	$ 363,247	$ 378,359

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 05, 2015	Dec. 31, 2014
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		6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014	Jul. 05, 2015	Jun. 29, 2014
Consolidated Statements Of Comprehensive Income [Abstract]
Net sales	$ 102,371	$ 88,312	$ 203,370	$ 174,866
Cost of sales	81,938	72,170	162,058	143,004
Gross profit	20,433	16,142	41,312	31,862
Selling and general expenses	5,782	6,440	11,943	12,735
Intangibles amortization	888	3,381	3,282	5,824
Operating profit	13,763	6,321	26,087	13,303
Other income	101	148	176	312
Earnings before provision for income taxes	13,864	6,469	26,263	13,615
Provision for income taxes	4,744	2,298	9,034	4,754
Net earnings	$ 9,120	$ 4,171	$ 17,229	$ 8,861
Weighted average common shares outstanding:
Basic and diluted	6,951	6,929	6,947	6,925
Net earnings per share:
Basic and diluted	$ 1.31	$ 0.60	$ 2.48	$ 1.28
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale securities	$ (1)	$ (1)	$ 6	$ 3
Comprehensive income	$ 9,119	$ 4,170	$ 17,235	$ 8,864
Cash dividends declared and paid per common share	$ 0	$ 0	$ 4.05	$ 5.05

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014
Cash flows from operating activities:
Net earnings	$ 17,229	$ 8,861
Adjustments to reconcile net earnings to net cash provided by operating activities, net of acquisition related assets:
Provision for depreciation	5,029	4,713
Intangibles amortization	3,282	5,824
Provision for doubtful accounts	77	360
Noncash retirement plan expense	399	202
Other	91	61
Changes in:
Accounts receivable	18,401	42,475
Inventories	(8,030)	(13,477)
Other assets and current assets	(7,337)	2,080
Accounts payable and accrued liabilities	(5,250)	(11,606)
Federal and state income taxes	1,791	(5,826)
Net cash provided by operating activities	25,682	33,667
Cash flows from investing activities:
Marketable securities purchased	(3,640)	(1,208)
Marketable securities - maturities and sales	4,349	14,388
Purchase of property, plant and equipment	(2,855)	(4,953)
Acquisition of businesses, net of cash acquired		(10,534)
Sale of property, plant and equipment	22	300
Net cash used in investing activities	(2,124)	(2,007)
Cash flows from financing activities:
Dividends paid	(28,114)	(34,954)
Proceeds from sale of treasury stock	323	362
Other	(5)
Net cash used in financing activities	(27,796)	(34,592)
Net decrease in cash and cash equivalents	(4,238)	(2,932)
Cash and cash equivalents at beginning of period	54,043	22,953
Cash and cash equivalents at end of period	$ 49,805	$ 20,021

Basis Of Presentation

Basis Of Presentation	6 Months Ended
	Jul. 05, 2015
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, 2014 is summarized from consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2014 Annual Report on Form 10-K. Interim results for the period are not indicative of those for the year.

Reclassifications

Reclassifications	6 Months Ended
	Jul. 05, 2015
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	6 Months Ended
	Jul. 05, 2015
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	6 Months Ended
	Jul. 05, 2015
Business Segments [Abstract]
Business Segments	NOTE D – BUSINESS SEGMENTS In the following summary, operating profit represents earnings before oth er 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 ar e included within the Housewares/Small Appliances segment for all periods presented. (in thousands) Housewares / Small Appliances Defense Products Absorbent Products Total Quarter ended July 5, 2015 External net sales $ $ $ $ Gross profit (loss) Operating profit (loss) Total assets Depreciation and amortization Capital expenditures Quarter ended June 29, 2014 External net sales $ $ $ $ Gross profit (loss) Operating profit (loss) Total assets Depreciation and amortization Capital expenditures (in thousands) Housewares/ Small Defense Absorbent Appliances Products Products Total Six Months ended July 5, 2015 External net sales $ $ $ $ Gross profit (loss) Operating profit (loss) Total assets Depreciation and amortization Capital expenditures Six Months ended June 29, 2014 External net sales $ $ $ $ Gross profit (loss) Operating profit (loss) Total assets Depreciation and amortization Capital expenditures

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	6 Months Ended
	Jul. 05, 2015
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	6 Months Ended
	Jul. 05, 2015
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 July 5, 2015 and December 31, 2014, 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 six months ended July 5, 2015. (In Thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses July 5, 2015 Tax-exempt Municipal Bonds $ $ $ $ Variable Rate Demand Notes - - Total Marketable Securities $ $ $ $ December 31, 2014 Tax-exempt Municipal Bonds $ $ $ $ Variable Rate Demand Notes - - Total Marketable Securities $ $ $ $ Proceeds from maturities and sales of available-for-sale secu rities totaled $ 511,000 and $ 4,476,000 for the three month periods ended July 5, 2015 and June 29, 2014, respectively, and totaled $4,349,000 and $14,388,000 for the six month periods then ended, respectively. There were no gross gains or losses related to sales of marketable secur ities during the same periods. Net unrealized gains (losses) included in other comprehensive income were $ (2,000) and $ (1,000) before taxes for the three month periods ended July 5, 2015 and June 29, 2014, respectively, and were $10,000 and $5,000 before taxes for the six month periods then ended, respectively. No unrealized gains or losses were r eclassified out of accumulated other comprehensive income during the same periods. The contra ctual maturities of the marketable securities held at July 5, 2015 are as follows: $ 5,042,000 within one year; $ 4,281,000 beyond one year to five years; $ 7,796,000 beyond five years to ten years, and $ 4,586,000 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 e xtent a tender is not honored, the notes become immediately due and payable.

Other Assets

Other Assets	6 Months Ended
	Jul. 05, 2015
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 July 5, 2015 and December 31, 2014, $19,623,000 and $13,018,000 of such prepayments, respectively, remained unused and outstanding. At July 5, 2015 and December 31, 2014, $7,302,000 and $8,369,000 of these amounts, respectively, 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	6 Months Ended
	Jul. 05, 2015
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.

Business Acquisition

Business Acquisition	6 Months Ended
	Jul. 05, 2015
Business Acquisition [Abstract]
Business Acquisition	NOTE I – BUSINESS ACQUISITION On January 24, 2014, AMTEC Corporation, a wholly-owned subsidiary of the Company, purchased substantially all of the assets of Chemring Energetic Devices, Inc.’s business located in Clear Lake, South Dakota, and all of the real property owned by Technical Ordnance Realty, LLC. The Clear Lake facility is a manufacturer of detonators, booster pellets, release cartridges, lead azide, and other military energetic devices and materials. Its major customers include U.S. and foreign government agencies, AMTEC Corporation, and other defense contractors. The acquisition of the Clear Lake facility complement s the Defense segment’s existing line of products. The total consideration transferred was $10,534,000 , consisting of $10,000,000 of cash paid at closing, and an additional cash payment of $534,000 , which was made during the second quarter of 2014. The acquisition was accounted for under the acquisition method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been recorded to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition. The carrying values for current assets and liabilities were deemed to approximate their fair values due to the short-term nature of these assets and liabilities. The following table shows the amounts recorded as of the acquisition date. (in thousands) Receivables $ Inventory Other current assets Property, plant and equipment Total assets acquired Less: Current liabilities assumed Net assets acquired $ The amount shown above for receivables represents the gross accounts receivable from the sales of goods, net of an allowance for doubtful accounts of $20,000 . The Company’s statement of comprehensive income includes revenue and earnings from the acquired facility of $ 3 , 992 ,000 and $55 0 ,000 , respectively, for the second quarter of 2014, and $6,007,000 and $705,000 , respectively, for the period starting from the date of acquisition through the end of the second quarter of 2014 . The following unaudited pro forma condensed consolidated results of operations has been prepared as if the acquisition had occurred as of the first day of the fi s cal year prior to the fiscal year in which the acquisition was completed. (unaudited) (in thousands, except per share data) Quarter Ended Six Months Ended June 29, 2014 June 29, 2014 Net sales $ $ Net earnings Net earnings per share (basic and diluted) $ $ Weighted average shares outstanding (basic and diluted) The unaudited pro forma financial information presented above is not intended to represent or be indicative of what would have occurred if the transactions had taken place on the dates presented and is not indicative of what the Company’s actual results of operations would have been had the acquisitions been completed at the beginning of the periods indicated above. Further, the pro forma combined results reflect o ne-time costs to fully merge and operate the combined organization more efficiently, but do not reflect anticipated synergies expected to result from the combination and should not be relied upon as being indicative of the future results that the Company will experience.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jul. 05, 2015
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	NOTE J – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENT S In July 2015, the FASB issued Accounting Standards Update (“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, 201 7 . 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)	6 Months Ended
	Jul. 05, 2015
Business Segments [Abstract]
Summary Of Business Segments Information	(in thousands) Housewares / Small Appliances Defense Products Absorbent Products Total Quarter ended July 5, 2015 External net sales $ $ $ $ Gross profit (loss) Operating profit (loss) Total assets Depreciation and amortization Capital expenditures Quarter ended June 29, 2014 External net sales $ $ $ $ Gross profit (loss) Operating profit (loss) Total assets Depreciation and amortization Capital expenditures (in thousands) Housewares/ Small Defense Absorbent Appliances Products Products Total Six Months ended July 5, 2015 External net sales $ $ $ $ Gross profit (loss) Operating profit (loss) Total assets Depreciation and amortization Capital expenditures Six Months ended June 29, 2014 External net sales $ $ $ $ Gross profit (loss) Operating profit (loss) Total assets Depreciation and amortization Capital expenditures

Cash, Cash Equivalents And Ma17

Cash, Cash Equivalents And Marketable Securities (Tables)	6 Months Ended
	Jul. 05, 2015
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 July 5, 2015 Tax-exempt Municipal Bonds $ $ $ $ Variable Rate Demand Notes - - Total Marketable Securities $ $ $ $ December 31, 2014 Tax-exempt Municipal Bonds $ $ $ $ Variable Rate Demand Notes - - Total Marketable Securities $ $ $ $

Business Acquisition (Tables)

Business Acquisition (Tables)	6 Months Ended
	Jul. 05, 2015
Business Acquisition [Abstract]
Summary of Assets Acquired and Liabilities Assumed in a Business Combination	(in thousands) Receivables $ Inventory Other current assets Property, plant and equipment Total assets acquired Less: Current liabilities assumed Net assets acquired $
Summary Pro Forma Results of Operations for a Material Business Acquisition	(unaudited) (in thousands, except per share data) Quarter Ended Six Months Ended June 29, 2014 June 29, 2014 Net sales $ $ Net earnings Net earnings per share (basic and diluted) $ $ Weighted average shares outstanding (basic and diluted)

Business Segments (Schedule Of

Business Segments (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014	Jul. 05, 2015	Jun. 29, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
External net sales	$ 102,371	$ 88,312	$ 203,370	$ 174,866
Gross profit (loss)	20,433	16,142	41,312	31,862
Operating profit (loss)	13,763	6,321	26,087	13,303
Total assets	363,247	357,017	363,247	357,017	$ 378,359
Depreciation and amortization	3,432	5,756	8,311	10,537
Capital expenditures	1,302	1,085	2,855	4,953
Housewares/ Small Appliances [Member]
Segment Reporting Information [Line Items]
External net sales	21,963	21,949	45,256	41,312
Gross profit (loss)	4,413	4,408	9,253	8,197
Operating profit (loss)	1,932	1,438	3,958	2,382
Total assets	156,591	140,963	156,591	140,963
Depreciation and amortization	234	243	469	485
Capital expenditures	847	155	979	319
Defense Products [Member]
Segment Reporting Information [Line Items]
External net sales	62,646	50,367	122,324	98,656
Gross profit (loss)	16,465	13,200	32,553	24,505
Operating profit (loss)	13,102	7,019	24,176	13,046
Total assets	142,780	152,475	142,780	152,475
Depreciation and amortization	1,582	4,020	4,617	7,128
Capital expenditures	90	287	124	889
Absorbent Products [Member]
Segment Reporting Information [Line Items]
External net sales	17,762	15,996	35,790	34,898
Gross profit (loss)	(445)	(1,466)	(494)	(840)
Operating profit (loss)	(1,271)	(2,136)	(2,047)	(2,125)
Total assets	63,876	63,579	63,876	63,579
Depreciation and amortization	1,616	1,493	3,225	2,924
Capital expenditures	$ 365	$ 643	$ 1,752	$ 3,745

Cash, Cash Equivalents And Ma20

Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014	Jul. 05, 2015	Jun. 29, 2014
Cash, Cash Equivalents And Marketable Securities [Line Items]
Transfers into Level 2	$ 0		$ 0
Transfers out of Level 2	0		0
Proceeds from sales of available-for-sale securities	511,000	$ 4,476,000	4,349,000	$ 14,388,000
Gross gains or losses related to sales of marketable securities	0	0	0	0
Net unrealized losses included in accumulated other comprehensive income, before taxes	(2,000)	(1,000)	10,000	5,000
Contractual maturities of marketable securities within 1 year	5,042,000		5,042,000
Contractual maturities of marketable securities, years 2-5	4,281,000		4,281,000
Contractual maturities of marketable securities, years 6-10	7,796,000		7,796,000
Contractual maturities of marketable securities, after 10 years	4,586,000		$ 4,586,000
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	$ 0	$ 0

Cash, Cash Equivalents And Ma21

Cash, Cash Equivalents And Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($) $ in Thousands	Jul. 05, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	$ 21,700	$ 22,409
MARKETABLE SECURITIES, Fair Value	21,705	22,404
MARKETABLE SECURITIES, Gross Unrealized Gains	6	5
MARKETABLE SECURITIES, Gross Unrealized Losses	1	10
Tax-Exempt Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	8,923	8,809
MARKETABLE SECURITIES, Fair Value	8,928	8,804
MARKETABLE SECURITIES, Gross Unrealized Gains	6	5
MARKETABLE SECURITIES, Gross Unrealized Losses	1	10
Variable Rate Demand Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	12,777	13,600
MARKETABLE SECURITIES, Fair Value	$ 12,777	$ 13,600

Other Assets (Narrative) (Detai

Other Assets (Narrative) (Details) - Housewares/ Small Appliances [Member] - USD ($) $ in Thousands	6 Months Ended
	Jul. 05, 2015	Dec. 31, 2014
Expected prepayment utilization period	3 years
Other Assets [Member]
Materials Prepayments	$ 19,623	$ 13,018
Other Current Assets [Member]
Materials Prepayments	$ 7,302	$ 8,369

Business Acquisition (Narrative

Business Acquisition (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 24, 2014	Jul. 05, 2015	Jun. 29, 2014	Jul. 05, 2015	Jun. 29, 2014
Business Acquisition [Line Items]
Net sales		$ 102,371	$ 88,312	$ 203,370	$ 174,866
Tech Ord [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 10,534
Cash Paid to Acquire Business	10,000		534
Estimated Amount of Acquired Receivable Uncollectible	$ 20
Revenue of Acquiree Included in Consolidated Income Statement Since Acquisition Date			3,992		6,007
Earnings (Loss) of Acquiree Included in Consolidated Income Statement Since Acquisition Date			$ 550		$ 705

Business Acquisition (Schedule

Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) - Tech Ord [Member] $ in Thousands	Jan. 24, 2014USD ($)
Business Acquisition [Line Items]
Receivables	$ 1,498
Inventory	4,688
Other Current Assets	28
Property, Plant and Equipment	4,800
Total Assets Acquired	11,014
Less: Current Liabilities Assumed	480
Net Assets Acquired	$ 10,534

Business Acquisition (Schedul25

Business Acquisition (Schedule of Pro Forma Results of Operations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 05, 2015	Jun. 29, 2014	Jul. 05, 2015	Jun. 29, 2014
Business Acquisition [Line Items]
Basic and diluted	6,951	6,929	6,947	6,925
Tech Ord [Member]
Business Acquisition [Line Items]
Net Sales		$ 88,312		$ 175,501
Net Earnings		$ 4,171		$ 8,581
Net earnings per share (basic and diluted)		$ 0.60		$ 1.24
Basic and diluted		6,929		6,925