National Presto Industries (NPK) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Apr. 04, 2021	May 14, 2021
Document Information [Line Items]
Entity Central Index Key	0000080172
Entity Registrant Name	NATIONAL PRESTO INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 4, 2021
Document Transition Report	false
Entity File Number	1-2451
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0494170
Entity Address, Address Line One	3925 North Hastings Way
Entity Address, City or Town	Eau Claire
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54703-3703
City Area Code	715
Local Phone Number	839-2121
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	NPK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,035,994

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Apr. 04, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 65,121	$ 86,036
Marketable securities	52,092	68,981
Accounts receivable, net	48,117	53,667
Inventories:
Finished goods	35,858	31,440
Work in process	96,912	96,463
Raw materials	8,340	7,585
Total inventory	141,110	135,488
Notes receivable, current	2,870	2,869
Other current assets	10,290	10,199
Total current assets	319,600	357,240
PROPERTY, PLANT AND EQUIPMENT	97,613	96,488
Less allowance for depreciation	60,054	59,375
PROPERTY, PLANT AND EQUIPMENT, NET	37,559	37,113
GOODWILL	15,317	15,317
INTANGIBLE ASSETS, net	2,785	2,838
NOTES RECEIVABLE	7,455	7,399
RIGHT-OF-USE LEASE ASSETS	3,223	3,363
DEFERRED INCOME TAXES	3,007	2,994
OTHER ASSETS	6,285	6,906
Assets, Total	395,231	433,170
CURRENT LIABILITIES:
Accounts payable	27,682	33,474
Federal and state income taxes	7,435	4,777
Lease liabilities	581	573
Accrued liabilities	15,832	16,268
Total current liabilities	51,530	55,092
LEASE LIABILITIES - NON-CURRENT	2,642	2,790
OTHER NON-CURRENT LIABILITIES	940	940
Total liabilities	55,112	58,822
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	13,006	12,438
Retained earnings	332,538	367,627
Accumulated other comprehensive income	105	154
Stockholders' Equity before Treasury Stock	353,090	387,660
Treasury stock, at cost	12,971	13,312
Total stockholders' equity	340,119	374,348
Liabilities and Equity, Total	$ 395,231	$ 433,170

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Apr. 04, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	12,000,000	12,000,000
Common stock, issued (in shares)	7,440,518	7,440,518

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Net sales	$ 81,027	$ 65,636
Cost of sales	62,666	49,519
Gross profit	18,361	16,117
Selling and general expenses	7,364	6,794
Intangibles amortization	54	60
Operating profit	10,943	9,263
Other income	700	1,267
Earnings before provision for income taxes	11,643	10,530
Provision for income taxes	2,650	2,308
Net earnings	$ 8,993	$ 8,222
Weighted average shares outstanding:
Basic and diluted (in shares)	7,053	7,028
us-gaap_EarningsPerShareAbstract
Basic and diluted (in dollars per share)	$ 1.28	$ 1.17
Comprehensive income:
Net earnings	$ 8,993	$ 8,222
Other comprehensive income, net of tax:
Unrealized (loss) gain on available-for-sale securities	(49)	93
Comprehensive income	$ 8,944	$ 8,315
Cash dividends declared and paid per common share (in dollars per share)	$ 6.25	$ 6

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Cash flows from operating activities:
Net earnings	$ 8,993,000	$ 8,222,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation	677,000	694,000
Intangibles amortization	54,000	60,000
Non-cash retirement plan expense	206,000	0
Other	211,000	400,000
Changes in operating accounts:
Accounts receivable, net	5,550,000	(2,225,000)
Inventories	(5,622,000)	(1,703,000)
Other assets and current assets	530,000	(1,501,000)
Accounts payable and accrued liabilities	(6,228,000)	4,703,000
Federal and state income taxes	2,428,000	1,934,000
Net cash provided by operating activities	6,799,000	10,584,000
Cash flows from investing activities:
Marketable securities purchased	0	(14,211,000)
Marketable securities - maturities and sales	16,951,000	9,111,000
Purchase of property, plant and equipment	(1,124,000)	(357,000)
Net cash provided by (used in) investing activities	15,827,000	(5,457,000)
Cash flows from financing activities:
Dividends paid	(44,083,000)	(42,172,000)
Proceeds from sale of treasury stock	572,000	528,000
Other	(30,000)	(27,000)
Net cash used in financing activities	(43,541,000)	(41,671,000)
Net decrease in cash and cash equivalents	(20,915,000)	(36,544,000)
Cash and cash equivalents at beginning of period	86,036,000	79,579,000
Cash and cash equivalents at end of period	$ 65,121,000	$ 43,035,000

Consolidated Statements Of Stoc

Consolidated Statements Of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance (in shares) at Dec. 31, 2019	7,006
Balance at Dec. 31, 2019	$ 7,441	$ 11,447	$ 362,842	$ 136	$ (13,909)	$ 367,957
Net earnings			8,222			8,222
Unrealized gain on available-for-sale securities, net of tax				93		93
Dividends paid			(42,172)			(42,172)
Other (in shares)	10
Other		281			309	590
Balance (in shares) at Mar. 29, 2020	7,016
Balance at Mar. 29, 2020	$ 7,441	11,728	328,892	229	(13,600)	334,690
Balance (in shares) at Dec. 31, 2020	7,025
Balance at Dec. 31, 2020	$ 7,441	12,438	367,627	154	(13,312)	374,348
Net earnings			8,993			8,993
Unrealized gain on available-for-sale securities, net of tax				(49)		(49)
Dividends paid			(44,083)			(44,083)
Other (in shares)	11
Other		568			341	910
Balance (in shares) at Apr. 04, 2021	7,036
Balance at Apr. 04, 2021	$ 7,441	$ 13,006	$ 332,538	$ 105	$ (12,971)	$ 340,119

Consolidated Statements Of St_2

Consolidated Statements Of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Regular dividends per share (in dollars per share)	$ 1	$ 1
Extra dividends per share (in dollars per share)	$ 5.25	$ 5

Note A - Basis of Presentation

Note A - Basis of Presentation	3 Months Ended
	Apr. 04, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	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 of the adjustments which were necessary for a fair presentation of the results of the interim periods. The condensed consolidated balance sheet as of December 31, 2020 not 2020 10 not

Note B - General

Note B - General	3 Months Ended
	Apr. 04, 2021
Notes to Financial Statements
Unusual or Infrequent Items, or Both, Disclosure [Text Block]	NOTE B – GENERAL Government responses to the COVID- 19 19 19 2021  In response to the government mandated COVID- 19 March 27, 2020. not three April 4, 2021.

Note C - Revenues

Note C - Revenues	3 Months Ended
	Apr. 04, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE C – REVENUES The Company’s revenues are derived from short-term contracts and programs that are typically completed within 3 to 24 months and are recognized in accordance with Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 606, Revenue from Contracts with Customers one  The Company's contracts in the Defense segment are primarily with the U.S. Department of Defense (DOD) and DOD prime contractors. As a consequence, this segment's business essentially depends on the product needs and governmental funding of the DOD. Substantially all of the work performed by the Defense segment directly or indirectly for the DOD is performed on a fixed-price basis. Under fixed-price contracts, the price paid to the contractor is awarded based on competition at the outset of the contract and therefore, with the exception of limited escalation provisions on specific materials, is generally not  For the Housewares/Small Appliance segment, revenue is generally recognized as the completed, ordered product is shipped to the customer from the Company’s warehouses. For the relatively few situations in which revenue should be recognized when product is received by the customer, the Company adjusts revenue accordingly. For the Defense segment, revenue is primarily recognized when the customer has legal title and formally documents that it has accepted the products. There are also certain termination clauses in Defense segment contracts that may may one four not no The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the Company’s Condensed Consolidated Balance Sheets. For the Defense segment, the Company occasionally receives advances or deposits from certain customers before revenue is recognized, resulting in contract liabilities. These advances or deposits do not April 4, 2021 December 31, 2020 three April 4, 2021 three April 4, 2021 March 29, 2020 no April 4, 2021 December 31, 2020 one  The Company’s principal sources of revenue are derived from three segments: Housewares/Small Appliance, Defense, and Safety, as shown in Note E. Management utilizes the performance measures by segment to evaluate the financial performance of and make operating decisions for the Company.

Note D - Earnings Per Share

Note D - Earnings Per Share	3 Months Ended
	Apr. 04, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE D – 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.

Note E - Business Segments

Note E - Business Segments	3 Months Ended
	Apr. 04, 2021
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE E – 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  (in thousands) Housewares / Small Appliances Defense Safety Total Quarter ended April 4, 2021 External net sales $ 26,505 $ 54,455 $ 67 $ 81,027 Gross profit (loss) 4,791 13,904 (334 ) 18,361 Operating profit (loss) 961 11,245 (1,263 ) 10,943 Total assets 203,865 168,502 22,864 395,231 Depreciation and amortization 292 381 58 731 Capital expenditures 130 899 95 1,124 Quarter ended March 29, 2020 External net sales $ 19,812 $ 45,780 $ 44 $ 65,636 Gross profit (loss) 3,264 13,247 (394 ) 16,117 Operating profit (loss) (54 ) 10,669 (1,352 ) 9,263 Total assets 198,769 165,317 19,573 383,659 Depreciation and amortization 237 431 86 754 Capital expenditures 206 151 0 357 

Note F - Fair Value of Financia

Note F - Fair Value of Financial Instruments	3 Months Ended
	Apr. 04, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE F - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company utilizes the methods of fair value as described in FASB ASC 820, Fair Value Measurements and Disclosures, 820 three 1, 2, 3, no  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. See Note G for fair value information on marketable securities.

Note G - Cash, Cash Equivalents

Note G - Cash, Cash Equivalents And Marketable Securities	3 Months Ended
	Apr. 04, 2021
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	NOTE G - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES The Company considers all highly liquid marketable securities with an original maturity of three may 1, 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  At April 4, 2021 December 31, 2020 2, FASB ASC 820, not  (In Thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses April 4, 2021 Tax-exempt Municipal Bonds $ 26,309 $ 26,442 $ 133 $ - Variable Rate Demand Notes 25,650 25,650 - - Total Marketable Securities $ 51,959 $ 52,092 $ 133 $ - December 31, 2020 Tax-exempt Municipal Bonds $ 42,817 $ 43,013 $ 196 $ - Variable Rate Demand Notes 25,968 25,968 - - Total Marketable Securities $ 68,785 $ 68,981 $ 196 $ -  Proceeds from maturities and sales of available-for-sale securities totaled $16,951,000 and $9,111,000 for the three April 4, 2021 March 29, 2020 three April 4, 2021 March 29, 2020  The contractual maturities of the marketable securities held at April 4, 2021 one one five five ten ten five seven not

Note H - Other Assets

Note H - Other Assets	3 Months Ended
	Apr. 04, 2021
Notes to Financial Statements
Other Assets Disclosure [Text Block]	NOTE H – 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 two April 4, 2021 December 31, 2020 April 4, 2021 December 31, 2020 twelve

Note I - Leases

Note I - Leases	3 Months Ended
	Apr. 04, 2021
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE I – LEASES The Company accounts for leases under ASC Topic 842, one  The Company’s leases as lessee in its Defense segment provide for variable lease payments that are based on changes in the Consumer Price Index. As lessor, the Company’s primary lease also provides for variable lease payments that are based on changes in the Consumer Price Index, as well as on increases in costs of insurance, real estate taxes, and utilities related to the leased space. Generally, all of the Company’s lease contracts provide for options to extend and terminate them. The majority of lease terms of the Company’s lease contracts reflect extension options, while none  The Company has determined that the rates implicit in its leases are not 12 Topic 842 3 Months Ending 3 Months Ending Summary of Lease Cost (in thousands) April 4, 2021 March 29, 2020 Operating lease cost $ 185 $ 178 Short-term and variable lease cost 110 98 Total lease cost $ 295 $ 276 Operating cash used for operating leases was $295,000 and $276,000 for the three April 4, 2021 March 29, 2020, April 4, 2021  Maturities of operating lease liabilities are as follows: Years ending December 31: (In thousands) 2021 (remaining nine months) $ 558 2022 745 2023 599 2024 497 2025 426 Thereafter 1,067 Total lease payments $ 3,892 Less: future interest expense 669 Lease liabilities $ 3,223   Lease income from operating lease payments was $493,000 and $492,000 for the quarters ended April 4, 2021 March 29, 2020  Years ending December 31: (In thousands) 2021 (remaining nine months) $ 1,392 2022 1,843 2023 1,837 2024 1,837 2025 1,837 Thereafter 12,859 Total lease payments $ 21,605  The Company considers risk associated with the residual value of its leased real property to be low, given the nature of the long-term lease agreement, the Company’s ability to control the maintenance of the property, and the creditworthiness of the lessee. The residual value risk is further mitigated by the long-lived nature of the property, and the propensity of such assets to hold their value or, in some cases, appreciate in value.

Note J - Commitments and Contin

Note J - Commitments and Contingencies	3 Months Ended
	Apr. 04, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE J – 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 In the state of Mississippi, inventory that is shipped out of state that is held in a licensed Free Port Warehouse is exempt from personal property taxes. One of the Company's subsidiaries operates in Hinds County, Mississippi. That subsidiary has submitted its Hinds County Free Port Warehouse tax filing for approximately 40 June 2020, no seven not 450 Contingencies April 4, 2021. 

Note M - Recently Issued Accoun

Note M - Recently Issued Accounting Pronouncements	3 Months Ended
	Apr. 04, 2021
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE K – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes 740, Income Taxes December 15, 2020. 2019 12 not 

Note E - Business Segments (Tab

Note E - Business Segments (Tables)	3 Months Ended
	Apr. 04, 2021
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	(in thousands) Housewares / Small Appliances Defense Safety Total Quarter ended April 4, 2021 External net sales $ 26,505 $ 54,455 $ 67 $ 81,027 Gross profit (loss) 4,791 13,904 (334 ) 18,361 Operating profit (loss) 961 11,245 (1,263 ) 10,943 Total assets 203,865 168,502 22,864 395,231 Depreciation and amortization 292 381 58 731 Capital expenditures 130 899 95 1,124 Quarter ended March 29, 2020 External net sales $ 19,812 $ 45,780 $ 44 $ 65,636 Gross profit (loss) 3,264 13,247 (394 ) 16,117 Operating profit (loss) (54 ) 10,669 (1,352 ) 9,263 Total assets 198,769 165,317 19,573 383,659 Depreciation and amortization 237 431 86 754 Capital expenditures 206 151 0 357

Note G - Cash, Cash Equivalen_2

Note G - Cash, Cash Equivalents And Marketable Securities (Tables)	3 Months Ended
	Apr. 04, 2021
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	(In Thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses April 4, 2021 Tax-exempt Municipal Bonds $ 26,309 $ 26,442 $ 133 $ - Variable Rate Demand Notes 25,650 25,650 - - Total Marketable Securities $ 51,959 $ 52,092 $ 133 $ - December 31, 2020 Tax-exempt Municipal Bonds $ 42,817 $ 43,013 $ 196 $ - Variable Rate Demand Notes 25,968 25,968 - - Total Marketable Securities $ 68,785 $ 68,981 $ 196 $ -

Note I - Leases (Tables)

Note I - Leases (Tables)	3 Months Ended
	Apr. 04, 2021
Notes Tables
Lease, Cost [Table Text Block]	3 Months Ending 3 Months Ending Summary of Lease Cost (in thousands) April 4, 2021 March 29, 2020 Operating lease cost $ 185 $ 178 Short-term and variable lease cost 110 98 Total lease cost $ 295 $ 276
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Years ending December 31: (In thousands) 2021 (remaining nine months) $ 558 2022 745 2023 599 2024 497 2025 426 Thereafter 1,067 Total lease payments $ 3,892 Less: future interest expense 669 Lease liabilities $ 3,223
Operating Lease, Lease Income [Table Text Block]	Years ending December 31: (In thousands) 2021 (remaining nine months) $ 1,392 2022 1,843 2023 1,837 2024 1,837 2025 1,837 Thereafter 12,859 Total lease payments $ 21,605

Note C - Revenues 1 (Details Te

Note C - Revenues 1 (Details Textual)	3 Months Ended
	Apr. 04, 2021USD ($)	Apr. 01, 2021	Mar. 29, 2020USD ($)	Dec. 31, 2020USD ($)
Number of Operating Segments	3
Defense [Member]
Contract with Customer, Liability, Current	$ 1,764,000			$ 4,723,000
Contract with Customer, Liability, Revenue Recognized	3,102,000		$ 0
Revenue, Remaining Performance Obligation, Amount	$ 459,385,000			$ 320,214,000
Minimum [Member]
Revenue Contract Period (Month)		3 months
Maximum [Member]
Revenue Contract Period (Month)		24 months

Note C - Revenues 2 (Details Te

Note C - Revenues 2 (Details Textual) - Defense [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-05	Apr. 04, 2021
Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month)	18 months
Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month)	24 months

Note E - Business Segments - Se

Note E - Business Segments - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020	Dec. 31, 2020
External net sales	$ 81,027	$ 65,636
Gross profit (loss)	18,361	16,117
Operating profit (loss)	10,943	9,263
Total assets	395,231	383,659	$ 433,170
Depreciation and amortization	731	754
Capital expenditures	1,124	357
Housewares/Small Appliances [Member] | Operating Segments [Member]
External net sales	26,505	19,812
Gross profit (loss)	4,791	3,264
Operating profit (loss)	961	(54)
Total assets	203,865	198,769
Depreciation and amortization	292	237
Capital expenditures	130	206
Defense [Member] | Operating Segments [Member]
External net sales	54,455	45,780
Gross profit (loss)	13,904	13,247
Operating profit (loss)	11,245	10,669
Total assets	168,502	165,317
Depreciation and amortization	381	431
Capital expenditures	899	151
Safety [Member] | Operating Segments [Member]
External net sales	67	44
Gross profit (loss)	(334)	(394)
Operating profit (loss)	(1,263)	(1,352)
Total assets	22,864	19,573
Depreciation and amortization	58	86
Capital expenditures	$ 95	$ 0

Note G - Cash, Cash Equivalen_3

Note G - Cash, Cash Equivalents And Marketable Securities (Details Textual) - USD ($)	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale, Total	$ 16,951,000	$ 9,111,000
Debt Securities, Available-for-sale, Realized Gain (Loss), Total	0
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax	(62,000)	$ 118,000
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value	23,312,000
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value	3,129,000
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value	725,000
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value	24,926,000
AOCI Attributable to Parent [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax, Total	$ 0

Note G - Cash, Cash Equivalen_4

Note G - Cash, Cash Equivalents And Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Dec. 31, 2020
Amortized Cost	$ 51,959	$ 68,785
Fair Value	52,092	68,981
Gross Unrealized Gains	133	196
Gross Unrealized Losses	0	0
Nontaxable Municipal Bonds [Member]
Amortized Cost	26,309	42,817
Fair Value	26,442	43,013
Gross Unrealized Gains	133	196
Gross Unrealized Losses	0	0
Variable Rate Demand Obligation [Member]
Amortized Cost	25,650	25,968
Fair Value	25,650	25,968
Gross Unrealized Gains	0	0
Gross Unrealized Losses	$ 0	$ 0

Note H - Other Assets (Details

Note H - Other Assets (Details Textual) - USD ($)	3 Months Ended
	Apr. 04, 2021	Dec. 31, 2020
Expected Prepayment Utilization Period (Year)	2 years
Other Current Assets [Member]
Materials, Supplies, and Other	$ 4,674,000	$ 4,311,000
Housewares/Small Appliances [Member]
Materials, Supplies, and Other	$ 10,959,000	$ 11,217,000

Note I - Leases (Details Textua

Note I - Leases (Details Textual) - USD ($)	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Operating Lease, Payments	$ 295,000	$ 276,000
Operating Lease, Weighted Average Remaining Lease Term (Year)	6 years 8 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	5.60%
Operating Lease, Lease Income, Lease Payments	$ 493,000	$ 492,000

Note I - Leases - Lease Cost (D

Note I - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Operating lease cost	$ 185	$ 178
Short-term and variable lease cost	110	98
Total lease cost	$ 295	$ 276

Note I - Leases - Lease Maturit

Note I - Leases - Lease Maturities (Details) $ in Thousands	Apr. 04, 2021USD ($)
2021 (remaining nine months)	$ 558
2022	745
2023	599
2024	497
2025	426
Thereafter	1,067
Total lease payments	3,892
Less: future interest expense	669
Lease liabilities	$ 3,223

Note I - Leases - Operating Lea

Note I - Leases - Operating Lease Income (Details) $ in Thousands	Apr. 04, 2021USD ($)
2021 (remaining nine months)	$ 1,392
2022	1,843
2023	1,837
2024	1,837
2025	1,837
Thereafter	12,859
Total lease payments	$ 21,605

Note J - Commitments and Cont_2

Note J - Commitments and Contingencies (Details Textual) - Property Tax Assessment [Member] - USD ($)	1 Months Ended
	Jun. 30, 2020	Apr. 04, 2021
Loss Contingency, Damages Sought, Value	$ 2,506,000
Loss Contingency Accrual, Ending Balance		$ 0