National Presto Industries (NPK) 10-Q/A 18 Nov 19 2019 Q1 Quarterly report (amended) Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 01, 2019
Document And Entity Information [Abstract]
Document Type	10-Q/A
Trading Symbol	npk
Document Period End Date	Mar. 31, 2019
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019
Entity Registrant Name	NATIONAL PRESTO INDUSTRIES INC
Entity Central Index Key	0000080172
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		6,995,045
Entity Small Business	false
Entity Emerging Growth Company	false
Amendment Flag	true
Amendment Description	EXPLANATORY NOTE National Presto, Inc. (the "Company") is filing this Amendment No. 1 to its Form 10-Q for the quarter ended March 31, 2019 to revise its conclusion on the effectiveness of the Company's disclosure controls and procedures and internal controls over financial reporting following an inspection by the Public Company Accounting Oversight Board ("PCAOB") of BDO USA LLP's ("BDO") audit of the Company's financial statements for the year ended December 31, 2018, as further explained in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 23, 2019. The revised conclusions did not result in any material adjustments to the Company's consolidated financial statements for the quarter ended March 31, 2019 originally filed with the SEC on May 10, 2019 (the "Original Form 10-Q"), with the exception of some language in Note C to the Company's Consolidated Financial Statements, remains unchanged. Note C has been revised solely to indicate that for the Defense Segment, revenue is primarily recognized when the customer has legal title and formally documents that it has accepted the products. Except as described above and the inclusion of new certifications of management, this Amendment does not amend, update or change the financial statements or any other disclosures in the Original Form 10-Q and does not reflect events occurring after the filing of the Original Form 10-Q. Accordingly, this Amendment No. 1 should be read in conjunction with the Original 10-Q and the Company's filings with the SEC subsequent to the date of the Original Form 10-Q.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 61,735	$ 56,847
Marketable securities	97,767	134,598
Accounts receivable, net	36,511	52,372
Inventories:
Finished goods	26,169	28,791
Work in process	67,690	59,580
Raw materials	6,309	5,617
Total inventory	100,168	93,988
Assets held for sale		375
Notes receivable, current	7,245	7,213
Other current assets	6,850	6,869
Total current assets	310,276	352,262
PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT	98,601	96,094
Less allowance for depreciation	57,900	56,951
PROPERTY, PLANT AND EQUIPMENT, NET	40,701	39,143
GOODWILL	11,485	11,485
INTANGIBLE ASSETS, net	1,000	1,000
NOTES RECEIVABLE	7,019	6,966
RIGHT-OF-USE LEASE ASSETS	3,832
DEFERRED INCOME TAXES	1,069	1,088
OTHER ASSETS	1,159	1,674
Total assets	376,541	413,618
CURRENT LIABILITIES:
Accounts payable	26,510	34,100
Federal and state income taxes	3,113	1,384
Lease liabilities	539
Accrued liabilities	12,417	12,011
Total current liabilities	42,579	47,495
LEASE LIABILITIES - NON-CURRENT	3,293
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	10,692	10,360
Retained earnings	326,574	362,709
Accumulated other comprehensive income	90	21
Stockholders' equity before treasury stock	344,797	380,531
Less treasury stock, at cost	14,128	14,408
Total stockholders' equity	330,669	366,123
Total liabilities and stockholders' equity	$ 376,541	$ 413,618

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
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	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Consolidated Statements Of Comprehensive Income [Abstract]
Net sales	$ 63,850,000	$ 76,826,000
Cost of sales	51,358,000	56,549,000
Gross profit	12,492,000	20,277,000
Selling and general expenses	6,444,000	6,151,000
Intangibles amortization		745,000
Operating profit	6,048,000	13,381,000
Other income	1,632,000	895,000
Earnings from continuing operations before provision for income taxes	7,680,000	14,276,000
Provision for income taxes from continuing operations	1,729,000	3,282,000
Earnings from continuing operations	5,951,000	10,994,000
Loss from discontinued operations, net of tax		8,000
Net earnings	$ 5,951,000	$ 10,986,000
Weighted average common shares outstanding:
Basic and diluted	7,014	6,999
Earnings per share, basic and diluted:
From continuing operations	$ 0.85	$ 1.57
From discontinued operations	0	0
Net earnings per share	$ 0.85	$ 1.57
Other comprehensive income, net of tax:
Unrealized gain on available-for-sale securities	$ 69,000	$ 44,000
Comprehensive income	$ 6,020,000	$ 11,030,000
Cash dividends declared and paid per common share	$ 6	$ 6

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Cash flows from operating activities:
Net earnings	$ 5,951	$ 10,986
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation	949	1,052
Intangibles amortization		745
Non-cash retirement plan expense	185	201
Other	69	114
Changes in operating accounts:
Accounts receivable	15,638	21,660
Inventories	(6,180)	3,059
Other assets and current assets	534	256
Accounts payable and accrued liabilities	(7,184)	657
Federal and state income taxes receivable/payable	1,708	3,236
Net cash provided by operating activities	11,670	41,966
Cash flows from investing activities:
Marketable securities purchased	(46,345)	(51,583)
Marketable securities - maturities and sales	83,264	63,313
Purchase of property, plant and equipment	(2,507)	(1,790)
Proceeds from insurnace settlement	598	1,925
Net cash provided by investing activities	35,010	11,865
Cash flows from financing activities:
Dividends paid	(42,087)	(41,989)
Proceeds from sale of treasury stock	518	528
Other	(223)	(6)
Net cash used in financing activities	(41,792)	(41,467)
Net increase in cash and cash equivalents	4,888	12,364
Cash and cash equivalents at beginning of year	56,847	11,222
Cash and cash equivalents at end of year	$ 61,735	$ 23,586

Consolidated Statements Of Stoc

Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2017	$ 7,441	$ 9,074	$ 364,757	$ (86)	$ (14,810)	$ 366,376
Balance, shares at Dec. 31, 2017	6,968
Net earnings			10,986			10,986
Unrealized gain on available-for-sale securities				44		44
Dividends paid			(41,989)			(41,989)
Other		566			275	841
Other, shares	9
Balance at Apr. 01, 2018	$ 7,441	9,640	333,754	(42)	(14,535)	336,258
Balance, shares at Apr. 01, 2018	6,977
Balance at Dec. 31, 2018	$ 7,441	10,360	362,709	21	(14,408)	366,123
Balance, shares at Dec. 31, 2018	6,981
Net earnings			5,951			5,951
Unrealized gain on available-for-sale securities				69		69
Dividends paid			(42,087)			(42,087)
Other		332	1		280	613
Other, shares	14
Balance at Mar. 31, 2019	$ 7,441	$ 10,692	$ 326,574	$ 90	$ (14,128)	$ 330,669
Balance, shares at Mar. 31, 2019	6,995

Consolidated Statements Of St_2

Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Statement of Stockholders' Equity [Abstract]
Regular dividends per share paid	$ 1	$ 1
Extra dividends per share paid	$ 5	$ 5

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	Mar. 31, 2019
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, 2018 is summarized from audited consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2018 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 $68,448,000 . The proceeds amount differs from the amount originally disclosed because of the customary post-closing adjustments that were finalized during the second quarter of 2017, totaling $1,448,000 . The asset purchase agreement also provided 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. The sale of the delayed assets was consummated during the second quarter of 2018 and resulted in no gain or loss. As a result of aforementioned transactions, 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 K for further discussion.

Reclassifications

Reclassifications	3 Months Ended
	Mar. 31, 2019
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.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2019
Revenues [Abstract]
Revenues	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 ASC Topic 606, Revenue from Contracts with Customers . The Company’s contracts each contain one or more performance obligations: the physical delivery of distinct ordered product or products. The Company provides an assurance type product warranty on its products to the original owner. In addition, for the Housewares/Small Appliances segment, the Company estimates returns of seasonal products and returns of newly introduced products sold with a return privilege. Stand-alone selling prices are set forth in each contract and are used to allocate revenue to the corresponding performance obligations. For the Housewares/Small Appliances segment, contracts include variable consideration, as the prices are subject to customer allowances, which principally consist of allowances for cooperative advertising, defective product, and trade discounts. Customer allowances are generally allocated to the performance obligations based on budgeted rates agreed upon with customers, as well as historical experience, and yield the Company’s best estimate of the expected value for the variable consideration.  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 subject to any adjustments reflecting the actual costs incurred by the contractor.  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. In some situations, the customer may obtain legal title and accept the products at the Company’s facilities, arranging for transportation at a later date, typically in one to four weeks. The Company does not consider the short-term storage of the customer owned products to be a material performance obligation, and no part of the transaction price is allocated to it.  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 represent a significant financing component. As of March 31, 2019 and December 31, 2018, $8,547,000 and $9,579,000 , respectively, of contract liabilities were included in Accounts Payable on the Company’s Condensed Consolidated Balance Sheets. The Company recognized revenue of $1,067,000 during the three-month period ended March 31, 2019 that was included in the Defense segment contract liability at the beginning of that period. The Company monitors its estimates of variable consideration, which includes customer allowances for cooperative advertising, defective product, and trade discounts, and returns of seasonal and newly introduced product, all of which pertain to the Housewares/Small Appliances segment, and periodically makes cumulative adjustments to the carrying amounts of these contract liabilities as appropriate. During the three month periods ended March 31, 2019 and April 1, 2018, there were no material adjustments to the aforementioned estimates. There were no amounts of revenue recognized during the same periods related to performance obligations satisfied in a previous period. The portion of contract transaction prices allocated to unsatisfied performance obligations, also known as the contract backlog, in the Company’s Defense segment were $345,399,000 and $333,592,000 as of March 31, 2019 and December 31, 2018, respectively. The Company anticipates that the unsatisfied performance obligations will be fulfilled in an 18 to 24 -month period. The performance obligations in the Housewares/Small Appliances segment have original expected durations of less than one year.  The Company’s principal sources of revenue are derived from two segments: Housewares/Small Appliance and Defense, 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.

Net Earnings Per Share

Net Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Net Earnings Per Share [Abstract]
Net Earnings Per Share	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.

Business Segments

Business Segments	3 Months Ended
	Mar. 31, 2019
Business Segments [Abstract]
Business Segments	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 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 Appliance Defense Assets Held for Sale Total  Quarter ended March 31, 2019  External net sales $ 19,709 $ 44,141 $ $ 63,850  Gross profit 2,184 10,308 12,492  Operating profit (loss) (1,529) 7,577 6,048  Total assets 240,490 136,051 - 376,541  Depreciation and amortization 367 582 949  Capital expenditures 229 2,278 2,507   Quarter ended April 1, 2018  External net sales $ 16,057 $ 60,769 $ $ 76,826  Gross profit 1,899 18,378 20,277  Operating profit (loss) (875) 14,256 13,381  Total assets 231,875 149,399 4,417 385,691  Depreciation and amortization 336 1,461 1,797  Capital expenditures 1,709 81 1,790   

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Of Financial Instruments [Abstract]
Fair Value Of Financial Instruments	NOTE F - 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
	Mar. 31, 2019
Cash, Cash Equivalents And Marketable Securities [Abstract]
Cash, Cash Equivalents And Marketable Securities	NOTE G - 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 March 31, 2019 and December 31, 2018, 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.     (In Thousands)  MARKETABLE SECURITIES  Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses  March 31, 2019  Tax-exempt Municipal Bonds $ 47,700 $ 47,814 $ 120 $ 6  Variable Rate Demand Notes 49,953 49,953 - -  Total Marketable Securities $ 97,653 $ 97,767 $ 120 $ 6   December 31, 2018  Tax-exempt Municipal Bonds $ 40,156 $ 40,182 $ 44 $ 18  Variable Rate Demand Notes 94,416 94,416 - -  Total Marketable Securities $ 134,572 $ 134,598 $ 44 $ 18  Proceeds from maturities and sales of available-for-sale securities totaled $ 83,264,000 and $ 63,313,000 for the three month periods ended March 31, 2019 and April 1, 2018, 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 $ 88,000 and $ 55,000 before taxes for the three month periods ended March 31, 2019 and April 1, 2018, 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 March 3 1 , 201 9 are as follows: $27,644,000 within one year; $ 27,242,000 beyond one year to five years; $ 6,503,000 beyond five years to ten years, and $ 36,378,000 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
	Mar. 31, 2019
Other Assets [Abstract]
Other Assets	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 up to two years. As of March 31, 2019 and December 31, 2018, $6,349,000 and $6,864,000 of such prepayments, respectively, remained unused and outstanding. At both March 31, 2019 and December 31, 2018, $5,190,000 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.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	NOTE I – LEASES The Company accounts for leases under ASC Topic 842, Leases , which was adopted on January 1, 2019. The Company’s leasing activities include roles as both lessee and lessor. As lessee, the Company’s primary leasing activities include buildings and structures to support its manufacturing operations at one location in its Defense segment, and warehouse space and equipment to support its distribution center operations in its Housewares/Small Appliances segment. As lessor, the Company’s primary leasing activity is comprised of manufacturing and office space located adjacent to its corporate offices. All of the Company’s leases are classified as operating leases.  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 reflect termination options.  The Company has determined that the rates implicit in its leases are not readily determinable and estimates its incremental borrowing rates utilizing quotes from financial institutions for real estate and equipment, as applicable, over periods of time similar to the terms of its leases. The Company has entered into various short-term leases as lessee and has elected a non-recognition accounting policy, as permitted by ASC Topic 842 .      Quarter Ending  Summary of Lease Cost (in thousands) March 31, 2019  Operating lease cost $ 168  Sort-term and variable lease cost 23  Total lease cost $ 191   Operating cash used f o r operating leases was $191,000 for the quarter ended March 31, 2019. The weighted-average remaining lease term was 8.2 years, and the weighted-average discount rate was 5.5% as of March 31, 2019.  Maturities of operating lease liabilities are as follows:     Years ending December 31: (In thousands)  2019 (remaining nine months) $ 501  2020 655  2021 644  2022 648  2023 531  Thereafter 1,823  Total lease payments $ 4,802  Less: future interest expense 970  Lease liabilities $ 3,832  Lease income from operating lease payments for the quarter ended March 31, 2019 was $444,000 . Undiscounted cash flows provided by lease payments are expected as follows:     Years ending December 31: (In thousands)  2019 (remaining nine months) $ 1,331  2020 1,761  2021 1,755  2022 1,755  2023 1,755  Thereafter 15,795  Total lease payments $ 24,152  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. 

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies [Abstract]
Commitments And Contingencies	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 have a material effect on the Company's consolidated financial position, liquidity, or results of operations.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2019
Discontinued Operations [Abstract]
Discontinued Operations	NOTE K – 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 $68,448,000 . The proceeds amount differs from the amount originally disclosed because of the customary post-closing adjustments that were finalized during the second quarter of 2017, totaling $1,448,000 . The asset purchase agreement also provided 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. The sale of the delayed assets was consummated during the second quarter of 2018 and resulted in no gain or loss. As a result of the aforementioned transactions, 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 $11,413,000 , net of one-time transaction costs, was recorded in 2017 within earnings from discontinued operations. This amount differs from the gain previously reported as a result of the post-closing adjustments mentioned above that were finalized in the second quarter of 2017.  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) March 31, 2019 April 1, 2018  Cost of sales - (11)  Earnings (loss) from discontinued operations before provision for income taxes - (11)  Provision for (benefit from) income taxes from discontinued operations - (3)  Earnings (loss) from discontinued operations, net of tax $ - $ (8)  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) March 31, 2019 (Unaudited) December 31, 2018  Accounts receivable, net $ - $ 375  Assets held for sale $ - $ 375  The Consolidated Statements of Cash Flows do not present the cash flows from discontinued operations separately from cash flows from continuing operations. Cash used in operating activities from discontinued operations was $0 and $353,000 for the three months ended March 31, 2019 and April 1, 2018, respectively. Cash provided by investing activities related to discontinued operations was $598,000 and $1,925,000 for the three months ended March 31, 2019 and April 1, 2018, 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 provided for total annual payments of $1,288,000 initially. During the fourth quarter of 2018, the lease agreement was amended to incorporate additional facilities that the Company built for Drylock. The amended lease provides for an initial term of approximately 14 years, and allows for successive three -year renewal periods, as well as options to terminate the lease early after five and ten years. The amended lease also provides for adjustments to the rental payments based on certain price indices, taxes, and space occupied. The Company estimates that annual payments under the lease will total $1,755,000 . The Company also had entered into a transition services agreement with Drylock, which terminated at the end of 2017. The amounts received from Drylock for rental income are recorded in Other Income on the Consolidated Statements of Comprehensive Income.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	NOTE L – 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 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 is in the early stages of evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial statements.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 31, 2019
Business Segments [Abstract]
Summary Of Business Segments Information	   (in thousands)  Housewares / Small Appliance Defense Assets Held for Sale Total  Quarter ended March 31, 2019  External net sales $ 19,709 $ 44,141 $ $ 63,850  Gross profit 2,184 10,308 12,492  Operating profit (loss) (1,529) 7,577 6,048  Total assets 240,490 136,051 - 376,541  Depreciation and amortization 367 582 949  Capital expenditures 229 2,278 2,507   Quarter ended April 1, 2018  External net sales $ 16,057 $ 60,769 $ $ 76,826  Gross profit 1,899 18,378 20,277  Operating profit (loss) (875) 14,256 13,381  Total assets 231,875 149,399 4,417 385,691  Depreciation and amortization 336 1,461 1,797  Capital expenditures 1,709 81 1,790  

Cash, Cash Equivalents And Ma_2

Cash, Cash Equivalents And Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2019
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  March 31, 2019  Tax-exempt Municipal Bonds $ 47,700 $ 47,814 $ 120 $ 6  Variable Rate Demand Notes 49,953 49,953 - -  Total Marketable Securities $ 97,653 $ 97,767 $ 120 $ 6   December 31, 2018  Tax-exempt Municipal Bonds $ 40,156 $ 40,182 $ 44 $ 18  Variable Rate Demand Notes 94,416 94,416 - -  Total Marketable Securities $ 134,572 $ 134,598 $ 44 $ 18 

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Summary of Lease Cost	   Quarter Ending  Summary of Lease Cost (in thousands) March 31, 2019  Operating lease cost $ 168  Sort-term and variable lease cost 23  Total lease cost $ 191 
Summary of Operating Lease Liability Maturities	   Years ending December 31: (In thousands)  2019 (remaining nine months) $ 501  2020 655  2021 644  2022 648  2023 531  Thereafter 1,823  Total lease payments $ 4,802  Less: future interest expense 970  Lease liabilities $ 3,832 
Summary of Lease Income from Operating Lease Payments	  Years ending December 31: (In thousands)  2019 (remaining nine months) $ 1,331  2020 1,761  2021 1,755  2022 1,755  2023 1,755  Thereafter 15,795  Total lease payments $ 24,152 

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2019
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) March 31, 2019 April 1, 2018  Cost of sales - (11)  Earnings (loss) from discontinued operations before provision for income taxes - (11)  Provision for (benefit from) income taxes from discontinued operations - (3)  Earnings (loss) from discontinued operations, net of tax $ - $ (8)  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) March 31, 2019 (Unaudited) December 31, 2018  Accounts receivable, net $ - $ 375  Assets held for sale $ - $ 375 

Basis Of Presentation (Narrativ

Basis Of Presentation (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017
Basis Of Presentation [Abstract]
Proceeds from sale	$ 4,000,000	$ 68,448,000
Post-closing adjustments		$ 1,448,000
Net loss (gain) and impairment on divestiture of businesses	$ 0

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018	Dec. 31, 2018
Housewares/ Small Appliances [Member]
Change in estimate of variable consideration	$ 0	$ 0
Revenue recognized from performance obligations satisfied in a prior period	0	$ 0
Defense [Member]
Contract liabilities	8,547,000		$ 9,579,000
Revenue recognized that was previously included in contract liability	1,067,000
Unsatified performance obligations	$ 345,399,000		$ 333,592,000
Defense [Member] | Minimum [Member]
Holding period following recognition of revenue	7 days
Defense [Member] | Maximum [Member]
Holding period following recognition of revenue	28 days

Revenues (Timing Of Performance

Revenues (Timing Of Performance Obligation) (Narrative) (Details) - Defense [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-02	Mar. 31, 2019
Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fulfullment period of unsatisfied performance obligations	18 months
Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fulfullment period of unsatisfied performance obligations	24 months

Business Segments (Schedule Of

Business Segments (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
External net sales	$ 63,850	$ 76,826
Gross profit	12,492	20,277
Operating profit	6,048	13,381
Total assets	376,541	385,691	$ 413,618
Depreciation and amortization	949	1,797
Capital expenditures	2,507	1,790
Housewares/ Small Appliances [Member]
Segment Reporting Information [Line Items]
External net sales	19,709	16,057
Gross profit	2,184	1,899
Operating profit	(1,529)	(875)
Total assets	240,490	231,875
Depreciation and amortization	367	336
Capital expenditures	229	1,709
Defense [Member]
Segment Reporting Information [Line Items]
External net sales	44,141	60,769
Gross profit	10,308	18,378
Operating profit	7,577	14,256
Total assets	136,051	149,399
Depreciation and amortization	582	1,461
Capital expenditures	$ 2,278	81
Discontinued Operations Held-for-sale [Member]
Segment Reporting Information [Line Items]
Total assets		$ 4,417

Cash, Cash Equivalents And Ma_3

Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
Cash, Cash Equivalents And Marketable Securities [Line Items]
Proceeds from sales of available-for-sale securities	$ 83,264,000	$ 63,313,000
Gross gains or losses related to sales of marketable securities	0	0
Net unrealized gains (losses) included in accumulated other comprehensive income, before taxes	88,000	55,000
Contractual maturities of marketable securities within 1 year	27,644,000
Contractual maturities of marketable securities, years 2-5	27,242,000
Contractual maturities of marketable securities, years 6-10	6,503,000
Contractual maturities of marketable securities, after 10 years	$ 36,378,000
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 Ma_4

Cash, Cash Equivalents And Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	$ 97,653	$ 134,572
MARKETABLE SECURITIES, Fair Value	97,767	134,598
MARKETABLE SECURITIES, Gross Unrealized Gains	120	44
MARKETABLE SECURITIES, Gross Unrealized Losses	6	18
Tax-Exempt Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	47,700	40,156
MARKETABLE SECURITIES, Fair Value	47,814	40,182
MARKETABLE SECURITIES, Gross Unrealized Gains	120	44
MARKETABLE SECURITIES, Gross Unrealized Losses	6	18
Variable Rate Demand Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	49,953	94,416
MARKETABLE SECURITIES, Fair Value	$ 49,953	$ 94,416

Other Assets (Narrative) (Detai

Other Assets (Narrative) (Details) - Housewares/ Small Appliances [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Expected prepayment utilization period	2 years
Other Assets [Member]
Materials Prepayments	$ 6,349	$ 6,864
Other Current Assets [Member]
Materials Prepayments	$ 5,190	$ 5,190

Leases (Narrative) (Detail)

Leases (Narrative) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating cash used from operating leases	$ 191
Weighted-average remaining lease term	8 years 2 months 12 days
Weighted average discount rate	5.50%
Lease income from operating lease payments	$ 444

Leases (Summary of Lease Cost)

Leases (Summary of Lease Cost) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 168
Short-term and variable lease cost	23
Total lease cost	$ 191

Leases (Summary of Maturities o

Leases (Summary of Maturities of Lease Liabilities) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
2019 (remaining nine months)	$ 501
2020	655
2021	644
2022	648
2023	531
Thereafter	1,823
Total lease payments	4,802
Less: future interest expense	970
Lease liabilities	$ 3,832

Leases (Summary of Lease Income

Leases (Summary of Lease Income from Operating Lease Payments) (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
2019 (remaining nine months)	$ 1,331
2020	1,761
2021	1,755
2022	1,755
2023	1,755
Thereafter	15,795
Total lease payments	$ 24,152

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Mar. 31, 2019	Jul. 01, 2018	Apr. 01, 2018	Jul. 02, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale		$ 4,000,000		$ 68,448,000
Post-closing adjustments				1,448,000
Cash provided by (used in) operating activities of discontinued operations	$ 0		$ (353,000)
Cash provided by (used in) investing activities related to discontinued operations	$ 598,000		$ 1,925,000
Original lease agreement [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of lease	10 years
Amended lease agreement [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Term of lease	14 years
Lease renewal period	3 years
Discontinued Operations Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on divestiture, net		$ 0		$ 11,413,000
Discontinued Operations Held-for-sale [Member] | Original lease agreement [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total annual lease payments	$ 1,288,000
Discontinued Operations Held-for-sale [Member] | Current twelve month estimate [Member] | Amended lease agreement [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total annual lease payments	$ 1,755,000
Minimum [Member] | Amended lease agreement [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Early termination term	5 years
Maximum [Member] | Amended lease agreement [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Early termination term	10 years

Discontinued Operations (Summar

Discontinued Operations (Summary Of Results) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Mar. 31, 2019	Jul. 01, 2018	Apr. 01, 2018	Jul. 02, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	$ 63,850,000		$ 76,826,000
Cost of sales	(51,358,000)		(56,549,000)
Selling and general expenses	(6,444,000)		(6,151,000)
Other income	$ 1,632,000		895,000
Earnings (loss) from discontinued operations, net of tax			(8,000)
Discontinued Operations Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cost of sales			(11,000)
Gain on divestiture, net		$ 0		$ 11,413,000
Earnings (loss) from discontinued operations before provision for income taxes			(11,000)
Provision for (benefit from) income taxes from discontinued operations			(3,000)
Earnings (loss) from discontinued operations, net of tax			$ (8,000)

Discontinued Operations (Summ_2

Discontinued Operations (Summary of Major Classes of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	$ 36,511	$ 52,372
Inventories	100,168	93,988
Property, Plant and equipment, net	40,701	39,143
Accounts payable	26,510	34,100
Accrued liabilities	$ 12,417	12,011
Discontinued Operations Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net		375
Assets held for sale		$ 375