National Presto Industries (NPK) 10-Q 22 Nov 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2019shares
Document And Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Period Focus	Q2
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	6,996,981
Entity Small Business	false
Entity Emerging Growth Company	false
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 63,438	$ 56,847
Marketable securities	91,517	134,598
Accounts receivable, net	36,746	52,372
Inventories:
Finished goods	33,070	28,791
Work in process	74,406	59,580
Raw materials	6,998	5,617
Total inventory	114,474	93,988
Assets held for sale		375
Notes receivable, current	7,327	7,213
Other current assets	6,270	6,869
Total current assets	319,772	352,262
PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT	99,269	96,094
Less allowance for depreciation	58,802	56,951
PROPERTY, PLANT AND EQUIPMENT, NET	40,467	39,143
GOODWILL	11,485	11,485
INTANGIBLE ASSETS, net	1,000	1,000
NOTES RECEIVABLE	7,073	6,966
RIGHT-OF-USE LEASE ASSETS	3,715
DEFERRED INCOME TAXES	1,046	1,088
OTHER ASSETS		1,674
Total assets	384,558	413,618
CURRENT LIABILITIES:
Accounts payable	28,311	34,100
Federal and state income taxes	849	1,384
Lease liabilities	483
Accrued liabilities	12,484	12,011
Total current liabilities	42,127	47,495
LEASE LIABILITIES - NON-CURRENT	3,232
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	10,914	10,360
Retained earnings	334,730	362,709
Accumulated other comprehensive loss	180	21
Stockholders' equity before treasury stock	353,265	380,531
Treasury stock, at cost	14,066	14,408
Total stockholders' equity	339,199	366,123
Total liabilities and stockholders' equity	$ 384,558	$ 413,618

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Consolidated Statements Of Comprehensive Income [Abstract]
Net sales	$ 71,745	$ 79,227	$ 135,595	$ 156,053
Cost of sales	57,069	59,782	108,427	116,331
Gross profit	14,676	19,445	27,168	39,722
Selling and general expenses	6,039	5,631	12,483	11,782
Intangibles amortization		1,416		2,161
Operating profit	8,637	12,398	14,685	25,779
Other income	1,638	997	3,270	1,892
Earnings from continuing operations before provision for income taxes	10,275	13,395	17,955	27,671
Provision for income taxes from continuing operations	2,122	2,619	3,851	5,901
Earnings from continuing operations	8,153	10,776	14,104	21,770
Earnings (loss) from discontinued operations, net of tax	3	(1)	3	(9)
Net earnings	$ 8,156	$ 10,775	$ 14,107	$ 21,761
Weighted average shares outstanding:
Basic and diluted	7,019	7,006	7,016	7,002
Earnings per share, basic and diluted:
From continuing operations	$ 1.16	$ 1.54	$ 2.01	$ 3.11
From discontinued operations	0	0	0	0
Net earnings per share	$ 1.16	$ 1.54	$ 2.01	$ 3.11
Comprehensive income:
Net earnings	$ 8,156	$ 10,775	$ 14,107	$ 21,761
Other comprehensive income, net of tax:
Unrealized gain on available-for-sale securities, net of tax	89	21	158	65
Comprehensive income	$ 8,245	$ 10,796	$ 14,265	$ 21,826
Cash dividends declared and paid per common share	$ 0	$ 0	$ 6	$ 6

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018
Cash flows from operating activities:
Net earnings	$ 14,107	$ 21,761
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation	1,899	2,057
Intangibles amortization		2,161
Provision for doubtful accounts		12
Non-cash retirement plan expense	359	379
Other	65	139
Changes in operating accounts:
Accounts receivable, net	15,626	21,469
Inventories	(20,486)	6,791
Other assets and current assets	2,273	275
Accounts payable and accrued liabilities	(5,406)	(847)
Federal and state income taxes	(577)	(4,371)
Net cash provided by operating activities	7,860	49,826
Cash flows from investing activities:
Marketable securities purchased	(95,301)	(59,771)
Marketable securities - maturities and sales	138,583	74,666
Proceeds from divestiture of business, net of cash paid		3,660
Purchase of property, plant and equipment	(3,566)	(4,001)
Proceeds from insurance settlement	807	2,474
Sale of property, plant and equipment		1
Net cash provided by investing activities	40,523	17,029
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	6,591	25,388
Cash and cash equivalents at beginning of period	56,847	11,222
Cash and cash equivalents at end of period	$ 63,438	$ 36,610

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			21,761			21,761
Unrealized gain on available-for-sale securities, net of tax				65		65
Dividends paid			(41,989)			(41,989)
Other		815			319	1,134
Other, shares	10
Balance at Jul. 01, 2018	$ 7,441	9,889	344,529	(21)	(14,491)	347,347
Balance, shares at Jul. 01, 2018	6,978
Balance at Apr. 01, 2018	$ 7,441	9,640	333,754	(42)	(14,535)	336,258
Balance, shares at Apr. 01, 2018	6,977
Net earnings			10,775			10,775
Unrealized gain on available-for-sale securities, net of tax				21		21
Other		249			44	293
Other, shares	1
Balance at Jul. 01, 2018	$ 7,441	9,889	344,529	(21)	(14,491)	347,347
Balance, shares at Jul. 01, 2018	6,978
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			14,107			14,107
Unrealized gain on available-for-sale securities, net of tax				158		158
Dividends paid			(42,087)			(42,087)
Other		554	1	1	342	898
Other, shares	16
Balance at Jun. 30, 2019	$ 7,441	10,914	334,730	180	(14,066)	339,199
Balance, shares at Jun. 30, 2019	6,997
Balance at Mar. 31, 2019	$ 7,441	10,692	326,574	90	(14,128)	330,669
Balance, shares at Mar. 31, 2019	6,995
Net earnings			8,156			8,156
Unrealized gain on available-for-sale securities, net of tax				89		89
Other		222		1	62	285
Other, shares	2
Balance at Jun. 30, 2019	$ 7,441	$ 10,914	$ 334,730	$ 180	$ (14,066)	$ 339,199
Balance, shares at Jun. 30, 2019	6,997

Consolidated Statements Of St_2

Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2019	Jul. 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018, $8,322,000 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 $2,443,000 during the six-month period ended June 30, 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 and six month periods ended June 30, 2019 and July 1, 2018, the Company reduced its estimate of returns of seasonal and newly introduced product by $265,000 and $421,000 , respectively. There were no other material adjustments to the aforementioned estimates during the same periods. 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 $366,244,000 and $333,592,000 as of June 30, 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.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 Appliances Defense Products Assets Held for Sale Total  Quarter ended June 30, 2019  External net sales $ 19,148 $ 52,597 $ $ 71,745  Gross profit 2,055 12,621 14,676  Operating profit (loss) (1,333) 9,970 8,637  Total assets 240,759 143,799 - 384,558  Depreciation and amortization 370 581 951  Capital expenditures (101) 817 716   Quarter ended July 1, 2018  External net sales $ 17,978 $ 61,249 $ $ 79,227  Gross profit 2,248 17,197 19,445  Operating profit (loss) (298) 12,696 12,398  Total assets 247,352 141,656 528 389,536  Depreciation and amortization 332 2,089 2,421  Capital expenditures 3,203 297 3,500     (in thousands)  Housewares / Small Appliances Defense Products Assets Held for Sale Total  Six Months ended June 30, 2019  External net sales $ 38,857 $ 96,738 $ $ 135,595  Gross profit 4,239 22,929 27,168  Operating profit (loss) (2,862) 17,547 14,685  Total assets 240,759 143,799 - 384,558  Depreciation and amortization 736 1,163 1,899  Capital expenditures 129 3,095 3,224   Six Months ended July 1, 2018  External net sales $ 34,035 $ 122,018 $ $ 156,053  Gross profit 4,147 35,575 39,722  Operating profit (loss) (1,173) 26,952 25,779  Total assets 247,352 141,656 528 389,536  Depreciation and amortization 668 3,550 4,218  Capital expenditures 4,912 378 5,290   

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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  June 30, 2019  Tax-exempt Municipal Bonds $ 51,541 $ 51,768 $ 227 $ -  Variable Rate Demand Notes 39,749 39,749 - -  Total Marketable Securities $ 91,290 $ 91,517 $ 227 $ -   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 $ 55,319,000 and $ 11,353,000 for the three month periods ended June 30, 2019 and July 1, 2018, respectively, and totaled $138,583,000 and $74,666,000 for the six month periods then ended, 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 $ 112,000 and $ 27,000 before taxes for the three month periods ended June 30, 2019 and July 1, 2018, respectively, and were $201,000 and $82,000 before taxes for the six month periods then ended, 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 June 30, 2019 are as follows: $29,684,000 within one year; $ 21,305,000 beyond one year to five years; $ 4,148,000 beyond five years to ten years, and $ 36,380,000 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	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018, $4,307,000 and $6,864,000 of such prepayments, respectively, remained unused and outstanding. At June 30, 2019 and December 31, 2018, $4,307,000 and $5,190,000 , respectively 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	6 Months Ended
	Jun. 30, 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 .      3 Months Ending 6 Months Ending  Summary of Lease Cost (in thousands) June 30, 2019 June 30, 2019  Operating lease cost $ 168 $ 336  Sort-term and variable lease cost 57 80  Total lease cost $ 225 $ 416   Operating cash used for operating leases was $225,000 and $416,000 for the three and six months ended June 30, 2019, respectively. The weighted-average remaining lease term was 8.02 years, and the weighted-average discount rate was 5.5% as of June 30, 2019.  Maturities of operating lease liabilities are as follows:     Years ending December 31: (In thousands)  2019 (remaining six months) $ 336  2020 655  2021 644  2022 648  2023 531  Thereafter 1,823  Total lease payments $ 4,637  Less: future interest expense 922  Lease liabilities $ 3,715  Lease income from operating lease payments for the quarter ended June 30, 2019 was $444,000 . Undiscounted cash flows provided by lease payments are expected as follows:     Years ending December 31: (In thousands)  2019 (remaining six months) $ 887  2020 1,761  2021 1,755  2022 1,755  2023 1,755  Thereafter 15,795  Total lease payments $ 23,708  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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 Six Months Ended  (in thousands) (unaudited) June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018  Cost of sales $ 4 $ - $ 4 $ (11)  Earnings (loss) from discontinued operations before provision for income taxes 4 - 4 (11)  Provision for (benefit from) income taxes from discontinued operations 1 1 1 (2)  Earnings (loss) from discontinued operations, net of tax $ 3 $ (1) $ 3 $ (9)  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) June 30, 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 $429,000 and $692,000 for the six months ended June 30, 2019 and July 1, 2018, respectively. Cash provided by investing activities related to discontinued operations was $807,000 and $6,134,000 for the six months ended June 30, 2019 and July 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	6 Months Ended
	Jun. 30, 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 currently evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial statements.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2019
Subsequent Event [Abstract]
Subsequent Event	NOTE M – SUBSEQUENT EVENT On July 23, 2019, the Company’s wholly-owned subsidiary, OETA, Inc., purchased substantially all the assets of OneEvent Technologies, Inc., a Mount Horeb, Wisconsin company established in 2014 for $6,385,000 , plus a potential earn out . OneEvent’s cloud-based learning and analytics engine utilizes a series of sensing devices integrated with a cellular gateway to predict, alert, and prevent. Sensors measure a variety of environmental data including smoke, temperature, carbon monoxide, humidity, water, motion and more. In addition to these risk alert capabilities, OneEvent’s Internet of things (IOT) technology also enables users to benefit from the robust volume of data collected to enhance business intelligence and efficiency. The initial accounting for this acquisition was incomplete at the time these financial statements were available for issuance. The Company expects to finalize the accounting for the acquisition as soon as practicable. Pursuant to the terms of the transaction, the seller has subsequently changed its corporate name, and OETA, Inc. has now legally adopted the corporate name, OneEvent Technologies, Inc.

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2019
Business Segments [Abstract]
Summary Of Business Segments Information	   (in thousands)  Housewares / Small Appliances Defense Products Assets Held for Sale Total  Quarter ended June 30, 2019  External net sales $ 19,148 $ 52,597 $ $ 71,745  Gross profit 2,055 12,621 14,676  Operating profit (loss) (1,333) 9,970 8,637  Total assets 240,759 143,799 - 384,558  Depreciation and amortization 370 581 951  Capital expenditures (101) 817 716   Quarter ended July 1, 2018  External net sales $ 17,978 $ 61,249 $ $ 79,227  Gross profit 2,248 17,197 19,445  Operating profit (loss) (298) 12,696 12,398  Total assets 247,352 141,656 528 389,536  Depreciation and amortization 332 2,089 2,421  Capital expenditures 3,203 297 3,500     (in thousands)  Housewares / Small Appliances Defense Products Assets Held for Sale Total  Six Months ended June 30, 2019  External net sales $ 38,857 $ 96,738 $ $ 135,595  Gross profit 4,239 22,929 27,168  Operating profit (loss) (2,862) 17,547 14,685  Total assets 240,759 143,799 - 384,558  Depreciation and amortization 736 1,163 1,899  Capital expenditures 129 3,095 3,224   Six Months ended July 1, 2018  External net sales $ 34,035 $ 122,018 $ $ 156,053  Gross profit 4,147 35,575 39,722  Operating profit (loss) (1,173) 26,952 25,779  Total assets 247,352 141,656 528 389,536  Depreciation and amortization 668 3,550 4,218  Capital expenditures 4,912 378 5,290  

Cash, Cash Equivalents And Ma_2

Cash, Cash Equivalents And Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 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  June 30, 2019  Tax-exempt Municipal Bonds $ 51,541 $ 51,768 $ 227 $ -  Variable Rate Demand Notes 39,749 39,749 - -  Total Marketable Securities $ 91,290 $ 91,517 $ 227 $ -   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)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Summary of Lease Cost	   3 Months Ending 6 Months Ending  Summary of Lease Cost (in thousands) June 30, 2019 June 30, 2019  Operating lease cost $ 168 $ 336  Sort-term and variable lease cost 57 80  Total lease cost $ 225 $ 416 
Summary of Operating Lease Liability Maturities	   Years ending December 31: (In thousands)  2019 (remaining six months) $ 336  2020 655  2021 644  2022 648  2023 531  Thereafter 1,823  Total lease payments $ 4,637  Less: future interest expense 922  Lease liabilities $ 3,715 
Summary of Lease Income from Operating Lease Payments	  Years ending December 31: (In thousands)  2019 (remaining six months) $ 887  2020 1,761  2021 1,755  2022 1,755  2023 1,755  Thereafter 15,795  Total lease payments $ 23,708 

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended  (in thousands) (unaudited) June 30, 2019 July 1, 2018 June 30, 2019 July 1, 2018  Cost of sales $ 4 $ - $ 4 $ (11)  Earnings (loss) from discontinued operations before provision for income taxes 4 - 4 (11)  Provision for (benefit from) income taxes from discontinued operations 1 1 1 (2)  Earnings (loss) from discontinued operations, net of tax $ 3 $ (1) $ 3 $ (9)  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) June 30, 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)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jul. 01, 2018USD ($)	Jun. 30, 2019USD ($)item	Jul. 01, 2018USD ($)	Dec. 31, 2018USD ($)
Revenue contract, number of performance obligations | item			1
Minimum [Member]
Revenue contract period			3 months
Maximum [Member]
Revenue contract period			24 months
Housewares/ Small Appliances [Member]
Change in estimate of variable consideration	$ 265,000	$ 421,000	$ 265,000	$ 421,000
Revenue recognized from performance obligations satisfied in a prior period	0	$ 0	0	$ 0
Defense Products [Member]
Contract liabilities	8,322,000		8,322,000		$ 9,579,000
Revenue recognized that was previously included in contract liability			2,443,000
Unsatified performance obligations	$ 366,244,000		$ 366,244,000		$ 333,592,000
Defense Products [Member] | Minimum [Member]
Holding period following recognition of revenue			7 days
Defense Products [Member] | Maximum [Member]
Holding period following recognition of revenue			28 days

Revenues (Timing Of Performance

Revenues (Timing Of Performance Obligation) (Narrative) (Details) - Defense Products [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-02	Jun. 30, 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 (Summary Of B

Business Segments (Summary Of Business Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
External net sales	$ 71,745	$ 79,227	$ 135,595	$ 156,053
Gross profit	14,676	19,445	27,168	39,722
Operating profit (loss)	8,637	12,398	14,685	25,779
Total assets	384,558	389,536	384,558	389,536	$ 413,618
Depreciation and amortization	951	2,421	1,899	4,218
Capital expenditures	716	3,500	3,224	5,290
Housewares/ Small Appliances [Member]
Segment Reporting Information [Line Items]
External net sales	19,148	17,978	38,857	34,035
Gross profit	2,055	2,248	4,239	4,147
Operating profit (loss)	(1,333)	(298)	(2,862)	(1,173)
Total assets	240,759	247,352	240,759	247,352
Depreciation and amortization	370	332	736	668
Capital expenditures	(101)	3,203	129	4,912
Defense Products [Member]
Segment Reporting Information [Line Items]
External net sales	52,597	61,249	96,738	122,018
Gross profit	12,621	17,197	22,929	35,575
Operating profit (loss)	9,970	12,696	17,547	26,952
Total assets	143,799	141,656	143,799	141,656
Depreciation and amortization	581	2,089	1,163	3,550
Capital expenditures	$ 817	297	$ 3,095	378
Assets Held-For-Sale [Member]
Segment Reporting Information [Line Items]
Total assets		$ 528		$ 528

Cash, Cash Equivalents And Ma_3

Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Cash, Cash Equivalents And Marketable Securities [Line Items]
Proceeds from sales of available-for-sale securities	$ 55,319,000	$ 11,353,000	$ 138,583,000	$ 74,666,000
Gross gains or losses related to sales of marketable securities	0	0	0	0
Net unrealized gains (losses) included in accumulated other comprehensive income, before taxes	112,000	27,000	201,000	82,000
Contractual maturities of marketable securities within 1 year	29,684,000		29,684,000
Contractual maturities of marketable securities, years 2-5	21,305,000		21,305,000
Contractual maturities of marketable securities, years 6-10	4,148,000		4,148,000
Contractual maturities of marketable securities, after 10 years	36,380,000		$ 36,380,000
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 Ma_4

Cash, Cash Equivalents And Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	$ 91,290	$ 134,572
MARKETABLE SECURITIES, Fair Value	91,517	134,598
MARKETABLE SECURITIES, Gross Unrealized Gains	227	44
MARKETABLE SECURITIES, Gross Unrealized Losses		18
Tax-Exempt Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	51,541	40,156
MARKETABLE SECURITIES, Fair Value	51,768	40,182
MARKETABLE SECURITIES, Gross Unrealized Gains	227	44
MARKETABLE SECURITIES, Gross Unrealized Losses		18
Variable Rate Demand Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	39,749	94,416
MARKETABLE SECURITIES, Fair Value	$ 39,749	$ 94,416

Other Assets (Narrative) (Detai

Other Assets (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Other Current Assets [Member]
Materials Prepayments	$ 4,307	$ 5,190
Housewares/ Small Appliances [Member]
Expected prepayment utilization period	2 years
Housewares/ Small Appliances [Member] | Other Assets [Member]
Materials Prepayments	$ 4,307	$ 6,864

Leases (Narrative) (Detail)

Leases (Narrative) (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Leases [Abstract]
Operating cash used from operating leases	$ 225	$ 416
Weighted-average remaining lease term	8 years 7 days	8 years 7 days
Weighted average discount rate	5.50%	5.50%
Lease income from operating lease payments	$ 444

Leases (Summary of Lease Cost)

Leases (Summary of Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 168	$ 336
Short-term and variable lease cost	57	80
Total lease cost	$ 225	$ 416

Leases (Summary of Operating Le

Leases (Summary of Operating Lease Liability Maturities) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2019 (remaining six months)	$ 336
2020	655
2021	644
2022	648
2023	531
Thereafter	1,823
Total lease payments	4,637
Less: future interest expense	922
Lease liabilities	$ 3,715

Leases (Summary of Lease Income

Leases (Summary of Lease Income from Operating Lease Payments) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2019 (remaining six months)	$ 887
2020	1,761
2021	1,755
2022	1,755
2023	1,755
Thereafter	15,795
Total lease payments	$ 23,708

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jul. 01, 2018	Jun. 30, 2019	Jul. 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		$ (429,000)	$ (692,000)
Cash provided by (used in) investing activities related to discontinued operations		$ 807,000	$ 6,134,000
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
Assets 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
Assets 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
Assets 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
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Jul. 02, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cost of sales	$ (57,069,000)	$ (59,782,000)	$ (108,427,000)	$ (116,331,000)
Earnings (loss) from discontinued operations, net of tax	3,000	(1,000)	3,000	(9,000)
Assets 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
Assets Held-For-Sale [Member] | Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cost of sales	4,000		4,000	(11,000)
Earnings (loss) from discontinued operations before provision for income taxes	4,000		4,000	(11,000)
Provision for (benefit from) income taxes from discontinued operations	1,000	1,000	1,000	(2,000)
Earnings (loss) from discontinued operations, net of tax	$ 3,000	$ (1,000)	$ 3,000	$ (9,000)

Discontinued Operations (Summ_2

Discontinued Operations (Summary of Major Classes of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	$ 36,746	$ 52,372
Assets 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

Subsequent Event (Narrative) (D

Subsequent Event (Narrative) (Details) $ in Thousands	Jul. 23, 2019USD ($)
Subsequent Event [Member] | OneEvent Technologies, Inc. [Member]
Subsequent Event [Line Items]
Business acquisition, purchase price	$ 6,385