Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 01, 2020 | Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Entity File Number | 1-2451 | ||
Entity Registrant Name | NATIONAL PRESTO INDUSTRIES INC | ||
Entity Incorporation, State Country Name | WI | ||
Entity Tax Identification Number | 390494170 | ||
Entity Address, Address Line One | 3925 North Hastings Way | ||
Entity Address, City or Town | Eau Claire | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 54703-3703 | ||
City Area Code | 715 | ||
Local Phone Number | 839-2121 | ||
Trading Symbol | NPK | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 462,078,337 | ||
Entity Common Stock, Shares Outstanding | 7,006,323 | ||
Entity Central Index Key | 0000080172 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 79,579,000 | $ 56,847,000 |
Marketable securities | 78,733,000 | 134,598,000 |
Accounts receivable | 41,914,000 | 53,119,000 |
Less allowance for doubtful accounts | 450,000 | 747,000 |
Accounts receivable, net | 41,464,000 | 52,372,000 |
Inventories: | ||
Finished goods | 33,495,000 | 28,791,000 |
Work in process | 87,805,000 | 59,580,000 |
Raw materials and supplies | 7,236,000 | 5,617,000 |
Total inventory | 128,536,000 | 93,988,000 |
Assets held for sale | 375,000 | |
Notes receivable, current | 2,853,000 | 7,213,000 |
Other current assets | 6,668,000 | 6,869,000 |
Total current assets | 337,833,000 | 352,262,000 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land and land improvements | 3,008,000 | 3,008,000 |
Buildings | 47,748,000 | 45,995,000 |
Machinery and equipment | 43,226,000 | 47,091,000 |
PROPERTY, PLANT AND EQUIPMENT | 93,982,000 | 96,094,000 |
Less allowance for depreciation and amortization | 56,704,000 | 56,951,000 |
PROPERTY, PLANT AND EQUIPMENT, NET | 37,278,000 | 39,143,000 |
GOODWILL | 15,317,000 | 11,485,000 |
INTANGIBLE ASSETS, net | 3,059,000 | 1,000,000 |
NOTES RECEIVABLE | 7,182,000 | 6,966,000 |
RIGHT-OF-USE LEASE ASSETS | 3,521,000 | |
DEFERRED INCOME TAXES | 1,281,000 | 1,088,000 |
OTHER ASSETS | 4,782,000 | 1,674,000 |
Total assets | 410,253,000 | 413,618,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 21,652,000 | 34,100,000 |
Federal and state income taxes | 3,799,000 | 1,384,000 |
Lease liabilities | 520,000 | |
Accrued liabilities | 13,324,000 | 12,011,000 |
Total current liabilities | 39,295,000 | 47,495,000 |
LEASE LIABILITIES - NON-CURRENT | 3,001,000 | |
Total liabilities | 42,296,000 | 47,495,000 |
STOCKHOLDERS' EQUITY | ||
Common stock, $1 par value: Authorized: 12,000,000 shares at December 31, 2019 and 2018; Issued: 7,440,518 shares at December 31, 2019 and 2018; Outstanding: 7,006,323 and 6,981,080 shares at December 31, 2019 and 2018, respectively | 7,441,000 | 7,441,000 |
Paid-in capital | 11,447,000 | 10,360,000 |
Retained earnings | 362,842,000 | 362,709,000 |
Accumulated other comprehensive income | 136,000 | 21,000 |
Stockholders' equity before treasury stock | 381,866,000 | 380,531,000 |
Less treasury stock, at cost, 434,195 and 459,438 shares at December 31, 2019 and 2018, respectively | 13,909,000 | 14,408,000 |
Total stockholders' equity | 367,957,000 | 366,123,000 |
Total liabilities and stockholders' equity | $ 410,253,000 | $ 413,618,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 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 |
Common stock, shares outstanding | 7,006,323 | 6,981,080 |
Treasury stock, at cost | 434,195 | 459,438 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net sales | $ 308,510,000 | $ 323,317,000 | $ 333,633,000 |
Cost of sales | 236,585,000 | 247,434,000 | 246,399,000 |
Gross profit | 71,925,000 | 75,883,000 | 87,234,000 |
Selling and general expenses | 25,462,000 | 23,286,000 | 22,900,000 |
Intangibles amortization | 83,000 | 2,167,000 | 2,630,000 |
Loss on divestiture, net | 2,528,000 | ||
Operating profit | 46,380,000 | 47,902,000 | 61,704,000 |
Other income | 5,926,000 | 4,437,000 | 3,581,000 |
Earnings from continuing operations before provision for income taxes | 52,306,000 | 52,339,000 | 65,285,000 |
Provision for income taxes from continuing operations | 11,766,000 | 12,450,000 | 21,971,000 |
Earnings from continuing operations | 40,540,000 | 39,889,000 | 43,314,000 |
Earnings from discontinued operations, net of tax | 1,680,000 | 51,000 | 9,645,000 |
Net earnings | $ 42,220,000 | $ 39,940,000 | $ 52,959,000 |
Weighted average common shares outstanding: | |||
Basic and diluted | 7,027 | 7,005 | 6,989 |
Earnings per share, basic and diluted: | |||
From continuing operations | $ 5.77 | $ 5.69 | $ 6.20 |
From discontinued operations | 0.24 | 0.01 | 1.38 |
Net earnings per share | $ 6.01 | $ 5.70 | $ 7.58 |
Comprehensive income: | |||
Net earnings | $ 42,220,000 | $ 39,940,000 | $ 52,959,000 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gain (loss) on available-for-sale securities | 115,000 | 107,000 | (39,000) |
Comprehensive income | $ 42,335,000 | $ 40,047,000 | $ 52,920,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net earnings | $ 42,220,000 | $ 39,940,000 | $ 52,959,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Provision for depreciation | 3,606,000 | 4,052,000 | 7,258,000 |
Intangibles amortization | 83,000 | 2,167,000 | 2,630,000 |
Deferred income tax (benefit) | (224,000) | (121,000) | (4,001,000) |
Noncash income tax expense | 1,370,000 | ||
Net loss (gain) and impairment on divestiture of businesses | 2,528,000 | ||
Net loss (gain) and impairment on divestiture of businesses from discontinued operations | (11,413,000) | ||
Net gain on involuntary conversion of machinery and equipment | (2,713,000) | ||
Loss on disposal and impairment of property, plant and equipment | 322,000 | 163,000 | 248,000 |
Provision for doubtful accounts | 7,000 | 458,000 | 70,000 |
Non-cash retirement plan expense | 680,000 | 698,000 | 675,000 |
Gain on legal settlement | (2,300,000) | ||
Other | 464,000 | 229,000 | 238,000 |
Changes in operating accounts, net of effects of acquisition: | |||
Accounts receivable, net | 10,915,000 | 11,546,000 | 1,848,000 |
Inventories | (34,241,000) | 6,821,000 | (8,730,000) |
Other assets and current assets | (2,803,000) | 4,067,000 | (806,000) |
Accounts payable and accrued liabilities | (11,561,000) | 6,066,000 | (11,462,000) |
Federal and state income taxes receivable/payable | 1,045,000 | (2,366,000) | (2,523,000) |
Net cash provided by operating activities | 9,583,000 | 76,248,000 | 24,278,000 |
Cash flows from investing activities: | |||
Marketable securities purchased | (105,409,000) | (163,271,000) | (192,584,000) |
Marketable securities - maturities and sales | 161,420,000 | 173,060,000 | 132,752,000 |
Proceeds from divestiture of businesses, net of cash paid | 9,410,000 | 64,033,000 | |
Purchase of property, plant and equipment | (3,138,000) | (8,686,000) | (7,396,000) |
Notes issued | (2,300,000) | ||
Proceeds from note receivable | 2,146,000 | ||
Acquisition of business, net of cash acquired | (3,733,000) | ||
Proceeds from legal settlement | 2,300,000 | ||
Proceeds from insurance settlement | 807,000 | 2,630,000 | 2,104,000 |
Acquisition of intangible assets | (1,000,000) | ||
Sale of property, plant and equipment | 767,000 | 1,000 | 1,000 |
Net cash provided by (used in) investing activities | 55,160,000 | 10,844,000 | (2,090,000) |
Cash flows from financing activities: | |||
Dividends paid | (42,087,000) | (41,989,000) | (38,405,000) |
Proceeds from sale of treasury stock | 518,000 | 528,000 | 519,000 |
Other | (442,000) | (6,000) | (114,000) |
Net cash used in financing activities | (42,011,000) | (41,467,000) | (38,000,000) |
Net increase (decrease) in cash and cash equivalents | 22,732,000 | 45,625,000 | (15,812,000) |
Cash and cash equivalents at beginning of year | 56,847,000 | 11,222,000 | 27,034,000 |
Cash and cash equivalents at end of year | 79,579,000 | 56,847,000 | 11,222,000 |
Supplemental disclosures of cash flow information: | |||
Income taxes | $ 10,187,000 | $ 14,968,000 | $ 32,837,000 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ 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, 2016 | $ 7,441 | $ 7,913 | $ 350,203 | $ (47) | $ (15,274) | $ 350,236 |
Balance, shares at Dec. 31, 2016 | 6,951,000 | |||||
Net earnings | 52,959 | 52,959 | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | (39) | (39) | ||||
Dividends paid | (38,405) | (38,405) | ||||
Other | 1,161 | 464 | 1,625 | |||
Other, shares | 17,000 | |||||
Balance at Dec. 31, 2017 | $ 7,441 | 9,074 | 364,757 | (86) | (14,810) | 366,376 |
Balance, shares at Dec. 31, 2017 | 6,968,000 | |||||
Net earnings | 39,940 | 39,940 | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 107 | 107 | ||||
Dividends paid | (41,989) | (41,989) | ||||
Other | 1,286 | 1 | 402 | 1,689 | ||
Other, shares | 13,000 | |||||
Balance at Dec. 31, 2018 | $ 7,441 | 10,360 | 362,709 | 21 | (14,408) | $ 366,123 |
Balance, shares at Dec. 31, 2018 | 6,981,000 | 6,981,080 | ||||
Net earnings | 42,220 | $ 42,220 | ||||
Unrealized gain (loss) on available-for-sale securities, net of tax | 115 | 115 | ||||
Dividends paid | (42,087) | (42,087) | ||||
Other | 1,087 | 499 | 1,586 | |||
Other, shares | 25,000 | |||||
Balance at Dec. 31, 2019 | $ 7,441 | $ 11,447 | $ 362,842 | $ 136 | $ (13,909) | $ 367,957 |
Balance, shares at Dec. 31, 2019 | 7,006,000 | 7,006,323 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Regular dividends per share paid | $ 1 | $ 1 | $ 1 |
Extra dividends per share paid | $ 5 | $ 5 | $ 4.50 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (1) USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: In preparation of the Company's Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from the estimates used by management. (2) BASIS OF PRESENTATION: The Consolidated Financial Statements include the accounts of National Presto Industries, Inc. and its subsidiaries, all of which are wholly-owned. All material intercompany accounts and transactions are eliminated. For a further discussion of the Company's business and the segments in which it operates, please refer to Note L . 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 assi gned to Drylock Technologies, Ltd . (“Drylock”) in exchange for $68,448,000 . 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. See Note P for further discussion. (3) RECLASSIFICATIONS: Certain reclassifications have been made to the prior periods' fi nancial statements to conform to the current period’s financial statement presentation. These reclassifications did not affect net earnings or stockholders’ equity as previously reported . (4) FAIR VALUE OF FINANCIAL INSTRUMENTS: The Company utilizes the methods of determining fair value as described in Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amount for cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments. The fair value of marketable securities are discussed in Note A(5). (5) CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES: Cash and Cash Equivalents: 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's cash management policy provides for its bank disbursement accounts to be reimbursed on a daily basis. Checks issued but not presented to the bank for payment of $ 1,308,000 and $ 3,057,000 at December 31, 201 9 and 201 8 , respectively, are included as reductions of cash and cash equivalents or b oo k overdrafts in accounts payable, as appropriate. Marketable Securities: The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at 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 December 31, 201 9 and 201 8 , 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 December 31 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 December 31, 2019 Tax-exempt Municipal Bonds $ 39,313 $ 39,484 $ 176 $ 5 Variable Rate Demand Notes 39,249 39,249 - - Total Marketable Securities $ 78,562 $ 78,733 $ 176 $ 5 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 sales and maturities of marketable securities totaled $ 161,420,000 in 20 19 , $ 173,060,000 in 201 8 , and $ 132,752,000 in 201 7 . There were no realized gross gains or losses related to sales of marketable securities during the years ended December 31, 201 9 , 201 8 and 201 7 . Net unrealized gains (losses) included in other comprehensive income were $ 145,000 , $ 135,000 and $ (37,000) before taxes for the years ended December 31, 201 9, 2018 , and 20 17 , 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 December 31, 201 9 are as follows: $ 30,669,000 within one year; $ 8,815,000 beyond one year to five years; $ 4,146,000 beyond five years to ten years, and $ 35,103,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which, as noted above, 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. (6) ACCOUNTS RECEIVABLE: The Company's accounts receivable is related to sales of products. Credit is extended based on prior experience with the customer and evaluation of customers' financial condition. Accounts receivable are primarily due within 25 to 60 days. The Company does not accrue interest on past due accounts receivable. Receivables are written off only after all collection attempts have failed and are based on individual credit evaluation and the specific circumstances of the customer. The allowance for doubtful accounts represents an estimate of amounts considered uncollectible and is determined based on the Company's historical collection experience, adverse situations that may affect the customer's ability to pay, and prevailing economic conditions. (7) INVENTORIES: Housewares/Small Appliance segment inventories and certain Safety segment inventory items are stated at the lower of cost or net realizable value with cost being determined principally on the last-in, first-out (LIFO) method. Defense segment inventories are stated at the lower of cost and net realizable value determined principally on the first-in, first-out (FIFO) method. Inventoried costs relating to contracts in progress are stated at actual production costs, including factory overhead, initial tooling, and other related costs incurred to date, reduced by amounts associated with recognized sales, utilizing a standard costing type method. The Company evaluates inventories to determine if there are any excess or obsolete inventories on hand. (8) PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment are stated at cost. Straight-line depreciation is provided in amounts sufficient to charge the costs of depreciable assets to operations over their service lives which are estimated at 15 to 40 years for buildings, 3 to 10 years for machinery and equipment, and 15 to 20 years for land improvements. The Company reviews long-lived assets consisting principally of property, plant, and equipment, for impairment when material events and changes in circumstances indicate the carrying value may not be recoverable. As a result of the divestiture of one of its operating facilities in the Defense segment during 2018, the Company recorded an impairment of $2,975,000 during the third quarter of 2018. See Note Q for further explanation. Approximately $288,000 of construction in progress in the Company’s Housewares/Small Appliance segment and approximately $179,000 for the Safety segment is presented on the Consolidated Balance Sheet as Machinery and Equipment at December 31, 201 9 , and approximately $2,413,000 of construction in progress in the Company’s Defense segment is presented on the Consolidated Balance Sheet as Buildings at December 31, 201 9 . The construction in progress is expected to be completed by mid-year 20 20 . Approximately $1,437,000 of cons truction in progress in the Company’s Defense segment is presented on the Consolidated Balance Sheet as Buildings, at December 31, 201 8 . (9) GOODWILL: The Company recognizes the excess cost of acquired entities over the net amount assigned to the fair value of assets acquired and liabilities assumed as goodwill. Goodwill is tested for impairment on an annual basis at the start of the fourth quarter and between annual tests whenever an impairment is indicated, such as the occurrence of an event that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Impairment losses are recognized whenever the implied fair value of goodwill is less than its carrying value. No goodwill impairments were recognized during 201 9, 2018, or 2017 . The Company's goodwill as of December 31, 201 9 and 201 8 was $15,317,000 and $ 11,485,000 , respectively. For 2019, $3,831,000 relates to the recent acquisition in the Safety segment and $11,486,000 rel ates to the Defense segment, which had no cumulative impairm ent charges at December 31, 2019 . (10) INTANGIBLE ASSETS: Intangible assets primarily consist of the value of an acqu ired government sales contract, the value of trademarks and trade secrets , technology software, and patents. The intangible assets are attributable to the Defense and Safety segment s . The government sales contract intangible asset is amortized based on units fulfilled under the applicable contract, while the other intangible assets are amortized on a straight-line basis that approximates economic use, over periods ranging from 2 to 15 years with the exception of trade secrets which have an indefinite life . Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. As a result of the divestiture of one of its operating facilities in the Defense segment during 2018, the Company recorded an impairment of $46,000 during the third quarter of 2018. See Note Q for further explanation. Th ere were no impairments of intangible assets recognized during 201 9 or 20 17 . The gross carrying amounts of the intangible assets subject to amortization was $2,142,000 at December 31, 2019. There were no unamortized intangible assets subject to amortization at December 31, 201 8 . Accumulated amortization was $ 83,000 and $ 0 at December 31, 201 9 and 201 8 , respectively. Amortization expense was $ 83,000 , $ 2,167,000 , and $ 2,630,000 during t he years ended December 31, 2019 , 201 8 , and 20 17 , respectively. (11) 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 Appliance segment. The Company expects to utilize the prepayments and related materia ls over an estimated period of two years. As of December 31, 201 9 and 201 8 , $9,396,000 and $6,864,000 of such prepayments, respectively, remained unused and outstanding. At December 31, 201 9 and 201 8 , $4,614,000 and $5,190,000 of these amounts, respectively, are included in Other Current Assets, representing the Company’s best estimate of the expected utilization of the prepayments and related materials during the twelve-month periods following those dates . (12) 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 standard was adopted on January 1, 2018 and did not result in any change to the Company’s pattern of revenue recognition. 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. There are also certain termination clauses in Defense segment contracts that may give rise to the recognition of revenue, $9,412,000 of which was recognized during the third quarter of 2019. 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 December 31, 201 9 and 201 8 , $1,847,000 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 $9,574,000 during 201 9 that was included in the Defense segment contract liability at the beginning of the year. 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 201 9 and 201 8 , there were no material adjustments to the aforementioned estimates. There were no material 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 $310,385,000 and $333,592,000 as of December 31, 201 9 and 201 8 , 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 and Safety segment s 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 L . Management utilizes the performance measures by segment to evaluate the financial performance of and make operating decisions for the Company. (13) ADVERTISING: The Company's policy is to expense advertising as incurred and include it in selling and general expenses. Advertising expense was $ 245,000 , $ 181,000 , and $ 174,000 in 2019 , 201 8 , and 201 7 , respectively. (14) PRODUCT WARRANTY: The Company’s Housewares/Small Appliance segment’s products are generally warranted to the original owner to be free from defects in material and workmanship for a period of 1 to 12 years from date of purchase. The Company allows a 60 -day over-the-counter initial return privilege through cooperating dealers. The Company services its products through a corporate service repair operation. The Company estimates its product warranty liability based on historical percentages which have remained relatively consistent over the years. The product warranty liability is included in accounts payable on the balance sheet. The following table shows the changes in product warranty liability for the period: (In thousands) Year Ended December 31 2019 2018 Beginning balance January 1 $ 221 $ 383 Accruals during the period 416 315 Charges / payments made under the warranties (374) (477) Balance December 31 $ 263 $ 221 (15) STOCK-BASED COMPENSATION: The Company accounts for stock-based compensation in accordance with ASC 718, Compensation — Stock Compensation . Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period, net of estimated forfeitures. As more fully described in Note F , the Company awards non-vested restricted stock to employees and executive officers. (16) INCOME TAXES: Deferred income tax assets and liabilities are recognized for the differences between the financial and income tax reporting bases of assets and liabilities based on enacted tax rates and laws. The deferred income tax provision or benefit generally reflects the net change in deferred income tax assets and liabilities during the year. The current income tax provision reflects the tax consequences of revenues and expenses currently taxable or deductible on various income tax returns for the year reported. Income tax contingencies are accounted for in accordance with FASB ASC 740, Income Taxes . See Note H for summaries of the provision, the effective tax rates, and the tax effects of the cumulative temporary differences resulting in deferred tax assets and liabilities. (17) 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 does not expect the adoption of ASU 2016-13 to have a material impact on its consolidated financial statements . Other pronouncements issued but not effective until after December 31, 201 9 , are not expected to have a material impact on the Company's consolidated financial statements. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Inventories | B. INVENTORIES: The amount of inventories valued on the LIFO basis was $ 32,744,000 and $ 27,788,000 as of December 31, 201 9 and 201 8 , respectively, and consists of housewares/small appliance finished goods and certain Safety segment inventories . Under LIFO, inventories are valued at approximately $ 3,982,000 and $ 4,024,000 below current cost determined on a first-in, first-out (FIFO) basis at December 31, 201 9 and 201 8 , respectively. During the years ended December 31, 201 9 , 20 18 , and 201 7 , $ 85,000 , $ 26,000 , and $ 64,000 , respectively, of a LIFO layer was liquidated. The Company uses the LIFO method of inventory accounting to improve the matching of costs and revenues for the Housewares/Small Appliance and Safety segment s . The following table describes that which would have occurred if LIFO inventories had been valued at current cost determined on a FIFO basis: Increase (Decrease) – (In thousands, except per share data) Year Cost of Sales Net Earnings Earnings Per Share 2019 $ 42 $ (34) $ - 2018 $ (189) $ 143 $ 0.02 2017 $ (1,250) $ 830 $ 0.12 This information is provided for comparison with companies using the FIFO basis. Inventory for Defense and raw materials of the Housewares/Small Appliance segments are valued under the FIFO method and total $ 95,792,000 and $ 66,200,000 at December 31, 2 019 and 201 8 , respectively. At December 31, 201 9 , the FIFO total was comprised of $ 751,000 of finished goods, $ 87,805,000 of work in process, and $ 7,236,000 of raw material. At December 31, 201 8 , the FIFO total was comprised of $ 1,003,000 of finished goods, $ 59,580,000 of work in process, and $ 5,617,000 of raw material. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | C. ACCRUED LIABILITIES: At December 31, 201 9 , accrued liabilities consisted of payroll $ 6,341,000 , product liability $ 5,055,000 , environmental $ 1,050,000 , and other $ 878,000 . At De cember 31, 2018 , accrued liabilities consisted of payroll $5,130,000 , product liability $ 4,949,000 , environmental $ 1,120,000 , and other $ 812,000 . The Company is self-insured for health care costs, although it does carry stop loss and other insurance to cover health care claims once they reach a specified threshold. The Company is also subject to product liability claims in the normal course of business. It is partly self-insured for product liability claims, and therefore records an accrual for known claims and estimated incurred but unreported claims in the Company’s Consolidated Financial Statements. The Company utilizes historical trends and other analysis to assist in determining the appropriate accrual. An increase in the number or magnitude of claims could have a material impact on the Company’s financial condition and results of operations. The Company's policy is to accrue for legal fees expected to be incurred in connection with loss contingencies. See Note K for a discussion of environmental remediation liabilities. |
Treasury Stock
Treasury Stock | 12 Months Ended |
Dec. 31, 2019 | |
Treasury Stock [Abstract] | |
Treasury Stock | D. TREASURY STOCK: As of December 31, 201 9 , the Company has authority from the Board of Directors to reacquire an additional 498,727 shares. During 201 9, 2018 and 2017, 4,584 , 62 , and 1,139 shares, respectively, were acquired from participants in the Company’s Incentive Compensation Plans described in Note F to cover those participants’ tax withholding obligations related to vested stock grants in accordance with the Plans’ rules. Treasury shares have been used for stock based compensation and to fund a portion of the Company's 401(k) contributions. |
Net Earnings Per Share
Net Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Net Earnings Per Share [Abstract] | |
Net Earnings Per Share | E. NET 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. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | F. STOCK-BASED COMPENSATION: The Company, from time to time, enters into separate non-vested share-based payment arrangements with employees and executive officers under the Incentive Compensation Plan approved by stockholders on May 18, 2010 and the 2017 Incentive Compensation Plan approved by shareholders on May 16, 2017, which authorized 50,000 and 150,000 shares, respectively, to be available for grants. The Compensation Committee of the Company’s Board of Directors approves all stock-based compensation awards for employees and executive officers of the Company. The Company grants restricted stock that is subject to continued employment and vesting conditions, but has dividend and voting rights, and uses the fair-market value of the Company’s common stock on the grant date to measure the fair value of the awards. The fair value of restricted stock is recognized as expense ratably over the requisite serviced period, net of estimated forfeitures. During 2019 , 201 8 , and 201 7 , the Company granted 4,138 shares , 3,886 shares, and 7,837 shares of restricted stock, respectively, to 25 employees and executive officers of the Company. Unless otherwise vested early in accordance with the Incentive Compensation Plans, the restricted stock vests on specified dates in 2020 through 2025 , subject to the recipients’ continued employment or service through each applicable vesting date. The Company recognized pre-tax compensation expense in the Consolidated Statements of Comprehensive Income related to stock-based compensation of $ 830,000 , $ 469,000 , and $ 545,000 in 201 9 , 201 8 , and 201 7 , respectively. As of December 31, 201 9 , there was approximately $ 986,000 of unrecognized compensation cost related to the restricted stock awards that is expected to be recognized over a weighted-average period of 3. 8 years. There were 17,871 , 1, 359 , and 6,492 shares of restricted stock that vested during 201 9, 2018 , and 201 7 , respectively. The following table summarizes the activity for non-vested restricted stock: 2019 2018 2017 Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Non-vested at beginning of period 32,337 $ 87.84 29,810 $ 83.40 28,465 $ 77.93 Granted 4,138 98.54 3,886 116.49 7,837 105.06 Vested (17,871) 84.71 (1,359) 72.25 (6,492) 85.58 Forfeited 0 - 0 - 0 - Non-vested at end of period 18,604 $ 93.23 32,337 $ 87.84 29,810 $ 83.40 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2019 | |
401(k) Plan [Abstract] | |
401(k) Plan | G. 401(K) PLAN: The Company sponsors a 401(k) retirement plan that covers substantially all non-union employees. Historically, the Company matched up to 50 % of the first 4 % of salary contributed by employees to the plan. This matching contribution was made with common stock. Starting in 2004, the Company began to match, in cash, an additional 50 % of the first 4 % of salary contributed by employees plus 3 % of total compensation for certain employees. Contributions made from treasury stock, including the Company's related cash dividends, totaled $ 1,197,000 in 201 9 , $ 1,218,000 in 201 8 , and $ 1,194,000 in 201 7 . In addition, the Company made cash contributions of $ 802,000 in 201 9 , $ 821,000 in 2018 , and $ 817,000 in 201 7 to the 401(k) Plan. The Company also contributed $ 387,000 , $ 352,000 , and $ 369,000 to the 401(k) retirement plan covering its union employees at the Amron Division of the AMTEC subsidiary during the years ended December 31, 201 9 , 201 8 , and 201 7 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | H. INCOME TAXES: The following table summarizes the provision for income taxes from continuing operations: For Years Ended December 31 (in thousands) 2019 2018 2017 Current: Federal $ 11,453 $ 10,996 $ 24,200 State 537 1,575 1,772 11,990 12,571 25,972 Deferred: Federal (179) (280) (4,008) State (45) 159 7 (224) (121) (4,001) Total tax provision $ 11,766 $ 12,450 $ 21,971 The effective rate of the provision for income taxes on earnings from continuing operations before income taxes as shown in the Consolidated Statements of Comprehensive Income differs from the applicable statutory federal income tax rate for the following reasons: Percent of Pre-tax Income 2019 2018 2017 Statutory rate 21.0% 21.0% 35.0% State tax, net of federal benefit 0.7% 2.6% 1.8% Tax exempt interest and dividends (0.1%) (0.6%) (0.7%) Other 0.9% 0.8% (2.4%) Effective rate 22.5% 23.8% 33.7% Deferred tax assets and liabilities are recorded based on the differences between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes. The tax effects of the cumulative temporary differences resulting in deferred tax assets and liabilities are as follows at December 31: (In thousands) 2019 2018 Deferred tax assets Insurance (primarily product liability) $ 947 $ 900 Vacation 662 527 Inventory 642 339 Deferred compensation 162 303 Environmental 227 237 Doubtful accounts 97 158 Other 103 37 Total deferred tax assets 2,840 2,501 Deferred tax liabilities Goodwill and other intangibles 1,391 1,200 Depreciation 131 213 Deferred revenue 37 - Total deferred tax liabilities 1,559 1,413 Net deferred tax assets $ 1,281 $ 1,088 In December 2017, the United States enacted changes to its tax laws, which included a reduction of the corporate income tax rate from 35% to 21% , beginning in 2018. The reduction in the tax rate resulted in a revaluation of the Company’s deferred tax assets and liabilities held at December 31, 2017, causing an increase in its 2017 income tax provision of $534,000 . The Company believes its accounting assessment for the impact of the enacted changes to the United States tax laws is complete. The Company establishes tax reserves in accordance with FASB ASC 740, Income Taxes . As of December 31, 201 9 , the carrying amount of the Company’s gross unrecognized tax benefits was $ 2,237,000 which, if recognized, would affect the Company’s effective income tax rate. The following is a reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 201 9 and 201 8 : (In thousands) 2019 2018 Balance at January 1 $ 320 $ 459 Increases for tax positions taken related to the current year 453 73 Increases for tax positions taken related to prior years 1,519 - Decreases for tax positions taken related to prior years - (54) Lapse of statute of limitations (55) (56) Settlements - (102) Balance at December 31 $ 2,237 $ 320 It is the Company’s practice to include tax related interest expense, interest income, and penalties in tax expense. During the years ended December 31, 201 9 , 201 8 and 201 7 , the Company accrued approximately $298,000 , $ 14,000 and $ 17,000 in interest expense, respectively. The Company is subject to U.S. federal income tax as well as income taxes of multiple states. During 2018, the state of Wisconsin completed its audits of the tax years 2013 through 2016. During June of 2016, the Internal Revenue Service completed its audits of the tax years 2012 and 2013. As a result of the audits, the tax amortization period of certain intangible assets was shortened. For all states in which it does business, the Company is subject to state audit statutes. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | I. COMMITMENTS AND CONTINGENCIES: The Company is involved in largely routine litigation incidental to its business. Management believes the ultimate outcome of this litigation will not have a material effect on the Company's consolidated financial position, liquidity, or results of operations. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2019 | |
Concentrations [Abstract] | |
Concentrations | J. CONCENTRATIONS: In the Housewares/Small Appliance segment, one customer accounted for 12 %, 10% , and 10% of consolidated net sales for t he years ended December 31, 2019 , 201 8 , and 201 7 , respectively. The Company sources most of its housewares/small appliances and certain safety products from vendors in the Orient and, as a result, risks deliveries from the Orient being disrupted by labor or supply problems at the vendors, or transportation delays. Should such problems or delays materialize, products might not be available in sufficient quantities during the prime selling period. The Company has made and will continue to make every reasonable effort to prevent these problems; however, there is no assurance that its efforts will be totally effective. As the majority of the Housewares/Small Appliance segment’s and certain Safety segment’s suppliers are located in China, periodic changes in the U.S. dollar and Chinese Renminbi (RMB) exchange rates do have an impact on the segment’s product costs. To date, any material impact from fluctuations in the exchange rate has been to the cost of products secured via purchase orders issued subsequent to the currency value change. Foreign transaction gains/losses are immaterial to the financial statements for all years presented. The Company's Defense segment manufactures products primarily for the U.S. Department of Defense (DOD) and DOD prime contractors. As a consequence, this segment's future business essentially depends on the product needs and governmental funding of the DOD. During 201 9 , 201 8, and 2017 , substantially all of the work performed by this segment directly or indirectly for the DOD was 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. In addition, in the case of the 40mm systems contract, key components and services are provided by third party subcontractors, several of which the segment is required to work with by government edict. Under the contract, the segment is responsible for the performance of those subcontractors, many of which it does not control. The Defense segment's contracts and subcontracts contain the customary provision permitting termination at any time for the convenience of the government, with payment for any work completed, associated profit, and inventory/work in process at the time of termination. Materials used in the Defense segment are available from multiple sources. As of December 31, 201 9 , 198 employees of Amron, or 2 2 % of the Company’s and its subsidiaries’ total workforce, are members of the United Steel Workers union. The most recent contract between Amron and the union is effective through February 2 8 , 202 5 . |
Environmental
Environmental | 12 Months Ended |
Dec. 31, 2019 | |
Environmental [Abstract] | |
Environmental | K. ENVIRONMENTAL In May 1986, the Company’s Eau Claire, Wisconsin site was placed on the United States Environmental Protection Agency’s National Priorities List under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 because of hazardous waste deposited on the property. As of December 31, 1998, all remediation projects required at the Company's Eau Claire, Wisconsin site had been installed, were fully operational, and restoration activities had been completed. In addition, the Company is a member of a group of companies that may have disposed of waste into an Eau Claire area landfill in the 1960s and 1970s. After the landfill was closed, elevated volatile organic compounds were discovered in the groundwater. Remediation plans were established, and the costs associated with remediation and monitoring at the landfill are split evenly between the group and the City of Eau Claire. As of December 31, 201 9 , there does not appear to be exposure related to this site that would have a material impact on the operations or financial condition of the Company. Based on factors known as of December 31, 201 9 , it is believed that the Company's existing environmental accrued liability reserve will be adequate to satisfy on-going remediation operations and monitoring activities both on- and off-site; however, should environmental agencies require additional studies, extended monitoring, or remediation projects, it is possible that the existing accrual could be inadequate. Management believes that in the absence of any unforeseen future developments, known environmental matters will not have any material effect on the results of operations or financial condition of the Company. The Company’s environmental accrued liability on an undiscounted basis was $ 1,050,000 and $ 1,120,000 as of December 31, 201 9 and 201 8 , respectively, and is included in accrued liabilities on its balance sheet. Expected future payments for environmental matters are as follows: (In thousands) Years Ending December 31: 2020 $ 200 2021 156 2022 142 2023 128 2024 114 Thereafter 310 $ 1,050 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2019 | |
Business Segments [Abstract] | |
Business Segments | L. BUSINESS SEGMENTS: The Company operates in three business segments. The Company identifies its segments based on the Company's organization structure, which is primarily by principal products. The principal product groups ar e Housewares/Small Appliance, Defense , and Safety. Sales for all segments are primarily to customers in North America. 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 assi gned to Drylock Technologies, Ltd . As a result of this transaction, 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 operations of PAPI previously comprised the Company’s Absorbent Products segment. See Note P for further discussion. The Housewares/Small Appliance segment designs, markets, and distributes housewares and small appliances. The housewares/small appliance products are sold primarily in the United States and Canada directly to retail outlets and also through independent distributors. As more fully described in Note J , the Company primarily sources its Housewares/Small Appliance products from non-affiliated suppliers located in the Orient. Sales are seasonal, with the normal peak sales period occurring in the fourth quarter of the year prior to the holiday season. The Defense segment was started in 2001 with the acquisition of AMTEC Corporation, which manufactures precision mechanical and electromechanical assemblies for the U.S. Government and prime contractors. During 2005, and again during 2010, AMTEC Corporation was one of two prime contractors selected by the Army to supply all requirements for the 40mm family of practice and tactical ammunition cartridges for a period of five years. In 2016, AMTEC was awarded a one -year contract, and in 2017, it was awarded a third five -year contract as the sole prime contractor. AMTEC's manufacturing plant is located in Janesville, Wisconsin. Since the inception of the Defense segment in 2001, the Company has expanded the segment by making several strategic business acquisitions, and has additional facilities located in East Camden, Arkansas; Antigo, Wisconsin; and Clear Lake, South Dakota. During 2003, the segment was expanded with the acquisition of Spectra Technologies, LLC of East Camden, Arkansas. This facility performs Load, Assemble, and Pack (LAP) operations on ordnance-related products for the U.S. Government and prime contractors. During 2006, the segment was expanded with the acquisition of certain assets of Amron, LLC of Antigo, Wisconsin, which primarily manufactures cartridge cases used in medium caliber (20-40mm) ammunition. In 2011 the segment was further augmented with the purchase of certain assets of ALS Technologies, Inc. of Bull Shoals, Arkansas, which manufacture d less lethal ammunitions. The Company subsequently relocated this operation to Perry, Florida, and in October of 2018, divested itself of the less lethal business. See Note Q for further explanation. During 2014, the Company continued the expansion of the Defense segment with the purchase of substantially all of the assets of Chemring Energetic Devices, Inc. located in Clear Lake, South Dakota, and all of the real property owned by Technical Ordnance Realty, LLC. The Clear Lake facility manufactures detonators, booster pellets, release cartridges, lead azide, and other military energetic devices and materials. The Defense segment’s collection of facilities enables the Company to deliver in virtually all aspects of the manufacture of medium caliber training and tactical rounds. They include the fuze, the metal parts including the cartridge case, the load, assemble and pack of the final round, and the detonator. On July 23, 2019, the Company purchased substantially all the assets of OneEvent Technologies, Inc., a Mount Horeb, Wisconsin company established in 2014. OneEvent offers systems that provide early warning of conditions that could ultimately lead to significant losses. The initial application combines patented machine learning, digital sensors and cloud-based technology to continuously monitor freezers and refrigerators, instantly detecting and alerting users to potential safety issues around pharmaceuticals and food. The system also has the ability to continually measure other factors such as smoke, carbon monoxide, motion, humidity, and moisture. See Note R. The Company has created a new operating segment, “Safety,” combining its operations with those of Rusoh, Inc., which designs and markets fire extinguishers. Previously, Rusoh, Inc. had been included in the Company’s Housewares/Small Appliance segment. Prior period segment information has been restated to reflect the Company’s current segmentation. (in thousands) Housewares / Small Appliance Defense Safety Assets Held for Sale Total Year ended December 31, 2019 External net sales $ 99,401 $ 209,114 (5) $ 308,510 Gross profit 15,358 57,773 (1,206) 71,925 Operating profit 2,522 47,845 (3,987) 46,380 Total assets 241,992 148,476 19,785 $ - 410,253 Depreciation and amortization 1,250 2,138 301 3,689 Capital expenditures 804 2,155 179 3,138 Year ended December 31, 2018 External net sales $ 93,733 $ 229,546 38 $ 323,317 Gross profit 15,563 60,979 (659) 75,883 Operating profit 4,479 44,911 (1,488) 47,902 Total assets 268,007 132,636 12,600 $ 375 413,618 Depreciation and amortization 1,161 4,835 223 6,219 Capital expenditures 7,974 676 36 8,686 Year ended December 31, 2017 External net sales $ 97,261 $ 236,334 38 $ 333,633 Gross profit 17,369 70,384 (519) 87,234 Operating profit 7,215 55,440 (951) 61,704 Total assets 232,524 162,869 10,291 $ 6,189 411,873 Depreciation and amortization 1,150 8,511 178 9,839 Capital expenditures 1,574 1,301 275 3,150 In the above summary, operating profit represents earnings before other income, income taxes, and discontinued operations. 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 Appliance segment for all periods presented. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | M. LEASES The Company accounts for leases under ASC Topic 842, Leases , which was adopted on January 1, 2019. At the time of adoption, the Company recognized right of use assets and lease liabilities of $3,832,000 . 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 also 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 . 12 Months Ending Summary of Lease Cost (in thousands) December 31, 2019 Operating lease cost $ 691 Short-term and variable lease cost 225 Total lease cost $ 916 Rent expense was approximately $1,114,000 , $1,050,000 , and $994,000 for the years ended December 31, 2019, 2018, and 2017, respectively. Operating cash used for operating leases was $916,000 for the twelve months ended December 31, 2019. The weighted-average remaining lease term was 7.55 years, and the weighted-average discount rate was 5.5% as of December 31, 2019. Maturities of operating lease liabilities are as follows: Years ending December 31: (In thousands) 2020 $ 693 2021 648 2022 648 2023 531 2024 439 Thereafter 1,385 Total lease payments $ 4,344 Less: future interest expense 823 Lease liabilities $ 3,521 Lease income from operating lease payments for the year ended December 31, 2019, was $1,788,000 . Undiscounted cash flows provided by lease payments are expected as follows: Years ending December 31: (In thousands) 2020 $ 1,839 2021 1,832 2022 1,832 2023 1,832 2024 1,832 Thereafter 14,656 Total lease payments $ 23,823 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. |
Interim Financial Information
Interim Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Interim Financial Information [Abstract] | |
Interim Financial Information | N. INTERIM FINANCIAL INFORMATION (UNAUDITED): The following represents quarterly unaudite d financial information for 2019 and 2018 : (In thousands, except per share data) Per Share (basic and diluted) Quarter Net Sales Gross Profit Earnings from Continuing Operations Earnings (Loss) from Discontinued Operations, net of tax Net Earnings Earnings from Continuing Operations Earnings (Loss) from Discontinued Operations, net of tax Net Earnings 2019 First $ 63,850 $ 12,492 $ 5,951 $ - $ 5,951 $ 0.85 $ - $ 0.85 Second 71,745 14,676 8,153 3 8,156 1.16 - 1.16 Third 78,006 23,847 14,712 1,677 16,389 2.09 0.24 2.33 Fourth 94,909 20,910 11,724 - 11,724 1.67 - 1.67 Total $ 308,510 $ 71,925 $ 40,540 $ 1,680 $ 42,220 $ 5.77 $ 0.24 $ 6.01 2018 First $ 76,826 $ 20,277 $ 10,994 $ (8) $ 10,986 $ 1.57 $ - $ 1.57 Second 79,227 19,445 10,776 (1) 10,775 1.54 - 1.54 Third 81,653 15,697 6,240 131 6,371 0.89 0.02 0.91 Fourth 85,611 20,464 11,879 (71) 11,808 1.69 (0.01) 1.68 Total $ 323,317 $ 75,883 $ 39,889 $ 51 $ 39,940 $ 5.69 $ 0.01 $ 5.70 F ourth quarter sales are significantly impacted by the holiday driven seasonality of the Housewares/Small Appliance segment. This segment orders/purchases inventory during the first three quarters to meet the sales demand of the fourth quarter. The Defense and Safety segment s are typically non-seasonal. As discussed in Note P , the Company recognized income from the settlement of a lawsuit for breach of contract in discontinued operations in the third q uarter of 201 9 . As discussed in Note J, Defense segment contracts contain termination clauses that may give rise to the recognition of revenue for any work completed, associated profit, and inventory/work in process at the time of termination. The Company recognized $9,412,000 of such revenue during the third quarter of 2019 for an actual termination. |
Line Of Credit And Commercial L
Line Of Credit And Commercial Letters Of Credit | 12 Months Ended |
Dec. 31, 2019 | |
Line of Credit And Commercial Letters Of Credit [Abstract] | |
Line Of Credit And Commercial Letters Of Credit | O. LINE OF CREDIT AND COMMERCIAL LETTERS OF CREDIT The Company maintains an unsecured line of credit for short term operating cash needs. The line of credit is normally renewed each year at the end of the third quarter. However, the Company did not do so in 2019. As a result, a s of December 31, 2019 there was no line of credit. A t December 31, 2018, the line of credit limit was set at $ 5,000,000 , with $ 0 outstanding. The interest rate on the line of credit is reset monthly to the London Inter-Bank Offered Rate (LIBOR) plus one half of one percent. In addition, the Company had issued commercial letters of credit totaling $ 1,247,000 and $ 1,247,000 as of December 31, 201 9 and 201 8 , respectively, related to performance on certain customer contracts. As of December 31, 201 9 , the entire balance of the issued letters of credit had not been drawn upon. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | P. 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, L td . (“Drylock”) in exchange for $68,448,000 . 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 the sale of $11,413,000 , net of one-time transaction costs, was recorded in 2017 within earnings from discontinued operations. The following table summarizes the results of the Absorbent Products business within discontinued operations for each of the periods presented: For the years ended December 31, (in thousands) 2019 2018 2017 Net sales $ - $ - $ 421 Cost of sales - 65 (675) Selling and general expenses - - (25) Gain on divestiture, net - - 11,413 Other income (expense) 2,126 - 2,753 Earnings from discontinued operations before provision for income taxes 2,126 65 13,887 Provision for income taxes from discontinued operations 446 14 4,242 Earnings from discontinued operations, net of tax $ 1,680 $ 51 $ 9,645 During the third quarter of 2019, the Company recognized Other income from the settlement of a lawsuit for breach of contract. 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: Year Ended December 31, (in thousands) 2019 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 continui ng operations. Cash (used in) operating activities from discontinued operations was $(1,052,000) , $(636,000) , and $(5,447,000) for the years ended December 31, 201 9 , 201 8 , and 201 7 , respectively. Cash provided by investing activities related to discontinued operations was $3,107,000 , $6,290,000 , and $61,891,000 for the years ended December 31, 201 9 , 201 8 , and 201 7 , 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 $1,832,000 . The amounts received from Drylock for rental income are recorded in Other Income on the Consolidated Statements of Comprehensive Income. |
Divestiture
Divestiture | 12 Months Ended |
Dec. 31, 2019 | |
Divestiture [Abstract] | |
Divestiture | Q. DIVESTITURE On October 17, 2018, the Company, through its wholly owned subsidiary AMTEC Corporation, sold the outstanding stock of its wholly owned subsidiary AMTEC Less Lethal Systems, Inc. (“ALS”) to PACEM Defense LLC (“PACEM”), a third party, in exchange for cash and promissory notes totaling $10,636,000 , subject to customary po st-closing adjustments. T he Company tested long-lived assets for recoverability in the quarter ending September 30, 2018 and recorded an impairment charge of $3,021,000 . The pre-tax loss on divestiture, including the impairment charge, recorded in 2018 was $2,528,000 . As of December 31, 201 9 and 2018 , $2,853,000 and $4,913,000 , respectively, of promissory notes and accrued interest related to the divestiture of ALS are included on the Company’s balance sheet as Notes Receivable, Current. The Company determined this transaction did not qualify for discontinued operations treatment, since it did not represent a strategic shift that had or would have a major effect on the Company’s operations and financial results. |
Business Acquisition
Business Acquisition | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Abstract] | |
Business Acquisition | R. BUSINESS ACQUISITION 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 establishe d in 2014 for $6,501,000 , including cash of $4,020,000 , forgiveness of a note receivable of $2,364,000 and a potential earn out, which is based on earnings over a seven year period. The current estim ated value of the earn out is $117,000 , however, the value of the earn out will vary depending on actual earnings over the seven year period. OneEvent’s systems provide early warning of conditions that could ultimately lead to significant losses. The initial application combines patented machine learning, digital sensors and cloud-based technology to continuously monitor freezers and refrigerators, instantly detecting and alerting users to potential safety issues around pharmaceuticals and food . The OneEvent ® system also has the ability to continually measure other factors such as smoke, carbon monoxide, motion, humidity, and moisture. 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. The acquisition was accounted for under the acquisition method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been recorded to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition. The carrying values for current assets and liabilities were deemed to approximate their fair values due to the short-term nature of these assets and liabilities. The following table shows the amounts recorded as of their acquisition date. (in thousands) Cash $ 287 Receivables 14 Inventory 307 Other current assets 105 Property, plant and equipment 35 Intangibles 2,141 Goodwill 3,831 Right-of-Use Lease Assets 59 Total assets acquired 6,779 Less: Current liabilities assumed 255 Lease Liability - Noncurrent 23 Net assets acquired $ 6,501 The acquired intangibles primarily include technology software and patents that will be amortized over a period of 10 - 15 years. The amount of goodwill recorded reflects expected earning potential of the acquired technology software and patents. The recorded goodwill is deductible for income tax purposes over a fifteen year period. The Company’s results of operations for 2019 include revenue net of sales deductions of ($38,000) and loss of $1,103,000 from the acquired business from the date of acquisition through December 31, 2019. The following pro forma condensed consolidated results of operations has been prepared as if the acquisition had occurred as of January 1, 2018. (unaudited) (in thousands, except per share data) Year Ended December 31, 2019 December 31, 2018 Net sales $ 308,561 $ 323,424 Net earnings 40,822 38,391 Net earnings per share (basic and diluted) $ 5.81 $ 5.48 Weighted average shares outstanding (basic and diluted) 7,027 7,005 The unaudited pro forma financial information presented above is not intended to represent or be indicative of what would have occurred if the transactions had taken place on the dates presented and is not indicative of what the Company’s actual results of operations would have been had the acquisition been completed at the beginning of the periods indicated above. The pro forma combined results reflect one-time costs to fully merge and operate the combined organization more efficiently, but do not reflect anticipated synergies expected to result from the combination and should not be relied upon as being indicative of the future results that the Company will experience. |
Other
Other | 12 Months Ended |
Dec. 31, 2019 | |
Other [Abstract] | |
Other | S . OTHER The Company has entered into a licensing agreement with another firm that holds intellectual property on the Rusoh® self-service/self-reloadable fire extinguisher. Under the agreement, the Company has advanced the entity funds and has agreed to pay royalties to the entity on the commercial sales of the developed products. As of December 31, 201 9 and 201 8 , notes receivable plus accrued interest of $ 7,182,000 and $6,966,000 , respectively, related to the license agreement were classified as Notes Receivable on the Company’s Consolidated Balance Sheets. The fire extinguisher was introduced to the commercial market in 2017, and the Company believes that collectability of the notes receivable is probable . During the fourth quarter of 2018 the Company issued a promissory note of $2,300,000 related to an option agreement with OneEvent Technologies, Inc., an un related third party. The note wa s included on the Company’s balance sheet as Notes Receivable, Current at December 31, 2018 . The note was forgiven during 2019 with the acquisition of OneEvent. See Note R. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Event [Abstract] | |
Subsequent Event | T . SUBSEQUENT EVENTS The Company evaluates events that occur through the filing date and discloses any material events or transactions. On February 21 , 2 020 , the Company’s Board of Directors announced a regular dividend of $1.00 per share, plus an extra dividend of $5.00 . The dividend will be payable o n March 1 3 , 20 20 to the shareholders of record as of March 2 , 20 20 . |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Schedule II - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation And Qualifying Accounts | (In thousands) Column A Column B Column C Column C Column D Column E Description Balance at Beginning of Period Additions - Charged to Costs and Expenses (A) Additions - Charged to Other Accounts (B) Deductions (C) Balance at End of Period Deducted from assets: Allowance for doubtful accounts: Year ended December 31, 2019 $ 747 $ 6 $ - $ 303 $ 450 Year ended December 31, 2018 $ 1,869 $ 458 $ (1,422) $ 158 $ 747 Year ended December 31, 2017 $ 1,816 $ 70 $ - $ 17 $ 1,869 Notes: (A) Amounts charged to selling and general expenses. (B) Amounts charged to other accounts. Charged to the loss on divestiture of AMTEC Less Lethal Systems, Inc. (See Note Q to the Consolidated Financial Statements. (C) Principally bad debts written off, net of recoveries. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Use Of Estimates In The Preparation Of Financial Statements | (1) USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: In preparation of the Company's Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from the estimates used by management. |
Basis Of Presentation | (2) BASIS OF PRESENTATION: The Consolidated Financial Statements include the accounts of National Presto Industries, Inc. and its subsidiaries, all of which are wholly-owned. All material intercompany accounts and transactions are eliminated. For a further discussion of the Company's business and the segments in which it operates, please refer to Note L . 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 assi gned to Drylock Technologies, Ltd . (“Drylock”) in exchange for $68,448,000 . 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. See Note P for further discussion. |
Reclassifications | (3) 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 . |
Fair Value Of Financial Instruments | (4) FAIR VALUE OF FINANCIAL INSTRUMENTS: The Company utilizes the methods of determining fair value as described in Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amount for cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments. The fair value of marketable securities are discussed in Note A(5). |
Cash Cash Equivalents And Marketable Securities | (5) CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES: Cash and Cash Equivalents: 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's cash management policy provides for its bank disbursement accounts to be reimbursed on a daily basis. Checks issued but not presented to the bank for payment of $ 1,308,000 and $ 3,057,000 at December 31, 201 9 and 201 8 , respectively, are included as reductions of cash and cash equivalents or b oo k overdrafts in accounts payable, as appropriate. Marketable Securities: The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at 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 December 31, 201 9 and 201 8 , 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 December 31 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 December 31, 2019 Tax-exempt Municipal Bonds $ 39,313 $ 39,484 $ 176 $ 5 Variable Rate Demand Notes 39,249 39,249 - - Total Marketable Securities $ 78,562 $ 78,733 $ 176 $ 5 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 sales and maturities of marketable securities totaled $ 161,420,000 in 20 19 , $ 173,060,000 in 201 8 , and $ 132,752,000 in 201 7 . There were no realized gross gains or losses related to sales of marketable securities during the years ended December 31, 201 9 , 201 8 and 201 7 . Net unrealized gains (losses) included in other comprehensive income were $ 145,000 , $ 135,000 and $ (37,000) before taxes for the years ended December 31, 201 9, 2018 , and 20 17 , 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 December 31, 201 9 are as follows: $ 30,669,000 within one year; $ 8,815,000 beyond one year to five years; $ 4,146,000 beyond five years to ten years, and $ 35,103,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which, as noted above, 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. |
Accounts Receivable | (6) ACCOUNTS RECEIVABLE: The Company's accounts receivable is related to sales of products. Credit is extended based on prior experience with the customer and evaluation of customers' financial condition. Accounts receivable are primarily due within 25 to 60 days. The Company does not accrue interest on past due accounts receivable. Receivables are written off only after all collection attempts have failed and are based on individual credit evaluation and the specific circumstances of the customer. The allowance for doubtful accounts represents an estimate of amounts considered uncollectible and is determined based on the Company's historical collection experience, adverse situations that may affect the customer's ability to pay, and prevailing economic conditions. |
Inventories | (7) INVENTORIES: Housewares/Small Appliance segment inventories and certain Safety segment inventory items are stated at the lower of cost or net realizable value with cost being determined principally on the last-in, first-out (LIFO) method. Defense segment inventories are stated at the lower of cost and net realizable value determined principally on the first-in, first-out (FIFO) method. Inventoried costs relating to contracts in progress are stated at actual production costs, including factory overhead, initial tooling, and other related costs incurred to date, reduced by amounts associated with recognized sales, utilizing a standard costing type method. The Company evaluates inventories to determine if there are any excess or obsolete inventories on hand. |
Property, Plant And Equipment | (8) PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment are stated at cost. Straight-line depreciation is provided in amounts sufficient to charge the costs of depreciable assets to operations over their service lives which are estimated at 15 to 40 years for buildings, 3 to 10 years for machinery and equipment, and 15 to 20 years for land improvements. The Company reviews long-lived assets consisting principally of property, plant, and equipment, for impairment when material events and changes in circumstances indicate the carrying value may not be recoverable. As a result of the divestiture of one of its operating facilities in the Defense segment during 2018, the Company recorded an impairment of $2,975,000 during the third quarter of 2018. See Note Q for further explanation. Approximately $288,000 of construction in progress in the Company’s Housewares/Small Appliance segment and approximately $179,000 for the Safety segment is presented on the Consolidated Balance Sheet as Machinery and Equipment at December 31, 201 9 , and approximately $2,413,000 of construction in progress in the Company’s Defense segment is presented on the Consolidated Balance Sheet as Buildings at December 31, 201 9 . The construction in progress is expected to be completed by mid-year 20 20 . Approximately $1,437,000 of cons truction in progress in the Company’s Defense segment is presented on the Consolidated Balance Sheet as Buildings, at December 31, 201 8 . |
Goodwill | (9) GOODWILL: The Company recognizes the excess cost of acquired entities over the net amount assigned to the fair value of assets acquired and liabilities assumed as goodwill. Goodwill is tested for impairment on an annual basis at the start of the fourth quarter and between annual tests whenever an impairment is indicated, such as the occurrence of an event that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Impairment losses are recognized whenever the implied fair value of goodwill is less than its carrying value. No goodwill impairments were recognized during 201 9, 2018, or 2017 . The Company's goodwill as of December 31, 201 9 and 201 8 was $15,317,000 and $ 11,485,000 , respectively. For 2019, $3,831,000 relates to the recent acquisition in the Safety segment and $11,486,000 rel ates to the Defense segment, which had no cumulative impairm ent charges at December 31, 2019 . |
Intangible Assets | (10) INTANGIBLE ASSETS: Intangible assets primarily consist of the value of an acqu ired government sales contract, the value of trademarks and trade secrets , technology software, and patents. The intangible assets are attributable to the Defense and Safety segment s . The government sales contract intangible asset is amortized based on units fulfilled under the applicable contract, while the other intangible assets are amortized on a straight-line basis that approximates economic use, over periods ranging from 2 to 15 years with the exception of trade secrets which have an indefinite life . Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. As a result of the divestiture of one of its operating facilities in the Defense segment during 2018, the Company recorded an impairment of $46,000 during the third quarter of 2018. See Note Q for further explanation. Th ere were no impairments of intangible assets recognized during 201 9 or 20 17 . The gross carrying amounts of the intangible assets subject to amortization was $2,142,000 at December 31, 2019. There were no unamortized intangible assets subject to amortization at December 31, 201 8 . Accumulated amortization was $ 83,000 and $ 0 at December 31, 201 9 and 201 8 , respectively. Amortization expense was $ 83,000 , $ 2,167,000 , and $ 2,630,000 during t he years ended December 31, 2019 , 201 8 , and 20 17 , respectively. |
Other Assets | (11) 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 Appliance segment. The Company expects to utilize the prepayments and related materia ls over an estimated period of two years. As of December 31, 201 9 and 201 8 , $9,396,000 and $6,864,000 of such prepayments, respectively, remained unused and outstanding. At December 31, 201 9 and 201 8 , $4,614,000 and $5,190,000 of these amounts, respectively, are included in Other Current Assets, representing the Company’s best estimate of the expected utilization of the prepayments and related materials during the twelve-month periods following those dates |
Revenues | (12) 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 standard was adopted on January 1, 2018 and did not result in any change to the Company’s pattern of revenue recognition. 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. There are also certain termination clauses in Defense segment contracts that may give rise to the recognition of revenue, $9,412,000 of which was recognized during the third quarter of 2019. 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 December 31, 201 9 and 201 8 , $1,847,000 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 $9,574,000 during 201 9 that was included in the Defense segment contract liability at the beginning of the year. 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 201 9 and 201 8 , there were no material adjustments to the aforementioned estimates. There were no material 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 $310,385,000 and $333,592,000 as of December 31, 201 9 and 201 8 , 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 and Safety segment s 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 L . Management utilizes the performance measures by segment to evaluate the financial performance of and make operating decisions for the Company. |
Advertising | (13) ADVERTISING: The Company's policy is to expense advertising as incurred and include it in selling and general expenses. Advertising expense was $ 245,000 , $ 181,000 , and $ 174,000 in 2019 , 201 8 , and 201 7 , respectively. |
Product Warranty | (14) PRODUCT WARRANTY: The Company’s Housewares/Small Appliance segment’s products are generally warranted to the original owner to be free from defects in material and workmanship for a period of 1 to 12 years from date of purchase. The Company allows a 60 -day over-the-counter initial return privilege through cooperating dealers. The Company services its products through a corporate service repair operation. The Company estimates its product warranty liability based on historical percentages which have remained relatively consistent over the years. The product warranty liability is included in accounts payable on the balance sheet. The following table shows the changes in product warranty liability for the period: (In thousands) Year Ended December 31 2019 2018 Beginning balance January 1 $ 221 $ 383 Accruals during the period 416 315 Charges / payments made under the warranties (374) (477) Balance December 31 $ 263 $ 221 |
Stock-Based Compensation | (15) STOCK-BASED COMPENSATION: The Company accounts for stock-based compensation in accordance with ASC 718, Compensation — Stock Compensation . Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period, net of estimated forfeitures. As more fully described in Note F , the Company awards non-vested restricted stock to employees and executive officers. |
Income Taxes | (16) INCOME TAXES: Deferred income tax assets and liabilities are recognized for the differences between the financial and income tax reporting bases of assets and liabilities based on enacted tax rates and laws. The deferred income tax provision or benefit generally reflects the net change in deferred income tax assets and liabilities during the year. The current income tax provision reflects the tax consequences of revenues and expenses currently taxable or deductible on various income tax returns for the year reported. Income tax contingencies are accounted for in accordance with FASB ASC 740, Income Taxes . See Note H for summaries of the provision, the effective tax rates, and the tax effects of the cumulative temporary differences resulting in deferred tax assets and liabilities. |
Recently Issued Accounting Pronouncements | (17) 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 does not expect the adoption of ASU 2016-13 to have a material impact on its consolidated financial statements . Other pronouncements issued but not effective until after December 31, 201 9 , are not expected to have a material impact on the Company's consolidated financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [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 December 31, 2019 Tax-exempt Municipal Bonds $ 39,313 $ 39,484 $ 176 $ 5 Variable Rate Demand Notes 39,249 39,249 - - Total Marketable Securities $ 78,562 $ 78,733 $ 176 $ 5 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 |
Schedule Of Changes In Product Warranty | (In thousands) Year Ended December 31 2019 2018 Beginning balance January 1 $ 221 $ 383 Accruals during the period 416 315 Charges / payments made under the warranties (374) (477) Balance December 31 $ 263 $ 221 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Schedule Of Potential Impact Of LIFO Valuation to FIFO Valuation | Increase (Decrease) – (In thousands, except per share data) Year Cost of Sales Net Earnings Earnings Per Share 2019 $ 42 $ (34) $ - 2018 $ (189) $ 143 $ 0.02 2017 $ (1,250) $ 830 $ 0.12 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Activity For Non-Vested Restricted Stock | 2019 2018 2017 Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Non-vested at beginning of period 32,337 $ 87.84 29,810 $ 83.40 28,465 $ 77.93 Granted 4,138 98.54 3,886 116.49 7,837 105.06 Vested (17,871) 84.71 (1,359) 72.25 (6,492) 85.58 Forfeited 0 - 0 - 0 - Non-vested at end of period 18,604 $ 93.23 32,337 $ 87.84 29,810 $ 83.40 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Schedule Of Provision For Income Taxes | For Years Ended December 31 (in thousands) 2019 2018 2017 Current: Federal $ 11,453 $ 10,996 $ 24,200 State 537 1,575 1,772 11,990 12,571 25,972 Deferred: Federal (179) (280) (4,008) State (45) 159 7 (224) (121) (4,001) Total tax provision $ 11,766 $ 12,450 $ 21,971 |
Reconciliation Of Statutory Rate to Effective Rate | Percent of Pre-tax Income 2019 2018 2017 Statutory rate 21.0% 21.0% 35.0% State tax, net of federal benefit 0.7% 2.6% 1.8% Tax exempt interest and dividends (0.1%) (0.6%) (0.7%) Other 0.9% 0.8% (2.4%) Effective rate 22.5% 23.8% 33.7% |
Schedule Of Deferred Tax Assets And Liabilities | (In thousands) 2019 2018 Deferred tax assets Insurance (primarily product liability) $ 947 $ 900 Vacation 662 527 Inventory 642 339 Deferred compensation 162 303 Environmental 227 237 Doubtful accounts 97 158 Other 103 37 Total deferred tax assets 2,840 2,501 Deferred tax liabilities Goodwill and other intangibles 1,391 1,200 Depreciation 131 213 Deferred revenue 37 - Total deferred tax liabilities 1,559 1,413 Net deferred tax assets $ 1,281 $ 1,088 |
Reconciliation Of Unrecognized Tax Benefits | (In thousands) 2019 2018 Balance at January 1 $ 320 $ 459 Increases for tax positions taken related to the current year 453 73 Increases for tax positions taken related to prior years 1,519 - Decreases for tax positions taken related to prior years - (54) Lapse of statute of limitations (55) (56) Settlements - (102) Balance at December 31 $ 2,237 $ 320 |
Environmental (Tables)
Environmental (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Environmental [Abstract] | |
Schedule Of Expected Future Payments Of Environmental Matters | (In thousands) Years Ending December 31: 2020 $ 200 2021 156 2022 142 2023 128 2024 114 Thereafter 310 $ 1,050 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Segments [Abstract] | |
Summary Of Business Segment Information | (in thousands) Housewares / Small Appliance Defense Safety Assets Held for Sale Total Year ended December 31, 2019 External net sales $ 99,401 $ 209,114 (5) $ 308,510 Gross profit 15,358 57,773 (1,206) 71,925 Operating profit 2,522 47,845 (3,987) 46,380 Total assets 241,992 148,476 19,785 $ - 410,253 Depreciation and amortization 1,250 2,138 301 3,689 Capital expenditures 804 2,155 179 3,138 Year ended December 31, 2018 External net sales $ 93,733 $ 229,546 38 $ 323,317 Gross profit 15,563 60,979 (659) 75,883 Operating profit 4,479 44,911 (1,488) 47,902 Total assets 268,007 132,636 12,600 $ 375 413,618 Depreciation and amortization 1,161 4,835 223 6,219 Capital expenditures 7,974 676 36 8,686 Year ended December 31, 2017 External net sales $ 97,261 $ 236,334 38 $ 333,633 Gross profit 17,369 70,384 (519) 87,234 Operating profit 7,215 55,440 (951) 61,704 Total assets 232,524 162,869 10,291 $ 6,189 411,873 Depreciation and amortization 1,150 8,511 178 9,839 Capital expenditures 1,574 1,301 275 3,150 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Lease Cost | 12 Months Ending Summary of Lease Cost (in thousands) December 31, 2019 Operating lease cost $ 691 Short-term and variable lease cost 225 Total lease cost $ 916 |
Summary of Operating Lease Liability Maturities | Years ending December 31: (In thousands) 2020 $ 693 2021 648 2022 648 2023 531 2024 439 Thereafter 1,385 Total lease payments $ 4,344 Less: future interest expense 823 Lease liabilities $ 3,521 |
Summary of Lease Income from Operating Lease Payments | Years ending December 31: (In thousands) 2020 $ 1,839 2021 1,832 2022 1,832 2023 1,832 2024 1,832 Thereafter 14,656 Total lease payments $ 23,823 |
Interim Financial Information (
Interim Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Interim Financial Information [Abstract] | |
Schedule Of Quarterly Financial Information | (In thousands, except per share data) Per Share (basic and diluted) Quarter Net Sales Gross Profit Earnings from Continuing Operations Earnings (Loss) from Discontinued Operations, net of tax Net Earnings Earnings from Continuing Operations Earnings (Loss) from Discontinued Operations, net of tax Net Earnings 2019 First $ 63,850 $ 12,492 $ 5,951 $ - $ 5,951 $ 0.85 $ - $ 0.85 Second 71,745 14,676 8,153 3 8,156 1.16 - 1.16 Third 78,006 23,847 14,712 1,677 16,389 2.09 0.24 2.33 Fourth 94,909 20,910 11,724 - 11,724 1.67 - 1.67 Total $ 308,510 $ 71,925 $ 40,540 $ 1,680 $ 42,220 $ 5.77 $ 0.24 $ 6.01 2018 First $ 76,826 $ 20,277 $ 10,994 $ (8) $ 10,986 $ 1.57 $ - $ 1.57 Second 79,227 19,445 10,776 (1) 10,775 1.54 - 1.54 Third 81,653 15,697 6,240 131 6,371 0.89 0.02 0.91 Fourth 85,611 20,464 11,879 (71) 11,808 1.69 (0.01) 1.68 Total $ 323,317 $ 75,883 $ 39,889 $ 51 $ 39,940 $ 5.69 $ 0.01 $ 5.70 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 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: For the years ended December 31, (in thousands) 2019 2018 2017 Net sales $ - $ - $ 421 Cost of sales - 65 (675) Selling and general expenses - - (25) Gain on divestiture, net - - 11,413 Other income (expense) 2,126 - 2,753 Earnings from discontinued operations before provision for income taxes 2,126 65 13,887 Provision for income taxes from discontinued operations 446 14 4,242 Earnings from discontinued operations, net of tax $ 1,680 $ 51 $ 9,645 During the third quarter of 2019, the Company recognized Other income from the settlement of a lawsuit for breach of contract. 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: Year Ended December 31, (in thousands) 2019 2018 Accounts receivable, net $ - $ 375 Assets held for sale $ - $ 375 |
Business Acquisition (Tables)
Business Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Abstract] | |
Schedule Of Assets Acquired and Liabilities Assumed | (in thousands) Cash $ 287 Receivables 14 Inventory 307 Other current assets 105 Property, plant and equipment 35 Intangibles 2,141 Goodwill 3,831 Right-of-Use Lease Assets 59 Total assets acquired 6,779 Less: Current liabilities assumed 255 Lease Liability - Noncurrent 23 Net assets acquired $ 6,501 |
Schedule Of Pro Forma Results of Operations | (unaudited) (in thousands, except per share data) Year Ended December 31, 2019 December 31, 2018 Net sales $ 308,561 $ 323,424 Net earnings 40,822 38,391 Net earnings per share (basic and diluted) $ 5.81 $ 5.48 Weighted average shares outstanding (basic and diluted) 7,027 7,005 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||
Sep. 29, 2019USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | |
Significant Accounting Policies [Line Items] | |||||||
Proceeds from sale | $ 4,000,000 | $ 68,448,000 | |||||
Gain on divestiture, net | $ 0 | 11,413,000 | |||||
Checks outstanding | $ 1,308,000 | $ 3,057,000 | $ 1,308,000 | ||||
Proceeds from sale and maturity of available for sale securities | 161,420,000 | 173,060,000 | 132,752,000 | ||||
Gross gains or losses related to sales of marketable securities | 0 | 0 | 0 | ||||
Net unrealized gains (losses) included OCI | 145,000 | 135,000 | (37,000) | ||||
Contractual maturities of marketable securities, within one year | 30,669,000 | 30,669,000 | |||||
Contractual maturities of marketable securities, beyond one year to five years | 8,815,000 | 8,815,000 | |||||
Contractual maturities of marketable securities, beyond five years to ten years | 4,146,000 | 4,146,000 | |||||
Contractual maturities of marketable securities, beyond ten years | 35,103,000 | 35,103,000 | |||||
Goodwill | 15,317,000 | 11,485,000 | 15,317,000 | ||||
Goodwill impairment charges | 0 | ||||||
Goodwill, Cumulative Impairment Charges | 0 | 0 | |||||
Gross carrying amount of intangibles | 2,142,000 | 0 | 2,142,000 | ||||
Accumulated amortization of intangibles | 83,000 | 0 | 83,000 | ||||
Amortization expense | $ 83,000 | 2,167,000 | 2,630,000 | ||||
Revenue recognized that was previously included in contract liability | $ 9,412,000 | ||||||
Number of reportable segments | segment | 2 | ||||||
Advertising expense | $ 245,000 | 181,000 | $ 174,000 | ||||
Defense [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Impairment of Property, Plant and Equipment | $ 2,975,000 | ||||||
Goodwill | 11,486,000 | 11,486,000 | |||||
Impairments of Intangible Assets | 46,000 | ||||||
Contract liabilities | 1,847,000 | 9,579,000 | 1,847,000 | ||||
Revenue recognized that was previously included in contract liability | $ 9,412,000 | 9,574,000 | |||||
Unsatified performance obligations | $ 310,385,000 | 333,592,000 | 310,385,000 | ||||
Housewares/ Small Appliances [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Expected prepayment utilization period | 2 years | ||||||
Materials Prepayments | $ 9,396,000 | 6,864,000 | 9,396,000 | ||||
Change in estimate of variable consideration | 0 | 0 | |||||
Revenue recognized from performance obligations satisfied in a prior period | $ 0 | 0 | |||||
Standard product warranty coverage period | 60 days | ||||||
Safety [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Goodwill | $ 3,831,000 | 3,831,000 | |||||
Buildings [Member] | Defense [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Construction in progress | 2,413,000 | 1,437,000 | 2,413,000 | ||||
Machinery and Equipment [Member] | Housewares/ Small Appliances [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Construction in progress | 288,000 | 288,000 | |||||
Machinery and Equipment [Member] | Safety [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Construction in progress | $ 179,000 | 179,000 | |||||
Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Accounts receivable, collection period | 25 days | ||||||
Economic use period for intangibles | 2 years | ||||||
Contract term | 3 months | ||||||
Minimum [Member] | Defense [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Holding period following recognition of revenue | 7 days | ||||||
Minimum [Member] | Housewares/ Small Appliances [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Standard product warranty coverage period | 1 year | ||||||
Minimum [Member] | Buildings [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Useful life | 15 years | ||||||
Minimum [Member] | Machinery and Equipment [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Useful life | 3 years | ||||||
Minimum [Member] | Land Improvements [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Useful life | 15 years | ||||||
Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Accounts receivable, collection period | 60 days | ||||||
Economic use period for intangibles | 15 years | ||||||
Contract term | 24 months | ||||||
Maximum [Member] | Defense [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Holding period following recognition of revenue | 28 days | ||||||
Maximum [Member] | Housewares/ Small Appliances [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Standard product warranty coverage period | 12 years | ||||||
Maximum [Member] | Buildings [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Useful life | 40 years | ||||||
Maximum [Member] | Machinery and Equipment [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Useful life | 10 years | ||||||
Maximum [Member] | Land Improvements [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Useful life | 20 years | ||||||
Maximum [Member] | Variable Rate Demand Notes [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of days to tender securites | 7 days | ||||||
Other Current Assets [Member] | Housewares/ Small Appliances [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Materials Prepayments | $ 4,614,000 | $ 5,190,000 | $ 4,614,000 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Timing Of Performance Obligation) (Narrative) (Details) - Defense [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-01-01 | Dec. 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 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | $ 78,562 | $ 134,572 |
MARKETABLE SECURITIES, Fair Value | 78,733 | 134,598 |
MARKETABLE SECURITIES, Gross Unrealized Gains | 176 | 44 |
MARKETABLE SECURITIES, Gross Unrealized Losses | 5 | 18 |
Tax-Exempt Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | 39,313 | 40,156 |
MARKETABLE SECURITIES, Fair Value | 39,484 | 40,182 |
MARKETABLE SECURITIES, Gross Unrealized Gains | 176 | 44 |
MARKETABLE SECURITIES, Gross Unrealized Losses | 5 | 18 |
Variable Rate Demand Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | 39,249 | 94,416 |
MARKETABLE SECURITIES, Fair Value | $ 39,249 | $ 94,416 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Schedule Of Changes In Product Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Beginning balance January 1 | $ 221 | $ 383 |
Accruals during the period | 416 | 315 |
Charges / payments made under the warranties | (374) | (477) |
Balance December 31 | $ 263 | $ 221 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory [Line Items] | |||
Liquidation of LIFO layer | $ 85,000 | $ 26,000 | $ 64,000 |
FIFO inventory amount | 95,792,000 | 66,200,000 | |
Finished goods | 751,000 | 1,003,000 | |
Work in process | 87,805,000 | 59,580,000 | |
Raw materials and supplies | 7,236,000 | 5,617,000 | |
Housewares/ Small Appliances [Member] | |||
Inventory [Line Items] | |||
LIFO inventory amount | 32,744,000 | 27,788,000 | |
Inventory valuation, difference below FIFO | $ 3,982,000 | $ 4,024,000 |
Inventories (Schedule Of Potent
Inventories (Schedule Of Potential Impact Of LIFO Valuation to FIFO Valuation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventories [Abstract] | |||
Cost of Sales | $ 42 | $ (189) | $ (1,250) |
Net Earnings | $ (34) | $ 143 | $ 830 |
Earnings Per Share | $ 0.02 | $ 0.12 |
Accrued Liabilities (Narrative)
Accrued Liabilities (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities [Abstract] | ||
Accrued product liability | $ 5,055,000 | $ 4,949,000 |
Accrued payroll liability | 6,341,000 | 5,130,000 |
Environmental accrued liability | 1,050,000 | 1,120,000 |
Other accrued liabilities | $ 878,000 | $ 812,000 |
Treasury Stock (Narrative) (Det
Treasury Stock (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Treasury Stock [Abstract] | |||
Shares approved for repurchase | 498,727 | ||
Shares Acquired From Participants For Share Based Compensation Tax Obligations | 4,584 | 62 | 1,139 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2019USD ($)employeeshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | May 16, 2017shares | May 18, 2010shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized | 150,000 | 50,000 | |||
Number of plan participants | employee | 25 | ||||
Pre-tax compensation expense | $ | $ 830,000 | $ 469,000 | $ 545,000 | ||
Unrecognized compensation cost | $ | $ 986,000 | ||||
Unrecognized compensation cost, recognition period | 3 years 9 months 18 days | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting year | 2020 | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting year | 2025 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 4,138 | 3,886 | 7,837 | ||
Shares vested | 17,871 | 1,359 | 6,492 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Activity For Non-Vested Restricted Stock) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested at beginning of period, Shares | 32,337 | 29,810 | 28,465 |
Granted, Shares | 4,138 | 3,886 | 7,837 |
Vested, Shares | (17,871) | (1,359) | (6,492) |
Forfeited, Shares | 0 | 0 | 0 |
Non-vested at end of period, Shares | 18,604 | 32,337 | 29,810 |
Non-vested at beginning of period, Weighted Average Fair Value at Grant Date | $ 87.84 | $ 83.40 | $ 77.93 |
Granted, Weighted Average Fair Value at Grant Date | 98.54 | 116.49 | 105.06 |
Vested, Weighted Average Fair Value at Grant Date | 84.71 | 72.25 | 85.58 |
Non-vested at end of period, Weighted Average Fair Value at Grant Date | $ 93.23 | $ 87.84 | $ 83.40 |
401(k) Plan (Narrative) (Detail
401(k) Plan (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employer Contribution Common Stock [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of specified salary amount matched by employer | 50.00% | ||
Percentage of employee salary eligible for matching | 4.00% | ||
Employer contributions | $ 1,197,000 | $ 1,218,000 | $ 1,194,000 |
Employer Contribution Cash [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of specified salary amount matched by employer | 50.00% | ||
Percentage of employee salary eligible for matching | 4.00% | ||
Employer contributions | $ 802,000 | 821,000 | 817,000 |
Certain Employees [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of employee salary eligible for matching | 3.00% | ||
Defined Benefit Plan, Union Employees [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contributions | $ 387,000 | $ 352,000 | $ 369,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Statutory rate | 21.00% | 21.00% | 35.00% |
Increase in income tax provison from revaluation of net deferred tax assets | $ 534,000 | ||
Gross unrecognized tax benefits | $ 2,237,000 | 320,000 | $ 459,000 |
Income tax related interest and penalties included in tax expense | $ 298,000 | $ 14,000 | $ 17,000 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Current, Federal | $ 11,453 | $ 10,996 | $ 24,200 |
Current, State | 537 | 1,575 | 1,772 |
Current provision for income taxes | 11,990 | 12,571 | 25,972 |
Deferred, Federal | (179) | (280) | (4,008) |
Deferred, State | (45) | 159 | 7 |
Deferred provision for income taxes | (224) | (121) | (4,001) |
Total tax provision | $ 11,766 | $ 12,450 | $ 21,971 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Statutory Rate to Effective Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Statutory rate | 21.00% | 21.00% | 35.00% |
State tax, net of federal benefit | 0.70% | 2.60% | 1.80% |
Tax exempt interest and dividends | (0.10%) | (0.60%) | (0.70%) |
Other | 0.90% | 0.80% | (2.40%) |
Effective Rate | 22.50% | 23.80% | 33.70% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Abstract] | ||
Insurance (primarily product liability) | $ 947 | $ 900 |
Vacation | 662 | 527 |
Inventory | 642 | 339 |
Deferred compensation | 162 | 303 |
Environmental | 227 | 237 |
Doubtful accounts | 97 | 158 |
Other | 103 | 37 |
Total deferred tax assets | 2,840 | 2,501 |
Goodwill and other intangibles | 1,391 | 1,200 |
Depreciation | 131 | 213 |
Deferred revenue | 37 | |
Total deferred tax liabilities | 1,559 | 1,413 |
Net deferred tax assets | $ 1,281 | $ 1,088 |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | ||
Balance at January 1 | $ 320,000 | $ 459,000 |
Increases for tax positions taken related to the current year | 453,000 | 73,000 |
Increases for tax positions taken related to prior years | 1,519,000 | |
Decreases for tax positions taken related to prior years | (54,000) | |
Lapse of statue of limitations | (55,000) | (56,000) |
Settlements | (102,000) | |
Balance at December 31 | $ 2,237,000 | $ 320,000 |
Concentrations (Narrative) (Det
Concentrations (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019employeecustomer | Dec. 31, 2018customer | Dec. 31, 2017customer | |
Concentration Risk [Line Items] | |||
Number of entity empolyees, union members | employee | 198 | ||
Percentage of entity employees, union members | 22.00% | ||
Housewares/ Small Appliances [Member] | |||
Concentration Risk [Line Items] | |||
Major customers contributing to net sales | customer | 1 | 1 | 1 |
Housewares/ Small Appliances [Member] | Net Sales [Member] | |||
Concentration Risk [Line Items] | |||
Major customer, percentage | 12.00% | 10.00% | 10.00% |
Environmental (Narrative) (Deta
Environmental (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Environmental [Abstract] | ||
Environmental accrued liability | $ 1,050,000 | $ 1,120,000 |
Environmental (Schedule Of Expe
Environmental (Schedule Of Expected Future Payments Of Environmental Matters) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Environmental [Abstract] | |
2020 | $ 200 |
2021 | 156 |
2022 | 142 |
2023 | 128 |
2024 | 114 |
Thereafter | 310 |
Future payments for environmental matters | $ 1,050 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019segmentcontract | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Segments [Abstract] | |||
Operating segments | segment | 3 | ||
Government contract, number of contractors | contract | 2 | ||
Supply commitment, commitment term | 5 years | 5 years | 1 year |
Business Segments (Summary Of B
Business Segments (Summary Of Business Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
External net sales | $ 94,909 | $ 78,006 | $ 71,745 | $ 63,850 | $ 85,611 | $ 81,653 | $ 79,227 | $ 76,826 | $ 308,510 | $ 323,317 | $ 333,633 |
Gross profit | 20,910 | $ 23,847 | $ 14,676 | $ 12,492 | 20,464 | $ 15,697 | $ 19,445 | $ 20,277 | 71,925 | 75,883 | 87,234 |
Operating profit | 46,380 | 47,902 | 61,704 | ||||||||
Total assets | 410,253 | 413,618 | 410,253 | 413,618 | 411,873 | ||||||
Depreciation and amortization | 3,689 | 6,219 | 9,839 | ||||||||
Capital expenditures | 3,138 | 8,686 | 3,150 | ||||||||
Housewares/ Small Appliances [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External net sales | 99,401 | 93,733 | 97,261 | ||||||||
Gross profit | 15,358 | 15,563 | 17,369 | ||||||||
Operating profit | 2,522 | 4,479 | 7,215 | ||||||||
Total assets | 241,992 | 268,007 | 241,992 | 268,007 | 232,524 | ||||||
Depreciation and amortization | 1,250 | 1,161 | 1,150 | ||||||||
Capital expenditures | 804 | 7,974 | 1,574 | ||||||||
Defense [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External net sales | 209,114 | 229,546 | 236,334 | ||||||||
Gross profit | 57,773 | 60,979 | 70,384 | ||||||||
Operating profit | 47,845 | 44,911 | 55,440 | ||||||||
Total assets | 148,476 | 132,636 | 148,476 | 132,636 | 162,869 | ||||||
Depreciation and amortization | 2,138 | 4,835 | 8,511 | ||||||||
Capital expenditures | 2,155 | 676 | 1,301 | ||||||||
Safety [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External net sales | (5) | 38 | 38 | ||||||||
Gross profit | (1,206) | (659) | (519) | ||||||||
Operating profit | (3,987) | (1,488) | (951) | ||||||||
Total assets | $ 19,785 | 12,600 | 19,785 | 12,600 | 10,291 | ||||||
Depreciation and amortization | 301 | 223 | 178 | ||||||||
Capital expenditures | $ 179 | 36 | 275 | ||||||||
Assets Held For Sale [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | $ 375 | $ 375 | $ 6,189 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Right of use assets | $ 3,521 | ||
Lease liability | 3,001 | ||
Rent expense | 1,114 | $ 1,050 | $ 994 |
Operating cash used for operating leases | $ 916 | ||
Weighted-average remaining lease term | 7 years 6 months 18 days | ||
Weighted average discount rate | 5.50% | ||
Lease income from operating lease payments | $ 1,788 | ||
Accounting Standards Update 2016-02 [Member] | |||
Right of use assets | 3,832 | ||
Lease liability | $ 3,832 |
Leases (Summary of Lease Cost)
Leases (Summary of Lease Cost) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 691 |
Short-term and variable lease cost | 225 |
Total lease cost | $ 916 |
Leases (Summary of Operating Le
Leases (Summary of Operating Lease Liability Maturities) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 693 |
2021 | 648 |
2022 | 648 |
2023 | 531 |
2024 | 439 |
Thereafter | 1,385 |
Total lease payments | 4,344 |
Less: future interest expense | 823 |
Lease liabilities | $ 3,521 |
Leases (Summary of Lease Income
Leases (Summary of Lease Income from Operating Lease Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 1,839 |
2021 | 1,832 |
2022 | 1,832 |
2023 | 1,832 |
2024 | 1,832 |
Thereafter | 14,656 |
Total lease payments | $ 23,823 |
Interim Financial Information_2
Interim Financial Information (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interim Financial Information [Abstract] | |||||||||||
Net sales | $ 94,909 | $ 78,006 | $ 71,745 | $ 63,850 | $ 85,611 | $ 81,653 | $ 79,227 | $ 76,826 | $ 308,510 | $ 323,317 | $ 333,633 |
Gross Profit | 20,910 | 23,847 | 14,676 | 12,492 | 20,464 | 15,697 | 19,445 | 20,277 | 71,925 | 75,883 | 87,234 |
Earnings from continuing operations | 11,724 | 14,712 | 8,153 | 5,951 | 11,879 | 6,240 | 10,776 | 10,994 | 40,540 | 39,889 | 43,314 |
Earnings (loss) from discontinued operations, net of tax | 1,677 | 3 | (71) | 131 | (1) | (8) | 1,680 | 51 | 9,645 | ||
Net earnings | $ 11,724 | $ 16,389 | $ 8,156 | $ 5,951 | $ 11,808 | $ 6,371 | $ 10,775 | $ 10,986 | $ 42,220 | $ 39,940 | $ 52,959 |
Earnings from continuing operations per share, basic and diluted | $ 1.67 | $ 2.09 | $ 1.16 | $ 0.85 | $ 1.69 | $ 0.89 | $ 1.54 | $ 1.57 | $ 5.77 | $ 5.69 | $ 6.20 |
Earnings (loss) from discontinued operations per share, net of tax, basic and diluted | 0.24 | (0.01) | 0.02 | 0.24 | 0.01 | 1.38 | |||||
Net earnings per share | $ 1.67 | $ 2.33 | $ 1.16 | $ 0.85 | $ 1.68 | $ 0.91 | $ 1.54 | $ 1.57 | $ 6.01 | $ 5.70 | $ 7.58 |
Revenue recognized that was previously included in contract liability | $ 9,412 |
Line Of Credit And Commercial_2
Line Of Credit And Commercial Letters Of Credit (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Letters of credit | $ 1,247,000 | $ 1,247,000 |
Domestic Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit limit | $ 0 | 5,000,000 |
Line of credit outstanding | $ 0 | |
Percentage over LIBOR | 0.50% |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale | $ 4,000 | $ 68,448 | ||
Gain on divestiture, net | $ 0 | 11,413 | ||
Cash provided by (used in) operating activities of discontinued operations | $ (1,052) | $ (636) | (5,447) | |
Cash provided by (used in) investing activities related to discontinued operations | $ 3,107 | $ 6,290 | $ 61,891 | |
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] | 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 | |||
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 | $ 1,832 | |||
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 Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Sep. 29, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cost of sales | $ (236,585) | $ (247,434) | $ (246,399) | ||||||
Selling and general expenses | (25,462) | (23,286) | (22,900) | ||||||
Gain on divestiture, net | $ 0 | 11,413 | |||||||
Other income (expense) | 5,926 | 4,437 | 3,581 | ||||||
Earnings from discontinued operations, net of tax | $ 1,677 | $ 3 | $ (71) | $ 131 | $ (1) | $ (8) | 1,680 | 51 | 9,645 |
Assets Held For Sale [Member] | Discontinued Operations [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net Sales | 421 | ||||||||
Cost of sales | 65 | (675) | |||||||
Selling and general expenses | (25) | ||||||||
Gain on divestiture, net | 11,413 | ||||||||
Other income (expense) | 2,126 | 2,753 | |||||||
Earnings from discontinued operations before provision for income taxes | 2,126 | 65 | 13,887 | ||||||
Provision for income taxes from discontinued operations | 446 | 14 | 4,242 | ||||||
Earnings from discontinued operations, net of tax | $ 1,680 | $ 51 | $ 9,645 |
Discontinued Operations (Summ_2
Discontinued Operations (Summary of Major Classes of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | $ 41,464 | $ 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 |
Divestiture (Narrative) (Detail
Divestiture (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Consideration received for sale of business | $ 10,636 | |
Impairment of long-lived assets to be disposed of | 3,021 | |
Net loss (gain) and impairment on divestiture of businesses | $ 2,528 | |
Notes receivable, current | 2,853 | 7,213 |
Disposal Group, divestiture, not discontinued operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Notes receivable, current | $ 2,853 | $ 4,913 |
Business Acquisition (Narrative
Business Acquisition (Narrative) (Details) - OneEvent Technologies, Inc. [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Business Acquisition [Line Items] | |
Acquisition date | Jul. 23, 2019 |
Business acquisition, purchase price | $ 6,501 |
Business acquisition, purchase price, cash | 4,020 |
Business acquisition, purchase price, forgiven note receivable | $ 2,364 |
Earn out period | 7 years |
Potential earn out payment | $ 117 |
Revenue of Acquiree Included in Consolidated Income Statement Since Acquisition Date | (38) |
Earnings of Acquiree Included in Consolidated Income Statement Since Acquisition Date | $ (1,103) |
Minimum [Member] | |
Business Acquisition [Line Items] | |
Acquired intangibles, amortization period | 10 years |
Maximum [Member] | |
Business Acquisition [Line Items] | |
Acquired intangibles, amortization period | 15 years |
Business Acquisition (Schedule
Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Goodwill | $ 15,317 | $ 11,485 |
OneEvent Technologies, Inc. [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 287 | |
Receivables | 14 | |
Inventory | 307 | |
Other current assets | 105 | |
Property, plant and equipment | 35 | |
Intangibles | 2,141 | |
Goodwill | 3,831 | |
Right-of-Use Lease Assets | 59 | |
Total Assets Acquired | 6,779 | |
Less: Current Liabilities Assumed | 255 | |
Lease Liability - Noncurrent | 23 | |
Net Assets Acquired | $ 6,501 |
Business Acquisition (Schedul_2
Business Acquisition (Schedule of Pro Forma Results of Operations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Abstract] | |||
Net Sales | $ 308,561 | $ 323,424 | |
Net Earnings | $ 40,822 | $ 38,391 | |
Net earnings per share (basic and diluted) | $ 5.81 | $ 5.48 | |
Weighted average shares outstanding (basic and diluted) | 7,027 | 7,005 | 6,989 |
Other (Narrative) (Details)
Other (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Note receivable, related to license agreement | $ 7,182,000 | $ 6,966,000 |
Notes receivable, current, related to option agreement | $ 2,853,000 | 7,213,000 |
Third Party [Member] | ||
Notes receivable, current, related to option agreement | $ 2,300,000 |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 21, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||||
Dividends paid on common stock | $ 42,087 | $ 41,989 | $ 38,405 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Regular dividends per share, declared | $ 1 | |||
Extra dividends per share, declared | $ 5 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 747 | $ 1,869 | $ 1,816 |
Additions, Charged to Costs and Expenses | 6 | 458 | 70 |
Additions, Charged to Other Accounts | (1,422) | ||
Deductions | 303 | 158 | 17 |
Balance at End of Period | $ 450 | $ 747 | $ 1,869 |