National Presto Industries (NPK) 10-Q 22 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 29, 2020	May 22, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 29, 2020
Document Fiscal Year Focus	2020
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
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,019,214
Entity Central Index Key	0000080172
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 43,035	$ 79,579
Marketable securities	83,951	78,733
Accounts receivable, net	43,689	41,464
Inventories:
Finished goods	26,289	33,495
Work in process	96,285	87,805
Raw materials	7,665	7,236
Total inventory	130,239	128,536
Assets held for sale
Notes receivable, current	2,864	2,853
Other current assets	8,516	6,668
Total current assets	312,294	337,833
PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT	94,315	93,982
Less allowance for depreciation and amortization	57,375	56,704
PROPERTY, PLANT AND EQUIPMENT, NET	36,940	37,278
GOODWILL	15,317	15,317
INTANGIBLE ASSETS, net	2,999	3,059
NOTES RECEIVABLE	7,235	7,182
RIGHT-OF-USE LEASE ASSETS	3,407	3,521
DEFERRED INCOME TAXES	1,032	1,281
OTHER ASSETS	4,435	4,782
Total assets	383,659	410,253
CURRENT LIABILITIES:
Accounts payable	26,261	21,652
Federal and state income taxes	5,883	3,799
Lease liabilities	521	520
Accrued liabilities	13,418	13,324
Total current liabilities	46,083	39,295
LEASE LIABILITIES - NON-CURRENT	2,886	3,001
Total liabilities	48,969	42,296
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, $1 par value; Authorized: 12,000,000 shares; Issued: 7,440,518 shares	7,441	7,441
Paid-in capital	11,728	11,447
Retained earnings	328,892	362,842
Accumulated other comprehensive income	229	136
Stockholders' equity before treasury stock	348,290	381,866
Treasury stock, at cost	13,600	13,909
Total stockholders' equity	334,690	367,957
Total liabilities and stockholders' equity	$ 383,659	$ 410,253

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 29, 2020	Dec. 31, 2019
Condensed Consolidated Balance Sheets [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	12,000,000	12,000,000
Common stock, shares issued	7,440,518	7,440,518

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Consolidated Statements Of Comprehensive Income [Abstract]
Net sales	$ 65,636	$ 63,850
Cost of sales	49,519	51,358
Gross profit	16,117	12,492
Selling and general expenses	6,794	6,444
Intangibles amortization	60
Operating profit	9,263	6,048
Other income	1,267	1,632
Earnings before provision for income taxes	10,530	7,680
Provision for income taxes from continuing operations	2,308	1,729
Net earnings	$ 8,222	$ 5,951
Weighted average shares outstanding:
Basic and diluted	7,028	7,014
Net Earnings per share:
Basic and diluted	$ 1.17	$ 0.85
Comprehensive income:
Net earnings	$ 8,222	$ 5,951
Other comprehensive income, net of tax:
Unrealized gain on available-for-sale securities	93	69
Comprehensive income	$ 8,315	$ 6,020
Cash dividends declared and paid per common share	$ 6	$ 6

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net earnings	$ 8,222	$ 5,951
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Provision for depreciation	694	949
Intangibles amortization	60
Non-cash retirement plan expense		185
Other	400	69
Changes in operating accounts:
Accounts receivable, net	(2,225)	15,638
Inventories	(1,703)	(6,180)
Other assets and current assets	(1,501)	534
Accounts payable and accrued liabilities	4,703	(7,184)
Federal and state income taxes	1,934	1,708
Net cash provided by operating activities	10,584	11,670
Cash flows from investing activities:
Marketable securities purchased	(14,211)	(46,345)
Marketable securities - maturities and sales	9,111	83,264
Purchase of property, plant and equipment	(357)	(2,507)
Proceeds from insurance settlement		598
Net cash (used in) provided by investing activities	(5,457)	35,010
Cash flows from financing activities:
Dividends paid	(42,172)	(42,087)
Proceeds from sale of treasury stock	528	518
Other	(27)	(223)
Net cash used in financing activities	(41,671)	(41,792)
Net (decrease) increase in cash and cash equivalents	(36,544)	4,888
Cash and cash equivalents at beginning of period	79,579	56,847
Cash and cash equivalents at end of period	$ 43,035	$ 61,735

Consolidated Statements Of Stoc

Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2018	$ 7,441	$ 10,360	$ 362,709	$ 21	$ (14,408)	$ 366,123
Balance, shares at Dec. 31, 2018	6,981
Net earnings			5,951			5,951
Unrealized gain on available-for-sale securities, net of tax				69		69
Dividends paid			(42,087)			(42,087)
Other		332	1		280	613
Other, shares	14
Balance at Mar. 31, 2019	$ 7,441	10,692	326,574	90	(14,128)	330,669
Balance, shares at Mar. 31, 2019	6,995
Balance at Dec. 31, 2019	$ 7,441	11,447	362,842	136	(13,909)	367,957
Balance, shares at Dec. 31, 2019	7,006
Net earnings			8,222			8,222
Unrealized gain on available-for-sale securities, net of tax				93		93
Dividends paid			(42,172)			(42,172)
Other		281			309	590
Other, shares	10
Balance at Mar. 29, 2020	$ 7,441	$ 11,728	$ 328,892	$ 229	$ (13,600)	$ 334,690
Balance, shares at Mar. 29, 2020	7,016

Consolidated Statements Of St_2

Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Consolidated Statements Of Stockholders' Equity [Abstract]
Regular dividends per share paid	$ 1	$ 1
Extra dividends per share paid	$ 5	$ 5

Basis Of Presentation

Basis Of Presentation	3 Months Ended
	Mar. 29, 2020
Basis Of Presentation [Abstract]
Basis Of Presentation	NOTE A – BASIS OF PRESENTATION The consolidated interim financial statements included herein are unaudited and have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management of the Company, the consolidated interim financial statements reflect all the adjustments which were of a normal recurring nature necessary for a fair presentation of the results of the interim periods. The condensed consolidated balance sheet as of December 31, 201 9 is summarized from audited consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 201 9 Annual Report on Form 10-K /A . Interim results for the period are not indicative of those for the year.

General

General	3 Months Ended
	Mar. 29, 2020
General [Abstract]
General	NOTE B – GENERAL Government responses to the COVID-19 virus have impacted worldwide economic activity. The Company is closely monitoring the impact of the pandemic on all aspects of its business, including effects on employees, customers, suppliers, and the global economy and will adjust procedures accordingly. All of the Company’s businesses are deemed essential and as a result, all have been and are currently operating. Although still operating, the COVID-19 related shutdowns have affected each segment in a variety of fashions, which include increased absenteeism; the cancelation of planned trade shows and customer/supplier visits; inefficiencies inherent from working at home; as well as customer and supplier issues in placing and accepting orders; picking up, accepting, or shipping product; or making or accepting deliveries occasioned by similar problems. While there was no material impact on the current quarter’s consolidated financial statements and related disclosures, the extent to which the COVID-19 pandemic impacts the Company’s business for the remainder of 2020 and beyond will depend on future developments that are highly uncertain and cannot be predicted.  In response to the government mandated COVID-19 shutdowns, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law on March 27, 2020. The CARES Act, among other things, includes tax provisions relating to refundable payroll tax credits, deferment of employer’s social security payments, net operating loss utilization and carryback periods, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property (QIP). The Company does not believe that the CARES Act will have a material impact on the Company’s income tax provision for 2020. The Company will continue to evaluate the impact of the CARES Act on its financial position, results of operations and cash flows.

Revenues

Revenues	3 Months Ended
	Mar. 29, 2020
Revenues [Abstract]
Revenues	NOTE C – REVENUES The Company’s revenues are derived from short-term contracts and programs that are typically completed within 3 to 24 months and are recognized in accordance with Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ ASC ”) Topic 606, Revenue from Contracts with Customers . The Company’s contracts each contain one or more performance obligations: the physical delivery of distinct ordered product or products. The Company provides an assurance type product warranty on its products to the original owner. In addition, for the Housewares/Small Appliances segment, the Company estimates returns of seasonal products and returns of newly introduced products sold with a return privilege. Stand-alone selling prices are set forth in each contract and are used to allocate revenue to the corresponding performance obligations. For the Housewares/Small Appliances segment, contracts include variable consideration, as the prices are subject to customer allowances, which principally consist of allowances for cooperative advertising, defective product, and trade discounts. Customer allowances are generally allocated to the performance obligations based on budgeted rates agreed upon with customers, as well as historical experience, and yield the Company’s best estimate of the expected value for the variable consideration.  The Company's contracts in the Defense segment are primarily with the U.S. Department of Defense (DOD) and DOD prime contractors. As a consequence, this segment's business essentially depends on the product needs and governmental funding of the DOD. Substantially all of the work performed by the Defense segment directly or indirectly for the DOD is performed on a fixed-price basis. Under fixed-price contracts, the price paid to the contractor is awarded based on competition at the outset of the contract and therefore, with the exception of limited escalation provisions on specific materials, is generally not subject to any adjustments reflecting the actual costs incurred by the contractor.  For the Housewares/Small Appliance segment, revenue is generally recognized as the completed, ordered product is shipped to the customer from the Company’s warehouses. For the relatively few situations in which revenue should be recognized when product is received by the customer, the Company adjusts revenue accordingly. For the Defense segment, revenue is primarily recognized when the customer has legal title and formally documents that it has accepted the products. There are also certain termination clauses in Defense segment contracts that may give rise to the recognition of revenue. In some situations, the customer may obtain legal title and accept the products at the Company’s facilities, arranging for transportation at a later date, typically in one to four weeks. The Company does not consider the short-term storage of the customer owned products to be a material performance obligation, and no part of the transaction price is allocated to it.  The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the Company’s Condensed Consolidated Balance Sheets. For the Defense segment, the Company occasionally receives advances or deposits from certain customers before revenue is recognized, resulting in contract liabilities. These advances or deposits do not represent a significant financing component. As of March 29 , 20 20 and December 31, 201 9 , $1,650,000 and $1,847,000 , respectively, of contract liabilities were included in Accounts Payable on the Company’s Condensed Consolidated Balance Sheets. The Company recognized revenue of $212,000 during the three -month period ended March 29, 2020 that was included in the Defense segment contract liability at the beginning of that period. The Company monitors its estimates of variable consideration, which includes customer allowances for cooperative advertising, defective product, and trade discounts, and returns of seasonal and newly introduced product, all of which pertain to the Housewares/Small Appliances segment, and periodically makes cumulative adjustments to the carrying amounts of these contract liabilities as appropriate. During the three mon th period s ended March 29 , 20 20 and March 31 , 201 9 , there were no material adjustments to the aforementioned estimates . There were no amounts of revenue recognized during the same periods related to performance obligations satisfied in a previous period. The portion of contract transaction prices allocated to unsatisfied performance obligations, also known as the contract backlog, in the Company’s Defense segment were $306,265,000 and $310,385,000 as of March 29 , 20 20 and December 31, 201 9 , respectively. The Company anticipates that the unsatisfied performance obligations (contract backlog) will be fulfilled in an 18 to 24 -month period. The performance obligations in the Housewares/Small Appliances segment have original expected durations of less than one year.  The Company’s principal sources of revenue are derived from three segme nts: Housewares/Small Appliance, Defense , and Safety , as shown in Note E. Management utilizes the performance measures by segment to evaluate the financial performance of and make operating decisions for the Company.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 29, 2020
Earnings Per Share [Abstract]
Earnings Per Share	NOTE D – EARNINGS PER SHARE Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share also includes the dilutive effect of additional potential common shares issuable. Unvested stock awards, which contain non-forfeitable rights to dividends whether paid or unpaid (“participating securities”), are included in the number of shares outstanding for both basic and diluted earnings per share calculations.

Business Segments

Business Segments	3 Months Ended
	Mar. 29, 2020
Business Segments [Abstract]
Business Segments	 NOTE E – BUSINESS SEGMENTS In the following summary, operating profit represents earnings before other income and income taxes. The Company's segments operate discretely from each other with no shared owned or leased manufacturing facilities. Costs associated with corporate activities (such as cash and marketable securities management) and the assets associated with such activities are included within the Housewares/Small Appliances segment for all periods presented.  On July 23, 2019, the Company purchased substantially all the assets of OneEvent Technologies, Inc., a Mount Horeb, Wisconsin company established in 2014. OneEvent’s cloud-based learning and analytics engine utilizes a series of sensing devices integrated with a cellular gateway to predict, alert, and prevent. Sensors measure a variety of environmental data including temperature, smoke, carbon monoxide, humidity, water, motion, and more. See Note K. Because a major focus of OneEvent is protection for buildings, homes, assets, and occupant, 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 Appliances Defense Products Safety Total  Quarter ended March 29, 2020  External net sales $ 19,812 $ 45,780 $ 44 $ 65,636  Gross profit (loss) 3,264 13,247 (394) 16,117  Operating profit (loss) (54) 10,669 (1,352) 9,263  Total assets 198,769 165,317 19,573 383,659  Depreciation and amortization 237 431 86 754  Capital expenditures 206 151 0 357   Quarter ended March 31, 2019  External net sales $ 19,684 $ 44,141 $ 25 $ 63,850  Gross profit (loss) 2,439 10,308 (255) 12,492  Operating profit (loss) (934) 7,577 (595) 6,048  Total assets 227,710 136,051 12,780 376,541  Depreciation and amortization 310 582 57 949  Capital expenditures 52 2,278 177 2,507  

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	3 Months Ended
	Mar. 29, 2020
Fair Value Of Financial Instruments [Abstract]
Fair Value Of Financial Instruments	NOTE F - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company utilizes the methods of fair value as described in FASB A SC 820, Fair Value Measurements and Disclosures, to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.  The carrying amounts for cash and cash equivalents, accounts receivable, notes receivable, accounts payable, and accrued liabilities approximate fair value due to the immediate or short-term maturity of these financial instruments.

Cash, Cash Equivalents And Mark

Cash, Cash Equivalents And Marketable Securities	3 Months Ended
	Mar. 29, 2020
Cash, Cash Equivalents And Marketable Securities [Abstract]
Cash, Cash Equivalents And Marketable Securities	NOTE G - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents. Cash equivalents include money market funds. The Company deposits its cash in high quality financial institutions. The balances, at times, may exceed federally insured limits. Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 820).  The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at estimated fair value, with unrealized gains and losses, net of tax, reported as a separate component of stockholders' equity. Highly liquid, tax-exempt variable rate demand notes with put options exercisable in three months or less are classified as marketable securities.  At March 29, 2020 and December 31, 201 9 , cost for marketable securities was determined using the specific identification method. A summary of the amortized costs and fair values of the Company’s marketable securities at the end of the periods presented is shown in the following table. All of the Company’s marketable securities are classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable.     (In Thousands)  MARKETABLE SECURITIES  Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses  March 29, 2020  Tax-exempt Municipal Bonds $ 45,085 $ 45,375 $ 290 $ -  Variable Rate Demand Notes 38,576 38,576 - -  Total Marketable Securities $ 83,661 $ 83,951 $ 290 $ -   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  Proceeds from maturities and sales of available-for-sale securities totaled $ 9,111,000 and $ 83,264,000 for the three month periods ended March 29, 2020 and March 31 , 201 9 , respectively. There were no gross gains or losses related to sales of marketable securities during the sa me periods. Net unrealized gains included in other comprehensive income were $118,000 and $88,000 before taxes for the three month periods ended March 29, 2020 and March 31 , 201 9 . No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the same periods.  The contractual maturities of the marketable securities held at March 29 , 20 20 are as follows: $38,652,000 within one year; $ 6,723,000 beyond one year to five years; $ 4,036,000 beyond five years to ten years, and $ 34,540,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which can be tendered for cash at par plus interest within seven days. Despite the stated contractual maturity date, to the extent a tender is not honored, the notes become immediately due and payable.

Other Assets

Other Assets	3 Months Ended
	Mar. 29, 2020
Other Assets [Abstract]
Other Assets	NOTE H – OTHER ASSETS Other Assets includes prepayments that are made from time to time by the Company for certain materials used in the manufacturing process in the Housewares/Small Appliances segment. The Company expects to utilize the prepayments and related materials over an estimated period of two years. As of March 29 , 20 20 and December 31, 201 9 , $9,049,000 and $9,396,000 of such prepayments, respectively, remained unused and outstanding. At March 29 , 20 20 and December 31, 201 9 , $4,614,000 and $4,614,000 , respectively were included in Other Current Assets, representing the Company’s best estimate of the expected utilization of the prepayments and related materials during the twelve-month periods following those dates.

Leases

Leases	3 Months Ended
	Mar. 29, 2020
Leases [Abstract]
Leases	NOTE I – LEASES The Company accounts for leases under ASC Topic 842, Leases , which was adopted on January 1, 2019. The Company’s leasing activities include roles as both lessee and lessor. As lessee, the Company’s primary leasing activities include buildings and structures to support its manufacturing operations at one location in its Defense segment, and warehouse space and equipment to support its distribution center operations in its Housewares/Small Appliances segment. As lessor, the Company’s primary leasing activity is comprised of manufacturing and office space located adjacent to its corporate offices. All of the Company’s leases are classified as operating leases.  The Company’s leases as lessee in its Defense segment provide for variable lease payments that are based on changes in the Consumer Price Index. As lessor, the Company’s primary lease also provides for variable lease payments that are based on changes in the Consumer Price Index, as well as on increases in costs of insurance, real estate taxes, and utilities related to the leased space. Generally, all of the Company’s lease contracts provide for options to extend and terminate them. The majority of lease terms of the Company’s lease contracts reflect extension options, while none reflect termination options.  The Company has determined that the rates implicit in its leases are not readily determinable and estimates its incremental borrowing rates utilizing quotes from financial institutions for real estate and equipment, as applicable, over periods of time similar to the terms of its leases. The Company has entered into various short-term leases as lessee and has elected a non-recognition accounting policy, as permitted by ASC Topic 842 .      Quarter Ending Quarter Ending  Summary of Lease Cost (in thousands) March 29, 2020 March 31, 2019  Operating lease cost $ 178 $ 168  Short-term and variable lease cost 98 23  Total lease cost $ 276 $ 191   Operating cash used for operating leases was $276,000 and $191,000 for the quarters ended March 29, 2020 and March 31, 2019 , respectively. The weighted-average remaining lease term was 7. 4 years, and the weighted-average discount rate was 5.6% as of March 29, 2020 .  Maturities of operating lease liabilities are as follows:     Years ending December 31: (In thousands)  2020 (remaining nine months) $ 522  2021 653  2022 652  2023 536  2024 439  Thereafter 1,382  Total lease payments $ 4,184  Less: future interest expense 777  Lease liabilities $ 3,407  Lease income from operating lease payments was $492,000 and $444,000 for the quarters ended March 29, 2020 and March 31, 2019, respectively . Undiscounted cash flows provided by lease payments are expected as follows:     Years ending December 31: (In thousands)  2020 (remaining nine months) $ 1,389  2021 1,839  2022 1,832  2023 1,832  2024 1,832  Thereafter 14,656  Total lease payments $ 23,380  The Company considers risk associated with the residual value of its leased real property to be low, given the nature of the long-term lease agreement, the Company’s ability to control the maintenance of the property, and the creditworthiness of the lessee. The residual value risk is further mitigated by the long-lived nature of the property, and the propensity of such assets to hold their value or, in some cases, appreciate in value.

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 29, 2020
Commitments And Contingencies [Abstract]
Commitments And Contingencies	NOTE J – COMMITMENTS AND CONTINGENCIES The Company is involved in largely routine litigation incidental to its business. Management believes the ultimate outcome of the litigation will not have a material effect on the Company's consolidated financial position, liquidity, or results of operations.

Business Acquisition

Business Acquisition	3 Months Ended
	Mar. 29, 2020
Business Acquisition [Abstract]
Business Acquisition	NOTE K – 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 established 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 estimated 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 statement of comprehensive income for the first quarter of 2019 does not include any revenue or loss from the acquired facility. The following pro forma condensed consolidated results of operations has been prepared as if the acquisition had occurred as of January 1, 2019.     (unaudited)  (in thousands, except per share data)  Quarter Ended  March 31, 2019   Net sales $ 63,856  Net earnings 5,266   Net earnings per share (basic and diluted) $ 0.75  Weighted average shares outstanding (basic and diluted) 7,014  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.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 29, 2020
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	NOTE L – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes , which is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, Income Taxes , and providing for simplification in several other areas. The standard is effective for fiscal years beginning after December 15, 2020. The Company is evaluating the impact of the adoption of ASU 2019-12 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 , which 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 new standard was adopted on January 1, 2020 and was applied prospectively. The Company ha s made changes to its processes for the assessment of the adequacy of the allowance for credit losses on certain types of financial instruments, including accounts receivable, notes receivable, and available-for-sale debt securities. The adoption of ASU 2016-13 did not have a material impact on the consolidated financial statements , related disclosures, and results of operations .

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Mar. 29, 2020
Business Segments [Abstract]
Summary Of Business Segment Information	   (in thousands)  Housewares / Small Appliances Defense Products Safety Total  Quarter ended March 29, 2020  External net sales $ 19,812 $ 45,780 $ 44 $ 65,636  Gross profit (loss) 3,264 13,247 (394) 16,117  Operating profit (loss) (54) 10,669 (1,352) 9,263  Total assets 198,769 165,317 19,573 383,659  Depreciation and amortization 237 431 86 754  Capital expenditures 206 151 0 357   Quarter ended March 31, 2019  External net sales $ 19,684 $ 44,141 $ 25 $ 63,850  Gross profit (loss) 2,439 10,308 (255) 12,492  Operating profit (loss) (934) 7,577 (595) 6,048  Total assets 227,710 136,051 12,780 376,541  Depreciation and amortization 310 582 57 949  Capital expenditures 52 2,278 177 2,507 

Cash, Cash Equivalents And Ma_2

Cash, Cash Equivalents And Marketable Securities (Tables)	3 Months Ended
	Mar. 29, 2020
Cash, Cash Equivalents And Marketable Securities [Abstract]
Summary Of The Amortized Costs And Fair Values Of Marketable Securities	   (In Thousands)  MARKETABLE SECURITIES  Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses  March 29, 2020  Tax-exempt Municipal Bonds $ 45,085 $ 45,375 $ 290 $ -  Variable Rate Demand Notes 38,576 38,576 - -  Total Marketable Securities $ 83,661 $ 83,951 $ 290 $ -   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 

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 29, 2020
Leases [Abstract]
Summary of Lease Cost	   Quarter Ending Quarter Ending  Summary of Lease Cost (in thousands) March 29, 2020 March 31, 2019  Operating lease cost $ 178 $ 168  Short-term and variable lease cost 98 23  Total lease cost $ 276 $ 191 
Summary of Operating Lease Liability Maturities	   Years ending December 31: (In thousands)  2020 (remaining nine months) $ 522  2021 653  2022 652  2023 536  2024 439  Thereafter 1,382  Total lease payments $ 4,184  Less: future interest expense 777  Lease liabilities $ 3,407 
Summary of Lease Income from Operating Lease Payments	  Years ending December 31: (In thousands)  2020 (remaining nine months) $ 1,389  2021 1,839  2022 1,832  2023 1,832  2024 1,832  Thereafter 14,656  Total lease payments $ 23,380 

Business Acquisition (Tables)

Business Acquisition (Tables)	3 Months Ended
	Mar. 29, 2020
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)  Quarter Ended  March 31, 2019   Net sales $ 63,856  Net earnings 5,266   Net earnings per share (basic and diluted) $ 0.75  Weighted average shares outstanding (basic and diluted) 7,014 

Revenues (Narrative) (Details)

Revenues (Narrative) (Details)	3 Months Ended
	Mar. 29, 2020USD ($)segmentitem	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Revenue contract, number of performance obligations | item	1
Operating segments | segment	3
Minimum [Member]
Revenue contract period	3 months
Maximum [Member]
Revenue contract period	24 months
Housewares/ Small Appliances [Member]
Revenue recognized from performance obligations satisfied in a prior period	$ 0	$ 0
Defense [Member]
Contract liabilities	1,650,000		$ 1,847,000
Revenue recognized that was previously included in contract liability	212,000
Unsatified performance obligations	$ 306,265,000		$ 310,385,000
Defense [Member] | Minimum [Member]
Holding period following recognition of revenue	7 days
Defense [Member] | Maximum [Member]
Holding period following recognition of revenue	28 days

Revenues (Timing Of Performance

Revenues (Timing Of Performance Obligation) (Narrative) (Details) - Defense [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-02	Mar. 29, 2020
Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fulfullment period of unsatisfied performance obligations	18 months
Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fulfullment period of unsatisfied performance obligations	24 months

Business Segments (Summary Of B

Business Segments (Summary Of Business Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
External net sales	$ 65,636	$ 63,850
Gross profit	16,117	12,492
Operating profit	9,263	6,048
Total assets	383,659	376,541	$ 410,253
Depreciation and amortization	754	949
Capital expenditures	357	2,507
Housewares/ Small Appliances [Member]
Segment Reporting Information [Line Items]
External net sales	19,812	19,684
Gross profit	3,264	2,439
Operating profit	(54)	(934)
Total assets	198,769	227,710
Depreciation and amortization	237	310
Capital expenditures	206	52
Defense [Member]
Segment Reporting Information [Line Items]
External net sales	45,780	44,141
Gross profit	13,247	10,308
Operating profit	10,669	7,577
Total assets	165,317	136,051
Depreciation and amortization	431	582
Capital expenditures	151	2,278
Safety [Member]
Segment Reporting Information [Line Items]
External net sales	44	25
Gross profit	(394)	(255)
Operating profit	(1,352)	(595)
Total assets	19,573	12,780
Depreciation and amortization	86	57
Capital expenditures	$ 0	$ 177

Cash, Cash Equivalents And Ma_3

Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Cash, Cash Equivalents And Marketable Securities [Line Items]
Proceeds from sales and maturity of available-for-sale securities	$ 9,111,000	$ 83,264,000
Gross gains or losses related to sales of marketable securities	0	0
Net unrealized gains (losses) included in accumulated other comprehensive income, before taxes	118,000	88,000
Contractual maturities of marketable securities within 1 year	38,652,000
Contractual maturities of marketable securities, years 2-5	6,723,000
Contractual maturities of marketable securities, years 6-10	4,036,000
Contractual maturities of marketable securities, after 10 years	$ 34,540,000
Marketable securities liquidation period	7 days
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Cash, Cash Equivalents And Marketable Securities [Line Items]
Reclassification out of AOCI	$ 0	$ 0

Cash, Cash Equivalents And Ma_4

Cash, Cash Equivalents And Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	$ 83,661	$ 78,562
MARKETABLE SECURITIES, Fair Value	83,951	78,733
MARKETABLE SECURITIES, Gross Unrealized Gains	290	176
MARKETABLE SECURITIES, Gross Unrealized Losses		5
Tax-Exempt Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	45,085	39,313
MARKETABLE SECURITIES, Fair Value	45,375	39,484
MARKETABLE SECURITIES, Gross Unrealized Gains	290	176
MARKETABLE SECURITIES, Gross Unrealized Losses		5
Variable Rate Demand Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	38,576	39,249
MARKETABLE SECURITIES, Fair Value	$ 38,576	$ 39,249

Other Assets (Narrative) (Detai

Other Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Dec. 31, 2019
Other Current Assets [Member]
Materials Prepayments	$ 4,614	$ 4,614
Housewares/ Small Appliances [Member]
Expected prepayment utilization period	2 years
Housewares/ Small Appliances [Member] | Other Assets [Member]
Materials Prepayments	$ 9,049	$ 9,396

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Leases [Abstract]
Operating cash used for operating leases	$ 276	$ 191
Weighted-average remaining lease term	7 years 4 months 24 days
Weighted average discount rate	5.60%
Lease income from operating lease payments	$ 492	$ 444

Leases (Summary of Lease Cost)

Leases (Summary of Lease Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 178	$ 168
Short-term and variable lease cost	98	23
Total lease cost	$ 276	$ 191

Leases (Summary of Operating Le

Leases (Summary of Operating Lease Liability Maturities) (Details) $ in Thousands	Mar. 29, 2020USD ($)
Leases [Abstract]
2020 (remaining three months)	$ 522
2021	653
2022	652
2023	536
2024	439
Thereafter	1,382
Total lease payments	4,184
Less: future interest expense	777
Lease liabilities	$ 3,407

Leases (Summary of Lease Income

Leases (Summary of Lease Income from Operating Lease Payments) (Details) $ in Thousands	Mar. 29, 2020USD ($)
Leases [Abstract]
2020 (remaining three months)	$ 1,389
2021	1,839
2022	1,832
2023	1,832
2024	1,832
Thereafter	14,656
Total lease payments	$ 23,380

Business Acquisition (Narrative

Business Acquisition (Narrative) (Details) - OneEvent Technologies, Inc. [Member] $ in Thousands	3 Months Ended
	Mar. 29, 2020USD ($)
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
Minimum [Member] | Technology And Patents [Member]
Business Acquisition [Line Items]
Acquired intangibles, amortization period	10 years
Maximum [Member] | Technology And Patents [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	Mar. 29, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 15,317	$ 15,317
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	3 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Business Acquisition [Line Items]
Weighted average shares outstanding (basic and diluted)	7,028	7,014
OneEvent Technologies, Inc. [Member]
Business Acquisition [Line Items]
Net Sales		$ 63,856
Net Earnings		$ 5,266
Net earnings per share (basic and diluted)		$ 0.75
Weighted average shares outstanding (basic and diluted)		7,014