Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Nov. 25, 2018 | Jan. 03, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | PARK ELECTROCHEMICAL CORP | |
Entity Central Index Key | 76,267 | |
Trading Symbol | pke | |
Current Fiscal Year End Date | --03-03 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 20,279,408 | |
Document Type | 10-Q | |
Document Period End Date | Nov. 25, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Nov. 25, 2018 | Feb. 25, 2018 | |
Current assets | |||
Cash and cash equivalents | $ 16,995 | $ 18,254 | [1] |
Marketable securities (Note 3) | 95,391 | 89,977 | [1] |
Accounts receivable, less allowance for doubtful accounts of $32 and $32, respectively | 5,864 | 6,961 | [1] |
Inventories (Note 4) | 4,577 | 3,955 | [1] |
Prepaid expenses and other current assets | 1,503 | 1,473 | [1] |
Current Assets - Discontinued Operations (Note 10) | 23,110 | 20,648 | [1] |
Total current assets | 147,440 | 141,268 | [1] |
Property, plant and equipment, net | 8,888 | 9,805 | [1] |
Goodwill and other intangible assets | 9,818 | 9,818 | [1] |
Other assets | 384 | 370 | [1] |
Non-current Assets - Discontinued Operations (Note 10) | 11,409 | 11,799 | [1] |
Total assets | 177,939 | 173,060 | [1] |
Current liabilities | |||
Accounts payable | 1,709 | 1,825 | [1] |
Accrued liabilities | 1,461 | 1,022 | [1] |
Income taxes payable | 1,539 | 1,456 | [1] |
Current Liabilities - Discontinued Operations (Note 10) | 9,511 | 7,924 | [1] |
Total current liabilities | 14,220 | 12,227 | [1] |
Non-current income taxes payable (Note 9) | 18,594 | 20,364 | [1] |
Deferred income taxes (Note 9) | 3,107 | 4,047 | [1] |
Other liabilities | 1,060 | 314 | [1] |
Non-current Liabilities - Discontinued Operations (Note 10) | 847 | 847 | [1] |
Total liabilities | 37,828 | 37,799 | [1] |
Commitments and contingencies (Note 11) | |||
Shareholders' equity (Note 8) | |||
Common stock | 2,096 | 2,096 | [1] |
Additional paid-in capital | 169,489 | 169,011 | [1] |
Accumulated deficit | (17,615) | (21,099) | [1] |
Accumulated other comprehensive earnings | 241 | 131 | [1] |
154,211 | 150,139 | [1] | |
Less treasury stock, at cost | (14,100) | (14,878) | [1] |
Total shareholders' equity | 140,111 | 135,261 | [1] |
Total liabilities and shareholders' equity | $ 177,939 | $ 173,060 | [1] |
[1] | The balance sheet at February 25, 2018 has been derived from the audited financial statements at that date. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Nov. 25, 2018 | Feb. 25, 2018 | |
Accounts receivable, allowance for doubtful accounts | $ 32 | $ 32 | [1] |
[1] | The balance sheet at February 25, 2018 has been derived from the audited financial statements at that date. |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2018 | Nov. 26, 2017 | Nov. 25, 2018 | Nov. 26, 2017 | |
Net sales | $ 12,853,000 | $ 10,229,000 | $ 34,457,000 | $ 30,310,000 |
Cost of sales | 8,569,000 | 7,264,000 | 24,176,000 | 21,840,000 |
Gross profit | 4,284,000 | 2,965,000 | 10,281,000 | 8,470,000 |
Selling, general and administrative expenses | 1,983,000 | 2,509,000 | 6,200,000 | 7,189,000 |
Earnings from continuing operations | 2,301,000 | 456,000 | 4,081,000 | 1,281,000 |
Interest expense (Note 5) | 0 | 689,000 | 0 | 1,802,000 |
Interest and other income | 393,000 | 734,000 | 1,090,000 | 2,234,000 |
Earnings from continuing operations before income taxes | 2,694,000 | 501,000 | 5,171,000 | 1,713,000 |
Income tax provision (Note 9) | 616,000 | 157,000 | 453,000 | 438,000 |
Net earnings from continuing operations | 2,078,000 | 344,000 | 4,718,000 | 1,275,000 |
Earnings from discontinued operations, net of tax (Note 10) | 1,613,000 | 372,000 | 4,841,000 | 1,355,000 |
Net Earnings | $ 3,691,000 | $ 716,000 | $ 9,559,000 | $ 2,630,000 |
Basic: | ||||
Continuing Operations (in dollars per share) | $ 0.10 | $ 0.02 | $ 0.23 | $ 0.06 |
Discontinued Operations (in dollars per share) | 0.08 | 0.02 | 0.24 | 0.07 |
Basic earnings per share (in dollars per share) | $ 0.18 | $ 0.04 | $ 0.47 | $ 0.13 |
Basic weighted average shares (in shares) | 20,278 | 20,237 | 20,258 | 20,236 |
Diluted: | ||||
Continuing Operations (in dollars per share) | $ 0.10 | $ 0.02 | $ 0.23 | $ 0.06 |
Discontinued Operations (in dollars per share) | 0.08 | 0.02 | 0.24 | 0.07 |
Diluted earnings per share (in dollars per share) | $ 0.18 | $ 0.04 | $ 0.47 | $ 0.13 |
Diluted weighted average shares (in shares) | 20,352 | 20,261 | 20,343 | 20,252 |
Common Stock, Dividends, Per Share, Declared | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2018 | Nov. 26, 2017 | Nov. 25, 2018 | Nov. 26, 2017 | |
Net earnings | $ 3,691 | $ 716 | $ 9,559 | $ 2,630 |
Other comprehensive earnings (loss), net of tax: | ||||
Foreign currency translation | 8 | (44) | 7 | (3) |
Other comprehensive earnings (loss) | 19 | (847) | 110 | (949) |
Total comprehensive earnings (loss) | 3,710 | (131) | 9,669 | 1,681 |
Gains on Marketable Securities [Member] | ||||
Other comprehensive earnings (loss), net of tax: | ||||
Unrealized holding gains (losses) arising during the period | 24 | |||
Less: reclassification adjustment for gains (losses) included in net earnings | (17) | (113) | ||
Losses on Marketable Securities [Member] | ||||
Other comprehensive earnings (loss), net of tax: | ||||
Unrealized holding gains (losses) arising during the period | (19) | (805) | (37) | (922) |
Less: reclassification adjustment for gains (losses) included in net earnings | $ 30 | $ 19 | $ 140 | $ 65 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 25, 2018 | Nov. 26, 2017 | |
Cash flows from operating activities: | ||
Net earnings from continuing operations | $ 4,718 | $ 1,275 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 1,317 | 1,366 |
Stock-based compensation | 594 | 709 |
Deferred income taxes | (940) | 689 |
Amortization of bond premium | (34) | 221 |
Changes in operating assets and liabilities | (430) | (828) |
Net cash provided by operating activities - continuing operations | 5,225 | 3,432 |
Net cash provided by operating activities - discontinued operations | 5,731 | 1,547 |
Net cash provided by operating activities | 10,956 | 4,979 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (399) | (428) |
Purchases of marketable securities | (19,271) | (162,018) |
Proceeds from sales and maturities of marketable securities | 14,238 | 94,577 |
Net cash used in investing activities - continuing operations | (5,432) | (67,869) |
Net cash used in investing activities - discontinued operations | (158) | (275) |
Net cash used in investing activities | (5,590) | (68,144) |
Cash flows from financing activities: | ||
Dividends paid | (6,076) | (6,071) |
Proceeds from exercise of stock options | 661 | 39 |
Payments of long-term debt | (2,750) | |
Net cash used in financing activities - continuing operations | (5,415) | (8,782) |
Net cash used in financing activities - discontinued operations | ||
Net cash used in financing activities | (5,415) | (8,782) |
Decrease in cash and cash equivalents before effect of exchange rate changes - continuing operations | (5,622) | (73,219) |
Increase in cash and cash equivalents before effect of exchange rate changes - discontinued operations | 5,573 | 1,272 |
Decrease in cash and cash equivalents before effect of exchange rate changes | (49) | (71,947) |
Effect of exchange rate changes on cash and cash equivalents - continuing operations | (3) | (67) |
Effect of exchange rate changes on cash and cash equivalents - discontinued operations | (1,207) | 168 |
Effect of exchange rate changes on cash and cash equivalents | (1,210) | 101 |
Decrease in cash and cash equivalents: | (1,259) | (71,846) |
Cash and cash equivalents, beginning of period | 18,254 | 102,438 |
Cash and cash equivalents, end of period | 16,995 | 30,592 |
Supplemental cash flow information: | ||
Cash paid during the period for income taxes, net of refunds | 2,332 | 3,074 |
Cash paid during the period for interest | $ 1,084 |
Note 1 - Consolidated Financial
Note 1 - Consolidated Financial Statements | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. CONSOLIDATED FINANCIAL STATEMENTS The Condensed Consolidated Balance Sheet as of November 25, 2018, 13 39 November 25, 2018 November 26, 2017 39 November 25, 2018 not Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10 February 25, 2018. no 39 November 25, 2018. On July 25, 2018, $145,000 December 4, 2018. ( 13 The Company has classified the operating results of its Electronics Business, together with certain costs related to the transaction, as discontinued operations, net of tax, in the Consolidated Statements of Operations, in accordance with Accounting Standards Codification (“ASC”) 205 20 Discontinued Operations 10 |
Note 2 - Fair Value Measurement
Note 2 - Fair Value Measurements | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 2 . FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability ( i.e. Fair value measurements are broken down into three Level 1 Level 2 1, 2 e.g. Level 3 not The fair value of the Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their carrying value due to their short-term nature. Certain assets and liabilities of the Company are required to be recorded at fair value on either a recurring or non-recurring basis. On a recurring basis, the Company records its marketable securities at fair value using Level 1 2 3 The Company’s non-financial assets measured at fair value on a non-recurring basis include goodwill and any long-lived assets written down to fair value. To measure the fair value of such assets, the Company uses Level 3 no 39 November 25, 2018 November 26, 2017. first not not no 13 39 November 25, 2018. |
Note 3 - Marketable Securities
Note 3 - Marketable Securities | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3 . MARKETABLE SECURITIES All marketable securities are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses, net of tax, included in comprehensive earnings (loss). Realized gains and losses, amortization of premiums and discounts, and interest and dividend income are included in interest and other income in the Consolidated Statements of Operations. The costs of securities sold are based on the specific identification method. The following is a summary of available-for-sale securities: November 25, 2018 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 74,463 $ 74,463 $ - $ - U.S. corporate debt securities 20,928 20,928 - - Total marketable securities $ 95,391 $ 95,391 $ - $ - February 25, 2018 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 78,361 $ 78,361 $ - $ - U.S. corporate debt securities 11,616 11,616 - - Total marketable securities $ 89,977 $ 89,977 $ - $ - The following table shows the amortized cost basis of, and gross unrealized gains and losses on, the Company’s available-for-sale securities: Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses November 25, 2018: U.S. Treasury and other government securities $ 76,070 $ - $ 1,607 U.S. corporate debt securities 20,977 1 50 Total marketable securities $ 97,047 $ 1 $ 1,657 February 25, 2018: U.S. Treasury and other government securities $ 80,116 $ - $ 1,755 U.S. corporate debt securities 11,675 - 59 Total marketable securities $ 91,791 $ - $ 1,814 The estimated fair values of such securities at November 25, 2018 Due in one year or less $ 41,802 Due after one year through five years 53,589 $ 95,391 |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4 . INVENTORIES Inventories from continuing operations are stated at the lower of cost ( first first November 25, February 25, 2018 2018 Inventories: Raw materials $ 3,407 $ 2,824 Work-in-process 233 159 Finished goods 937 972 $ 4,577 $ 3,955 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5 . LONG-TERM DEBT On January 15, 2016, three $75,000 $2,000. On January 3, 2018, Interest expense recorded under the Credit Agreement was $0 13 39 November 25, 2018 $689 $1,802 13 39 November 26, 2017, |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. As of November 25, 2018, 2018 “2018 no 2018 May 8, 2018 July 24, 2018. No 2018 2018 2002 “2002 2002 2002 2002 25% one 25% 10 During the 39 November 25, 2018, 2,650 $10 $3.66 2.83%; 24.7%; 2.32%; 5.2 The risk-free interest rates were based on U.S. Treasury rates at the date of grant with maturity dates approximately equal to the estimated terms of the options at the date of the grant. Volatility factors were based on historical volatility of the Company’s common stock. The expected dividend yields were based on the regular quarterly cash dividend per share most recently declared by the Company and on the exercise price of the options granted during the 39 November 25, 2018. The 2002 May 21, 2018, 2002 2002 April 2028 The following is a summary of option activity for the 39 November 25, 2018: Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Balance, February 25, 2018 885,554 $ 17.55 Granted 2,650 17.75 Exercised (37,837 ) 17.50 Terminated or expired (101,463 ) 19.59 Balance, November 25, 2018 748,904 $ 17.28 4.78 Vested and exercisable, November 25, 2018 627,935 $ 18.00 4.41 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7 . EARNINGS PER SHARE Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and (b) the potentially dilutive securities outstanding during the period. Stock options are the only potentially dilutive securities that have been issued by the Company; and the number of dilutive options is computed using the treasury stock method. The following table sets forth the calculation of basic and diluted earnings per share: 13 Weeks Ended 39 Weeks Ended November 25, 2018 November 26, 2017 November 25, 2018 November 26, 2017 Net earnings - continuing operations $ 2,078 $ 344 $ 4,718 $ 1,275 Net earnings - discontinued operations 1,613 372 4,841 1,355 Net earnings $ 3,691 $ 716 $ 9,559 $ 2,630 Weighted average common shares outstanding for basic EPS 20,278 20,237 20,258 20,236 Net effect of dilutive options 74 24 85 16 Weighted average shares outstanding for diluted EPS 20,352 20,261 20,343 20,252 Basic earnings per share - continuing operations 0.10 0.02 0.23 0.06 Basic earnings per share - discontinued operations 0.08 0.02 0.24 0.07 Basic earnings per share $ 0.18 $ 0.04 $ 0.47 $ 0.13 Diluted earnings per share - continuing operations 0.10 0.02 0.23 0.06 Diluted earnings per share - discontinued operations 0.08 0.02 0.24 0.07 Diluted earnings per share $ 0.18 $ 0.04 $ 0.47 $ 0.13 Potentially dilutive securities, which were not 145,000 599,000 13 November 25, 2018 November 26, 2017, 279,000 728,000 39 November 25, 2018 November 26, 2017, |
Note 8 - Shareholders' Equity
Note 8 - Shareholders' Equity | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8 . SHAREHOLDERS’ EQUITY During the 39 November 25, 2018, 37,837 $661 $594. On January 8, 2015, 1,250,000 6% 20,945,634 January 7, 2015. On March 10, 2016, 1,000,000 January 8, 2015. 1,531,412 7.6% 20,279,408 January 3, 2019. The Company did not 39 November 25, 2018 39 November 26, 2017. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9 . INCOME TAXES The Company’s effective tax rates for the 13 39 November 25, 2018 22.9% 8.8%, 31.3% 25.6%, 13 39 November 26, 2017. The Company continuously evaluates the liquidity and capital requirements of its operations in the United States and of its foreign operations. As a result of such evaluations, the Company repatriated $113,700 $135,300 2019 2018 |
Note 10 - Discontinued Operatio
Note 10 - Discontinued Operations | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 1 0 . DISCONTINUED OPERATIONS On July 25, 2018, $145,000 December 4, 2018. The Company has classified the operating results of its Electronics Business, together with certain costs related to the transaction, as discontinued operations, net of tax, in the Consolidated Statements of Operations. The following table shows the summary operating results of the discontinued operations: 13 Weeks Ended (Unaudited) 39 Weeks Ended (Unaudited) November 25, November 26, November 25, November 26, 2018 2017 2018 2017 Net sales $ 16,680 $ 15,910 $ 55,232 $ 53,082 Cost of sales 13,962 12,805 42,899 41,983 Gross profit 2,718 3,105 12,333 11,099 Selling, general and administrative expenses 2,597 2,098 7,643 6,213 Restructuring charges 836 662 1,593 5,300 Earnings (loss) from discontinued operations (715 ) 345 3,097 (414 ) Other income 2,945 - 2,945 - Earnings (loss) from discontinued operations before income taxes 2,230 345 6,042 (414 ) Income tax provision (benefit) 617 (27 ) 1,201 (1,769 ) Net earnings from discontinued operations $ 1,613 $ 372 $ 4,841 $ 1,355 The following table shows the summary assets and liabilities of the discontinued operations: November 25, 2018 February 25, 2018* (unaudited) Carrying Amount of Major Classes of Assets Included as Part of Discontinued Operations: Accounts Receivable, Net $ 12,261 $ 12,801 Inventories 9,950 7,201 Fixed Assets, Net 6,041 6,727 Prepaid Expenses and Other Current Assets 899 646 Total Major Assets Included as Part of Discontinued Operations 29,151 27,375 Other Assets 5,368 5,072 Total Assets Included as Part of Discontinued Operations $ 34,519 $ 32,447 Carrying Amount of Major Classes of Liabilities Included as Part of Discontinued Operations: Accounts Payable $ 3,717 $ 2,200 Accrued Liabilities 4,460 4,360 Deferred Income Taxes 618 618 Income Taxes Payable 1,334 1,364 Total Major Liabilities Included as Part of Discontinued Operations 10,129 8,542 Other Liabilities 229 229 Total Liabilities Included as Part of Discontinued Operations $ 10,358 $ 8,771 * These amounts have not During the 2018 $840, February 28, 2021. The restructuring expenses were $61 $231 13 39 November 25, 2018, $360 $4,423 13 39 November 26, 2017, The following table sets forth the charges and accruals related to the consolidation: Accrual August 26, 2018 Current Period Charges Cash Payments Non-Cash Charges Accrual November 25, 2018 Total Expense Accrued to Date Total Expected Costs Facility Lease Costs $ 1,835 $ 18 $ (273 ) $ - $ 1,580 $ 2,818 $ 2,818 Severance Costs - - - - - 1,081 1,081 Equipment Removal - - - - - - 700 Other - 43 (43 ) - - 760 901 Total Restructuring Charges $ 1,835 $ 61 $ (316 ) $ - $ 1,580 $ 4,659 $ 5,500 The Company recorded additional restructuring charges of $101 $357 13 39 November 25, 2018, $112 $312 13 39 November 26, 2017, 2009 November 15, 2018; $2,945 13 39 November 25, 2018. |
Note 11 - Contingencies
Note 11 - Contingencies | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 1 1 . CONTINGENCIES Litigation The Company is subject to a number of proceedings, lawsuits and other claims related to environmental, employment, product and other matters. The Company is required to assess the likelihood of any adverse judgments or outcomes in these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may not Environmental Contingencies The Company and certain of its subsidiaries have been named by the Environmental Protection Agency (the “EPA”) or a comparable state agency under the Comprehensive Environmental Response, Compensation and Liability Act (the “Superfund Act”) or similar state law as potentially responsible parties in connection with alleged releases of hazardous substances at three Under the Superfund Act and similar state laws, all parties who may may The insurance carriers which provided general liability insurance coverage to the Company and its subsidiaries for the years during which the Company’s subsidiaries’ waste was disposed at these sites have in the past reimbursed the Company and its subsidiaries for 100% two The Company does not two three 100% two Included in selling, general and administrative expenses are charges for actual expenditures and accruals, based on estimates, for certain environmental matters described above. The Company accrues estimated costs associated with known environmental matters, when such costs can be reasonably estimated and when the outcome appears probable. The Company believes that the ultimate disposition of known environmental matters will not |
Note 12 - Accounting Pronouncem
Note 12 - Accounting Pronouncements | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 1 2 . A CCOUNT I NG P RONOUNCEMENTS Recently Adopted In November 2016, No. 2016 18, Statement of Cash Flows (Topic 230 December 15, 2017 February 26, 2018, first 2019 not In August 2016, No. 2016 15, Statement of Cash Flows (Topic 230 : Classification of Certain Cash Receipts and Cash Payments December 15, 2017 February 26, 2018, first 2019 not In January 2016, No. 2016 01, Financial Instruments Overall (Subtopic 825 10 December 15, 2017, February 26, 2018, first 2019 not In May 2014, 606, Revenue from Contracts with Customers 605, Revenue Recognition December 15, 2016, August 2015, one December 15, 2017 February 26, 2018, first 2019 not Recently Issued In February 2016, No. 2016 02, Leases (Topic 842 December 15, 2018 i.e January 1, 2019, may |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 9 Months Ended |
Nov. 25, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13 . SUBSEQUENT EVENTS On December 4, 2018, July 25, 2018, $145,000 The net proceeds from the Sale were approximately $122,561, $22,439. $101,568. On January 3, 2019, $4.25 February 26, 2019 February 5, 2019. In December 2018, 90,000 five three eight $19 first 2020 |
Note 3 - Marketable Securities
Note 3 - Marketable Securities (Tables) | 9 Months Ended |
Nov. 25, 2018 | |
Notes Tables | |
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Table Text Block] | November 25, 2018 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 74,463 $ 74,463 $ - $ - U.S. corporate debt securities 20,928 20,928 - - Total marketable securities $ 95,391 $ 95,391 $ - $ - February 25, 2018 Total Level 1 Level 2 Level 3 U.S. Treasury and other government securities $ 78,361 $ 78,361 $ - $ - U.S. corporate debt securities 11,616 11,616 - - Total marketable securities $ 89,977 $ 89,977 $ - $ - |
Schedule of Unrealized Loss on Investments [Table Text Block] | Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses November 25, 2018: U.S. Treasury and other government securities $ 76,070 $ - $ 1,607 U.S. corporate debt securities 20,977 1 50 Total marketable securities $ 97,047 $ 1 $ 1,657 February 25, 2018: U.S. Treasury and other government securities $ 80,116 $ - $ 1,755 U.S. corporate debt securities 11,675 - 59 Total marketable securities $ 91,791 $ - $ 1,814 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Due in one year or less $ 41,802 Due after one year through five years 53,589 $ 95,391 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Nov. 25, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | November 25, February 25, 2018 2018 Inventories: Raw materials $ 3,407 $ 2,824 Work-in-process 233 159 Finished goods 937 972 $ 4,577 $ 3,955 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 9 Months Ended |
Nov. 25, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Balance, February 25, 2018 885,554 $ 17.55 Granted 2,650 17.75 Exercised (37,837 ) 17.50 Terminated or expired (101,463 ) 19.59 Balance, November 25, 2018 748,904 $ 17.28 4.78 Vested and exercisable, November 25, 2018 627,935 $ 18.00 4.41 |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 9 Months Ended |
Nov. 25, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 13 Weeks Ended 39 Weeks Ended November 25, 2018 November 26, 2017 November 25, 2018 November 26, 2017 Net earnings - continuing operations $ 2,078 $ 344 $ 4,718 $ 1,275 Net earnings - discontinued operations 1,613 372 4,841 1,355 Net earnings $ 3,691 $ 716 $ 9,559 $ 2,630 Weighted average common shares outstanding for basic EPS 20,278 20,237 20,258 20,236 Net effect of dilutive options 74 24 85 16 Weighted average shares outstanding for diluted EPS 20,352 20,261 20,343 20,252 Basic earnings per share - continuing operations 0.10 0.02 0.23 0.06 Basic earnings per share - discontinued operations 0.08 0.02 0.24 0.07 Basic earnings per share $ 0.18 $ 0.04 $ 0.47 $ 0.13 Diluted earnings per share - continuing operations 0.10 0.02 0.23 0.06 Diluted earnings per share - discontinued operations 0.08 0.02 0.24 0.07 Diluted earnings per share $ 0.18 $ 0.04 $ 0.47 $ 0.13 |
Note 10 - Discontinued Operat_2
Note 10 - Discontinued Operations (Tables) | 9 Months Ended |
Nov. 25, 2018 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | 13 Weeks Ended (Unaudited) 39 Weeks Ended (Unaudited) November 25, November 26, November 25, November 26, 2018 2017 2018 2017 Net sales $ 16,680 $ 15,910 $ 55,232 $ 53,082 Cost of sales 13,962 12,805 42,899 41,983 Gross profit 2,718 3,105 12,333 11,099 Selling, general and administrative expenses 2,597 2,098 7,643 6,213 Restructuring charges 836 662 1,593 5,300 Earnings (loss) from discontinued operations (715 ) 345 3,097 (414 ) Other income 2,945 - 2,945 - Earnings (loss) from discontinued operations before income taxes 2,230 345 6,042 (414 ) Income tax provision (benefit) 617 (27 ) 1,201 (1,769 ) Net earnings from discontinued operations $ 1,613 $ 372 $ 4,841 $ 1,355 November 25, 2018 February 25, 2018* (unaudited) Carrying Amount of Major Classes of Assets Included as Part of Discontinued Operations: Accounts Receivable, Net $ 12,261 $ 12,801 Inventories 9,950 7,201 Fixed Assets, Net 6,041 6,727 Prepaid Expenses and Other Current Assets 899 646 Total Major Assets Included as Part of Discontinued Operations 29,151 27,375 Other Assets 5,368 5,072 Total Assets Included as Part of Discontinued Operations $ 34,519 $ 32,447 Carrying Amount of Major Classes of Liabilities Included as Part of Discontinued Operations: Accounts Payable $ 3,717 $ 2,200 Accrued Liabilities 4,460 4,360 Deferred Income Taxes 618 618 Income Taxes Payable 1,334 1,364 Total Major Liabilities Included as Part of Discontinued Operations 10,129 8,542 Other Liabilities 229 229 Total Liabilities Included as Part of Discontinued Operations $ 10,358 $ 8,771 |
Restructuring and Related Costs [Table Text Block] | Accrual August 26, 2018 Current Period Charges Cash Payments Non-Cash Charges Accrual November 25, 2018 Total Expense Accrued to Date Total Expected Costs Facility Lease Costs $ 1,835 $ 18 $ (273 ) $ - $ 1,580 $ 2,818 $ 2,818 Severance Costs - - - - - 1,081 1,081 Equipment Removal - - - - - - 700 Other - 43 (43 ) - - 760 901 Total Restructuring Charges $ 1,835 $ 61 $ (316 ) $ - $ 1,580 $ 4,659 $ 5,500 |
Note 1 - Consolidated Financi_2
Note 1 - Consolidated Financial Statements (Details Textual) $ in Millions | Jul. 25, 2018USD ($) |
Electronics Business [Member] | Discontinued Operations, Held-for-sale [Member] | |
Disposal Group, Including Discontinued Operation, Consideration | $ 145 |
Note 3 - Marketable Securitie_2
Note 3 - Marketable Securities - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Nov. 25, 2018 | Feb. 25, 2018 |
Available-for-sale securities | $ 95,391 | $ 89,977 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 95,391 | 89,977 |
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
US Treasury and Government [Member] | ||
Available-for-sale securities | 74,463 | 78,361 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 74,463 | 78,361 |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | ||
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
Debt Security, Corporate, US [Member] | ||
Available-for-sale securities | 20,928 | 11,616 |
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 20,928 | 11,616 |
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | ||
Debt Security, Corporate, US [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities |
Note 3 - Marketable Securitie_3
Note 3 - Marketable Securities - Summary of Unrealized Gains and Losses on Available-for-sale Securities (Details) - USD ($) $ in Thousands | Nov. 25, 2018 | Feb. 25, 2018 |
Amortized cost basis | $ 97,047 | $ 91,791 |
Gross unrealized gains | 1 | |
Gross unrealized losses | 1,657 | 1,814 |
US Treasury and Government [Member] | ||
Amortized cost basis | 76,070 | 80,116 |
Gross unrealized gains | ||
Gross unrealized losses | 1,607 | 1,755 |
Debt Security, Corporate, US [Member] | ||
Amortized cost basis | 20,977 | 11,675 |
Gross unrealized gains | 1 | |
Gross unrealized losses | $ 50 | $ 59 |
Note 3 - Marketable Securitie_4
Note 3 - Marketable Securities - Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Nov. 25, 2018 | Feb. 25, 2018 |
Due in one year or less | $ 41,802 | |
Due after one year through five years | 53,589 | |
$ 95,391 | $ 89,977 |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Nov. 25, 2018 | Feb. 25, 2018 | |
Inventories: | |||
Raw materials | $ 3,407 | $ 2,824 | |
Work-in-process | 233 | 159 | |
Finished goods | 937 | 972 | |
$ 4,577 | $ 3,955 | [1] | |
[1] | The balance sheet at February 25, 2018 has been derived from the audited financial statements at that date. |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) | Jan. 15, 2016 | Nov. 25, 2018 | Nov. 26, 2017 | Nov. 25, 2018 | Nov. 26, 2017 |
Interest Expense, Total | $ 0 | $ 689,000 | $ 0 | $ 1,802,000 | |
HSBC Bank USA [Member] | Letter of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,000,000 | ||||
HSBC Bank USA [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument, Term | 3 years | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Nov. 30, 2018 | Nov. 25, 2018 | Nov. 25, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,650 | ||
Percentage of Stock Options, Exercisable One Year From Date of Grant | 25.00% | ||
Percentage of Stock Options Exercisable On Each Succeeding Year from Date of Grant | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 10 | $ 10 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.66 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.83% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 24.70% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.32% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 73 days | ||
2018 Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Option Activity (Details) | 9 Months Ended |
Nov. 25, 2018$ / sharesshares | |
Outstanding options (in shares) | shares | 885,554 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 17.55 |
Outstanding options, granted (in shares) | shares | 2,650 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 17.75 |
Outstanding options, exercised (in shares) | shares | (37,837) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 17.50 |
Outstanding options, terminated or expired (in shares) | shares | (101,463) |
Terminated or expired, weighted average exercise price (in dollars per share) | $ / shares | $ 19.59 |
Outstanding options (in shares) | shares | 748,904 |
Balance, weighted average exercise price (in dollars per share) | $ / shares | $ 17.28 |
Balance, weighted average remaining contractual term (Year) | 4 years 284 days |
Vested and exercisable (in shares) | shares | 627,935 |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 18 |
Vested and exercisable, weighted average remaining contractual term (Year) | 4 years 149 days |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Nov. 28, 2018 | Nov. 26, 2017 | Nov. 25, 2018 | Nov. 26, 2017 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 145,000 | 599,000 | 279,000 | 728,000 |
Note 7 - Earnings Per Share - B
Note 7 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2018 | Nov. 26, 2017 | Nov. 25, 2018 | Nov. 26, 2017 | |
Net earnings - continuing operations | $ 2,078 | $ 344 | $ 4,718 | $ 1,275 |
Net earnings - discontinued operations | 1,613 | 372 | 4,841 | 1,355 |
Net earnings | $ 3,691 | $ 716 | $ 9,559 | $ 2,630 |
Weighted average common shares outstanding for basic EPS (in shares) | 20,278 | 20,237 | 20,258 | 20,236 |
Net effect of dilutive options (in shares) | 74 | 24 | 85 | 16 |
Weighted average shares outstanding for diluted EPS (in shares) | 20,352 | 20,261 | 20,343 | 20,252 |
Basic earnings per share - continuing operations (in dollars per share) | $ 0.10 | $ 0.02 | $ 0.23 | $ 0.06 |
Basic earnings per share - discontinued operations (in dollars per share) | 0.08 | 0.02 | 0.24 | 0.07 |
Basic earnings per share (in dollars per share) | 0.18 | 0.04 | 0.47 | 0.13 |
Diluted earnings per share - continuing operations (in dollars per share) | 0.10 | 0.02 | 0.23 | 0.06 |
Diluted earnings per share - discontinued operations (in dollars per share) | 0.08 | 0.02 | 0.24 | 0.07 |
Diluted earnings per share (in dollars per share) | $ 0.18 | $ 0.04 | $ 0.47 | $ 0.13 |
Note 8 - Shareholders' Equity (
Note 8 - Shareholders' Equity (Details Textual) - USD ($) $ in Thousands | Mar. 10, 2016 | Nov. 25, 2018 | Nov. 26, 2017 | Jan. 03, 2019 | Jan. 08, 2015 | Jan. 07, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 37,837 | |||||
Proceeds from Sale of Treasury Stock, Stock Options Exercised | $ 661 | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,250,000 | |||||
Stock Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased | 6.00% | |||||
Common Stock, Shares, Outstanding, Ending Balance | 20,945,634 | |||||
Stock Repurchase Program, Number of Additional Shares Authorized to be Repurchased | 1,000,000 | |||||
Stock Repurchased During Period, Shares | 0 | 0 | ||||
Subsequent Event [Member] | ||||||
Stock Repurchase Program, Percentage of Outstanding Shares Authorized to be Repurchased | 7.60% | |||||
Common Stock, Shares, Outstanding, Ending Balance | 20,279,408 | |||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,531,412 | |||||
Employee Stock Option [Member] | ||||||
Allocated Share-based Compensation Expense, Net of Tax | $ 594 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Nov. 25, 2018 | Nov. 26, 2017 | Nov. 25, 2018 | Nov. 26, 2017 | Feb. 25, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 22.90% | 31.30% | 8.80% | 25.60% | |
Foreign Earnings Repatriated | $ 113.7 | $ 135.3 |
Note 10 - Discontinued Operat_3
Note 10 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Nov. 25, 2018 | Nov. 26, 2017 | Nov. 25, 2018 | Nov. 26, 2017 | Dec. 04, 2018 | |
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | |||||
Restructuring and Related Cost, Expected Cost Remaining | $ 840 | $ 840 | |||
Restructuring Charges, Total | 61 | $ 360 | 231 | $ 4,423 | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Total | 2,945 | 2,945 | |||
Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] | Facility Closing [Member] | |||||
Restructuring Charges, Total | $ 101 | $ 112 | $ 357 | $ 312 | |
Electronics Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | Subsequent Event [Member] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 145,000 |
Note 10 - Discontinued Operat_4
Note 10 - Discontinued Operations - Summary for Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Nov. 25, 2018 | Nov. 26, 2017 | Nov. 25, 2018 | Nov. 26, 2017 | Feb. 25, 2018 | [1] | |
Net earnings from discontinued operations | $ 1,613 | $ 372 | $ 4,841 | $ 1,355 | ||
Electronics Business [Member] | Discontinued Operations, Held-for-sale [Member] | ||||||
Net sales | 16,680 | 15,910 | 55,232 | 53,082 | ||
Cost of sales | 13,962 | 12,805 | 42,899 | 41,983 | ||
Gross profit | 2,718 | 3,105 | 12,333 | 11,099 | ||
Selling, general and administrative expenses | 2,597 | 2,098 | 7,643 | 6,213 | ||
Restructuring charges | 836 | 662 | 1,593 | 5,300 | ||
Earnings (loss) from discontinued operations | (715) | 345 | 3,097 | (414) | ||
Other income | 2,945 | 2,945 | ||||
Earnings (loss) from discontinued operations before income taxes | 2,230 | 345 | 6,042 | (414) | ||
Income tax provision (benefit) | 617 | (27) | 1,201 | (1,769) | ||
Net earnings from discontinued operations | 1,613 | $ 372 | 4,841 | $ 1,355 | ||
Accounts Receivable, Net | 12,261 | 12,261 | $ 12,801 | |||
Inventories | 9,950 | 9,950 | 7,201 | |||
Fixed Assets, Net | 6,041 | 6,041 | 6,727 | |||
Prepaid Expenses and Other Current Assets | 899 | 899 | 646 | |||
Total Major Assets Included as Part of Discontinued Operations | 29,151 | 29,151 | 27,375 | |||
Other Assets | 5,368 | 5,368 | 5,072 | |||
Total Assets Included as Part of Discontinued Operations | 34,519 | 34,519 | 32,447 | |||
Accounts Payable | 3,717 | 3,717 | 2,200 | |||
Accrued Liabilities | 4,460 | 4,460 | 4,360 | |||
Deferred Income Taxes | 618 | 618 | 618 | |||
Income Taxes Payable | 1,334 | 1,334 | 1,364 | |||
Total Major Liabilities Included as Part of Discontinued Operations | 10,129 | 10,129 | 8,542 | |||
Other Liabilities | 229 | 229 | 229 | |||
Total Liabilities Included as Part of Discontinued Operations | $ 10,358 | $ 10,358 | $ 8,771 | |||
[1] | These amounts have not been audited and are based on the audited financial statements. |
Note 10 - Discontinued Operat_5
Note 10 - Discontinued Operations - Restructuring Charges (Details) - Consolidation of Nelco Products, Inc. and Neltec, Inc. [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 25, 2018 | Nov. 26, 2017 | Nov. 25, 2018 | Nov. 26, 2017 | |
Accrued, Beginning Balance | $ 1,835 | |||
Current Period Charges | 61 | $ 360 | $ 231 | $ 4,423 |
Cash Payments | (316) | |||
Non-Cash Charges | ||||
Accrued, Ending Balance | 1,580 | 1,580 | ||
Total Costs Accrued to Date | 4,659 | 4,659 | ||
Total Expected Costs | 5,500 | 5,500 | ||
Facility Lease Costs [Member] | ||||
Accrued, Beginning Balance | 1,835 | |||
Current Period Charges | 18 | |||
Cash Payments | (273) | |||
Non-Cash Charges | ||||
Accrued, Ending Balance | 1,580 | 1,580 | ||
Total Costs Accrued to Date | 2,818 | 2,818 | ||
Total Expected Costs | 2,818 | 2,818 | ||
Employee Severance [Member] | ||||
Accrued, Beginning Balance | ||||
Current Period Charges | ||||
Cash Payments | ||||
Non-Cash Charges | ||||
Accrued, Ending Balance | ||||
Total Costs Accrued to Date | 1,081 | 1,081 | ||
Total Expected Costs | 1,081 | 1,081 | ||
Equipment Removal [Member] | ||||
Accrued, Beginning Balance | ||||
Current Period Charges | ||||
Cash Payments | ||||
Non-Cash Charges | ||||
Accrued, Ending Balance | ||||
Total Costs Accrued to Date | ||||
Total Expected Costs | 700 | 700 | ||
Other Restructuring [Member] | ||||
Accrued, Beginning Balance | ||||
Current Period Charges | 43 | |||
Cash Payments | (43) | |||
Non-Cash Charges | ||||
Accrued, Ending Balance | ||||
Total Costs Accrued to Date | 760 | 760 | ||
Total Expected Costs | $ 901 | $ 901 |
Note 11 - Contingencies (Detail
Note 11 - Contingencies (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended |
Nov. 25, 2018USD ($) | Nov. 25, 2018USD ($) | |
Number of Sites of Company or Subsidiaries That Have Been Named for Potential Environmental Remediation Liability | 3 | |
Percentage of Legal Defense and Remediation Costs Associated with Sites Reimbursed by Insurance Carriers | 100.00% | |
Number of Units Covered Under General Liability Insurance Coverage | 2 | |
Environmental Remediation Expense | $ 0 | |
Accrual for Environmental Loss Contingencies, Ending Balance | $ 0 | $ 0 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) $ / shares in Units, $ in Thousands | Jan. 03, 2019$ / shares | Dec. 04, 2018USD ($) | Dec. 31, 2018USD ($)ft² | Nov. 25, 2018$ / shares | Nov. 26, 2017$ / shares | Nov. 25, 2018$ / shares | Nov. 26, 2017$ / shares |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 | |||
Subsequent Event [Member] | |||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 4.25 | ||||||
Dividends Payable, Date Declared | Jan. 3, 2019 | ||||||
Dividends Payable, Date to be Paid | Feb. 26, 2019 | ||||||
Dividends Payable, Date of Record | Feb. 5, 2019 | ||||||
Subsequent Event [Member] | Additional Manufacturing Facility [Member] | |||||||
Area of Land | ft² | 90,000 | ||||||
Construction in Progress Expenditures Incurred but Not yet Paid | $ 19,000 | ||||||
Electronics Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | Subsequent Event [Member] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 145,000 | ||||||
Proceeds from Divestiture of Businesses | 122,561 | ||||||
Disposal Group, Including Discontinued Operation, Transaction Costs and Taxes | 22,439 | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ 101,568 |