Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 28, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000080172 | ||
Entity Registrant Name | NATIONAL PRESTO INDUSTRIES INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-2451 | ||
Entity Incorporation, State or Country Code | WI | ||
Entity Tax Identification Number | 39-0494170 | ||
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 | ||
Title of 12(b) Security | $1.00 par value common stock | ||
Trading Symbol | NPK | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 421,281,573 | ||
Entity Common Stock, Shares Outstanding | 7,025,943 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 86,036,000 | $ 79,579,000 |
Marketable securities | 68,981,000 | 78,733,000 |
Accounts receivable | 53,979,000 | 41,914,000 |
Less allowance for doubtful accounts | 312,000 | 450,000 |
Accounts receivable, net | 53,667,000 | 41,464,000 |
Inventories: | ||
Finished goods | 31,440,000 | 33,495,000 |
Work in process | 96,463,000 | 87,805,000 |
Raw materials and supplies | 7,585,000 | 7,236,000 |
Total inventory | 135,488,000 | 128,536,000 |
Notes receivable, current | 2,869,000 | 2,853,000 |
Other current assets | 10,199,000 | 6,668,000 |
Total current assets | 357,240,000 | 337,833,000 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land and land improvements | 3,008,000 | 3,008,000 |
Buildings | 48,706,000 | 47,748,000 |
Machinery and equipment | 44,774,000 | 43,226,000 |
PROPERTY, PLANT AND EQUIPMENT | 96,488,000 | 93,982,000 |
Less allowance for depreciation and amortization | 59,375,000 | 56,704,000 |
PROPERTY, PLANT AND EQUIPMENT, NET | 37,113,000 | 37,278,000 |
GOODWILL | 15,317,000 | 15,317,000 |
INTANGIBLE ASSETS, net | 2,838,000 | 3,059,000 |
NOTES RECEIVABLE | 7,399,000 | 7,182,000 |
RIGHT-OF-USE LEASE ASSETS | 3,363,000 | 3,521,000 |
DEFERRED INCOME TAXES | 2,994,000 | 1,281,000 |
OTHER ASSETS | 6,906,000 | 4,782,000 |
Assets, Total | 433,170,000 | 410,253,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 33,474,000 | 21,652,000 |
Federal and state income taxes | 4,777,000 | 3,799,000 |
Lease liabilities | 573,000 | 520,000 |
Accrued liabilities | 16,268,000 | 13,324,000 |
Total current liabilities | 55,092,000 | 39,295,000 |
LEASE LIABILITIES - NON-CURRENT | 2,790,000 | 3,001,000 |
OTHER NON-CURRENT LIABILITIES | 940,000 | 0 |
Total liabilities | 58,822,000 | 42,296,000 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock, $1 par value: Authorized: 12,000,000 shares at December 31, 2020 and 2019 Issued: 7,440,518 shares at December 31, 2020 and 2019 Outstanding: 7,025,433 and 7,006,323 shares at December 31, 2020 and 2019, respectively | 7,441,000 | 7,441,000 |
Paid-in capital | 12,438,000 | 11,447,000 |
Retained earnings | 367,627,000 | 362,842,000 |
Accumulated other comprehensive income | 154,000 | 136,000 |
Stockholders' Equity before Treasury Stock | 387,660,000 | 381,866,000 |
Less treasury stock, at cost, 415,085 and 434,195 shares at December 31, 2020 and 2019, respectively | 13,312,000 | 13,909,000 |
Total stockholders' equity | 374,348,000 | 367,957,000 |
Liabilities and Equity, Total | $ 433,170,000 | $ 410,253,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 12,000,000 | 12,000,000 |
Common stock, issued (in shares) | 7,440,518 | 7,440,518 |
Common stock, outstanding (in shares) | 7,025,433 | 7,006,323 |
Treasury stock, shares (in shares) | 415,085 | 434,195 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 352,627,000 | $ 308,510,000 | $ 323,317,000 |
Cost of sales | 267,705,000 | 236,585,000 | 247,434,000 |
Gross profit | 84,922,000 | 71,925,000 | 75,883,000 |
Selling and general expenses | 28,505,000 | 25,462,000 | 23,286,000 |
Intangibles amortization | 221,000 | 83,000 | 2,167,000 |
Loss on divestiture, net | 0 | 0 | 2,528,000 |
Operating profit | 56,196,000 | 46,380,000 | 47,902,000 |
Other income | 3,792,000 | 5,926,000 | 4,437,000 |
Earnings from continuing operations before provision for income taxes | 59,988,000 | 52,306,000 | 52,339,000 |
Provision for income taxes from continuing operations | 13,030,000 | 11,766,000 | 12,450,000 |
Earnings from continuing operations | 46,958,000 | 40,540,000 | 39,889,000 |
Earnings from discontinued operations, net of tax | 0 | 1,680,000 | 51,000 |
Net earnings | $ 46,958,000 | $ 42,220,000 | $ 39,940,000 |
Weighted average common shares outstanding: | |||
Basic and diluted (in shares) | 7,038 | 7,018 | 7,005 |
Earnings per share, basic and diluted: | |||
From continuing operations (in dollars per share) | $ 6.67 | $ 5.78 | $ 5.69 |
From discontinued operations (in dollars per share) | 0 | 0.24 | 0.01 |
Net earnings per share (in dollars per share) | $ 6.67 | $ 6.02 | $ 5.70 |
Comprehensive income: | |||
Net earnings | $ 46,958,000 | $ 42,220,000 | $ 39,940,000 |
Other comprehensive income, net of tax: | |||
Unrealized gain on available-for-sale securities | 18,000 | 115,000 | 107,000 |
Comprehensive income | $ 46,976,000 | $ 42,335,000 | $ 40,047,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net earnings | $ 46,958,000 | $ 42,220,000 | $ 39,940,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Provision for depreciation | 2,784,000 | 3,606,000 | 4,052,000 |
Intangibles amortization | 221,000 | 83,000 | 2,167,000 |
Deferred income tax (benefit) | (1,718,000) | (224,000) | (121,000) |
Noncash income tax expense | 0 | 1,370,000 | 0 |
Net loss and impairment on divestiture of businesses | 0 | 0 | 2,528,000 |
Loss on disposal of property, plant and equipment | 2,000 | 322,000 | 163,000 |
Provision for doubtful accounts | 0 | 7,000 | 458,000 |
Noncash retirement plan expense | 721,000 | 680,000 | 698,000 |
Gain on legal settlement | 0 | (2,300,000) | 0 |
Other | 131,000 | 464,000 | 229,000 |
Changes in operating accounts, net of effects of acquisition: | |||
Accounts receivable, net | (12,203,000) | 10,915,000 | 11,546,000 |
Inventories | (6,952,000) | (34,241,000) | 6,821,000 |
Other assets and current assets | (5,655,000) | (2,803,000) | 4,067,000 |
Accounts payable and accrued liabilities | 15,706,000 | (11,561,000) | 6,066,000 |
Federal and state income taxes receivable/payable | 978,000 | 1,045,000 | (2,366,000) |
Net cash provided by operating activities | 40,973,000 | 9,583,000 | 76,248,000 |
Cash flows from investing activities: | |||
Marketable securities purchased | (48,047,000) | (105,409,000) | (163,271,000) |
Marketable securities - maturities and sales | 57,823,000 | 161,420,000 | 173,060,000 |
Proceeds from divestiture of businesses, net of cash paid | 0 | 0 | 9,410,000 |
Purchase of property, plant and equipment | (2,621,000) | (3,138,000) | (8,686,000) |
Notes issued | 0 | 0 | (2,300,000) |
Proceeds from notes receivable | 0 | 2,146,000 | 0 |
Acquisition of business, net of cash acquired | 0 | (3,733,000) | 0 |
Proceeds from legal settlement | 0 | 2,300,000 | 0 |
Proceeds from insurance settlement | 0 | 807,000 | 2,630,000 |
Sale of property, plant and equipment | 0 | 767,000 | 1,000 |
Net cash provided by investing activities | 7,155,000 | 55,160,000 | 10,844,000 |
Cash flows from financing activities: | |||
Dividends paid | (42,172,000) | (42,087,000) | (41,989,000) |
Proceeds from sale of treasury stock | 528,000 | 518,000 | 528,000 |
Other | (27,000) | (442,000) | (6,000) |
Net cash used in financing activities | (41,671,000) | (42,011,000) | (41,467,000) |
Net increase in cash and cash equivalents | 6,457,000 | 22,732,000 | 45,625,000 |
Cash and cash equivalents at beginning of year | 79,579,000 | 56,847,000 | 11,222,000 |
Cash and cash equivalents at end of year | 86,036,000 | 79,579,000 | 56,847,000 |
Supplemental disclosures of cash flow information: | |||
Income taxes | $ 13,803,000 | $ 10,187,000 | $ 14,968,000 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 6,968,000 | |||||
Balance at Dec. 31, 2017 | $ 7,441 | $ 9,074 | $ 364,757 | $ (86) | $ (14,810) | $ 366,376 |
Net earnings | 39,940 | 39,940 | ||||
Unrealized gain on available-for-sale securities, net of tax | 107 | 107 | ||||
Dividends paid | (41,989) | (41,989) | ||||
Other (in shares) | 13,000 | |||||
Other | 1,286 | 1 | 402 | 1,689 | ||
Balance (in shares) at Dec. 31, 2018 | 6,981,000 | |||||
Balance at Dec. 31, 2018 | $ 7,441 | 10,360 | 362,709 | 21 | (14,408) | 366,123 |
Net earnings | 42,220 | 42,220 | ||||
Unrealized gain on available-for-sale securities, net of tax | 115 | 115 | ||||
Dividends paid | (42,087) | (42,087) | ||||
Other (in shares) | 25,000 | |||||
Other | 1,087 | 499 | $ 1,586 | |||
Balance (in shares) at Dec. 31, 2019 | 7,006,000 | 7,006,323 | ||||
Balance at Dec. 31, 2019 | $ 7,441 | 11,447 | 362,842 | 136 | (13,909) | $ 367,957 |
Net earnings | 46,958 | 46,958 | ||||
Unrealized gain on available-for-sale securities, net of tax | 18 | 18 | ||||
Dividends paid | (42,172) | (42,172) | ||||
Other (in shares) | 19,000 | |||||
Other | 991 | (1) | 597 | $ 1,587 | ||
Balance (in shares) at Dec. 31, 2020 | 7,025,000 | 7,025,433 | ||||
Balance at Dec. 31, 2020 | $ 7,441 | $ 12,438 | $ 367,627 | $ 154 | $ (13,312) | $ 374,348 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Regular dividends per share (in dollars per share) | $ 1 | $ 1 | $ 1 |
Extra dividends per share (in dollars per share) | $ 5 | $ 5 | $ 5 |
Note A - Summary of Significant
Note A - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: ( 1 ( 2 On January 3, 2017, ( 3 19 19 no 19 2021 In response to the government mandated COVID- 19 March 27, 2020. not December 31, 2020. May 1, 2020, ( 4 820, Fair Value Measurements and Disclosures 820 three 1, 2, 3, no 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 and Cash Equivalents: three may 1, 820 The Company's cash management policy provides for its bank disbursement accounts to be reimbursed on a daily basis. Checks issued but not December 31, 2020 2019 Marketable Securities: three At December 31, 2020 2019 December 31 2, 820, not (In thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses December 31, 2020 Tax-exempt Municipal Bonds $ 42,817 $ 43,013 $ 196 $ - Variable Rate Demand Notes 25,968 25,968 - - Total Marketable Securities $ 68,785 $ 68,981 $ 196 $ - 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 sales and maturities of marketable securities totaled $57,823,000 in 2020 2019 2018 December 31, 2020, 2019 2018 December 31, 2020 2019 2018 The contractual maturities of the marketable securities held at December 31, 2020 one one five five ten ten five seven not ( 6 not may ( 7 first first first ( 8 may not one 2018, third 2018. December 31, 2020, December 31, 2020 2021. December 31, 2019 ( 9 fourth not 2020 2019 2018 The Company's goodwill as of December 31, 2020 2019 ( 10 Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not one 2018, third 2018. 2020 2019 The gross carrying amounts of the intangible assets subject to amortization was $2,142,000 at December 31, 2020 December 31, 2020 2019 December 31, 2020 2019 2018 December 31, 2020 five ( 11 two December 31, 2020 2019 December 31, 2020 2019 twelve ( 12 606, Revenue from Contracts with Customers January 1, 2018 not one 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 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 year ended December 31, 2020, may 2019, may one four not no 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 December 31, 2020 2019 2020, 2019, 2018, 2020 2019, no no December 31, 2020 2019 one The Company’s principal sources of revenue are derived from two ( 13 2020, 2019, 2018 ( 14 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 2020 2019 Beginning balance January 1 $ 263 $ 221 Accruals during the period 303 416 Charges / payments made under the warranties (325 ) (374 ) Balance December 31 $ 241 $ 263 Included in accounts payable as of December 31, 2020 ( 15 718, Compensation — Stock Compensation 718, ( 16 740, Income Taxes ( 17 In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes 740, Income Taxes December 15, 2020. 2019 12 not In June 2016, No. 2016 13, Financial Instruments—Credit Losses (Topic 326 2016 13 2016 13 January 1, 2020 2016 13 not Other pronouncements issued but not December 31, 2020 not |
Note B - Inventories
Note B - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | B. INVENTORIES: The amount of inventories valued on the LIFO basis was $30,515,000 and $32,744,000 as of December 31, 2020 2019 first first December 31, 2020 2019 December 31, 2020 2019 2018 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 2020 $ (447 ) $ 349 $ 0.05 2019 $ 42 $ (34 ) $ - 2018 $ (189 ) $ 143 $ 0.02 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 $104,973,000 and $95,792,000 at December 31, 2020 2019 December 31, 2020 December 31, 2019 |
Note C - Accrued Liabilities
Note C - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | C. ACCRUED LIABILITIES: At December 31, 2020 December 31, 2019 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. |
Note D - Treasury Stock
Note D - Treasury Stock | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | D. TREASURY STOCK: As of December 31, 2020 2020, 2019, 2018 401 |
Note E - Net Earnings Per Share
Note E - Net Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 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. |
Note F - Stock-based Compensati
Note F - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 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 2017 May 16, 2017, 2017 2010 2010 During 2020, 2019, 2018 2021 2026, The Company recognized pre-tax compensation expense in the Consolidated Statements of Comprehensive Income related to stock-based compensation of $366,000, $830,000, and $469,000 in 2020, 2019, 2018 December 31, 2020 2020, 2019, 2018 The following table summarizes the activity for non-vested restricted stock: 2020 2019 2018 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 18,604 $ 93.23 32,337 $ 87.84 29,810 $ 83.40 Granted 7,310 89.84 4,138 98.54 3,886 116.49 Vested (3,193 ) 59.94 (17,871 ) 84.71 (1,359 ) 72.25 Forfeited 0 - 0 - 0 - Non-vested at end of period 22,721 $ 96.82 18,604 $ 93.23 32,337 $ 87.84 |
Note G - 401(k) Plan
Note G - 401(k) Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | G. 401 The Company sponsors a 401 first 2004, first 2020 2019 2018 2020 2019 2018 401 401 December 31, 2020 2019 2018 |
Note H - Income Taxes
Note H - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | H. INCOME TAXES: The following table summarizes the provision for income taxes from continuing operations: For Years Ended December 31 (in thousands) 2020 2019 2018 Current: Federal $ 12,932 $ 11,453 $ 10,996 State 1,816 537 1,575 14,748 11,990 12,571 Deferred: Federal (1,210 ) (179 ) (280 ) State (508 ) (45 ) 159 (1,718 ) (224 ) (121 ) Total tax provision $ 13,030 $ 11,766 $ 12,450 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 2020 2019 2018 Statutory rate 21.0 % 21.0 % 21.0 % State tax, net of federal benefit 1.7 % 0.7 % 2.6 % Tax exempt interest and dividends (0.1 %) (0.1 %) (0.6 %) Other (0.9 %) 0.9 % 0.8 % Effective rate 21.7 % 22.5 % 23.8 % 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) 2020 2019 Deferred tax assets Insurance (primarily product liability) $ 978 $ 947 Vacation 813 662 Inventory 754 642 State NOL and tax credit carryforwards 825 - Product recall 610 - Deferred payroll taxes 414 - Deferred compensation 203 162 Environmental 214 227 Other 330 200 Subtotal 5,141 2,840 Less: valuation allowance (520) - Total deferred tax assets 4,621 2,840 Deferred tax liabilities Goodwill and other intangibles 1,585 1,391 Depreciation 1 131 Deferred revenue 41 37 Total deferred tax liabilities 1,627 1,559 Net deferred tax assets $ 2,994 $ 1,281 Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. The Company believes it is more likely than not not three December 31, 2020. On the basis of this evaluation, as of December 31, 2020, 2034 2040. no The Company establishes tax reserves in accordance with FASB ASC 740, Income Taxes December 31, 2020 The following is a reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2020 2019 (In thousands) 2020 2019 Balance at January 1 $ 2,237 $ 320 Increases for tax positions taken related to the current year 944 453 Increases for tax positions taken related to prior years 46 1,519 Decreases for tax positions taken related to prior years - - Lapse of statute of limitations (706 ) (55 ) Settlements - - Balance at December 31 $ 2,521 $ 2,237 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, 2020, 2019 2018 The Company is subject to U.S. federal income tax as well as income taxes of multiple states. Tax years 2017 2019 2018, 2013 2016. June 2016, 2012 2013. |
Note I - Commitments and Contin
Note I - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 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 In the state of Mississippi, inventory that is shipped out of state that is held in a licensed Free Port Warehouse is exempt from personal property taxes. One of the Company's subsidiaries operates in Hinds County, Mississippi. That subsidiary has submitted its Hinds County Free Port Warehouse tax filing for nearly 40 June 2020, no seven not ASC450 Contingencies December 31, 2020. |
Note J - Concentrations
Note J - Concentrations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | J. CONCENTRATIONS: In the Housewares/Small Appliance segment, two December 31, 2020, one December 31 2019 2018 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 no 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 2020, 2019, 2018 not 40mm third not December 31, 2020 February 28, 2025. |
Note K - Environmental
Note K - Environmental | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Environmental Loss Contingency Disclosure [Text Block] | K. ENVIRONMENTAL In May 1986, 1980 December 31, 1998, may 1960s 1970s. December 31, 2020 not Based on factors known as of December 31, 2020 not December 31, 2020 2019 Expected future payments for environmental matters are as follows: (In thousands) Years Ending December 31: 2021 $ 180 2022 143 2023 130 2024 118 2025 106 Thereafter 293 $ 970 |
Note L - Business Segments
Note L - Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | L. BUSINESS SEGMENTS: The Company operates in three January 3, 2017, 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 The Defense segment was started in 2001 2005, 2010, one two 40mm five 2016, one 2017, third five 2001, 2003, 2006, 20 50mm 2011 October 2018, 2014, On July 23, 2019, 2014. (in thousands) Housewares / Small Appliance Defense Safety Assets Held for Sale Total Year ended December 31, 2020 External net sales $ 117,645 $ 234,645 337 $ 352,627 Gross profit (loss) 24,206 62,561 (1,845 ) 84,922 Operating profit (loss) 10,371 52,810 (6,985 ) 56,196 Total assets 245,662 164,951 22,557 $ - 433,170 Depreciation and amortization 983 1,743 279 3,005 Capital expenditures 828 1,678 115 2,621 Year ended December 31, 2019 External net sales $ 99,401 $ 209,114 (5 ) $ 308,510 Gross profit (loss) 15,358 57,773 (1,206 ) 71,925 Operating profit (loss) 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 (loss) 15,563 60,979 (659 ) 75,883 Operating profit (loss) 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 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 |
Note M - Leases
Note M - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | M. LEASES The Company accounts for leases under ASC Topic 842, January 1, 2019. $3,832,000. one 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 The Company has determined that the rates implicit in its leases are not Topic 842 Year Ended Year Ended Summary of Lease Cost (in thousands) December 31, 2020 December 31, 2019 Operating lease cost $ 729 $ 691 Short-term and variable lease cost 452 225 Total lease cost $ 1,181 $ 916 Rent expense was approximately $1,182,000, $1,114,000, and $1,050,000 for the years ended December 31, 2020 2019 2018 December 31, 2020 2019, December 31, 2020 Maturities of operating lease liabilities are as follows: Years ending December 31: (In thousands) 2021 $ 741 2022 745 2023 599 2024 497 2025 426 Thereafter 1,069 Total lease payments $ 4,077 Less: future interest expense 714 Lease liabilities $ 3,363 Lease income from operating lease payments was $1,967,000 and $1,788,000 for the years ended December 31, 2020 2019, Years ending December 31: (In thousands) 2021 $ 1,843 2022 1,837 2023 1,837 2024 1,837 2025 1,837 Thereafter 12,859 Total lease payments $ 22,050 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. |
Note N - Interim Financial Info
Note N - Interim Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | N. INTERIM FINANCIAL INFORMATION (UNAUDITED): The following represents quarterly unaudited financial information for 2020 2019 (In thousands, except per share data) Per Share (basic and diluted) Quarter Net Sales Gross Profit Earnings from Continuing Operations Earnings from Discontinued Operations, net of tax Net Earnings Earnings from Continuing Operations Earnings from Discontinued Operations, net of tax Net Earnings 2020 First $ 65,636 $ 16,117 $ 8,222 $ - $ 8,222 $ 1.17 $ - $ 1.17 Second 87,132 21,743 12,657 - 12,657 1.80 - 1.80 Third 93,937 20,718 12,138 - 12,138 1.72 - 1.72 Fourth 105,922 26,344 13,941 - 13,941 1.98 - 1.98 Total $ 352,627 $ 84,922 $ 46,958 $ - $ 46,958 $ 6.67 $ - $ 6.67 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 1.68 - 1.68 Total $ 308,510 $ 71,925 $ 40,540 $ 1,680 $ 42,220 $ 5.78 $ 0.24 $ 6.02 Fourth quarter sales are significantly impacted by the holiday driven seasonality of the Housewares/Small Appliance segment. This segment typically orders/purchases inventory during the first three fourth third 2019. may third 2019 |
Note O - Line of Credit and Com
Note O - Line of Credit and Commercial Letters of Credit | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | O. LINE OF CREDIT AND COMMERCIAL LETTERS OF CREDIT The Company maintains an unsecured line of credit for short term operating cash needs of $5,000,000 as of December 31, 2020 no September 30, 2021. one one December 31, 2020 2019 December 31, 2020 not |
Note P - Discontinued Operation
Note P - Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | P. DISCONTINUED OPERATIONS On January 3, 2017, 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) 2020 2019 2018 Net sales $ - $ - $ - Cost of sales - - 65 Other income (expense) - 2,126 - Earnings from discontinued operations before provision for income taxes - 2,126 65 Provision for income taxes from discontinued operations - 446 14 Earnings from discontinued operations, net of tax $ - $ 1,680 $ 51 During the third 2019, The Consolidated Statements of Cash Flows do not December 31, 2020 2019 2018 December 31, 2020 2019 2018 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 2018, three five ten |
Note Q - Divestiture
Note Q - Divestiture | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Divestiture [Text Block] | Q. DIVESTITURE On October 17, 2018, third September 30, 2018 2018 December 31, 2020 2019 The Company determined this transaction did not not |
Note R - Business Acquisition
Note R - Business Acquisition | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | R. BUSINESS ACQUISITION On July 23, 2019, 2014 seven seven 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 2019 December 31, 2019. 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) $ 5.82 $ 5.48 Weighted average shares outstanding (basic and diluted) 7,018 7,005 The unaudited pro forma financial information presented above is not not one not not |
Note S - Other
Note S - Other | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Other Disclosure [Text Block] | 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, 2020 2019 2017, |
Note T - Subsequent Events
Note T - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | The Company evaluates events that occur through the filing date and discloses any material events or transactions. On February 19, 2021, March 12, 2021, March 1, 2021. On March 12, 2021, five 2021 five 40mm May 22, 2020 M918 M385A1 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2020, 2019 2018 (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, 2020 $ 450 $ - $ - $ 138 $ 312 Year ended December 31, 2019 $ 747 $ 6 $ - $ 303 $ 450 Year ended December 31, 2018 $ 1,869 $ 458 $ (1,422 ) $ 158 $ 747 Valuation allowance for deferred tax assets: Year ended December 31, 2020 $ - $ 520 $ - $ - $ 520 Notes: (A) Amounts charged to selling and general expenses for allowance for doubtful accounts and provision for income taxes from continuing operations for valuation allowance for deferred tax assets. (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. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | ( 1 |
Consolidation, Policy [Policy Text Block] | ( 2 On January 3, 2017, |
COVID-19 [Policy Text Block] | ( 3 19 19 no 19 2021 In response to the government mandated COVID- 19 March 27, 2020. not December 31, 2020. May 1, 2020, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ( 4 820, Fair Value Measurements and Disclosures 820 three 1, 2, 3, no 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 [Policy Text Block] | ( 5 Cash and Cash Equivalents: three may 1, 820 The Company's cash management policy provides for its bank disbursement accounts to be reimbursed on a daily basis. Checks issued but not December 31, 2020 2019 Marketable Securities: three At December 31, 2020 2019 December 31 2, 820, not (In thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses December 31, 2020 Tax-exempt Municipal Bonds $ 42,817 $ 43,013 $ 196 $ - Variable Rate Demand Notes 25,968 25,968 - - Total Marketable Securities $ 68,785 $ 68,981 $ 196 $ - 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 sales and maturities of marketable securities totaled $57,823,000 in 2020 2019 2018 December 31, 2020, 2019 2018 December 31, 2020 2019 2018 The contractual maturities of the marketable securities held at December 31, 2020 one one five five ten ten five seven not |
Receivable [Policy Text Block] | ( 6 not may |
Inventory, Policy [Policy Text Block] | ( 7 first first first |
Property, Plant and Equipment, Policy [Policy Text Block] | ( 8 may not one 2018, third 2018. December 31, 2020, December 31, 2020 2021. December 31, 2019 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ( 9 fourth not 2020 2019 2018 The Company's goodwill as of December 31, 2020 2019 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ( 10 Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not one 2018, third 2018. 2020 2019 The gross carrying amounts of the intangible assets subject to amortization was $2,142,000 at December 31, 2020 December 31, 2020 2019 December 31, 2020 2019 2018 December 31, 2020 five |
Other Assets [Policy Text Block] | ( 11 two December 31, 2020 2019 December 31, 2020 2019 twelve |
Revenue from Contract with Customer [Policy Text Block] | ( 12 606, Revenue from Contracts with Customers January 1, 2018 not one 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 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 year ended December 31, 2020, may 2019, may one four not no 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 December 31, 2020 2019 2020, 2019, 2018, 2020 2019, no no December 31, 2020 2019 one The Company’s principal sources of revenue are derived from two |
Advertising Cost [Policy Text Block] | ( 13 2020, 2019, 2018 |
Standard Product Warranty, Policy [Policy Text Block] | ( 14 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 2020 2019 Beginning balance January 1 $ 263 $ 221 Accruals during the period 303 416 Charges / payments made under the warranties (325 ) (374 ) Balance December 31 $ 241 $ 263 Included in accounts payable as of December 31, 2020 |
Share-based Payment Arrangement [Policy Text Block] | ( 15 718, Compensation — Stock Compensation 718, |
Income Tax, Policy [Policy Text Block] | ( 16 740, Income Taxes |
New Accounting Pronouncements, Policy [Policy Text Block] | ( 17 In December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes 740, Income Taxes December 15, 2020. 2019 12 not In June 2016, No. 2016 13, Financial Instruments—Credit Losses (Topic 326 2016 13 2016 13 January 1, 2020 2016 13 not Other pronouncements issued but not December 31, 2020 not |
Note A - Summary of Significa_2
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | (In thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses December 31, 2020 Tax-exempt Municipal Bonds $ 42,817 $ 43,013 $ 196 $ - Variable Rate Demand Notes 25,968 25,968 - - Total Marketable Securities $ 68,785 $ 68,981 $ 196 $ - 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 |
Schedule of Product Warranty Liability [Table Text Block] | (In thousands) Year Ended December 31 2020 2019 Beginning balance January 1 $ 263 $ 221 Accruals during the period 303 416 Charges / payments made under the warranties (325 ) (374 ) Balance December 31 $ 241 $ 263 |
Note B - Inventories (Tables)
Note B - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule Of Potential Impact Of LIFO Valuation to FIFO Valuation [Table Text Block] | Increase (Decrease) – (In thousands, except per share data) Year Cost of Sales Net Earnings Earnings Per Share 2020 $ (447 ) $ 349 $ 0.05 2019 $ 42 $ (34 ) $ - 2018 $ (189 ) $ 143 $ 0.02 |
Note F - Stock-based Compensa_2
Note F - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | 2020 2019 2018 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 18,604 $ 93.23 32,337 $ 87.84 29,810 $ 83.40 Granted 7,310 89.84 4,138 98.54 3,886 116.49 Vested (3,193 ) 59.94 (17,871 ) 84.71 (1,359 ) 72.25 Forfeited 0 - 0 - 0 - Non-vested at end of period 22,721 $ 96.82 18,604 $ 93.23 32,337 $ 87.84 |
Note H - Income Taxes (Tables)
Note H - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For Years Ended December 31 (in thousands) 2020 2019 2018 Current: Federal $ 12,932 $ 11,453 $ 10,996 State 1,816 537 1,575 14,748 11,990 12,571 Deferred: Federal (1,210 ) (179 ) (280 ) State (508 ) (45 ) 159 (1,718 ) (224 ) (121 ) Total tax provision $ 13,030 $ 11,766 $ 12,450 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Percent of Pre-tax Income 2020 2019 2018 Statutory rate 21.0 % 21.0 % 21.0 % State tax, net of federal benefit 1.7 % 0.7 % 2.6 % Tax exempt interest and dividends (0.1 %) (0.1 %) (0.6 %) Other (0.9 %) 0.9 % 0.8 % Effective rate 21.7 % 22.5 % 23.8 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (In thousands) 2020 2019 Deferred tax assets Insurance (primarily product liability) $ 978 $ 947 Vacation 813 662 Inventory 754 642 State NOL and tax credit carryforwards 825 - Product recall 610 - Deferred payroll taxes 414 - Deferred compensation 203 162 Environmental 214 227 Other 330 200 Subtotal 5,141 2,840 Less: valuation allowance (520) - Total deferred tax assets 4,621 2,840 Deferred tax liabilities Goodwill and other intangibles 1,585 1,391 Depreciation 1 131 Deferred revenue 41 37 Total deferred tax liabilities 1,627 1,559 Net deferred tax assets $ 2,994 $ 1,281 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (In thousands) 2020 2019 Balance at January 1 $ 2,237 $ 320 Increases for tax positions taken related to the current year 944 453 Increases for tax positions taken related to prior years 46 1,519 Decreases for tax positions taken related to prior years - - Lapse of statute of limitations (706 ) (55 ) Settlements - - Balance at December 31 $ 2,521 $ 2,237 |
Note K - Environmental (Tables)
Note K - Environmental (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule Of Expected Future Payments Of Environmental Matters [Table Text Block] | (In thousands) Years Ending December 31: 2021 $ 180 2022 143 2023 130 2024 118 2025 106 Thereafter 293 $ 970 |
Note L - Business Segments (Tab
Note L - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (in thousands) Housewares / Small Appliance Defense Safety Assets Held for Sale Total Year ended December 31, 2020 External net sales $ 117,645 $ 234,645 337 $ 352,627 Gross profit (loss) 24,206 62,561 (1,845 ) 84,922 Operating profit (loss) 10,371 52,810 (6,985 ) 56,196 Total assets 245,662 164,951 22,557 $ - 433,170 Depreciation and amortization 983 1,743 279 3,005 Capital expenditures 828 1,678 115 2,621 Year ended December 31, 2019 External net sales $ 99,401 $ 209,114 (5 ) $ 308,510 Gross profit (loss) 15,358 57,773 (1,206 ) 71,925 Operating profit (loss) 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 (loss) 15,563 60,979 (659 ) 75,883 Operating profit (loss) 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 |
Note M - Leases (Tables)
Note M - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended Year Ended Summary of Lease Cost (in thousands) December 31, 2020 December 31, 2019 Operating lease cost $ 729 $ 691 Short-term and variable lease cost 452 225 Total lease cost $ 1,181 $ 916 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Years ending December 31: (In thousands) 2021 $ 741 2022 745 2023 599 2024 497 2025 426 Thereafter 1,069 Total lease payments $ 4,077 Less: future interest expense 714 Lease liabilities $ 3,363 |
Operating Lease, Lease Income [Table Text Block] | Years ending December 31: (In thousands) 2021 $ 1,843 2022 1,837 2023 1,837 2024 1,837 2025 1,837 Thereafter 12,859 Total lease payments $ 22,050 |
Note N - Interim Financial In_2
Note N - Interim Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | (In thousands, except per share data) Per Share (basic and diluted) Quarter Net Sales Gross Profit Earnings from Continuing Operations Earnings from Discontinued Operations, net of tax Net Earnings Earnings from Continuing Operations Earnings from Discontinued Operations, net of tax Net Earnings 2020 First $ 65,636 $ 16,117 $ 8,222 $ - $ 8,222 $ 1.17 $ - $ 1.17 Second 87,132 21,743 12,657 - 12,657 1.80 - 1.80 Third 93,937 20,718 12,138 - 12,138 1.72 - 1.72 Fourth 105,922 26,344 13,941 - 13,941 1.98 - 1.98 Total $ 352,627 $ 84,922 $ 46,958 $ - $ 46,958 $ 6.67 $ - $ 6.67 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 1.68 - 1.68 Total $ 308,510 $ 71,925 $ 40,540 $ 1,680 $ 42,220 $ 5.78 $ 0.24 $ 6.02 |
Note P - Discontinued Operati_2
Note P - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | For the years ended December 31, (in thousands) 2020 2019 2018 Net sales $ - $ - $ - Cost of sales - - 65 Other income (expense) - 2,126 - Earnings from discontinued operations before provision for income taxes - 2,126 65 Provision for income taxes from discontinued operations - 446 14 Earnings from discontinued operations, net of tax $ - $ 1,680 $ 51 |
Note R - Business Acquisition (
Note R - Business Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (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 |
Business Acquisition, Pro Forma Information [Table Text Block] | (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) $ 5.82 $ 5.48 Weighted average shares outstanding (basic and diluted) 7,018 7,005 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | (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, 2020 $ 450 $ - $ - $ 138 $ 312 Year ended December 31, 2019 $ 747 $ 6 $ - $ 303 $ 450 Year ended December 31, 2018 $ 1,869 $ 458 $ (1,422 ) $ 158 $ 747 Valuation allowance for deferred tax assets: Year ended December 31, 2020 $ - $ 520 $ - $ - $ 520 |
Note A - Summary of Significa_3
Note A - Summary of Significant Accounting Policies 1 (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Payable, Other, Current | $ 4,510,000 | $ 1,308,000 | ||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale, Total | 57,823,000 | 161,420,000 | $ 173,060,000 | |
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | 0 | 0 | 0 | |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, before Tax, Total | 24,000 | 145,000 | 135,000 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax, Total | 0 | 0 | 0 | |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 38,007,000 | |||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 5,006,000 | |||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 825,000 | |||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | $ 25,143,000 | |||
Debt Securities, Available for Sale, Number of Days to Tender (Day) | 7 days | |||
Property, Plant and Equipment, Gross, Ending Balance | $ 96,488,000 | 93,982,000 | ||
Goodwill, Impairment Loss | 0 | 0 | 0 | |
Goodwill, Ending Balance | 15,317,000 | 15,317,000 | ||
Impairment of Intangible Assets (Excluding Goodwill), Total | 0 | 0 | ||
Finite-Lived Intangible Assets, Gross, Total | 2,142,000 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 304,000 | 83,000 | ||
Amortization of Intangible Assets, Total | 221,000 | 83,000 | 2,167,000 | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 214,000 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 214,000 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 214,000 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 214,000 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 214,000 | |||
Expected Prepayment Utilization Period (Year) | 2 years | |||
Contract with Customer, Liability, Decrease from Product Recall | $ 2,073,000 | |||
Advertising Expense | $ 2,655,000 | 245,000 | 181,000 | |
Initial Product Return Period (Day) | 60 days | |||
Estimated Product Recall Payable | $ 2,769,000 | |||
Other Current Assets [Member] | ||||
Materials, Supplies, and Other | 4,311,000 | 4,614,000 | ||
Accounts Payable and Accrued Liabilities [Member] | ||||
Contract with Customer, Liability, Current | 4,723,000 | 1,847,000 | ||
Defense [Member] | ||||
Impairment of Long-Lived Assets Held-for-use | $ 2,975,000 | |||
Goodwill, Ending Balance | 11,486,000 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |||
Impairment of Intangible Assets (Excluding Goodwill), Total | $ 46,000 | |||
Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Modification of Contract | 9,412,000 | |||
Contract with Customer, Liability, Revenue Recognized | 0 | 9,574,000 | $ 676,000 | |
Revenue, Remaining Performance Obligation, Amount | 320,214,000 | 310,385,000 | ||
Safety [Member] | ||||
Goodwill, Ending Balance | 3,831,000 | |||
Goodwill, Impaired, Accumulated Impairment Loss | 0 | |||
Housewares/Small Appliances [Member] | ||||
Materials, Supplies, and Other | 11,217,000 | 9,396,000 | ||
Building [Member] | Defense [Member] | ||||
Construction in Progress, Gross | 1,398,000 | $ 2,413,000 | ||
Leased Manufacturing and Office Space [Member] | ||||
Property, Plant and Equipment, Gross, Ending Balance | $ 6,774,000 | |||
Minimum [Member] | ||||
Accounts Receivable, Collection Period (Day) | 25 days | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||
Revenue Contract Period (Month) | 3 months | |||
Minimum [Member] | Housewares/Small Appliances [Member] | ||||
Standard Product Warranty, Coverage Period (Year) | 1 year | |||
Minimum [Member] | Building [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||
Minimum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Minimum [Member] | Land Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||
Maximum [Member] | ||||
Accounts Receivable, Collection Period (Day) | 60 days | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||
Revenue Contract Period (Month) | 24 months | |||
Maximum [Member] | Housewares/Small Appliances [Member] | ||||
Standard Product Warranty, Coverage Period (Year) | 12 years | |||
Maximum [Member] | Building [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||
Maximum [Member] | Land Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 20 years |
Note A - Summary of Significa_4
Note A - Summary of Significant Accounting Policies 2 (Details Textual) - Defense [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Dec. 31, 2020 |
Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 18 months |
Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 24 months |
Note A - Summary of Significa_5
Note A - Summary of Significant Accounting Policies - Summary of Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | $ 68,785 | $ 78,562 |
Fair Value | 68,981 | 78,733 |
Gross Unrealized Gains | 196 | 176 |
Gross Unrealized Losses | 0 | 5 |
Nontaxable Municipal Bonds [Member] | ||
Amortized Cost | 42,817 | 39,313 |
Fair Value | 43,013 | 39,484 |
Gross Unrealized Gains | 196 | 176 |
Gross Unrealized Losses | 0 | 5 |
Variable Rate Demand Obligation [Member] | ||
Amortized Cost | 25,968 | 39,249 |
Fair Value | 25,968 | 39,249 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | $ 0 | $ 0 |
Note A - Summary of Significa_6
Note A - Summary of Significant Accounting Policies - Changes in Product Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Beginning balance January 1 | $ 263 | $ 221 |
Accruals during the period | 303 | 416 |
Charges / payments made under the warranties | (325) | (374) |
Balance December 31 | $ 241 | $ 263 |
Note B - Inventories (Details T
Note B - Inventories (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
LIFO Inventory Amount | $ 30,515,000 | $ 32,744,000 | |
Excess of Replacement or Current Costs over Stated LIFO Value | 4,429,000 | 3,982,000 | |
Effect of LIFO Inventory Liquidation on Income | 2,215,000 | 85,000 | $ 26,000 |
FIFO Inventory Amount | 104,973,000 | 95,792,000 | |
Inventory, Finished Goods, Gross, Total | 925,000 | 751,000 | |
Inventory, Work in Process, Gross | 96,463,000 | 87,805,000 | |
Inventory, Raw Materials and Supplies, Gross, Total | $ 7,585,000 | $ 7,236,000 |
Note B - Inventories - Schedule
Note B - Inventories - Schedule of Potential Impact of LIFO Valuation to FIFO Valuation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cost of Sales | $ (447) | $ 42 | $ (189) |
Net Earnings | $ 349 | $ (34) | $ 143 |
Earnings Per Share (in dollars per share) | $ 0.05 | $ 0 | $ 0.02 |
Note C - Accrued Liabilities (D
Note C - Accrued Liabilities (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Employee-related Liabilities, Total | $ 7,474,000 | $ 6,341,000 |
Loss Contingency Accrual, Product Liability, Gross, Total | 5,618,000 | 5,055,000 |
Taxes Payable, Current, Total | 1,187,000 | |
Accrual for Environmental Loss Contingencies, Ending Balance | 970,000 | 1,050,000 |
Other Accrued Liabilities, Current | $ 1,019,000 | $ 878,000 |
Note D - Treasury Stock (Detail
Note D - Treasury Stock (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 498,727 | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 344 | 4,584 | 62 |
Note F - Stock-based Compensa_3
Note F - Stock-based Compensation (Details Textual) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | May 16, 2017shares | May 18, 2010shares | |
Share Based Compensation Arrangement, Number of Plan Participants | 29 | ||||
Share-based Payment Arrangement, Expense | $ | $ 366,000 | $ 830,000 | $ 469,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 1,272,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 10 months 24 days | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 7,310 | 4,138 | 3,886 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 3,193 | 17,871 | 1,359 | ||
Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Year | 2021 | ||||
Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Year | 2026 | ||||
The Incentive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 50,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | ||||
The 2017 Incentive Compensation Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 150,000 |
Note F - Stock-based Compensa_4
Note F - Stock-based Compensation - Activity for Non-vested Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-vested, shares (in shares) | 18,604 | 32,337 | 29,810 |
Non-vested, weighted average fair value at grant date (in dollars per share) | $ 93.23 | $ 87.84 | $ 83.40 |
Granted, shares (in shares) | 7,310 | 4,138 | 3,886 |
Granted, weighted average fair value at grant date (in dollars per share) | $ 89.84 | $ 98.54 | $ 116.49 |
Vested, shares (in shares) | (3,193) | (17,871) | (1,359) |
Vested, weighted average fair value at grant date (in dollars per share) | $ 59.94 | $ 84.71 | $ 72.25 |
Forfeited, shares (in shares) | 0 | 0 | 0 |
Forfeited, weighted average fair value at grant date (in dollars per share) | $ 0 | $ 0 | $ 0 |
Non-vested, shares (in shares) | 22,721 | 18,604 | 32,337 |
Non-vested, weighted average fair value at grant date (in dollars per share) | $ 96.82 | $ 93.23 | $ 87.84 |
Note G - 401(k) Plan (Details T
Note G - 401(k) Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employer Contribution Common Stock [Member] | |||
Defined Contribution Plan, Percentage of Specified Salary Amount Matched by Employer | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Cost | $ 1,249,000 | $ 1,197,000 | $ 1,218,000 |
Employer Contribution Cash [Member] | |||
Defined Contribution Plan, Percentage of Specified Salary Amount Matched by Employer | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||
Defined Contribution Plan, Cost | $ 813,000 | 802,000 | 821,000 |
Certain Employees [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
The 401 (k) for Employees at Amron Division of the AMTEC Subsidiary [Member] | |||
Defined Contribution Plan, Cost | $ 443,000 | $ 387,000 | $ 352,000 |
Note H - Income Taxes (Details
Note H - Income Taxes (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 520,000 | $ 0 | ||
Unrecognized Tax Benefits, Ending Balance | 2,521,000 | 2,237,000 | $ 320,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 142,000 | $ 298,000 | $ 14,000 | |
Open Tax Year | 2017 2018 2019 | |||
State and Local Jurisdiction [Member] | Wisconsin Department of Revenue [Member] | ||||
Income Tax Examination, Year under Examination | 2013 2014 2015 2016 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Income Tax Examination, Year under Examination | 2012 2013 |
Note H - Income Taxes - Provisi
Note H - Income Taxes - Provision for Income Taxes from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 12,932 | $ 11,453 | $ 10,996 |
State | 1,816 | 537 | 1,575 |
Current Income Tax Expense (Benefit), Total | 14,748 | 11,990 | 12,571 |
Federal | (1,210) | (179) | (280) |
State | (508) | (45) | 159 |
Deferred Income Tax Expense (Benefit), Total | (1,718) | (224) | (121) |
Total tax provision | $ 13,030 | $ 11,766 | $ 12,450 |
Note H - Income Taxes - Reconci
Note H - Income Taxes - Reconciliation of Statutory Rate to Effective Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statutory rate | 21.00% | 21.00% | 21.00% |
State tax, net of federal benefit | 1.70% | 0.70% | 2.60% |
Tax exempt interest and dividends | (0.10%) | (0.10%) | (0.60%) |
Other | (0.90%) | 0.90% | 0.80% |
Effective rate | 21.70% | 22.50% | 23.80% |
Note H - Income Taxes - Deferre
Note H - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Insurance (primarily product liability) | $ 978,000 | $ 947,000 |
Vacation | 813,000 | 662,000 |
Inventory | 754,000 | 642,000 |
State NOL and tax credit carryforwards | 825,000 | 0 |
Product recall | 610,000 | 0 |
Deferred payroll taxes | 414,000 | 0 |
Deferred compensation | 203,000 | 162,000 |
Environmental | 214,000 | 227,000 |
Other | 330,000 | 200,000 |
Subtotal | 5,141,000 | 2,840,000 |
Less: valuation allowance | (520,000) | 0 |
Total deferred tax assets | 4,621,000 | 2,840,000 |
Goodwill and other intangibles | 1,585,000 | 1,391,000 |
Depreciation | 1,000 | 131,000 |
Deferred revenue | 41,000 | 37,000 |
Total deferred tax liabilities | 1,627,000 | 1,559,000 |
Net deferred tax assets | $ 2,994,000 | $ 1,281,000 |
Note H - Income Taxes - Recon_2
Note H - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at January 1 | $ 2,237,000 | $ 320,000 |
Increases for tax positions taken related to the current year | 944,000 | 453,000 |
Increases for tax positions taken related to prior years | 46,000 | 1,519,000 |
Decreases for tax positions taken related to prior years | 0 | 0 |
Lapse of statute of limitations | (706,000) | (55,000) |
Settlements | 0 | 0 |
Balance at December 31 | $ 2,521,000 | $ 2,237,000 |
Note I - Commitments and Cont_2
Note I - Commitments and Contingencies (Details Textual) - Property Tax Assessment [Member] - USD ($) | 1 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2020 | |
Loss Contingency, Damages Sought, Value | $ 2,506,000 | |
Loss Contingency Accrual, Ending Balance | $ 0 |
Note J - Concentrations (Detail
Note J - Concentrations (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Entity Employees, Union Members | 231 | ||
Percentage of Entity Employees, Union Members | 24.00% | ||
Housewares/Small Appliances [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Number of Major Customers | 2 | 1 | 1 |
Concentration Risk, Percentage | 10.00% | 12.00% | 10.00% |
Note K - Environmental (Details
Note K - Environmental (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accrual for Environmental Loss Contingencies, Ending Balance | $ 970,000 | $ 1,050,000 |
Note K - Environmental - Expect
Note K - Environmental - Expected Future Payments for Environmental Matters (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 180 |
2022 | 143 |
2023 | 130 |
2024 | 118 |
2025 | 106 |
Thereafter | 293 |
Accrual for Environmental Loss Contingencies, Gross, Total | $ 970 |
Note L - Business Segments (Det
Note L - Business Segments (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Operating Segments | 3 |
Government Contract, Number of Contractors | 2 |
Supply Commitment, Commitment Term (Year) | 5 years |
Note L - Business Segments - Se
Note L - Business Segments - Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues, Total | $ 105,922 | $ 93,937 | $ 87,132 | $ 65,636 | $ 94,909 | $ 78,006 | $ 71,745 | $ 63,850 | $ 352,627 | $ 308,510 | $ 323,317 |
Gross profit (loss) | 26,344 | $ 20,718 | $ 21,743 | $ 16,117 | 20,910 | $ 23,847 | $ 14,676 | $ 12,492 | 84,922 | 71,925 | 75,883 |
Operating profit (loss) | 56,196 | 46,380 | 47,902 | ||||||||
Total assets | 433,170 | 410,253 | 433,170 | 410,253 | 413,618 | ||||||
Depreciation and amortization | 3,005 | 3,689 | 6,219 | ||||||||
Capital expenditures | 2,621 | 3,138 | 8,686 | ||||||||
Segment Reconciling Items [Member] | Discontinued Operations, Held-for-sale [Member] | |||||||||||
Revenues, Total | |||||||||||
Gross profit (loss) | |||||||||||
Operating profit (loss) | |||||||||||
Total assets | 0 | 0 | 0 | 0 | 375 | ||||||
Depreciation and amortization | |||||||||||
Capital expenditures | |||||||||||
Housewares/Small Appliances [Member] | Operating Segments [Member] | |||||||||||
Revenues, Total | 117,645 | 99,401 | 93,733 | ||||||||
Gross profit (loss) | 24,206 | 15,358 | 15,563 | ||||||||
Operating profit (loss) | 10,371 | 2,522 | 4,479 | ||||||||
Total assets | 245,662 | 241,992 | 245,662 | 241,992 | 268,007 | ||||||
Depreciation and amortization | 983 | 1,250 | 1,161 | ||||||||
Capital expenditures | 828 | 804 | 7,974 | ||||||||
Defense [Member] | Operating Segments [Member] | |||||||||||
Revenues, Total | 234,645 | 209,114 | 229,546 | ||||||||
Gross profit (loss) | 62,561 | 57,773 | 60,979 | ||||||||
Operating profit (loss) | 52,810 | 47,845 | 44,911 | ||||||||
Total assets | 164,951 | 148,476 | 164,951 | 148,476 | 132,636 | ||||||
Depreciation and amortization | 1,743 | 2,138 | 4,835 | ||||||||
Capital expenditures | 1,678 | 2,155 | 676 | ||||||||
Safety [Member] | Operating Segments [Member] | |||||||||||
Revenues, Total | 337 | (5) | 38 | ||||||||
Gross profit (loss) | (1,845) | (1,206) | (659) | ||||||||
Operating profit (loss) | (6,985) | (3,987) | (1,488) | ||||||||
Total assets | $ 22,557 | $ 19,785 | 22,557 | 19,785 | 12,600 | ||||||
Depreciation and amortization | 279 | 301 | 223 | ||||||||
Capital expenditures | $ 115 | $ 179 | $ 36 |
Note M - Leases (Details Textua
Note M - Leases (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Operating Lease, Expense | $ 1,182,000 | $ 1,114,000 | $ 1,050,000 | |
Operating Lease, Payments | $ 1,181,000 | 916,000 | ||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 6 years 10 months 24 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 5.60% | |||
Operating Lease, Lease Income, Lease Payments | $ 1,967,000 | 1,788,000 | ||
Operating Lease, Right-of-Use Asset | 3,363,000 | $ 3,521,000 | $ 3,832,000 | |
Operating Lease, Liability, Total | $ 3,363,000 | $ 3,832,000 |
Note M - Leases - Lease Cost (D
Note M - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease cost | $ 729 | $ 691 |
Short-term and variable lease cost | 452 | 225 |
Total lease cost | $ 1,181 | $ 916 |
Note M - Leases - Lease Maturit
Note M - Leases - Lease Maturities (Details) - USD ($) | Dec. 31, 2020 | Jan. 01, 2019 |
2021 | $ 741,000 | |
2022 | 745,000 | |
2023 | 599,000 | |
2024 | 497,000 | |
2025 | 426,000 | |
Thereafter | 1,069,000 | |
Total lease payments | 4,077,000 | |
Less: future interest expense | 714,000 | |
Lease liabilities | $ 3,363,000 | $ 3,832,000 |
Note M - Leases - Operating Lea
Note M - Leases - Operating Lease Income (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 1,843 |
2022 | 1,837 |
2023 | 1,837 |
2024 | 1,837 |
2025 | 1,837 |
Thereafter | 12,859 |
Total lease payments | $ 22,050 |
Note N - Interim Financial In_3
Note N - Interim Financial Information (Unaudited) (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues, Total | $ 105,922,000 | $ 93,937,000 | $ 87,132,000 | $ 65,636,000 | $ 94,909,000 | $ 78,006,000 | $ 71,745,000 | $ 63,850,000 | $ 352,627,000 | $ 308,510,000 | $ 323,317,000 |
Defense [Member] | Negotiated Termination of Commercial Foreign Military Supply Contract [Member] | |||||||||||
Revenues, Total | $ 9,412,000 |
Note N - Interim Financial In_4
Note N - Interim Financial Information (Unaudited) - Quarterly Unaudited Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Sales | $ 105,922 | $ 93,937 | $ 87,132 | $ 65,636 | $ 94,909 | $ 78,006 | $ 71,745 | $ 63,850 | $ 352,627 | $ 308,510 | $ 323,317 |
Gross Profit | 26,344 | 20,718 | 21,743 | 16,117 | 20,910 | 23,847 | 14,676 | 12,492 | 84,922 | 71,925 | 75,883 |
Earnings from Continuing Operations | 13,941 | 12,138 | 12,657 | 8,222 | 11,724 | 14,712 | 8,153 | 5,951 | 46,958 | 40,540 | |
Earnings from discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 1,677 | 3 | 0 | 0 | 1,680 | |
Net Earnings | $ 13,941 | $ 12,138 | $ 12,657 | $ 8,222 | $ 11,724 | $ 16,389 | $ 8,156 | $ 5,951 | $ 46,958 | $ 42,220 | $ 39,940 |
Earnings from Continuing Operations (in dollars per share) | $ 1.98 | $ 1.72 | $ 1.80 | $ 1.17 | $ 1.68 | $ 2.09 | $ 1.16 | $ 0.85 | $ 6.67 | $ 5.78 | $ 5.69 |
Earnings from Discontinued Operations, net of tax (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0.24 | 0 | 0 | 0 | 0.24 | 0.01 |
Net Earnings (in dollars per share) | $ 1.98 | $ 1.72 | $ 1.80 | $ 1.17 | $ 1.68 | $ 2.33 | $ 1.16 | $ 0.85 | $ 6.67 | $ 6.02 | $ 5.70 |
Note O - Line of Credit and C_2
Note O - Line of Credit and Commercial Letters of Credit (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Letters of Credit Outstanding, Amount | $ 1,247,000 | $ 1,247,000 |
Domestic Line of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000,000 | |
Long-term Line of Credit, Total | $ 0 | |
Domestic Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Note P - Discontinued Operati_3
Note P - Discontinued Operations (Details Textual) - USD ($) | Jan. 03, 2017 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Lease, Lease Income, Lease Payments | $ 1,967,000 | $ 1,788,000 | |||
Lease Agreement with Drylock [Member] | |||||
Lessor, Operating Lease, Term of Contract (Year) | 10 years | 14 years | 14 years | ||
Operating Lease, Lease Income, Lease Payments | $ 1,288,000 | $ 1,837,000 | |||
Lessor, Operating Lease, Renewal Term (Year) | 3 years | 3 years | |||
Lease Agreement with Drylock [Member] | Minimum [Member] | |||||
Lessor Operating Lease, Option to Terminate, Term (Year) | 5 years | ||||
Lease Agreement with Drylock [Member] | Maximum [Member] | |||||
Lessor Operating Lease, Option to Terminate, Term (Year) | 10 years | ||||
PAPI Assets [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | (1,052,000) | $ (636,000) | ||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | $ 0 | $ 3,107,000 | $ 6,290,000 |
Note P - Discontinued Operati_4
Note P - Discontinued Operations - Summary of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 105,922 | $ 93,937 | $ 87,132 | $ 65,636 | $ 94,909 | $ 78,006 | $ 71,745 | $ 63,850 | $ 352,627 | $ 308,510 | $ 323,317 |
Cost of sales | 267,705 | 236,585 | 247,434 | ||||||||
Other income | 3,792 | 5,926 | 4,437 | ||||||||
Earnings from discontinued operations, net of tax | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,677 | $ 3 | $ 0 | 0 | 1,680 | |
Discontinued Operations, Disposed of by Sale [Member] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Cost of sales | 0 | 0 | 65 | ||||||||
Other income | 0 | 2,126 | 0 | ||||||||
Earnings from discontinued operations before provision for income taxes | 0 | 2,126 | 65 | ||||||||
Provision for income taxes from discontinued operations | 0 | 446 | 14 | ||||||||
Earnings from discontinued operations, net of tax | $ 0 | $ 1,680 | $ 51 |
Note Q - Divestiture (Details T
Note Q - Divestiture (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 17, 2018 | |
Gain (Loss) on Disposition of Business | $ 0 | $ 0 | $ (2,528,000) | ||
Financing Receivable, after Allowance for Credit Loss, Current, Total | $ 2,869,000 | $ 2,853,000 | |||
AMTEC Less Lethal Systems, Inc [Member] | Disposal Group, Not Discontinued Operations [Member] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 10,636,000 | ||||
Impairment of Long-Lived Assets to be Disposed of | $ 3,021,000 | ||||
Gain (Loss) on Disposition of Business | $ (2,528,000) |
Note R - Business Acquisition_2
Note R - Business Acquisition (Details Textual) - USD ($) | Jul. 23, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Combination, Pro Forma Information, Revenue Net of Sales Deductions of Acquiree Since Acquisition Date, Actual | $ (38,000) | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (1,103,000) | ||
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||
OneEvent Technologies, Inc. [Member] | |||
Business Combination, Consideration Transferred, Total | $ 6,501,000 | ||
Payments to Acquire Businesses, Gross | 4,020,000 | ||
Business Combination, Consideration Transferred, Other | $ 2,364,000 | ||
Business Combination, Earn Out Evaluation Period (Year) | 7 years | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 117,000 | ||
OneEvent Technologies, Inc. [Member] | Technology Software and Patent [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
OneEvent Technologies, Inc. [Member] | Technology Software and Patent [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note R - Business Acquisition -
Note R - Business Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 23, 2019 |
GOODWILL | $ 15,317,000 | $ 15,317,000 | |
OneEvent Technologies, Inc. [Member] | |||
Cash | $ 287,000 | ||
Receivables | 14,000 | ||
Inventory | 307,000 | ||
Other current assets | 105,000 | ||
Property, plant and equipment | 35,000 | ||
Intangibles | 2,141,000 | ||
GOODWILL | 3,831,000 | ||
Right-of-Use Lease Assets | 59,000 | ||
Total assets acquired | 6,779,000 | ||
Less: Current liabilities assumed | 255,000 | ||
Lease Liability - Noncurrent | 23,000 | ||
Net assets acquired | $ 6,501,000 |
Note R - Business Acquisition_3
Note R - Business Acquisition - Pro Forma Information (Details) - OneEvent Technologies, Inc. [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 308,561 | $ 323,424 |
Net earnings | $ 40,822 | $ 38,391 |
Net earnings per share (basic and diluted) (in dollars per share) | $ 5.82 | $ 5.48 |
Weighted average shares outstanding (basic and diluted) (in shares) | 7,018 | 7,005 |
Note S - Other (Details Textual
Note S - Other (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, after Allowance for Credit Loss, Noncurrent, Total | $ 7,399,000 | $ 7,182,000 |
Note T - Subsequent Events (Det
Note T - Subsequent Events (Details Textual) - USD ($) | Mar. 12, 2021 | Feb. 19, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Payments of Ordinary Dividends, Common Stock | $ 42,172,000 | $ 42,087,000 | $ 41,989,000 | ||
Subsequent Event [Member] | |||||
Payments of Ordinary Dividends, Common Stock | $ 44,083,000 | ||||
Dividends Payable, Date of Record | Mar. 1, 2021 | ||||
Subsequent Event [Member] | AMTEC Corporation [Member] | Government Contract [Member] | |||||
Contract with Customer, Liability, Total | $ 92,900,000 | ||||
Subsequent Event [Member] | Regular Dividend [Member] | |||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 1 | ||||
Subsequent Event [Member] | Extra Dividends [Member] | |||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 5.25 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | ||||
Balance at Beginning of Period | $ 450 | $ 747 | $ 1,869 | |
Additions - Charged to Costs and Expenses | [1] | 0 | 6 | 458 |
Additions - Charged to Other Accounts | [2] | 0 | 0 | (1,422) |
Deductions | [3] | 138 | 303 | 158 |
Balance at End of Period | 312 | 450 | $ 747 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | ||||
Balance at Beginning of Period | 0 | |||
Additions - Charged to Costs and Expenses | [1] | 520 | ||
Additions - Charged to Other Accounts | [2] | 0 | ||
Deductions | [3] | 0 | ||
Balance at End of Period | $ 520 | $ 0 | ||
[1] | Amounts charged to selling and general expenses for allowance for doubtful accounts and provision for income taxes from continuing operations for valuation allowance for deferred tax assets. | |||
[2] | 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. | |||
[3] | Principally bad debts written off, net of recoveries. |