Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 01, 2019 | Jul. 01, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K/A | ||
Trading Symbol | npk | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 | ||
Entity Registrant Name | NATIONAL PRESTO INDUSTRIES INC | ||
Entity Central Index Key | 0000080172 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 6,981,085 | ||
Entity Public Float | $ 613,060,092 | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Amendment Flag | true | ||
Amendment Description | EXPLANATORY NOTE National Presto Industries, Inc. (the "Company") is filing this Amendment No. 1 to its Form 10-K for the year ended December 31, 2018 to revise its conclusions on the effectiveness of the Company's disclosure controls and procedures and internal controls over financial reporting following an inspection by the Public Company Accounting Oversight Board ("PCAOB") of BDO USA LLP's ("BDO") audit of the Company's financial statements for the year ended December 31, 2018, as further explained in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 23, 2019. The revised conclusions did not result in any material adjustments to the Company's consolidated financial statements for the year ended December 31, 2018, and accordingly, all other information presented in the Company's Form 10-K for the year ended December 31, 2018 originally filed with the SEC on March 15, 2019 (the "Original Form 10-K"), with the exception of some language in Note A(12) to the Company's Consolidated Financial Statements, remains unchanged. Note A(12) has been revised solely to indicate that the Company's adoption of ASC Topic 606, Revenue from Contracts with Customers, did not result in any material change to the Company's pattern of revenue recognition, and that for the Defense segment, revenue is primarily recognized when the customer has legal title and formally documents that it has accepted the products.. The Company does not intend to file amendments to any of its previously filed quarterly reports on Form 10-Q for the interim periods of 2018. Except as described above and the inclusion of new certifications by management and a new consent of BDO, this Amendment does not amend, update or change the financial statements or any other disclosures in the Original Form 10-K and does not reflect events occurring after the filing of the Original Form 10-K. Accordingly, this Amendment No. 1 should be read in conjunction with the Original 10-K and Company's filings with the SEC subsequent to the date of the Original Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 56,847,000 | $ 11,222,000 |
Marketable securities | 134,598,000 | 144,252,000 |
Accounts receivable | 53,119,000 | 67,089,000 |
Less allowance for doubtful accounts | 747,000 | 1,869,000 |
Accounts receivable, net | 52,372,000 | 65,220,000 |
Inventories: | ||
Finished goods | 28,791,000 | 27,242,000 |
Work in process | 59,580,000 | 72,219,000 |
Raw materials and supplies | 5,617,000 | 4,978,000 |
Total inventory | 93,988,000 | 104,439,000 |
Assets held for sale | 375,000 | 6,189,000 |
Notes receivable, current | 7,213,000 | |
Other current assets | 6,869,000 | 7,186,000 |
Total current assets | 352,262,000 | 338,508,000 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land and land improvements | 3,008,000 | 4,985,000 |
Buildings | 45,995,000 | 47,412,000 |
Machinery and equipment | 47,091,000 | 51,141,000 |
PROPERTY, PLANT AND EQUIPMENT | 96,094,000 | 103,538,000 |
Less allowance for depreciation | 56,951,000 | 58,370,000 |
PROPERTY, PLANT AND EQUIPMENT, NET | 39,143,000 | 45,168,000 |
GOODWILL | 11,485,000 | 11,485,000 |
INTANGIBLE ASSETS, net | 1,000,000 | 3,330,000 |
NOTES RECEIVABLE | 6,966,000 | 6,750,000 |
DEFERRED INCOME TAXES | 1,088,000 | 995,000 |
OTHER ASSETS | 1,674,000 | 5,637,000 |
Total assets | 413,618,000 | 411,873,000 |
CURRENT LIABILITIES: | ||
Accounts payable | 34,100,000 | 28,445,000 |
Federal and state income taxes | 1,384,000 | 3,750,000 |
Accrued liabilities | 12,011,000 | 13,092,000 |
Liabilities held for sale | 210,000 | |
Total current liabilities | 47,495,000 | 45,497,000 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock, $1 par value: Authorized: 12,000,000 shares at December 31, 2018 and 2017; Issued: 7,440,518 shares at December 31, 2018 and 2017; Outstanding: 6,981,080 and 6.968,120 shares at December 31, 2018 and 2017, respectivley | 7,441,000 | 7,441,000 |
Paid-in capital | 10,360,000 | 9,074,000 |
Retained earnings | 362,709,000 | 364,757,000 |
Accumulated other comprehensive income (loss) | 21,000 | (86,000) |
Stockholders' equity before treasury stock | 380,531,000 | 381,186,000 |
Less treasury stock, at cost, 459,438 and 472,398 shares at December 31, 2018 and 2017, respectively | 14,408,000 | 14,810,000 |
Total stockholders' equity | 366,123,000 | 366,376,000 |
Total liabilities and stockholders' equity | $ 413,618,000 | $ 411,873,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 12,000,000 | 12,000,000 |
Common stock, shares issued | 7,440,518 | 7,440,518 |
Common stock, shares outstanding | 6,981,080 | 6,968,120 |
Treasury stock, at cost | 459,438 | 472,398 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net sales | $ 323,317,000 | $ 333,633,000 | $ 341,905,000 |
Cost of sales | 247,434,000 | 246,399,000 | 256,243,000 |
Gross profit | 75,883,000 | 87,234,000 | 85,662,000 |
Selling and general expenses | 23,286,000 | 22,900,000 | 22,429,000 |
Intangibles amortization | 2,167,000 | 2,630,000 | 721,000 |
Net loss (gain) and impairment on divestiture of businesses | 2,528,000 | ||
Operating profit | 47,902,000 | 61,704,000 | 62,512,000 |
Other income | 4,437,000 | 3,581,000 | 810,000 |
Earnings from continuing operations before provision for income taxes | 52,339,000 | 65,285,000 | 63,322,000 |
Provision for income taxes from continuing operations | 12,450,000 | 21,971,000 | 21,407,000 |
Earnings from continuing operations | 39,889,000 | 43,314,000 | 41,915,000 |
Earnings (loss) from discontinued operations, net of tax | 51,000 | 9,645,000 | 2,649,000 |
Net earnings | $ 39,940,000 | $ 52,959,000 | $ 44,564,000 |
Weighted average common shares outstanding: | |||
Basic and diluted | 7,005 | 6,989 | 6,970 |
Earnings per share, basic and diluted: | |||
From continuing operations | $ 5.69 | $ 6.20 | $ 6.01 |
From discontinued operations | 0.01 | 1.38 | 0.38 |
Net earnings per share | $ 5.70 | $ 7.58 | $ 6.39 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gain (loss) on available-for-sale securities | $ 107,000 | $ (39,000) | $ (38,000) |
Comprehensive income | $ 40,047,000 | $ 52,920,000 | $ 44,526,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net earnings | $ 39,940,000 | $ 52,959,000 | $ 44,564,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Provision for depreciation | 4,052,000 | 7,258,000 | 13,962,000 |
Intangibles amortization | 2,167,000 | 2,630,000 | 721,000 |
Deferred income tax provision (benefit) | (121,000) | (4,001,000) | 6,360,000 |
Net loss (gain) and impairment on divestiture of businesses | 2,528,000 | ||
Net loss (gain) and impairment on divestiture of businesses from discontinued operations | (11,413,000) | ||
Net gain on involuntary conversion of machinery and equipment | (2,713,000) | (968,000) | |
Loss on disposal and impairment of property, plant and equipment | 163,000 | 248,000 | 434,000 |
Provision for doubtful accounts | 458,000 | 70,000 | 1,000 |
Noncash retirement plan expense | 698,000 | 675,000 | 782,000 |
Other | 229,000 | 238,000 | 217,000 |
Changes in operating accounts: | |||
Accounts receivable | 11,546,000 | 1,848,000 | (13,539,000) |
Inventories | 6,821,000 | (8,730,000) | (7,528,000) |
Other assets and current assets | 4,067,000 | (806,000) | 5,148,000 |
Accounts payable and accrued liabilities | 6,066,000 | (11,462,000) | 12,145,000 |
Federal and state income taxes receivable/payable | (2,366,000) | (2,523,000) | 4,077,000 |
Net cash provided by operating activities | 76,248,000 | 24,278,000 | 66,376,000 |
Cash flows from investing activities: | |||
Marketable securities purchased | (163,271,000) | (192,584,000) | (86,119,000) |
Marketable securities - maturities and sales | 173,060,000 | 132,752,000 | 33,863,000 |
Proceeds from divestiture of business, net of cash paid | 9,410,000 | 64,033,000 | |
Purchase of property, plant and equipment | (8,686,000) | (7,396,000) | (6,950,000) |
Notes issued | (2,300,000) | (2,419,000) | |
Proceeds from insurnace settlement | 2,630,000 | 2,104,000 | 987,000 |
Acquisition of intangible assets | (1,000,000) | (211,000) | |
Sale of property, plant and equipment | 1,000 | 1,000 | 3,000 |
Net cash provided by (used in) investing activities | 10,844,000 | (2,090,000) | (60,846,000) |
Cash flows from financing activities: | |||
Dividends paid | (41,989,000) | (38,405,000) | (35,161,000) |
Proceeds from sale of treasury stock | 528,000 | 519,000 | 443,000 |
Other | (6,000) | (114,000) | |
Net cash used in financing activities | (41,467,000) | (38,000,000) | (34,718,000) |
Net increase (decrease) in cash and cash equivalents | 45,625,000 | (15,812,000) | (29,188,000) |
Cash and cash equivalents at beginning of year | 11,222,000 | 27,034,000 | 56,222,000 |
Cash and cash equivalents at end of year | 56,847,000 | 11,222,000 | 27,034,000 |
Supplemental disclosures of cash flow information: | |||
Income taxes | $ 14,968,000 | $ 32,837,000 | $ 17,278,000 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
Balance at Dec. 31, 2015 | $ 7,441 | $ 6,775 | $ 340,799 | $ (9) | $ (15,752) | $ 339,254 |
Balance, shares at Dec. 31, 2015 | 6,935,000 | |||||
Net earnings | 44,564 | 44,564 | ||||
Unrealized gain (loss) on available-for-sale securities | (38) | (38) | ||||
Dividends paid | (35,161) | (35,161) | ||||
Other | 1,138 | 1 | 478 | 1,617 | ||
Other, shares | 16,000 | |||||
Balance at Dec. 31, 2016 | $ 7,441 | 7,913 | 350,203 | (47) | (15,274) | 350,236 |
Balance, shares at Dec. 31, 2016 | 6,951,000 | |||||
Net earnings | 52,959 | 52,959 | ||||
Unrealized gain (loss) on available-for-sale securities | (39) | (39) | ||||
Dividends paid | (38,405) | (38,405) | ||||
Other | 1,161 | 464 | 1,625 | |||
Other, shares | 17,000 | |||||
Balance at Dec. 31, 2017 | $ 7,441 | 9,074 | 364,757 | (86) | (14,810) | $ 366,376 |
Balance, shares at Dec. 31, 2017 | 6,968,000 | 6,968,120 | ||||
Net earnings | 39,940 | $ 39,940 | ||||
Unrealized gain (loss) on available-for-sale securities | 107 | 107 | ||||
Dividends paid | (41,989) | (41,989) | ||||
Other | 1,286 | 1 | 402 | 1,689 | ||
Other, shares | 13,000 | |||||
Balance at Dec. 31, 2018 | $ 7,441 | $ 10,360 | $ 362,709 | $ 21 | $ (14,408) | $ 366,123 |
Balance, shares at Dec. 31, 2018 | 6,981,000 | 6,981,080 |
Consolidated Statements Of St_2
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Regular dividends per share paid | $ 1 | $ 1 | $ 1 |
Extra dividends per share paid | $ 5 | $ 4.50 | $ 4.05 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (1) USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: In preparation of the Company's Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from the estimates used by management. (2) BASIS OF PRESENTATION: The Consolidated Financial Statements include the accounts of National Presto Industries, Inc. and its subsidiaries, all of which are wholly-owned. All material intercompany accounts and transactions are eliminated. For a further discussion of the Company's business and the segments in which it operates, please refer to Note L . On January 3, 2017, the Company and its wholly-owned subsidiary, Presto Absorbent Products, Inc. (“PAPI”), entered into an asset purchase agreement wherein substantially all PAPI assets were sold and certain liabilities were assigned to Drylock Technologies, LTD. (“Drylock”) in exchange for $68,448,000 . The proceeds amount differs from the amount originally disclosed because of the customary post-closing adjustments that were finalized during the second quarter of 2017, totaling $1,448,000 . The asset purchase agreement also provided for additional proceeds of $4,000,000 upon the sale of certain delayed assets, consisting of machinery and equipment that were the subject of an involuntary conversion. The sale of the delayed assets was consummated during the second quarter of 2018 and resulted in no gain or loss. As a result of the aforementioned transactions, the Company classified its results of operations for all periods presented to reflect its Absorbent Products business as a discontinued operation and classified the assets and liabilities of its Absorbent Products business as held for sale. See Note P for further discussion. (3) RECLASSIFICATIONS: Certain reclassifications have been made to the prior periods' fi nancial statements to conform to the current period’s financial statement presentation. These reclassifications did not affect net earnings or stockholders’ equity as previously reported . (4) FAIR VALUE OF FINANCIAL INSTRUMENTS: The Company utilizes the methods of determining fair value as described in Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amount for cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments. The fair value of marketable securities are discussed in Note A(5). (5) CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES: Cash and Cash Equivalents: The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents. Cash equivalents include money market funds. The Company deposits its cash in high quality financial institutions. The balances, at times, may exceed federally insured limits. Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 820). The Company's cash management policy provides for its bank disbursement accounts to be reimbursed on a daily basis. Checks issued but not presented to the bank for payment of $ 3,057,000 and $ 3,157,000 at December 31, 2018 and 2017, respectively, are included as reductions of cash and cash equivalents or b oo k overdrafts in accounts payable, as appropriate. Marketable Securities: The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at fair value, with unrealized gains and losses, net of tax, reported as a separate component of stockholders' equity. Highly liquid, tax-exempt variable rate demand notes with put options exercisable in three months or less are classified as marketable securities. At December 31, 2018 and 2017, cost for marketable securities was determined using the specific identification method. A summary of the amortized costs and fair values of the Company's marketable securities at December 31 is shown in the following table. All of the Company’s marketable securities are classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable. (In thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses December 31, 2018 Tax-exempt Municipal Bonds $ 40,156 $ 40,182 $ 44 $ 18 Variable Rate Demand Notes 94,416 94,416 - - Total Marketable Securities $ 134,572 $ 134,598 $ 44 $ 18 December 31, 2017 Tax-exempt Municipal Bonds $ 30,103 $ 29,994 $ - $ 109 Variable Rate Demand Notes 114,258 114,258 - - Total Marketable Securities $ 144,361 $ 144,252 $ - $ 109 Proceeds from sales and maturities of marketable securities totaled $ 173,060,000 in 2018, $ 132,752,000 in 2017, and $ 33,863,000 in 2016. There were no realized gross gains or losses related to sales of marketable securities during the years ended December 31, 2018, 2017 and 2016. Net unrealized gains (losses) included in other comprehensive income were $ 135,000 , $ (37,000) and $ (57,000) before taxes for the years ended December 31, 2018, 2017, and 2016, respectively. No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the same periods. The contractual maturities of the marketable securities held at December 31, 2018 are as follows: $ 21,787,000 within one year; $ 35,857,000 beyond one year to five years; $ 17,538,000 beyond five years to ten years, and $ 59,416,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which, as noted above, can be tendered for cash at par plus interest within seven days . Despite the stated contractual maturity date, to the extent a tender is not honored, the notes become immediately due and payable. (6) ACCOUNTS RECEIVABLE: The Company's accounts receivable is related to sales of products. Credit is extended based on prior experience with the customer and evaluation of customers' financial condition. Accounts receivable are primarily due within 25 to 60 days. The Company does not accrue interest on past due accounts receivable. Receivables are written off only after all collection attempts have failed and are based on individual credit evaluation and the specific circumstances of the customer. The allowance for doubtful accounts represents an estimate of amounts considered uncollectible and is determined based on the Company's historical collection experience, adverse situations that may affect the customer's ability to pay, and prevailing economic conditions. (7) INVENTORIES: Housewares/Small Appliance segment inventories are stated at the lower of cost or net realizable value with cost being determined principally on the last-in, first-out (LIFO) method. Defense segment inventories are stated at the lower of cost and net realizable value determined principally on the first-in, first-out (FIFO) method. Inventoried costs relating to contracts in progress are stated at actual production costs, including factory overhead, initial tooling, and other related costs incurred to date, reduced by amounts associated with recognized sales, utilizing a standard costing type method. The Company evaluates inventories to determine if there are any excess or obsolete inventories on hand. (8) PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment are stated at cost. Straight-line depreciation is provided in amounts sufficient to charge the costs of depreciable assets to operations over their service lives which are estimated at 15 to 40 years for buildings, 3 to 10 years for machinery and equipment, and 15 to 20 years for land improvements. The Company reviews long-lived assets consisting principally of property, plant, and equipment, for impairment when material events and changes in circumstances indicate the carrying value may not be recoverable. As a result of the divestiture of one of its operating facilities in the Defense segment during 2018, the Company recorded an impairment of $2,975,000 during the third quarter of 2018. See Note Q for further explanation. Approximately $264,000 of construction in progress in the Company’s Housewares/Small Appliance segment is presented on the Consolidated Balance Sheet as Machinery and Equipment at December 31, 2018, and approximately $1,437,000 of construction in progress in the Company’s Defense segment is presented on the Consolidated Balance Sheet as Buildings at December 31, 2018. The construction in progress is expected to be completed by the third quarter of 2019. Approximately $374,000 and $764,000 of construction in progress in the Company’s Defense segment is presented on the Consolidated Balance Sheet as Buildings and Machinery and Equipment, respectively, at December 31, 2017. (9) GOODWILL: The Company recognizes the excess cost of acquired entities over the net amount assigned to the fair value of assets acquired and liabilities assumed as goodwill. Goodwill is tested for impairment on an annual basis at the start of the fourth quarter and between annual tests whenever an impairment is indicated, such as the occurrence of an event that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Impairment losses are recognized whenever the implied fair value of goodwill is less than its carrying value. No goodwill impairments were recognized during 2018, 2017, or 2016. The Company's goodwill as of December 31, 2018 and 201 7 was $ 11,485,000 , rel ating entirely to its Defense segment, which had no cumulative impairment charges at December 31, 2018. (10) INTANGIBLE ASSETS: Intangible assets primarily consist of the value of an acquired government sales contract and the value of trademarks and trade secrets. The intangible assets are all attributable to the Defense segment. The government sales contract intangible asset is amortized based on units fulfilled under the applicable contract, while the other intangible assets are amortized on a straight-line basis that approximates economic use, over periods ranging from 2 to 10 years. As of December 31, 2018, the Company determined that the trade secrets, which were acquired during 2017, had an indefinite life. Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. As a result of the divestiture of one of its operating facilities in the Defense segment during 2018, the Company recorded an impairment of $46,000 during the third quarter of 2018. See Note Q for further explanation. Th ere were no impairments of intangible assets recognized during 2017 or 2016. There were no intangible assets subject to amortization at December 31, 2018. The gross carrying amounts of the government sales contract and other intangible assets subject to amortization were $21,690,000 and $211,000 , respectively, totaling $21,901,000 at December 31, 2017. Accumulated amortization was $ 0 and $ 19,570,000 at December 31, 2018 and 2017, respectively. Amortization expense was $ 2,167,000 , $ 2,630,000 , and $ 721,000 during the years ended December 31, 2018, 2017, and 2016, respectively. (11) OTHER ASSETS: Other assets includes prepayments that are made from time to time by the Company for certain materials used in the manufacturing process in the Housewares/Small Appliance segment. The Company expects to utilize the prepayments and related materials over an estimated period of up to two years. As of December 31, 2018 and 2017, $6,864,000 and $11,567,000 of such prepayments, respectively, remained unused and outstanding. At December 31, 2018 and 2017, $5,190,000 and $5,930,000 of these amounts, respectively, are included in Other Current Assets, representing the Company’s best estimate of the expected utilization of the prepayments and related materials during the twelve-month periods following those dates . (12) REVENUES: The Company’s revenues are derived from short-term contracts and programs that are typically completed within 3 to 24 months and are recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers . The standard was adopted on January 1, 2018 and did not result in any material change to the Company’s pattern of revenue recognition. The Company’s contracts each contain one or more performance obligations: the physical delivery of distinct ordered product or products. The Company provides an assurance type product warranty on its products to the original owner. In addition, for the Housewares/Small Appliances segment, the Company estimates returns of seasonal products and returns of newly introduced products sold with a return privilege. Stand-alone selling prices are set forth in each contract and are used to allocate revenue to the corresponding performance obligations. For the Housewares/Small Appliances segment, contracts include variable consideration, as the prices are subject to customer allowances, which principally consist of allowances for cooperative advertising, defective product, and trade discounts. Customer allowances are generally allocated to the performance obligations based on budgeted rates agreed upon with customers, as well as historical experience, and yield the Company’s best estimate of the expected value for the variable consideration. The Company's contracts in the Defense segment are primarily with the U.S. Department of Defense (DOD) and DOD prime contractors. As a consequence, this segment's business essentially depends on the product needs and governmental funding of the DOD. Substantially all of the work performed by the Defense segment directly or indirectly for the DOD is performed on a fixed-price basis. Under fixed-price contracts, the price paid to the contractor is awarded based on competition at the outset of the contract and therefore, with the exception of limited escalation provisions on specific materials, is generally not subject to any adjustments reflecting the actual costs incurred by the contractor. For the Housewares/Small Appliance segment, revenue is generally recognized as the completed, ordered product is shipped to the customer from the Company’s warehouses. For the relatively few situations in which revenue should be recognized when product is received by the customer, the Company adjusts revenue accordingly. For the Defense segment, revenue is primarily recognized when the customer has legal title and formally documents that it has accepted the products. In some situations, the customer may obtain legal title and accept the products at the Company’s facilities, arranging for transportation at a later date, typically in one to four weeks. The Company does not consider the short-term storage of the customer owned products to be a material performance obligation, and no part of the transaction price is allocated to it. The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the Company’s Condensed Consolidated Balance Sheets. For the Defense segment, the Company occasionally receives advances or deposits from certain customers before revenue is recognized, resulting in contract liabilities. These advances or deposits do not represent a significant financing component. As of December 31, 2018 and 2017, $9,579,000 and $8,364,000 , respectively, of contract liabilities were included in Accounts Payable on the Company’s Condensed Consolidated Balance Sheets. The Company recognized revenue of $676,000 during 2018 that was included in the Defense segment contract liability at the beginning of the year. The Company monitors its estimates of variable consideration, which includes customer allowances for cooperative advertising, defective product, and trade discounts, and returns of seasonal and newly introduced product, all of which pertain to the Housewares/Small Appliances segment, and periodically makes cumulative adjustments to the carrying amounts of these contract liabilities as appropriate. During 2018 and 2017, there were no material adjustments to the aforementioned estimates. There were no material amounts of revenue recognized during the same periods related to performance obligations satisfied in a previous period. The portion of contract transaction prices allocated to unsatisfied performance obligations, also known as the contract backlog, in the Company’s Defense segment were $333,592,000 and $308,173,000 as of December 31, 2018 and 2017, respectively. The Company anticipates that the unsatisfied performance obligations will be fulfilled in an 18 to 24 -month period. The performance obligations in the Housewares/Small Appliances segment have original expected durations of less than one year. The Company’s principal sources of revenue are derived from two segments: Housewares/Small Appliance and Defense, as shown in Note L . Management utilizes the performance measures by segment to evaluate the financial performance of and make operating decisions for the Company. (13) ADVERTISING: The Company's policy is to expense advertising as incurred and include it in selling and general expenses. Advertising expense was $ 181,000 , $ 174,000 , and $ 369,000 in 2018, 2017, and 2016, respectively. (14) PRODUCT WARRANTY: The Company’s Housewares/Small Appliance segment’s products are generally warranted to the original owner to be free from defects in material and workmanship for a period of 1 to 12 years from date of purchase. The Company allows a 60 -day over-the-counter initial return privilege through cooperating dealers. The Company services its products through a corporate service repair operation. The Company estimates its product warranty liability based on historical percentages which have remained relatively consistent over the years. The product warranty liability is included in accounts payable on the balance sheet. The following table shows the changes in product warranty liability for the period: (In thousands) Year Ended December 31 2018 2017 Beginning balance January 1 $ 383 $ 543 Accruals during the period 315 268 Charges / payments made under the warranties (477) (428) Balance December 31 $ 221 $ 383 (15) STOCK-BASED COMPENSATION: The Company accounts for stock-based compensation in accordance with ASC 718, Compensation — Stock Compensation . Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period, net of estimated forfeitures. As more fully described in Note F , the Company awards non-vested restricted stock to employees and executive officers. (16) INCOME TAXES: Deferred income tax assets and liabilities are recognized for the differences between the financial and income tax reporting bases of assets and liabilities based on enacted tax rates and laws. The deferred income tax provision or benefit generally reflects the net change in deferred income tax assets and liabilities during the year. The current income tax provision reflects the tax consequences of revenues and expenses currently taxable or deductible on various income tax returns for the year reported. Income tax contingencies are accounted for in accordance with FASB ASC 740, Income Taxes . See Note H for summaries of the provision, the effective tax rates, and the tax effects of the cumulative temporary differences resulting in deferred tax assets and liabilities. In December 2017, the United States enacted changes to its tax laws, which included a reduction of the corporate income tax rate from 35% to 21% , beginning in 2018. The reduction in the tax rate resulted in a revaluation of the Company’s deferred tax assets and liabilities held at December 31, 2017. (17) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS: In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates the performance of Step 2 from the goodwill impairment test. In performing its annual or interim impairment testing, an entity will instead compare the fair value of the reporting unit with its carrying amount and recognize any impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The standard is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 provides guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance requires a modified retrospective transition method and early adoption is permitted. The Company does not expect the adoption of ASU 2016-13 to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company intends to adopt the new standard utilizing a modified retrospective method with no restatement of comparative periods, and also intends to elect the package of practical expedients, as well as the hindsight and short term lease practical expedients. The Company continues to evaluate the impact of the adoption of ASU 2016-02 on its consolidated financial statements. The evaluation includes identifying, cataloging, and categorizing its current leasing arrangements and evaluating new disclosure requirements. The Company estimates the adoption of the new standard will result in the recognition of ROU assets of approximately $4,000,000 , with corresponding lease liabilities of the same amount. Other pronouncements issued but not effective until after December 31, 2018, are not expected to have a material impact on the Company's consolidated financial statements. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Inventories | B. INVENTORIES: The amount of inventories valued on the LIFO basis was $ 27,788,000 and $ 26,019,000 as of December 31, 2018 and 2017, respectively, and consists of housewares/small appliance finished goods. Under LIFO, inventories are valued at approximately $ 4,024,000 and $ 3,835,000 below current cost determined on a first-in, first-out (FIFO) basis at December 31, 2018 and 2017, respectively. During the years ended December 31, 2018, 2017, and 2016, $ 26,000 , $ 64,000 , and $ 2,451,000 , respectively, of a LIFO layer was liquidated. The Company uses the LIFO method of inventory accounting to improve the matching of costs and revenues for the Housewares/Small Appliance segment. 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 2018 $ (189) $ 143 $ 0.02 2017 $ (1,250) $ 830 $ 0.12 2016 $ 443 $ (292) $ (0.04) 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 $ 66,200,000 and $ 78,420,000 at December 31, 2018 and 2017, respectively. At December 31, 2018, the FIFO total was comprised of $ 1,003,000 of finished goods, $ 59,580,000 of work in process, and $ 5,617,000 of raw material. At December 31, 2017, the FIFO total was comprised of $ 1,223,000 of finished goods, $ 72,219,000 of work in process, and $ 4,978,000 of raw material. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | C. ACCRUED LIABILITIES: At December 31, 2018, accrued liabilities consisted of payroll $ 5,130,000 , product liability $ 4,949,000 , environmental $ 1,120,000 , and other $ 812,000 . At December 31, 2017, accrued liabilities consisted of payroll $5,827,000 , product liability $ 4,965,000 , environmental $ 1,150,000 , and other $ 1,150,000 . The Company is self-insured for health care costs, although it does carry stop loss and other insurance to cover health care claims once they reach a specified threshold. The Company is also subject to product liability claims in the normal course of business. It is partly self-insured for product liability claims, and therefore records an accrual for known claims and estimated incurred but unreported claims in the Company’s Consolidated Financial Statements. The Company utilizes historical trends and other analysis to assist in determining the appropriate accrual. An increase in the number or magnitude of claims could have a material impact on the Company’s financial condition and results of operations. The Company's policy is to accrue for legal fees expected to be incurred in connection with loss contingencies. See Note K for a discussion of environmental remediation liabilities. |
Treasury Stock
Treasury Stock | 12 Months Ended |
Dec. 31, 2018 | |
Treasury Stock [Abstract] | |
Treasury Stock | D. TREASURY STOCK: As of December 31, 2018, the Company has authority from the Board of Directors to reacquire an additional 503,311 shares. During 2018 and 2017, 62 and 1,139 shares, respectively, were acquired from participants in the Company’s Incentive Compensation Plans described in Note F to cover those participants’ tax withholding obligations related to vested stock grants in accordance with the Plans’ rules. No shares were reacquired in 2016. Treasury shares have been used for stock based compensation and to fund a portion of the Company's 401(k) contributions. |
Net Earnings Per Share
Net Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Net Earnings Per Share [Abstract] | |
Net Earnings Per Share | E. NET EARNINGS PER SHARE: Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share also includes the dilutive effect of additional potential common shares issuable. Unvested stock awards, which contain non-forfeitable rights to dividends, whether paid or unpaid (“participating securities”), are included in the number of shares outstanding for both basic and diluted earnings per share calculations. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | F. STOCK-BASED COMPENSATION: The Company, from time to time, enters into separate non-vested share-based payment arrangements with employees and executive officers under the Incentive Compensation Plan approved by stockholders on May 18, 2010 and the 2017 Incentive Compensation Plan approved by shareholders on May 16, 2017, which authorized 50,000 and 150,000 shares, respectively, to be available for grants. The Compensation Committee of the Company’s Board of Directors approves all stock-based compensation awards for employees and executive officers of the Company. The Company grants restricted stock that is subject to continued employment and vesting conditions, but has dividend and voting rights, and uses the fair-market value of the Company’s common stock on the grant date to measure the fair value of the awards. The fair value of restricted stock is recognized as expense ratably over the requisite serviced period, net of estimated forfeitures. During 2018, 2017, and 2016, the Company granted 3,886 shares , 7,837 shares, and 3,162 shares of restricted stock, respectively, to 23 employees and executive officers of the Company. Unless otherwise vested early in accordance with the Incentive Compensation Plans, the restricted stock vests on specified dates in 2021 through 2024 , subject to the recipients’ continued employment or service through each applicable vesting date. The Company recognized pre-tax compensation expense in the Consolidated Statements of Comprehensive Income related to stock-based compensation of $ 469,000 , $ 545,000 , and $ 391,000 in 2018, 2017, and 2016, respectively. As of December 31, 2018, there was approximately $ 1,406,000 of unrecognized compensation cost related to the restricted stock awards that is expected to be recognized over a weighted-average period of 3. 8 years. There were 1,359 , 6,492 , and 1,284 shares of restricted stock that vested during 2018, 2017, and 2016, respectively. The following table summarizes the activity for non-vested restricted stock: 2018 2017 2016 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 29,810 $ 83.40 28,465 $ 77.93 26,587 $ 78.00 Granted 3,886 116.49 7,837 105.06 3,162 89.10 Vested (1,359) 72.25 (6,492) 85.58 (1,284) 106.92 Forfeited 0 - 0 - 0 - Non-vested at end of period 32,337 $ 87.84 29,810 $ 83.40 28,465 $ 77.93 |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2018 | |
401(k) Plan [Abstract] | |
401(k) Plan | G. 401(K) PLAN: The Company sponsors a 401(k) retirement plan that covers substantially all non-union employees. Historically, the Company matched up to 50 % of the first 4 % of salary contributed by employees to the plan. This matching contribution was made with common stock. Starting in 2004, the Company began to match, in cash, an additional 50 % of the first 4 % of salary contributed by employees plus 3 % of total compensation for certain employees. Contributions made from treasury stock, including the Company's related cash dividends, totaled $ 1,218,000 in 2018, $ 1,194,000 in 2017, and $ 1,225,000 in 2016. In addition, the Company made cash contributions of $ 821,000 in 2018, $ 817,000 in 2017, and $ 924,000 in 2016 to the 401(k) Plan. The Company also contributed $ 352,000 , $ 369,000 , and $ 358,000 to the 401(k) retirement plan covering its union employees at the Amron Division of the AMTEC subsidiary during the years ended December 31, 2018, 2017, and 2016, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | H. INCOME TAXES: The following table summarizes the provision for income taxes from continuing operations: For Years Ended December 31 (in thousands) 2018 2017 2016 Current: Federal $ 10,996 $ 24,200 $ 14,391 State 1,575 1,772 656 12,571 25,972 15,047 Deferred: Federal (280) (4,008) 5,799 State 159 7 561 (121) (4,001) 6,360 Total tax provision $ 12,450 $ 21,971 $ 21,407 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 2018 2017 2016 Statutory rate 21.0% 35.0% 35.0% State tax, net of federal benefit 2.6% 1.8% 1.2% Tax exempt interest and dividends (0.6%) (0.7%) (0.2%) Other 0.8% (2.4%) (2.2%) Effective rate 23.8% 33.7% 33.8% 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) 2018 2017 Deferred tax assets Insurance (primarily product liability) $ 900 $ 1,023 Vacation 527 596 Inventory 339 654 Deferred compensation 303 253 Environmental 237 275 Doubtful accounts 158 447 Other 37 72 Total deferred tax assets 2,501 3,320 Deferred tax liabilities Goodwill and other intangibles 1,200 1,112 Depreciation 213 338 Deferred revenue - 875 Total deferred tax liabilities 1,413 2,325 Net deferred tax assets $ 1,088 $ 995 In December 2017, the United States enacted changes to its tax laws, which included a reduction of the corporate income tax rate from 35% to 21% , beginning in 2018. The reduction in the tax rate resulted in a revaluation of the Company’s deferred tax assets and liabilities held at December 31, 2017, causing an increase in its 2017 income tax provision of $534,000 . The Company believes its accounting assessment for the impact of the enacted changes to the United States tax laws is complete. The Company establishes tax reserves in accordance with FASB ASC 740, Income Taxes . As of December 31, 2018, the carrying amount of the Company’s gross unrecognized tax benefits was $ 320,000 which, if recognized, would affect the Company’s effective income tax rate. The following is a reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2018 and 2017: (In thousands) 2018 2017 Balance at January 1 $ 459 $ 288 Increases for tax positions taken related to the current year 73 128 Increases for tax positions taken related to prior years - 66 Decreases for tax positions taken related to prior years (54) - Lapse of statute of limitations (56) (23) Settlements (102) - Balance at December 31 $ 320 $ 459 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, 2018, 2017 and 2016, the Company accrued approximately $14,000 , $ 17,000 and $ 15,000 in interest expense, respectively. The Company is subject to U.S. federal income tax as well as income taxes of multiple states. During 2018, the state of Wisconsin completed its audits of the tax years 2013 through 2016. During June of 2016, the Internal Revenue Service completed its audits of the tax years 2012 and 2013. As a result of the audits, the tax amortization period of certain intangible assets was shortened. For all states in which it does business, the Company is subject to state audit statutes. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | I. COMMITMENTS AND CONTINGENCIES: The Company is involved in largely routine litigation incidental to its business. Management believes the ultimate outcome of this litigation will not have a material effect on the Company's consolidated financial position, liquidity, or results of operations. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2018 | |
Concentrations [Abstract] | |
Concentrations | J. CONCENTRATIONS: In the Housewares/Small Appliance segment, one customer accounted for 10 %, 10% , and 11% of consolidated net sales for the years ended December 31, 2018, 2017, and 2016, respectively. The Company sources most of its housewares/small appliances from vendors in the Orient and, as a result, risks deliveries from the Orient being disrupted by labor or supply problems at the vendors, or transportation delays. Should such problems or delays materialize, products might not be available in sufficient quantities during the prime selling period. The Company has made and will continue to make every reasonable effort to prevent these problems; however, there is no assurance that its efforts will be totally effective. As the majority of the Housewares/Small Appliance segment’s suppliers are located in China, periodic changes in the U.S. dollar and Chinese Renminbi (RMB) exchange rates do have an impact on the segment’s product costs. To date, any material impact from fluctuations in the exchange rate has been to the cost of products secured via purchase orders issued subsequent to the currency value change. Foreign transaction gains/losses are immaterial to the financial statements for all years presented. The Company's Defense segment manufactures products primarily for the U.S. Department of Defense (DOD) and DOD prime contractors. As a consequence, this segment's future business essentially depends on the product needs and governmental funding of the DOD. During 2018, 2017, and 2016, substantially all of the work performed by this segment directly or indirectly for the DOD was performed on a fixed-price basis. Under fixed-price contracts, the price paid to the contractor is awarded based on competition at the outset of the contract and therefore, with the exception of limited escalation provisions on specific materials, is generally not subject to any adjustments reflecting the actual costs incurred by the contractor. In addition, in the case of the 40mm systems contract, key components and services are provided by third party subcontractors, several of which the segment is required to work with by government edict. Under the contract, the segment is responsible for the performance of those subcontractors, many of which it does not control. The Defense segment's contracts and subcontracts contain the customary provision permitting termination at any time for the convenience of the government, with payment for any work completed, associated profit, and inventory/work in process at the time of termination. Materials used in the Defense segment are available from multiple sources. As of December 31, 2018, 170 employees of Amron, or 1 8 % of the Company’s and its subsidiaries’ total workforce, are members of the United Steel Workers union. The most recent contract between Amron and the union is effective through February 29, 2020. |
Environmental
Environmental | 12 Months Ended |
Dec. 31, 2018 | |
Environmental [Abstract] | |
Environmental | K. ENVIRONMENTAL In May 1986, the Company’s Eau Claire, Wisconsin site was placed on the United States Environmental Protection Agency’s National Priorities List under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 because of hazardous waste deposited on the property. As of December 31, 1998, all remediation projects required at the Company's Eau Claire, Wisconsin site had been installed, were fully operational, and restoration activities had been completed. In addition, the Company is a member of a group of companies that may have disposed of waste into an Eau Claire area landfill in the 1960s and 1970s. After the landfill was closed, elevated volatile organic compounds were discovered in the groundwater. Remediation plans were established, and the costs associated with remediation and monitoring at the landfill are split evenly between the group and the City of Eau Claire. As of December 31, 2018, there does not appear to be exposure related to this site that would have a material impact on the operations or financial condition of the Company. Based on factors known as of December 31, 2018, it is believed that the Company's existing environmental accrued liability reserve will be adequate to satisfy on-going remediation operations and monitoring activities both on- and off-site; however, should environmental agencies require additional studies, extended monitoring, or remediation projects, it is possible that the existing accrual could be inadequate. Management believes that in the absence of any unforeseen future developments, known environmental matters will not have any material effect on the results of operations or financial condition of the Company. The Company’s environmental accrued liability on an undiscounted basis was $ 1,120,000 and $ 1,150,000 as of December 31, 2018 and 2017, respectively, and is included in accrued liabilities on its balance sheet. Expected future payments for environmental matters are as follows: (In thousands) Years Ending December 31: 2019 $ 230 2020 165 2021 150 2022 135 2023 120 Thereafter 320 $ 1,120 |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
Business Segments [Abstract] | |
Business Segments | L. BUSINESS SEGMENTS: The Company operates in two business segments. The Company identifies its segments based on the Company's organization structure, which is primarily by principal products. The principal product groups are Housewares/Small Appliance and Defense. Sales for both segments are primarily to customers in North America. On January 3, 2017, the Company and its wholly-owned subsidiary, Presto Absorbent Products, Inc. (“PAPI”), entered into an asset purchase agreement wherein substantially all PAPI assets were sold and certain liabilities were assigned to Drylock Technologies, LTD. As a result of this transaction, the Company classified its results of operations for all periods presented to reflect its Absorbent Products business as a discontinued operation and classified the assets and liabilities of its Absorbent Products business as held for sale. The operations of PAPI previously comprised the Company’s Absorbent Products segment. See Note P for further discussion. The Housewares/Small Appliance segment designs, markets, and distributes housewares and small appliances. The housewares/small appliance products are sold primarily in the United States and Canada directly to retail outlets and also through independent distributors. As more fully described in Note J , the Company primarily sources its Housewares/Small Appliance products from non-affiliated suppliers located in the Orient. Sales are seasonal, with the normal peak sales period occurring in the fourth quarter of the year prior to the holiday season. The Defense segment was started in 2001 with the acquisition of AMTEC Corporation, which manufactures precision mechanical and electromechanical assemblies for the U.S. Government and prime contractors. During 2005, and again during 2010, AMTEC Corporation was one of two prime contractors selected by the Army to supply all requirements for the 40mm family of practice and tactical ammunition cartridges for a period of five years. In 2016, AMTEC was awarded a one -year contract, and in 2017, it was awarded a third five -year contract as the sole prime contractor. AMTEC's manufacturing plant is located in Janesville, Wisconsin. Since the inception of the Defense segment in 2001, the Company has expanded the segment by making several strategic business acquisitions, and has additional facilities located in East Camden, Arkansas; Antigo, Wisconsin; Perry, Florida; and Clear Lake, South Dakota. During 2003, the segment was expanded with the acquisition of Spectra Technologies, LLC of East Camden, Arkansas. This facility performs Load, Assemble, and Pack (LAP) operations on ordnance-related products for the U.S. Government and prime contractors. During 2006, the segment was expanded with the acquisition of certain assets of Amron, LLC of Antigo, Wisconsin, which primarily manufactures cartridge cases used in medium caliber (20-40mm) ammunition. In 2011 the segment was further augmented with the purchase of certain assets of ALS Technologies, Inc. of Bull Shoals, Arkansas, which manufactures less lethal ammunitions. The Company subsequently relocated this operation to Perry, Florida, and in October of 2018, divested itself of the less lethal business. See Note Q for further explanation. During 2014, the Company continued the expansion of the Defense segment with the purchase of substantially all of the assets of Chemring Energetic Devices, Inc. located in Clear Lake, South Dakota, and all of the real property owned by Technical Ordnance Realty, LLC. The Clear Lake facility manufactures detonators, booster pellets, release cartridges, lead azide, and other military energetic devices and materials. The Defense segment’s collection of facilities enables the Company to deliver in virtually all aspects of the manufacture of medium caliber training and tactical rounds. They include the fuze, the metal parts including the cartridge case, the load, assemble and pack of the final round, and the detonator. In the following summary, operating profit represents earnings before other income, income taxes, and discontinued operations. The Company's segments operate discretely from each other with no shared manufacturing facilities. Costs associated with corporate activities (such as cash and marketable securities management) and the assets associated with such activities are included within the Housewares/Small Appliance segment for all periods presented. (in thousands) Housewares / Small Appliance Defense Assets Held for Sale Total Year ended December 31, 2018 External net sales $ 93,771 $ 229,546 $ 323,317 Gross profit 14,904 60,979 75,883 Operating profit 2,991 44,911 47,902 Total assets 280,607 132,636 $ 375 413,618 Depreciation and amortization 1,384 4,835 6,219 Capital expenditures 8,010 676 8,686 Year ended December 31, 2017 External net sales $ 97,299 $ 236,334 $ 333,633 Gross profit 16,850 70,384 87,234 Operating profit 6,264 55,440 61,704 Total assets 242,815 162,869 $ 6,189 411,873 Depreciation and amortization 1,328 8,511 9,839 Capital expenditures 1,849 1,301 3,150 Year ended December 31, 2016 External net sales $ 108,128 $ 233,777 $ 341,905 Gross profit 20,963 64,699 85,662 Operating profit 9,677 52,835 62,512 Total assets 200,639 158,062 $ 58,893 417,594 Depreciation and amortization 1,045 7,830 8,875 Capital expenditures 1,351 3,473 4,824 |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2018 | |
Operating Leases [Abstract] | |
Operating Leases | M. OPERATING LEASES The Company leases office, manufacturing, and warehouse facilities and equipment under non-cancelable operating leases, many of which contain renewal options ranging from one to ten years. Rent expense was approximately $ 1,050,000 , $ 994,000 , and $ 1,040,000 for the years ended December 31, 2018 , 2017, and 2016 respectively. Future minimum annual rental payments required under operating leases are as follows: Years ending December 31: (In thousands) 2019 $ 610 2020 423 2021 263 2022 200 2023 193 Thereafter 40 $ 1,729 |
Interim Financial Information
Interim Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Interim Financial Information [Abstract] | |
Interim Financial Information | N. INTERIM FINANCIAL INFORMATION (UNAUDITED): The following represents quarterly unaudited financial information for 2018 and 2017: (In thousands, except per share data) Per Share (basic and diluted) Quarter Net Sales Gross Profit Earnings from Continuing Operations Earnings (Loss) from Discontinued Operations, net of tax Net Earnings Earnings from Continuing Operations Earnings (Loss) from Discontinued Operations, net of tax Net Earnings 2018 First $ 76,826 $ 20,277 $ 10,994 $ (8) $ 10,986 $ 1.57 $ - $ 1.57 Second 79,227 19,445 10,776 (1) 10,775 1.54 - 1.54 Third 81,653 15,697 6,240 131 6,371 0.89 0.02 0.91 Fourth 85,611 20,464 11,879 (71) 11,808 1.69 (0.01) 1.68 Total $ 323,317 $ 75,883 $ 39,889 $ 51 $ 39,940 $ 5.69 $ 0.01 $ 5.70 2017 First $ 72,854 $ 20,126 $ 9,973 $ 8,182 $ 18,155 $ 1.43 $ 1.17 $ 2.60 Second 74,561 17,560 8,941 771 9,712 1.28 0.11 1.39 Third 70,614 18,892 8,338 (6) 8,332 1.19 - 1.19 Fourth 115,604 30,656 16,062 698 16,760 2.30 0.10 2.40 Total $ 333,633 $ 87,234 $ 43,314 $ 9,645 $ 52,959 $ 6.20 $ 1.38 $ 7.58 F ourth quarter sales are significantly impacted by the holiday driven seasonality of the Housewares/Small Appliance segment. This segment orders/purchases inventory during the first three quarters to meet the sales demand of the fourth quarter. The Defense segment is typically non-seasonal. As discussed in Note P , the Company sold its Absorbent Products business on January 3, 2017, and the gain on divestiture was recorded primarily in the first quarter of 2017. |
Line Of Credit And Commercial L
Line Of Credit And Commercial Letters Of Credit | 12 Months Ended |
Dec. 31, 2018 | |
Line of Credit And Commercial Letters Of Credit [Abstract] | |
Line Of Credit And Commercial Letters Of Credit | O. LINE OF CREDIT AND COMMERCIAL LETTERS OF CREDIT The Company maintains an unsecured line of credit for short term operating cash needs. The line of credit is renewed each year at the end of the third quarter. As of December 31, 2018 and 2017, the line of credit limit was set at $ 5,000,000 , with $ 0 outstanding on both dates. The interest rate on the line of credit is reset monthly to the London Inter-Bank Offered Rate (LIBOR) plus one half of one percent. In addition, the Company had issued commercial letters of credit totaling $ 1,247,000 and $ 1,197,000 as of December 31, 2018 and 2017, respectively, related to performance on certain customer contracts. As of December 31, 2018, the entire balance of the issued letters of credit had not been drawn upon. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | P. DISCONTINUED OPERATIONS On January 3, 2017, the Company and its wholly-owned subsidiary, Presto Absorbent Products, Inc. (“PAPI”), entered into an asset purchase agreement wherein substantially all PAPI assets were sold and certain liabilities were assigned to Drylock Technologies, LTD. (“Drylock”) in exchange for $68,448,000 . The proceeds amount differs from the amount originally disclosed because of the customary post-closing adjustments that were finalized during the second quarter of 2017, totaling $1,448,000 . The asset purchase agreement also provided for additional proceeds of $4,000,000 upon the sale of certain delayed assets, consisting of machinery and equipment that were the subject of an involuntary conversion. The sale of the delayed assets was consummated during the second quarter of 2018 and resulted in no gain or loss. As a result of the aforementioned transactions, the Company classified its results of operations for all periods presented to reflect its Absorbent Products business as a discontinued operation, and classified the assets and liabilities of its Absorbent Products business as held for sale. The Company’s pre-tax gain on the sale of $11,413,000 , net of one-time transaction costs, was recorded in 2017 within earnings from discontinued operations. This amount differs from the gain originally reported as a result of the post-closing adjustments mentioned above that were finalized in the second quarter of 2017. The following table summarizes the results of the Absorbent Products business within discontinued operations for each of the periods presented: For the years ended December 31, (in thousands) 2018 2017 2016 Net sales $ - $ 421 $ 76,555 Cost of sales 65 (675) (70,848) Selling and general expenses - (25) (2,618) Gain on divestiture, net - 11,413 - Other income (expense) - 2,753 976 Earnings from discontinued operations before provision for income taxes 65 13,887 4,065 Provision for income taxes from discontinued operations 14 4,242 1,416 Earnings from discontinued operations, net of tax $ 51 $ 9,645 $ 2,649 The following table summarizes the major classes of assets and liabilities of the Absorbent Products business held for sale for each of the periods presented: Year Ended December 31, (in thousands) 2018 2017 Accounts receivable, net $ 375 $ 2,529 Property, plant and equipment, net - 3,660 Assets held for sale $ 375 $ 6,189 Accounts payable $ - $ 210 Liabilities held for sale $ - $ 210 The Consolidated Statements of Cash Flows do not present the cash flows from discontinued operations separately from cash flows from continuing operations. Cash provided by (used in) operating activities from discontinued operations was $(636,000) , $(5,447,000) , and $4,477,000 for the years ended December 31, 2018, 2017, and 2016, respectively. Cash provided by (used in) investing activities related to discontinued operations was $6,290,000 , $61,891,000 , and $(1,139,000) for the years ended December 31, 2018, 2017, and 2016, respectively. In connection with the asset purchase agreement discussed above, the Company entered into a 10 -year lease agreement with Drylock for a portion of its manufacturing and warehouse facilities. The lease agreement provided for total annual payments of $1,288,000 initially. During the fourth quarter of 2018, the lease agreement was amended to incorporate additional facilities that the Company built for Drylock. The amended lease provides for an initial term of approximately 14 years, and allows for successive three -year renewal periods, as well as options to terminate the lease early after five and ten years. The amended lease also provides for adjustments to the rental payments based on certain price indices, taxes, and space occupied. The Company estimates that annual payments under the lease will total $1,755,000 . The Company also entered into a transition services agreement with Drylock, which terminated at the end of 2017. The amounts received from Drylock for transition services and rental income are recorded in Other Income on the Consolidated Statements of Comprehensive Income. |
Divestiture
Divestiture | 12 Months Ended |
Dec. 31, 2018 | |
Divestiture [Abstract] | |
Divestiture | Q. DIVESTITURE On October 17, 2018, the Company, through its wholly owned subsidiary AMTEC Corporation, sold the outstanding stock of its wholly owned subsidiary AMTEC Less Lethal Systems, Inc. (“ALS”) to PACEM Defense LLC (“PACEM”), a third party, in exchange for cash and promissory notes totaling $10,636,000 , subject to customary po st-closing adjustments. T he Company tested long-lived assets for recoverability in the quarter ending September 30, 2018 and recorded an impairment charge of $3,021,000 . The pre-tax loss on divestiture, including the impairment charge, recorded in 2018 was $2,528,000 . The Company expects the post-closing adjustments mentioned above to be finalized during the first quarter of 2019. As of December 31, 2018, $4,913,000 of promissory notes and accrued interest related to the divestiture of ALS are included on the Company’s balance sheet as Notes Receivable, Current. Accrued interest and principal for both notes become due during the fourth quarter of 2019. The Company determined this transaction did not qualify for discontinued operations treatment, since it did not represent a strategic shift that had or would have a major effect on the Company’s operations and financial results. |
Other
Other | 12 Months Ended |
Dec. 31, 2018 | |
Other [Abstract] | |
Other | R. OTHER The Company has entered into a licensing agreement with another firm that holds intellectual property on the Rusoh® self-service/self-reloadable fire extinguisher. Under the agreement, the Company has advanced the entity funds and has agreed to pay royalties to the entity on the commercial sales of the developed products. As of December 31, 201 8 and 201 7 , notes receivable plus accrued interest of $ 6,966,000 and $6,750,000 , respectively, related to the license agreement were classified as Notes Receivable on the Company’s Consolidated Balance Sheets. The fire extinguisher was introduced to the commercial market in 2017, and the Company believes that collectability of the notes receivable is probable . During the fourth quarter of 2018 the Company issued a promissory note of $2,300,000 related to an option agreement with an unrelated third party. The note is included on the Company’s balance sheet as Notes Receivable, Current. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Event [Abstract] | |
Subsequent Events | S. SUBSEQUENT EVENTS The Company evaluates events that occur through the filing date and discloses any material events or transactions. On February 15, 2019, the Company’s Board of Directors announced a regular dividend of $1.00 per share, plus an extra dividend of $5.00 . On March 15, 2019, a payment of $42,08 7 ,000 was made to the shareholders of record as of March 1, 2019 . |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Schedule II - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation And Qualifying Accounts | (In thousands) Column A Column B Column C Column C Column D Column E Description Balance at Beginning of Period Additions - Charged to Costs and Expenses (A) Additions - Charged to Other Accounts (B) Deductions (C) Balance at End of Period Deducted from assets: Allowance for doubtful accounts: Year ended December 31, 2018 $ 1,869 $ 458 $ (1,422) $ 158 $ 747 Year ended December 31, 2017 $ 1,816 $ 70 $ - $ 17 $ 1,869 Year ended December 31, 2016 $ 1,796 $ 1 $ - $ (19) $ 1,816 Notes: (A) Amounts charged to selling and general expenses. (B) Amounts charged to other accounts. Charged to the loss on divestiture of AMTEC Less Lethal Systems, Inc. (See Note Q to the Consolidated Financial Statements.) (C) Principally bad debts written off, net of recoveries. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Use Of Estimates In The Preparation Of Financial Statements | (1) USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: In preparation of the Company's Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from the estimates used by management. |
Basis Of Presentation | (2) BASIS OF PRESENTATION: The Consolidated Financial Statements include the accounts of National Presto Industries, Inc. and its subsidiaries, all of which are wholly-owned. All material intercompany accounts and transactions are eliminated. For a further discussion of the Company's business and the segments in which it operates, please refer to Note L . On January 3, 2017, the Company and its wholly-owned subsidiary, Presto Absorbent Products, Inc. (“PAPI”), entered into an asset purchase agreement wherein substantially all PAPI assets were sold and certain liabilities were assigned to Drylock Technologies, LTD. (“Drylock”) in exchange for $68,448,000 . The proceeds amount differs from the amount originally disclosed because of the customary post-closing adjustments that were finalized during the second quarter of 2017, totaling $1,448,000 . The asset purchase agreement also provided for additional proceeds of $4,000,000 upon the sale of certain delayed assets, consisting of machinery and equipment that were the subject of an involuntary conversion. The sale of the delayed assets was consummated during the second quarter of 2018 and resulted in no gain or loss. As a result of the aforementioned transactions, the Company classified its results of operations for all periods presented to reflect its Absorbent Products business as a discontinued operation and classified the assets and liabilities of its Absorbent Products business as held for sale. See Note P for further discussion. |
Reclassifications | (3) RECLASSIFICATIONS: Certain reclassifications have been made to the prior periods' financial statements to conform to the current period’s financial statement presentation. These reclassifications did not affect net earnings or stockholders’ equity as previously reported . |
Fair Value Of Financial Instruments | (4) FAIR VALUE OF FINANCIAL INSTRUMENTS: The Company utilizes the methods of determining fair value as described in Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amount for cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments. The fair value of marketable securities are discussed in Note A(5). |
Cash Cash Equivalents And Marketable Securities | (5) CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES: Cash and Cash Equivalents: The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents. Cash equivalents include money market funds. The Company deposits its cash in high quality financial institutions. The balances, at times, may exceed federally insured limits. Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 820). The Company's cash management policy provides for its bank disbursement accounts to be reimbursed on a daily basis. Checks issued but not presented to the bank for payment of $ 3,057,000 and $ 3,157,000 at December 31, 2018 and 2017, respectively, are included as reductions of cash and cash equivalents or b oo k overdrafts in accounts payable, as appropriate. Marketable Securities: The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at fair value, with unrealized gains and losses, net of tax, reported as a separate component of stockholders' equity. Highly liquid, tax-exempt variable rate demand notes with put options exercisable in three months or less are classified as marketable securities. At December 31, 2018 and 2017, cost for marketable securities was determined using the specific identification method. A summary of the amortized costs and fair values of the Company's marketable securities at December 31 is shown in the following table. All of the Company’s marketable securities are classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable. (In thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses December 31, 2018 Tax-exempt Municipal Bonds $ 40,156 $ 40,182 $ 44 $ 18 Variable Rate Demand Notes 94,416 94,416 - - Total Marketable Securities $ 134,572 $ 134,598 $ 44 $ 18 December 31, 2017 Tax-exempt Municipal Bonds $ 30,103 $ 29,994 $ - $ 109 Variable Rate Demand Notes 114,258 114,258 - - Total Marketable Securities $ 144,361 $ 144,252 $ - $ 109 Proceeds from sales and maturities of marketable securities totaled $ 173,060,000 in 2018, $ 132,752,000 in 2017, and $ 33,863,000 in 2016. There were no realized gross gains or losses related to sales of marketable securities during the years ended December 31, 2018, 2017 and 2016. Net unrealized gains (losses) included in other comprehensive income were $ 135,000 , $ (37,000) and $ (57,000) before taxes for the years ended December 31, 2018, 2017, and 2016, respectively. No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the same periods. The contractual maturities of the marketable securities held at December 31, 2018 are as follows: $ 21,787,000 within one year; $ 35,857,000 beyond one year to five years; $ 17,538,000 beyond five years to ten years, and $ 59,416,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which, as noted above, can be tendered for cash at par plus interest within seven days . Despite the stated contractual maturity date, to the extent a tender is not honored, the notes become immediately due and payable. |
Accounts Receivable | (6) ACCOUNTS RECEIVABLE: The Company's accounts receivable is related to sales of products. Credit is extended based on prior experience with the customer and evaluation of customers' financial condition. Accounts receivable are primarily due within 25 to 60 days. The Company does not accrue interest on past due accounts receivable. Receivables are written off only after all collection attempts have failed and are based on individual credit evaluation and the specific circumstances of the customer. The allowance for doubtful accounts represents an estimate of amounts considered uncollectible and is determined based on the Company's historical collection experience, adverse situations that may affect the customer's ability to pay, and prevailing economic conditions. |
Inventories | (7) INVENTORIES: Housewares/Small Appliance segment inventories are stated at the lower of cost or net realizable value with cost being determined principally on the last-in, first-out (LIFO) method. Defense segment inventories are stated at the lower of cost and net realizable value determined principally on the first-in, first-out (FIFO) method. Inventoried costs relating to contracts in progress are stated at actual production costs, including factory overhead, initial tooling, and other related costs incurred to date, reduced by amounts associated with recognized sales, utilizing a standard costing type method. The Company evaluates inventories to determine if there are any excess or obsolete inventories on hand. |
Property, Plant And Equipment | (8) PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment are stated at cost. Straight-line depreciation is provided in amounts sufficient to charge the costs of depreciable assets to operations over their service lives which are estimated at 15 to 40 years for buildings, 3 to 10 years for machinery and equipment, and 15 to 20 years for land improvements. The Company reviews long-lived assets consisting principally of property, plant, and equipment, for impairment when material events and changes in circumstances indicate the carrying value may not be recoverable. As a result of the divestiture of one of its operating facilities in the Defense segment during 2018, the Company recorded an impairment of $2,975,000 during the third quarter of 2018. See Note Q for further explanation. Approximately $264,000 of construction in progress in the Company’s Housewares/Small Appliance segment is presented on the Consolidated Balance Sheet as Machinery and Equipment at December 31, 2018, and approximately $1,437,000 of construction in progress in the Company’s Defense segment is presented on the Consolidated Balance Sheet as Buildings at December 31, 2018. The construction in progress is expected to be completed by the third quarter of 2019. Approximately $374,000 and $764,000 of construction in progress in the Company’s Defense segment is presented on the Consolidated Balance Sheet as Buildings and Machinery and Equipment, respectively, at December 31, 2017. |
Goodwill | (9) GOODWILL: The Company recognizes the excess cost of acquired entities over the net amount assigned to the fair value of assets acquired and liabilities assumed as goodwill. Goodwill is tested for impairment on an annual basis at the start of the fourth quarter and between annual tests whenever an impairment is indicated, such as the occurrence of an event that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Impairment losses are recognized whenever the implied fair value of goodwill is less than its carrying value. No goodwill impairments were recognized during 2018, 2017, or 2016. The Company's goodwill as of December 31, 2018 and 201 7 was $ 11,485,000 , rel ating entirely to its Defense segment, which had no cumulative impairment charges at December 31, 2018. |
Intangible Assets | (10) INTANGIBLE ASSETS: Intangible assets primarily consist of the value of an acquired government sales contract and the value of trademarks and trade secrets. The intangible assets are all attributable to the Defense segment. The government sales contract intangible asset is amortized based on units fulfilled under the applicable contract, while the other intangible assets are amortized on a straight-line basis that approximates economic use, over periods ranging from 2 to 10 years. As of December 31, 2018, the Company determined that the trade secrets, which were acquired during 2017, had an indefinite life. Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. As a result of the divestiture of one of its operating facilities in the Defense segment during 2018, the Company recorded an impairment of $46,000 during the third quarter of 2018. See Note Q for further explanation. Th ere were no impairments of intangible assets recognized during 2017 or 2016. There were no intangible assets subject to amortization at December 31, 2018. The gross carrying amounts of the government sales contract and other intangible assets subject to amortization were $21,690,000 and $211,000 , respectively, totaling $21,901,000 at December 31, 2017. Accumulated amortization was $ 0 and $ 19,570,000 at December 31, 2018 and 2017, respectively. Amortization expense was $ 2,167,000 , $ 2,630,000 , and $ 721,000 during the years ended December 31, 2018, 2017, and 2016, respectively. |
Other Assets | (11) OTHER ASSETS: Other assets includes prepayments that are made from time to time by the Company for certain materials used in the manufacturing process in the Housewares/Small Appliance segment. The Company expects to utilize the prepayments and related materials over an estimated period of up to two years. As of December 31, 2018 and 2017, $6,864,000 and $11,567,000 of such prepayments, respectively, remained unused and outstanding. At December 31, 2018 and 2017, $5,190,000 and $5,930,000 of these amounts, respectively, are included in Other Current Assets, representing the Company’s best estimate of the expected utilization of the prepayments and related materials during the twelve-month periods following those dates |
Revenues | (12) REVENUES: The Company’s revenues are derived from short-term contracts and programs that are typically completed within 3 to 24 months and are recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers . The standard was adopted on January 1, 2018 and did not result in any material change to the Company’s pattern of revenue recognition. The Company’s contracts each contain one or more performance obligations: the physical delivery of distinct ordered product or products. The Company provides an assurance type product warranty on its products to the original owner. In addition, for the Housewares/Small Appliances segment, the Company estimates returns of seasonal products and returns of newly introduced products sold with a return privilege. Stand-alone selling prices are set forth in each contract and are used to allocate revenue to the corresponding performance obligations. For the Housewares/Small Appliances segment, contracts include variable consideration, as the prices are subject to customer allowances, which principally consist of allowances for cooperative advertising, defective product, and trade discounts. Customer allowances are generally allocated to the performance obligations based on budgeted rates agreed upon with customers, as well as historical experience, and yield the Company’s best estimate of the expected value for the variable consideration. The Company's contracts in the Defense segment are primarily with the U.S. Department of Defense (DOD) and DOD prime contractors. As a consequence, this segment's business essentially depends on the product needs and governmental funding of the DOD. Substantially all of the work performed by the Defense segment directly or indirectly for the DOD is performed on a fixed-price basis. Under fixed-price contracts, the price paid to the contractor is awarded based on competition at the outset of the contract and therefore, with the exception of limited escalation provisions on specific materials, is generally not subject to any adjustments reflecting the actual costs incurred by the contractor. For the Housewares/Small Appliance segment, revenue is generally recognized as the completed, ordered product is shipped to the customer from the Company’s warehouses. For the relatively few situations in which revenue should be recognized when product is received by the customer, the Company adjusts revenue accordingly. For the Defense segment, revenue is primarily recognized when the customer has legal title and formally documents that it has accepted the products. In some situations, the customer may obtain legal title and accept the products at the Company’s facilities, arranging for transportation at a later date, typically in one to four weeks. The Company does not consider the short-term storage of the customer owned products to be a material performance obligation, and no part of the transaction price is allocated to it. The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the Company’s Condensed Consolidated Balance Sheets. For the Defense segment, the Company occasionally receives advances or deposits from certain customers before revenue is recognized, resulting in contract liabilities. These advances or deposits do not represent a significant financing component. As of December 31, 2018 and 2017, $9,579,000 and $8,364,000 , respectively, of contract liabilities were included in Accounts Payable on the Company’s Condensed Consolidated Balance Sheets. The Company recognized revenue of $676,000 during 2018 that was included in the Defense segment contract liability at the beginning of the year. The Company monitors its estimates of variable consideration, which includes customer allowances for cooperative advertising, defective product, and trade discounts, and returns of seasonal and newly introduced product, all of which pertain to the Housewares/Small Appliances segment, and periodically makes cumulative adjustments to the carrying amounts of these contract liabilities as appropriate. During 2018 and 2017, there were no material adjustments to the aforementioned estimates. There were no material amounts of revenue recognized during the same periods related to performance obligations satisfied in a previous period. The portion of contract transaction prices allocated to unsatisfied performance obligations, also known as the contract backlog, in the Company’s Defense segment were $333,592,000 and $308,173,000 as of December 31, 2018 and 2017, respectively. The Company anticipates that the unsatisfied performance obligations will be fulfilled in an 18 to 24 -month period. The performance obligations in the Housewares/Small Appliances segment have original expected durations of less than one year. The Company’s principal sources of revenue are derived from two segments: Housewares/Small Appliance and Defense, as shown in Note L . Management utilizes the performance measures by segment to evaluate the financial performance of and make operating decisions for the Company. |
Advertising | (13) ADVERTISING: The Company's policy is to expense advertising as incurred and include it in selling and general expenses. Advertising expense was $ 181,000 , $ 174,000 , and $ 369,000 in 2018, 2017, and 2016, respectively. |
Product Warranty | (14) PRODUCT WARRANTY: The Company’s Housewares/Small Appliance segment’s products are generally warranted to the original owner to be free from defects in material and workmanship for a period of 1 to 12 years from date of purchase. The Company allows a 60 -day over-the-counter initial return privilege through cooperating dealers. The Company services its products through a corporate service repair operation. The Company estimates its product warranty liability based on historical percentages which have remained relatively consistent over the years. The product warranty liability is included in accounts payable on the balance sheet. The following table shows the changes in product warranty liability for the period: (In thousands) Year Ended December 31 2018 2017 Beginning balance January 1 $ 383 $ 543 Accruals during the period 315 268 Charges / payments made under the warranties (477) (428) Balance December 31 $ 221 $ 383 |
Stock-Based Compensation | (15) STOCK-BASED COMPENSATION: The Company accounts for stock-based compensation in accordance with ASC 718, Compensation — Stock Compensation . Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period, net of estimated forfeitures. As more fully described in Note F , the Company awards non-vested restricted stock to employees and executive officers. |
Income Taxes | (16) INCOME TAXES: Deferred income tax assets and liabilities are recognized for the differences between the financial and income tax reporting bases of assets and liabilities based on enacted tax rates and laws. The deferred income tax provision or benefit generally reflects the net change in deferred income tax assets and liabilities during the year. The current income tax provision reflects the tax consequences of revenues and expenses currently taxable or deductible on various income tax returns for the year reported. Income tax contingencies are accounted for in accordance with FASB ASC 740, Income Taxes . See Note H for summaries of the provision, the effective tax rates, and the tax effects of the cumulative temporary differences resulting in deferred tax assets and liabilities. In December 2017, the United States enacted changes to its tax laws, which included a reduction of the corporate income tax rate from 35% to 21% , beginning in 2018. The reduction in the tax rate resulted in a revaluation of the Company’s deferred tax assets and liabilities held at December 31, 2017. |
Recently Issued Accounting Pronouncements | (17) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS: In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates the performance of Step 2 from the goodwill impairment test. In performing its annual or interim impairment testing, an entity will instead compare the fair value of the reporting unit with its carrying amount and recognize any impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The standard is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 provides guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance requires a modified retrospective transition method and early adoption is permitted. The Company does not expect the adoption of ASU 2016-13 to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company intends to adopt the new standard utilizing a modified retrospective method with no restatement of comparative periods, and also intends to elect the package of practical expedients, as well as the hindsight and short term lease practical expedients. The Company continues to evaluate the impact of the adoption of ASU 2016-02 on its consolidated financial statements. The evaluation includes identifying, cataloging, and categorizing its current leasing arrangements and evaluating new disclosure requirements. The Company estimates the adoption of the new standard will result in the recognition of ROU assets of approximately $4,000,000 , with corresponding lease liabilities of the same amount. Other pronouncements issued but not effective until after December 31, 2018, are not expected to have a material impact on the Company's consolidated financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of The Amortized Costs And Fair Values Of Marketable Securities | (In thousands) MARKETABLE SECURITIES Amortized Cost Fair Value Gross Unrealized Gains Gross Unrealized Losses December 31, 2018 Tax-exempt Municipal Bonds $ 40,156 $ 40,182 $ 44 $ 18 Variable Rate Demand Notes 94,416 94,416 - - Total Marketable Securities $ 134,572 $ 134,598 $ 44 $ 18 December 31, 2017 Tax-exempt Municipal Bonds $ 30,103 $ 29,994 $ - $ 109 Variable Rate Demand Notes 114,258 114,258 - - Total Marketable Securities $ 144,361 $ 144,252 $ - $ 109 |
Schedule Of Changes In Product Warranty | (In thousands) Year Ended December 31 2018 2017 Beginning balance January 1 $ 383 $ 543 Accruals during the period 315 268 Charges / payments made under the warranties (477) (428) Balance December 31 $ 221 $ 383 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventories [Abstract] | |
Schedule Of Potential Impact Of LIFO Valuation to FIFO Valuation | Increase (Decrease) – (In thousands, except per share data) Year Cost of Sales Net Earnings Earnings Per Share 2018 $ (189) $ 143 $ 0.02 2017 $ (1,250) $ 830 $ 0.12 2016 $ 443 $ (292) $ (0.04) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Activity For Non-Vested Restricted Sock | 2018 2017 2016 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 29,810 $ 83.40 28,465 $ 77.93 26,587 $ 78.00 Granted 3,886 116.49 7,837 105.06 3,162 89.10 Vested (1,359) 72.25 (6,492) 85.58 (1,284) 106.92 Forfeited 0 - 0 - 0 - Non-vested at end of period 32,337 $ 87.84 29,810 $ 83.40 28,465 $ 77.93 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Schedule Of Provision For Income Taxes | For Years Ended December 31 (in thousands) 2018 2017 2016 Current: Federal $ 10,996 $ 24,200 $ 14,391 State 1,575 1,772 656 12,571 25,972 15,047 Deferred: Federal (280) (4,008) 5,799 State 159 7 561 (121) (4,001) 6,360 Total tax provision $ 12,450 $ 21,971 $ 21,407 |
Reconciliation Of Statutory Rate to Effective Rate | Percent of Pre-tax Income 2018 2017 2016 Statutory rate 21.0% 35.0% 35.0% State tax, net of federal benefit 2.6% 1.8% 1.2% Tax exempt interest and dividends (0.6%) (0.7%) (0.2%) Other 0.8% (2.4%) (2.2%) Effective rate 23.8% 33.7% 33.8% |
Schedule Of Deferred Tax Assets And Liabilities | (In thousands) 2018 2017 Deferred tax assets Insurance (primarily product liability) $ 900 $ 1,023 Vacation 527 596 Inventory 339 654 Deferred compensation 303 253 Environmental 237 275 Doubtful accounts 158 447 Other 37 72 Total deferred tax assets 2,501 3,320 Deferred tax liabilities Goodwill and other intangibles 1,200 1,112 Depreciation 213 338 Deferred revenue - 875 Total deferred tax liabilities 1,413 2,325 Net deferred tax assets $ 1,088 $ 995 |
Reconciliation Of Unrecognized Tax Benefits | (In thousands) 2018 2017 Balance at January 1 $ 459 $ 288 Increases for tax positions taken related to the current year 73 128 Increases for tax positions taken related to prior years - 66 Decreases for tax positions taken related to prior years (54) - Lapse of statute of limitations (56) (23) Settlements (102) - Balance at December 31 $ 320 $ 459 |
Environmental (Tables)
Environmental (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Environmental [Abstract] | |
Schedule Of Expected Future Payments Of Environmental Matters [Table Text Block] | (In thousands) Years Ending December 31: 2019 $ 230 2020 165 2021 150 2022 135 2023 120 Thereafter 320 $ 1,120 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Segments [Abstract] | |
Summary Of Business Segments Information | (in thousands) Housewares / Small Appliance Defense Assets Held for Sale Total Year ended December 31, 2018 External net sales $ 93,771 $ 229,546 $ 323,317 Gross profit 14,904 60,979 75,883 Operating profit 2,991 44,911 47,902 Total assets 280,607 132,636 $ 375 413,618 Depreciation and amortization 1,384 4,835 6,219 Capital expenditures 8,010 676 8,686 Year ended December 31, 2017 External net sales $ 97,299 $ 236,334 $ 333,633 Gross profit 16,850 70,384 87,234 Operating profit 6,264 55,440 61,704 Total assets 242,815 162,869 $ 6,189 411,873 Depreciation and amortization 1,328 8,511 9,839 Capital expenditures 1,849 1,301 3,150 Year ended December 31, 2016 External net sales $ 108,128 $ 233,777 $ 341,905 Gross profit 20,963 64,699 85,662 Operating profit 9,677 52,835 62,512 Total assets 200,639 158,062 $ 58,893 417,594 Depreciation and amortization 1,045 7,830 8,875 Capital expenditures 1,351 3,473 4,824 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Operating Leases [Abstract] | |
Schedule Of Future Annual Rental Payments | Years ending December 31: (In thousands) 2019 $ 610 2020 423 2021 263 2022 200 2023 193 Thereafter 40 $ 1,729 |
Interim Financial Information (
Interim Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interim Financial Information [Abstract] | |
Schedule Of Quarterly Financial Information | (In thousands, except per share data) Per Share (basic and diluted) Quarter Net Sales Gross Profit Earnings from Continuing Operations Earnings (Loss) from Discontinued Operations, net of tax Net Earnings Earnings from Continuing Operations Earnings (Loss) from Discontinued Operations, net of tax Net Earnings 2018 First $ 76,826 $ 20,277 $ 10,994 $ (8) $ 10,986 $ 1.57 $ - $ 1.57 Second 79,227 19,445 10,776 (1) 10,775 1.54 - 1.54 Third 81,653 15,697 6,240 131 6,371 0.89 0.02 0.91 Fourth 85,611 20,464 11,879 (71) 11,808 1.69 (0.01) 1.68 Total $ 323,317 $ 75,883 $ 39,889 $ 51 $ 39,940 $ 5.69 $ 0.01 $ 5.70 2017 First $ 72,854 $ 20,126 $ 9,973 $ 8,182 $ 18,155 $ 1.43 $ 1.17 $ 2.60 Second 74,561 17,560 8,941 771 9,712 1.28 0.11 1.39 Third 70,614 18,892 8,338 (6) 8,332 1.19 - 1.19 Fourth 115,604 30,656 16,062 698 16,760 2.30 0.10 2.40 Total $ 333,633 $ 87,234 $ 43,314 $ 9,645 $ 52,959 $ 6.20 $ 1.38 $ 7.58 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations [Abstract] | |
Results of discontinued operations and schedule of major classes of assets and liabilities | The following table summarizes the results of the Absorbent Products business within discontinued operations for each of the periods presented: For the years ended December 31, (in thousands) 2018 2017 2016 Net sales $ - $ 421 $ 76,555 Cost of sales 65 (675) (70,848) Selling and general expenses - (25) (2,618) Gain on divestiture, net - 11,413 - Other income (expense) - 2,753 976 Earnings from discontinued operations before provision for income taxes 65 13,887 4,065 Provision for income taxes from discontinued operations 14 4,242 1,416 Earnings from discontinued operations, net of tax $ 51 $ 9,645 $ 2,649 The following table summarizes the major classes of assets and liabilities of the Absorbent Products business held for sale for each of the periods presented: Year Ended December 31, (in thousands) 2018 2017 Accounts receivable, net $ 375 $ 2,529 Property, plant and equipment, net - 3,660 Assets held for sale $ 375 $ 6,189 Accounts payable $ - $ 210 Liabilities held for sale $ - $ 210 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Jul. 01, 2018 | Jul. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2019 | |
Significant Accounting Policies [Line Items] | |||||||
Proceeds from sale | $ 4,000,000 | $ 68,448,000 | |||||
Post-closing adjustments | 1,448,000 | ||||||
Gain on divestiture, net | $ 0 | $ 11,413,000 | $ 11,413,000 | ||||
Checks outstanding | $ 3,057,000 | 3,157,000 | |||||
Proceeds from sale and maturity of available for sale securities | 173,060,000 | 132,752,000 | $ 33,863,000 | ||||
Gross gains or losses related to sales of marketable securities | 0 | 0 | 0 | ||||
Net unrealized gains (losses) included OCI | 135,000 | (37,000) | (57,000) | ||||
Reclassification out of AOCI | 0 | 0 | 0 | ||||
Contractual maturities of marketable securities, within one year | 21,787,000 | ||||||
Contractual maturities of marketable securities, beyond one year to five years | 35,857,000 | ||||||
Contractual maturities of marketable securities, beyond five years to ten years | 17,538,000 | ||||||
Contractual maturities of marketable securities, beyond ten years | 59,416,000 | ||||||
Goodwill | 11,485,000 | 11,485,000 | |||||
Goodwill, Cumulative Impairment Charges | 0 | ||||||
Impairments of Intangible Assets | 0 | 0 | |||||
Gross carrying amount of intangibles | 0 | 21,901,000 | |||||
Accumulated amortization of intangibles | 0 | 19,570,000 | |||||
Amortization expense | 2,167,000 | 2,630,000 | 721,000 | ||||
Advertising expense | $ 181,000 | $ 174,000 | $ 369,000 | ||||
Statutory rate | 21.00% | 35.00% | 35.00% | ||||
Scenario, Forecast [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Operating Lease, Right-of-Use Asset | $ 4,000,000 | ||||||
Operating Lease, Liability | $ 4,000,000 | ||||||
Defense [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Impairment of Property, Plant and Equipment | $ 2,975,000 | ||||||
Goodwill | $ 11,485,000 | $ 11,485,000 | |||||
Impairments of Intangible Assets | 46,000 | ||||||
Contract liabilities | 9,579,000 | 8,364,000 | |||||
Revenue recognized that was previously included in contract liability | 676,000 | ||||||
Unsatified performance obligations | $ 333,592,000 | 308,173,000 | |||||
Housewares/ Small Appliances [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Expected prepayment utilization period | 2 years | ||||||
Materials Prepayments | $ 6,864,000 | 11,567,000 | |||||
Change in estimate of variable consideration | 0 | 0 | |||||
Revenue recognized from performance obligations satisfied in a prior period | $ 0 | 0 | |||||
Standard product warranty coverage period | 60 days | ||||||
Buildings [Member] | Defense [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Construction in progress | $ 1,437,000 | 374,000 | |||||
Machinery and Equipment [Member] | Defense [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Construction in progress | 764,000 | ||||||
Machinery and Equipment [Member] | Housewares/ Small Appliances [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Construction in progress | $ 264,000 | ||||||
Minimum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Accounts receivable, collection period | 25 days | ||||||
Economic use period for intangibles | 2 years | ||||||
Minimum [Member] | Defense [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Holding period following recognition of revenue | 7 days | ||||||
Minimum [Member] | Housewares/ Small Appliances [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Standard product warranty coverage period | 1 year | ||||||
Minimum [Member] | Buildings [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Useful life | 15 years | ||||||
Minimum [Member] | Machinery and Equipment [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Useful life | 3 years | ||||||
Minimum [Member] | Land Improvements [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Useful life | 15 years | ||||||
Maximum [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Accounts receivable, collection period | 60 days | ||||||
Economic use period for intangibles | 10 years | ||||||
Maximum [Member] | Defense [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Holding period following recognition of revenue | 28 days | ||||||
Maximum [Member] | Housewares/ Small Appliances [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Standard product warranty coverage period | 12 years | ||||||
Maximum [Member] | Buildings [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Useful life | 40 years | ||||||
Maximum [Member] | Machinery and Equipment [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Useful life | 10 years | ||||||
Maximum [Member] | Land Improvements [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Useful life | 20 years | ||||||
Maximum [Member] | Variable Rate Demand Notes [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of days to tender securites | 7 days | ||||||
Government Sales Contract Intangible Assets [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Gross carrying amount of intangibles | 21,690,000 | ||||||
Other Intangible Assets [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Gross carrying amount of intangibles | 211,000 | ||||||
Other Current Assets [Member] | Housewares/ Small Appliances [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Materials Prepayments | $ 5,190,000 | $ 5,930,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | $ 134,572 | $ 144,361 |
MARKETABLE SECURITIES, Fair Value | 134,598 | 144,252 |
MARKETABLE SECURITIES, Gross Unrealized Gains | 44 | |
MARKETABLE SECURITIES, Gross Unrealized Losses | 18 | 109 |
Tax-Exempt Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | 40,156 | 30,103 |
MARKETABLE SECURITIES, Fair Value | 40,182 | 29,994 |
MARKETABLE SECURITIES, Gross Unrealized Gains | 44 | |
MARKETABLE SECURITIES, Gross Unrealized Losses | 18 | 109 |
Variable Rate Demand Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | 94,416 | 114,258 |
MARKETABLE SECURITIES, Fair Value | $ 94,416 | $ 114,258 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Changes In Product Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | ||
Beginning balance January 1 | $ 383 | $ 543 |
Accruals during the period | 315 | 268 |
Changes/payments made under the warranties | (477) | (428) |
Balance December 31 | $ 221 | $ 383 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Timing Of Performance Obligation) (Narrative) (Details) - Defense [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-01-01 | Dec. 31, 2018 |
Minimum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Fulfullment period of unsatisfied performance obligations | 18 months |
Maximum [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Fulfullment period of unsatisfied performance obligations | 24 months |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory [Line Items] | |||
Liquidation of LIFO layer | $ 26,000 | $ 64,000 | $ 2,451,000 |
FIFO inventory amount | 66,200,000 | 78,420,000 | |
Finished goods | 1,003,000 | 1,223,000 | |
Work in process | 59,580,000 | 72,219,000 | |
Raw materials and supplies | 5,617,000 | 4,978,000 | |
Housewares/ Small Appliances [Member] | |||
Inventory [Line Items] | |||
LIFO inventory amount | 27,788,000 | 26,019,000 | |
Inventory valuation, difference below FIFO | $ 4,024,000 | $ 3,835,000 |
Inventories (Schedule Of Potent
Inventories (Schedule Of Potential Impact Of LIFO Valuation to FIFO Valuation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventories [Abstract] | |||
Cost of Sales | $ (189) | $ (1,250) | $ 443 |
Net Earnings | $ 143 | $ 830 | $ (292) |
Earnings Per Share | $ 0.02 | $ 0.12 | $ (0.04) |
Accrued Liabilities (Narrative)
Accrued Liabilities (Narrative) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities [Abstract] | ||
Accrued product liability | $ 4,949,000 | $ 4,965,000 |
Accrued payroll liability | 5,130,000 | 5,827,000 |
Environmental accrued liability | 1,120,000 | 1,150,000 |
Other accrued liabilities | $ 812,000 | $ 1,150,000 |
Treasury Stock (Narrative) (Det
Treasury Stock (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Treasury Stock [Abstract] | |||
Shares approved for repurchase | 503,311 | ||
Shares Acquired From Participants For Share Based Compensation Tax Obligations | 62 | 1,139 | 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 12 Months Ended | ||||
Dec. 31, 2018USD ($)employeeshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | May 16, 2017shares | May 18, 2010shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized | 150,000 | 50,000 | |||
Number of plan participants | employee | 23 | ||||
Pre-tax compensation expense | $ | $ 469,000 | $ 545,000 | $ 391,000 | ||
Unrecognized compensation cost | $ | $ 1,406,000 | ||||
Unrecognized compensation cost, recognition period | 3 years 9 months 18 days | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting year | 2021 | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting year | 2024 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 3,886 | 7,837 | 3,162 | ||
Shares vested | 1,359 | 6,492 | 1,284 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Activity For Non-Vested Restricted Stock) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested at beginning of period, Shares | 29,810 | 28,465 | 26,587 |
Granted, Shares | 3,886 | 7,837 | 3,162 |
Vested, Shares | (1,359) | (6,492) | (1,284) |
Forfeited, Shares | 0 | 0 | 0 |
Non-vested at end of period, Shares | 32,337 | 29,810 | 28,465 |
Non-vested at beginning of period, Weighted Average Fair Value at Grant Date | $ 83.40 | $ 77.93 | $ 78 |
Granted, Weighted Average Fair Value at Grant Date | 116.49 | 105.06 | 89.10 |
Vested, Weighted Average Fair Value at Grant Date | 72.25 | 85.58 | 106.92 |
Non-vested at end of period, Weighted Average Fair Value at Grant Date | $ 87.84 | $ 83.40 | $ 77.93 |
401(k) Plan (Narrative) (Detail
401(k) Plan (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employer Contribution Common Stock [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of specified salary amount matched by employer | 50.00% | ||
Percentage of employee salary eligible for matching | 4.00% | ||
Employer contributions | $ 1,218,000 | $ 1,194,000 | $ 1,225,000 |
Employer Contribution Cash [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of specified salary amount matched by employer | 50.00% | ||
Percentage of employee salary eligible for matching | 4.00% | ||
Employer contributions | $ 821,000 | 817,000 | 924,000 |
Certain Employees [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of employee salary eligible for matching | 3.00% | ||
Defined Benefit Plan, Union Employees [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contributions | $ 352,000 | $ 369,000 | $ 358,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Statutory rate | 21.00% | 35.00% | 35.00% |
Increase in income tax provison from revaluation of net deferred tax assets | $ 534,000 | ||
Gross unrecognized tax benefits | $ 320,000 | 459,000 | $ 288,000 |
Income tax related interest and penalties included in tax expense | $ 14,000 | $ 17,000 | $ 15,000 |
Income Taxes (Schedule Of Provi
Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Current, Federal | $ 10,996 | $ 24,200 | $ 14,391 |
Current, State | 1,575 | 1,772 | 656 |
Current provision for income taxes | 12,571 | 25,972 | 15,047 |
Deferred, Federal | (280) | (4,008) | 5,799 |
Deferred, State | 159 | 7 | 561 |
Deferred provision for income taxes | (121) | (4,001) | 6,360 |
Total tax provision | $ 12,450 | $ 21,971 | $ 21,407 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Statutory Rate to Effective Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Statutory rate | 21.00% | 35.00% | 35.00% |
State tax, net of federal benefit | 2.60% | 1.80% | 1.20% |
Tax exempt interest and dividends | (0.60%) | (0.70%) | (0.20%) |
Other | 0.80% | (2.40%) | (2.20%) |
Effective Rate | 23.80% | 33.70% | 33.80% |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Taxes [Abstract] | ||
Insurance (primarily product liability) | $ 900 | $ 1,023 |
Inventory | 339 | 654 |
Vacation | 527 | 596 |
Doubtful accounts | 158 | 447 |
Environmental | 237 | 275 |
Deferred compensation | 303 | 253 |
Other | 37 | 72 |
Total deferred tax assets | 2,501 | 3,320 |
Goodwill and other intangibles | 1,200 | 1,112 |
Deferred revenue | 875 | |
Depreciation | 213 | 338 |
Total deferred tax liabilities | 1,413 | 2,325 |
Net deferred tax assets | $ 1,088 | $ 995 |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | ||
Balance at January 1 | $ 459,000 | $ 288,000 |
Additions for tax positions taken related to the current year | 73,000 | 128,000 |
Additions for tax positions taken related to prior years | 66,000 | |
Reductions for tax positions taken related to prior years | (54,000) | |
Lapse of statue of limitations | (56,000) | (23,000) |
Settlements | (102,000) | |
Balance at December 31 | $ 320,000 | $ 459,000 |
Concentrations (Narrative) (Det
Concentrations (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018employeecustomer | Dec. 31, 2017customer | Dec. 31, 2016customer | |
Concentration Risk [Line Items] | |||
Number of entity empolyees, union members | employee | 170 | ||
Percentage of entity employees, union members | 18.00% | ||
Housewares/ Small Appliances [Member] | |||
Concentration Risk [Line Items] | |||
Major customers contributing to net sales | customer | 1 | 1 | 1 |
Housewares/ Small Appliances [Member] | Net Sales [Member] | |||
Concentration Risk [Line Items] | |||
Major customer, percentage | 10.00% | 10.00% | 11.00% |
Environmental (Narrative) (Deta
Environmental (Narrative) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Environmental [Abstract] | ||
Environmental accrued liability | $ 1,120,000 | $ 1,150,000 |
Environmental (Schedule Of Expe
Environmental (Schedule Of Expected Future Payments Of Environmental Matters) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Environmental [Abstract] | |
2019 | $ 230 |
2020 | 165 |
2021 | 150 |
2022 | 135 |
2023 | 120 |
Thereafter | 320 |
Future payments for environmental matters | $ 1,120 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2018segment | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2010contract | |
Business Segments [Abstract] | ||||
Operating segments | segment | 2 | |||
Government contract, number of contractors | contract | 2 | |||
Supply commitment, commitment term | 5 years | 1 year | 5 years |
Business Segments (Schedule Of
Business Segments (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
External net sales | $ 85,611 | $ 81,653 | $ 79,227 | $ 76,826 | $ 115,604 | $ 70,614 | $ 74,561 | $ 72,854 | $ 323,317 | $ 333,633 | $ 341,905 |
Gross profit | 20,464 | $ 15,697 | $ 19,445 | $ 20,277 | 30,656 | $ 18,892 | $ 17,560 | $ 20,126 | 75,883 | 87,234 | 85,662 |
Operating profit | 47,902 | 61,704 | 62,512 | ||||||||
Total assets | 413,618 | 411,873 | 413,618 | 411,873 | 417,594 | ||||||
Depreciation and amortization | 6,219 | 9,839 | 8,875 | ||||||||
Capital expenditures | 8,686 | 3,150 | 4,824 | ||||||||
Housewares/ Small Appliances [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External net sales | 93,771 | 97,299 | 108,128 | ||||||||
Gross profit | 14,904 | 16,850 | 20,963 | ||||||||
Operating profit | 2,991 | 6,264 | 9,677 | ||||||||
Total assets | 280,607 | 242,815 | 280,607 | 242,815 | 200,639 | ||||||
Depreciation and amortization | 1,384 | 1,328 | 1,045 | ||||||||
Capital expenditures | 8,010 | 1,849 | 1,351 | ||||||||
Defense [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External net sales | 229,546 | 236,334 | 233,777 | ||||||||
Gross profit | 60,979 | 70,384 | 64,699 | ||||||||
Operating profit | 44,911 | 55,440 | 52,835 | ||||||||
Total assets | 132,636 | 162,869 | 132,636 | 162,869 | 158,062 | ||||||
Depreciation and amortization | 4,835 | 8,511 | 7,830 | ||||||||
Capital expenditures | 676 | 1,301 | 3,473 | ||||||||
Discontinued Operations Held-for-sale [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | $ 375 | $ 6,189 | $ 375 | $ 6,189 | $ 58,893 |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Rent Expense | $ 1,050,000 | $ 994,000 | $ 1,040,000 |
Minimum [Member] | |||
Operating leases, renewal option term | 1 year | ||
Maximum [Member] | |||
Operating leases, renewal option term | 10 years |
Operating Leases (Schedule Of F
Operating Leases (Schedule Of Future Annual Rental Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases [Abstract] | |
2019 | $ 610 |
2020 | 423 |
2021 | 263 |
2022 | 200 |
2023 | 193 |
Thereafter | 40 |
Future minimum operating lease payments | $ 1,729 |
Interim Financial Information_2
Interim Financial Information (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interim Financial Information [Abstract] | |||||||||||
Net sales | $ 85,611 | $ 81,653 | $ 79,227 | $ 76,826 | $ 115,604 | $ 70,614 | $ 74,561 | $ 72,854 | $ 323,317 | $ 333,633 | $ 341,905 |
Gross Profit | 20,464 | 15,697 | 19,445 | 20,277 | 30,656 | 18,892 | 17,560 | 20,126 | 75,883 | 87,234 | 85,662 |
Earnings from continuing operations | 11,879 | 6,240 | 10,776 | 10,994 | 16,062 | 8,338 | 8,941 | 9,973 | 39,889 | 43,314 | 41,915 |
Earnings (loss) from discontinued operations, net of tax | (71) | 131 | (1) | (8) | 698 | (6) | 771 | 8,182 | 51 | 9,645 | 2,649 |
Net earnings | $ 11,808 | $ 6,371 | $ 10,775 | $ 10,986 | $ 16,760 | $ 8,332 | $ 9,712 | $ 18,155 | $ 39,940 | $ 52,959 | $ 44,564 |
Earnings from continuing operations per share, basic and diluted | $ 1.69 | $ 0.89 | $ 1.54 | $ 1.57 | $ 2.30 | $ 1.19 | $ 1.28 | $ 1.43 | $ 5.69 | $ 6.20 | $ 6.01 |
Earnings (loss) from discontinued operations per share, net of tax, basic and diluted | (0.01) | 0.02 | 0.10 | 0.11 | 1.17 | 0.01 | 1.38 | 0.38 | |||
Net earnings per share | $ 1.68 | $ 0.91 | $ 1.54 | $ 1.57 | $ 2.40 | $ 1.19 | $ 1.39 | $ 2.60 | $ 5.70 | $ 7.58 | $ 6.39 |
Line Of Credit And Commercial_2
Line Of Credit And Commercial Letters Of Credit (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | ||
Letters of credit | $ 1,247,000 | $ 1,197,000 |
Domestic Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit limit | 5,000,000 | 5,000,000 |
Line of credit outstanding | $ 0 | $ 0 |
Percentage over LIBOR | 0.50% |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 01, 2018 | Jul. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale | $ 4,000 | $ 68,448 | |||
Post-closing adjustments | 1,448 | ||||
Gain on divestiture, net | $ 0 | $ 11,413 | $ 11,413 | ||
Cash provided by (used in) operating activities of discontinued operations | $ (636) | (5,447) | $ 4,477 | ||
Cash provided by (used in) investing activities related to discontinued operations | $ 6,290 | 61,891 | $ (1,139) | ||
Original lease agreement [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Term of lease | 10 years | ||||
Amended lease agreement [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Term of lease | 14 years | ||||
Lease renewal period | 3 years | ||||
Discontinued Operations Held-for-sale [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on divestiture, net | $ 11,413 | ||||
Discontinued Operations Held-for-sale [Member] | Original lease agreement [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total annual lease payments | $ 1,288 | ||||
Discontinued Operations Held-for-sale [Member] | Current twelve month estimate [Member] | Amended lease agreement [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total annual lease payments | $ 1,755 | ||||
Minimum [Member] | Amended lease agreement [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Early termination term | 5 years | ||||
Maximum [Member] | Amended lease agreement [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Early termination term | 10 years |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Results) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Jul. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net sales | $ 85,611 | $ 81,653 | $ 79,227 | $ 76,826 | $ 115,604 | $ 70,614 | $ 74,561 | $ 72,854 | $ 323,317 | $ 333,633 | $ 341,905 | |
Cost of sales | (247,434) | (246,399) | (256,243) | |||||||||
Selling and general expenses | (23,286) | (22,900) | (22,429) | |||||||||
Gain on divestiture, net | 0 | $ 11,413 | 11,413 | |||||||||
Other income | 4,437 | 3,581 | 810 | |||||||||
Earnings (loss) from discontinued operations, net of tax | $ (71) | $ 131 | $ (1) | $ (8) | $ 698 | $ (6) | $ 771 | $ 8,182 | 51 | 9,645 | 2,649 | |
Discontinued Operations Held-for-sale [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net sales | 421 | 76,555 | ||||||||||
Cost of sales | (675) | (70,848) | ||||||||||
Cost of sales | 65 | |||||||||||
Selling and general expenses | (25) | (2,618) | ||||||||||
Gain on divestiture, net | 11,413 | |||||||||||
Other income | 2,753 | 976 | ||||||||||
Earnings (loss) from discontinued operations before provision for income taxes | 65 | 13,887 | 4,065 | |||||||||
Provision for (benefit from) income taxes from discontinued operations | 14 | 4,242 | 1,416 | |||||||||
Earnings (loss) from discontinued operations, net of tax | $ 51 | $ 9,645 | $ 2,649 |
Discontinued Operations (Summ_2
Discontinued Operations (Summary of Major Classes of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | $ 52,372 | $ 65,220 |
Inventories | 93,988 | 104,439 |
Property, Plant and equipment, net | 39,143 | 45,168 |
Accounts payable | 34,100 | 28,445 |
Accrued liabilities | 12,011 | 13,092 |
Discontinued Operations Held-for-sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 375 | 2,529 |
Property, Plant and equipment, net | 3,660 | |
Assets held for sale | $ 375 | 6,189 |
Accounts payable | 210 | |
Liabilities held for sale | $ 210 |
Divestiture (Narrative) (Detail
Divestiture (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Consideration received for sale of business | $ 10,636 |
Impairment of long-lived assets to be disposed of | 3,021 |
Net loss (gain) and impairment on divestiture of businesses | 2,528 |
Notes receivable, current | 7,213 |
Disposal Group, divestiture, not discontinued operations [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Notes receivable, current | $ 4,913 |
Other (Narrative) (Details)
Other (Narrative) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Note receivable, related to license agreement | $ 6,966,000 | $ 6,750,000 |
Notes receivable, current, related to option agreement | 7,213,000 | |
Third Party [Member] | ||
Notes receivable, current, related to option agreement | $ 2,300,000 |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 15, 2019 | Feb. 15, 2019 | Jul. 01, 2018 | Jul. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2010 | |
Subsequent Event [Line Items] | ||||||||
Proceeds from sale | $ 4,000 | $ 68,448 | ||||||
Dividends paid on common stock | $ 41,989 | $ 38,405 | $ 35,161 | |||||
Supply commitment, commitment term | 5 years | 1 year | 5 years | |||||
Regular dividends per share paid | $ 1 | $ 1 | $ 1 | |||||
Extra dividends per share paid | $ 5 | $ 4.50 | $ 4.05 | |||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Regular dividends per share declared | $ 1 | |||||||
Extra dividends per share declared | $ 5 | |||||||
Dividends paid on common stock | $ 42,087 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 1,869 | $ 1,816 | $ 1,796 |
Additions, Charged to Costs and Expenses | 458 | 70 | 1 |
Additions, Charged to Other Accounts | (1,422) | ||
Deductions | 158 | 17 | (19) |
Balance at End of Period | $ 747 | $ 1,869 | $ 1,816 |