Document And Entity Information

Document And Entity Information (USD $)	12 Months Ended
Document And Entity Information (USD $)	Dec. 31, 2014	Mar. 02, 2015	Jun. 29, 2014
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014
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		6,917,222
Entity Public Float			$ 347,996,185
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
CURRENT ASSETS:
Cash and cash equivalents	$ 54,043	$ 22,953
Marketable securities	22,404	36,404
Accounts receivable	70,171	85,400
Less allowance for doubtful accounts	1,419	1,078
Accounts receivable, net	68,752	84,322
Inventories:
Finished goods	30,308	36,078
Work in process	50,569	49,690
Raw materials and supplies	8,181	6,746
Total inventory	89,058	92,514
Deferred tax assets	6,623	8,083
Income tax receivable	1,668	213
Other current assets	14,321	19,584
Total current assets	256,869	264,073
PROPERTY, PLANT AND EQUIPMENT:
Land and land improvements	4,757	4,007
Buildings	39,927	37,809
Machinery and equipment	126,580	114,056
PROPERTY, PLANT AND EQUIPMENT	171,264	155,872
Less allowance for depreciation and amortization	75,721	66,283
PROPERTY, PLANT AND EQUIPMENT, NET	95,543	89,589
GOODWILL	11,485	11,485
INTANGIBLE ASSETS, net	10,644	24,698
NOTE RECEIVABLE	3,818	3,695
Total assets	378,359	393,540
CURRENT LIABILITIES:
Accounts payable	32,948	38,323
Accrued liabilities	15,680	15,907
Total current liabilities	48,628	54,230
DEFERRED INCOME TAXES	4,288	6,759
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, $1 par value: Authorized: 12,000,000 shares at December 31, 2014 and 2013; Issued: 7,440,518 shares at December 31, 2014 and 2013; Outstanding: 6,917,222 and 6,902,053 shares at December 31, 2014 and 2013, respectively	7,441	7,441
Paid-in capital	5,906	4,998
Retained earnings	328,417	336,895
Accumulated other comprehensive income	(3)	8
Stockholders' Equity before Treasury Stock	341,761	349,342
Less treasury stock, at cost, 523,296 and 538,465 shares at December 31, 2014 and 2013, respectively	16,318	16,791
Total stockholders' equity	325,443	332,551
Total liabilities and stockholders' equity	$ 378,359	$ 393,540

Consolidated Balance Sheets (Parenthetical)

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
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	6,917,222	6,902,053
Treasury stock, at cost	523,296	538,465

Consolidated Statements Of Comprehensive Income

Consolidated Statements Of Comprehensive Income (USD $) Share data in Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements Of Comprehensive Income [Abstract]
Net sales	$ 412,363,000	$ 420,188,000	$ 472,490,000
Cost of sales	335,162,000	340,836,000	377,627,000
Gross profit	77,201,000	79,352,000	94,863,000
Selling and general expenses	23,216,000	21,231,000	34,095,000
Intangibles amortization	11,991,000	667,000	1,049,000
Impairment of finite lived intangible assets	2,063,000
Goodwill impairment	0	2,840,000	0
Change in contingent consideration liability		(3,000,000)
Operating profit	39,931,000	57,614,000	59,719,000
Other income, principally interest	366,000	731,000	705,000
Earnings before provision for income taxes	40,297,000	58,345,000	60,424,000
Provision for income taxes	13,820,000	17,093,000	21,549,000
Net earnings	26,477,000	41,252,000	38,875,000
Weighted average common shares outstanding:
Weighted average shares outstanding (basic and diluted)	6,930	6,907	6,889
Net Earnings per Share
Basic and diluted	$ 3.82	$ 5.97	$ 5.64
Other comprehensive income loss, net of tax:
Unrealized loss on available-for-sale securities	11,000	45,000	19,000
Comprehensive income	$ 26,466,000	$ 41,207,000	$ 38,856,000

Consolidated Statements Of Cash Flows

Consolidated Statements Of Cash Flows (USD $)	12 Months Ended
Consolidated Statements Of Cash Flows (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net earnings	$ 26,477,000	$ 41,252,000	$ 38,875,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Intangibles amortization	11,991,000	667,000	1,049,000
Provision for depreciation	9,828,000	8,277,000	10,136,000
Deferred income tax provision (benefit)	(1,005,000)	239,000	(4,792,000)
Impairment of finite lived intangible assets	2,063,000
Change in contingent consideration liability		(3,000,000)
Goodwill impairment	0	2,840,000	0
Loss (gain) on disposal and impairment of property, plant and equipment	(2,000)	(154,000)	5,843,000
Provision for doubtful accounts	532,000	816,000	5,629,000
Other	846,000	608,000	568,000
Changes in:
Accounts receivable	16,536,000	(8,533,000)	(6,546,000)
Inventories	8,144,000	(9,150,000)	11,091,000
Other current assets	5,291,000	(10,728,000)	10,360,000
Accounts payable and accrued liabilities	(6,033,000)	2,948,000	(9,999,000)
Federal and state income taxes receivable/payable	(1,455,000)	(1,863,000)	128,000
Net cash provided by operating activities	73,213,000	24,219,000	62,342,000
Cash flows from investing activities:
Marketable securities purchased	(8,976,000)	(6,151,000)	(26,023,000)
Marketable securities - maturities and sales	22,959,000	25,263,000	29,767,000
Acquisition of property, plant and equipment	(11,287,000)	(36,256,000)	(13,584,000)
Acquisition of customer contract		(21,968,000)
Notes issued			(3,500,000)
Sale of property, plant and equipment	307,000	409,000	8,000
Acquisition of businesses, net of cash acquired	(10,534,000)		(246,000)
Net cash used in investing activities	(7,531,000)	(38,703,000)	(13,578,000)
Cash flows from financing activities:
Dividends paid	(34,954,000)		(86,106,000)
Other	362,000		784,000
Net cash used in financing activities	(34,592,000)		(85,322,000)
Net increase (decrease) in cash and cash equivalents	31,090,000	(14,484,000)	(36,558,000)
Cash and cash equivalents at beginning of year	22,953,000	37,437,000	73,995,000
Cash and cash equivalents at end of year	54,043,000	22,953,000	37,437,000
Supplemental disclosures of cash flow information:
Income taxes	$ 17,411,000	$ 19,076,000	$ 26,532,000

Consolidated Statements Of Stockholders' Equity

Consolidated Statements Of Stockholders' Equity (USD $) In Thousands, except Share data	Common Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member] Quarter 1 Dividend Payment [Member]	Retained Earnings [Member] Quarter 4 Dividend Payment [Member]	Retained Earnings [Member]	Accumulated Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Quarter 1 Dividend Payment [Member]	Quarter 4 Dividend Payment [Member]	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2011	$ 7,441	$ 3,539			$ 342,873	$ 72	$ (17,635)			$ 336,290
Balance, shares at Dec. 31, 2011	6,875
Net earnings					38,875					38,875
Unrealized loss on available-for-sale securities						(19)				(19)
Dividends paid			(41,292)	(44,814)				(41,292)	(44,814)
Other		933			1		597			1,531
Other, shares	19
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2012	7,441	4,472			295,643	53	(17,038)			290,571
Balance, shares at Dec. 31, 2012	6,894
Net earnings					41,252					41,252
Unrealized loss on available-for-sale securities						(45)				(45)
Other		526					247			773
Other, shares	8
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2013	7,441	4,998			336,895	8	(16,791)			332,551
Balance, shares at Dec. 31, 2013	6,902
Net earnings					26,477					26,477
Unrealized loss on available-for-sale securities						(11)				(11)
Dividends paid					(34,954)					(34,954)
Other		908			(1)		473			1,380
Other, shares	15
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2014	$ 7,441	$ 5,906			$ 328,417	$ (3)	$ (16,318)			$ 325,443
Balance, shares at Dec. 31, 2014	6,917

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References+ Details

Consolidated Statements Of Stockholders' Equity (Parenthetical)

Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2012
Quarter 1 Dividend Payment [Member]
Regular dividends per share paid	$ 1.00	$ 1.00
Extra dividends per share paid	$ 4.05	$ 5.00
Quarter 4 Dividend Payment [Member]
Regular dividends per share paid		$ 1.00
Extra dividends per share paid		$ 5.50

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

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.

(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.

(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 $7,039,000 and $3,389,000 at December 31, 2014 and 2013, respectively, are included as reductions of cash and cash equivalents or bank 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, 2014 and 2013, 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. There were no transfers into or out of Level 2 during 2014 and 2013.



	(In thousands)
	MARKETABLE SECURITIES

	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
December 31, 2014
Tax-exempt Municipal Bonds	$	8,809	$	8,804	$	5	$	10
Variable Rate Demand Notes		13,600		13,600		-		-
Total Marketable Securities	$	22,409	$	22,404	$	5	$	10

December 31, 2013
Tax-exempt Municipal Bonds	$	20,813	$	20,825	$	18	$	6
Variable Rate Demand Notes		15,579		15,579		-		-
Total Marketable Securities	$	36,392	$	36,404	$	18	$	6

Proceeds from sales and maturities of marketable securities totaled $22,959,000 in 2014, $25,263,000 in 2013, and $29,767,000 in 2012. There were no realized gross gains or losses related to sales of marketable securities during the years ended December 31, 2014, 2013 and 2012. Net unrealized losses included in other comprehensive income were $17,000, $70,000 and $30,000 before taxes for the years ended December 31, 2014, 2013, and 2012, 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, 2014 are as follows: $3,523,000 within one year; $6,152,000 beyond one year to five years; $8,108,000 beyond five years to ten years, and $4,621,000 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 are 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 30 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 market with cost being determined principally on the last-in, first-out (LIFO) method. Inventories for the Defense and Absorbent Products segments are stated at the lower of cost or market with cost being determined on the first-in, first-out (FIFO) 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. For machinery and equipment, all amounts which are fully depreciated have been eliminated from both the asset and allowance accounts. 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. See Note S for a discussion of impairment charges recorded in the fourth quarter of 2012. Approximately $8,100,000 of construction in progress in the Company’s Absorbent Products segment is presented on the Consolidated Balance Sheet as Machinery and Equipment at December 31, 2014.

(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. Goodwill impairments of $0, $2,840,000, and $0 were recognized during 2014, 2013, and 2012, respectively. The 2013 impairment related to AMTEC Less Lethal Systems, Inc. (“ALS”), a reporting unit in the Company’s Defense segment. ALS was created in 2011 following the acquisition of certain assets of ALS Technologies, Inc., described in Note P. The impairment was recognized as a result of the Company’s analysis comparing the implied fair value of the reporting unit’s goodwill to its recorded carrying amount. The fair value used in the evaluation of the goodwill impairment was determined using a multiple of EBITDA approach and discounted cash flow estimates. See Note R for a discussion of a contingent consideration liability reversal of $3,000,000 related to ALS in 2013.

The Company's goodwill as of December 31, 2014 and 2013 was $11,485,000, relating entirely to its Defense Products segment, which had cumulative impairment charges at December 31, 2014 of $2,840,000.

(10) INTANGIBLE ASSETS: Intangible assets primarily consist of the value of a government sales contract, product backlogs, and consulting and non-compete agreements recognized as a result of the acquisition of certain assets of DSE, Inc., more fully described in Note Q, and the value of customer relationships, trademarks and non-compete agreements related to ALS mentioned above. The intangible assets are all attributable to the Defense Products segment. The government sales contract intangible asset is amortized based on units fulfilled under the three year contract, while the other intangible assets are amortized on a straight-line basis that approximates economic use, over periods ranging from one to nine years.

Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. During 2014, the Company noted that the carrying amount of the customer relationships, trademarks and non-compete agreements related to ALS mentioned above exceeded the undiscounted cash flows expected to result from their use. As a result, an impairment loss of $2,063,000 was recognized based on the Company’s analysis comparing the fair value of the intangible assets and their carrying amounts. The fair value of the intangible assets was determined using a discounted cash flow model.

The gross carrying amounts of the government sales contract and other intangible assets subject to amortization were $21,690,000 and $278,000, respectively, totaling $21,968,000 at December 31, 2014. The gross carrying amounts of the government sales contract and other intangible assets subject to amortization were $21,690,000 and $4,452,000, respectively, totaling $26,142,000 at December 31, 2013. Accumulated amortization was $11,324,000 and $1,716,000 at December 31, 2014 and 2013, respectively. Amortization expense was $11,991,000, $667,000, and $1,049,000 during the years ended December 31, 2014, 2013, and 2012, respectively. Estimated amortization expense as of December 31, 2014 for the succeeding years is shown in the following table:



Years ending December 31:	(In thousands)
2015	$	5,330
2016		5,314

(11) REVENUE RECOGNITION: For all of its segments, the Company recognizes revenue when product is shipped or title passes pursuant to customers' orders, the price is fixed and collection is reasonably assured. For the Housewares/Small appliance segment, the Company provides for its 60-day over-the-counter return privilege and warranties at the time of shipment. Net sales for this segment are calculated by deducting early payment discounts and cooperative advertising allowances from gross sales. The Company records cooperative advertising allowances when revenue is recognized. See Note A(12) for a description of the Company’s policy for sales returns.

(12) SALES & RETURNS: Sales are recorded net of estimated discounts and returns. The latter pertain primarily to warranty returns, returns of seasonal items, and returns of those newly introduced products sold with a return privilege. The calculation of warranty returns is based in large part on historical data, while seasonal and new product returns are primarily developed using customer provided information.

(13) SHIPPING AND HANDLING COSTS: In accordance with FASB ASC 605-45, Revenue Recognition, the Company includes shipping and handling revenues in net sales and shipping costs in cost of sales.

(14) ADVERTISING: The Company's policy is to expense advertising as incurred and include it in selling and general expenses. Advertising expense was $202,000, $363,000, and $210,000 in 2014, 2013, and 2012, respectively.

(15) 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
	2014		2013
Beginning balance January 1	$	568	$	388
Accruals during the period		296		840
Charges / payments made under the warranties		(487)		(660)
Balance December 31	$	377	$	568

(16) 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.

(17) 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.

(18) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENT: In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) which amended the existing accounting standards for revenue recognition. ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. It is effective for annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements, but does not expect the impact to be material.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2014

Summary Of Significant Accounting Policies [Abstract]

Use Of Estimates In The Preparation Of Financial Statements

Basis Of Presentation

Reclassifications

Fair Value Of Financial Instruments

Cash Cash Equivalents And Marketable Securities

(5) CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES:



	(In thousands)
	MARKETABLE SECURITIES

	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
December 31, 2014
Tax-exempt Municipal Bonds	$	8,809	$	8,804	$	5	$	10
Variable Rate Demand Notes		13,600		13,600		-		-
Total Marketable Securities	$	22,409	$	22,404	$	5	$	10

December 31, 2013
Tax-exempt Municipal Bonds	$	20,813	$	20,825	$	18	$	6
Variable Rate Demand Notes		15,579		15,579		-		-
Total Marketable Securities	$	36,392	$	36,404	$	18	$	6

Accounts Receivable

Inventories

Property, Plant And Equipment

Goodwill

The Company's goodwill as of December 31, 2014 and 2013 was $11,485,000, relating entirely to its Defense Products segment, which had cumulative impairment charges at December 31, 2014 of $2,840,000.

Intangible Assets



Years ending December 31:	(In thousands)
2015	$	5,330
2016		5,314

Revenue Recognition

Sales & Returns

Shipping And Handling Costs

(13) SHIPPING AND HANDLING COSTS: In accordance with FASB ASC 605-45, Revenue Recognition, the Company includes shipping and handling revenues in net sales and shipping costs in cost of sales.

Advertising

Product Warranty

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
	2014		2013
Beginning balance January 1	$	568	$	388
Accruals during the period		296		840
Charges / payments made under the warranties		(487)		(660)
Balance December 31	$	377	$	568

Stock-Based Compensation

Income Taxes

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014
Tax-exempt Municipal Bonds	$	8,809	$	8,804	$	5	$	10
Variable Rate Demand Notes		13,600		13,600		-		-
Total Marketable Securities	$	22,409	$	22,404	$	5	$	10

December 31, 2013
Tax-exempt Municipal Bonds	$	20,813	$	20,825	$	18	$	6
Variable Rate Demand Notes		15,579		15,579		-		-
Total Marketable Securities	$	36,392	$	36,404	$	18	$	6

Schedule Of Estimated Future Amortization Expense



Years ending December 31:	(In thousands)
2015	$	5,330
2016		5,314

Schedule Of Changes In Product Warranty



	(In thousands)
	Year Ended December 31
	2014		2013
Beginning balance January 1	$	568	$	388
Accruals during the period		296		840
Charges / payments made under the warranties		(487)		(660)
Balance December 31	$	377	$	568

Summary Of Significant Accounting Policies (Narrative) (Details)

Summary Of Significant Accounting Policies (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Significant Accounting Policies [Line Items]
Checks outstanding	$ 7,039,000	$ 3,389,000
Transfers into Level 2	0	0
Transfers out of Level 2	0	0
Proceeds from sale and maturity of available for sale securities	22,959,000	25,263,000	29,767,000
Net unrealized losses included OCI	17,000	70,000	30,000
Contractual maturities of marketable securities, within one year	3,523,000
Contractual maturities of marketable securities, beyond one year to five years	6,152,000
Contractual maturities of marketable securities, beyond five years to ten years	8,108,000
Contractual maturities of marketable securities, beyond ten years	4,621,000
Goodwill	11,485,000	11,485,000
Goodwill impairment charges	0	2,840,000	0
Change in contingent consideration liability		3,000,000
Goodwill, Cumulative Impairment Charges	2,840,000
Impairment of finite lived intangible assets	2,063,000
Gross carrying amount of intangibles	21,968,000	26,142,000
Accumulated amortization of intangibles	11,324,000	1,716,000
Amortization expense	11,991,000	667,000	1,049,000
Advertising expense	202,000	363,000	210,000
Defense Products [Member]
Significant Accounting Policies [Line Items]
Goodwill	11,485,000	11,485,000
Absorbent Products [Member]
Significant Accounting Policies [Line Items]
Construction in progress	8,100,000
Housewares/ Small Appliances [Member]
Significant Accounting Policies [Line Items]
Standard product warranty coverage period	60 days
Sales returns coverage period	60 days
Minimum [Member]
Significant Accounting Policies [Line Items]
Accounts receivable, collection period	30 days
Economic use period for intangibles	1 year
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	9 years
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	21,690,000
Other Intangible Assets [Member]
Significant Accounting Policies [Line Items]
Gross carrying amount of intangibles	$ 278,000	$ 4,452,000

Summary Of Significant Accounting Policies (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details)

Summary Of Significant Accounting Policies (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	$ 22,409	$ 36,392
MARKETABLE SECURITIES, Fair Value	22,404	36,404
MARKETABLE SECURITIES, Gross Unrealized Gains	5	18
MARKETABLE SECURITIES - Gross Unrealized Losses	10	6
Tax-Exempt Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	8,809	20,813
MARKETABLE SECURITIES, Fair Value	8,804	20,825
MARKETABLE SECURITIES, Gross Unrealized Gains	5	18
MARKETABLE SECURITIES - Gross Unrealized Losses	10	6
Variable Rate Demand Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	13,600	15,579
MARKETABLE SECURITIES, Fair Value	$ 13,600	$ 15,579

Summary Of Significant Accounting Policies (Schedule Of Estimated Future Amortization Expense) (Details)

Summary Of Significant Accounting Policies (Schedule Of Estimated Future Amortization Expense) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Summary Of Significant Accounting Policies [Abstract]
2015	$ 5,330
2016	$ 5,314

Summary Of Significant Accounting Policies (Schedule Of Changes In Product Warranty Liability) (Details)

Summary Of Significant Accounting Policies (Schedule Of Changes In Product Warranty Liability) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies [Abstract]
Beginning balance January 1	$ 568	$ 388
Accruals during the period	296	840
Changes/payments made under the warranties	(487)	(660)
Balance December 31	$ 377	$ 568

Inventories

12 Months Ended

Dec. 31, 2014

Inventories [Abstract]

Inventories

B. INVENTORIES:

The amount of inventories valued on the LIFO basis was $24,909,000 and $32,090,000 as of December 31, 2014 and 2013, respectively, and consists of housewares/small appliance finished goods. Under LIFO, inventories are valued at approximately $3,791,000 and $4,434,000 below current cost determined on a first-in, first-out (FIFO) basis at December 31, 2014 and 2013, respectively. During the years ended December 31, 2014, 2013, and 2012, $7,181,000, $421,000, and $858,000, 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
2014	$	643	$	(422)	$	(0.06)
2013	$	1,941	$	(1,263)	$	(0.18)
2012	$	(857)	$	546	$	0.08

This information is provided for comparison with companies using the FIFO basis.

Inventory for Defense, Absorbent Products, and raw materials of the Housewares/Small Appliance segments are valued under the FIFO method and total $64,149,000 and $60,424,000 at December 31, 2014 and 2013, respectively. The December 31, 2014 FIFO total is comprised of $5,399,000 of finished goods, $50,569,000 of work in process, and $8,181,000 of raw material and supplies. At December 31, 2013 the FIFO total was comprised of $3,988,000 of finished goods, $49,690,000 of work in process, and $6,746,000 of raw material and supplies.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

+ References+ Details

Inventories (Tables)

12 Months Ended

Dec. 31, 2014

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
2014	$	643	$	(422)	$	(0.06)
2013	$	1,941	$	(1,263)	$	(0.18)
2012	$	(857)	$	546	$	0.08

Inventories (Narrative) (Details)

Inventories (Narrative) (Details) (USD $)	12 Months Ended
Inventories (Narrative) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Inventory [Line Items]
Liquidation of LIFO layer	$ 7,181,000	$ 421,000	$ 858,000
FIFO inventory amount	64,149,000	60,424,000
Finished goods	5,399,000	3,988,000
Work in process	50,569,000	49,690,000
Raw materials and supplies	8,181,000	6,746,000
Housewares/ Small Appliances [Member]
Inventory [Line Items]
LIFO inventory amount	24,909,000	32,090,000
Inventory valuation, difference below FIFO	$ 3,791,000	$ 4,434,000

- Definition

The effect of liquidating LIFO (last in first out) inventory layers on income.

+ References+ Details

Inventories (Schedule Of Potential Impact Of LIFO Valuation to FIFO Valuation) (Details)

Inventories (Schedule Of Potential Impact Of LIFO Valuation to FIFO Valuation) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Inventories [Abstract]
Cost of Sales	$ 643	$ 1,941	$ (857)
Net Earnings	$ (422)	$ (1,263)	$ 546
Earnings Per Share	$ (0.06)	$ (0.18)	$ 0.08