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

Accrued Liabilities

Accrued Liabilities	12 Months Ended
Accrued Liabilities	Dec. 31, 2014
Accrued Liabilities [Abstract]
Accrued Liabilities	C. ACCRUED LIABILITIES: At December 31, 2014, accrued liabilities consisted of payroll $7,045,000, product liability $5,490,000, environmental $1,390,000, and other $1,755,000. At December 31, 2013, accrued liabilities consisted of payroll $6,135,000, product liability $6,060,000, environmental $1,650,000, and other $2,062,000. 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.

Accrued Liabilities (Narrative) (Details)

Accrued Liabilities (Narrative) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Accrued Liabilities [Abstract]
Accrued product liability	$ 5,490,000	$ 6,060,000
Accrued payroll liability	7,045,000	6,135,000
Environmental accrued liability	1,390,000	1,650,000
Other accrued liabilities	$ 1,755,000	$ 2,062,000

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

Treasury Stock

Treasury Stock	12 Months Ended
Treasury Stock	Dec. 31, 2014
Treasury Stock [Abstract]
Treasury Stock	D. TREASURY STOCK: As of December 31, 2014, the Company has authority from the Board of Directors to reacquire an additional 504,600 shares. No shares were reacquired in 2014, 2013, or 2012. Treasury shares have been used for stock based compensation and to fund a portion of the Company's 401(k) contributions.

Treasury Stock (Narrative) (Details)

Treasury Stock (Narrative) (Details)	12 Months Ended
Treasury Stock (Narrative) (Details)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Treasury Stock [Abstract]
Shares approved for repurchase	504,600
Treasury stock shares acquired	0	0	0

Net Earnings Per Share

Net Earnings Per Share	12 Months Ended
Net Earnings Per Share	Dec. 31, 2014
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.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2014

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, which authorized 50,000 shares 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 2014, 2013, and 2012, the Company granted 7,367, 8,102 and 1,695 shares of restricted stock, respectively, to 20 employees and executive officers of the Company. Unless otherwise vested early in accordance with the Incentive Compensation Plan, the restricted stock vests on specified dates in 2015 through 2020, 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 $265,000, $123,000, and $91,000 in 2014, 2013, and 2012, respectively. As of December 31, 2014, there was approximately $1,123,000 of unrecognized compensation cost related to the restricted stock awards that is expected to be recognized over a weighted-average period of 4.0 years. There were no shares of restricted stock that vested during 2014, 2013, or 2012.

The following table summarizes the activity for non-vested restricted stock:



	2014			2013			2012
	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	16,301	$	84.96	8,393	$	96.28	6,730	$	101.26
Granted	7,367		65.87	8,102		73.28	1,695		76.43
Forfeited	0			(194)		86.97	(32)		93.60
Non-vested at end of period	23,668	$	79.02	16,301	$	84.96	8,393	$	96.28

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Stock-Based Compensation [Abstract]

Schedule Of Activity For Non-Vested Restricted Sock



	2014			2013			2012
	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	16,301	$	84.96	8,393	$	96.28	6,730	$	101.26
Granted	7,367		65.87	8,102		73.28	1,695		76.43
Forfeited	0			(194)		86.97	(32)		93.60
Non-vested at end of period	23,668	$	79.02	16,301	$	84.96	8,393	$	96.28

Stock-Based Compensation (Narrative) (Details)

Stock-Based Compensation (Narrative) (Details) (USD $)	12 Months Ended
Stock-Based Compensation (Narrative) (Details) (USD $)	Dec. 31, 2014 employee	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized	50,000
Shares granted	7,367	8,102	1,695
Number of plan participants	20
Pre-tax compensation expense	$ 265,000	$ 123,000	$ 91,000
Unrecognized compensation cost	$ 1,123,000
Unrecognized compensation cost, recognition period	4 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting year	2015
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting year	2020
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	7,367	8,102	1,695
Shares vested	0	0	0

Stock-Based Compensation (Schedule Of Activity For Non-Vested Restricted Stock) (Details)

Stock-Based Compensation (Schedule Of Activity For Non-Vested Restricted Stock) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock-Based Compensation [Abstract]
Non-vested at beginning of period, Shares	16,301	8,393	6,730
Granted, Shares	7,367	8,102	1,695
Forfeited, Shares	0	(194)	(32)
Non-vested at end of period, Shares	23,668	16,301	8,393
Non-vested at beginning of period, Weighted Average Fair Value at Grant Date	$ 84.96	$ 96.28	$ 101.26
Granted, Weighted Average Fair Value at Grant Date	$ 65.87	$ 73.28	$ 76.43
Forfeited, Weighted Average Fair Value at Grant Date		$ 86.97	$ 93.60
Non-vested at end of period, Weighted Average Fair Value at Grant Date	$ 79.02	$ 84.96	$ 96.28

401(k) Plan

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2014
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 $1,066,000 in 2014, $598,000 in 2013, and $1,391,000 in 2012. In addition, the Company made cash contributions of $887,000 in 2014, $812,000 in 2013, and $781,000 in 2012 to the 401(k) Plan. The Company also contributed $307,000, $364,000, and $396,000 to the 401(k) retirement plan covering its union employees at the Amron Division of the AMTEC subsidiary during the years ended December 31, 2014, 2013, and 2012, respectively.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References+ Details

Retirement Plans (Narrative) (Details)

Retirement Plans (Narrative) (Details) (USD $)	12 Months Ended
Retirement Plans (Narrative) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Employer Contribution Common Stock [Member]
Defined Benefit 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	$ 1,066,000	$ 598,000	$ 1,391,000
Employer Contribution Cash [Member]
Defined Benefit 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	887,000	812,000	781,000
Certain Employees [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of employee salary eligible for matching	3.00%
Defined Benefit Plan, Union Employees [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 307,000	$ 364,000	$ 396,000

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Income Taxes

H. INCOME TAXES:

The following table summarizes the provision for income taxes:



	For Years Ended December 31 (in thousands)
	2014		2013		2012
Current:
Federal	$	13,448	$	20,224	$	22,165
State		1,377		(3,345)		4,187
		14,825		16,879		26,352
Deferred:
Federal		(651)		(531)		(3,938)
State		(354)		745		(865)
		(1,005)		214		(4,803)
Total tax provision	$	13,820	$	17,093	$	21,549

The effective rate of the provision for 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
	2014	2013	2012
Statutory rate	35.0%	35.0%	35.0%
State tax, net of federal benefit	1.6%	(2.9%)	3.6%
Tax exempt interest and dividends	(0.1%)	(0.2%)	(0.3%)
Other	(2.5%)	(2.6%)	(2.6%)
Effective rate	34.0%	29.3%	35.7%

As shown in the preceding table, the effective tax rate for 2013 is lower than rates for the other periods primarily as a result of a revision to the filing approach used for one of the states in which the Company files returns. The revised filing approach resulted in a tax refund of approximately $4,000,000 related to tax years 2009, 2010, and 2011, which was recorded during 2013.

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)
	2014		2013
Deferred tax assets
Goodwill and other intangibles	$	4,239	$	296
Doubtful accounts		3,365		3,202
Insurance (primarily product liability)		1,994		2,224
Vacation		954		907
Inventory		778		557
Other		905		897
Total deferred tax assets		12,235		8,083

Deferred tax liabilities
Depreciation		8,529		6,755
State tax refunds		1,371		-
Other		-		4
Total deferred tax liabilities		9,900		6,759

Net deferred tax assets (liabilities)	$	2,335	$	1,324

The Company establishes tax reserves in accordance with FASB ASC 740, Income Taxes. As of December 31, 2014, the carrying amount of the Company’s gross unrecognized tax benefits was $238,000 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, 2014 and 2013:



	(In thousands)
	2014		2013
Balance at January 1	$	204	$	209
Increases for tax positions taken related to the current year		66		74
Increases for tax positions taken related to prior years		-		18
Decreases for tax positions taken related to prior years		(8)		-
Settlements		(24)		(97)
Balance at December 31	$	238	$	204

It is the Company’s practice to include interest and penalties in tax expense. During the years ended December 31, 2014 and 2013, the Company accrued approximately $9,000 and $7,000 in interest, respectively.

The Company is subject to U.S. federal income tax as well as income taxes of multiple states. The Company is currently under audit by the Internal Revenue Service for the tax years 2012 and 2013. During January of 2015, the state of Wisconsin completed its audits of the tax years 2009 through 2012. For all states in which it does business, the Company is subject to state audit statutes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Schedule Of Provision For Income Taxes



	For Years Ended December 31 (in thousands)
	2014		2013		2012
Current:
Federal	$	13,448	$	20,224	$	22,165
State		1,377		(3,345)		4,187
		14,825		16,879		26,352
Deferred:
Federal		(651)		(531)		(3,938)
State		(354)		745		(865)
		(1,005)		214		(4,803)
Total tax provision	$	13,820	$	17,093	$	21,549

Reconciliation Of Statutory Rate to Effective Rate



	Percent of Pre-tax Income
	2014	2013	2012
Statutory rate	35.0%	35.0%	35.0%
State tax, net of federal benefit	1.6%	(2.9%)	3.6%
Tax exempt interest and dividends	(0.1%)	(0.2%)	(0.3%)
Other	(2.5%)	(2.6%)	(2.6%)
Effective rate	34.0%	29.3%	35.7%

Schedule Of Deferred Tax Assets And Liabilities



	(In thousands)
	2014		2013
Deferred tax assets
Goodwill and other intangibles	$	4,239	$	296
Doubtful accounts		3,365		3,202
Insurance (primarily product liability)		1,994		2,224
Vacation		954		907
Inventory		778		557
Other		905		897
Total deferred tax assets		12,235		8,083

Deferred tax liabilities
Depreciation		8,529		6,755
State tax refunds		1,371		-
Other		-		4
Total deferred tax liabilities		9,900		6,759

Net deferred tax assets (liabilities)	$	2,335	$	1,324

Reconciliation Of Unrecognized Tax Benefits



	(In thousands)
	2014		2013
Balance at January 1	$	204	$	209
Increases for tax positions taken related to the current year		66		74
Increases for tax positions taken related to prior years		-		18
Decreases for tax positions taken related to prior years		(8)		-
Settlements		(24)		(97)
Balance at December 31	$	238	$	204

Income Taxes (Narrative) (Details)

Income Taxes (Narrative) (Details) (USD $)	12 Months Ended
Income Taxes (Narrative) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Abstract]
Tax Adjustments, Settlements, and Unusual Provisions		$ 4,000,000
Gross unrecognized tax benefits	238,000	204,000	209,000
Accrued interest included in tax expense	$ 9,000	$ 7,000

Income Taxes (Schedule Of Provision For Income Taxes) (Details)

Income Taxes (Schedule Of Provision For Income Taxes) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Abstract]
Current, Federal	$ 13,448	$ 20,224	$ 22,165
Current, State	1,377	(3,345)	4,187
Current provision for income taxes	14,825	16,879	26,352
Deferred, Federal	(651)	(531)	(3,938)
Deferred, State	(354)	745	(865)
Deferred provision for income taxes	(1,005)	214	(4,803)
Total tax provision	$ 13,820	$ 17,093	$ 21,549

- Definition

Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

Income Taxes (Reconciliation Of Statutory Rate to Effective Rate) (Details)

Income Taxes (Reconciliation Of Statutory Rate to Effective Rate) (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Abstract]
Statutory rate	35.00%	35.00%	35.00%
State tax, net of federal benefit	1.60%	(2.90%)	3.60%
Tax exempt interest and dividends	(0.10%)	(0.20%)	(0.30%)
Other	(2.50%)	(2.60%)	(2.60%)
Effective Rate	34.00%	29.30%	35.70%

Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)

Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Abstract]
Doubtful accounts	$ 3,365	$ 3,202
Insurance (primarily product liability)	1,994	2,224
Vacation	954	907
Inventory	778	557
Goodwill and other intangibles	4,239	296
Other	905	897
Total deferred tax assets	12,235	8,083
Depreciation	8,529	6,755
State tax refunds	1,371
Other		4
Total deferred tax liabilities	9,900	6,759
Net deferred tax assets (liabilities)	$ 2,335	$ 1,324

Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details)

Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Abstract]
Balance at January 1	$ 204	$ 209
Additions for tax positions taken related to the current year	66	74
Additions for tax positions taken related to prior years		18
Reductions for tax positions taken related to prior years	(8)
Settlements	(24)	(97)
Balance at December 31	$ 238	$ 204

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
Commitments And Contingencies	Dec. 31, 2014
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.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Concentrations

Concentrations	12 Months Ended
Concentrations	Dec. 31, 2014
Concentrations [Abstract]
Concentrations	J. CONCENTRATIONS: In the Housewares/Small Appliance segment, one customer accounted for 10% of consolidated net sales for the years ended December 31, 2014 and 2012. No customers in the Housewares/Small Appliance or Absorbent Products segments accounted for more than 10% of consolidated net sales for the year ended December 31, 2013. 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 2014, 2013, and 2012, almost 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, 2014, 163 employees of Amron, or 16% 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 was effective through February 28, 2015. A new contract between Amron and the union has been negotiated and is effective through February 29, 2020. Raw materials for the Absorbent Products segment are commodities that are typically available from multiple sources.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References+ Details

Concentrations (Narrative) (Details)

Concentrations (Narrative) (Details)	12 Months Ended
Concentrations (Narrative) (Details)	Dec. 31, 2014 customer	Dec. 31, 2013 customer	Dec. 31, 2012 customer
Concentration Risk [Line Items]
Number of entity empolyees, union members	163
Percentage of entity employees, union members	16.00%
Absorbent Products [Member]
Concentration Risk [Line Items]
Major customers contributing to net sales		0
Net sales, major customer, percentage		10.00%
Housewares/ Small Appliances [Member]
Concentration Risk [Line Items]
Major customers contributing to net sales	1	0	1
Net sales, major customer, percentage	10.00%	10.00%	10.00%

Environmental

12 Months Ended

Dec. 31, 2014

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, 2014, 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, 2014, 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 $1,390,000 and $1,650,000 as of December 31, 2014 and 2013, respectively, and is included in accrued liabilities on the balance sheet.

Expected future payments for environmental matters are as follows:



	(In thousands)
Years Ending December 31:
2015	$	270
2016		205
2017		190
2018		145
2019		130
Thereafter		450
	$	1,390

- Definition

The entire disclosure for environmental loss contingencies, such as presence of hazardous waste, relevant information from reports issued by regulators, and estimated costs to achieve compliance with regulatory requirements. This element may be used for all of an entity's disclosures about environmental loss contingencies.

+ References+ Details

Environmental (Tables)

12 Months Ended

Dec. 31, 2014

Environmental [Abstract]

Schedule Of Expected Future Payments Of Environmental Matters [Table Text Block]



	(In thousands)
Years Ending December 31:
2015	$	270
2016		205
2017		190
2018		145
2019		130
Thereafter		450
	$	1,390

Environmental (Narrative) (Details)

Environmental (Narrative) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Environmental [Abstract]
Environmental accrued liability	$ 1,390,000	$ 1,650,000

Environmental (Schedule Of Expected Future Payments Of Environmental Matters) (Details)

Environmental (Schedule Of Expected Future Payments Of Environmental Matters) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Environmental [Abstract]
2015	$ 270
2016	205
2017	190
2018	145
2019	130
Thereafter	450
Future payments for environmental matters	$ 1,390

Business Segments

12 Months Ended

Dec. 31, 2014

Business Segments [Abstract]

Business Segments

L. BUSINESS SEGMENTS:

The Company operates in three 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 Appliances, Defense Products, and Absorbent Products. Sales for all three segments are primarily to customers in North America.

The Housewares/Small Appliance segment designs, markets, and distributes housewares and small appliances. These 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. 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, this 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. See Note P for further discussion of the relocation. 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. Also see Note P for further discussion of the Clear Lake acquisition. 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 and less lethal ammunition. They include the fuze, the metal parts including the cartridge case, the load, assemble and pack of the final round, and the detonator.

The Absorbent Products segment was started in 2001 with the Company’s acquisition of certain assets from RMED International, Inc. The assets were placed in a company called Presto Absorbent Products, Inc, which manufactured diapers. During 2003, this segment was expanded with the purchase of the assets of NCN Hygienic Products, Inc., a Marietta, Georgia manufacturer of adult incontinence products and puppy pads. Starting in 2004, the company began making adult incontinence products at the Company's facilities in Eau Claire, Wisconsin. The segment’s products are sold to distributors and other absorbent product manufacturers. In 2007, the Company completed the closure of the Georgia facility and consolidated its absorbent products manufacturing in the Eau Claire, Wisconsin facility. It does not currently manufacture puppy pads or baby diapers.

In the following summary, operating profit represents earnings before other income (loss), principally interest income, and income taxes. 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 Appliances		Defense Products		Absorbent Products		Total
Year ended December 31, 2014
External net sales	$	125,653	$	221,545	$	65,165	$	412,363
Gross profit		25,373		57,209		(5,381)		77,201
Operating profit		15,449		32,317		(7,835)		39,931
Total assets		166,101		149,466		62,792		378,359
Depreciation and amortization		954		14,555		6,310		21,819
Capital expenditures		571		1,165		9,551		11,287

Year ended December 31, 2013
External net sales	$	137,225	$	206,198	$	76,765	$	420,188
Gross profit		26,850		50,168		2,334		79,352
Operating profit		16,984		40,463		167		57,614
Total assets		171,659		159,775		62,106		393,540
Depreciation and amortization		1,072		2,241		5,631		8,944
Capital expenditures		947		23,728		11,581		36,256

Year ended December 31, 2012
External net sales	$	145,023	$	244,998	$	82,469	$	472,490
Gross profit		27,858		64,095		2,910		94,863
Operating profit		15,714		55,071		(11,066)		59,719
Total assets		194,214		102,406		57,292		353,912
Depreciation and amortization		1,088		4,203		5,894		11,185
Capital expenditures		1,138		2,681		9,765		13,584

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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+ Details

Business Segments (Tables)

12 Months Ended

Dec. 31, 2014

Business Segments [Abstract]

Summary Of Business Segments Information



	(in thousands)
	Housewares / Small Appliances		Defense Products		Absorbent Products		Total
Year ended December 31, 2014
External net sales	$	125,653	$	221,545	$	65,165	$	412,363
Gross profit		25,373		57,209		(5,381)		77,201
Operating profit		15,449		32,317		(7,835)		39,931
Total assets		166,101		149,466		62,792		378,359
Depreciation and amortization		954		14,555		6,310		21,819
Capital expenditures		571		1,165		9,551		11,287

Year ended December 31, 2013
External net sales	$	137,225	$	206,198	$	76,765	$	420,188
Gross profit		26,850		50,168		2,334		79,352
Operating profit		16,984		40,463		167		57,614
Total assets		171,659		159,775		62,106		393,540
Depreciation and amortization		1,072		2,241		5,631		8,944
Capital expenditures		947		23,728		11,581		36,256

Year ended December 31, 2012
External net sales	$	145,023	$	244,998	$	82,469	$	472,490
Gross profit		27,858		64,095		2,910		94,863
Operating profit		15,714		55,071		(11,066)		59,719
Total assets		194,214		102,406		57,292		353,912
Depreciation and amortization		1,088		4,203		5,894		11,185
Capital expenditures		1,138		2,681		9,765		13,584

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

Business Segments (Narrative) (Details)

Business Segments (Narrative) (Details)	12 Months Ended
Business Segments (Narrative) (Details)	Dec. 31, 2014 segment	Dec. 31, 2010 contract
Business Segments [Abstract]
Operating segments	3
Government contract, number of contractors		2
Supply commitment, commitment term		5 years

Business Segments (Schedule Of Segment Information) (Details)

Business Segments (Schedule Of Segment Information) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 28, 2014	Jun. 29, 2014	Mar. 30, 2014	Dec. 31, 2013	Sep. 29, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
External net sales	$ 142,034	$ 95,463	$ 88,312	$ 86,554	$ 134,990	$ 100,612	$ 101,396	$ 83,190	$ 412,363	$ 420,188	$ 472,490
Gross profit	29,174	16,165	16,142	15,720	25,082	19,650	18,411	16,209	77,201	79,352	94,863
Operating profit									39,931	57,614	59,719
Total assets	378,359				393,540				378,359	393,540	353,912
Depreciation and amortization									21,819	8,944	11,185
Capital expenditures									11,287	36,256	13,584
Housewares/ Small Appliances [Member]
Segment Reporting Information [Line Items]
External net sales									125,653	137,225	145,023
Gross profit									25,373	26,850	27,858
Operating profit									15,449	16,984	15,714
Total assets	166,101				171,659				166,101	171,659	194,214
Depreciation and amortization									954	1,072	1,088
Capital expenditures									571	947	1,138
Defense Products [Member]
Segment Reporting Information [Line Items]
External net sales									221,545	206,198	244,998
Gross profit									57,209	50,168	64,095
Operating profit									32,317	40,463	55,071
Total assets	149,466				159,775				149,466	159,775	102,406
Depreciation and amortization									14,555	2,241	4,203
Capital expenditures									1,165	23,728	2,681
Absorbent Products [Member]
Segment Reporting Information [Line Items]
External net sales									65,165	76,765	82,469
Gross profit									(5,381)	2,334	2,910
Operating profit									(7,835)	167	(11,066)
Total assets	62,792				62,106				62,792	62,106	57,292
Depreciation and amortization									6,310	5,631	5,894
Capital expenditures									$ 9,551	$ 11,581	$ 9,765

Operating Leases

12 Months Ended

Dec. 31, 2014

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 five years. Rent expense was approximately $825,000, $866,000, and $826,000 for the years ended December 31, 2014, 2013, and 2012, respectively. Future minimum annual rental payments required under operating leases are as follows:



Years ending December 31:	(In thousands)
2015	$	476
2016		304
2017		235
2018		195
2019		26
Thereafter		13
	$	1,249

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References+ Details

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2014

Operating Leases [Abstract]

Schedule Of Future Annual Rental Payments



Years ending December 31:	(In thousands)
2015	$	476
2016		304
2017		235
2018		195
2019		26
Thereafter		13
	$	1,249

Operating Leases (Narrative) (Details)

Operating Leases (Narrative) (Details) (USD $)	12 Months Ended
Operating Leases (Narrative) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Rent Expense	$ 825,000	$ 866,000	$ 826,000
Minimum [Member]
Operating leases, renewal option term	1 year
Maximum [Member]
Operating leases, renewal option term	5 years

Operating Leases (Schedule Of Future Annual Rental Payments) (Details)

Operating Leases (Schedule Of Future Annual Rental Payments) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014
Operating Leases [Abstract]
2015	$ 476
2016	304
2017	235
2018	195
2019	26
Thereafter	13
Future minimum operating lease payments	$ 1,249

Interim Financial Information

12 Months Ended

Dec. 31, 2014

Interim Financial Information [Abstract]

Interim Financial Information

N. INTERIM FINANCIAL INFORMATION (UNAUDITED):

The following represents quarterly unaudited financial information for 2014 and 2013:



	(In thousands, except per share data)
Quarter	Net Sales		Gross Profit		Net Earnings		Earnings per Share (Basic & Diluted)
2014
First	$	86,554	$	15,720	$	4,690	$	0.68
Second		88,312		16,142		4,171		0.60
Third		95,463		16,165		5,123		0.74
Fourth		142,034		29,174		12,493		1.80
Total	$	412,363	$	77,201	$	26,477	$	3.82

2013
First	$	83,190	$	16,209	$	6,854	$	0.99
Second		101,396		18,411		8,301		1.20
Third		100,612		19,650		9,015		1.31
Fourth		134,990		25,082		17,082		2.47
Total	$	420,188	$	79,352	$	41,252	$	5.97

As shown above, fourth quarter sales are significantly impacted by the holiday driven seasonality of the Housewares/Small Appliance segment. This segment purchases inventory during the first three quarters to meet the sales demand of the fourth quarter. The other segments are typically non-seasonal.

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

Interim Financial Information (Tables)

12 Months Ended

Dec. 31, 2014

Interim Financial Information [Abstract]

Schedule Of Quarterly Financial Information



	(In thousands, except per share data)
Quarter	Net Sales		Gross Profit		Net Earnings		Earnings per Share (Basic & Diluted)
2014
First	$	86,554	$	15,720	$	4,690	$	0.68
Second		88,312		16,142		4,171		0.60
Third		95,463		16,165		5,123		0.74
Fourth		142,034		29,174		12,493		1.80
Total	$	412,363	$	77,201	$	26,477	$	3.82

2013
First	$	83,190	$	16,209	$	6,854	$	0.99
Second		101,396		18,411		8,301		1.20
Third		100,612		19,650		9,015		1.31
Fourth		134,990		25,082		17,082		2.47
Total	$	420,188	$	79,352	$	41,252	$	5.97

Interim Financial Information (Schedule Of Quarterly Financial Information) (Details)

Interim Financial Information (Schedule Of Quarterly Financial Information) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 28, 2014	Jun. 29, 2014	Mar. 30, 2014	Dec. 31, 2013	Sep. 29, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interim Financial Information [Abstract]
Net Sales	$ 142,034	$ 95,463	$ 88,312	$ 86,554	$ 134,990	$ 100,612	$ 101,396	$ 83,190	$ 412,363	$ 420,188	$ 472,490
Gross Profit	29,174	16,165	16,142	15,720	25,082	19,650	18,411	16,209	77,201	79,352	94,863
Net Earnings	$ 12,493	$ 5,123	$ 4,171	$ 4,690	$ 17,082	$ 9,015	$ 8,301	$ 6,854	$ 26,477	$ 41,252	$ 38,875
Earnings Per Share, Basic and Diluted	$ 1.80	$ 0.74	$ 0.60	$ 0.68	$ 2.47	$ 1.31	$ 1.20	$ 0.99	$ 3.82	$ 5.97	$ 5.64

- Definition

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

+ References+ Details

Line Of Credit And Commercial Letters Of Credit

Line Of Credit And Commercial Letters Of Credit	12 Months Ended
Line Of Credit And Commercial Letters Of Credit	Dec. 31, 2014
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, 2014 and 2013, 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 $200,000 and $1,868,000 as of December 31, 2014 and 2013, respectively, related to performance on certain customer contracts. As of December 31, 2014, the entire balance of the issued letters of credit had not been drawn upon.

- Definition

The entire disclosure for short-term debt.

+ References+ Details

Line Of Credit And Commercial Letters Of Credit (Narrative) (Details)

Line Of Credit And Commercial Letters Of Credit (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Percentage over LIBOR	0.50%
Letters of credit	$ 200,000	$ 1,868,000
Domestic Line of Credit [Member]
Line of credit limit	5,000,000	5,000,000
Line of credit outstanding	$ 0	$ 0

Business Acquisitions

12 Months Ended

Dec. 31, 2014

Business Acquisitions [Abstract]

Business Acquisitions

P. BUSINESS ACQUISITIONS

On January 24, 2014, AMTEC Corporation, a wholly-owned subsidiary of the Company, purchased substantially all of the assets of Chemring Energetic Devices, Inc.’s business located in Clear Lake, South Dakota, and all of the real property owned by Technical Ordnance Realty, LLC. The Clear Lake facility is a manufacturer of detonators, booster pellets, release cartridges, lead azide, and other military energetic devices and materials. Its major customers include U.S. and foreign government agencies, AMTEC Corporation, and other defense contractors. The acquisition of the Clear Lake facility complements the Defense segment’s existing line of products. The total consideration transferred was $10,534,000, consisting of $10,000,000 of cash paid at closing, and an additional cash payment of $534,000, which was made during the second quarter of 2014.

The acquisition was accounted for under the acquisition method of accounting with the Company treated as the acquiring entity. Accordingly, the consideration paid by the Company to complete the acquisition has been recorded to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of acquisition. The fair value of the property, plant and equipment was based upon the assessed value of the land, which was determined to approximate fair value, as well as the income approach in determining the fair value of building improvements and equipment. The carrying values for current assets and liabilities were deemed to approximate their fair values due to the short-term nature of these assets and liabilities. The following table shows the amounts recorded as of the acquisition date.



	(in thousands)

Receivables	$	1,498
Inventory		4,688
Other current assets		28
Property, plant and equipment		4,800
Total assets acquired		11,014
Less: Current liabilities assumed		480
Net assets acquired	$	10,534

The amount shown above for receivables represents the gross accounts receivable from the sales of goods, net of an allowance for doubtful accounts of $20,000.

The Company’s results of operations for 2014 includes revenue of $13,732,000 and earnings of $1,268,000 from the acquired facility from the date of acquisition through December 31, 2014. The following pro forma condensed consolidated results of operations has been prepared as if the acquisition had occurred as of January 1, 2013.



	(unaudited)
	(in thousands, except per share data)
	2014		2013

Net sales	$	412,998	$	436,988
Net earnings		26,197		40,996

Net earnings per share (basic and diluted)	$	3.78	$	5.94
Weighted average shares outstanding (basic and diluted)		6,930		6,907

The unaudited pro forma financial information presented above is not intended to represent or be indicative of what would have occurred if the transactions had taken place on the dates presented and is not indicative of what the Company’s actual results of operations would have been had the acquisitions been completed at the beginning of the periods indicated above. The pro forma combined results reflect one-time costs to fully merge and operate the combined organization more efficiently, but do not reflect anticipated synergies expected to result from the combination and should not be relied upon as being indicative of the future results that the Company will experience.

On November 1, 2011, the Company purchased the assets of ALS Technologies, Inc., a small Arkansas manufacturer of less lethal ammunition. Products include smoke and tear gas grenades, specialty impact munitions, diversionary devices and stun munitions, support accessories like launchers and gas masks, as well as training for the use of its products. The products are sold primarily to law enforcement, corrections, and military. The acquisition was immaterial to the Company's 2011 Consolidated Financial Statements. The purchase price allocation included in the Company’s financial statements was finalized during 2012 upon the completion of a business valuation. During the second half of 2012, the Company began the process of relocating this operation to Perry, Florida, which was completed during 2013.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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+ Details

Business Acquisition (Tables)

12 Months Ended

Dec. 31, 2014

Business Acquisitions [Abstract]

Summary of Assets Acquired and Liabilities Assumed in a Business Combination



	(in thousands)

Receivables	$	1,498
Inventory		4,688
Other current assets		28
Property, plant and equipment		4,800
Total assets acquired		11,014
Less: Current liabilities assumed		480
Net assets acquired	$	10,534

Summary Pro Forma Results of Operations for a Material Business Acquisition



	(unaudited)
	(in thousands, except per share data)
	2014		2013

Net sales	$	412,998	$	436,988
Net earnings		26,197		40,996

Net earnings per share (basic and diluted)	$	3.78	$	5.94
Weighted average shares outstanding (basic and diluted)		6,930		6,907

Business Acquisition (Narrative) (Details)

Business Acquisition (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended			0 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Sep. 28, 2014	Jun. 29, 2014	Mar. 30, 2014	Dec. 31, 2013	Sep. 29, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 24, 2014 Tech Ord [Member]	Jun. 29, 2014 Tech Ord [Member]	Dec. 31, 2014 Tech Ord [Member]	Jan. 24, 2014 Tech Ord [Member]
Business Acquisition [Line Items]
Net sales	$ 142,034	$ 95,463	$ 88,312	$ 86,554	$ 134,990	$ 100,612	$ 101,396	$ 83,190	$ 412,363	$ 420,188	$ 472,490
Business Combination, Consideration Transferred												10,534
Cash Paid to Acquire Business												10,000	534
Estimated Amount of Acquired Receivable Uncollectible															20
Revenue of Acquiree Included in Conolidated Income Statement Since Acquisition Date														13,732
Earnings (Loss) of Acquiree Included in Conolidated Income Statement Since Acquisition Date														$ 1,268

Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details)

Business Acquisition (Schedule of Assets Acquired and Liabilities Assumed) (Details) (Tech Ord [Member], USD $) In Thousands, unless otherwise specified	Jan. 24, 2014
Tech Ord [Member]
Business Acquisition [Line Items]
Receivables	$ 1,498
Inventory	4,688
Other Current Assets	28
Property, Plant and Equipment	4,800
Total Assets Acquired	11,014
Less: Current Liabilities Assumed	480
Net Assets Acquired	$ 10,534

Business Acquisition (Schedule of Pro Forma Results of Operations) (Details)

Business Acquisition (Schedule of Pro Forma Results of Operations) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition [Line Items]
Weighted average shares outstanding (basic and diluted)	6,930,000	6,907,000	6,889,000
Tech Ord [Member]
Business Acquisition [Line Items]
Net Sales	$ 412,998	$ 436,988
Net Earnings	$ 26,197	$ 40,996
Net earnings per share (basic and diluted)	$ 3.78	$ 5.94
Weighted average shares outstanding (basic and diluted)	6,930,000	6,907,000

Acquisition of Competitor's Assets

Acquisition of Competitor's Assets	12 Months Ended
Acquisition of Competitor's Assets	Dec. 31, 2014
Acquisition of Competitors Assets [Abstract]
Acquisition of Competitors Assets	Q. ACQUISITION OF COMPETITOR’S ASSETS On November 7, 2013, AMTEC Corporation, a wholly owned subsidiary of the Company, purchased certain assets from its competitor, DSE, Inc. The transaction was considered an acquisition of assets. DSE was the minority prime contractor for the 40mm ammunition system to the Department of Defense. At the time of purchase, DSE had terminated virtually all of its employees and was no longer manufacturing product. The primary assets acquired were a customer contract intangible of $21,690,000 related to government contract backlog of approximately $188,000,000, inventory valued at $11,590,000, and equipment of $14,245,000. As it already had the personnel, facilities and production equipment in place to fill the acquired backlog, AMTEC did not purchase any of DSE’s plants or land and did not acquire or retain DSE’s management, operational, resource management, or distribution processes. It also did not procure any of DSE’s trademarks or seek to find or hire DSE’s former employees. The purchase consideration was $47,803,000, consisting of $46,465,000 of cash paid and $1,338,000 liabilities incurred. This amount does include the customary post-closing adjustments and the valuation of certain liabilities incurred.

Acquisition of Competitor's Assets (Narrative) (Details)

Acquisition of Competitor's Assets (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	0 Months Ended
	Nov. 07, 2013	Dec. 31, 2014	Dec. 31, 2013
Acquisition of Competitors Assets [Abstract]
Customer Contract Intangible Acquired from Competitor	$ 21,690
Government Contract Backlog Acquired from Competitor	188,000
Inventory Acquired from Competitor	11,590
Equipment Acquired from Competitor	14,245
Acquisition of Competitors Assets Consideration Transferred Total	47,803
Acquisition of Competitors Assets Payments to Acquire Gross	46,465
Acquisition of Competitors Assets Consideration Transferred Liabilities Incurred	1,338
Inventory		89,058	92,514
Machinery and Equipment, Gross		$ 126,580	$ 114,056

Contingent Consideration Liability

Contingent Consideration Liability	12 Months Ended
Contingent Consideration Liability	Dec. 31, 2014
Contingent Consideration Liability [Abstract]
Contingent Consideration Liability	R. CONTINGENT CONSIDERATION LIABILITY During 2013, the Company adjusted its recorded liability for contingent consideration related to the 2011 acquisition of the assets of ALS Technologies, Inc., which is described in Note P. During the fourth quarter of 2013, the Company estimated that the earnings targets for the three calendar years following the year of acquisition, upon which the contingent consideration liability was based, would not be achieved. As a result, the entire contingent consideration liability of $3,000,000 was reversed and resulted in an additional $3,000,000 of pre-tax earnings for 2013. See Note A(9) for a discussion of a goodwill impairment loss of $2,840,000 in 2013 and Note A(10) for a discussion of the other intangible impairment loss of $2,063,000 in 2014 related to ALS.

Contingent Consideration Liability (Narrative) (Details)

Contingent Consideration Liability (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Contingent Consideration Liability [Abstract]
Contingent Consideration Liability		$ 3,000
Change in contingent consideration liability		3,000
Goodwill impairment charges	0	2,840	0
Impairment of finite lived intangible assets	$ 2,063

Other

Other	12 Months Ended
Other	Dec. 31, 2014
Other [Abstract]
Other	S. OTHER During 2010, the Company entered into a royalty agreement with another absorbent products company. Under the agreement, it received royalties for its trademarks, technology, know-how, and the use of equipment that embodies that technology and know-how. It also purchased and sold to the other company the requisite materials for the use of the technology. However, because of ongoing financial issues at the other absorbent products company, sales of the requisite materials to the facility were discontinued during 2012. During 2012, incident to the royalty agreement, the Company recognized material sales of $598,000 (classified as Net Sales) and royalty income (included in Selling and General Expense) of $247,000. Further, because of the other facility’s financial difficulties, the Company reserved for all receivables from the other facility by increasing the provision for doubtful accounts by $3,887,000 during 2012. In addition, the Company fully reserved for a note receivable of $1,592,000 and recorded impairment on equipment of $5,725,000 during the fourth quarter of 2012 (each classified as Selling and General Expense). Those reserves were written off in 2013. There were no material transactions between the Company and the other absorbent products company during 2014 or 2013. The Company has also entered into a licensing agreement with another firm that is developing certain products that would complement the assortment of products currently sold by the Housewares/Small Appliances segment. Under the agreement, the Company has advanced the entity funds and has agreed to advance the entity additional funds as certain goals are achieved. In addition, the Company has also agreed to pay royalties to the entity on the commercial sales of the developed products. As of December 31, 2014, a note receivable plus accrued interest of $3,818,000 related to the license agreement was classified as Note Receivable on the Company’s Consolidated Balance Sheet.

Other (Narrative) (Details)

Other (Narrative) (Details) (USD $)	3 Months Ended	12 Months Ended
Other (Narrative) (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Other [Abstract]
Material sales, related party		$ 598,000
Royalty income, related party		247,000
Period increase of provision for doubtful accounts		3,887,000
Reserved note receivable	1,592,000
Equipment impairment	5,725,000
Note receivable, related to license agreement			$ 3,818,000	$ 3,695,000

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	T. SUBSEQUENT EVENTS The Company evaluates events that occur through the filing date and discloses any material events or transactions. On February 13, 2015, the Company’s Board of Directors announced a regular dividend of $1.00 per share, plus an extra dividend of $3.05. On March 13, 2015, a payment of $28,114,000 was made to the shareholders of record as of March 3, 2015. As mentioned above in Note J, 163 employees in the Company’s Defense Products segment, or 16% of the Company’s and its subsidiaries’ total workforce, are members of the United Steel Workers union as of December 31, 2014. The most recent contract between the Company and the union was effective through February 28, 2015. A new contract between Amron and the union has been negotiated and is effective through February 29, 2020.

Subsequent Event (Narrative) (Details)

Subsequent Event (Narrative) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended			1 Months Ended	3 Months Ended
	Dec. 31, 2014 employee	Sep. 28, 2014	Jun. 29, 2014	Mar. 30, 2014	Dec. 31, 2013	Sep. 29, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014 employee	Dec. 31, 2013	Dec. 31, 2012	Feb. 13, 2015 Subsequent Event [Member]	Mar. 13, 2015 Subsequent Event [Member]	Dec. 31, 2014 Subsequent Event [Member] employee
Subsequent Event [Line Items]
Net sales	$ 142,034	$ 95,463	$ 88,312	$ 86,554	$ 134,990	$ 100,612	$ 101,396	$ 83,190	$ 412,363	$ 420,188	$ 472,490
Regular dividends per share paid												$ 1.00
Extra dividends per share paid												$ 3.05
Dividends paid									$ 34,954		$ 86,106		$ 28,114
Number of entity empolyees, union members	163								163					163
Percentage of entity employees, union members	16.00%								16.00%					16.00%

Schedule II - Valuation And Qualifying Accounts

12 Months Ended

Dec. 31, 2014

Schedule II - Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation And Qualifying Accounts



NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2014, 2013 and 2012

(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, 2014	$	1,078	$	532	$	19	$	210	$	1,419

Year ended December 31, 2013	$	6,111	$	655	$	130	$	5,818	$	1,078

Year ended December 31, 2012	$	1,361	$	4,037	$	1,122	$	409	$	6,111


Allowance for doubtful note receivable:
Year ended December 31, 2014	$	-	$	-	$	-	$	-	$	-

Year ended December 31, 2013	$	1,592	$	162	$	-	$	1,754	$	-

Year ended December 31, 2012	$	-	$	1,592	$	-	$	-	$	1,592

Notes:
(A) Amounts charged to selling and general expenses. See Note S to the Company's Consolidated Financial Statements for additional information regarding amounts charged for the year ended December 31, 2012 relating to an independent foreign manufacturing facility.
(B) Amounts charged to other accounts. Deferred revenue related to sales to the independent foreign manufacturing facility mentioned above, which was deemed uncollectible during the year ended December 31, 2012, was reclassified to the allowance for doubtful accounts during 2012. For the year ended December 31, 2013, this amount primarily reflects the reclassification of the Allowance for doubtful note receivable balance to Allowance for doubtful accounts. For the year ended December 31, 2014, this amount reflects the reserve for doubtful accounts recorded in association with a business acquisition that was completed during 2014, which is described in Note P to the Company's Consolidated Financial Statements.
(C) Principally bad debts written off, net of recoveries. The amounts shown for the year ended December 31, 2013 were attributable to balances reserved in prior years related to the independent foreign manufacturing facility mentioned above. The corresponding receivables were written off in 2013.

Schedule II - Valuation And Qualifying Accounts (Details)

Schedule II - Valuation And Qualifying Accounts (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Allowance for Doubtful Accounts [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period	$ 1,078	$ 6,111	$ 1,361
Additions, Charged to Costs and Expenses	532	655	4,037
Additions, Charged to Other Accounts	19	130	1,122
Deductions	210	5,818	409
Balance at End of Period	1,419	1,078	6,111
Allowance for Notes Receivable [Member]
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Period		1,592
Additions, Charged to Costs and Expenses		162	1,592
Deductions		1,754
Balance at End of Period			$ 1,592