Document And Entity Information
Document And Entity Information (USD $)
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12 Months Ended | ||
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Dec. 31, 2015
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Mar. 01, 2016
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Jul. 05, 2015
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Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2015 | ||
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 | 6,935,471 | ||
Entity Public Float | $ 381,149,312 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No |
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets (Parenthetical) (USD $)
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Dec. 31, 2015
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Dec. 31, 2014
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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 | 6,935,471 | 6,917,222 |
Treasury stock, at cost | 505,047 | 523,296 |
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Cash Flows
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Consolidated Statements Of Stockholders' Equity (Parenthetical) (Quarter 1 Dividend Payment [Member], USD $)
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12 Months Ended | |
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Dec. 31, 2015
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Dec. 31, 2014
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Quarter 1 Dividend Payment [Member]
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Regular dividends per share paid | $ 1.00 | $ 1.00 |
Extra dividends per share paid | $ 3.05 | $ 4.05 |
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies
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Dec. 31, 2015
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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, but did result in the reclassification of $4,650,000 from current to non-current assets in the December 31, 2014 balance sheet. The Company does not consider this adjustment to be significant to the consolidated financial statements.
(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 $4,071,000 and $7,039,000 at December 31, 2015 and 2014, 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, 2015 and 2014, 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 2015 and 2014.
Proceeds from sales and maturities of marketable securities totaled $10,306,000 in 2015, $22,959,000 in 2014, and $25,263,000 in 2013. There were no realized gross gains or losses related to sales of marketable securities during the years ended December 31, 2015, 2014 and 2013. Net unrealized losses included in other comprehensive income were $9,000, $17,000 and $70,000 before taxes for the years ended December 31, 2015, 2014, and 2013, 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, 2015 are as follows: $16,252,000 within one year; $4,414,000 beyond one year to five years; $7,177,000 beyond five years to ten years, and $4,416,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which, as noted above, can be tendered for cash at par plus interest within seven days. Despite the stated contractual maturity date, to the extent a tender is not honored, the notes become immediately due and payable.
(6) ACCOUNTS RECEIVABLE: The Company's accounts receivable is related to sales of products. Credit is extended based on prior experience with the customer and evaluation of customers' financial condition. Accounts receivable are primarily due within 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. Straight-line depreciation is provided in amounts sufficient to charge the costs of depreciable assets to operations over their service lives which are estimated at 15 to 40 years for buildings, 3 to 10 years for machinery and equipment, and 15 to 20 years for land improvements. The Company reviews long lived assets consisting principally of property, plant, and equipment, for impairment when material events and changes in circumstances indicate the carrying value may not be recoverable. As of December 31, 2015, the Company reviewed long-lived assets in the Company’s Absorbent Products segment, and based on its analysis using internal undiscounted cash flow estimates, no impairment was considered necessary. Approximately $3,100,000 of construction in progress in the Company’s Housewares/Small Appliances segment is presented on the Consolidated Balance Sheet as Buildings at December 31, 2015. In addition, $8,928,000 of construction in progress associated with the acquisition of a competitor’s assets in the Defense segment described in Note Q is presented as Machinery and equipment at December 31, 2015.
(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, $0, and $2,840,000 were recognized during 2015, 2014, and 2013, respectively. The 2013 impairment related to AMTEC Less Lethal Systems, Inc. (“ALS”), a reporting unit in the Company’s Defense segment and 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, 2015 and 2014 was $11,485,000, relating entirely to its Defense Products segment, which had no cumulative impairment charges at December 31, 2015.
(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 applicable year contract, while the other intangible assets were 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 amount of the government sales contract subject to amortization was $21,690,000 at December 31, 2015. 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. Accumulated amortization was $16,497,000 and $11,324,000 at December 31, 2015 and 2014, respectively. Amortization expense was $5,173,000, $11,991,000, and $667,000 during the years ended December 31, 2015, 2014, and 2013, respectively. Estimated amortization expense as of December 31, 2015 for the succeeding years is shown in the following table:
(11) OTHER ASSETS: Other assets includes prepayments that are made from time to time by the Company for certain materials used in the manufacturing process in the Housewares/Small Appliances segment. The Company expects to utilize the prepayments and related materials over an estimated period of up to three years. As of December 31, 2015 and 2014, $16,254,000 and $13,018,000 of such prepayments, respectively, remained unused and outstanding. At December 31, 2015 and 2014, $6,000,000 and $8,369,000 of these amounts, respectively, are included in Other Current Assets, representing the Company’s best estimate of the expected utilization of the prepayments and related materials during the twelve-month periods following those dates.
(12) 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(13) for a description of the Company’s policy for sales returns.
(13) 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.
(14) 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.
(15) ADVERTISING: The Company's policy is to expense advertising as incurred and include it in selling and general expenses. Advertising expense was $98,000, $202,000, and $363,000 in 2015, 2014, and 2013, respectively.
(16) 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:
(17) 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.
(18) 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.
(19) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS:
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements.
In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. The guidance is effective for reporting periods (interim and annual) beginning after December 15, 2017. The Company is currently evaluating the impact of the adoption of ASU 2016-01 on its consolidated financial statements.
During November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which simplifies the presentation of deferred income taxes. ASU 2015-17 provides presentation requirements to classify deferred tax assets and liabilities as noncurrent in a classified statement of financial position. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted for any interim and annual financial statements that have not yet been issued. The Company early adopted ASU 2015-17 effective December 31, 2015, retrospectively. The adoption resulted in a $6,623,000 decrease in current Deferred tax assets, a $2,335,000 increase in the long-term Deferred income taxes asset, net, and a $4,288,000 decrease in the long-term Deferred income taxes liability in the Company’s Consolidated Balance Sheet at December 31, 2014. The adoption had no impact on the Company’s results of operations.
In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 requires the acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The new guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its consolidated financial statements.
In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU 2015-11 requires inventory to be measured at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 does not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method, but applies to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. ASU 2015-11 is effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-11 to have a material impact on its consolidated financial statements.
In May 2014, the FASB issued 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, 2017. Early adoption is permitted as of annual reporting periods beginning after December 15, 2016. The amendment 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.
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Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Policy)
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Dec. 31, 2015
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Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use Of Estimates In The Preparation Of Financial Statements | (1) USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: In preparation of the Company's Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from the estimates used by management.
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Basis Of Presentation | (2) BASIS OF PRESENTATION: The Consolidated Financial Statements include the accounts of National Presto Industries, Inc. and its subsidiaries, all of which are wholly-owned. All material intercompany accounts and transactions are eliminated. For a further discussion of the Company's business and the segments in which it operates, please refer to Note L.
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Reclassifications | (3) RECLASSIFICATIONS: Certain reclassifications have been made to the prior periods' financial statements to conform to the current period’s financial statement presentation. These reclassifications did not affect net earnings or stockholders’ equity as previously reported, but did result in the reclassification of $4,650,000 from current to non-current assets in the December 31, 2014 balance sheet. The Company does not consider this adjustment to be significant to the consolidated financial statements.
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Fair Value Of Financial Instruments | (4) FAIR VALUE OF FINANCIAL INSTRUMENTS: The Company utilizes the methods of determining fair value as described in Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The carrying amount for cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments. The fair value of marketable securities are discussed in Note A(5).
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Cash Cash Equivalents And Marketable Securities | (5) CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES:
Cash and Cash Equivalents: The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents. Cash equivalents include money market funds. The Company deposits its cash in high quality financial institutions. The balances, at times, may exceed federally insured limits. Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 820).
The Company's cash management policy provides for its bank disbursement accounts to be reimbursed on a daily basis. Checks issued but not presented to the bank for payment of $4,071,000 and $7,039,000 at December 31, 2015 and 2014, 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, 2015 and 2014, 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 2015 and 2014.
Proceeds from sales and maturities of marketable securities totaled $10,306,000 in 2015, $22,959,000 in 2014, and $25,263,000 in 2013. There were no realized gross gains or losses related to sales of marketable securities during the years ended December 31, 2015, 2014 and 2013. Net unrealized losses included in other comprehensive income were $9,000, $17,000 and $70,000 before taxes for the years ended December 31, 2015, 2014, and 2013, 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, 2015 are as follows: $16,252,000 within one year; $4,414,000 beyond one year to five years; $7,177,000 beyond five years to ten years, and $4,416,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which, as noted above, can be tendered for cash at par plus interest within seven days. Despite the stated contractual maturity date, to the extent a tender is not honored, the notes become immediately due and payable.
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Accounts Receivable | (6) ACCOUNTS RECEIVABLE: The Company's accounts receivable is related to sales of products. Credit is extended based on prior experience with the customer and evaluation of customers' financial condition. Accounts receivable are primarily due within 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.
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Inventories | (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.
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Property, Plant And Equipment | (8) PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment are stated at cost. Straight-line depreciation is provided in amounts sufficient to charge the costs of depreciable assets to operations over their service lives which are estimated at 15 to 40 years for buildings, 3 to 10 years for machinery and equipment, and 15 to 20 years for land improvements. The Company reviews long lived assets consisting principally of property, plant, and equipment, for impairment when material events and changes in circumstances indicate the carrying value may not be recoverable. As of December 31, 2015, the Company reviewed long-lived assets in the Company’s Absorbent Products segment, and based on its analysis using internal undiscounted cash flow estimates, no impairment was considered necessary. Approximately $3,100,000 of construction in progress in the Company’s Housewares/Small Appliances segment is presented on the Consolidated Balance Sheet as Buildings at December 31, 2015. In addition, $8,928,000 of construction in progress associated with the acquisition of a competitor’s assets in the Defense segment described in Note Q is presented as Machinery and equipment at December 31, 2015.
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Goodwill | (9) GOODWILL: The Company recognizes the excess cost of acquired entities over the net amount assigned to the fair value of assets acquired and liabilities assumed as goodwill. Goodwill is tested for impairment on an annual basis at the start of the fourth quarter and between annual tests whenever an impairment is indicated, such as the occurrence of an event that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Impairment losses are recognized whenever the implied fair value of goodwill is less than its carrying value. Goodwill impairments of $0, $0, and $2,840,000 were recognized during 2015, 2014, and 2013, respectively. The 2013 impairment related to AMTEC Less Lethal Systems, Inc. (“ALS”), a reporting unit in the Company’s Defense segment and 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, 2015 and 2014 was $11,485,000, relating entirely to its Defense Products segment, which had no cumulative impairment charges at December 31, 2015.
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Intangible Assets | (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 applicable year contract, while the other intangible assets were 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 amount of the government sales contract subject to amortization was $21,690,000 at December 31, 2015. 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. Accumulated amortization was $16,497,000 and $11,324,000 at December 31, 2015 and 2014, respectively. Amortization expense was $5,173,000, $11,991,000, and $667,000 during the years ended December 31, 2015, 2014, and 2013, respectively. Estimated amortization expense as of December 31, 2015 for the succeeding years is shown in the following table:
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Other Assets | (11) OTHER ASSETS: Other assets includes prepayments that are made from time to time by the Company for certain materials used in the manufacturing process in the Housewares/Small Appliances segment. The Company expects to utilize the prepayments and related materials over an estimated period of up to three years. As of December 31, 2015 and 2014, $16,254,000 and $13,018,000 of such prepayments, respectively, remained unused and outstanding. At December 31, 2015 and 2014, $6,000,000 and $8,369,000 of these amounts, respectively, are included in Other Current Assets, representing the Company’s best estimate of the expected utilization of the prepayments and related materials during the twelve-month periods following those dates
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Revenue Recognition | (12) 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(13) for a description of the Company’s policy for sales returns.
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Sales & Returns | (13) 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.
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Shipping And Handling Costs | (14) 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.
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Advertising | (15) ADVERTISING: The Company's policy is to expense advertising as incurred and include it in selling and general expenses. Advertising expense was $98,000, $202,000, and $363,000 in 2015, 2014, and 2013, respectively.
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Product Warranty | (16) 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:
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Stock-Based Compensation | (17) 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.
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Income Taxes | (18) 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.
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Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of The Amortized Costs And Fair Values Of Marketable Securities |
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Schedule Of Estimated Future Amortization Expense |
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Schedule Of Changes In Product Warranty |
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Summary Of Significant Accounting Policies (Narrative) (Details)
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, 2015
|
Dec. 31, 2014
|
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | $ 32,273 | $ 22,409 |
MARKETABLE SECURITIES, Fair Value | 32,259 | 22,404 |
MARKETABLE SECURITIES, Gross Unrealized Gains | 4 | 5 |
MARKETABLE SECURITIES, Gross Unrealized Losses | 18 | 10 |
Tax-Exempt Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | 20,129 | 8,809 |
MARKETABLE SECURITIES, Fair Value | 20,115 | 8,804 |
MARKETABLE SECURITIES, Gross Unrealized Gains | 4 | 5 |
MARKETABLE SECURITIES, Gross Unrealized Losses | 18 | 10 |
Variable Rate Demand Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | 12,144 | 13,600 |
MARKETABLE SECURITIES, Fair Value | $ 12,144 | $ 13,600 |
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, 2015
|
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Summary Of Significant Accounting Policies [Abstract] | |
2016 | $ 1,772 |
2017 | $ 3,699 |
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 | |
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Dec. 31, 2015
|
Dec. 31, 2014
|
|
Summary Of Significant Accounting Policies [Abstract] | ||
Beginning balance January 1 | $ 377 | $ 568 |
Accruals during the period | 677 | 296 |
Changes/payments made under the warranties | (567) | (487) |
Balance December 31 | $ 487 | $ 377 |
Inventories
Inventories
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | B. INVENTORIES: The amount of inventories valued on the LIFO basis was $27,394,000 and $24,909,000 as of December 31, 2015 and 2014, respectively, and consists of housewares/small appliance finished goods. Under LIFO, inventories are valued at approximately $3,028,000 and $3,791,000 below current cost determined on a first-in, first-out (FIFO) basis at December 31, 2015 and 2014, respectively. During the years ended December 31, 2015, 2014, and 2013, $0, $7,181,000, and $421,000, 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:
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 $71,228,000 and $64,149,000 at December 31, 2015 and 2014, respectively. The December 31, 2015 FIFO total is comprised of $5,191,000 of finished goods, $57,484,000 of work in process, and $8,553,000 of raw material and supplies. At December 31, 2014 the FIFO total was comprised of $5,399,000 of finished goods, $50,569,000 of work in process, and $8,181,000 of raw material and supplies.
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Inventories (Tables)
Inventories (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Potential Impact Of LIFO Valuation to FIFO Valuation |
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Inventories (Narrative) (Details)
Inventories (Narrative) (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
|
Dec. 31, 2014
|
Dec. 31, 2013
|
|
Inventory [Line Items] | |||
Liquidation of LIFO layer | $ 0 | $ 7,181,000 | $ 421,000 |
FIFO inventory amount | 71,228,000 | 64,149,000 | |
Finished goods | 5,191,000 | 5,399,000 | |
Work in process | 57,484,000 | 50,569,000 | |
Raw materials and supplies | 8,553,000 | 8,181,000 | |
Housewares/ Small Appliances [Member] | |||
Inventory [Line Items] | |||
LIFO inventory amount | 27,394,000 | 24,909,000 | |
Inventory valuation, difference below FIFO | $ 3,028,000 | $ 3,791,000 |
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 | ||
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Dec. 31, 2015
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Dec. 31, 2014
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Dec. 31, 2013
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Inventories [Abstract] | |||
Cost of Sales | $ 763 | $ 643 | $ 1,941 |
Net Earnings | $ (505) | $ (422) | $ (1,263) |
Earnings Per Share | $ (0.07) | $ (0.06) | $ (0.18) |
Accrued Liabilities
Accrued Liabilities
|
12 Months Ended |
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Dec. 31, 2015
|
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Accrued Liabilities [Abstract] | |
Accrued Liabilities | C. ACCRUED LIABILITIES: At December 31, 2015, accrued liabilities consisted of payroll $5,164,000, product liability $5,370,000, environmental $1,180,000, and other $1,684,000. 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.
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.
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Accrued Liabilities (Narrative) (Details)
Accrued Liabilities (Narrative) (Details) (USD $)
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Dec. 31, 2015
|
Dec. 31, 2014
|
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Accrued Liabilities [Abstract] | ||
Accrued product liability | $ 5,370,000 | $ 5,490,000 |
Accrued payroll liability | 5,164,000 | 7,045,000 |
Environmental accrued liability | 1,180,000 | 1,390,000 |
Other accrued liabilities | $ 1,684,000 | $ 1,755,000 |
Treasury Stock
Treasury Stock
|
12 Months Ended |
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Dec. 31, 2015
|
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Treasury Stock [Abstract] | |
Treasury Stock | D. TREASURY STOCK: As of December 31, 2015, the Company has authority from the Board of Directors to reacquire an additional 504,512 shares. During 2015, 88 shares were acquired from a participant in the Company’s Incentive Compensation Plan described in Note F to cover that participant’s tax withholding obligation related to a vested stock grant in accordance with the Plan’s rules. No shares were reacquired in 2014 or 2013. Treasury shares have been used for stock based compensation and to fund a portion of the Company's 401(k) contributions.
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Treasury Stock (Narrative) (Details)
Treasury Stock (Narrative) (Details)
|
12 Months Ended | ||
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Dec. 31, 2015
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Dec. 31, 2014
|
Dec. 31, 2013
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Treasury Stock [Abstract] | |||
Shares approved for repurchase | 504,512 | ||
Treasury stock shares acquired | 88 | 0 | 0 |
Earnings Per Share
Earnings Per Share
|
12 Months Ended |
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Dec. 31, 2015
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Earnings Per Share [Abstract] | |
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.
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Stock-Based Compensation
Stock-Based Compensation
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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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 2015, 2014, and 2013, the Company granted 5,779, 7,367 and 8,102 shares of restricted stock, respectively, to 21 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 2018 through 2021, 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 $333,000, $265,000, and $123,000 in 2015, 2014, and 2013, respectively. As of December 31, 2015, there was approximately $1,258,000 of unrecognized compensation cost related to the restricted stock awards that is expected to be recognized over a weighted-average period of 3.9 years. There were 2,570, 0, and 0 shares of restricted stock that vested during 2015, 2014, and 2013, respectively.
The following table summarizes the activity for non-vested restricted stock:
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Stock-Based Compensation (Tables)
Stock-Based Compensation (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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Stock-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Activity For Non-Vested Restricted Sock |
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Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Narrative) (Details) (USD $)
|
12 Months Ended | ||
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Dec. 31, 2015
employee
|
Dec. 31, 2014
|
Dec. 31, 2013
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 50,000 | ||
Number of plan participants | 21 | ||
Pre-tax compensation expense | $ 333,000 | $ 265,000 | $ 123,000 |
Unrecognized compensation cost | $ 1,258,000 | ||
Unrecognized compensation cost, recognition period | 3 years 10 months 24 days | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting year | 2018 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting year | 2021 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 5,779 | 7,367 | 8,102 |
Shares vested | 2,570 | 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) (Restricted Stock [Member], USD $)
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12 Months Ended | ||
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Dec. 31, 2015
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Dec. 31, 2014
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Dec. 31, 2013
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Restricted Stock [Member]
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested at beginning of period, Shares | 23,668 | 16,301 | 8,393 |
Granted, Shares | 5,779 | 7,367 | 8,102 |
Vested, Shares | (2,570) | 0 | 0 |
Forfeited, Shares | (290) | 0 | (194) |
Non-vested at end of period, Shares | 26,587 | 23,668 | 16,301 |
Non-vested at beginning of period, Weighted Average Fair Value at Grant Date | $ 79.02 | $ 84.96 | $ 96.28 |
Granted, Weighted Average Fair Value at Grant Date | $ 84.90 | $ 65.87 | $ 73.28 |
Vested, Weighted Average Fair Value at Grant Date | $ 103.65 | ||
Forfeited, Weighted Average Fair Value at Grant Date | $ 78.12 | $ 86.97 | |
Non-vested at end of period, Weighted Average Fair Value at Grant Date | $ 78.02 | $ 79.02 | $ 84.96 |
401(k) Plan
401(k) Plan
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12 Months Ended |
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Dec. 31, 2015
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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 $1,098,000 in 2015, $1,066,000 in 2014, and $598,000 in 2013. In addition, the Company made cash contributions of $941,000 in 2015, $887,000 in 2014, and $812,000 in 2013 to the 401(k) Plan. The Company also contributed $393,000, $307,000, and $364,000 to the 401(k) retirement plan covering its union employees at the Amron Division of the AMTEC subsidiary during the years ended December 31, 2015, 2014, and 2013, respectively.
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401(k) Plan (Narrative) (Details)
Income Taxes
Income Taxes
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Dec. 31, 2015
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | H. INCOME TAXES:
The following table summarizes the provision for income taxes:
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:
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:
The Company establishes tax reserves in accordance with FASB ASC 740, Income Taxes. As of December 31, 2015, the carrying amount of the Company’s gross unrecognized tax benefits was $312,000 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, 2015 and 2014:
It is the Company’s practice to include tax related interest expense, interest income, and penalties in tax expense. For the year ended December 31, 2015, $482,000 of interest income associated with the tax refund mentioned above is included in tax expense. During the years ended December 31, 2015 and 2014, the Company accrued approximately $13,000 and $9,000 in interest expense, 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.
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Income Taxes (Tables)
Income Taxes (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Provision For Income Taxes |
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Reconciliation Of Statutory Rate to Effective Rate |
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Schedule Of Deferred Tax Assets And Liabilities |
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Reconciliation Of Unrecognized Tax Benefits |
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Income Taxes (Narrative) (Details)
Income Taxes (Narrative) (Details) (USD $)
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12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
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Dec. 31, 2014
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Dec. 31, 2013
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Income Taxes [Abstract] | |||
Tax Adjustments, Settlements, and Unusual Provisions | $ 4,000,000 | ||
Unrecognized Tax Benefits | 312,000 | 238,000 | 204,000 |
Interest Income on Tax Refund | 482,000 | ||
Gross unrecognized tax benefits | 312,000 | 238,000 | 204,000 |
Accrued interest included in tax expense | 13,000 | 9,000 | |
Income Tax Examination, Penalties and Interest Accrued | $ 13,000 | $ 9,000 |
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 | ||
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Dec. 31, 2015
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Dec. 31, 2014
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Dec. 31, 2013
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Income Taxes [Abstract] | |||
Current, Federal | $ 20,568 | $ 13,448 | $ 20,224 |
Current, State | 724 | 1,377 | (3,345) |
Current provision for income taxes | 21,292 | 14,825 | 16,879 |
Deferred, Federal | (989) | (651) | (531) |
Deferred, State | (9) | (354) | 745 |
Deferred provision for income taxes | (998) | (1,005) | 214 |
Total tax provision | $ 20,294 | $ 13,820 | $ 17,093 |
Income Taxes (Reconciliation Of Statutory Rate to Effective Rate) (Details)
Income Taxes (Reconciliation Of Statutory Rate to Effective Rate) (Details)
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12 Months Ended | ||
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Dec. 31, 2015
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Dec. 31, 2014
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Dec. 31, 2013
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Income Taxes [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
State tax, net of federal benefit | 0.80% | 1.60% | (2.90%) |
Tax exempt interest and dividends | 0.00% | (0.10%) | (0.20%) |
Other | (2.70%) | (2.50%) | (2.60%) |
Effective Rate | 33.10% | 34.00% | 29.30% |
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, 2015
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Dec. 31, 2014
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Income Taxes [Abstract] | ||
Doubtful accounts | $ 3,561 | $ 3,365 |
Insurance (primarily product liability) | 1,934 | 1,994 |
Vacation | 993 | 954 |
Inventory | 520 | 778 |
Goodwill and other intangibles | 4,915 | 4,239 |
Other | 847 | 905 |
Total deferred tax assets | 12,770 | 12,235 |
Depreciation | 9,440 | 8,529 |
State tax refunds | 1,371 | |
Other | (6) | |
Total deferred tax liabilities | 9,434 | 9,900 |
Net deferred tax assets (liabilities) | $ 3,336 | $ 2,335 |
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, 2015
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Dec. 31, 2014
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Income Taxes [Abstract] | ||
Balance at January 1 | $ 238 | $ 204 |
Additions for tax positions taken related to the current year | 83 | 66 |
Additions for tax positions taken related to prior years | 23 | |
Reductions for tax positions taken related to prior years | (8) | |
Lapse of statue of limitations | (32) | |
Settlements | (24) | |
Balance at December 31 | $ 312 | $ 238 |
Commitments And Contingencies
Commitments And Contingencies
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12 Months Ended |
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Dec. 31, 2015
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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.
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Concentrations
Concentrations
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12 Months Ended |
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Dec. 31, 2015
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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, 2015 and 2014. 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 2015, 2014, and 2013, 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, 2015, 196 employees of Amron, or 18% of the Company’s and its subsidiaries’ total workforce, are members of the United Steel Workers union. The most recent contract between Amron and the union is effective through February 29, 2020.
Raw materials for the Absorbent Products segment are commodities that are typically available from multiple sources.
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Concentrations (Narrative) (Details)
Concentrations (Narrative) (Details)
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12 Months Ended | ||
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Dec. 31, 2015
customer
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Dec. 31, 2014
customer
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Dec. 31, 2013
customer
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Concentration Risk [Line Items] | |||
Number of entity empolyees, union members | 196 | ||
Percentage of entity employees, union members | 18.00% | ||
Absorbent Products [Member] | |||
Concentration Risk [Line Items] | |||
Major customers contributing to net sales | 0 | ||
Absorbent Products [Member] | Net Sales [Member] | |||
Concentration Risk [Line Items] | |||
Major customer, percentage | 10.00% | ||
Housewares/ Small Appliances [Member] | |||
Concentration Risk [Line Items] | |||
Major customers contributing to net sales | 1 | 1 | 0 |
Housewares/ Small Appliances [Member] | Net Sales [Member] | |||
Concentration Risk [Line Items] | |||
Major customer, percentage | 10.00% | 10.00% | 10.00% |
Environmental
Environmental
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12 Months Ended | |||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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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, 2015, 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, 2015, 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 $1,180,000 and $1,390,000 as of December 31, 2015 and 2014, respectively, and is included in accrued liabilities on the balance sheet.
Expected future payments for environmental matters are as follows:
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Environmental (Tables)
Environmental (Tables)
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Dec. 31, 2015
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Environmental [Abstract] | ||||||||||||||||||||||||||||||||||
Schedule Of Expected Future Payments Of Environmental Matters [Table Text Block] |
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Environmental (Narrative) (Details)
Environmental (Narrative) (Details) (USD $)
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Dec. 31, 2015
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Dec. 31, 2014
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Environmental [Abstract] | ||
Environmental accrued liability | $ 1,180,000 | $ 1,390,000 |
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, 2015
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Environmental [Abstract] | |
2016 | $ 250 |
2017 | 185 |
2018 | 149 |
2019 | 134 |
2020 | 118 |
Thereafter | 344 |
Future payments for environmental matters | $ 1,180 |
Business Segments
Business Segments
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Dec. 31, 2015
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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. 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. 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 (loss) 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.
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Business Segments (Tables)
Business Segments (Tables)
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Dec. 31, 2015
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Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Business Segments Information |
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Business Segments (Narrative) (Details)
Business Segments (Narrative) (Details)
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12 Months Ended | |
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Dec. 31, 2015
segment
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Dec. 31, 2010
contract
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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)
Operating Leases
Operating Leases
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12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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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 $888,000, $825,000, and $866,000 for the years ended December 31, 2015, 2014, and 2013, respectively. Future minimum annual rental payments required under operating leases are as follows:
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Operating Leases (Tables)
Operating Leases (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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Operating Leases [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule Of Future Annual Rental Payments |
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Operating Leases (Narrative) (Details)
Operating Leases (Narrative) (Details) (USD $)
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12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
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Dec. 31, 2014
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Dec. 31, 2013
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Rent Expense | $ 888,000 | $ 825,000 | $ 866,000 |
Minimum [Member] | |||
Operating leases, renewal option term | 1 year | ||
Maximum [Member] | |||
Operating leases, renewal option term | 5 years |
Interim Financial Information
Interim Financial Information
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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Interim Financial Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interim Financial Information | N. INTERIM FINANCIAL INFORMATION (UNAUDITED):
The following represents quarterly unaudited financial information for 2015 and 2014:
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.
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Interim Financial Information (Tables)
Interim Financial Information (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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Interim Financial Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Quarterly Financial Information |
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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, 2015
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Oct. 04, 2015
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Jul. 05, 2015
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Apr. 05, 2015
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Dec. 31, 2014
|
Sep. 28, 2014
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Jun. 29, 2014
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Mar. 30, 2014
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Dec. 31, 2015
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Dec. 31, 2014
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Dec. 31, 2013
|
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Interim Financial Information [Abstract] | |||||||||||
Net Sales | $ 133,419 | $ 90,901 | $ 102,371 | $ 100,999 | $ 142,034 | $ 95,463 | $ 88,312 | $ 86,554 | $ 427,690 | $ 412,363 | $ 420,188 |
Gross Profit | 29,144 | 19,121 | 20,433 | 20,879 | 29,174 | 16,165 | 16,142 | 15,720 | 89,577 | 77,201 | 79,352 |
Net Earnings | $ 15,156 | $ 8,111 | $ 9,120 | $ 8,109 | $ 12,493 | $ 5,123 | $ 4,171 | $ 4,690 | $ 40,496 | $ 26,477 | $ 41,252 |
Earnings Per Share, Basic and Diluted | $ 2.18 | $ 1.17 | $ 1.31 | $ 1.17 | $ 1.80 | $ 0.74 | $ 0.60 | $ 0.68 | $ 5.83 | $ 3.82 | $ 5.97 |
Line Of Credit And Commercial Letters Of Credit
Line Of Credit And Commercial Letters Of Credit
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12 Months Ended |
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Dec. 31, 2015
|
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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, 2015 and 2014, 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 $303,138 and $200,000 as of December 31, 2015 and 2014, respectively, related to performance on certain customer contracts. As of December 31, 2015, the entire balance of the issued letters of credit had not been drawn upon.
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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, 2015
|
Dec. 31, 2014
|
|
Percentage over LIBOR | 0.50% | |
Letters of credit | $ 303,138 | $ 200,000 |
Domestic Line of Credit [Member] | ||
Line of credit limit | 5,000,000 | 5,000,000 |
Line of credit outstanding | $ 0 | $ 0 |
Business Acquisition
Business Acquisition
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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Business Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition | P. BUSINESS ACQUISITION 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.
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.
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.
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Business Acquisition (Tables)
Business Acquisition (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015
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Business Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Assets Acquired and Liabilities Assumed in a Business Combination |
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Summary Pro Forma Results of Operations for a Material Business Acquisition |
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Business Acquisition (Narrative) (Details)
Business Acquisition (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
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Oct. 04, 2015
|
Jul. 05, 2015
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Apr. 05, 2015
|
Dec. 31, 2014
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Sep. 28, 2014
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Jun. 29, 2014
|
Mar. 30, 2014
|
Dec. 31, 2015
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Dec. 31, 2014
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Dec. 31, 2013
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Jan. 24, 2014
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Business Acquisition [Line Items] | ||||||||||||
Net sales | $ 133,419 | $ 90,901 | $ 102,371 | $ 100,999 | $ 142,034 | $ 95,463 | $ 88,312 | $ 86,554 | $ 427,690 | $ 412,363 | $ 420,188 | |
Tech Ord [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Consideration Transferred | 10,534 | |||||||||||
Cash Paid to Acquire Business | 534 | 10,000 | ||||||||||
Estimated Amount of Acquired Receivable Uncollectible | 20 | |||||||||||
Revenue of Acquiree Included in Consolidated Income Statement Since Acquisition Date | 13,732 | |||||||||||
Earnings of Acquiree Included in Consolidated 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, 2015
|
Dec. 31, 2014
|
Dec. 31, 2013
|
|
Business Acquisition [Line Items] | |||
Basic and diluted | 6,951,000 | 6,930,000 | 6,907,000 |
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 | |
Basic and diluted | 6,930,000 | 6,907,000 |
Acquisition of Competitor's Assets
Acquisition of Competitor's Assets
|
12 Months Ended |
---|---|
Dec. 31, 2015
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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.
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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, 2015
|
Dec. 31, 2014
|
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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 | 98,622 | 89,058 | |
Machinery and Equipment, Gross | $ 129,429 | $ 126,580 |
Contingent Consideration Liability
Contingent Consideration Liability
|
12 Months Ended |
---|---|
Dec. 31, 2015
|
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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. described above in Note L. 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.
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Contingent Consideration Liability (Narrative) (Details)
Contingent Consideration Liability (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
|
Dec. 31, 2014
|
Dec. 31, 2013
|
|
Contingent Consideration Liability [Abstract] | |||
Contingent Consideration Liability | $ 3,000 | ||
Change in contingent consideration liability | 3,000 | ||
Goodwill impairment charges | 0 | 0 | 2,840 |
Impairment of finite lived intangible assets | $ 2,063 |
Other
Other
|
12 Months Ended |
---|---|
Dec. 31, 2015
|
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Other [Abstract] | |
Other | S. OTHER The Company has 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, 2015, a note receivable plus accrued interest of $3,940,000 related to the license agreement was classified as Note Receivable on the Company’s Consolidated Balance Sheet.
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Other (Narrative) (Details)
Other (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2015
|
Dec. 31, 2014
|
---|---|---|
Other [Abstract] | ||
Note receivable, related to license agreement | $ 3,940 | $ 3,818 |
Subsequent Events
Subsequent Events
|
12 Months Ended |
---|---|
Dec. 31, 2015
|
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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 12, 2016, the Company’s Board of Directors announced a regular dividend of $1.00 per share, plus an extra dividend of $4.05. On March 15, 2016, a payment of $35,161,000 was made to the shareholders of record as of March 1, 2016.
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Subsequent Event (Narrative) (Details)
Subsequent Event (Narrative) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended | 1 Months Ended | 3 Months Ended | |
---|---|---|---|---|
Dec. 31, 2015
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Dec. 31, 2014
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Feb. 12, 2016
|
Mar. 15, 2016
|
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Subsequent Event [Line Items] | ||||
Dividends paid | $ 28,114 | $ 34,954 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Regular dividends per share declared | $ 1.00 | |||
Extra dividends per share declared | $ 4.05 | |||
Dividends paid | $ 35,161 |
Schedule II - Valuation And Qualifying Accounts
Schedule II - Valuation And Qualifying Accounts
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Dec. 31, 2015
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Schedule II - Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation And Qualifying Accounts |
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Schedule II - Valuation And Qualifying Accounts (Details)
Schedule II - Valuation And Qualifying Accounts (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Dec. 31, 2015
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Dec. 31, 2014
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Dec. 31, 2013
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Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 1,419 | $ 1,078 | $ 6,111 |
Additions, Charged to Costs and Expenses | 516 | 532 | 655 |
Additions, Charged to Other Accounts | 19 | 130 | |
Deductions | 39 | 210 | 5,818 |
Balance at End of Period | 1,896 | 1,419 | 1,078 |
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 | ||
Deductions | $ 1,754 |