Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jul. 03, 2016	Aug. 01, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 03, 2016
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2016
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		6,946,318

Condensed Consolidated Balance Sheets

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 03, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 19,017	$ 56,222
Marketable securities	56,282	32,259
Accounts receivable, net	53,426	67,528
Inventories:
Finished goods	37,240	32,585
Work in process	69,277	57,484
Raw materials and supplies	9,927	8,553
Total inventory	116,444	98,622
Income tax receivable	4,332
Other current assets	7,553	6,961
Total current assets	257,054	261,592
PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT	179,643	177,628
Less allowance for depreciation	92,088	86,322
PROPERTY, PLANT AND EQUIPMENT, NET	87,555	91,306
GOODWILL	11,485	11,485
INTANGIBLE ASSETS, net	4,903	5,471
NOTES RECEIVABLE	6,427	3,940
DEFERRED INCOME TAXES		3,336
OTHER ASSETS	9,063	10,254
Total assets	376,487	387,384
CURRENT LIABILITIES:
Accounts payable	40,692	32,536
Federal and state income taxes		2,196
Accrued liabilities	13,462	13,398
Total current liabilities	54,154	$ 48,130
DEFERRED INCOME TAXES	$ 1,723
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, $1 par value: Authorized: 12,000,000 shares; Issued: 7,440,518 shares	$ 7,441	$ 7,441
Paid-in capital	7,450	6,775
Retained earnings	321,123	340,799
Accumulated other comprehensive income (loss)	9	(9)
Stockholders' Equity before Treasury Stock	336,023	355,006
Treasury stock, at cost	15,413	15,752
Total stockholders' equity	320,610	339,254
Total liabilities and stockholders' equity	$ 376,487	$ 387,384

Condensed Consolidated Balance Sheets (Parenthetical)

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 03, 2016	Dec. 31, 2015
Condensed 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

Consolidated Statements Of Comprehensive Income

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015	Jul. 03, 2016	Jul. 05, 2015
Consolidated Statements Of Comprehensive Income [Abstract]
Net sales	$ 87,985	$ 102,371	$ 174,482	$ 203,370
Cost of sales	69,569	81,938	138,285	162,058
Gross profit	18,416	20,433	36,197	41,312
Selling and general expenses	6,352	5,782	12,855	11,943
Intangibles amortization		888	568	3,282
Operating profit	12,064	13,763	22,774	26,087
Other income, principally interest	185	101	368	176
Earnings before provision for income taxes	12,249	13,864	23,142	26,263
Provision for income taxes	3,975	4,744	7,657	9,034
Net earnings	$ 8,274	$ 9,120	$ 15,485	$ 17,229
Weighted average common shares outstanding:
Basic and diluted	6,970	6,951	6,967	6,947
Net earnings per share:
Basic and diluted	$ 1.19	$ 1.31	$ 2.22	$ 2.48
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale securities	$ 13	$ (1)	$ 18	$ 6
Comprehensive income	$ 8,287	$ 9,119	$ 15,503	$ 17,235
Cash dividends declared and paid per common share	$ 0.00	$ 0.00	$ 5.05	$ 4.05

Consolidated Statements Of Cash Flows

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015
Cash flows from operating activities:
Net earnings	$ 15,485	$ 17,229
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation	5,897	5,029
Intangibles amortization	568	3,282
Provision for doubtful accounts	8	77
Noncash retirement plan expense	374	399
Other	497	91
Changes in:
Accounts receivable	14,094	18,401
Inventories	(17,822)	(8,030)
Other assets and current assets	599	(7,337)
Accounts payable and accrued liabilities	8,220	(5,250)
Federal and state income taxes	(1,416)	1,791
Net cash provided by operating activities	26,504	25,682
Cash flows from investing activities:
Marketable securities purchased	(27,386)	(3,640)
Marketable securities - maturities and sales	3,391	4,349
Purchase of property, plant and equipment	(2,579)	(2,855)
Notes issued	(2,419)
Sale of property, plant and equipment	2	22
Net cash used in investing activities	(28,991)	(2,124)
Cash flows from financing activities:
Dividends paid	(35,161)	(28,114)
Proceeds from sale of treasury stock	443	323
Other		(5)
Net cash used in financing activities	(34,718)	(27,796)
Net decrease in cash and cash equivalents	(37,205)	(4,238)
Cash and cash equivalents at beginning of period	56,222	54,043
Cash and cash equivalents at end of period	$ 19,017	$ 49,805

Basis Of Presentation

Basis Of Presentation	6 Months Ended
Basis Of Presentation	Jul. 03, 2016
Basis Of Presentation [Abstract]
Basis Of Presentation	NOTE A – BASIS OF PRESENTATION The consolidated interim financial statements included herein are unaudited and have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management of the Company, the consolidated interim financial statements reflect all the adjustments which were of a normal recurring nature necessary for a fair presentation of the results of the interim periods. The condensed consolidated balance sheet as of December 31, 2015 is summarized from audited consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2015 Annual Report on Form 10-K. Interim results for the period are not indicative of those for the year.

Reclassifications

Reclassifications	6 Months Ended
Reclassifications	Jul. 03, 2016
Reclassifications [Abstract]
Reclassifications	NOTE B – 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.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jul. 03, 2016
Earnings Per Share [Abstract]
Earnings Per Share	NOTE C – 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.

Business Segments

6 Months Ended

Jul. 03, 2016

Business Segments [Abstract]

Business Segments

NOTE D – BUSINESS SEGMENTS

In the following summary, operating profit represents earnings before other income, 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 Appliances segment for all periods presented.



	(in thousands)
	Housewares / Small Appliances		Defense Products		Absorbent Products		Total
Quarter ended July 3, 2016
External net sales	$	19,280	$	50,236	$	18,469	$	87,985
Gross profit		3,588		13,898		930		18,416
Operating profit		1,183		10,854		27		12,064
Total assets		161,310		155,032		60,145		376,487
Depreciation and amortization		257		1,776		1,453		3,486
Capital expenditures		453		1,090		407		1,950

Quarter ended July 5, 2015
External net sales	$	21,963	$	62,646	$	17,762	$	102,371
Gross profit (loss)		4,413		16,465		(445)		20,433
Operating profit (loss)		1,932		13,102		(1,271)		13,763
Total assets		152,300		142,780		63,876		358,956
Depreciation and amortization		234		1,582		1,616		3,432
Capital expenditures		847		90		365		1,302




	(in thousands)
	Housewares / Small Appliances		Defense Products		Absorbent Products		Total
Six Months ended July 3, 2016
External net sales	$	40,676	$	94,782	$	39,024	$	174,482
Gross profit		8,194		25,659		2,344		36,197
Operating profit		2,881		19,293		600		22,774
Total assets		161,310		155,032		60,145		376,487
Depreciation and amortization		498		3,066		2,901		6,465
Capital expenditures		892		1,123		564		2,579

Six Months ended July 5, 2015
External net sales	$	45,256	$	122,324	$	35,790	$	203,370
Gross profit (loss)		9,253		32,553		(494)		41,312
Operating profit (loss)		3,958		24,176		(2,047)		26,087
Total assets		152,300		142,780		63,876		358,956
Depreciation and amortization		469		4,617		3,225		8,311
Capital expenditures		979		124		1,752		2,855

- Definition

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

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+ Details

Business Segments (Tables)

6 Months Ended

Jul. 03, 2016

Business Segments [Abstract]

Summary Of Business Segments Information



	(in thousands)
	Housewares / Small Appliances		Defense Products		Absorbent Products		Total
Quarter ended July 3, 2016
External net sales	$	19,280	$	50,236	$	18,469	$	87,985
Gross profit		3,588		13,898		930		18,416
Operating profit		1,183		10,854		27		12,064
Total assets		161,310		155,032		60,145		376,487
Depreciation and amortization		257		1,776		1,453		3,486
Capital expenditures		453		1,090		407		1,950

Quarter ended July 5, 2015
External net sales	$	21,963	$	62,646	$	17,762	$	102,371
Gross profit (loss)		4,413		16,465		(445)		20,433
Operating profit (loss)		1,932		13,102		(1,271)		13,763
Total assets		152,300		142,780		63,876		358,956
Depreciation and amortization		234		1,582		1,616		3,432
Capital expenditures		847		90		365		1,302




	(in thousands)
	Housewares / Small Appliances		Defense Products		Absorbent Products		Total
Six Months ended July 3, 2016
External net sales	$	40,676	$	94,782	$	39,024	$	174,482
Gross profit		8,194		25,659		2,344		36,197
Operating profit		2,881		19,293		600		22,774
Total assets		161,310		155,032		60,145		376,487
Depreciation and amortization		498		3,066		2,901		6,465
Capital expenditures		892		1,123		564		2,579

Six Months ended July 5, 2015
External net sales	$	45,256	$	122,324	$	35,790	$	203,370
Gross profit (loss)		9,253		32,553		(494)		41,312
Operating profit (loss)		3,958		24,176		(2,047)		26,087
Total assets		152,300		142,780		63,876		358,956
Depreciation and amortization		469		4,617		3,225		8,311
Capital expenditures		979		124		1,752		2,855

Business Segments (Schedule Of Segment Information) (Details)

Business Segments (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015	Jul. 03, 2016	Jul. 05, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
External net sales	$ 87,985	$ 102,371	$ 174,482	$ 203,370
Gross profit (loss)	18,416	20,433	36,197	41,312
Operating profit (loss)	12,064	13,763	22,774	26,087
Total assets	376,487	358,956	376,487	358,956	$ 387,384
Depreciation and amortization	3,486	3,432	6,465	8,311
Capital expenditures	1,950	1,302	2,579	2,855
Housewares/ Small Appliances [Member]
Segment Reporting Information [Line Items]
External net sales	19,280	21,963	40,676	45,256
Gross profit (loss)	3,588	4,413	8,194	9,253
Operating profit (loss)	1,183	1,932	2,881	3,958
Total assets	161,310	152,300	161,310	152,300
Depreciation and amortization	257	234	498	469
Capital expenditures	453	847	892	979
Defense Products [Member]
Segment Reporting Information [Line Items]
External net sales	50,236	62,646	94,782	122,324
Gross profit (loss)	13,898	16,465	25,659	32,553
Operating profit (loss)	10,854	13,102	19,293	24,176
Total assets	155,032	142,780	155,032	142,780
Depreciation and amortization	1,776	1,582	3,066	4,617
Capital expenditures	1,090	90	1,123	124
Absorbent Products [Member]
Segment Reporting Information [Line Items]
External net sales	18,469	17,762	39,024	35,790
Gross profit (loss)	930	(445)	2,344	(494)
Operating profit (loss)	27	(1,271)	600	(2,047)
Total assets	60,145	63,876	60,145	63,876
Depreciation and amortization	1,453	1,616	2,901	3,225
Capital expenditures	$ 407	$ 365	$ 564	$ 1,752

Fair Value Of Financial Instruments

Fair Value Of Financial Instruments	6 Months Ended
Fair Value Of Financial Instruments	Jul. 03, 2016
Fair Value Of Financial Instruments [Abstract]
Fair Value Of Financial Instruments	NOTE E - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company utilizes the methods of 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, note receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Cash, Cash Equivalents And Marketable Securities

6 Months Ended

Jul. 03, 2016

Cash, Cash Equivalents And Marketable Securities [Abstract]

Cash, Cash Equivalents And Marketable Securities

NOTE F - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

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 has classified all marketable securities as available-for-sale which requires the securities to be reported at estimated 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 July 3, 2016 and December 31, 2015, 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 the end of the periods presented 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 the six months ended July 3, 2016.



	(In Thousands)
	MARKETABLE SECURITIES
	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
July 3, 2016
Tax-exempt Municipal Bonds	$	31,177	$	31,190	$	19	$	6
Variable Rate Demand Notes		25,092		25,092		-		-
Total Marketable Securities	$	56,269	$	56,282	$	19	$	6

December 31, 2015
Tax-exempt Municipal Bonds	$	20,129	$	20,115	$	4	$	18
Variable Rate Demand Notes		12,144		12,144		-		-
Total Marketable Securities	$	32,273	$	32,259	$	4	$	18

Proceeds from maturities and sales of available-for-sale securities totaled $2,128,000 and $511,000 for the three month periods ended July 3, 2016 and July 5, 2015, respectively, and totaled $3,391,000 and $4,349,000 for the six month periods then ended, respectively. There were no gross gains or losses related to sales of marketable securities during the same periods. Net unrealized gains (losses) included in other comprehensive income were $19,000 and $(2,000) before taxes for the three month periods ended July 3, 2016 and July 5, 2015, respectively, and were $28,000 and $10,000 before taxes for the six month periods then ended, 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 July 3, 2016 are as follows: $21,346,000 within one year; $15,556,000 beyond one year to five years; $5,672,000 beyond five years to ten years, and $13,708,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which 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.

Cash, Cash Equivalents And Marketable Securities (Tables)

6 Months Ended

Jul. 03, 2016

Cash, Cash Equivalents And Marketable Securities [Abstract]

Summary Of The Amortized Costs And Fair Values Of Marketable Securities



	(In Thousands)
	MARKETABLE SECURITIES
	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
July 3, 2016
Tax-exempt Municipal Bonds	$	31,177	$	31,190	$	19	$	6
Variable Rate Demand Notes		25,092		25,092		-		-
Total Marketable Securities	$	56,269	$	56,282	$	19	$	6

December 31, 2015
Tax-exempt Municipal Bonds	$	20,129	$	20,115	$	4	$	18
Variable Rate Demand Notes		12,144		12,144		-		-
Total Marketable Securities	$	32,273	$	32,259	$	4	$	18

Cash, Cash Equivalents And Marketable Securities (Narrative) (Details)

Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 03, 2016	Jul. 05, 2015	Jul. 03, 2016	Jul. 05, 2015
Cash, Cash Equivalents And Marketable Securities [Line Items]
Transfers into Level 2	$ 0		$ 0
Transfers out of Level 2	0		0
Proceeds from sales of available-for-sale securities	2,128,000	$ 511,000	3,391,000	$ 4,349,000
Gross gains or losses related to sales of marketable securities	0	0	0	0
Net unrealized gains (losses) included in accumulated other comprehensive income, before taxes	19,000	(2,000)	28,000	10,000
Contractual maturities of marketable securities within 1 year	21,346,000		21,346,000
Contractual maturities of marketable securities, years 2-5	15,556,000		15,556,000
Contractual maturities of marketable securities, years 6-10	5,672,000		5,672,000
Contractual maturities of marketable securities, after 10 years	13,708,000		$ 13,708,000
Marketable securities liquidation period			7 days
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Cash, Cash Equivalents And Marketable Securities [Line Items]
Reclassification out of AOCI	$ 0	$ 0	$ 0	$ 0

Cash, Cash Equivalents And Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details)

Cash, Cash Equivalents And Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($) $ in Thousands	Jul. 03, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	$ 56,269	$ 32,273
MARKETABLE SECURITIES, Fair Value	56,282	32,259
MARKETABLE SECURITIES, Gross Unrealized Gains	19	4
MARKETABLE SECURITIES, Gross Unrealized Losses	6	18
Tax-Exempt Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	31,177	20,129
MARKETABLE SECURITIES, Fair Value	31,190	20,115
MARKETABLE SECURITIES, Gross Unrealized Gains	19	4
MARKETABLE SECURITIES, Gross Unrealized Losses	6	18
Variable Rate Demand Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	25,092	12,144
MARKETABLE SECURITIES, Fair Value	$ 25,092	$ 12,144

Other Assets

Other Assets	6 Months Ended
Other Assets	Jul. 03, 2016
Other Assets [Abstract]
Other Assets	NOTE G – 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 July 3, 2016 and December 31, 2015, $15,063,000 and $16,254,000 of such prepayments, respectively, remained unused and outstanding. At July 3, 2016 and December 31, 2015, $6,000,000 of these amounts 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.

Other Assets (Narrative) (Details)

Other Assets (Narrative) (Details) - Housewares/ Small Appliances [Member] - USD ($) $ in Thousands	6 Months Ended
	Jul. 03, 2016	Dec. 31, 2015
Expected prepayment utilization period	3 years
Other Assets [Member]
Materials Prepayments	$ 15,063	$ 16,254
Other Current Assets [Member]
Materials Prepayments	$ 6,000	$ 6,000

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
Commitments And Contingencies	Jul. 03, 2016
Commitments And Contingencies [Abstract]
Commitments And Contingencies	NOTE H – COMMITMENTS AND CONTINGENCIES The Company is involved in largely routine litigation incidental to its business. Management believes the ultimate outcome of the litigation will not have a material effect on the Company's consolidated financial position, liquidity, or results of operations.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements	6 Months Ended
Recently Issued Accounting Pronouncements	Jul. 03, 2016
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	NOTE I – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 provides guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance requires a modified retrospective transition method and early adoption is permitted. The Company does not expect the adoption of ASU 2016-13 to have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 provides guidance that simplifies some provisions in stock compensation accounting for tax consequences related to stock payments and amends how excess tax benefits and payments to cover the tax liabilities of award recipients should be classified. ASU 2016-09 also allows an entity to elect an accounting policy for forfeitures and revises the withholding requirements for classifying stock awards as equity. The guidance is effective for annual periods beginning after December 15, 2016, with early adoption permitted. The Company does not expect the adoption of ASU 2016-09 to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. 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 does not expect the adoption of ASU 2016-01 to have a material effect on its consolidated financial statements. 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.