Document And Entity Information
v3.3.0.814
Document And Entity Information - shares
9 Months Ended
Oct. 02, 2016
Nov. 01, 2016
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Oct. 02, 2016  
Document Fiscal Period Focus Q3  
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   6,948,664

Condensed Consolidated Balance Sheets
v3.3.0.814
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Oct. 02, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 8,018 $ 56,222
Marketable securities 65,779 32,259
Accounts receivable, net 58,131 67,528
Inventories:    
Finished goods 40,605 32,585
Work in process 78,967 57,484
Raw materials and supplies 8,462 8,553
Total inventory 128,034 98,622
Income tax receivable 3,662  
Other current assets 7,959 6,961
Total current assets 271,583 261,592
PROPERTY, PLANT AND EQUIPMENT 180,965 177,628
Less allowance for depreciation 95,546 86,322
PROPERTY, PLANT AND EQUIPMENT, NET 85,419 91,306
GOODWILL 11,485 11,485
INTANGIBLE ASSETS, net 5,114 5,471
NOTES RECEIVABLE 6,481 3,940
DEFERRED INCOME TAXES   3,336
OTHER ASSETS 6,505 10,254
Total assets 386,587 387,384
CURRENT LIABILITIES:    
Accounts payable 40,651 32,536
Federal and state income taxes   2,196
Accrued liabilities 15,043 13,398
Total current liabilities 55,694 $ 48,130
DEFERRED INCOME TAXES $ 1,708  
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 7,675 6,775
Retained earnings 329,429 340,799
Accumulated other comprehensive (loss) (20) (9)
Stockholders' Equity before Treasury Stock 344,525 355,006
Treasury stock, at cost 15,340 15,752
Total stockholders' equity 329,185 339,254
Total liabilities and stockholders' equity $ 386,587 $ 387,384

Condensed Consolidated Balance Sheets (Parenthetical)
v3.3.0.814
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Oct. 02, 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
v3.3.0.814
Consolidated Statements Of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Oct. 02, 2016
Oct. 04, 2015
Oct. 02, 2016
Oct. 04, 2015
Consolidated Statements Of Comprehensive Income [Abstract]        
Net sales $ 93,078 $ 90,901 $ 267,560 $ 294,271
Cost of sales 74,614 71,780 212,899 233,838
Gross profit 18,464 19,121 54,661 60,433
Selling and general expenses 6,226 6,624 19,081 18,567
Intangibles amortization   356 568 3,638
Operating profit 12,238 12,141 35,012 38,228
Other income 223 236 591 412
Earnings before provision for income taxes 12,461 12,377 35,603 38,640
Provision for income taxes 4,157 4,266 11,814 13,300
Net earnings $ 8,304 $ 8,111 $ 23,789 $ 25,340
Weighted average shares outstanding:        
Basic and diluted 6,972 6,953 6,969 6,948
Net earnings per share:        
Basic and diluted $ 1.19 $ 1.17 $ 3.41 $ 3.65
Other comprehensive loss, net of tax:        
Unrealized loss on available-for-sale securities $ 29 $ 7 $ 11 $ 1
Comprehensive income $ 8,275 $ 8,104 $ 23,778 $ 25,339
Cash dividends declared and paid per common share $ 0.00 $ 0.00 $ 5.05 $ 4.05

Consolidated Statements Of Cash Flows
v3.3.0.814
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Oct. 02, 2016
Oct. 04, 2015
Cash flows from operating activities:    
Net earnings $ 23,789 $ 25,340
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Provision for depreciation 9,390 7,700
Intangibles amortization 568 3,638
Provision for doubtful accounts 12 279
Non-cash retirement plan expense 578 586
Loss (gain) on disposal of property, plant and equipment 431 (21)
Other 126 177
Changes in:    
Accounts receivable 9,385 17,588
Inventories (29,412) (27,165)
Other assets and current assets 2,751 (5,250)
Accounts payable and accrued liabilities 9,760 (2,678)
Federal and state income taxes (764) 1,329
Net cash provided by operating activities 26,614 21,523
Cash flows from investing activities:    
Marketable securities purchased (49,256) (9,871)
Marketable securities - maturities and sales 15,720 7,695
Notes issued (2,419)  
Acquisition of intangible assets (211)  
Purchase of property, plant and equipment (3,936) (5,559)
Sale of property, plant and equipment 2 23
Net cash used in investing activities (40,100) (7,712)
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 (48,204) (13,985)
Cash and cash equivalents at beginning of period 56,222 54,043
Cash and cash equivalents at end of period $ 8,018 $ 40,058

Basis Of Presentation
v3.3.0.814
Basis Of Presentation
9 Months Ended
Oct. 02, 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
v3.3.0.814
Reclassifications
9 Months Ended
Oct. 02, 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
v3.3.0.814
Earnings Per Share
9 Months Ended
Oct. 02, 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
v3.3.0.814
Business Segments
9 Months Ended
Oct. 02, 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 October 2, 2016

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

23,716 

 

$

50,817 

 

$

18,545 

 

$

93,078 

Gross profit

 

 

3,779 

 

 

13,634 

 

 

1,051 

 

 

18,464 

Operating profit

 

 

1,167 

 

 

10,745 

 

 

326 

 

 

12,238 

Total assets

 

 

165,523 

 

 

161,663 

 

 

59,401 

 

 

386,587 

Depreciation and amortization

 

 

257 

 

 

1,778 

 

 

1,458 

 

 

3,493 

Capital expenditures

 

 

 -

 

 

967 

 

 

390 

 

 

1,357 



 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended October 4, 2015

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

27,704 

 

$

44,621 

 

$

18,576 

 

$

90,901 

Gross profit

 

 

6,224 

 

 

12,700 

 

 

197 

 

 

19,121 

Operating profit (loss)

 

 

3,040 

 

 

9,654 

 

 

(553)

 

 

12,141 

Total assets

 

 

162,606 

 

 

144,239 

 

 

62,924 

 

 

369,769 

Depreciation and amortization

 

 

219 

 

 

1,050 

 

 

1,758 

 

 

3,027 

Capital expenditures

 

 

2,400 

 

 

(3)

 

 

307 

 

 

2,704 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 





 

(in thousands)



 

Housewares / Small Appliances

 

Defense Products

 

Absorbent Products

 

Total

Nine Months ended October 2, 2016

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

64,392 

 

$

145,599 

 

$

57,569 

 

$

267,560 

Gross profit

 

 

11,973 

 

 

39,293 

 

 

3,395 

 

 

54,661 

Operating profit

 

 

4,048 

 

 

30,038 

 

 

926 

 

 

35,012 

Total assets

 

 

165,523 

 

 

161,663 

 

 

59,401 

 

 

386,587 

Depreciation and amortization

 

 

755 

 

 

4,844 

 

 

4,359 

 

 

9,958 

Capital expenditures

 

 

892 

 

 

2,090 

 

 

954 

 

 

3,936 



 

 

 

 

 

 

 

 

 

 

 

 

Nine Months ended October 4, 2015

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

72,960 

 

$

166,945 

 

$

54,366 

 

$

294,271 

Gross profit (loss)

 

 

15,477 

 

 

45,253 

 

 

(297)

 

 

60,433 

Operating profit (loss)

 

 

6,998 

 

 

33,830 

 

 

(2,600)

 

 

38,228 

Total assets

 

 

162,606 

 

 

144,239 

 

 

62,924 

 

 

369,769 

Depreciation and amortization

 

 

688 

 

 

5,667 

 

 

4,983 

 

 

11,338 

Capital expenditures

 

 

3,379 

 

 

121 

 

 

2,059 

 

 

5,559 



 

 

 

 

 

 

 

 

 

 

 

 




Business Segments (Tables)
v3.3.0.814
Business Segments (Tables)
9 Months Ended
Oct. 02, 2016
Business Segments [Abstract]  
Summary Of Business Segments Information



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

(in thousands)



 

Housewares / Small Appliances

 

Defense Products

 

Absorbent Products

 

Total

Quarter ended October 2, 2016

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

23,716 

 

$

50,817 

 

$

18,545 

 

$

93,078 

Gross profit

 

 

3,779 

 

 

13,634 

 

 

1,051 

 

 

18,464 

Operating profit

 

 

1,167 

 

 

10,745 

 

 

326 

 

 

12,238 

Total assets

 

 

165,523 

 

 

161,663 

 

 

59,401 

 

 

386,587 

Depreciation and amortization

 

 

257 

 

 

1,778 

 

 

1,458 

 

 

3,493 

Capital expenditures

 

 

 -

 

 

967 

 

 

390 

 

 

1,357 



 

 

 

 

 

 

 

 

 

 

 

 

Quarter ended October 4, 2015

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

27,704 

 

$

44,621 

 

$

18,576 

 

$

90,901 

Gross profit

 

 

6,224 

 

 

12,700 

 

 

197 

 

 

19,121 

Operating profit (loss)

 

 

3,040 

 

 

9,654 

 

 

(553)

 

 

12,141 

Total assets

 

 

162,606 

 

 

144,239 

 

 

62,924 

 

 

369,769 

Depreciation and amortization

 

 

219 

 

 

1,050 

 

 

1,758 

 

 

3,027 

Capital expenditures

 

 

2,400 

 

 

(3)

 

 

307 

 

 

2,704 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 





 

(in thousands)



 

Housewares / Small Appliances

 

Defense Products

 

Absorbent Products

 

Total

Nine Months ended October 2, 2016

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

64,392 

 

$

145,599 

 

$

57,569 

 

$

267,560 

Gross profit

 

 

11,973 

 

 

39,293 

 

 

3,395 

 

 

54,661 

Operating profit

 

 

4,048 

 

 

30,038 

 

 

926 

 

 

35,012 

Total assets

 

 

165,523 

 

 

161,663 

 

 

59,401 

 

 

386,587 

Depreciation and amortization

 

 

755 

 

 

4,844 

 

 

4,359 

 

 

9,958 

Capital expenditures

 

 

892 

 

 

2,090 

 

 

954 

 

 

3,936 



 

 

 

 

 

 

 

 

 

 

 

 

Nine Months ended October 4, 2015

 

 

 

 

 

 

 

 

 

 

 

 

External net sales

 

$

72,960 

 

$

166,945 

 

$

54,366 

 

$

294,271 

Gross profit (loss)

 

 

15,477 

 

 

45,253 

 

 

(297)

 

 

60,433 

Operating profit (loss)

 

 

6,998 

 

 

33,830 

 

 

(2,600)

 

 

38,228 

Total assets

 

 

162,606 

 

 

144,239 

 

 

62,924 

 

 

369,769 

Depreciation and amortization

 

 

688 

 

 

5,667 

 

 

4,983 

 

 

11,338 

Capital expenditures

 

 

3,379 

 

 

121 

 

 

2,059 

 

 

5,559 



 

 

 

 

 

 

 

 

 

 

 

 




Business Segments (Schedule Of Segment Information) (Details)
v3.3.0.814
Business Segments (Schedule Of Segment Information) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Oct. 02, 2016
Oct. 04, 2015
Oct. 02, 2016
Oct. 04, 2015
Dec. 31, 2015
Segment Reporting Information [Line Items]          
External net sales $ 93,078 $ 90,901 $ 267,560 $ 294,271  
Gross profit (loss) 18,464 19,121 54,661 60,433  
Operating profit (loss) 12,238 12,141 35,012 38,228  
Total assets 386,587 369,769 386,587 369,769 $ 387,384
Depreciation and amortization 3,493 3,027 9,958 11,338  
Capital expenditures 1,357 2,704 3,936 5,559  
Housewares/ Small Appliances [Member]          
Segment Reporting Information [Line Items]          
External net sales 23,716 27,704 64,392 72,960  
Gross profit (loss) 3,779 6,224 11,973 15,477  
Operating profit (loss) 1,167 3,040 4,048 6,998  
Total assets 165,523 162,606 165,523 162,606  
Depreciation and amortization 257 219 755 688  
Capital expenditures   2,400 892 3,379  
Defense Products [Member]          
Segment Reporting Information [Line Items]          
External net sales 50,817 44,621 145,599 166,945  
Gross profit (loss) 13,634 12,700 39,293 45,253  
Operating profit (loss) 10,745 9,654 30,038 33,830  
Total assets 161,663 144,239 161,663 144,239  
Depreciation and amortization 1,778 1,050 4,844 5,667  
Capital expenditures 967 (3) 2,090 121  
Absorbent Products [Member]          
Segment Reporting Information [Line Items]          
External net sales 18,545 18,576 57,569 54,366  
Gross profit (loss) 1,051 197 3,395 (297)  
Operating profit (loss) 326 (553) 926 (2,600)  
Total assets 59,401 62,924 59,401 62,924  
Depreciation and amortization 1,458 1,758 4,359 4,983  
Capital expenditures $ 390 $ 307 $ 954 $ 2,059  

Fair Value Of Financial Instruments
v3.3.0.814
Fair Value Of Financial Instruments
9 Months Ended
Oct. 02, 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. 


Cash, Cash Equivalents And Marketable Securities
v3.3.0.814
Cash, Cash Equivalents And Marketable Securities
9 Months Ended
Oct. 02, 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 October 2, 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 nine months ended October 2, 2016.





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

(In Thousands)



 

MARKETABLE SECURITIES



 

Amortized Cost

 

Fair Value

 

Gross Unrealized Gains

 

Gross Unrealized Losses

October 2, 2016

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt  Municipal Bonds

 

$

28,913 

 

$

28,883 

 

$

 

$

32 

Variable Rate Demand Notes

 

 

36,896 

 

 

36,896 

 

 

 -

 

 

 -

Total Marketable Securities

 

$

65,809 

 

$

65,779 

 

$

 

$

32 



 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt Municipal Bonds

 

$

20,129 

 

$

20,115 

 

$

 

$

18 

Variable Rate Demand Notes

 

 

12,144 

 

 

12,144 

 

 

 -

 

 

 -

Total Marketable Securities

 

$

32,273 

 

$

32,259 

 

$

 

$

18 



Proceeds from maturities and sales of available-for-sale securities totaled $12,329,000 and $3,346,000 for the three month periods ended October 2, 2016 and October 4, 2015, respectively, and totaled $15,720,000 and $7,695,000 for the nine month periods then ended, respectively.  There were no gross gains or losses related to sales of marketable securities during the same periods.  Net unrealized losses included in other comprehensive income were $44,000 and $10,000 before taxes for the three month periods ended October 2, 2016 and October 4, 2015, respectively, and were $16,000 and $1,000 before taxes for the nine 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 October 2, 2016 are as follows: $22,406,000 within one year; $11,721,000 beyond one year to five years; $6,638,000 beyond five years to ten years, and $25,014,000 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)
v3.3.0.814
Cash, Cash Equivalents And Marketable Securities (Tables)
9 Months Ended
Oct. 02, 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

October 2, 2016

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt  Municipal Bonds

 

$

28,913 

 

$

28,883 

 

$

 

$

32 

Variable Rate Demand Notes

 

 

36,896 

 

 

36,896 

 

 

 -

 

 

 -

Total Marketable Securities

 

$

65,809 

 

$

65,779 

 

$

 

$

32 



 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

Tax-exempt Municipal Bonds

 

$

20,129 

 

$

20,115 

 

$

 

$

18 

Variable Rate Demand Notes

 

 

12,144 

 

 

12,144 

 

 

 -

 

 

 -

Total Marketable Securities

 

$

32,273 

 

$

32,259 

 

$

 

$

18 




Cash, Cash Equivalents And Marketable Securities (Narrative) (Details)
v3.3.0.814
Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) - USD ($)
3 Months Ended 9 Months Ended
Oct. 02, 2016
Oct. 04, 2015
Oct. 02, 2016
Oct. 04, 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 12,329,000 $ 3,346,000 15,720,000 $ 7,695,000
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 (44,000) (10,000) (16,000) (1,000)
Contractual maturities of marketable securities within 1 year 22,406,000   22,406,000  
Contractual maturities of marketable securities, years 2-5 11,721,000   11,721,000  
Contractual maturities of marketable securities, years 6-10 6,638,000   6,638,000  
Contractual maturities of marketable securities, after 10 years 25,014,000   $ 25,014,000  
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)
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Cash, Cash Equivalents And Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($)
$ in Thousands
Oct. 02, 2016
Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]    
MARKETABLE SECURITIES, Amortized Cost $ 65,809 $ 32,273
MARKETABLE SECURITIES, Fair Value 65,779 32,259
MARKETABLE SECURITIES, Gross Unrealized Gains 2 4
MARKETABLE SECURITIES, Gross Unrealized Losses 32 18
Tax-Exempt Municipal Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
MARKETABLE SECURITIES, Amortized Cost 28,913 20,129
MARKETABLE SECURITIES, Fair Value 28,883 20,115
MARKETABLE SECURITIES, Gross Unrealized Gains 2 4
MARKETABLE SECURITIES, Gross Unrealized Losses 32 18
Variable Rate Demand Notes [Member]    
Schedule of Available-for-sale Securities [Line Items]    
MARKETABLE SECURITIES, Amortized Cost 36,896 12,144
MARKETABLE SECURITIES, Fair Value $ 36,896 $ 12,144

Other Assets
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Other Assets
9 Months Ended
Oct. 02, 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 October 2, 2016 and December 31, 2015, $12,505,000 and $16,254,000 of such prepayments, respectively, remained unused and outstanding.  At October 2, 2016 and December 31, 2015, $6,000,000 of these amounts were 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)
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Other Assets (Narrative) (Details) - Housewares/ Small Appliances [Member] - USD ($)
$ in Thousands
9 Months Ended
Oct. 02, 2016
Dec. 31, 2015
Expected prepayment utilization period 3 years  
Other Assets [Member]    
Materials Prepayments $ 12,505 $ 16,254
Other Current Assets [Member]    
Materials Prepayments $ 6,000 $ 6,000

Commitments And Contingencies
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Commitments And Contingencies
9 Months Ended
Oct. 02, 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
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Recently Issued Accounting Pronouncements
9 Months Ended
Oct. 02, 2016
Recently Issued Accounting Pronouncements [Abstract]  
Recently Issued Accounting Pronouncements

NOTE I – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS



In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows.  ASU 2016-15 provides guidance on the following eight specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle.  ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company does not expect the adoption of ASU 2016-15 to have a material impact on its consolidated financial statements.



In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.  ASU 2016-13 provides guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. The expected loss approach will require entities to incorporate considerations of historical information, current information and reasonable and supportable forecasts. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration.  The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The guidance requires a modified retrospective transition method and early adoption is permitted. The Company does not expect the adoption of ASU 2016-13 to have a material impact on its consolidated financial statements.



In 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.