Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2016	Mar. 01, 2017	Jul. 03, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Period Focus	FY
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		6,953,780
Entity Public Float			$ 459,511,275
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 27,034	$ 56,222
Marketable securities	84,457	32,259
Accounts receivable	69,101	57,374
Less allowance for doubtful accounts	1,816	1,796
Accounts receivable, net	67,285	55,578
Inventories:
Finished goods	25,200	27,765
Work in process	66,528	57,397
Raw materials and supplies	3,675	3,747
Total inventory	95,403	88,909
Assets held for sale	58,893	21,663
Other current assets	7,423	6,961
Total current assets	340,495	261,592
PROPERTY, PLANT AND EQUIPMENT:
Land and land improvements	4,933	4,807
Buildings	47,012	43,392
Machinery and equipment	49,218	48,701
PROPERTY, PLANT AND EQUIPMENT	101,163	96,900
Less allowance for depreciation	51,688	43,741
PROPERTY, PLANT AND EQUIPMENT, NET	49,475	53,159
GOODWILL	11,485	11,485
INTANGIBLE ASSETS, net	4,961	5,471
NOTES RECEIVABLE	6,534	3,940
DEFERRED INCOME TAXES		3,336
ASSETS HELD FOR SALE		38,147
OTHER ASSETS	4,644	10,254
Total assets	417,594	387,384
CURRENT LIABILITIES:
Accounts payable	39,584	27,748
Federal and state income taxes	6,273	2,196
Accrued liabilities	12,244	12,570
Liabilities held for sale	6,253	5,616
Total current liabilities	64,354	48,130
DEFERRED INCOME TAXES	3,004
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, $1 par value: Authorized: 12,000,000 shares at December 31, 2016 and 2015; Issued: 7,440,518 shares at December 31, 2016 and 2015; Outstanding: 6,950,786 and 6,935,471 shares at December 31, 2016 and 2015, respectively	7,441	7,441
Paid-in capital	7,913	6,775
Retained earnings	350,203	340,799
Accumulated other comprehensive loss	(47)	(9)
Stockholders' equity before treasury stock	365,510	355,006
Less treasury stock, at cost, 489,732 and 505,047 shares at December 31, 2016 and 2015, respectively	15,274	15,752
Total stockholders' equity	350,236	339,254
Total liabilities and stockholders' equity	$ 417,594	$ 387,384

Consolidated Balance Sheets (Parenthetical)

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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	6,950,786	6,935,471
Treasury stock, at cost	489,732	505,047

Consolidated Statements Of Comprehensive Income

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Consolidated Statements Of Comprehensive Income [Abstract]
Net sales	$ 341,905,000	$ 355,649,000	$ 347,198,000
Cost of sales	256,243,000	266,216,000	265,892,000
Gross profit	85,662,000	89,433,000	81,306,000
Selling and general expenses	22,429,000	21,735,000	21,422,000
Intangibles amortization	721,000	5,173,000	11,991,000
Impairment of finite lived intangible assets			2,063,000
Operating profit	62,512,000	62,525,000	45,830,000
Other income, principally interest	810,000	397,000	367,000
Earnings from continuing operations before provision for income taxes	63,322,000	62,922,000	46,197,000
Provision for income taxes	21,407,000	20,760,000	15,445,000
Earnings from continuing operations	41,915,000	42,162,000	30,752,000
Earnings (loss) from discontinued operations, net of tax	2,649,000	(1,666,000)	(4,275,000)
Net earnings	$ 44,564,000	$ 40,496,000	$ 26,477,000
Weighted average shares outstanding:
Basic and diluted	6,970	6,951	6,930
Earnings (loss) per share, basic and diluted:
From continuing operations	$ 6.01	$ 6.07	$ 4.44
From discontinued operations	0.38	(0.24)	(0.62)
Net earnings per share	$ 6.39	$ 5.83	$ 3.82
Other comprehensive loss, net of tax:
Unrealized loss on available-for-sale securities	$ 38,000	$ 6,000	$ 11,000
Comprehensive income	$ 44,526,000	$ 40,490,000	$ 26,466,000

Consolidated Statements Of Cash Flows

Consolidated Statements Of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements Of Cash Flows - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net earnings	$ 44,564,000	$ 40,496,000	$ 26,477,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Intangibles amortization	721,000	5,173,000	11,991,000
Provision for depreciation	13,962,000	10,427,000	9,828,000
Deferred income tax provision (benefit)	6,360,000	(998,000)	(1,005,000)
Impairment of finite lived intangible assets			2,063,000
Gain on involuntary conversion of machinery and equipment	(968,000)
Loss (gain) on disposal of property, plant and equipment	434,000	70,000	(2,000)
Provision for doubtful accounts	1,000	516,000	532,000
Non-cash retirement plan expense	782,000	775,000	705,000
Other	217,000	220,000	141,000
Changes in operating accounts:
Accounts receivable, net	(13,539,000)	708,000	16,536,000
Inventories	(7,528,000)	(9,398,000)	8,144,000
Other assets and current assets	5,148,000	(2,894,000)	5,291,000
Accounts payable and accrued liabilities	12,145,000	(2,684,000)	(6,033,000)
Federal and state income taxes receivable/payable	4,077,000	3,864,000	(1,455,000)
Net cash provided by operating activities	66,376,000	46,275,000	73,213,000
Cash flows from investing activities:
Marketable securities purchased	(86,119,000)	(20,170,000)	(8,976,000)
Marketable securities - maturities and sales	33,863,000	10,306,000	22,959,000
Purchase of property, plant and equipment	(6,950,000)	(6,461,000)	(11,287,000)
Note issued	(2,419,000)
Proceeds from insurnace settlement	987,000
Acquisition of intangible assets	(211,000)
Sale of property, plant and equipment	3,000	25,000	307,000
Acquisition of businesses, net of cash acquired			(10,534,000)
Net cash used in investing activities	(60,846,000)	(16,300,000)	(7,531,000)
Cash flows from financing activities:
Dividends paid	(35,161,000)	(28,114,000)	(34,954,000)
Proceeds from sale of treasury stock	443,000	323,000	362,000
Other		(5,000)
Net cash used in financing activities	(34,718,000)	(27,796,000)	(34,592,000)
Net increase (decrease) in cash and cash equivalents	(29,188,000)	2,179,000	31,090,000
Cash and cash equivalents at beginning of year	56,222,000	54,043,000	22,953,000
Cash and cash equivalents at end of year	27,034,000	56,222,000	54,043,000
Supplemental disclosures of cash flow information:
Income taxes	$ 17,278,000	$ 21,930,000	$ 17,411,000

Consolidated Statements Of Stockholders' Equity

Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2013	$ 7,441	$ 4,998	$ 336,895	$ 8	$ (16,791)	$ 332,551
Balance, shares at Dec. 31, 2013	6,902,000
Net earnings			26,477			26,477
Unrealized loss on available-for-sale securities				(11)		(11)
Dividends paid			(34,954)			(34,954)
Other		908	(1)		473	1,380
Other, shares	15,000
Balance at Dec. 31, 2014	$ 7,441	5,906	328,417	(3)	(16,318)	325,443
Balance, shares at Dec. 31, 2014	6,917,000
Net earnings			40,496			40,496
Unrealized loss on available-for-sale securities				(6)		(6)
Dividends paid			(28,114)			(28,114)
Other		869			566	1,435
Other, shares	18,000
Balance at Dec. 31, 2015	$ 7,441	6,775	340,799	(9)	(15,752)	$ 339,254
Balance, shares at Dec. 31, 2015	6,935,000					6,935,471
Net earnings			44,564			$ 44,564
Unrealized loss on available-for-sale securities				(38)		(38)
Dividends paid			(35,161)			(35,161)
Other		1,138	1		478	1,617
Other, shares	16,000
Balance at Dec. 31, 2016	$ 7,441	$ 7,913	$ 350,203	$ (47)	$ (15,274)	$ 350,236
Balance, shares at Dec. 31, 2016	6,951,000					6,950,786

Consolidated Statements Of Stockholders' Equity (Parenthetical)

Consolidated Statements Of Stockholders' Equity (Parenthetical) - Quarter 1 Dividend Payment [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Regular dividends per share paid	$ 1.00	$ 1.00	$ 1.00
Extra dividends per share paid	$ 4.05	$ 3.05	$ 4.05

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

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.

On January 3, 2017, the Company and its wholly-owned subsidiary, Presto Absorbent Products, Inc. (“PAPI”), entered into an asset purchase agreement wherein substantially all PAPI assets were sold and certain liabilities were assigned to Drylock Technologies, LTD. (“Drylock”) in exchange for $67,000,000, subject to customary post-closing adjustments. The asset purchase agreement also provides for additional proceeds of $4,000,000 upon the sale of certain delayed assets, consisting of machinery and equipment that were the subject of an involuntary conversion, at a future date. As a result of this transaction, effective in the fourth quarter of 2016, the Company classified its results of operations for all periods presented to reflect its Absorbent Products business as a discontinued operation and classified the assets and liabilities of its Absorbent Products business as held for sale. See Note R for further discussion.

(3) RECLASSIFICATIONS: In addition to the reclassifications mentioned in Note A(2) above, certain reclassifications have been made to the prior periods' financial statements to conform to the current period’s financial statement presentation. These reclassifications did not affect net earnings or stockholders’ equity as previously reported.

(4) FAIR VALUE OF FINANCIAL INSTRUMENTS: The Company utilizes the methods of determining fair value as described in Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The carrying amount for cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments. The fair value of marketable securities are discussed in Note A(5).

(5) CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES:

Cash and Cash Equivalents: The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents. Cash equivalents include money market funds. The Company deposits its cash in high quality financial institutions. The balances, at times, may exceed federally insured limits. Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 820).

The Company's cash management policy provides for its bank disbursement accounts to be reimbursed on a daily basis. Checks issued but not presented to the bank for payment of $5,883,000 and $4,071,000 at December 31, 2016 and 2015, 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, 2016 and 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 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 2016 and 2015.



	(In thousands)
	MARKETABLE SECURITIES

	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
December 31, 2016
Tax-exempt Municipal Bonds	$	38,223	$	38,151	$	1	$	73
Variable Rate Demand Notes		46,306		46,306		-		-
Total Marketable Securities	$	84,529	$	84,457	$	1	$	73

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 sales and maturities of marketable securities totaled $33,863,000 in 2016, $10,306,000 in 2015, and $22,959,000 in 2014. There were no realized gross gains or losses related to sales of marketable securities during the years ended December 31, 2016, 2015 and 2014. Net unrealized losses included in other comprehensive income were $57,000, $9,000 and $17,000 before taxes for the years ended December 31, 2016 2015, and 2014, 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, 2016 are as follows: $29,852,000 within one year; $14,601,000 beyond one year to five years; $5,117,000 beyond five years to ten years, and $34,887,000 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 25 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. Defense segment inventories are stated at the lower cost or market determined principally on the first-in, first-out (FIFO) method. Inventoried costs relating to contracts in progress are stated at actual production costs, including factory overhead, initial tooling, and other related costs incurred to date, reduced by amounts associated with recognized sales, utilizing a standard costing type 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. Approximately $3,461,000 of construction in progress in the Company’s Defense segment is presented on the Consolidated Balance Sheet as Buildings at December 31, 2016 and is expected to be completed during the first quarter of 2017. Approximately $3,100,000 of construction in progress in the Company’s Housewares/Small Appliance 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. No goodwill impairments were recognized during 2016, 2015, or 2014.

The Company's goodwill as of December 31, 2016 and 2015 was $11,485,000, relating entirely to its Defense segment, which had no cumulative impairment charges at December 31, 2016.

(10) INTANGIBLE ASSETS: Intangible assets primarily consist of the value of a government sales contract 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 other non-compete agreements. The intangible assets are all attributable to the Defense segment. The government sales contract intangible asset is amortized based on units fulfilled under the applicable contract, while the other intangible assets are amortized on a straight-line basis that approximates economic use, over periods ranging from 1 to 10 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, certain trademarks and non-compete agreements exceeded the undiscounted cash flows expected to result from their use. As a result, an impairment loss of $2,063,000 was recognized based on the Company’s analysis comparing the fair value of the intangible assets and their carrying amounts. The fair value of the intangible assets was determined using a discounted cash flow model.

The gross carrying amounts of the government sales contract and other intangible assets subject to amortization were $21,690,000 and $211,000, respectively, totaling $21,901,000 at December 31, 2016. The gross carrying amount of the government sales contract subject to amortization was $21,690,000 at December 31, 2015. Accumulated amortization was $16,940,000 and $16,219,000 at December 31, 2016 and 2015, respectively. Amortization expense was $721,000, $5,173,000, and $11,991,000 during the years ended December 31, 2016, 2015, and 2014, respectively. Estimated amortization expense as of December 31, 2016 for the five succeeding years is shown in the following table:



Years ending December 31:	(In thousands)
2017	$	3,024
2018		1,778
2019		21
2020		21
2021		21

(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 Appliance segment. The Company expects to utilize the prepayments and related materials over an estimated period of up to two years. As of December 31, 2016 and 2015, $10,974,000 and $16,254,000 of such prepayments, respectively, remained unused and outstanding. At December 31, 2016 and 2015, $6,330,000 and $6,000,000 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 within the Housewares/Small Appliance segment. 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 $369,000, $98,000, and $202,000 in 2016, 2015, and 2014, 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:



	(In thousands)
	Year Ended December 31
	2016		2015
Beginning balance January 1	$	487	$	377
Accruals during the period		549		677
Charges / payments made under the warranties		(493)		(567)
Balance December 31	$	543	$	487

(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 January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates the performance of Step 2 from the goodwill impairment test. In performing its annual or interim impairment testing, an entity will instead compare the fair value of the reporting unit with its carrying amount and recognize any impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The standard is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of ASU 2017-04 to have a material impact on its consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 806): Clarifying the Definition of a Business, which provides guidance in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting, including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted under certain circumstances. The Company does not expect the adoption of ASU 2017-01 to have a material impact on its consolidated financial statements.

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 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 expects to adopt ASU 2014-09 as of January 1, 2018, and continues to deliberate on the transition method. While the Company’s evaluation of the impact of the standard is ongoing, representative samples of existing revenue contracts have been considered. The Company continues to evaluate if there will be any effect on the timing and pattern of revenue recognition, and additional disclosures may be required. The Company will continue assessing the impact of ASU 2014-09 on its consolidated financial statements through the date of adoption.

Other pronouncements issued but not effective until after December 31, 2016, are not expected to have a material impact on the Company's consolidated financial statements.

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2016

Summary Of Significant Accounting Policies [Abstract]

Use Of Estimates In The Preparation Of Financial Statements

Basis Of Presentation

Reclassifications

Fair Value Of Financial Instruments

Cash Cash Equivalents And Marketable Securities

(5) CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES:



	(In thousands)
	MARKETABLE SECURITIES

	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
December 31, 2016
Tax-exempt Municipal Bonds	$	38,223	$	38,151	$	1	$	73
Variable Rate Demand Notes		46,306		46,306		-		-
Total Marketable Securities	$	84,529	$	84,457	$	1	$	73

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

Accounts Receivable

Inventories

Property, Plant And Equipment

Goodwill

The Company's goodwill as of December 31, 2016 and 2015 was $11,485,000, relating entirely to its Defense segment, which had no cumulative impairment charges at December 31, 2016.

Intangible Assets



Years ending December 31:	(In thousands)
2017	$	3,024
2018		1,778
2019		21
2020		21
2021		21

Other Assets

Revenue Recognition

Sales & Returns

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.

Advertising

Product Warranty

The product warranty liability is included in accounts payable on the balance sheet. The following table shows the changes in product warranty liability for the period:



	(In thousands)
	Year Ended December 31
	2016		2015
Beginning balance January 1	$	487	$	377
Accruals during the period		549		677
Charges / payments made under the warranties		(493)		(567)
Balance December 31	$	543	$	487

Stock-Based Compensation

Income Taxes

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Summary Of Significant Accounting Policies [Abstract]

Summary Of The Amortized Costs And Fair Values Of Marketable Securities



	(In thousands)
	MARKETABLE SECURITIES

	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
December 31, 2016
Tax-exempt Municipal Bonds	$	38,223	$	38,151	$	1	$	73
Variable Rate Demand Notes		46,306		46,306		-		-
Total Marketable Securities	$	84,529	$	84,457	$	1	$	73

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

Schedule Of Estimated Future Amortization Expense



Years ending December 31:	(In thousands)
2017	$	3,024
2018		1,778
2019		21
2020		21
2021		21

Schedule Of Changes In Product Warranty



	(In thousands)
	Year Ended December 31
	2016		2015
Beginning balance January 1	$	487	$	377
Accruals during the period		549		677
Charges / payments made under the warranties		(493)		(567)
Balance December 31	$	543	$	487

Summary Of Significant Accounting Policies (Narrative) (Details)

Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($)		9 Months Ended	12 Months Ended
	Jan. 03, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Checks outstanding			$ 5,883,000	$ 4,071,000
Transfers into Level 2			0	0
Transfers out of Level 2			0	0
Proceeds from sale and maturity of available for sale securities			33,863,000	10,306,000	$ 22,959,000
Net unrealized losses included OCI			57,000	9,000	17,000
Contractual maturities of marketable securities, within one year			29,852,000
Contractual maturities of marketable securities, beyond one year to five years			14,601,000
Contractual maturities of marketable securities, beyond five years to ten years			5,117,000
Contractual maturities of marketable securities, beyond ten years			34,887,000
Goodwill			11,485,000	11,485,000
Goodwill, Cumulative Impairment Charges			0
Impairment of finite lived intangible assets					2,063,000
Gross carrying amount of intangibles			21,901,000
Accumulated amortization of intangibles			16,940,000	16,219,000
Amortization expense			721,000	5,173,000	11,991,000
Advertising expense			369,000	98,000	$ 202,000
Defense Products [Member]
Significant Accounting Policies [Line Items]
Construction in progress			3,461,000	8,928,000
Goodwill			$ 11,485,000	11,485,000
Housewares/ Small Appliances [Member]
Significant Accounting Policies [Line Items]
Construction in progress				3,100,000
Expected prepayment utilization period			2 years
Materials Prepayments			$ 10,974,000	16,254,000
Standard product warranty coverage period			60 days
Sales returns coverage period			60 days
Minimum [Member]
Significant Accounting Policies [Line Items]
Accounts receivable, collection period			25 days
Economic use period for intangibles			1 year
Minimum [Member] \| Housewares/ Small Appliances [Member]
Significant Accounting Policies [Line Items]
Standard product warranty coverage period			1 year
Minimum [Member] \| Buildings [Member]
Significant Accounting Policies [Line Items]
Useful life			15 years
Minimum [Member] \| Machinery and Equipment [Member]
Significant Accounting Policies [Line Items]
Useful life			3 years
Minimum [Member] \| Land Improvements [Member]
Significant Accounting Policies [Line Items]
Useful life			15 years
Maximum [Member]
Significant Accounting Policies [Line Items]
Accounts receivable, collection period			60 days
Economic use period for intangibles			10 years
Maximum [Member] \| Housewares/ Small Appliances [Member]
Significant Accounting Policies [Line Items]
Standard product warranty coverage period			12 years
Maximum [Member] \| Buildings [Member]
Significant Accounting Policies [Line Items]
Useful life			40 years
Maximum [Member] \| Machinery and Equipment [Member]
Significant Accounting Policies [Line Items]
Useful life			10 years
Maximum [Member] \| Land Improvements [Member]
Significant Accounting Policies [Line Items]
Useful life			20 years
Maximum [Member] \| Variable Rate Demand Notes [Member]
Significant Accounting Policies [Line Items]
Number of days to tender securites			7 days
Government Sales Contract Intangible Assets [Member]
Significant Accounting Policies [Line Items]
Gross carrying amount of intangibles			$ 21,690,000	21,690,000
Other Intangible Assets [Member]
Significant Accounting Policies [Line Items]
Gross carrying amount of intangibles			211,000
Other Current Assets [Member] \| Housewares/ Small Appliances [Member]
Significant Accounting Policies [Line Items]
Materials Prepayments			$ 6,330,000	$ 6,000,000
Subsequent Event [Member]
Significant Accounting Policies [Line Items]
Proceeds from sale	$ 67,000,000
Subsequent Event [Member] \| Scenario, Forecast [Member]
Significant Accounting Policies [Line Items]
Proceeds from sale		$ 4,000,000

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

Summary Of Significant Accounting Policies (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	$ 84,529	$ 32,273
MARKETABLE SECURITIES, Fair Value	84,457	32,259
MARKETABLE SECURITIES, Gross Unrealized Gains	1	4
MARKETABLE SECURITIES, Gross Unrealized Losses	73	18
Tax-Exempt Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	38,223	20,129
MARKETABLE SECURITIES, Fair Value	38,151	20,115
MARKETABLE SECURITIES, Gross Unrealized Gains	1	4
MARKETABLE SECURITIES, Gross Unrealized Losses	73	18
Variable Rate Demand Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	46,306	12,144
MARKETABLE SECURITIES, Fair Value	$ 46,306	$ 12,144

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

Summary Of Significant Accounting Policies (Schedule Of Estimated Future Amortization Expense) (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Summary Of Significant Accounting Policies [Abstract]
2017	$ 3,024
2018	1,778
2019	21
2020	21
2021	$ 21

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	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Beginning balance January 1	$ 487	$ 377
Accruals during the period	549	677
Changes/payments made under the warranties	(493)	(567)
Balance December 31	$ 543	$ 487

Inventories

12 Months Ended

Dec. 31, 2016

Inventories [Abstract]

Inventories

B. INVENTORIES:

The amount of inventories valued on the LIFO basis was $25,031,000 and $27,394,000 as of December 31, 2016 and 2015, respectively, and consists of housewares/small appliance finished goods. Under LIFO, inventories are valued at approximately $2,585,000 and $3,028,000 below current cost determined on a first-in, first-out (FIFO) basis at December 31, 2016 and 2015, respectively. During the years ended December 31, 2016, 2015, and 2014, $2,451,000, $0, and $7,181,000, respectively, of a LIFO layer was liquidated. The Company uses the LIFO method of inventory accounting to improve the matching of costs and revenues for the Housewares/Small Appliance segment.

The following table describes that which would have occurred if LIFO inventories had been valued at current cost determined on a FIFO basis:



Increase (Decrease) – (In thousands, except per share data)
Year	Cost of Sales		Net Earnings		Earnings Per Share
2016	$	443	$	(292)	$	(0.04)
2015	$	763	$	(505)	$	(0.07)
2014	$	643	$	(422)	$	(0.06)

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

Inventory for Defense and raw materials of the Housewares/Small Appliance segments are valued under the FIFO method and total $70,372,000 and $61,515,000 at December 31, 2016 and 2015, respectively. The December 31, 2016 FIFO total is comprised of $169,000 of finished goods, $66,528,000 of work in process, and $3,675,000 of raw material. At December 31, 2015 the FIFO total was comprised of $371,000 of finished goods, $57,397,000 of work in process, and $3,747,000 of raw material.

Inventories (Tables)

12 Months Ended

Dec. 31, 2016

Inventories [Abstract]

Schedule Of Potential Impact Of LIFO Valuation to FIFO Valuation



Increase (Decrease) – (In thousands, except per share data)
Year	Cost of Sales		Net Earnings		Earnings Per Share
2016	$	443	$	(292)	$	(0.04)
2015	$	763	$	(505)	$	(0.07)
2014	$	643	$	(422)	$	(0.06)

Inventories (Narrative) (Details)

Inventories (Narrative) (Details) - USD ($)	12 Months Ended
Inventories (Narrative) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Inventory [Line Items]
Liquidation of LIFO layer	$ 2,451,000	$ 0	$ 7,181,000
FIFO inventory amount	70,372,000	61,515,000
Finished goods	169,000	371,000
Work in process	66,528,000	57,397,000
Raw materials and supplies	3,675,000	3,747,000
Housewares/ Small Appliances [Member]
Inventory [Line Items]
LIFO inventory amount	25,031,000	27,394,000
Inventory valuation, difference below FIFO	$ 2,585,000	$ 3,028,000

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 ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Inventories [Abstract]
Cost of Sales	$ 443	$ 763	$ 643
Net Earnings	$ (292)	$ (505)	$ (422)
Earnings Per Share	$ (0.04)	$ (0.07)	$ (0.06)

Accrued Liabilities

Accrued Liabilities	12 Months Ended
Accrued Liabilities	Dec. 31, 2016
Accrued Liabilities [Abstract]
Accrued Liabilities	C. ACCRUED LIABILITIES: At December 31, 2016, accrued liabilities consisted of payroll $4,948,000, product liability $5,172,000, environmental $1,010,000, and other $1,114,000. At December 31, 2015, accrued liabilities consisted of payroll $4,576,000, product liability $5,370,000, environmental $1,180,000, and other $1,444,000. The Company is self-insured for health care costs, although it does carry stop loss and other insurance to cover health care claims once they reach a specified threshold. The Company is also subject to product liability claims in the normal course of business. It is partly self-insured for product liability claims, and therefore records an accrual for known claims and estimated incurred but unreported claims in the Company’s Consolidated Financial Statements. The Company utilizes historical trends and other analysis to assist in determining the appropriate accrual. An increase in the number or magnitude of claims could have a material impact on the Company’s financial condition and results of operations. The Company's policy is to accrue for legal fees expected to be incurred in connection with loss contingencies. See Note K for a discussion of environmental remediation liabilities.

Accrued Liabilities (Narrative) (Details)

Accrued Liabilities (Narrative) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Accrued Liabilities [Abstract]
Accrued product liability	$ 5,172,000	$ 5,370,000
Accrued payroll liability	4,948,000	4,576,000
Environmental accrued liability	1,010,000	1,180,000
Other accrued liabilities	$ 1,114,000	$ 1,444,000

Treasury Stock

Treasury Stock	12 Months Ended
Treasury Stock	Dec. 31, 2016
Treasury Stock [Abstract]
Treasury Stock	D. TREASURY STOCK: As of December 31, 2016, 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 2016 or 2014. Treasury shares have been used for stock based compensation and to fund a portion of the Company's 401(k) contributions.

Treasury Stock (Narrative) (Details)

Treasury Stock (Narrative) (Details) - shares	12 Months Ended
Treasury Stock (Narrative) (Details) - shares	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Treasury Stock [Abstract]
Shares approved for repurchase	504,512
Treasury stock shares acquired	0	88	0

Net Earnings Per Share

Net Earnings Per Share	12 Months Ended
Net Earnings Per Share	Dec. 31, 2016
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.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2016

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 2016, 2015, and 2014, the Company granted 3,162, 5,779 and 7,367 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 2019 through 2022, 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 $391,000, $333,000, and $265,000 in 2016, 2015, and 2014, respectively. As of December 31, 2016, there was approximately $1,150,000 of unrecognized compensation cost related to the restricted stock awards that is expected to be recognized over a weighted-average period of 3.6 years. There were 1,284, 2,570, and 0 shares of restricted stock that vested during 2016, 2015, and 2014, respectively.

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



	2016			2015			2014
	Shares	Weighted Average Fair Value at Grant Date		Shares	Weighted Average Fair Value at Grant Date		Shares	Weighted Average Fair Value at Grant Date
Non-vested at beginning of period	26,587	$	78.00	23,668	$	79.02	16,301	$	84.96
Granted	3,162		89.10	5,779		84.90	7,367		65.87
Vested	(1,284)		106.92	(2,570)		103.65	0
Forfeited	0			(290)		78.12