Document And Entity Information
Document And Entity Information - USD ($) |
12 Months Ended | ||
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Dec. 31, 2017 |
Mar. 01, 2018 |
Jul. 02, 2017 |
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Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Trading Symbol | npk | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2017 | ||
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 | 6,968,120 | ||
Entity Public Float | $ 544,256,037 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No |
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 12,000,000 | 12,000,000 |
Common stock, shares issued | 7,440,518 | 7,440,518 |
Common stock, shares outstanding | 6,968,120 | 6,950,786 |
Treasury stock, at cost | 472,398 | 489,732 |
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net sales | $ 333,633,000 | $ 341,905,000 | $ 355,649,000 |
Cost of sales | 246,399,000 | 256,243,000 | 266,216,000 |
Gross profit | 87,234,000 | 85,662,000 | 89,433,000 |
Selling and general expenses | 22,900,000 | 22,429,000 | 21,735,000 |
Intangibles amortization | 2,630,000 | 721,000 | 5,173,000 |
Operating profit | 61,704,000 | 62,512,000 | 62,525,000 |
Other income | 3,581,000 | 810,000 | 397,000 |
Earnings from continuing operations before provision for income taxes | 65,285,000 | 63,322,000 | 62,922,000 |
Provision for income taxes from continuing operations | 21,971,000 | 21,407,000 | 20,760,000 |
Earnings (loss) from continuing operations | 43,314,000 | 41,915,000 | 42,162,000 |
Earnings (loss) from discontinued operations, net of tax | 9,645,000 | 2,649,000 | (1,666,000) |
Net earnings | $ 52,959,000 | $ 44,564,000 | $ 40,496,000 |
Weighted average shares outstanding: | |||
Basic and diluted | 6,989 | 6,970 | 6,951 |
Earnings (loss) per share, basic and diluted: | |||
From continuing operations | $ 6.20 | $ 6.01 | $ 6.07 |
From discontinued operations | 1.38 | 0.38 | (0.24) |
Net earnings per share | $ 7.58 | $ 6.39 | $ 5.83 |
Other comprehensive loss, net of tax: | |||
Unrealized loss on available-for-sale securities | $ (39,000) | $ (38,000) | $ (6,000) |
Comprehensive income | $ 52,920,000 | $ 44,526,000 | $ 40,490,000 |
Consolidated Statements Of Cash Flows
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 |
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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 | |||||
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 | ||||
Net earnings | 52,959 | $ 52,959 | ||||
Unrealized loss on available-for-sale securities | (39) | (39) | ||||
Dividends paid | (38,405) | (38,405) | ||||
Other | 1,161 | 464 | 1,625 | |||
Other, shares | 17,000 | |||||
Balance at Dec. 31, 2017 | $ 7,441 | $ 9,074 | $ 364,757 | $ (86) | $ (14,810) | $ 366,376 |
Balance, shares at Dec. 31, 2017 | 6,968,000 | 6,968,120 |
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Consolidated Statements Of Stockholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Statement of Stockholders' Equity [Abstract] | |||
Regular dividends per share paid | $ 1.00 | $ 1.00 | $ 1.00 |
Extra dividends per share paid | $ 4.50 | $ 4.05 | $ 3.05 |
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies |
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Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies | A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (1) USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: In preparation of the Company's Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from the estimates used by management. (2) BASIS OF PRESENTATION: The Consolidated Financial Statements include the accounts of National Presto Industries, Inc. and its subsidiaries, all of which are wholly-owned. All material intercompany accounts and transactions are eliminated. For a further discussion of the Company's business and the segments in which it operates, please refer to Note L. 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 $68,448,000. The proceeds amount differs from the amount previously disclosed because of the customary post-closing adjustments that were finalized during the second quarter of 2017, totaling $1,448,000. 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, 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 P 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 $3,157,000 and $5,883,000 at December 31, 2017 and 2016, 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, 2017 and 2016, 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 2017 and 2016.
Proceeds from sales and maturities of marketable securities totaled $132,752,000 in 2017, $33,863,000 in 2016, and $10,306,000 in 2015. There were no realized gross gains or losses related to sales of marketable securities during the years ended December 31, 2017, 2016 and 2015. Net unrealized losses included in other comprehensive income were $37,000, $57,000 and $9,000 before taxes for the years ended December 31, 2017, 2016, and 2015, 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, 2017 are as follows: $25,741,000 within one year; $16,226,000 beyond one year to five years; $12,175,000 beyond five years to ten years, and $90,110,000 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 of cost and net realizable value 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 $374,000 and $764,000 of construction in progress in the Company’s Defense segment is presented on the Consolidated Balance Sheet as Buildings and Machinery and Equipment, respectively, at December 31, 2017. The construction in progress is expected to be completed by the fourth quarter of 2018. 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. (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 2017, 2016, or 2015. The Company's goodwill as of December 31, 2017 and 2016 was $11,485,000, relating entirely to its Defense segment, which had no cumulative impairment charges at December 31, 2017. (10) INTANGIBLE ASSETS: Intangible assets primarily consist of the value of an acquired government sales contract and the value of trademarks, trade secrets, and consulting 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 2 to 10 years. As of December 31, 2017, the Company determined that the trade secrets, which were acquired during 2017, had an indefinite life. Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. There were no impairments of intangible assets recognized during 2017, 2016, or 2015. 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, 2017 and 2016. Accumulated amortization was $19,570,000 and $16,940,000 at December 31, 2017 and 2016, respectively. Amortization expense was $2,630,000, $721,000, and $5,173,000 during the years ended December 31, 2017, 2016, and 2015, respectively. Estimated amortization expense as of December 31, 2017 for the five succeeding years is shown in the following table:
(11) OTHER ASSETS: Other assets includes prepayments that are made from time to time by the Company for certain materials used in the manufacturing process in the Housewares/Small 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, 2017 and 2016, $11,567,000 and $10,974,000 of such prepayments, respectively, remained unused and outstanding. At December 31, 2017 and 2016, $5,930,000 and $6,330,000 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 $174,000, $369,000, and $98,000 in 2017, 2016, and 2015, respectively. (16) PRODUCT WARRANTY: The Company’s Housewares/Small Appliance segment’s products are generally warranted to the original owner to be free from defects in material and workmanship for a period of 1 to 12 years from date of purchase. The Company allows a 60-day over-the-counter initial return privilege through cooperating dealers. The Company services its products through a corporate service repair operation. The Company estimates its product warranty liability based on historical percentages which have remained relatively consistent over the years. The product warranty liability is included in accounts payable on the balance sheet. The following table shows the changes in product warranty liability for the period:
(17) STOCK-BASED COMPENSATION: The Company accounts for stock-based compensation in accordance with ASC 718, Compensation — Stock Compensation. Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period, net of estimated forfeitures. As more fully described in Note F, the Company awards non-vested restricted stock to employees and executive officers. (18) INCOME TAXES: Deferred income tax assets and liabilities are recognized for the differences between the financial and income tax reporting bases of assets and liabilities based on enacted tax rates and laws. The deferred income tax provision or benefit generally reflects the net change in deferred income tax assets and liabilities during the year. The current income tax provision reflects the tax consequences of revenues and expenses currently taxable or deductible on various income tax returns for the year reported. Income tax contingencies are accounted for in accordance with FASB ASC 740, Income Taxes. See Note H for summaries of the provision, the effective tax rates, and the tax effects of the cumulative temporary differences resulting in deferred tax assets and liabilities. In December 2017, the United States enacted changes to its tax laws, which included a reduction of the corporate income tax rate from 35% to 21%, beginning in 2018. The reduction in the tax rate resulted in a revaluation of the Company’s deferred tax assets and liabilities held at December 31, 2017. (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 805): 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 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 in the early stages of 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 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. The Company will adopt ASU 2014-09 as of January 1, 2018 utilizing the modified retrospective transition method. The Company evaluated the impact of the standard on its two business segments, Housewares/Small Appliance and Defense. Representative samples of existing revenue contracts for each material revenue stream were considered and evaluated. That evaluation entailed a review of the “five-step” model established by ASU 2014-09 to identify the contract, performance obligations, the transaction price, the process for allocating the transaction price to performance obligations, the timing and pattern of revenue recognition, and additional disclosures that may be required. The Company has determined that there are no material differences resulting from the adoption of ASU 2014-09. As required by ASU 2014-09, the Company will present expanded disclosures related to revenues and contracts with customers in the first quarter of 2018, the assessment of which is ongoing. The Company believes its business processes, systems, and controls are appropriate to support recognition and disclosure under ASU 2014-09. Other pronouncements issued but not effective until after December 31, 2017, are not expected to have a material impact on the Company's consolidated financial statements.
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Summary Of Significant Accounting Policies (Policy)
Summary Of Significant Accounting Policies (Policy) |
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Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use Of Estimates In The Preparation Of Financial Statements | (1) USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS: In preparation of the Company's Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and related revenues and expenses. Actual results could differ from the estimates used by management.
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Basis Of Presentation | (2) BASIS OF PRESENTATION: The Consolidated Financial Statements include the accounts of National Presto Industries, Inc. and its subsidiaries, all of which are wholly-owned. All material intercompany accounts and transactions are eliminated. For a further discussion of the Company's business and the segments in which it operates, please refer to Note L. 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 $68,448,000. The proceeds amount differs from the amount previously disclosed because of the customary post-closing adjustments that were finalized during the second quarter of 2017, totaling $1,448,000. 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, 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 P for further discussion.
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Reclassifications | (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.
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Fair Value Of Financial Instruments | (4) FAIR VALUE OF FINANCIAL INSTRUMENTS: The Company utilizes the methods of determining fair value as described in Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amount for cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value due to the immediate or short-term maturity of these financial instruments. The fair value of marketable securities are discussed in Note A(5).
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Cash Cash Equivalents And Marketable Securities | (5) CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES: Cash and Cash Equivalents: The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents. Cash equivalents include money market funds. The Company deposits its cash in high quality financial institutions. The balances, at times, may exceed federally insured limits. Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 820). The Company's cash management policy provides for its bank disbursement accounts to be reimbursed on a daily basis. Checks issued but not presented to the bank for payment of $3,157,000 and $5,883,000 at December 31, 2017 and 2016, 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, 2017 and 2016, 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 2017 and 2016.
Proceeds from sales and maturities of marketable securities totaled $132,752,000 in 2017, $33,863,000 in 2016, and $10,306,000 in 2015. There were no realized gross gains or losses related to sales of marketable securities during the years ended December 31, 2017, 2016 and 2015. Net unrealized losses included in other comprehensive income were $37,000, $57,000 and $9,000 before taxes for the years ended December 31, 2017, 2016, and 2015, 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, 2017 are as follows: $25,741,000 within one year; $16,226,000 beyond one year to five years; $12,175,000 beyond five years to ten years, and $90,110,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which, as noted above, can be tendered for cash at par plus interest within seven days. Despite the stated contractual maturity date, to the extent a tender is not honored, the notes become immediately due and payable.
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Accounts Receivable | (6) ACCOUNTS RECEIVABLE: The Company's accounts receivable is related to sales of products. Credit is extended based on prior experience with the customer and evaluation of customers' financial condition. Accounts receivable are primarily due within 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.
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Inventories | (7) INVENTORIES: Housewares/Small Appliance segment inventories are stated at the lower of cost or market with cost being determined principally on the last-in, first-out (LIFO) method. Defense segment inventories are stated at the lower of cost and net realizable value 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.
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Property, Plant And Equipment | (8) PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment are stated at cost. Straight-line depreciation is provided in amounts sufficient to charge the costs of depreciable assets to operations over their service lives which are estimated at 15 to 40 years for buildings, 3 to 10 years for machinery and equipment, and 15 to 20 years for land improvements. The Company reviews long-lived assets consisting principally of property, plant, and equipment, for impairment when material events and changes in circumstances indicate the carrying value may not be recoverable. Approximately $374,000 and $764,000 of construction in progress in the Company’s Defense segment is presented on the Consolidated Balance Sheet as Buildings and Machinery and Equipment, respectively, at December 31, 2017. The construction in progress is expected to be completed by the fourth quarter of 2018. 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.
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Goodwill | (9) GOODWILL: The Company recognizes the excess cost of acquired entities over the net amount assigned to the fair value of assets acquired and liabilities assumed as goodwill. Goodwill is tested for impairment on an annual basis at the start of the fourth quarter and between annual tests whenever an impairment is indicated, such as the occurrence of an event that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Impairment losses are recognized whenever the implied fair value of goodwill is less than its carrying value. No goodwill impairments were recognized during 2017, 2016, or 2015. The Company's goodwill as of December 31, 2017 and 2016 was $11,485,000, relating entirely to its Defense segment, which had no cumulative impairment charges at December 31, 2017.
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Intangible Assets | (10) INTANGIBLE ASSETS: Intangible assets primarily consist of the value of an acquired government sales contract and the value of trademarks, trade secrets, and consulting 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 2 to 10 years. As of December 31, 2017, the Company determined that the trade secrets, which were acquired during 2017, had an indefinite life. Intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. There were no impairments of intangible assets recognized during 2017, 2016, or 2015. 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, 2017 and 2016. Accumulated amortization was $19,570,000 and $16,940,000 at December 31, 2017 and 2016, respectively. Amortization expense was $2,630,000, $721,000, and $5,173,000 during the years ended December 31, 2017, 2016, and 2015, respectively. Estimated amortization expense as of December 31, 2017 for the five succeeding years is shown in the following table:
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Other Assets | (11) OTHER ASSETS: Other assets includes prepayments that are made from time to time by the Company for certain materials used in the manufacturing process in the Housewares/Small 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, 2017 and 2016, $11,567,000 and $10,974,000 of such prepayments, respectively, remained unused and outstanding. At December 31, 2017 and 2016, $5,930,000 and $6,330,000 of these amounts, respectively, are included in Other Current Assets, representing the Company’s best estimate of the expected utilization of the prepayments and related materials during the twelve-month periods following those dates
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Revenue Recognition | (12) REVENUE RECOGNITION: For all of its segments, the Company recognizes revenue when product is shipped or title passes pursuant to customers' orders, the price is fixed and collection is reasonably assured. For the Housewares/Small Appliance segment, the Company provides for its 60-day over-the-counter return privilege and warranties at the time of shipment. Net sales for this segment are calculated by deducting early payment discounts and cooperative advertising allowances from gross sales. The Company records cooperative advertising allowances when revenue is recognized. See Note A(13) for a description of the Company’s policy for sales returns.
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Sales & Returns | (13) SALES & RETURNS: Sales are recorded net of estimated discounts and returns. The latter pertain primarily to warranty returns, returns of seasonal items, and returns of those newly introduced products sold with a return privilege 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.
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Shipping And Handling Costs | (14) SHIPPING AND HANDLING COSTS: In accordance with FASB ASC 605-45, Revenue Recognition, the Company includes shipping and handling revenues in net sales and shipping costs in cost of sales.
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Advertising | (15) ADVERTISING: The Company's policy is to expense advertising as incurred and include it in selling and general expenses. Advertising expense was $174,000, $369,000, and $98,000 in 2017, 2016, and 2015, respectively.
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Product Warranty | (16) PRODUCT WARRANTY: The Company’s Housewares/Small Appliance segment’s products are generally warranted to the original owner to be free from defects in material and workmanship for a period of 1 to 12 years from date of purchase. The Company allows a 60-day over-the-counter initial return privilege through cooperating dealers. The Company services its products through a corporate service repair operation. The Company estimates its product warranty liability based on historical percentages which have remained relatively consistent over the years. The product warranty liability is included in accounts payable on the balance sheet. The following table shows the changes in product warranty liability for the period:
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Stock-Based Compensation | (17) STOCK-BASED COMPENSATION: The Company accounts for stock-based compensation in accordance with ASC 718, Compensation — Stock Compensation. Under the fair value recognition provisions of ASC 718, stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period, net of estimated forfeitures. As more fully described in Note F, the Company awards non-vested restricted stock to employees and executive officers.
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Income Taxes | (18) INCOME TAXES: Deferred income tax assets and liabilities are recognized for the differences between the financial and income tax reporting bases of assets and liabilities based on enacted tax rates and laws. The deferred income tax provision or benefit generally reflects the net change in deferred income tax assets and liabilities during the year. The current income tax provision reflects the tax consequences of revenues and expenses currently taxable or deductible on various income tax returns for the year reported. Income tax contingencies are accounted for in accordance with FASB ASC 740, Income Taxes. See Note H for summaries of the provision, the effective tax rates, and the tax effects of the cumulative temporary differences resulting in deferred tax assets and liabilities. In December 2017, the United States enacted changes to its tax laws, which included a reduction of the corporate income tax rate from 35% to 21%, beginning in 2018. The reduction in the tax rate resulted in a revaluation of the Company’s deferred tax assets and liabilities held at December 31, 2017.
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Recently Issued Accounting Pronouncements | (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 805): 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 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 in the early stages of 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 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. The Company will adopt ASU 2014-09 as of January 1, 2018 utilizing the modified retrospective transition method. The Company evaluated the impact of the standard on its two business segments, Housewares/Small Appliance and Defense. Representative samples of existing revenue contracts for each material revenue stream were considered and evaluated. That evaluation entailed a review of the “five-step” model established by ASU 2014-09 to identify the contract, performance obligations, the transaction price, the process for allocating the transaction price to performance obligations, the timing and pattern of revenue recognition, and additional disclosures that may be required. The Company has determined that there are no material differences resulting from the adoption of ASU 2014-09. As required by ASU 2014-09, the Company will present expanded disclosures related to revenues and contracts with customers in the first quarter of 2018, the assessment of which is ongoing. The Company believes its business processes, systems, and controls are appropriate to support recognition and disclosure under ASU 2014-09. Other pronouncements issued but not effective until after December 31, 2017, are not expected to have a material impact on the Company's consolidated financial statements.
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Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies (Tables) |
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Summary Of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of The Amortized Costs And Fair Values Of Marketable Securities |
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Schedule Of Estimated Future Amortization Expense |
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Schedule Of Changes In Product Warranty |
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Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details)
Summary Of Significant Accounting Policies (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | $ 144,361 | $ 84,529 |
MARKETABLE SECURITIES, Fair Value | 144,252 | 84,457 |
MARKETABLE SECURITIES, Gross Unrealized Gains | 1 | |
MARKETABLE SECURITIES, Gross Unrealized Losses | 109 | 73 |
Tax-Exempt Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | 30,103 | 38,223 |
MARKETABLE SECURITIES, Fair Value | 29,994 | 38,151 |
MARKETABLE SECURITIES, Gross Unrealized Gains | 1 | |
MARKETABLE SECURITIES, Gross Unrealized Losses | 109 | 73 |
Variable Rate Demand Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
MARKETABLE SECURITIES, Amortized Cost | 114,258 | 46,306 |
MARKETABLE SECURITIES, Fair Value | $ 114,258 | $ 46,306 |
Summary Of Significant Accounting Policies (Schedule Of Estimated Future Amortization Expense) (Details)
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 | |
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Dec. 31, 2017 |
Dec. 31, 2016 |
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Summary Of Significant Accounting Policies [Abstract] | ||
Beginning balance January 1 | $ 543 | $ 487 |
Accruals during the period | 268 | 549 |
Changes/payments made under the warranties | (428) | (493) |
Balance December 31 | $ 383 | $ 543 |
Inventories
Inventories |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | B. INVENTORIES: The amount of inventories valued on the LIFO basis was $26,019,000 and $25,031,000 as of December 31, 2017 and 2016, respectively, and consists of housewares/small appliance finished goods. Under LIFO, inventories are valued at approximately $3,835,000 and $2,585,000 below current cost determined on a first-in, first-out (FIFO) basis at December 31, 2017 and 2016, respectively. During the years ended December 31, 2017, 2016, and 2015, $64,000, $2,451,000, and $0, respectively, of a LIFO layer was liquidated. The Company uses the LIFO method of inventory accounting to improve the matching of costs and revenues for the Housewares/Small Appliance segment. The following table describes that which would have occurred if LIFO inventories had been valued at current cost determined on a FIFO basis:
This information is provided for comparison with companies using the FIFO basis. Inventory for Defense and raw materials of the Housewares/Small Appliance segments are valued under the FIFO method and total $78,420,000 and $70,372,000 at December 31, 2017 and 2016, respectively. At December 31, 2017, the FIFO total was comprised of $1,223,000 of finished goods, $72,219,000 of work in process, and $4,978,000 of raw material. At December 31, 2016, the FIFO total was comprised of $169,000 of finished goods, $66,528,000 of work in process, and $3,675,000 of raw material.
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Inventories (Tables)
Inventories (Tables) |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Potential Impact Of LIFO Valuation to FIFO Valuation |
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Inventories (Narrative) (Details)
Inventories (Narrative) (Details) - USD ($) |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Inventory [Line Items] | |||
Liquidation of LIFO layer | $ 64,000 | $ 2,451,000 | $ 0 |
FIFO inventory amount | 78,420,000 | 70,372,000 | |
Finished goods | 1,223,000 | 169,000 | |
Work in process | 72,219,000 | 66,528,000 | |
Raw materials and supplies | 4,978,000 | 3,675,000 | |
Housewares/ Small Appliances [Member] | |||
Inventory [Line Items] | |||
LIFO inventory amount | 26,019,000 | 25,031,000 | |
Inventory valuation, difference below FIFO | $ 3,835,000 | $ 2,585,000 |
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 | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Inventories [Abstract] | |||
Cost of Sales | $ (1,250) | $ 443 | $ 763 |
Net Earnings | $ 830 | $ (292) | $ (505) |
Earnings Per Share | $ 0.12 | $ (0.04) | $ (0.07) |
Accrued Liabilities
Accrued Liabilities |
12 Months Ended |
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Dec. 31, 2017 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | C. ACCRUED LIABILITIES: At December 31, 2017, accrued liabilities consisted of payroll $5,827,000, product liability $4,965,000, environmental $1,150,000, and other $1,150,000. At December 31, 2016, accrued liabilities consisted of payroll $4,948,000, product liability $5,172,000, environmental $1,010,000, and other $1,114,000. The Company is self-insured for health care costs, although it does carry stop loss and other insurance to cover health care claims once they reach a specified threshold. The Company is also subject to product liability claims in the normal course of business. It is partly self-insured for product liability claims, and therefore records an accrual for known claims and estimated incurred but unreported claims in the Company’s Consolidated Financial Statements. The Company utilizes historical trends and other analysis to assist in determining the appropriate accrual. An increase in the number or magnitude of claims could have a material impact on the Company’s financial condition and results of operations. The Company's policy is to accrue for legal fees expected to be incurred in connection with loss contingencies. See Note K for a discussion of environmental remediation liabilities.
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Accrued Liabilities (Narrative) (Details)
Accrued Liabilities (Narrative) (Details) - USD ($) |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Accrued Liabilities [Abstract] | ||
Accrued product liability | $ 4,965,000 | $ 5,172,000 |
Accrued payroll liability | 5,827,000 | 4,948,000 |
Environmental accrued liability | 1,150,000 | 1,010,000 |
Other accrued liabilities | $ 1,150,000 | $ 1,114,000 |
Treasury Stock
Treasury Stock |
12 Months Ended |
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Dec. 31, 2017 | |
Treasury Stock [Abstract] | |
Treasury Stock | D. TREASURY STOCK: As of December 31, 2017, the Company has authority from the Board of Directors to reacquire an additional 503,373 shares. During 2017 and 2015, 1,139 and 88 shares, respectively, were acquired from participants in the Company’s Incentive Compensation Plans described in Note F to cover those participants’ tax withholding obligations related to vested stock grants in accordance with the Plans’ rules. No shares were reacquired in 2016. Treasury shares have been used for stock based compensation and to fund a portion of the Company's 401(k) contributions.
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Treasury Stock (Narrative) (Details)
Treasury Stock (Narrative) (Details) - shares |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Treasury Stock [Abstract] | |||
Shares approved for repurchase | 503,373 | ||
Shares Acquired From Participants For Share Based Compensation Tax Obligations | 1,139 | 0 | 88 |
Net Earnings Per Share
Net Earnings Per Share |
12 Months Ended |
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Dec. 31, 2017 | |
Net Earnings Per Share [Abstract] | |
Net Earnings Per Share | E. NET EARNINGS PER SHARE: Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share also includes the dilutive effect of additional potential common shares issuable. Unvested stock awards, which contain non-forfeitable rights to dividends, whether paid or unpaid (“participating securities”), are included in the number of shares outstanding for both basic and diluted earnings per share calculations.
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Stock-Based Compensation
Stock-Based Compensation |
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Stock-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | F. STOCK-BASED COMPENSATION: The Company, from time to time, enters into separate non-vested share-based payment arrangements with employees and executive officers under the Incentive Compensation Plan approved by stockholders on May 18, 2010 and the 2017 Incentive Compensation Plan approved by shareholders on May 16, 2017, which authorized 50,000 and 150,000 shares, respectively, 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 2017, 2016, and 2015, the Company granted 7,837, 3,162 and 5,779 shares of restricted stock, respectively, to 22 employees and executive officers of the Company. Unless otherwise vested early in accordance with the Incentive Compensation Plans, the restricted stock vests on specified dates in 2020 through 2023, 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 $545,000, $391,000, and $333,000 in 2017, 2016, and 2015, respectively. As of December 31, 2017, there was approximately $1,432,000 of unrecognized compensation cost related to the restricted stock awards that is expected to be recognized over a weighted-average period of 3.8 years. There were 6,492, 1,284, and 2,570 shares of restricted stock that vested during 2017, 2016, and 2015, respectively.
The following table summarizes the activity for non-vested restricted stock:
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Stock-Based Compensation (Tables)
Stock-Based Compensation (Tables) |
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Stock-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Activity For Non-Vested Restricted Sock |
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Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Narrative) (Details) |
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Dec. 31, 2017
USD ($)
employee
shares
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Dec. 31, 2016
USD ($)
shares
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Dec. 31, 2015
USD ($)
shares
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May 16, 2017
shares
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May 18, 2010
shares
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized | 150,000 | 50,000 | |||
Number of plan participants | employee | 22 | ||||
Pre-tax compensation expense | $ | $ 545,000 | $ 391,000 | $ 333,000 | ||
Unrecognized compensation cost | $ | $ 1,432,000 | ||||
Unrecognized compensation cost, recognition period | 3 years 9 months 18 days | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting year | 2020 | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting year | 2023 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 7,837 | 3,162 | 5,779 | ||
Shares vested | 6,492 | 1,284 | 2,570 |
Stock-Based Compensation (Schedule Of Activity For Non-Vested Restricted Stock) (Details)
Stock-Based Compensation (Schedule Of Activity For Non-Vested Restricted Stock) (Details) - Restricted Stock [Member] - $ / shares |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-vested at beginning of period, Shares | 28,465 | 26,587 | 23,668 |
Granted, Shares | 7,837 | 3,162 | 5,779 |
Vested, Shares | (6,492) | (1,284) | (2,570) |
Forfeited, Shares | 0 | 0 | (290) |
Non-vested at end of period, Shares | 29,810 | 28,465 | 26,587 |
Non-vested at beginning of period, Weighted Average Fair Value at Grant Date | $ 77.93 | $ 78.00 | $ 79.02 |
Granted, Weighted Average Fair Value at Grant Date | 105.06 | 89.10 | 84.90 |
Vested, Weighted Average Fair Value at Grant Date | 85.58 | 106.92 | 103.65 |
Forfeited, Weighted Average Fair Value at Grant Date | 78.12 | ||
Non-vested at end of period, Weighted Average Fair Value at Grant Date | $ 83.40 | $ 77.93 | $ 78.00 |
401(k) Plan
401(k) Plan |
12 Months Ended |
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Dec. 31, 2017 | |
401(k) Plan [Abstract] | |
401(k) Plan | G. 401(K) PLAN: The Company sponsors a 401(k) retirement plan that covers substantially all non-union employees. Historically, the Company matched up to 50% of the first 4% of salary contributed by employees to the plan. This matching contribution was made with common stock. Starting in 2004, the Company began to match, in cash, an additional 50% of the first 4% of salary contributed by employees plus 3% of total compensation for certain employees. Contributions made from treasury stock, including the Company's related cash dividends, totaled $1,194,000 in 2017, $1,225,000 in 2016, and $1,098,000 in 2015. In addition, the Company made cash contributions of $817,000 in 2017, $924,000 in 2016, and $941,000 in 2015 to the 401(k) Plan. The Company also contributed $369,000, $358,000, and $393,000 to the 401(k) retirement plan covering its union employees at the Amron Division of the AMTEC subsidiary during the years ended December 31, 2017, 2016, and 2015, respectively.
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401(k) Plan (Narrative) (Details)
401(k) Plan (Narrative) (Details) - USD ($) |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Employer Contribution Common Stock [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of specified salary amount matched by employer | 50.00% | ||
Percentage of employee salary eligible for matching | 4.00% | ||
Employer contributions | $ 1,194,000 | $ 1,225,000 | $ 1,098,000 |
Employer Contribution Cash [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of specified salary amount matched by employer | 50.00% | ||
Percentage of employee salary eligible for matching | 4.00% | ||
Employer contributions | $ 817,000 | 924,000 | 941,000 |
Certain Employees [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percentage of employee salary eligible for matching | 3.00% | ||
Defined Benefit Plan, Union Employees [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contributions | $ 369,000 | $ 358,000 | $ 393,000 |
Income Taxes
Income Taxes |
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | H. INCOME TAXES: The following table summarizes the provision for income taxes from continuing operations:
The effective rate of the provision for income taxes on earnings from continuing operations before income taxes as shown in the Consolidated Statements of Comprehensive Income differs from the applicable statutory federal income tax rate for the following reasons:
Deferred tax assets and liabilities are recorded based on the differences between the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes. The tax effects of the cumulative temporary differences resulting in deferred tax assets and liabilities are as follows at December 31:
In December 2017, the United States enacted changes to its tax laws, which included a reduction of the corporate income tax rate from 35% to 21%, beginning in 2018. The reduction in the tax rate resulted in a revaluation of the Company’s deferred tax assets and liabilities held at December 31, 2017, causing an increase in its 2017 income tax provision of $534,000. The Company believes its accounting assessment for the impact of the enacted changes to the United States tax laws is complete. The Company establishes tax reserves in accordance with FASB ASC 740, Income Taxes. As of December 31, 2017, the carrying amount of the Company’s gross unrecognized tax benefits was $459,000 which, if recognized, would affect the Company’s effective income tax rate.
The following is a reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2017 and 2016:
It is the Company’s practice to include tax related interest expense, interest income, and penalties in tax expense. For the year ended December 31, 2015, $482,000 of interest income associated with tax refunds is included in tax expense. During the years ended December 31, 2017, 2016 and 2015, the Company accrued approximately $17,000, $15,000 and $13,000 in interest expense, respectively. The Company is subject to U.S. federal income tax as well as income taxes of multiple states. During June of 2016, the Internal Revenue Service completed its audits of the tax years 2012 and 2013. As a result of the audits, the tax amortization period of certain intangible assets was shortened. During January of 2015, the state of Wisconsin completed its audits of the tax years 2009 through 2012. For all states in which it does business, the Company is subject to state audit statutes.
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Income Taxes (Tables)
Income Taxes (Tables) |
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Provision For Income Taxes |
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Reconciliation Of Statutory Rate to Effective Rate |
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Schedule Of Deferred Tax Assets And Liabilities |
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Reconciliation Of Unrecognized Tax Benefits |
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Income Taxes (Narrative) (Details)
Income Taxes (Narrative) (Details) - USD ($) |
12 Months Ended | |||
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Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Statutory rate | 35.00% | 35.00% | 35.00% | |
Increase in income tax provison from revaluation of net deferred tax assets | $ 534,000 | |||
Unrecognized Tax Benefits | 459,000 | $ 288,000 | $ 312,000 | |
Gross unrecognized tax benefits | 459,000 | 288,000 | 312,000 | |
Interest Income on Tax Refund | 482,000 | |||
Accrued interest included in tax expense | 17,000 | 15,000 | 13,000 | |
Income Tax Examination, Penalties and Interest Accrued | $ 17,000 | $ 15,000 | $ 13,000 | |
Scenario, Plan [Member] | ||||
Statutory rate | 21.00% |
Income Taxes (Schedule Of Provision For Income Taxes) (Details)
Income Taxes (Schedule Of Provision For Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Income Taxes [Abstract] | |||
Current, Federal | $ 24,200 | $ 14,391 | $ 21,346 |
Current, State | 1,772 | 656 | 412 |
Current provision for income taxes | 25,972 | 15,047 | 21,758 |
Deferred, Federal | (4,008) | 5,799 | (989) |
Deferred, State | 7 | 561 | (9) |
Deferred provision for income taxes | (4,001) | 6,360 | (998) |
Total tax provision | $ 21,971 | $ 21,407 | $ 20,760 |
Income Taxes (Reconciliation Of Statutory Rate to Effective Rate) (Details)
Income Taxes (Reconciliation Of Statutory Rate to Effective Rate) (Details) |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Income Taxes [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
State tax, net of federal benefit | 1.80% | 1.20% | 0.40% |
Tax exempt interest and dividends | (0.70%) | (0.20%) | (0.00%) |
Other | (2.40%) | (2.20%) | (2.40%) |
Effective Rate | 33.70% | 33.80% | 33.00% |
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Income Taxes [Abstract] | ||
Insurance (primarily product liability) | $ 1,023 | $ 1,594 |
Inventory | 654 | 628 |
Vacation | 596 | 893 |
Doubtful accounts | 447 | 2,878 |
Environmental | 275 | 320 |
Deferred compensation | 253 | 338 |
Other | 72 | 110 |
Total deferred tax assets | 3,320 | 6,761 |
Goodwill and other intangibles | 1,112 | 1,698 |
Deferred revenue | 875 | |
Depreciation | 338 | 8,067 |
Total deferred tax liabilities | 2,325 | 9,765 |
Net deferred tax assets | $ 995 | |
Net deferred tax (liabilities) | $ (3,004) |
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details)
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
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Dec. 31, 2017 |
Dec. 31, 2016 |
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Income Taxes [Abstract] | ||
Balance at January 1 | $ 288 | $ 312 |
Additions for tax positions taken related to the current year | 128 | 80 |
Additions for tax positions taken related to prior years | 66 | |
Reductions for tax positions taken related to prior years | (8) | |
Lapse of statue of limitations | (23) | |
Settlements | (96) | |
Balance at December 31 | $ 459 | $ 288 |
Commitments And Contingencies
Commitments And Contingencies |
12 Months Ended |
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Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | I. COMMITMENTS AND CONTINGENCIES: The Company is involved in largely routine litigation incidental to its business. Management believes the ultimate outcome of this litigation will not have a material effect on the Company's consolidated financial position, liquidity, or results of operations.
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Concentrations
Concentrations |
12 Months Ended |
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Dec. 31, 2017 | |
Concentrations [Abstract] | |
Concentrations | J. CONCENTRATIONS: In the Housewares/Small Appliance segment, one customer accounted for 10%, 11%, and 12% of consolidated net sales for the years ended December 31, 2017, 2016, and 2015, respectively. The Company sources most of its housewares/small appliances from vendors in the Orient and, as a result, risks deliveries from the Orient being disrupted by labor or supply problems at the vendors, or transportation delays. Should such problems or delays materialize, products might not be available in sufficient quantities during the prime selling period. The Company has made and will continue to make every reasonable effort to prevent these problems; however, there is no assurance that its efforts will be totally effective. As the majority of the Housewares/Small Appliance segment’s suppliers are located in China, periodic changes in the U.S. dollar and Chinese Renminbi (RMB) exchange rates do have an impact on the segment’s product costs. To date, any material impact from fluctuations in the exchange rate has been to the cost of products secured via purchase orders issued subsequent to the currency value change. Foreign transaction gains/losses are immaterial to the financial statements for all years presented. The Company's Defense segment manufactures products primarily for the U.S. Department of Defense (DOD) and DOD prime contractors. As a consequence, this segment's future business essentially depends on the product needs and governmental funding of the DOD. During 2017, 2016, and 2015, substantially all of the work performed by this segment directly or indirectly for the DOD was performed on a fixed-price basis. Under fixed-price contracts, the price paid to the contractor is awarded based on competition at the outset of the contract and therefore, with the exception of limited escalation provisions on specific materials, is generally not subject to any adjustments reflecting the actual costs incurred by the contractor. In addition, in the case of the 40mm systems contract, key components and services are provided by third party subcontractors, several of which the segment is required to work with by government edict. Under the contract, the segment is responsible for the performance of those subcontractors, many of which it does not control. The Defense segment's contracts and subcontracts contain the customary provision permitting termination at any time for the convenience of the government, with payment for any work completed, associated profit, and inventory/work in process at the time of termination. Materials used in the Defense segment are available from multiple sources. As of December 31, 2017, 169 employees of Amron, or 17% of the Company’s and its subsidiaries’ total workforce, are members of the United Steel Workers union. The most recent contract between Amron and the union is effective through February 29, 2020.
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Concentrations (Narrative) (Details)
Concentrations (Narrative) (Details) |
12 Months Ended | ||
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Dec. 31, 2017
employee
customer
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Dec. 31, 2016
customer
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Dec. 31, 2015
customer
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Concentration Risk [Line Items] | |||
Number of entity empolyees, union members | employee | 169 | ||
Percentage of entity employees, union members | 17.00% | ||
Housewares/ Small Appliances [Member] | |||
Concentration Risk [Line Items] | |||
Major customers contributing to net sales | customer | 1 | 1 | 1 |
Housewares/ Small Appliances [Member] | Net Sales [Member] | |||
Concentration Risk [Line Items] | |||
Major customer, percentage | 10.00% | 11.00% | 12.00% |
Environmental
Environmental |
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Environmental [Abstract] | ||||||||||||||||||||||||||||||||||
Environmental | K. ENVIRONMENTAL In May 1986, the Company’s Eau Claire, Wisconsin site was placed on the United States Environmental Protection Agency’s National Priorities List under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 because of hazardous waste deposited on the property. As of December 31, 1998, all remediation projects required at the Company's Eau Claire, Wisconsin site had been installed, were fully operational, and restoration activities had been completed. In addition, the Company is a member of a group of companies that may have disposed of waste into an Eau Claire area landfill in the 1960s and 1970s. After the landfill was closed, elevated volatile organic compounds were discovered in the groundwater. Remediation plans were established, and the costs associated with remediation and monitoring at the landfill are split evenly between the group and the City of Eau Claire. As of December 31, 2017, there does not appear to be exposure related to this site that would have a material impact on the operations or financial condition of the Company. Based on factors known as of December 31, 2017, it is believed that the Company's existing environmental accrued liability reserve will be adequate to satisfy on-going remediation operations and monitoring activities both on- and off-site; however, should environmental agencies require additional studies, extended monitoring, or remediation projects, it is possible that the existing accrual could be inadequate. Management believes that in the absence of any unforeseen future developments, known environmental matters will not have any material effect on the results of operations or financial condition of the Company. The Company’s environmental accrued liability on an undiscounted basis was $1,150,000 and $1,010,000 as of December 31, 2017 and 2016, respectively, and is included in accrued liabilities on its balance sheet. Expected future payments for environmental matters are as follows:
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Environmental (Tables)
Environmental (Tables) |
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Environmental [Abstract] | ||||||||||||||||||||||||||||||||||
Schedule Of Expected Future Payments Of Environmental Matters [Table Text Block] |
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Environmental (Narrative) (Details)
Environmental (Narrative) (Details) - USD ($) |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Environmental [Abstract] | ||
Environmental accrued liability | $ 1,150,000 | $ 1,010,000 |
Environmental (Schedule Of Expected Future Payments Of Environmental Matters) (Details)
Environmental (Schedule Of Expected Future Payments Of Environmental Matters) (Details) $ in Thousands |
Dec. 31, 2017
USD ($)
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Environmental [Abstract] | |
2018 | $ 250 |
2019 | 181 |
2020 | 162 |
2021 | 143 |
2022 | 124 |
Thereafter | 290 |
Future payments for environmental matters | $ 1,150 |
Business Segments
Business Segments |
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Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | L. BUSINESS SEGMENTS: The Company operates in two business segments. The Company identifies its segments based on the Company's organization structure, which is primarily by principal products. The principal product groups are Housewares/Small Appliance and Defense. Sales for both segments are primarily to customers in North America. 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. As a result of this transaction, 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. The operations of PAPI previously comprised the Company’s Absorbent Products segment. See Note P for further discussion. The Housewares/Small Appliance segment designs, markets, and distributes housewares and small appliances. The housewares/small appliance products are sold primarily in the United States and Canada directly to retail outlets and also through independent distributors. As more fully described in Note J, the Company primarily sources its Housewares/Small Appliance products from non-affiliated suppliers located in the Orient. Sales are seasonal, with the normal peak sales period occurring in the fourth quarter of the year prior to the holiday season. The Defense segment was started in 2001 with the acquisition of AMTEC Corporation, which manufactures precision mechanical and electromechanical assemblies for the U.S. Government and prime contractors. During 2005, and again during 2010, AMTEC Corporation was one of two prime contractors selected by the Army to supply all requirements for the 40mm family of practice and tactical ammunition cartridges for a period of five years. In 2016, AMTEC was awarded a one-year contract, and in 2017, it was awarded a third five-year contract as the sole prime contractor. AMTEC's manufacturing plant is located in Janesville, Wisconsin. Since the inception of the Defense segment in 2001, the Company has expanded the segment by making several strategic business acquisitions, and has additional facilities located in East Camden, Arkansas; Antigo, Wisconsin; Perry, Florida; and Clear Lake, South Dakota. During 2003, the segment was expanded with the acquisition of Spectra Technologies, LLC of East Camden, Arkansas. This facility performs Load, Assemble, and Pack (LAP) operations on ordnance-related products for the U.S. Government and prime contractors. During 2006, the segment was expanded with the acquisition of certain assets of Amron, LLC of Antigo, Wisconsin, which primarily manufactures cartridge cases used in medium caliber (20-40mm) ammunition. In 2011 the segment was further augmented with the purchase of certain assets of ALS Technologies, Inc. of Bull Shoals, Arkansas, which manufactures less lethal ammunitions. The Company subsequently relocated this operation to Perry, Florida. During 2014, the Company continued the expansion of the Defense segment with the purchase of substantially all of the assets of Chemring Energetic Devices, Inc. located in Clear Lake, South Dakota, and all of the real property owned by Technical Ordnance Realty, LLC. The Clear Lake facility manufactures detonators, booster pellets, release cartridges, lead azide, and other military energetic devices and materials. The Defense segment’s collection of facilities enables the Company to deliver in virtually all aspects of the manufacture of medium caliber training and tactical rounds and less lethal ammunition. They include the fuze, the metal parts including the cartridge case, the load, assemble and pack of the final round, and the detonator. In the following summary, operating profit represents earnings before other income, income taxes, and discontinued operations. The Company's segments operate discretely from each other with no shared manufacturing facilities. Costs associated with corporate activities (such as cash and marketable securities management) and the assets associated with such activities are included within the Housewares/Small Appliance segment for all periods presented.
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Business Segments (Tables)
Business Segments (Tables) |
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Business Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Business Segments Information |
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Business Segments (Narrative) (Details)
Business Segments (Narrative) (Details) |
12 Months Ended | ||
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Dec. 31, 2017
segment
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Dec. 31, 2016 |
Dec. 31, 2010
contract
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Business Segments [Abstract] | |||
Operating segments | segment | 2 | ||
Government contract, number of contractors | contract | 2 | ||
Supply commitment, commitment term | 5 years | 1 year | 5 years |
Business Segments (Schedule Of Segment Information) (Details)
Business Segments (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
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Dec. 31, 2017 |
Oct. 01, 2017 |
Jul. 02, 2017 |
Apr. 02, 2017 |
Dec. 31, 2016 |
Oct. 02, 2016 |
Jul. 03, 2016 |
Apr. 03, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Segment Reporting Information [Line Items] | |||||||||||
External net sales | $ 115,604 | $ 70,614 | $ 74,561 | $ 72,854 | $ 131,914 | $ 74,533 | $ 69,516 | $ 65,942 | $ 333,633 | $ 341,905 | $ 355,649 |
Gross profit | 30,656 | $ 18,892 | $ 17,560 | $ 20,126 | 35,353 | $ 17,094 | $ 17,167 | $ 16,048 | 87,234 | 85,662 | 89,433 |
Operating profit (loss) | 61,704 | 62,512 | 62,525 | ||||||||
Total assets | 411,873 | 417,594 | 411,873 | 417,594 | 387,384 | ||||||
Depreciation and amortization | 9,839 | 8,875 | 8,828 | ||||||||
Capital expenditures | 3,150 | 4,824 | 4,076 | ||||||||
Housewares/ Small Appliances [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External net sales | 97,299 | 108,128 | 125,944 | ||||||||
Gross profit | 16,850 | 20,963 | 27,455 | ||||||||
Operating profit (loss) | 6,264 | 9,677 | 16,106 | ||||||||
Total assets | 242,815 | 200,639 | 242,815 | 200,639 | 184,385 | ||||||
Depreciation and amortization | 1,328 | 1,045 | 923 | ||||||||
Capital expenditures | 1,849 | 1,351 | 3,955 | ||||||||
Defense [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External net sales | 236,334 | 233,777 | 229,705 | ||||||||
Gross profit | 70,384 | 64,699 | 61,978 | ||||||||
Operating profit (loss) | 55,440 | 52,835 | 46,419 | ||||||||
Total assets | 162,869 | 158,062 | 162,869 | 158,062 | 143,189 | ||||||
Depreciation and amortization | 8,511 | 7,830 | 7,905 | ||||||||
Capital expenditures | 1,301 | 3,473 | 121 | ||||||||
Discontinued Operations Held-for-sale [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | $ 6,189 | $ 58,893 | $ 6,189 | $ 58,893 | $ 59,810 |
Operating Leases
Operating Leases |
12 Months Ended | ||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||
Operating Leases [Abstract] | |||||||||||||||||||||||||||||||||
Operating Leases | M. OPERATING LEASES The Company leases office, manufacturing, and warehouse facilities and equipment under non-cancelable operating leases, many of which contain renewal options ranging from one to five years. Rent expense was approximately $994,000, $1,040,000, and $888,000 for the years ended December 31, 2017, 2016, and 2015, respectively. Future minimum annual rental payments required under operating leases are as follows:
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Operating Leases (Tables)
Operating Leases (Tables) |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||
Operating Leases [Abstract] | |||||||||||||||||||||||||||||||||
Schedule Of Future Annual Rental Payments |
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Operating Leases (Narrative) (Details)
Operating Leases (Narrative) (Details) - USD ($) |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Rent Expense | $ 994,000 | $ 1,040,000 | $ 888,000 |
Minimum [Member] | |||
Operating leases, renewal option term | 1 year | ||
Maximum [Member] | |||
Operating leases, renewal option term | 5 years |
Operating Leases (Schedule Of Future Annual Rental Payments) (Details)
Operating Leases (Schedule Of Future Annual Rental Payments) (Details) $ in Thousands |
Dec. 31, 2017
USD ($)
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Operating Leases [Abstract] | |
2018 | $ 456 |
2019 | 71 |
2020 | 39 |
2021 | 11 |
Future minimum operating lease payments | $ 577 |
Interim Financial Information
Interim Financial Information |
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Interim Financial Information | N. INTERIM FINANCIAL INFORMATION (UNAUDITED): The following represents quarterly unaudited financial information for 2017 and 2016:
As shown above, fourth quarter sales are significantly impacted by the holiday driven seasonality of the Housewares/Small Appliance segment. This segment orders/purchases inventory during the first three quarters to meet the sales demand of the fourth quarter. The Defense segment is typically non-seasonal. As discussed in Note P, the Company sold its Absorbent Products business on January 3, 2017, and the gain on divestiture was recorded primarily in the first quarter of 2017.
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Interim Financial Information (Tables)
Interim Financial Information (Tables) |
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Interim Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Quarterly Financial Information |
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Interim Financial Information (Schedule Of Quarterly Financial Information) (Details)
Interim Financial Information (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
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Dec. 31, 2017 |
Oct. 01, 2017 |
Jul. 02, 2017 |
Apr. 02, 2017 |
Dec. 31, 2016 |
Oct. 02, 2016 |
Jul. 03, 2016 |
Apr. 03, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Interim Financial Information [Abstract] | |||||||||||
Net Sales | $ 115,604 | $ 70,614 | $ 74,561 | $ 72,854 | $ 131,914 | $ 74,533 | $ 69,516 | $ 65,942 | $ 333,633 | $ 341,905 | $ 355,649 |
Gross Profit | 30,656 | 18,892 | 17,560 | 20,126 | 35,353 | 17,094 | 17,167 | 16,048 | 87,234 | 85,662 | 89,433 |
Earnings from continuing operations | 16,062 | 8,338 | 8,941 | 9,973 | 19,702 | 7,767 | 7,936 | 6,510 | 43,314 | 41,915 | 42,162 |
Earnings (loss) from discontinued operations, net of tax | 698 | (6) | 771 | 8,182 | 1,073 | 537 | 338 | 701 | 9,645 | 2,649 | (1,666) |
Net earnings | $ 16,760 | $ 8,332 | $ 9,712 | $ 18,155 | $ 20,775 | $ 8,304 | $ 8,274 | $ 7,211 | $ 52,959 | $ 44,564 | $ 40,496 |
Earnings from continuing operations per share, basic and diluted | $ 2.30 | $ 1.19 | $ 1.28 | $ 1.43 | $ 2.82 | $ 1.11 | $ 1.14 | $ 0.94 | $ 6.20 | $ 6.01 | $ 6.07 |
Earnings (loss) from discontinued operations per share, net of tax, basic and diluted | 0.10 | 0.11 | 1.17 | 0.15 | 0.08 | 0.05 | 0.10 | 1.38 | 0.38 | (0.24) | |
Net earnings per share | $ 2.40 | $ 1.19 | $ 1.39 | $ 2.60 | $ 2.97 | $ 1.19 | $ 1.19 | $ 1.04 | $ 7.58 | $ 6.39 | $ 5.83 |
Line Of Credit And Commercial Letters Of Credit
Line Of Credit And Commercial Letters Of Credit |
12 Months Ended |
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Dec. 31, 2017 | |
Line of Credit And Commercial Letters Of Credit [Abstract] | |
Line Of Credit And Commercial Letters Of Credit | O. LINE OF CREDIT AND COMMERCIAL LETTERS OF CREDIT The Company maintains an unsecured line of credit for short term operating cash needs. The line of credit is renewed each year at the end of the third quarter. As of December 31, 2017 and 2016, the line of credit limit was set at $5,000,000, with $0 outstanding on both dates. The interest rate on the line of credit is reset monthly to the London Inter-Bank Offered Rate (LIBOR) plus one half of one percent. In addition, the Company had issued commercial letters of credit totaling $1,197,000 and $1,803,000 as of December 31, 2017 and 2016, respectively, related to performance on certain customer contracts. As of December 31, 2017, the entire balance of the issued letters of credit had not been drawn upon.
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Line Of Credit And Commercial Letters Of Credit (Narrative) (Details)
Line Of Credit And Commercial Letters Of Credit (Narrative) (Details) - USD ($) |
12 Months Ended | |
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Dec. 31, 2017 |
Dec. 31, 2016 |
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Line of Credit Facility [Line Items] | ||
Percentage over LIBOR | 0.50% | |
Letters of credit | $ 1,197,000 | $ 1,803,000 |
Domestic Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit limit | 5,000,000 | 5,000,000 |
Line of credit outstanding | $ 0 | $ 0 |
Discontinued Operations
Discontinued Operations |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | P. DISCONTINUED OPERATIONS 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 $68,448,000. The proceeds amount differs from the amount previously disclosed because of the customary post-closing adjustments that were finalized during the second quarter of 2017, totaling $1,448,000. 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, 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. The Company’s pre-tax gain on the sale of $11,413,000, net of one-time transaction costs, was recorded in the first six months of 2017 within earnings from discontinued operations. This amount differs from the gain previously reported as a result of the post-closing adjustments mentioned above that were finalized in the second quarter of 2017. The following table summarizes the results of the Absorbent Products business within discontinued operations for each of the periods presented:
The following table summarizes the major classes of assets and liabilities of the Absorbent Products business held for sale for each of the periods presented:
The Consolidated Statements of Cash Flows do not present the cash flows from discontinued operations separately from cash flows from continuing operations. Cash provided by (used in) operating activities from discontinued operations was $(5,447,000), $4,477,000, and $4,733,000 for the years ended December 31, 2017, 2016, and 2015, respectively. Cash provided by (used in) investing activities related to discontinued operations was $61,891,000, $(1,139,000), and $(2,385,000) for the years ended December 31, 2017, 2016, and 2015, respectively. In connection with the asset purchase agreement discussed above, the Company entered into a 10-year lease agreement with Drylock for a portion of its manufacturing and warehouse facilities. The lease agreement provided for total annual payments of $1,288,000 initially. It also provides Drylock an option for early termination of the lease after the initial five years and an option to modify the space subject to the agreement. Drylock elected the latter option as of June 30, 2017. The agreement provides as well for adjustments to the rental payments based on certain price indices. The Company also entered into a transition services agreement with Drylock which terminated at the end of 2017. The amounts received from Drylock for transition services and rental income are recorded in Other Income on the Consolidated Statements of Comprehensive Income.
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Discontinued Operations (Tables)
Discontinued Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Results of discontinued operations and schedule of major classes of assets and liabilities | The following table summarizes the results of the Absorbent Products business within discontinued operations for each of the periods presented:
The following table summarizes the major classes of assets and liabilities of the Absorbent Products business held for sale for each of the periods presented:
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Discontinued Operations (Narrative) (Details)
Discontinued Operations (Summary Of Results) (Details)
Discontinued Operations (Summary of Major Classes of Assets and Liabilities) (Details)
Discontinued Operations (Summary of Major Classes of Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | $ 65,220 | $ 67,285 |
Inventories | 104,439 | 95,403 |
Property, Plant and equipment, net | 45,168 | 49,475 |
Accounts payable | 28,445 | 39,584 |
Accrued liabilities | 13,092 | 12,244 |
Discontinued Operations Held-for-sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 2,529 | 13,781 |
Inventories | 10,747 | |
Property, Plant and equipment, net | 3,660 | 34,365 |
Assets held for sale | 6,189 | 58,893 |
Accounts payable | 210 | 5,245 |
Accrued liabilities | 1,008 | |
Liabilities held for sale | $ 210 | $ 6,253 |
Other
Other |
12 Months Ended |
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Dec. 31, 2017 | |
Other [Abstract] | |
Other | Q. OTHER The Company has entered into a licensing agreement with another firm that holds intellectual property on the Rusoh® self-service/self-reloadable fire extinguisher. Under the agreement, the Company has advanced the entity funds and has agreed to pay royalties to the entity on the commercial sales of the developed products. As of December 31, 2017 and 2016, notes receivable plus accrued interest of $6,750,000 and $6,534,000, respectively, related to the license agreement were classified as Notes Receivable on the Company’s Consolidated Balance Sheets. The fire extinguisher was introduced to the commercial market in 2017, and the Company believes that collectability of the notes receivable is reasonably assured.
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Other (Narrative) (Details)
Other (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Other [Abstract] | ||
Note receivable, related to license agreement | $ 6,750 | $ 6,534 |
Subsequent Events
Subsequent Events |
12 Months Ended |
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Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | R. SUBSEQUENT EVENTS The Company evaluates events that occur through the filing date and discloses any material events or transactions. On February 9, 2018, the Company’s Board of Directors announced a regular dividend of $1.00 per share, plus an extra dividend of $5.00. On March 15, 2018, a payment of $41,989,000 was made to the shareholders of record as of March 1, 2018. On February 26, 2018, AMTEC Corporation received a $58,200,000 option award under year two (Government Fiscal Year 2018) of AMTEC’s current five-year 40mm systems contract with the Department of the Army. The option award is primarily for M430A1 cartridges, with deliveries scheduled to begin in early 2020.
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Subsequent Event (Narrative) (Details)
Subsequent Event (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
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Feb. 09, 2018 |
Mar. 15, 2018 |
Feb. 26, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2010 |
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Subsequent Event [Line Items] | |||||||
Dividends paid | $ 38,405 | $ 35,161 | $ 28,114 | ||||
Supply commitment, commitment term | 5 years | 1 year | 5 years | ||||
Regular dividends per share paid | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Extra dividends per share paid | $ 4.50 | $ 4.05 | $ 3.05 | ||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Regular dividends per share declared | $ 1.00 | ||||||
Extra dividends per share declared | $ 5.00 | ||||||
Dividends paid | $ 41,989 | ||||||
Option Award on Existing Contract | $ 58,200 |
Valuation And Qualifying Accounts
Valuation And Qualifying Accounts |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation And Qualifying Accounts |
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Valuation And Qualifying Accounts (Details)
Valuation And Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 1,816 | $ 1,796 | $ 1,319 |
Additions, Charged to Costs and Expenses | 70 | 1 | 516 |
Deductions | 17 | (19) | 39 |
Balance at End of Period | $ 1,869 | $ 1,816 | $ 1,796 |