Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jul. 01, 2018	Aug. 01, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Trading Symbol	npk
Amendment Flag	false
Document Period End Date	Jul. 01, 2018
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018
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		6,978,446

Condensed Consolidated Balance Sheets

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 36,610	$ 11,222
Marketable securities	129,439	144,252
Accounts receivable, net	43,266	65,220
Inventories:
Finished goods	26,536	27,242
Work in process	65,569	72,219
Raw materials	5,543	4,978
Total inventory	97,648	104,439
Income tax receivable	607
Assets held for sale	528	6,189
Other current assets	6,852	7,186
Total current assets	314,950	338,508
PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT	108,795	103,538
Less allowance for depreciation	60,395	58,370
PROPERTY, PLANT AND EQUIPMENT, NET	48,400	45,168
GOODWILL	11,485	11,485
INTANGIBLE ASSETS, net	1,170	3,330
NOTES RECEIVABLE	6,858	6,750
DEFERRED INCOME TAXES	977	995
OTHER ASSETS	5,696	5,637
Total assets	389,536	411,873
CURRENT LIABILITIES:
Accounts payable	29,535	28,445
Federal and state income taxes		3,750
Accrued liabilities	12,654	13,092
Liabilities held for sale		210
Total current liabilities	42,189	45,497
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock, $1 par value: Authorized: 12,000,000 shares; Issued: 7,440,518 shares	7,441	7,441
Paid-in capital	9,889	9,074
Retained earnings	344,529	364,757
Accumulated other comprehensive loss	(21)	(86)
Stockholders' equity before treasury stock	361,838	381,186
Treasury stock, at cost	14,491	14,810
Total stockholders' equity	347,347	366,376
Total liabilities and stockholders' equity	$ 389,536	$ 411,873

Condensed Consolidated Balance Sheets (Parenthetical)

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 01, 2018	Dec. 31, 2017
Consolidated Balance Sheets [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	12,000,000	12,000,000
Common stock, shares issued	7,440,518	7,440,518

Consolidated Statements Of Comprehensive Income

Consolidated Statements Of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Consolidated Statements Of Comprehensive Income [Abstract]
Net sales	$ 79,227	$ 74,561	$ 156,053	$ 147,415
Cost of sales	59,782	57,001	116,331	109,729
Gross profit	19,445	17,560	39,722	37,686
Selling and general expenses	5,631	5,418	11,782	11,178
Intangibles amortization	1,416	5	2,161	372
Operating profit	12,398	12,137	25,779	26,136
Other income	997	980	1,892	1,930
Earnings from continuing operations before provision for income taxes	13,395	13,117	27,671	28,066
Provision for income taxes from continuing operations	2,619	4,176	5,901	9,152
Earnings from continuing operations	10,776	8,941	21,770	18,914
Earnings (loss) from discontinued operations, net of tax	(1)	771	(9)	8,953
Net earnings	$ 10,775	$ 9,712	$ 21,761	$ 27,867
Weighted average shares outstanding:
Basic and diluted	7,006	6,990	7,002	6,985
Earnings per share, basic and diluted:
From continuing operations	$ 1.54	$ 1.28	$ 3.11	$ 2.71
From discontinued operations	0.00	0.11	0.00	1.28
Net earnings per share	$ 1.54	$ 1.39	$ 3.11	$ 3.99
Other comprehensive income, net of tax:
Unrealized gain (loss) on available-for-sale securities	$ 21	$ (5)	$ 65	$ 23
Comprehensive income	$ 10,796	$ 9,707	$ 21,826	$ 27,890
Cash dividends declared and paid per common share	$ 0.00	$ 0.00	$ 6.00	$ 5.50

Consolidated Statements Of Cash Flows

Consolidated Statements Of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements Of Cash Flows - USD ($)	Jul. 01, 2018	Jul. 02, 2017
Cash flows from operating activities:
Net earnings	$ 21,761,000	$ 27,867,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation	2,057,000	3,912,000
Intangibles amortization	2,161,000	372,000
Provision for doubtful accounts	12,000	14,000
Noncash retirement plan expense	379,000	357,000
Gain on involuntary conversion of machinery and equipment		(1,997,000)
Gain on disposal of property, plant and equipment		(2,000)
Gain on divestiture of business		(11,413,000)
Other	139,000	133,000
Changes in operating accounts:
Accounts receivable, net	21,469,000	29,060,000
Inventories	6,791,000	(21,191,000)
Other assets and current assets	275,000	(3,099,000)
Accounts payable and accrued liabilities	(847,000)	(9,675,000)
Federal and state income taxes	(4,371,000)	(8,656,000)
Net cash provided by operating activities	49,826,000	5,682,000
Cash flows from investing activities:
Marketable securities purchased	(59,771,000)	(109,465,000)
Marketable securities - maturities and sales	74,666,000	65,250,000
Proceeds from divestiture of business, net of cash paid	3,660,000	64,033,000
Purchase of property, plant and equipment	(4,001,000)	(4,509,000)
Proceeds from insurnace settlement	2,474,000
Sale of property, plant and equipment	1,000	1,000
Net cash provided by investing activities	17,029,000	15,310,000
Cash flows from financing activities:
Dividends paid	(41,989,000)	(38,405,000)
Proceeds from sale of treasury stock	528,000	519,000
Other	(6,000)	(114,000)
Net cash used in financing activities	(41,467,000)	(38,000,000)
Net increase (decrease) in cash and cash equivalents	25,388,000	(17,008,000)
Cash and cash equivalents at beginning of period	11,222,000	27,034,000
Cash and cash equivalents at end of period	$ 36,610,000	$ 10,026,000

Basis Of Presentation

Basis Of Presentation	6 Months Ended
Basis Of Presentation	Jul. 01, 2018
Basis Of Presentation [Abstract]
Basis Of Presentation	NOTE A – BASIS OF PRESENTATION The consolidated interim financial statements included herein are unaudited and have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). In the opinion of management of the Company, the consolidated interim financial statements reflect all the adjustments which were of a normal recurring nature necessary for a fair presentation of the results of the interim periods. The condensed consolidated balance sheet as of December 31, 2017 is summarized from audited consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2017 Annual Report on Form 10-K. Interim results for the period are not indicative of those for the year. 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 provided 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. The sale of the delayed assets was consummated during the second quarter of 2018 and resulted in no gain or loss. 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 J for further discussion.

Basis Of Presentation (Narrative) (Details)

Basis Of Presentation (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
Basis Of Presentation (Narrative) (Details) - USD ($)	Jul. 01, 2018	Jul. 02, 2017
Basis Of Presentation [Abstract]
Proceeds from sale	$ 4,000,000	$ 68,448,000
Post-closing adjustments		1,448,000
Gain on divestiture of business, net	$ 0	$ 11,413,000

Reclassifications

Reclassifications	6 Months Ended
Reclassifications	Jul. 01, 2018
Reclassifications [Abstract]
Reclassifications	NOTE B – RECLASSIFICATIONS In addition to the reclassifications mentioned in Note A 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.

Revenues

Revenues	6 Months Ended
Revenues	Jul. 01, 2018
Revenues [Abstract]
Revenues	NOTE C – REVENUES The Company’s revenues are derived from short-term contracts and programs that are typically completed within 3 to 24 months and are recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers. The standard was adopted on January 1, 2018 and did not result in any change to the Company’s pattern of revenue recognition. The Company’s contracts each contain one or more performance obligations: the physical delivery of distinct ordered product or products. The Company provides an assurance type product warranty on its products to the original owner. In addition, for the Housewares/Small Appliances segment, the Company estimates returns of seasonal products and returns of newly introduced products sold with a return privilege. Stand-alone selling prices are set forth in each contract and are used to allocate revenue to the corresponding performance obligations. For the Housewares/Small Appliances segment, contracts include variable consideration, as the prices are subject to customer allowances, which principally consist of allowances for cooperative advertising, defective product, and trade discounts. Customer allowances are generally allocated to the performance obligations based on budgeted rates agreed upon with customers, as well as historical experience, and yield the Company’s best estimate of the expected value for the variable consideration. The Company's contracts in the Defense segment are primarily with the U.S. Department of Defense (DOD) and DOD prime contractors. As a consequence, this segment's business essentially depends on the product needs and governmental funding of the DOD. Substantially all of the work performed by the Defense segment directly or indirectly for the DOD is 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. Revenue is recognized at a point in time. For the Housewares/Small Appliance segment, revenue is generally recognized as the completed, ordered product is shipped to the customer from the Company’s warehouses. For the relatively few situations in which revenue should be recognized when product is received by the customer, the Company adjusts revenue accordingly. For the Defense segment, revenue is recognized when the customer has legal title and formally documents that it has accepted the products. In some situations, the customer may obtain legal title and accept the products at the Company’s facilities, arranging for transportation at a later date, typically in one to four weeks. The Company does not consider the short-term storage of the customer owned products to be a material performance obligation, and no part of the transaction price is allocated to it. The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the Company’s Condensed Consolidated Balance Sheets. For the Defense segment, the Company occasionally receives advances or deposits from certain customers before revenue is recognized, resulting in contract liabilities. These advances or deposits do not represent a significant financing component. As of July 1, 2018 and December 31, 2017, $8,346,000 and $8,364,000, respectively, of contract liabilities were included in Accounts Payable on the Company’s Condensed Consolidated Balance Sheets. The Company recognized revenue of $528,000 during the six-month period ended July 1, 2018 that was included in the Defense segment contract liability at the beginning of that period. The Company monitors its estimates of variable consideration, which includes customer allowances for cooperative advertising, defective product, and trade discounts, and returns of seasonal and newly introduced product, all of which pertain to the Housewares/Small Appliances segment, and periodically makes cumulative adjustments to the carrying amounts of these contract liabilities as appropriate. During both the three and six month periods ended July 1, 2018 and July 2, 2017, there were no material adjustments to the aforementioned estimates. There were no amounts of revenue recognized during the same periods related to performance obligations satisfied in a previous period. The portion of contract transaction prices allocated to unsatisfied performance obligations, also known as the contract backlog, in the Company’s Defense segment were $324,937,000 and $308,173,000 as of July 1, 2018 and December 31, 2017, respectively. The Company anticipates that the unsatisfied performance obligations will be fulfilled in an 18 to 24-month period. The performance obligations in the Housewares/Small Appliances segment have original expected durations of less than one year. The Company’s principal sources of revenue are derived from two segments: Housewares/Small Appliance and Defense, as shown in Note E. Management utilizes the performance measures by segment to evaluate the financial performance of and make operating decisions for the Company.

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenues (Narrative) (Details) - USD ($)	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017	Dec. 31, 2017
Housewares/ Small Appliances [Member]
Change in estimate of variable consideration	$ 0	$ 0	$ 0	$ 0
Revenue recognized from performance obligations satisfied in a prior period	0	$ 0	0	$ 0
Defense [Member]
Contract liabilities	8,346,000		8,346,000		$ 8,364,000
Revenue recognized that was previously included in contract liability			528,000
Unsatified performance obligations	$ 324,937,000		$ 324,937,000		$ 308,173,000
Defense [Member] \| Minimum [Member]
Holding period following recognition of revenue			7 days
Defense [Member] \| Maximum [Member]
Holding period following recognition of revenue			28 days

Revenues (Timing Of Performance Obligation) (Narrative) (Details)

Revenues (Timing Of Performance Obligation) (Narrative) (Details) - Defense [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-02	6 Months Ended
	Jul. 01, 2018
Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fulfullment period of unsatisfied performance obligations	18 months
Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fulfullment period of unsatisfied performance obligations	24 months

Net Earnings Per Share

Net Earnings Per Share	6 Months Ended
Net Earnings Per Share	Jul. 01, 2018
Net Earnings Per Share [Abstract]
Net Earnings Per Share	NOTE D – EARNINGS PER SHARE Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share also includes the dilutive effect of additional potential common shares issuable. Unvested stock awards, which contain non-forfeitable rights to dividends whether paid or unpaid (“participating securities”), are included in the number of shares outstanding for both basic and diluted earnings per share calculations.

Business Segments

6 Months Ended

Jul. 01, 2018

Business Segments [Abstract]

Business Segments

NOTE E – BUSINESS SEGMENTS

In the following summary, operating profit represents earnings before other income and income taxes. The Company's segments operate discretely from each other with no shared manufacturing facilities. Costs associated with corporate activities (such as cash and marketable securities management) and the assets associated with such activities are included within the Housewares/Small Appliances segment for all periods presented.



	(in thousands)
	Housewares / Small Appliances		Defense Products		Assets Held for Sale		Total
Quarter ended July 1, 2018
External net sales	$	17,978	$	61,249	$		$	79,227
Gross profit		2,248		17,197				19,445
Operating profit (loss)		(298)		12,696				12,398
Total assets		247,352		141,656		528		389,536
Depreciation and amortization		332		2,089				2,421
Capital expenditures		3,203		297				3,500

Quarter ended July 2, 2017
External net sales	$	16,901	$	57,660	$		$	74,561
Gross profit		1,528		16,032				17,560
Operating profit (loss)		(949)		13,086				12,137
Total assets		222,165		162,439		5,335		389,939
Depreciation and amortization		308		1,870				2,178
Capital expenditures		463		1,372				1,835



	(in thousands)
	Housewares / Small Appliances		Defense Products		Assets Held for Sale		Total
Six Months ended July 1, 2018
External net sales	$	34,035	$	122,018	$		$	156,053
Gross profit		4,147		35,575				39,722
Operating profit (loss)		(1,173)		26,952				25,779
Total assets		247,352		141,656		528		389,536
Depreciation and amortization		668		3,550				4,218
Capital expenditures		4,912		378				5,290

Six Months ended July 2, 2017
External net sales	$	36,948	$	110,467	$		$	147,415
Gross profit		4,697		32,989				37,686
Operating profit (loss)		(402)		26,538				26,136
Total assets		222,165		162,439		5,335		389,939
Depreciation and amortization		611		3,624				4,235
Capital expenditures		923		1,589				2,512

Business Segments (Tables)

6 Months Ended

Jul. 01, 2018

Business Segments [Abstract]

Summary Of Business Segments Information



	(in thousands)
	Housewares / Small Appliances		Defense Products		Assets Held for Sale		Total
Quarter ended July 1, 2018
External net sales	$	17,978	$	61,249	$		$	79,227
Gross profit		2,248		17,197				19,445
Operating profit (loss)		(298)		12,696				12,398
Total assets		247,352		141,656		528		389,536
Depreciation and amortization		332		2,089				2,421
Capital expenditures		3,203		297				3,500

Quarter ended July 2, 2017
External net sales	$	16,901	$	57,660	$		$	74,561
Gross profit		1,528		16,032				17,560
Operating profit (loss)		(949)		13,086				12,137
Total assets		222,165		162,439		5,335		389,939
Depreciation and amortization		308		1,870				2,178
Capital expenditures		463		1,372				1,835



	(in thousands)
	Housewares / Small Appliances		Defense Products		Assets Held for Sale		Total
Six Months ended July 1, 2018
External net sales	$	34,035	$	122,018	$		$	156,053
Gross profit		4,147		35,575				39,722
Operating profit (loss)		(1,173)		26,952				25,779
Total assets		247,352		141,656		528		389,536
Depreciation and amortization		668		3,550				4,218
Capital expenditures		4,912		378				5,290

Six Months ended July 2, 2017
External net sales	$	36,948	$	110,467	$		$	147,415
Gross profit		4,697		32,989				37,686
Operating profit (loss)		(402)		26,538				26,136
Total assets		222,165		162,439		5,335		389,939
Depreciation and amortization		611		3,624				4,235
Capital expenditures		923		1,589				2,512

Business Segments (Schedule Of Segment Information) (Details)

Business Segments (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
External net sales	$ 79,227	$ 74,561	$ 156,053	$ 147,415
Gross profit	19,445	17,560	39,722	37,686
Operating profit (loss)	12,398	12,137	25,779	26,136
Total assets	389,536	389,939	389,536	389,939	$ 411,873
Depreciation and amortization	2,421	2,178	4,218	4,235
Capital expenditures	3,500	1,835	5,290	2,512
Housewares/ Small Appliances [Member]
Segment Reporting Information [Line Items]
External net sales	17,978	16,901	34,035	36,948
Gross profit	2,248	1,528	4,147	4,697
Operating profit (loss)	(298)	(949)	(1,173)	(402)
Total assets	247,352	222,165	247,352	222,165
Depreciation and amortization	332	308	668	611
Capital expenditures	3,203	463	4,912	923
Defense [Member]
Segment Reporting Information [Line Items]
External net sales	61,249	57,660	122,018	110,467
Gross profit	17,197	16,032	35,575	32,989
Operating profit (loss)	12,696	13,086	26,952	26,538
Total assets	141,656	162,439	141,656	162,439
Depreciation and amortization	2,089	1,870	3,550	3,624
Capital expenditures	297	1,372	378	1,589
Discontinued Operations Held-for-sale [Member]
Segment Reporting Information [Line Items]
Total assets	$ 528	$ 5,335	$ 528	$ 5,335

Fair Value Of Financial Instruments

Fair Value Of Financial Instruments	6 Months Ended
Fair Value Of Financial Instruments	Jul. 01, 2018
Fair Value Of Financial Instruments [Abstract]
Fair Value Of Financial Instruments	NOTE F - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company utilizes the methods of fair value as described in Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurements and Disclosures, to value its financial assets and liabilities. ASC 820 utilizes a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts for cash and cash equivalents, accounts receivable, notes receivable, accounts payable, and accrued liabilities approximate fair value due to the immediate or short-term maturity of these financial instruments.

- Definition

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

+ References + Details

Cash, Cash Equivalents And Marketable Securities

6 Months Ended

Jul. 01, 2018

Cash, Cash Equivalents And Marketable Securities [Abstract]

Cash, Cash Equivalents And Marketable Securities

NOTE G - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

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

The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at estimated fair value, with unrealized gains and losses, net of tax, reported as a separate component of stockholders' equity. Highly liquid, tax-exempt variable rate demand notes with put options exercisable in three months or less are classified as marketable securities.

At July 1, 2018 and December 31, 2017, cost for marketable securities was determined using the specific identification method. A summary of the amortized costs and fair values of the Company’s marketable securities at the end of the periods presented is shown in the following table. All of the Company’s marketable securities are classified as Level 2, as defined by FASB ASC 820, with fair values determined using significant other observable inputs, which include quoted prices in markets that are not active, quoted prices of similar securities, recently executed transactions, broker quotations, and other inputs that are observable. There were no transfers into or out of Level 2 during the six months ended July 1, 2018.



	(In Thousands)
	MARKETABLE SECURITIES
	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
July 1, 2018
Tax-exempt Municipal Bonds	$	27,602	$	27,575	$	-	$	27
Variable Rate Demand Notes		101,864		101,864		-		-
Total Marketable Securities	$	129,466	$	129,439	$	-	$	27

December 31, 2017
Tax-exempt Municipal Bonds	$	30,103	$	29,994	$	-	$	109
Variable Rate Demand Notes		114,258		114,258		-		-
Total Marketable Securities	$	144,361	$	144,252	$	-	$	109

Proceeds from maturities and sales of available-for-sale securities totaled $11,353,000 and $38,415,000 for the three month periods ended July 1, 2018 and July 2, 2017, respectively, and totaled $74,666,000 and $65,250,000 for the six month periods then ended, respectively. There were no gross gains or losses related to sales of marketable securities during the same periods. Net unrealized gains (losses) included in other comprehensive income were $27,000 and $(8,000) before taxes for the three month periods ended July 1, 2018 and July 2, 2017, respectively, and were $82,000 and $34,000 before taxes for the six month periods then ended, respectively. No unrealized gains or losses were reclassified out of accumulated other comprehensive income during the same periods.

The contractual maturities of the marketable securities held at July 1, 2018 are as follows: $26,741,000 within one year; $14,523,000 beyond one year to five years; $7,231,000 beyond five years to ten years, and $80,944,000 beyond ten years. All of the instruments in the beyond five year ranges are variable rate demand notes which can be tendered for cash at par plus interest within seven days. Despite the stated contractual maturity date, to the extent a tender is not honored, the notes become immediately due and payable.

Cash, Cash Equivalents And Marketable Securities (Tables)

6 Months Ended

Jul. 01, 2018

Cash, Cash Equivalents And Marketable Securities [Abstract]

Summary Of The Amortized Costs And Fair Values Of Marketable Securities



	(In Thousands)
	MARKETABLE SECURITIES
	Amortized Cost		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses
July 1, 2018
Tax-exempt Municipal Bonds	$	27,602	$	27,575	$	-	$	27
Variable Rate Demand Notes		101,864		101,864		-		-
Total Marketable Securities	$	129,466	$	129,439	$	-	$	27

December 31, 2017
Tax-exempt Municipal Bonds	$	30,103	$	29,994	$	-	$	109
Variable Rate Demand Notes		114,258		114,258		-		-
Total Marketable Securities	$	144,361	$	144,252	$	-	$	109

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

Cash, Cash Equivalents And Marketable Securities (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Cash, Cash Equivalents And Marketable Securities [Line Items]
Transfers into Level 2	$ 0		$ 0
Transfers out of Level 2	0		0
Proceeds from sales of available-for-sale securities	11,353,000	$ 38,415,000	74,666,000	$ 65,250,000
Gross gains or losses related to sales of marketable securities	0	0	0	0
Net unrealized gains (losses) included in accumulated other comprehensive income, before taxes	27,000	(8,000)	82,000	34,000
Contractual maturities of marketable securities within 1 year	26,741,000		26,741,000
Contractual maturities of marketable securities, years 2-5	14,523,000		14,523,000
Contractual maturities of marketable securities, years 6-10	7,231,000		7,231,000
Contractual maturities of marketable securities, after 10 years	80,944,000		$ 80,944,000
Marketable securities liquidation period			7 days
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Cash, Cash Equivalents And Marketable Securities [Line Items]
Reclassification out of AOCI	$ 0	$ 0	$ 0	$ 0

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

Cash, Cash Equivalents And Marketable Securities (Summary Of The Amortized Costs And Fair Values Of Marketable Securities) (Details) - USD ($) $ in Thousands	Jul. 01, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	$ 129,466	$ 144,361
MARKETABLE SECURITIES, Fair Value	129,439	144,252
MARKETABLE SECURITIES, Gross Unrealized Losses	27	109
Tax-Exempt Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	27,602	30,103
MARKETABLE SECURITIES, Fair Value	27,575	29,994
MARKETABLE SECURITIES, Gross Unrealized Losses	27	109
Variable Rate Demand Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
MARKETABLE SECURITIES, Amortized Cost	101,864	114,258
MARKETABLE SECURITIES, Fair Value	$ 101,864	$ 114,258

Other Assets

Other Assets	6 Months Ended
Other Assets	Jul. 01, 2018
Other Assets [Abstract]
Other Assets	NOTE H – OTHER ASSETS Other Assets includes prepayments that are made from time to time by the Company for certain materials used in the manufacturing process in the Housewares/Small Appliances segment. The Company expects to utilize the prepayments and related materials over an estimated period of up to two years. As of July 1, 2018 and December 31, 2017, $10,126,000 and $11,567,000 of such prepayments, respectively, remained unused and outstanding. At July 1, 2018 and December 31, 2017, $4,430,000 and $5,930,000, respectively, of these amounts were included in Other Current Assets, representing the Company’s best estimate of the expected utilization of the prepayments and related materials during the twelve-month periods following those dates.

Other Assets (Narrative) (Details)

Other Assets (Narrative) (Details) - Housewares/ Small Appliances [Member] - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2018	Dec. 31, 2017
Expected prepayment utilization period	2 years
Other Assets [Member]
Materials Prepayments	$ 10,126	$ 11,567
Other Current Assets [Member]
Materials Prepayments	$ 4,430	$ 5,930

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
Commitments And Contingencies	Jul. 01, 2018
Commitments And Contingencies [Abstract]
Commitments And Contingencies	NOTE I – COMMITMENTS AND CONTINGENCIES The Company is involved in largely routine litigation incidental to its business. Management believes the ultimate outcome of the litigation will not have a material effect on the Company's consolidated financial position, liquidity, or results of operations.

Discontinued Operations

6 Months Ended

Jul. 01, 2018

Discontinued Operations [Abstract]

Discontinued Operations

NOTE J – 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 provided 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. The sale of the delayed assets was consummated during the second quarter of 2018 and resulted in no gain or loss. 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 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:



	Three Months Ended				Six Months Ended
(in thousands) (unaudited)	July 1, 2018		July 2, 2017		July 1, 2018		July 2, 2017
Net sales	$	-	$	-	$	-	$	421
Cost of sales		-		(17)		(11)		(485)
Selling and general expenses		-		2		-		(24)
Gain on divestiture, net		-		709		-		11,413
Other income		-		430		-		2,078
Earnings (loss) from discontinued operations before provision for income taxes		-		1,124		(11)		13,403
Provision for (benefit from) income taxes from discontinued operations		1		353		(2)		4,450
Earnings (loss) from discontinued operations, net of tax	$	(1)	$	771	$	(9)	$	8,953

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:




(in thousands)	July 1, 2018 (Unaudited)		December 31, 2017
Accounts receivable, net	$	528	$	2,529
Property, plant and equipment, net		-		3,660
Assets held for sale	$	528	$	6,189

Accounts payable	$	-	$	210
Liabilities held for sale	$	-	$	210

The Consolidated Statements of Cash Flows do not present the cash flows from discontinued operations separately from cash flows from continuing operations. Cash used in operating activities from discontinued operations was $692,000 and $5,625,000 for the six months ended July 1, 2018 and July 2, 2017, respectively. Cash provided by investing activities related to discontinued operations was $6,134,000 and $62,036,000 for the six months ended July 1, 2018 and July 2, 2017, 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 allows 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.

Discontinued Operations (Tables)

6 Months Ended

Jul. 01, 2018

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:



	Three Months Ended				Six Months Ended
(in thousands) (unaudited)	July 1, 2018		July 2, 2017		July 1, 2018		July 2, 2017
Net sales	$	-	$	-	$	-	$	421
Cost of sales		-		(17)		(11)		(485)
Selling and general expenses		-		2		-		(24)
Gain on divestiture, net		-		709		-		11,413
Other income		-		430		-		2,078
Earnings (loss) from discontinued operations before provision for income taxes		-		1,124		(11)		13,403
Provision for (benefit from) income taxes from discontinued operations		1		353		(2)		4,450
Earnings (loss) from discontinued operations, net of tax	$	(1)	$	771	$	(9)	$	8,953

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:




(in thousands)	July 1, 2018 (Unaudited)		December 31, 2017
Accounts receivable, net	$	528	$	2,529
Property, plant and equipment, net		-		3,660
Assets held for sale	$	528	$	6,189

Accounts payable	$	-	$	210
Liabilities held for sale	$	-	$	210

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Discontinued Operations (Narrative) (Details)

Discontinued Operations (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Discontinued Operations (Narrative) (Details) - USD ($)	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	$ 4,000,000			$ 68,448,000
Post-closing adjustments				1,448,000
Gain on divestiture of business, net	0			11,413,000
Cash provided by (used in) operating activities of discontinued operations			$ (692,000)	(5,625,000)
Cash provided by (used in) investing activities related to discontinued operations			$ 6,134,000	62,036,000
Term of lease			10 years
Early termination term			5 years
Discontinued Operations Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on divestiture of business, net	$ 0	$ 709,000		$ 11,413,000
Discontinued Operations Held-for-sale [Member] \| Scenario, Forecast [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total annual lease payments					$ 1,288,000

Discontinued Operations (Summary Of Results) (Details)

Discontinued Operations (Summary Of Results) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2018	Jul. 02, 2017	Jul. 01, 2018	Jul. 02, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	$ 79,227,000	$ 74,561,000	$ 156,053,000	$ 147,415,000
Cost of sales	(59,782,000)	(57,001,000)	(116,331,000)	(109,729,000)
Selling and general expenses	(5,631,000)	(5,418,000)	(11,782,000)	(11,178,000)
Gain on divestiture of business, net	0			11,413,000
Other income	997,000	980,000	1,892,000	1,930,000
Earnings (loss) from discontinued operations, net of tax	(1,000)	771,000	(9,000)	8,953,000
Discontinued Operations Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales				421,000
Cost of sales		(17,000)	(11,000)	(485,000)
Selling and general expenses		2,000		(24,000)
Gain on divestiture of business, net	0	709,000		11,413,000
Other income		430,000		2,078,000
Earnings (loss) from discontinued operations before provision for income taxes		1,124,000	(11,000)	13,403,000
Provision for (benefit from) income taxes from discontinued operations	1,000	353,000	(2,000)	4,450,000
Earnings (loss) from discontinued operations, net of tax	$ (1,000)	$ 771,000	$ (9,000)	$ 8,953,000

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	Jul. 01, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	$ 43,266	$ 65,220
Inventories	97,648	104,439
Property, Plant and equipment, net	48,400	45,168
Accounts payable	29,535	28,445
Accrued liabilities	12,654	13,092
Discontinued Operations Held-for-sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	528	2,529
Property, Plant and equipment, net		3,660
Assets held for sale	$ 528	6,189
Accounts payable		210
Liabilities held for sale		$ 210

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements	6 Months Ended
Recently Issued Accounting Pronouncements	Jul. 01, 2018
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	NOTE K – 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 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 continues to evaluate the impact of the adoption of ASU 2016-02 on its consolidated financial statements, which includes a comprehensive review of its current leasing arrangements.