NPK National Presto Industries Inc

  

 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED BALANCE SHEETS 

March 31, 2024 and December 31, 2023

(Dollars in thousands)

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

  

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2024 and December 31, 2023

(Dollars in thousands)

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 

Three Months Ended March 31, 2024 and April 2, 2023

(Unaudited) 

(In thousands except per share data) 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF CASH FLOWS 

Three Months Ended March 31, 2024 and April 2, 2023

(Unaudited) 

(Dollars in thousands) 



 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES 

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Three Months Ended March 31, 2024 and April 2, 2023

(Unaudited) 

(In thousands except per share data) 

 



The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

 

  

 

 

NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

NOTE A – BASIS OF PRESENTATION 

The condensed 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 of 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, 2023 is summarized from audited consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2023 Annual Report on Form 10-K.  Interim results for the period are not indicative of those for the year.

 

NOTE B – REVENUES

The Company’s revenues are derived from short-term contracts and programs that are typically completed within 3 to 36 months and are recognized in accordance with Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. The Company’s contracts generally 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 usually 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.

 

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 primarily 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. There are also certain termination clauses in Defense segment contracts that may give rise to an over-time pattern of recognition of revenue in the absence of alternative use of the product.

 

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 March 31, 2024 and December 31, 2023, $20,012,000 and $13,666,000, respectively, of contract liabilities were included in Accrued Liabilities on the Company’s Condensed Consolidated Balance Sheets.  The Company recognized revenue of $1,473,000 during the three month period ended March 31, 2024 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, 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 the three month periods ended March 31, 2024 and April 2, 2023, 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 was $692,608,000 and $564,005,000 as of March 31, 2024 and December 31, 2023, respectively.  The Company anticipates that the unsatisfied performance obligations (contract backlog) will be fulfilled in an 18 to 36-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 three segments: Housewares/Small Appliance, Defense, and Safety, as shown in Note D. Management utilizes the performance measures by segment to evaluate the financial performance of and make operating decisions for the Company.

 

 

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NOTE C – EARNINGS PER SHARE 

Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period.  Diluted earnings per share also includes the dilutive effect of additional potential common shares issuable.  Unvested stock awards, which contain non-forfeitable rights to dividends whether paid or unpaid (“participating securities”), are included in the number of shares outstanding for both basic and diluted earnings per share calculations. 

 

NOTE D – 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 owned or leased manufacturing facilities.  Costs associated with corporate activities (such as cash, cash equivalents, 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				Safety				Total
Quarter ended March 31, 2024
External net sales		$	21,267			$	55,040			$	346			$	76,653
Gross profit (loss)			3,108				11,924				(1,179	)			13,853
Operating profit (loss)			449				8,315				(2,487	)			6,277
Total assets			155,577				255,691				6,187				417,455
Depreciation and amortization			240				1,194				40				1,474
Capital expenditures			33				304				52				389
Quarter ended April 2, 2023
External net sales		$	21,052			$	58,858			$	499			$	80,409
Gross profit (loss)			4,706				14,059				(745	)			18,020
Operating profit (loss)			1,345				10,519				(2,444	)			9,420
Total assets			182,139				207,151				6,589				395,879
Depreciation and amortization			252				1,342				113				1,707
Capital expenditures			66				166				266				498

 

 



NOTE E - FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company utilizes the methods of fair value as described in FASB 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.  See Note F for fair value information on marketable securities.

 

 

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NOTE F - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES 

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

 

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

  

At March 31, 2024 and December 31, 2023, 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.

 

		(In Thousands)
		MARKETABLE SECURITIES
		Amortized Cost				Fair Value				Gross Unrealized Gains				Gross Unrealized Losses
March 31, 2024
Certificates of Deposit			19,819				19,846				41				14
Variable Rate Demand Notes			4,526				4,526				-				-
Total Marketable Securities		$	24,345			$	24,372			$	41			$	14
December 31, 2023
Certificates of Deposit			21,305				21,331				58				31
Variable Rate Demand Notes			5,123				5,123				-				-
Total Marketable Securities		$	26,428			$	26,454			$	58			$	31

 

Proceeds from maturities and sales of available-for-sale securities totaled $5,009,000 and $1,253,000 for the three month periods ended March 31, 2024 and April 2, 2023, respectively.  There were no gross gains or losses related to sales of marketable securities during the same periods.  Net unrealized gain (loss) included in other comprehensive income was $0 and $19,000 before taxes for the three month periods ended March 31, 2024 and April 2, 2023, 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 March 31, 2024 are as follows: $15,848,000 within one year; $6,052,000 beyond one year to five years; and $2,445,000 beyond five years to ten years. All of the instruments in the beyond five year range 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.

 

NOTE G – OTHER ASSETS

Other Assets includes prepayments and deposits 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 one years.  As of March 31, 2024 and December 31, 2023, $3,084,000 and $5,018,000 of such prepayments, respectively, remained unused and outstanding and 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.

 

 

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NOTE H – LEASES

The Company accounts for leases under ASC Topic 842, Leases.  The Company’s leasing activities include roles as both lessee and lessor.  As lessee, the Company’s primary leasing activities include buildings and structures to support its manufacturing operations at one location in its Defense segment, buildings and structures to support its Safety segment, and warehouse space and equipment to support its distribution center operations in its Housewares/Small Appliances segment.  As lessor, the Company’s primary leasing activity is comprised of manufacturing and office space located adjacent to its corporate offices.  All of the Company’s leases are classified as operating leases.

 

The Company’s leases as lessee in its Defense segment provide for variable lease payments that are based on changes in the Consumer Price Index.  As lessor, the Company’s primary lease also provides for variable lease payments that are based on changes in the Consumer Price Index, as well as on increases in costs of insurance, real estate taxes, and utilities related to the leased space. Generally, all of the Company’s lease contracts include options for extensions and early terminations.  The majority of lease terms of the Company’s lease contracts recognized on the balance sheet reflect extension options, while none reflect early termination options.

 

The Company has determined that the rates implicit in its leases are not readily determinable and therefore, estimates its incremental borrowing rates utilizing quotes from financial institutions for real estate and equipment, as applicable, over periods of time similar to the terms of its leases. The Company has entered into various short-term (12 months or less) leases as lessee and has elected a non-recognition accounting policy, as permitted by ASC Topic 842.

 

		Three Months Ended				Three Months Ended
Summary of Lease Cost (in thousands)		March 31, 2024				April 2, 2023
Operating lease cost		$	305			$	295
Short-term and variable lease cost			60				55
Total lease cost		$	365			$	350

 

Operating cash used for operating leases was $365,000 and $350,000 for the three months ended March 31, 2024 and April 2, 2023, respectively.  The weighted-average remaining lease term was 19.5 years, and the weighted-average discount rate was 4.8% as of March 31, 2024.

 

Maturities of operating lease liabilities are as follows:

 

Years ending December 31:		(In thousands)
2024 (remaining nine months)		$	742
2025			879
2026			807
2027			808
2028			814
Thereafter			12,968
Total lease payments		$	17,018
Less: future interest expense			6,528
Lease liabilities		$	10,490

 

 

Lease income from operating lease payments was $551,000 and $551,000 for the quarters ended March 31, 2024 and April 2, 2023, respectively.  Undiscounted cash flows provided by lease payments are expected as follows:



Years ending December 31:		(In thousands)
2024 (remaining nine months)		$	1,707
2025			2,186
2026			2,186
2027			2,186
2028			2,186
Thereafter			13,116
Total lease payments		$	23,567

 

The Company considers risk associated with the residual value of its leased real property to be low, given the nature of the long-term lease agreement, the Company’s ability to control the maintenance of the property, and the creditworthiness of the lessee.  The residual value risk is further mitigated by the long-lived nature of the property, and the propensity of such assets to hold their value or, in some cases, appreciate in value.

 

 

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. 



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NOTE J – RECENTLY ISSUED OR ADOPTED ACCOUNTING PRONOUNCEMENTS

 

The Company assesses the impacts of adopting recently issued accounting standards by the Financial Accounting Standards Board on the Company's financial statements, and updates previous assessments, as necessary, from the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 

 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a company’s effective tax rate reconciliation and provision for income taxes, as well as information on income taxes paid. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024. As this update relates to disclosures only, the Company does not expect ASU 2023-09 will have an impact on its consolidated results of operations and financial condition.

 

NOTE K - SUBSEQUENT EVENT

 

The Company has evaluated subsequent events through the filing of this Form 10-Q, and determined that there have been no events that have occurred that would require adjustments to the disclosures in the Company’s consolidated financial statements.

 

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ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS    

 

Forward-looking statements in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, elsewhere in this Form 10-Q, in the Company’s 2023 Annual Report to Stockholders, in the Proxy Statement for the annual meeting to be held on May 21, 2024, and in the Company’s press releases and oral statements made with the approval of an authorized executive officer are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause results to differ materially from those anticipated by some of the statements made herein.  Investors are cautioned that all forward-looking statements involve risks and uncertainty. In addition to the factors discussed herein and in the Notes to Consolidated Financial Statements, among the other factors that could cause actual results to differ materially are the following: consumer spending and debt levels; interest rates; continuity of relationships with and purchases by major customers; product mix; the benefit and risk of business acquisitions; competitive pressure on sales and pricing; development and market acceptance of new products; increases in material, freight/shipping, tariffs, or production cost which cannot be recouped in product pricing; delays or interruptions in shipping or production; shipment of defective product which could result in product liability claims or recalls; work or labor disruptions stemming from a unionized work force; changes in government requirements, military spending, and funding of government contracts, which could result in, among other things, the modification or termination of existing contracts; dependence on subcontractors or vendors to perform as required by contract; the ability of startup businesses to ultimately have the potential to be successful; the efficient start-up and utilization of capital equipment investments; political actions of federal and state governments which could have an impact on everything from the value of the U.S dollar vis-à-vis other currencies to the availability of affordable labor and energy; and security breaches and disruptions to the Company’s information technology systems.  Additional information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings.



Health Epidemics, Pandemics, or Similar Public Health Crises Risks:

 

The Company faces a wide variety of risks related to health epidemics, pandemics and similar outbreaks, especially of infectious diseases. A global health crisis like the COVID-19 pandemic has contributed to business slowdowns or shutdowns, labor shortages, supply chain challenges, changes in government spending and requirements, regulatory challenges, reductions in demand for products and services, inflationary pressures and market volatility.  If a health epidemic, pandemic or similar outbreak were to occur or worsen, the Company will likely experience broad and varied impacts, including potentially labor shortages, supply chain disruptions, inflationary pressures and increased costs (which may or may not be fully recoverable or insured), contracting, production and/or distribution delays, market volatility and other financial impacts. If any or all of these items were to occur, the Company could experience material adverse impacts on its business, financial condition, results of operations and/or cash flows.

 

Comparison of First Quarter 2024 and 2023

 

Readers are directed to Note D to the Consolidated Financial Statements, “Business Segments,” for data on the financial results of the Company’s three business segments for the quarters ended March 31, 2024 and April 2, 2023.

 

On a consolidated basis, net sales decreased by $3,756,000 (5%), gross profit decreased by $4,167,000 (23%), selling and general expenses decreased by $1,024,000 (13%), and amortization was flat.  Other income increased by $222,000 (12%), earnings before provision for income taxes decreased by $2,921,000 (26%), and net earnings decreased by $2,310,000 (26%).  Details concerning these changes can be found in the comments by segment below.

 

Housewares/Small Appliance net sales were relatively flat, increasing by $215,000 from $21,052,000 to $21,267,000, or 1%. Increases in volume of $1,240,000 were essentially offset by decreases in product pricing.  Defense net sales decreased by $3,818,000 from $58,858,000 to $55,040,000 or 7%, primarily reflecting an decrease in shipments from the segment's backlog.   

 

Housewares/Small Appliance gross profit decreased $1,598,000 from $4,706,000 to $3,108,000, primarily reflecting changes in the product mix, as well as higher repair costs at its main facility. Defense gross profit decreased $2,135,000 from $14,059,000 to $11,924,000, primarily reflecting the decrease in sales mentioned above and changes to the product mix. Due to the startup nature of the businesses in the Safety segment and the resulting limited revenues, gross margins were negative in both years. 

 

Selling and general expenses for the Housewares/Small Appliance decreased $702,000, primarily reflecting decreased accruals mainly relating to legal and professional costs of $382,000, and bad debts of $285,000. Selling and general expenses for the Defense segment were relatively flat. Selling and general expenses for the Safety segment decreased $319,000, primarily reflecting the decreased personnel costs of $189,000 and decreased legal and professional cost of $110,000.

 

The above items were responsible for the change in operating profit.

 

The $222,000 increase in other income was primarily attributable to an increase in interest income on marketable securities largely stemming from higher yields on a lower average daily investment.

 

Earnings before provision for income taxes decreased $2,921,000 from $11,273,000 to $8,352,000.  The provision for income taxes decreased from $2,395,000 to $1,784,000. The effective income tax rate was 21% for the quarters ended March 31, 2024 and April 2, 2023.  Net earnings decreased $2,310,000 from $8,878,000 to $6,568,000, or 26%.

 

Liquidity and Capital Resources

 

Net cash provided by operating activities was $5,555,000 and $37,471,000 during the first three months of 2024 and 2023, respectively.  The principal factors contributing to the change can be found in the changes in the components of working capital within the Consolidated Statements of Cash Flows. Of particular note during the first three months of 2024 were net earnings of $6,568,000, which included non-cash depreciation and amortization expenses of $1,474,000.  Contributing to the cash provided were decreases in accounts receivable levels stemming from cash collections on customer sales, offset by increases in inventory levels, as well as prepayments included in other current assets.  Of particular note during the first three months of 2023 were net earnings of $8,878,000, which included non-cash depreciation and amortization expenses of $1,707,000. Contributing to the cash provided were a large decrease in accounts receivable levels stemming from cash collections on customer sales and increases in payable and accrual levels, partially offset by increases in inventory levels and increases in deposits made to vendors included in other assets and current assets.

 

Net cash provided by investing activities was $1,868,000 for the first three months of 2024, and net cash used in investing activities was $4,601,000 for the first three months of  2023.  Significant factors contributing to the change were net maturities and sales of marketable securities of $2,083,000 in 2024, in contrast with net marketable securities purchased of $4,132,000 in 2023. 

 

Net cash used in financing activities was $31,534,000 and $27,956,000, for the first three months of 2024 and 2023, respectively, and primarily relates to the annual dividend payments.  The extra dividend increased from $3.00 per share in 2023 to $3.50 per share in 2024.  Cash flows for both three month periods also reflected the proceeds from the sale of treasury stock to a Company sponsored retirement plan.



Working capital decreased by $23,524,000 during the first three months of 2024 to $264,567,000 at March 31, 2024 for the reasons stated above.  The Company's current ratio was 4.6 to 1.0 and 5.0 to 1.0 at March 31, 2024 and December 31, 2023, respectively.

 

The Company expects to continue to evaluate acquisition opportunities that align with its business segments and will make further acquisitions, as well as continue to make capital investments in its business segments per existing authorized projects and for additional projects, if the appropriate return on investment is projected.

 

The Company has substantial liquidity in the form of cash and cash equivalents and marketable securities to meet all of its anticipated capital requirements, to make dividend payments, and to fund future growth through acquisitions and other means.  The bulk of its marketable securities are invested in certificates of deposit and the variable rate demand notes described in Item 3 of Part I of this quarterly report on Form 10-Q, fixed rate municipal notes and bonds. The Company intends to continue its investment strategy of safety and short-term liquidity throughout its investment holdings.

 

 

Critical Accounting Estimates

 

The Company's discussion and analysis of financial condition and results of operations are based upon its Consolidated Financial Statements.  The preparation of the Company's Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amount of reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and revenues and expenses during the periods reported.  The estimates are based on experience and other assumptions that the Company believes are reasonable under the circumstances, and these estimates are evaluated on an ongoing basis.  Actual results may differ from those estimates.  

 

The Company's critical accounting policies are those that materially affect its Consolidated Financial Statements and involve difficult, subjective, or complex judgments by management. The Company reviewed the development and selection of the critical accounting policies and believes the following are the most critical accounting policies that could have an effect on the Company's reported results as they involve the use of significant estimates and assumptions as described above.  These critical accounting policies and estimates have been reviewed with the Audit Committee of the Board of Directors.  See Note A - Summary of Significant Accounting Policies to the Consolidated Financial Statements included in Part II, Item 8 of the Annual Report on Form 10-K for the year-ended December 31, 2023 filed on March 15, 2024 for more detailed information regarding the Company's critical accounting policies. 

 

Inventories    

New Housewares/Small Appliance and safety product introductions are an important part of the Company’s sales. In the case of the Housewares/Small Appliance segment, the introductions are important to offset the morbidity rate of other products and/or the effect of lowered acceptance of seasonal products due to weather conditions.  New products entail unusual risks and have occasionally, in the past, resulted in losses related to obsolete or excess inventory as a result of low or diminishing demand for a product.  The Housewares/Small Appliance segment recorded impairments related to such losses of $1,216,000 during the year ended 2023. There were no other obsolescence issues that had a material effect during the three months ended March 31, 2024 .  In the future should product demand issues arise, the Company may incur losses related to the obsolescence of the related inventory.  Inventory risk for the Company’s Defense segment is not deemed to be significant, as products are largely built pursuant to customers’ specific orders. 

 

Self-Insured Product Liability and Health Insurance 

The Company is subject to product liability claims in the normal course of business and is self-insured for health care costs, although it does carry stop loss and other insurance to cover claims once a health care claim reaches a specified threshold.  The Company’s insurance coverage varies from policy year to policy year, and there are typically limits on all types of insurance coverage, which also vary from policy year to policy year.  Accordingly, the Company records an accrual for known claims and incurred but not reported claims, including an estimate for related legal fees in the Company’s Consolidated Financial Statements.  The Company utilizes historical trends and other analysis to assist in determining the appropriate accrual.  There are no known claims that would have a material adverse impact on the Company beyond the reserve levels that have been accrued and recorded on the Company’s books and records.  An increase in the number or magnitude of claims could have a material impact on the Company’s financial condition and results of operations. 

   

Revenues 

Sales are recorded net of discounts and returns for the Housewares/Small Appliance segment.  Sales discounts and returns are key aspects of variable consideration, which is a significant estimate utilized in revenue recognition.  Sales returns pertain primarily to warranty returns, returns of seasonal items, and returns of those newly introduced products sold with a return privilege.  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.

 

Impairment and Valuation of Long-lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Long-lived assets consist of property, plant and equipment and intangible assets, including the value of contracts/customer relationships, trademarks and safety certifications, trade secrets, and technology software. Determining whether an impairment has occurred typically requires various estimates and assumptions, including determining which cash flows are directly related to the potentially impaired asset, the useful life over which cash flows will occur, the amounts of the cash flows and the asset’s residual value, if any. In turn, measurement of an impairment loss requires a determination of fair value, which is based on the best information available. The Company uses internal discounted cash flows estimates, quoted market prices when available, and independent appraisals, as appropriate, to determine fair value. The Company derives the required cash flow estimates from its historical experience and its internal business plans. 

 

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.  The impairment test for goodwill requires the determination of fair value of the reporting unit.  The Company uses multiples of earnings before interest, taxes, depreciation, and amortization ("EBITDA"), sales, and discounted cash flow models, which are described above, to determine the reporting unit's fair value, as appropriate.

 

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

The Company's interest income on cash equivalents and marketable securities is affected by changes in interest rates in the United States.  Cash equivalents primarily consist of money market funds. Based on the accounting profession’s interpretation of cash equivalents under FASB ASC Topic 230, the Company’s seven-day variable rate demand notes are classified as marketable securities rather than as cash equivalents.  The demand notes are highly liquid instruments with interest rates set every seven days that can be tendered to the trustee or remarketer upon seven days notice for payment of principal and accrued interest amounts.  The seven-day tender feature of these variable rate demand notes is further supported by an irrevocable letter of credit from highly rated U.S. banks.  To the extent a bond is not remarketed at par plus accrued interest, the difference is drawn from the bank’s letter of credit.  The Company has had no issues tendering these notes to the trustees or remarketers.  Other than a failure of a major U.S. bank, there are no risks of which the Company is aware that relate to these notes in the current market. The balance of the Company’s investments is held primarily in fixed and variable rate municipal bonds and certificates of deposits with a weighted average life of 0.7 years.  Accordingly, changes in interest rates have not had a material effect on the Company, and the Company does not anticipate that future exposure to interest rate market risk will be material.  The Company uses sensitivity analysis to determine its exposure to changes in interest rates. 

 

The Company has no history of, and does not anticipate in the future, investing in derivative financial instruments.  Most transactions with international customers are entered into in U.S. dollars, precluding the need for foreign currency cash flow hedges. 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 that segment’s product costs. It is anticipated that any potential material impact from fluctuations in the exchange rate will be to the cost of products secured via purchase orders issued subsequent to the revaluation.

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures 

 

The Company’s management, including the Chief Executive Officer and Treasurer (principal financial officer), conducted an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934 (the “1934 Act”) as of March 31, 2024. Based on that evaluation, the Company’s Chief Executive Officer and Treasurer (principal financial officer) concluded that the Company’s disclosure controls and procedures were effective as of that date.

 

There were no changes to internal controls over financial reporting during the quarter ended March 31, 2024 that have materially affected or are reasonably likely to materially affect, the Company's internal control over financial reporting.  

 

 

 

PART II - OTHER INFORMATION

 

Item 1.  Legal Proceedings

 

See Note I to the Consolidated Financial Statements set forth under Part I - Item 1 above. 

 

Item  5. Other Information

 

Insider Trading Arrangement

 

No officers or directors, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the fiscal quarter ended March 31, 2024.

 

Item 6.  Exhibits

 

Exhibit 3(i)	Restated Articles of Incorporation - incorporated by reference from Exhibit 3 (i) of the Company's annual report on Form 10-K for the year ended December 31, 2005
Exhibit 3(ii)	By-Laws - incorporated by reference from Exhibit 3 (ii) of the Company's current report on Form 8-K dated July 6, 2007
Exhibit 9.1	Voting Trust Agreement  - incorporated by reference from Exhibit 9 of the Company's quarterly report on Form 10-Q for the quarter ended July 6, 1997
Exhibit 9.2	Voting Trust Agreement Amendment - incorporated by reference from Exhibit 9.2 of the Company's annual report on Form 10-K for the year ended December 31, 2008
Exhibit 31.1	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 31.2	Certification of the Treasurer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 32.1	Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 32.2	Certification of the Treasurer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 101.INS	eXtensible Business Reporting Language (XBRL) Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Exhibit 101.SCH	Inline XBRL Taxonomy Extension Schema Document
Exhibit 101.CAL	Inline XBRL Taxonomy Calculation Linkbase Document
Exhibit 101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
Exhibit 101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
Exhibit 101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
Exhibit 104	The cover page from this Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline XBRL and contained in Exhibit 101.INS

 

 

SIGNATURES 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 


	NATIONAL PRESTO INDUSTRIES, INC.


	/s/ Maryjo Cohen
	Maryjo Cohen, Chair of the Board,
	President, Chief Executive Officer
	(Principal Executive Officer), Director


	/s/ David J. Peuse
	David J. Peuse,  Director of Financial Reporting and Treasurer, (Principal
	Financial Officer)


	Date: May 10, 2024



EXHIBIT 31.1 

 

CERTIFICATION PURSUANT TO 

18 U.S.C. SECTION 1350, 

AS ADOPTED PURSUANT TO 

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 

 

 

I, Maryjo Cohen, certify that: 



1.  I have reviewed this quarterly report on Form 10-Q of National Presto Industries, Inc.;

 

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)    evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)    disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: May 10, 2024	/S/	Maryjo Cohen
		Maryjo Cohen
		Chief Executive Officer

 

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, David J. Peuse, certify that:

 

1.  I have reviewed this quarterly report on Form 10-Q of National Presto Industries, Inc.;

 

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)    evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)    disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: May 10, 2024	/S/	David J. Peuse
		David J. Peuse
		Treasurer

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

Pursuant to 18 U.S.C. §1350 (as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002), I, the undersigned Chief Executive Officer of National Presto Industries, Inc. (the “Company”), hereby certify that the Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

 

Date: May 10, 2024	/S/	Maryjo Cohen
		Maryjo Cohen,
		Chief Executive Officer

 

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

Pursuant to 18 U.S.C. §1350 (as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002), I, the undersigned Treasurer of National Presto Industries, Inc. (the “Company”), hereby certify that the Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

 

Date: May 10, 2024	/S/	David J. Peuse
		David J. Peuse
		Treasurer

 

v3.24.1.1.u2

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 10, 2024
Document Information [Line Items]
Entity Central Index Key	0000080172
Entity Registrant Name	NATIONAL PRESTO INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-2451
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0494170
Entity Address, Address Line One	3925 North Hastings Way
Entity Address, City or Town	Eau Claire
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54703-3703
City Area Code	715
Local Phone Number	839-2121
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	NPK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,097,632

v3.24.1.1.u2

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 63,546	$ 87,657
Marketable securities	24,372	26,454
Accounts receivable, net	38,099	48,727
Inventories:
Finished goods	26,426	31,815
Work in process	162,345	144,684
Raw materials	15,215	13,921
Inventory, net	203,986	190,420
Notes receivable, current	1,470	1,629
Other current assets	6,821	5,223
Total current assets	338,294	360,110
PROPERTY, PLANT AND EQUIPMENT	107,390	107,010
Less allowance for depreciation	68,867	67,774
Property, plant and equipment, net	38,523	39,236
GOODWILL	19,433	19,433
INTANGIBLE ASSETS, net	4,912	5,290
RIGHT-OF-USE LEASE ASSETS	10,490	10,664
DEFERRED INCOME TAXES	5,803	5,803
Assets	417,455	440,536
CURRENT LIABILITIES:
Accounts payable	32,624	38,232
Federal and state income taxes	4,323	2,539
Lease liabilities	675	678
Accrued liabilities	36,105	30,570
Total current liabilities	73,727	72,019
LEASE LIABILITIES - NON-CURRENT	9,815	9,986
FEDERAL AND STATE INCOME TAXES - NON-CURRENT	2,275	2,275
Total liabilities	85,817	84,280
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	16,496	16,031
Retained earnings	318,766	344,245
Accumulated other comprehensive income	21	22
Stockholders' Equity before Treasury Stock	342,724	367,739
Treasury stock, at cost	11,086	11,483
Total stockholders' equity	331,638	356,256
Liabilities and Equity	$ 417,455	$ 440,536

v3.24.1.1.u2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	12,000,000	12,000,000
Common stock, issued (in shares)	7,440,518	7,440,518

v3.24.1.1.u2

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Net sales	$ 76,653	$ 80,409
Cost of sales	62,800	62,389
Gross profit	13,853	18,020
Selling and general expenses	7,197	8,221
Intangibles amortization	379	379
Operating profit	6,277	9,420
Other income	2,075	1,853
Earnings before provision for income taxes	8,352	11,273
Provision for income taxes	1,784	2,395
Net earnings	$ 6,568	$ 8,878
Weighted average shares outstanding:
Basic and diluted (in shares)	7,117	7,097
Net Earnings per share:
Basic and diluted (in dollars per share)	$ 0.92	$ 1.25
Comprehensive income:
Net earnings	$ 6,568	$ 8,878
Other comprehensive income, net of tax:
Unrealized gain on available-for-sale securities		15
Comprehensive income	$ 6,568	$ 8,893
Cash dividends declared and paid per common share (in dollars per share)	$ 4.5	$ 4

v3.24.1.1.u2

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Cash flows from operating activities:
Net earnings	$ 6,568,000	$ 8,878,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for depreciation	1,095,000	1,328,000
Intangibles amortization	379,000	379,000
Benefit from doubtful accounts	(285,000)	0
Non-cash retirement plan expense	262,000	259,000
Other	79,000	246,000
Changes in operating accounts:
Accounts receivable, net	10,913,000	29,050,000
Inventories	(13,564,000)	(3,081,000)
Other assets and current assets	(1,598,000)	(2,317,000)
Accounts payable and accrued liabilities	(73,000)	378,000
Federal and state income taxes	1,779,000	2,351,000
Net cash provided by operating activities	5,555,000	37,471,000
Cash flows from investing activities:
Marketable securities purchased	(2,926,000)	(5,385,000)
Marketable securities - maturities and sales	5,009,000	1,253,000
Proceeds from note receivable	174,000	6,000
Purchase of property, plant and equipment	(389,000)	(498,000)
Proceeds from insurance claim	0	23,000
Net provided by (used in) investing activities	1,868,000	(4,601,000)
Cash flows from financing activities:
Dividends paid	(32,029,000)	(28,385,000)
Proceeds from sale of treasury stock	513,000	429,000
Other	(18,000)	0
Net cash used in financing activities	(31,534,000)	(27,956,000)
Net increase (decrease) in cash and cash equivalents	(24,111,000)	4,914,000
Cash and cash equivalents at beginning of period	87,657,000	70,711,000
Cash and cash equivalents at end of period	$ 63,546,000	$ 75,625,000

v3.24.1.1.u2

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common [Member]	Total
Balance at December 31, 2022 (in shares) at Dec. 31, 2022	7,063
Balance at December 31, 2022 at Dec. 31, 2022	$ 7,441	$ 14,799	$ 338,071	$ (103)	$ (12,156)	$ 348,052
Net earnings			8,878			8,878
Unrealized gain on available-for-sale securities, net of tax				15		15
Dividends paid			(28,385)			(28,385)
Other (in shares)	13
Other		509	0		413	922
Balance (in shares) at Apr. 02, 2023	7,076
Balance at Apr. 02, 2023	$ 7,441	15,308	318,564	(88)	(11,743)	329,482
Balance at December 31, 2022 (in shares) at Dec. 31, 2023	7,082
Balance at December 31, 2022 at Dec. 31, 2023	$ 7,441	16,031	344,245	22	(11,483)	356,256
Net earnings			6,568			6,568
Unrealized gain on available-for-sale securities, net of tax
Dividends paid			(32,029)			(32,029)
Other (in shares)	16
Other		465	(18)		397	843
Balance (in shares) at Mar. 31, 2024	7,098
Balance at Mar. 31, 2024	$ 7,441	$ 16,496	$ 318,766	$ 21	$ (11,086)	$ 331,638

v3.24.1.1.u2

Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Regular dividends per share (in dollars per share)	$ 1	$ 1
Extra dividends per share (in dollars per share)	$ 3.5	$ 3

v3.24.1.1.u2

Note A - Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A – BASIS OF PRESENTATION  The condensed 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 of 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, 2023 is summarized from audited consolidated financial statements, but does not include all the disclosures contained therein and should be read in conjunction with the 2023 Annual Report on Form 10-K.  Interim results for the period are not indicative of those for the year.

v3.24.1.1.u2

Note B - Revenues	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE B – REVENUES The Company’s revenues are derived from short-term contracts and programs that are typically completed within 3 to 36 months and are recognized in accordance with Financial Accounting Standard Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. The Company’s contracts generally 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 usually 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.   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 primarily 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. There are also certain termination clauses in Defense segment contracts that may give rise to an over-time pattern of recognition of revenue in the absence of alternative use of the product.   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 March 31, 2024 and December 31, 2023, $20,012,000 and $13,666,000, respectively, of contract liabilities were included in Accrued Liabilities on the Company’s Condensed Consolidated Balance Sheets.  The Company recognized revenue of $1,473,000 during the three month period ended March 31, 2024 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, 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 the three month periods ended March 31, 2024 and April 2, 2023, 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 was $692,608,000 and $564,005,000 as of March 31, 2024 and December 31, 2023, respectively.  The Company anticipates that the unsatisfied performance obligations (contract backlog) will be fulfilled in an 18 to 36-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 three segments: Housewares/Small Appliance, Defense, and Safety, as shown in Note D. Management utilizes the performance measures by segment to evaluate the financial performance of and make operating decisions for the Company.

v3.24.1.1.u2

Note C - Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE C – EARNINGS PER SHARE  Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period.  Diluted earnings per share also includes the dilutive effect of additional potential common shares issuable.  Unvested stock awards, which contain non-forfeitable rights to dividends whether paid or unpaid (“participating securities”), are included in the number of shares outstanding for both basic and diluted earnings per share calculations.  

v3.24.1.1.u2

Note D - Business Segments	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE D – 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 owned or leased manufacturing facilities.  Costs associated with corporate activities (such as cash, cash equivalents, 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     Safety     Total   Quarter ended March 31, 2024                                 External net sales   $ 21,267     $ 55,040     $ 346     $ 76,653   Gross profit (loss)     3,108       11,924       (1,179 )     13,853   Operating profit (loss)     449       8,315       (2,487 )     6,277   Total assets     155,577       255,691       6,187       417,455   Depreciation and amortization     240       1,194       40       1,474   Capital expenditures     33       304       52       389                                     Quarter ended April 2, 2023                                 External net sales   $ 21,052     $ 58,858     $ 499     $ 80,409   Gross profit (loss)     4,706       14,059       (745 )     18,020   Operating profit (loss)     1,345       10,519       (2,444 )     9,420   Total assets     182,139       207,151       6,589       395,879   Depreciation and amortization     252       1,342       113       1,707   Capital expenditures     66       166       266       498

v3.24.1.1.u2

Note E - Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE E - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company utilizes the methods of fair value as described in FASB 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.  See Note F for fair value information on marketable securities.

v3.24.1.1.u2

Note F - Cash, Cash Equivalents And Marketable Securities	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Cash, Cash Equivalents, and Marketable Securities [Text Block]	NOTE F - CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES  The Company considers all highly liquid marketable securities with an original maturity of three months or less to be cash equivalents.  Cash equivalents include money market funds.  The Company deposits its cash in high quality financial institutions.  The balances, at times, may exceed federally insured limits.  Money market funds are reported at fair value determined using quoted prices in active markets for identical securities (Level 1, as defined by FASB ASC 820).   The Company has classified all marketable securities as available-for-sale which requires the securities to be reported at estimated fair value, with unrealized gains and losses, net of tax, reported as a separate component of stockholders' equity.  Highly liquid, tax-exempt variable rate demand notes with put options exercisable in three months or less are classified as marketable securities.    At March 31, 2024 and December 31, 2023, 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.       (In Thousands)       MARKETABLE SECURITIES       Amortized Cost     Fair Value     Gross Unrealized Gains     Gross Unrealized Losses   March 31, 2024                                 Certificates of Deposit     19,819       19,846       41       14   Variable Rate Demand Notes     4,526       4,526       -       -   Total Marketable Securities   $ 24,345     $ 24,372     $ 41     $ 14                                     December 31, 2023                                 Certificates of Deposit     21,305       21,331       58       31   Variable Rate Demand Notes     5,123       5,123       -       -   Total Marketable Securities   $ 26,428     $ 26,454     $ 58     $ 31     Proceeds from maturities and sales of available-for-sale securities totaled $5,009,000 and $1,253,000 for the three month periods ended March 31, 2024 and April 2, 2023, respectively.  There were no gross gains or losses related to sales of marketable securities during the same periods.  Net unrealized gain (loss) included in other comprehensive income was $0 and $19,000 before taxes for the three month periods ended March 31, 2024 and April 2, 2023, 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 March 31, 2024 are as follows: $15,848,000 within one year; $6,052,000 beyond one year to five years; and $2,445,000 beyond five years to ten years. All of the instruments in the beyond five year range 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.

v3.24.1.1.u2

Note G - Other Assets	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Other Assets Disclosure [Text Block]	NOTE G – OTHER ASSETS Other Assets includes prepayments and deposits 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 one years.  As of March 31, 2024 and December 31, 2023, $3,084,000 and $5,018,000 of such prepayments, respectively, remained unused and outstanding and 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.

v3.24.1.1.u2

Note H - Leases	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE H – LEASES The Company accounts for leases under ASC Topic 842, Leases.  The Company’s leasing activities include roles as both lessee and lessor.  As lessee, the Company’s primary leasing activities include buildings and structures to support its manufacturing operations at one location in its Defense segment, buildings and structures to support its Safety segment, and warehouse space and equipment to support its distribution center operations in its Housewares/Small Appliances segment.  As lessor, the Company’s primary leasing activity is comprised of manufacturing and office space located adjacent to its corporate offices.  All of the Company’s leases are classified as operating leases.   The Company’s leases as lessee in its Defense segment provide for variable lease payments that are based on changes in the Consumer Price Index.  As lessor, the Company’s primary lease also provides for variable lease payments that are based on changes in the Consumer Price Index, as well as on increases in costs of insurance, real estate taxes, and utilities related to the leased space. Generally, all of the Company’s lease contracts include options for extensions and early terminations.  The majority of lease terms of the Company’s lease contracts recognized on the balance sheet reflect extension options, while none reflect early termination options.   The Company has determined that the rates implicit in its leases are not readily determinable and therefore, estimates its incremental borrowing rates utilizing quotes from financial institutions for real estate and equipment, as applicable, over periods of time similar to the terms of its leases. The Company has entered into various short-term (12 months or less) leases as lessee and has elected a non-recognition accounting policy, as permitted by ASC Topic 842.       Three Months Ended     Three Months Ended   Summary of Lease Cost (in thousands)   March 31, 2024     April 2, 2023   Operating lease cost   $ 305     $ 295   Short-term and variable lease cost     60       55   Total lease cost   $ 365     $ 350     Operating cash used for operating leases was $365,000 and $350,000 for the three months ended March 31, 2024 and April 2, 2023, respectively.  The weighted-average remaining lease term was 19.5 years, and the weighted-average discount rate was 4.8% as of March 31, 2024.   Maturities of operating lease liabilities are as follows:   Years ending December 31:   (In thousands)   2024 (remaining nine months)   $ 742   2025     879   2026     807   2027     808   2028     814   Thereafter     12,968   Total lease payments   $ 17,018   Less: future interest expense     6,528   Lease liabilities   $ 10,490       Lease income from operating lease payments was $551,000 and $551,000 for the quarters ended March 31, 2024 and April 2, 2023, respectively.  Undiscounted cash flows provided by lease payments are expected as follows:  Years ending December 31:   (In thousands)   2024 (remaining nine months)   $ 1,707   2025     2,186   2026     2,186   2027     2,186   2028     2,186   Thereafter     13,116   Total lease payments   $ 23,567     The Company considers risk associated with the residual value of its leased real property to be low, given the nature of the long-term lease agreement, the Company’s ability to control the maintenance of the property, and the creditworthiness of the lessee.  The residual value risk is further mitigated by the long-lived nature of the property, and the propensity of such assets to hold their value or, in some cases, appreciate in value.

v3.24.1.1.u2

Note I - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	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.  

v3.24.1.1.u2

Note J - Recently Issued or Adopted Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE J – RECENTLY ISSUED OR ADOPTED ACCOUNTING PRONOUNCEMENTS   The Company assesses the impacts of adopting recently issued accounting standards by the Financial Accounting Standards Board on the Company's financial statements, and updates previous assessments, as necessary, from the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023.    In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a company’s effective tax rate reconciliation and provision for income taxes, as well as information on income taxes paid. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024. As this update relates to disclosures only, the Company does not expect ASU 2023-09 will have an impact on its consolidated results of operations and financial condition.

v3.24.1.1.u2

Note K - Subsequent Event	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE K - SUBSEQUENT EVENT   The Company has evaluated subsequent events through the filing of this Form 10-Q, and determined that there have been no events that have occurred that would require adjustments to the disclosures in the Company’s consolidated financial statements.

v3.24.1.1.u2

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item  5. Other Information   Insider Trading Arrangement   No officers or directors, as defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the fiscal quarter ended March 31, 2024.
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

v3.24.1.1.u2

Note D - Business Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	(in thousands)       Housewares / Small Appliances     Defense     Safety     Total   Quarter ended March 31, 2024                                 External net sales   $ 21,267     $ 55,040     $ 346     $ 76,653   Gross profit (loss)     3,108       11,924       (1,179 )     13,853   Operating profit (loss)     449       8,315       (2,487 )     6,277   Total assets     155,577       255,691       6,187       417,455   Depreciation and amortization     240       1,194       40       1,474   Capital expenditures     33       304       52       389                                     Quarter ended April 2, 2023                                 External net sales   $ 21,052     $ 58,858     $ 499     $ 80,409   Gross profit (loss)     4,706       14,059       (745 )     18,020   Operating profit (loss)     1,345       10,519       (2,444 )     9,420   Total assets     182,139       207,151       6,589       395,879   Depreciation and amortization     252       1,342       113       1,707   Capital expenditures     66       166       266       498

v3.24.1.1.u2

Note F - Cash, Cash Equivalents And Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	(In Thousands)       MARKETABLE SECURITIES       Amortized Cost     Fair Value     Gross Unrealized Gains     Gross Unrealized Losses   March 31, 2024                                 Certificates of Deposit     19,819       19,846       41       14   Variable Rate Demand Notes     4,526       4,526       -       -   Total Marketable Securities   $ 24,345     $ 24,372     $ 41     $ 14                                     December 31, 2023                                 Certificates of Deposit     21,305       21,331       58       31   Variable Rate Demand Notes     5,123       5,123       -       -   Total Marketable Securities   $ 26,428     $ 26,454     $ 58     $ 31

v3.24.1.1.u2

Note H - Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended     Three Months Ended   Summary of Lease Cost (in thousands)   March 31, 2024     April 2, 2023   Operating lease cost   $ 305     $ 295   Short-term and variable lease cost     60       55   Total lease cost   $ 365     $ 350
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Years ending December 31:   (In thousands)   2024 (remaining nine months)   $ 742   2025     879   2026     807   2027     808   2028     814   Thereafter     12,968   Total lease payments   $ 17,018   Less: future interest expense     6,528   Lease liabilities   $ 10,490
Operating Lease, Lease Income [Table Text Block]	Years ending December 31:   (In thousands)   2024 (remaining nine months)   $ 1,707   2025     2,186   2026     2,186   2027     2,186   2028     2,186   Thereafter     13,116   Total lease payments   $ 23,567

v3.24.1.1.u2

Note B - Revenues 1 (Details Textual)	3 Months Ended
	Mar. 31, 2024 USD ($)	Apr. 02, 2023 USD ($)	Dec. 31, 2023 USD ($)
Number of Operating Segments	3
Defense [Member]
Contract with Customer, Liability, Current	$ 20,012,000		$ 13,666,000
Contract with Customer, Liability, Revenue Recognized	1,473,000
Contract with Customer, Performance Obligation Satisfied in Previous Period	0	$ 0
Revenue, Remaining Performance Obligation, Amount	$ 692,608,000		$ 564,005,000
Minimum [Member]
Revenue Contract Period (Month)	3 months
Maximum [Member]
Revenue Contract Period (Month)	36 months

v3.24.1.1.u2

Note B - Revenues 2 (Details Textual) - Defense [Member]	Mar. 31, 2024
Minimum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month)	18 months
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month)	36 months

v3.24.1.1.u2

Note D - Business Segments - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023	Dec. 31, 2023
External net sales	$ 76,653	$ 80,409
Gross profit (loss)	13,853	18,020
Operating profit (loss)	6,277	9,420
Total assets	417,455	395,879	$ 440,536
Depreciation and amortization	1,474	1,707
Capital expenditures	389	498
Housewares/Small Appliances [Member] | Operating Segments [Member]
External net sales	21,267	21,052
Gross profit (loss)	3,108	4,706
Operating profit (loss)	449	1,345
Total assets	155,577	182,139
Depreciation and amortization	240	252
Capital expenditures	33	66
Defense [Member] | Operating Segments [Member]
External net sales	55,040	58,858
Gross profit (loss)	11,924	14,059
Operating profit (loss)	8,315	10,519
Total assets	255,691	207,151
Depreciation and amortization	1,194	1,342
Capital expenditures	304	166
Safety [Member] | Operating Segments [Member]
External net sales	346	499
Gross profit (loss)	(1,179)	(745)
Operating profit (loss)	(2,487)	(2,444)
Total assets	6,187	6,589
Depreciation and amortization	40	113
Capital expenditures	$ 52	$ 266

v3.24.1.1.u2

Note F - Cash, Cash Equivalents And Marketable Securities (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale	$ 5,009,000	$ 1,253,000
Debt Securities, Available-for-Sale, Realized Gain (Loss)	0	0
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax	0	19,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value	15,848,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value	6,052,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value	2,445,000
AOCI Attributable to Parent [Member]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax	$ 0	$ 0

v3.24.1.1.u2

Note F - Cash, Cash Equivalents And Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost	$ 24,345	$ 26,428
Fair Value	24,372	26,454
Gross Unrealized Gains	41	58
Gross Unrealized Losses	14	31
Certificates of Deposit [Member]
Amortized Cost	19,819	21,305
Fair Value	19,846	21,331
Gross Unrealized Gains	41	58
Gross Unrealized Losses	14	31
Variable Rate Demand Obligation [Member]
Amortized Cost	4,526	5,123
Fair Value	4,526	5,123
Gross Unrealized Gains	0	0
Gross Unrealized Losses	$ 0	$ 0

v3.24.1.1.u2

Note G - Other Assets (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Expected Prepayment Utilization Period (Year)	1 year
Housewares/Small Appliances [Member]
Materials, Supplies, and Other	$ 3,084,000	$ 5,018,000

v3.24.1.1.u2

Note H - Leases (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Operating Lease, Payments	$ 365,000	$ 350,000
Operating Lease, Weighted Average Remaining Lease Term (Year)	19 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	4.80%
Operating Lease, Lease Income, Lease Payments	$ 551,000	$ 551,000

v3.24.1.1.u2

Note H - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Apr. 02, 2023
Operating lease cost	$ 305	$ 295
Short-term and variable lease cost	60	55
Total lease cost	$ 365	$ 350

v3.24.1.1.u2

Note H - Leases - Lease Maturities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
2024 (remaining nine months)	$ 742
2025	879
2026	807
2027	808
2028	814
Thereafter	12,968
Total lease payments	17,018
Less: future interest expense	6,528
Lease liabilities	$ 10,490

v3.24.1.1.u2

Note H - Leases - Operating Lease Income (Details) $ in Thousands	Mar. 31, 2024 USD ($)
2024 (remaining nine months)	$ 1,707
2025	2,186
2026	2,186
2027	2,186
2028	2,186
Thereafter	13,116
Total lease payments	$ 23,567

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