XML 22 R9.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Business and Geographic Segments | 12 Months Ended
--- | ---
Dec. 31, 2021
Segment Reporting [Abstract] |
Business and Geographic Segments | Note 2 – Business and geographic segments: Our operating segments are defined as components of our operations about which separate financial information is available that is regularly evaluated by our chief operating decision maker in determining how to allocate resources and in assessing performance. At December 31, 2021, we had two reportable operating segments – Security Products and Marine Components. The Security Products segment, with a facility in South Carolina and a facility shared with Marine Components in Illinois, manufactures locking mechanisms and other security products for sale to the transportation, postal, office and institutional furniture, cabinetry, tool storage, healthcare and other industries. Our Marine Components segment, with a facility in Wisconsin and a facility shared with Security Products in Illinois, manufactures and distributes stainless steel exhaust systems, gauges, throttle controls, wake enhancement systems, trim tabs and related hardware and accessories primarily for performance and ski/wakeboard boats. The chief operating decision maker evaluates segment performance based on segment operating income, which is defined as income before income taxes, exclusive of certain general corporate income and expense items (primarily interest income) and certain non-recurring items (such as gains or losses on the disposition of long-lived assets outside the ordinary course of business). The accounting policies of the reportable operating segments are the same as those described in Note 1. Capital expenditures include additions to property and equipment but exclude amounts attributable to business combinations. Segment assets are comprised of all assets attributable to the reportable segments. Corporate assets are not attributable to the operating segments and consist primarily of cash, cash equivalents and note receivable from affiliate. For geographic information, the point of origin (place of manufacture) for all net sales is the U.S., the point of destination for net sales is based on the location of the customer, and property and equipment are attributable to their physical location. Intersegment sales are not material. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ | ​ | 2019 |  | 2020 |  | 2021
​ | ​ | (In thousands)
Net sales: | ​ | ​ |  |  | ​ |  |  | ​ |
Security Products | ​ | $ | 99,328 | ​ | $ | 87,863 | ​ | $ | 105,124
Marine Components | ​ |  | 24,915 | ​ |  | 26,674 | ​ |  | 35,691
Total net sales | ​ | $ | 124,243 | ​ | $ | 114,537 | ​ | $ | 140,815
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (loss): | ​ |  |  | ​ |  |  | ​ |  |
Security Products | ​ | $ | 21,013 | ​ | $ | 14,926 | ​ | $ | 21,622
Marine Components | ​ |  | 3,644 | ​ |  | 4,088 | ​ |  | 5,591
Corporate operating expenses | ​ |  | (6,991) | ​ |  | (7,197) | ​ |  | (6,687)
Total operating income | ​ |  | 17,666 | ​ |  | 11,817 | ​ |  | 20,526
Interest income | ​ |  | 3,270 | ​ |  | 1,680 | ​ |  | 1,197
Income before income taxes | ​ | $ | 20,936 | ​ | $ | 13,497 | ​ | $ | 21,723
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization: | ​ |  |  | ​ |  |  | ​ |  |
Security Products | ​ | $ | 3,056 | ​ | $ | 3,069 | ​ | $ | 2,890
Marine Components | ​ |  | 627 | ​ |  | 757 | ​ |  | 940
Corporate | ​ |  | 1 | ​ |  | 1 | ​ |  | 9
Total | ​ | $ | 3,684 | ​ | $ | 3,827 | ​ | $ | 3,839
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Security Products | ​ | $ | 1,530 | ​ | $ | 1,252 | ​ | $ | 1,044
Marine Components | ​ |  | 1,636 | ​ |  | 458 | ​ |  | 3,050
Corporate | ​ |  | — | ​ |  | 30 | ​ |  | —
Total | ​ | $ | 3,166 | ​ | $ | 1,740 | ​ | $ | 4,094
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales point of destination: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
United States | ​ | $ | 114,186 | ​ | $ | 107,712 | ​ | $ | 129,160
Canada | ​ |  | 7,257 | ​ |  | 4,423 | ​ |  | 8,061
Mexico | ​ |  | 922 | ​ |  | 431 | ​ |  | 589
Other | ​ |  | 1,878 | ​ |  | 1,971 | ​ |  | 3,005
Total | ​ | $ | 124,243 | ​ | $ | 114,537 | ​ | $ | 140,815
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2019 |  | 2020 |  | 2021
​ | ​ | (In thousands)
Total assets: |  | ​ |  |  | ​ |  |  | ​ |
Security Products | ​ | $ | 73,697 | ​ | $ | 70,755 | ​ | $ | 78,193
Marine Components | ​ |  | 15,256 | ​ |  | 15,515 | ​ |  | 18,167
Corporate | ​ |  | 89,591 | ​ |  | 97,775 | ​ |  | 96,092
Total | ​ | $ | 178,544 | ​ | $ | 184,045 | ​ | $ | 192,452
​ Net property and equipment for 2019, 2020 and 2021 is entirely located within the United States.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration