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Business and geographic segments | 12 Months Ended
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Dec. 31, 2023
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, 2023, 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 postal, transportation, 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 wake enhancement systems, stainless steel exhaust systems, gauges, throttle controls, trim tabs and related hardware and accessories primarily for ski/wakeboard boats and performance 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, marketable securities 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,
​ | ​ | 2021 |  | 2022 |  | 2023
​ | ​ | (In thousands)
Net sales: | ​ | ​ |  |  | ​ |  |  | ​ |
Security Products | ​ | $ | 105,124 | ​ | $ | 114,519 | ​ | $ | 121,182
Marine Components | ​ |  | 35,691 | ​ |  | 52,043 | ​ |  | 40,105
Total net sales | ​ | $ | 140,815 | ​ | $ | 166,562 | ​ | $ | 161,287
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income: | ​ |  |  | ​ |  |  | ​ |  |
Security Products | ​ | $ | 21,622 | ​ | $ | 22,744 | ​ | $ | 24,941
Marine Components | ​ |  | 5,591 | ​ |  | 9,561 | ​ |  | 7,218
Corporate operating expenses | ​ |  | (6,687) | ​ |  | (6,869) | ​ |  | (6,724)
Total operating income | ​ |  | 20,526 | ​ |  | 25,436 | ​ |  | 25,435
Interest income | ​ |  | 1,197 | ​ |  | 1,877 | ​ |  | 4,168
Income before income taxes | ​ | $ | 21,723 | ​ | $ | 27,313 | ​ | $ | 29,603
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization: | ​ |  |  | ​ |  |  | ​ |  |
Security Products | ​ | $ | 2,890 | ​ | $ | 2,801 | ​ | $ | 2,748
Marine Components | ​ |  | 940 | ​ |  | 1,167 | ​ |  | 1,217
Corporate | ​ |  | 9 | ​ |  | 9 | ​ |  | 8
Total | ​ | $ | 3,839 | ​ | $ | 3,977 | ​ | $ | 3,973
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Security Products | ​ | $ | 1,044 | ​ | $ | 2,015 | ​ | $ | 970
Marine Components | ​ |  | 3,050 | ​ |  | 1,680 | ​ |  | 160
Total | ​ | $ | 4,094 | ​ | $ | 3,695 | ​ | $ | 1,130
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net sales point of destination: |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
United States | ​ | $ | 129,160 | ​ | $ | 153,982 | ​ | $ | 155,092
Canada | ​ |  | 8,061 | ​ |  | 9,227 | ​ |  | 3,153
Mexico | ​ |  | 589 | ​ |  | 722 | ​ |  | 829
Other | ​ |  | 3,005 | ​ |  | 2,631 | ​ |  | 2,213
Total | ​ | $ | 140,815 | ​ | $ | 166,562 | ​ | $ | 161,287
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2021 |  | 2022 |  | 2023
​ | ​ | (In thousands)
Total assets: |  | ​ |  |  | ​ |  |  | ​ |
Security Products | ​ | $ | 78,193 | ​ | $ | 80,671 | ​ | $ | 78,519
Marine Components | ​ |  | 18,167 | ​ |  | 26,372 | ​ |  | 24,619
Corporate | ​ |  | 96,092 | ​ |  | 70,344 | ​ |  | 84,466
Total | ​ | $ | 192,452 | ​ | $ | 177,387 | ​ | $ | 187,604
​ Net property and equipment for 2021, 2022 and 2023 is entirely located within the United States.

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- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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