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Other
12 Months Ended
Dec. 31, 2014
Other [Abstract]  
Other

S.   OTHER

During 2010, the Company entered into a royalty agreement with another absorbent products company. Under the agreement, it received royalties for its trademarks, technology, know-how, and the use of equipment that embodies that technology and know-how. It also purchased and sold to the other company the requisite materials for the use of the technology.  However, because of ongoing financial issues at the other absorbent products company, sales of the requisite materials to the facility were discontinued during 2012.  During 2012, incident to the royalty agreement, the Company recognized material sales of $598,000 (classified as Net Sales) and royalty income (included in Selling and General Expense) of $247,000. Further, because of the other facility’s financial difficulties, the Company reserved for all receivables from the other facility by increasing the provision for doubtful accounts by $3,887,000 during 2012.  In addition, the Company fully reserved for a note receivable of $1,592,000 and recorded impairment on equipment of $5,725,000 during the fourth quarter of 2012 (each classified as Selling and General Expense).  Those reserves were written off in 2013.  There were no material transactions between the Company and the other absorbent products company during 2014 or 2013.

 

The Company has also entered into a licensing agreement with another firm that is developing certain products that would complement the assortment of products currently sold by the Housewares/Small Appliances segment.  Under the agreement, the Company has advanced the entity funds and has agreed to advance the entity additional funds as certain goals are achieved.  In addition, the Company has also agreed to pay royalties to the entity on the commercial sales of the developed products.  As of December 31, 2014, a note receivable plus accrued interest of $3,818,000 related to the license agreement was classified as Note Receivable on the Company’s Consolidated Balance Sheet.