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Acme United Corp – ‘10-K’ for 12/31/18 – ‘EX-101.INS’

On:  Friday, 3/15/19, at 5:02pm ET   ·   For:  12/31/18   ·   Accession #:  1026608-19-11   ·   File #:  1-07698

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/15/19  Acme United Corp                  10-K       12/31/18   89:4.3M                                   Placido Robert/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    403K 
 2: EX-21       Subsidiaries List                                   HTML     22K 
 3: EX-23.1     Consent of Experts or Counsel                       HTML     25K 
 4: EX-31.1     Certification -- §302 - SOA'02                      HTML     24K 
 5: EX-31.2     Certification -- §302 - SOA'02                      HTML     24K 
 6: EX-32.1     Certification -- §906 - SOA'02                      HTML     28K 
 7: EX-32.2     Certification -- §906 - SOA'02                      HTML     28K 
14: R1          Document and Entity Information                     HTML     57K 
15: R2          Consolidated Statements of Operations               HTML     73K 
16: R3          Consolidated Statements of Comprehensive Income     HTML     46K 
17: R4          Consolidated Balance Sheets                         HTML    122K 
18: R5          Consolidated Balance Sheets (Parenthetical)         HTML     33K 
19: R6          Consolidated Statements of Changes in               HTML     67K 
                Stockholders' Equity                                             
20: R7          Consolidated Statements of Cash Flows               HTML    108K 
21: R8          Operations                                          HTML     27K 
22: R9          Accounting Policies                                 HTML     44K 
23: R10         Inventories                                         HTML     29K 
24: R11         Intangible Assets and Goodwill                      HTML     36K 
25: R12         Other Accrued Liabilities                           HTML     29K 
26: R13         Pension and Profit Sharing                          HTML     68K 
27: R14         Income Taxes                                        HTML     56K 
28: R15         Long-Term Debt and Shareholders' Equity             HTML     30K 
29: R16         Commitments and Contingencies                       HTML     27K 
30: R17         Revenue from Contracts with Customers               HTML     44K 
31: R18         Segment Information                                 HTML     46K 
32: R19         Stock Option Plans                                  HTML     59K 
33: R20         Earnings Per Share                                  HTML     30K 
34: R21         Accumulated Other Comprehensive Loss                HTML     34K 
35: R22         Financial Instruments                               HTML     27K 
36: R23         Quarterly Data (Unaudited)                          HTML     45K 
37: R24         Business Combinations                               HTML     32K 
38: R25         Accounting Policies (Policies)                      HTML    103K 
39: R26         Inventories (Tables)                                HTML     30K 
40: R27         Intangible Assets and Goodwill (Tables)             HTML     35K 
41: R28         Other Accrued Liabilities (Tables)                  HTML     28K 
42: R29         Pension and Profit Sharing (Tables)                 HTML     73K 
43: R30         Income Taxes (Tables)                               HTML     54K 
44: R31         Revenue from Contracts with Customers (Tables)      HTML     32K 
45: R32         Segment Information (Tables)                        HTML     49K 
46: R33         Stock Option Plans (Tables)                         HTML     51K 
47: R34         Earnings Per Share (Tables)                         HTML     30K 
48: R35         Accumulated Other Comprehensive (Loss) Income       HTML     33K 
                (Tables)                                                         
49: R36         Quarterly Data (Tables)                             HTML     44K 
50: R37         Business Combinations - Business Combinations       HTML     30K 
                (Tables)                                                         
51: R38         Accounting Policies - Accounting Policies (Detail   HTML     55K 
                Narrative)                                                       
52: R39         Inventories (Details Narrative)                     HTML     26K 
53: R40         Inventories - Inventories (Details)                 HTML     36K 
54: R41         Intangible Assets and Goodwill (Details Narrative)  HTML     41K 
55: R42         Intangible Assets and Goodwill - Intangible Assets  HTML     60K 
                (Details)                                                        
56: R43         Other Accrued Liabilities (Details)                 HTML     41K 
57: R44         Pension and Profit Sharing - Plan Asset Allocation  HTML     29K 
                (Details)                                                        
58: R45         Pension and Profit Sharing - Pension Plan Assets    HTML     42K 
                by Fair Value Hiearchy (Details)                                 
59: R46         Pension and Profit Sharing - Benefit Obligation     HTML     43K 
                (Details)                                                        
60: R47         Pension And Profit Sharing - Changes In Plan        HTML     40K 
                Assets (Details)                                                 
61: R48         Pension and Profit Sharing - Periodic Benefit Cost  HTML     49K 
                (Details)                                                        
62: R49         Pension and Profit Sharing - Amounts Recognized in  HTML     48K 
                Other Comprehensive Income (Details)                             
63: R50         Pension and Profit Sharing - Estimated Future       HTML     37K 
                Benefit Payments (Details)                                       
64: R51         Pension and Profit Sharing (Details Narrative)      HTML     42K 
65: R52         Income Taxes (Details Narrative)                    HTML     45K 
66: R53         Income Taxes - Income Tax Expense (Benefit)         HTML     50K 
                (Details)                                                        
67: R54         Income Taxes - US and Foreign Income Before Income  HTML     31K 
                Taxes (Details)                                                  
68: R55         Income Taxes - US Statutory Rate Reconciliation     HTML     46K 
                (Details)                                                        
69: R56         Income Taxes - Deferred Tax Assets and Liabilities  HTML     44K 
                (Details)                                                        
70: R57         Long-Term Debt (Details Narrative)                  HTML     84K 
71: R58         Commitments and Contingencies (Details Narrative)   HTML     45K 
72: R59         Revenue from Contracts with Customers (Details)     HTML     34K 
73: R60         Segment Information (Details Narrative)             HTML     25K 
74: R61         Segment Information - Financial Data by Segment     HTML     52K 
                (Details)                                                        
75: R62         Reconciliation of Segment Operating Income          HTML     34K 
                (Details)                                                        
76: R63         Segment Revenues (Details)                          HTML     38K 
77: R64         Stock Option Plans (Details Narrative)              HTML     65K 
78: R65         Stock Option Plans - Stock Option Activity          HTML     54K 
                (Details)                                                        
79: R66         Stock Option Plans - Summary of Options             HTML     60K 
                Outstanding (Details)                                            
80: R67         Stock Option Plans - Assumptions Used to Value      HTML     38K 
                Option Grants (Details)                                          
81: R68         Earnings Per Share (Details Narrative)              HTML     26K 
82: R69         Earnings Per Share - Earnings Per Share (Details)   HTML     51K 
83: R70         Comprehensive Income - Accumulated Other            HTML     38K 
                Comprehensive (Loss) Income (Details)                            
84: R71         Quarterly Data - Quarterly Data (Details)           HTML     53K 
85: R72         Business Combination (Details Narrative)            HTML     42K 
86: R73         Business Combination Purchase Price Allocation      HTML     42K 
                (Details)                                                        
88: XML         IDEA XML File -- Filing Summary                      XML    155K 
87: EXCEL       IDEA Workbook of Financial Reports                  XLSX     82K 
 8: EX-101.INS  XBRL Instance -- acu-20181231                        XML   1.14M 
10: EX-101.CAL  XBRL Calculations -- acu-20181231_cal                XML    248K 
11: EX-101.DEF  XBRL Definitions -- acu-20181231_def                 XML    365K 
12: EX-101.LAB  XBRL Labels -- acu-20181231_lab                      XML    989K 
13: EX-101.PRE  XBRL Presentations -- acu-20181231_pre               XML    763K 
 9: EX-101.SCH  XBRL Schema -- acu-20181231                          XSD    152K 
89: ZIP         XBRL Zipped Folder -- 0001026608-19-000011-xbrl      Zip    126K

‘EX-101.INS’   —   XBRL Instance — acu-20181231

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<us-gaap:NetIncomeLoss contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 4052479 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="From2018-01-01to2018-03-31" unitRef="USD" decimals="0"> 764000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="From2018-04-01to2018-06-30" unitRef="USD" decimals="0"> 2436000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="From2018-07-01to2018-09-30" unitRef="USD" decimals="0"> 807000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="From2018-10-01to2018-12-31" unitRef="USD" decimals="0"> 591000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 4598350 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="From2017-01-01to2017-03-31" unitRef="USD" decimals="0"> 659000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="From2017-04-01to2017-06-30" unitRef="USD" decimals="0"> 2846000 </us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="From2017-07-01to2017-09-30" unitRef="USD" decimals="0"> 1202000 </us-gaap:NetIncomeLoss>
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<us-gaap:EarningsPerShareBasic contextRef="From2018-07-01to2018-09-30" unitRef="USDPShares" decimals="INF"> .24 </us-gaap:EarningsPerShareBasic>
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<us-gaap:CommonStockDividendsPerShareDeclared contextRef="From2018-07-01to2018-09-30" unitRef="USDPShares" decimals="INF"> .11 </us-gaap:CommonStockDividendsPerShareDeclared>
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<us-gaap:DeferredTaxAssetsLiabilitiesNet contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 113353 </us-gaap:DeferredTaxAssetsLiabilitiesNet>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="From2017-01-01to2017-12-31" unitRef="Shares" decimals="INF"> 313900 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="From2018-01-01to2018-12-31" unitRef="Shares" decimals="INF"> 232200 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="From2017-01-01to2017-12-31" unitRef="Shares" decimals="INF"> 4000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod contextRef="From2018-01-01to2018-12-31" unitRef="Shares" decimals="INF"> 11500 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod>
<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="From2017-01-01to2017-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF"> 49106 </us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>
<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="From2017-01-01to2017-12-31" unitRef="Shares" decimals="INF"> 109098 </us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>
<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="From2018-01-01to2018-12-31" unitRef="Shares" decimals="INF"> 75500 </us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2016-12-31" unitRef="Shares" decimals="INF"> 1088278 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2017-12-31" unitRef="Shares" decimals="INF"> 1289080 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2018-12-31" unitRef="Shares" decimals="INF"> 1434280 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber contextRef="AsOf2017-12-31" unitRef="Shares" decimals="INF"> 814180 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber contextRef="AsOf2018-12-31" unitRef="Shares" decimals="INF"> 918405 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="AsOf2017-12-31" unitRef="Shares" decimals="INF"> 62700 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="AsOf2018-12-31" unitRef="Shares" decimals="INF"> 85000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="AsOf2018-12-31_custom_PlanNameMember" unitRef="Shares" decimals="INF"> 65000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="AsOf2018-12-31_custom_PlanNameBMember" unitRef="Shares" decimals="INF"> 20000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="From2017-01-01to2017-12-31" unitRef="USDPShares" decimals="INF"> 24.87 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="From2018-01-01to2018-12-31" unitRef="USDPShares" decimals="INF"> 22.75 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="From2017-01-01to2017-12-31" unitRef="USDPShares" decimals="INF"> 19.12 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice contextRef="From2018-01-01to2018-12-31" unitRef="USDPShares" decimals="INF"> 23.07 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="From2017-01-01to2017-12-31" unitRef="USDPShares" decimals="INF"> 13.13 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="From2018-01-01to2018-12-31" unitRef="USDPShares" decimals="INF"> 11.47 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2017-12-31" unitRef="USDPShares" decimals="INF"> 16.87 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2018-12-31" unitRef="USDPShares" decimals="INF"> 18.07 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="AsOf2017-12-31" unitRef="USDPShares" decimals="INF"> 13.38 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice contextRef="AsOf2018-12-31" unitRef="USDPShares" decimals="INF"> 15.15 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit contextRef="From2018-01-01to2018-12-31_ExercisePriceRangeAMember" unitRef="USDPShares" decimals="INF"> 7.30 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit contextRef="From2018-01-01to2018-12-31_ExercisePriceRangeBMember" unitRef="USDPShares" decimals="INF"> 10.75 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit contextRef="From2018-01-01to2018-12-31_ExercisePriceRangeCMember" unitRef="USDPShares" decimals="INF"> 16.83 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit contextRef="From2018-01-01to2018-12-31_ExercisePriceRangeDMember" unitRef="USDPShares" decimals="INF"> 22.09 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit contextRef="From2018-01-01to2018-12-31_ExercisePriceRangeEMember" unitRef="USDPShares" decimals="INF"> 23.98 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit contextRef="From2018-01-01to2018-12-31_ExercisePriceRangeAMember" unitRef="USDPShares" decimals="INF"> 10.74 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit contextRef="From2018-01-01to2018-12-31_ExercisePriceRangeBMember" unitRef="USDPShares" decimals="INF"> 16.82 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit contextRef="From2018-01-01to2018-12-31_ExercisePriceRangeCMember" unitRef="USDPShares" decimals="INF"> 22.08 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit contextRef="From2018-01-01to2018-12-31_ExercisePriceRangeDMember" unitRef="USDPShares" decimals="INF"> 23.97 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit contextRef="From2018-01-01to2018-12-31_ExercisePriceRangeEMember" unitRef="USDPShares" decimals="INF"> 28.20 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions contextRef="AsOf2018-12-31_custom_ExercisePriceRangeAMember" unitRef="Shares" decimals="INF"> 299180 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions contextRef="AsOf2018-12-31_ExercisePriceRangeBMember" unitRef="Shares" decimals="INF"> 262750 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions contextRef="AsOf2018-12-31_ExercisePriceRangeCMember" unitRef="Shares" decimals="INF"> 337875 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions contextRef="AsOf2018-12-31_custom_ExercisePriceRangeDMember" unitRef="Shares" decimals="INF"> 228200 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions contextRef="AsOf2018-12-31_ExercisePriceRangeEMember" unitRef="Shares" decimals="INF"> 306275 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions contextRef="AsOf2018-12-31" unitRef="Shares" decimals="INF"> 1434280 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1 contextRef="AsOf2018-12-31_custom_ExercisePriceRangeAMember" unitRef="USDPShares" decimals="INF"> 9.88 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1 contextRef="AsOf2018-12-31_ExercisePriceRangeBMember" unitRef="USDPShares" decimals="INF"> 13.62 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1 contextRef="AsOf2018-12-31_ExercisePriceRangeCMember" unitRef="USDPShares" decimals="INF"> 19.41 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1 contextRef="AsOf2018-12-31_custom_ExercisePriceRangeDMember" unitRef="USDPShares" decimals="INF"> 22.79 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1 contextRef="AsOf2018-12-31_ExercisePriceRangeEMember" unitRef="USDPShares" decimals="INF"> 24.87 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions contextRef="AsOf2018-12-31_custom_ExercisePriceRangeAMember" unitRef="Shares" decimals="INF"> 299180 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions contextRef="AsOf2018-12-31_ExercisePriceRangeBMember" unitRef="Shares" decimals="INF"> 262750 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions contextRef="AsOf2018-12-31_ExercisePriceRangeCMember" unitRef="Shares" decimals="INF"> 244625 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions contextRef="AsOf2018-12-31_custom_ExercisePriceRangeDMember" unitRef="Shares" decimals="INF"> 20000 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions contextRef="AsOf2018-12-31_ExercisePriceRangeEMember" unitRef="Shares" decimals="INF"> 91850 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions>
<us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions contextRef="AsOf2018-12-31" unitRef="Shares" decimals="INF"> 918405 </us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1 contextRef="AsOf2018-12-31_custom_ExercisePriceRangeAMember" unitRef="USDPShares" decimals="INF"> 9.88 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1 contextRef="AsOf2018-12-31_ExercisePriceRangeBMember" unitRef="USDPShares" decimals="INF"> 13.62 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1 contextRef="AsOf2018-12-31_ExercisePriceRangeCMember" unitRef="USDPShares" decimals="INF"> 18.75 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1 contextRef="AsOf2018-12-31_custom_ExercisePriceRangeDMember" unitRef="USDPShares" decimals="INF"> 22.66 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1>
<us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1 contextRef="AsOf2018-12-31_ExercisePriceRangeEMember" unitRef="USDPShares" decimals="INF"> 25.41 </us-gaap:SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 contextRef="From2017-01-01to2017-12-31"> P5Y </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 contextRef="From2018-01-01to2018-12-31"> P5Y </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum contextRef="From2017-01-01to2017-12-31" unitRef="Pure" decimals="INF"> .0182 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum contextRef="From2018-01-01to2018-12-31" unitRef="Pure" decimals="INF"> .0243 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum contextRef="From2017-01-01to2017-12-31" unitRef="Pure" decimals="INF"> .0195 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum contextRef="From2018-01-01to2018-12-31" unitRef="Pure" decimals="INF"> .0302 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum contextRef="From2017-01-01to2017-12-31" unitRef="Pure" decimals="INF"> .00259 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum contextRef="From2018-01-01to2018-12-31" unitRef="Pure" decimals="INF"> .00287 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum contextRef="From2017-01-01to2017-12-31" unitRef="Pure" decimals="INF"> .00277 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum contextRef="From2018-01-01to2018-12-31" unitRef="Pure" decimals="INF"> .00316 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRangeOfDividendsUsed contextRef="From2017-01-01to2017-12-31"> 1.5% - 1.6% </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRangeOfDividendsUsed>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRangeOfDividendsUsed contextRef="From2018-01-01to2018-12-31"> 1.8% - 2.75% </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRangeOfDividendsUsed>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights contextRef="From2018-01-01to2018-12-31_custom_PlanNameMember"> Options granted under the 2012 Employee Plan vest 25% one day after the first anniversary of the grant date and 25% one day after each of the next three anniversaries. Under the terms of the Employee Plan, no option may be granted under that plan after the tenth anniversary of the adoption of the plan. Options outstanding under the Company's 2002 Employee Stock Option Plan have the same vesting schedule as the 2012 Employee plan. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights contextRef="From2018-01-01to2018-12-31_custom_PlanNameAMember"> The Initial Option vests 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option becomes fully exercisable one day after the date of grant. The exercise price of each option granted equals the fair market value of the Common Stock on the date the option is granted, and expires ten (10) years from the date of grant. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights contextRef="From2018-01-01to2018-12-31_custom_PlanNameBMember"> The Initial Option vests 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option becomes fully exercisable one day after the date of grant. The exercise price of each option granted equals the fair market value of the Common Stock on the date the option is granted, and expires ten (10) years from the date of grant. </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized contextRef="AsOf2018-12-31_custom_PlanNameAMember" unitRef="Shares" decimals="INF"> 180000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized contextRef="AsOf2018-12-31_custom_PlanNameBMember" unitRef="Shares" decimals="INF"> 60000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized>
<ACU:ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialOption contextRef="AsOf2018-12-31_custom_PlanNameAMember" unitRef="Shares" decimals="INF"> 5000 </ACU:ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialOption>
<ACU:ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialOption contextRef="AsOf2018-12-31_custom_PlanNameBMember" unitRef="Shares" decimals="INF"> 5000 </ACU:ShareBasedCompensationArrangementByShareBasedPaymentAwardInitialOption>
<us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="From2017-01-01to2017-12-31" unitRef="Shares" decimals="INF"> 205500 </us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
<us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount contextRef="From2018-01-01to2018-12-31" unitRef="Shares" decimals="INF"> 692600 </us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount>
<us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="From2017-01-01to2017-12-31" unitRef="Shares" decimals="INF"> 368220 </us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements>
<us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="From2018-01-01to2018-12-31" unitRef="Shares" decimals="INF"> 171166 </us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements>
<us-gaap:ForeignCurrencyTransactionGainLossBeforeTax contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 24404 </us-gaap:ForeignCurrencyTransactionGainLossBeforeTax>
<us-gaap:ForeignCurrencyTransactionGainLossBeforeTax contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> -7458 </us-gaap:ForeignCurrencyTransactionGainLossBeforeTax>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="AsOf2017-12-31" unitRef="USD" decimals="0"> 166907 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<us-gaap:AllowanceForDoubtfulAccountsReceivable contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 462132 </us-gaap:AllowanceForDoubtfulAccountsReceivable>
<us-gaap:ResearchAndDevelopmentExpense contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 752000 </us-gaap:ResearchAndDevelopmentExpense>
<us-gaap:ResearchAndDevelopmentExpense contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 734000 </us-gaap:ResearchAndDevelopmentExpense>
<us-gaap:AdvertisingExpense contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 1997113 </us-gaap:AdvertisingExpense>
<us-gaap:AdvertisingExpense contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 1935267 </us-gaap:AdvertisingExpense>
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<us-gaap:DefinedBenefitPlanWeightedAverageAssetAllocations contextRef="AsOf2017-12-31_EquitySecuritiesMember" unitRef="Pure" decimals="INF"> .67 </us-gaap:DefinedBenefitPlanWeightedAverageAssetAllocations>
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<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><b>1. Operations</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The operations of Acme United Corporation (the “Company”) consist of three reportable segments. The operations of the Company are structured and evaluated based on geographic location. The three reportable segments operate in the United States (including Asian operations), Canada and Europe. Principal products across all segments are scissors, shears, knives, rulers, pencil sharpeners, first aid safety kits, and related products which are sold primarily to wholesale, contract and retail stationery distributors, office supply super stores, mass market retailers, industrial distributors, school supply distributors, drug store retailers, sporting goods stores, hardware chains and wholesale florists.</p>
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<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><b>2. Accounting Policies</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: left"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Estimates </i>– The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most sensitive and significant accounting estimates relate to customer rebates, valuation allowances for deferred income tax assets, obsolete and slow-moving inventories, potentially uncollectible accounts receivable, pension liability and accruals for income taxes. Actual results could differ from those estimates.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Principles of Consolidation</i> – The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned by the Company. All significant intercompany accounts and transactions are eliminated in consolidation.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Translation of Foreign Currency</i> – For foreign operations whose functional currencies are not U.S. dollars, assets and liabilities are translated at rates in effect at the end of the year; revenues and expenses are translated at average rates in effect during the year. Resulting translation adjustments are made directly to accumulated other comprehensive income. Foreign currency transaction gains and losses are recognized in operating results. Included in other expense were foreign currency transaction losses of $7,458 in 2018 and foreign currency transaction gains of $24,404 in 2017.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash Equivalents</i> – Investments with an original maturity of three months or less, as well as time deposits and certificates of deposit that are readily redeemable at the date of purchase, are considered cash equivalents.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Accounts Receivable</i> – Accounts receivable are shown less an allowance for doubtful accounts of $462,132 at December 31, 2018 and $166,907 at December 31, 2017.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Inventories </i>– Inventories are stated at the lower of cost, or net realizable value, determined by the first-in, first-out method.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Property, Plant and Equipment, and Depreciation</i> – Property, plant and equipment is recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, which range from 3 to 30 years.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Intangible Assets</i> – Intangible assets with finite useful lives are recorded at cost upon acquisition, and amortized over the term of the related contract or useful life, as applicable. Intangible assets held by the Company with finite useful lives include patents and trademarks. Patents and trademarks are amortized over their estimated useful lives. The weighted average amortization period for intangible assets at December 31, 2018 was 10 years. The Company periodically <font style="letter-spacing: -0.1pt">reviews the values recorded for intangible assets to assess recoverability from future operations whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. </font>At December 31, 2018 and 2017, the Company assessed the recoverability of its long-lived assets and believed that there were no events or circumstances present that would that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Deferred Income Taxes</i> – Deferred income taxes are provided for the differences between the financial statement and tax bases of assets and liabilities, and on operating loss carryovers, using tax rates in effect in years in which the differences are expected to reverse.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Revenue Recognition</i> – Revenue is recognized when the price is fixed, the title and risks and rewards of ownership have passed to the customer, and when collection is reasonably assured. Depending on the contractual terms of each customer, revenue is recognized either at the time of shipment or upon delivery. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Customer rebates and incentives earned based on promotional programs in place, volume of purchases or other factors are also estimated at the time of revenue recognition and recorded as a reduction of that revenue. <font style="letter-spacing: 0.05pt">Refer to Note 10 – Revenue from Contracts with Customers.</font></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Research and Development</i> – Research and development costs ($734,000 in 2018 and $752,000 in 2017) are expensed as incurred.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Shipping Costs</i> – The costs of shipping product to our customers ($7,553,410 in 2018 and $6,595,544 in 2017) are included in selling, general and administrative expenses.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Advertising Costs</i> – The Company expenses the production costs of advertising the first time that the related advertising takes place. Advertising costs ($1,935,267 in 2018 and $1,997,113 in 2017) are included in selling, general and administrative expenses.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><i>Subsequent Events</i> – The Company has evaluated events and transactions subsequent to December 31, 2018 through the date the consolidated financial statements were included in this Form 10-K and filed with the SEC.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Concentration</i> – The Company performs ongoing credit evaluations of its customers and generally does not require collateral for the extension of credit. Allowances for credit losses are provided and have been within management's expectations. The Company had one customer in 2018 and two customers in 2017 that individually exceeded 10% of consolidated net sales. In 2018, net sales to this one customer were approximately 13%, of consolidated net sales. In 2017, net sales to the two customers were approximately 16% and 11%, respectively.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Recently Issued and Adopted Accounting Standards</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: 0.05pt">In August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-14, <i>Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date</i>, which defers the effective date of ASU No. 2014-09, <i>Revenue from Contracts with Customers (Topic 606)</i>, by one year. ASU 2015-14 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. The Company has adopted the new guidance as of January 1, 2018 using the modified retrospective method. The adoption of the new guidance did not have a material effect on the consolidated financial position, results of operations or cash flows of the Company beyond the increase in the level of disclosures. Refer to Note 10 – Revenue from Contracts with Customers.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt inherit,serif; margin: 0; text-align: justify">In March 2017, the FASB issued ASU No. 2017-07, <i>Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost </i>(“ASU No. 2017-07”), which requires employers to disaggregate the service cost component from other components of net periodic benefit costs and to disclose the amounts of net periodic benefit costs that are included in each income statement line item. The standard requires employers to report the service cost component in the same line item as other compensation costs and to report the other components of net periodic benefit costs (which include interest costs, expected return on plan assets, amortization of prior service cost or credits and actuarial gains and losses) separately and outside a subtotal of operating income. The service cost component of net periodic pension cost is included in selling, general and administrative expenses in the accompanying consolidated statements of earnings and the other components of net periodic pension cost are included in other expense. The income statement guidance requires application on a retrospective basis. The adoption of this ASU by the Company on January 1, 2018 did not have a material effect on the consolidated financial position, results of operations or cash flows of the Company. Refer to Note 6 – Pension and Profit Sharing.</p> <p style="font: 10pt inherit,serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt inherit,serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, <i>Leases</i>, associated with lease accounting. There have been further amendments, including practical expedients, with the issuance of ASU 2018-01, <font style="background-color: white"><i>Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,</i></font> in January 2018, ASU 2018-11, <i>Leases (Topic 842): Targeted Improvements,</i> in July 2018 and ASU 2018-20, <i>Leases (Topic 842): Narrow-Scope Improvements for Lessors</i>, in December 2018. The amended guidance requires the recognition of lease assets and lease liabilities on the balance sheet for those leases with terms in excess of 12 months and currently classified as operating leases. Disclosure of key information about leasing arrangements will also be required. We elected the optional transition method which allows entities to continue to apply historical accounting guidance in the comparative periods presented in the year of adoption.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">At transition, lessees and lessors may elect to apply a package of practical expedients permitting entities not to reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. These practical expedients must be elected as a package and consistently applied. The Company has elected to apply the package of practical expedients upon adoption.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Upon adoption of the amended guidance, the Company expects to record operating lease right-of-use assets and related liabilities of approximately $2.9 million, primarily related to real estate leases. The Company currently does not expect the amended guidance to have any other material impacts on our consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: 0.05pt">In February 2018, the FASB issued ASU No. 2018-02, <i>Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income</i>. ASU No. 2018-02 provides companies with an option to reclassify stranded tax effects within accumulated other comprehensive income (“AOCI”) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. ASU No. 2018-02 also requires disclosure of a description of the accounting policy for releasing income tax effects from AOCI and whether an election was made to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act. ASU No. 2018-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Companies can adopt the provisions of ASU No. 2018-02 in either the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. For Acme, this ASU will be adopted effective January 1, 2019 and will result in a reclassification between retained earnings and AOCI. The Company estimates that the impact from this ASU will increase retained earnings by approximately $0.1 million, with an offsetting increase to accumulated other comprehensive loss for the same amount.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: 0.05pt">In June 2018, the FASB issued ASU 2018-07, <i>Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting</i>. ASU 2018-07 aligns the accounting for share-based payment awards issued to employees and non-employees. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within that reporting period. The Company does not expect the adoption of ASU 2018-07 to have a material impact on the consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"><font style="letter-spacing: 0.05pt">In August 2018, the FASB issued ASU No. 2018-14, <i>Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosures Requirements for Defined Benefit Plans Income Statement - Reporting Comprehensive Income (Topic 220)</i>. This ASU removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. The Company does not expect the adoption of ASU 2018-14 to have a material impact on its consolidated financial statements. </font></p>
</us-gaap:SignificantAccountingPoliciesTextBlock>
<us-gaap:InventoryDisclosureTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><b>3. Inventories</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify">Inventories consisted of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="7" style="font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Finished goods</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">33,427,983</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">33,110,826</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">141,646</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,557</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Materials and supplies</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">7,762,508</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">6,782,488</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Inventories, net:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">41,332,137</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">40,086,871</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"> </p> <p style="font: 9pt Sans-Serif; margin: 0.35pt 0 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories are stated net of valuation allowances for slow moving and obsolete inventory of $538,354 as of December 31, 2018 and $654,855 as of December 31, 2017.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:InventoryDisclosureTextBlock>
<us-gaap:IntangibleAssetsDisclosureTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><b>4. Intangible Assets and Goodwill</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s intangible assets and goodwill consisted of:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: bold 9pt/12pt Sans-Serif; margin: 0; text-align: left; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="7" style="font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">First Aid Only Tradename</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">3,410,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">3,410,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">First Aid Only Customer List</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,500,010</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,500,010</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">DMT Trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,387,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,387,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: normal; font-style: normal; text-align: left">DMT <font style="font: normal 9pt Times New Roman, Times, Serif">Customer List</font></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,369,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,369,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">DMT Non-Compete</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Slice License Agreement</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">379,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Patents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,271,980</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,271,980</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">663,698</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">663,698</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Pac-Kit Tradename, Customer List</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Spill Magic Customer List</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,965,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,965,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Spill Magic Trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,034,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,034,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Spill Magic Non-Compete</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,111</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">C-Thru Customer List</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,050,000</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,050,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>     Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,780,720</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,400,799</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Less: Accumulated Amortization</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,736,320</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,518,794</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">     Subtotal Intangible Assets</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,044,400</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,882,005</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">4,696,370</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">4,696,370</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">21,740,770</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">22,578,375</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: bold 9pt/12pt Sans-Serif; margin: 0; text-align: left; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font-weight: normal"> </font></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-weight: normal">Amortization expense for patents and trademarks for the years ended December 31, 2018 and 2017 were $1,217,526 and $1,172,292, respectively. The estimated aggregate amortization expense for each of the next five succeeding years, calculated on a similar basis, is as follows: 2019 - $1,241,417; 2020 - $1,236,796; 2021 - $1,234,971; 2022 - $1,231,686; and 2023 - $1,227,488. </font></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
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<us-gaap:AccountsPayableAndAccruedLiabilitiesDisclosureTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>5. Other Accrued Liabilities</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s other current and long-term accrued liabilities consisted of:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="7" style="font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Customer Rebates</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">3,395,511</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">3,733,472</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Pension Liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">147,099</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,042</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued Compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">370,477</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">339,474</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend Payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">402,158</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">371,207</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">853,283</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">1,655,531</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">5,168,528</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">6,212,726</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
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<us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><b>6. Pension and Profit Sharing</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 30.8pt"><b> </b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">United States employees, hired prior to July 1, 1993, are covered by a funded, defined benefit pension plan. The benefits of this pension plan are based on years of service and the average compensation of the highest three consecutive years during the last ten years of employment. In December 1995, the Company's Board of Directors approved an amendment to the United States pension plan that terminated all future benefit accruals as of February 1, 1996, without terminating the pension plan.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with the adoption of ASU 2017-07, <i>Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</i>, the Company has retrospectively revised the presentation of the non-service components of periodic pension cost of $87,000 to “Other expense” in the consolidated statement of operations for the twelve months ended December 31, 2017, while service cost remains in “Selling, general and administrative expenses.”</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s funding policy with respect to its qualified plan is to contribute at least the minimum amount required by applicable laws and regulations. In 2018, the Company contributed $25,107 to the plan.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The plan asset weighted average allocation at December 31, 2018 and December 31, 2017, by asset category, were as follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Asset Category:</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Equity Securities</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">65</td><td style="width: 1%; text-align: left">%</td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">67</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fixed Income Securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other Securities / Investments</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid"> </td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">100</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double">%</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid"> </td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">100</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double">%</td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s investment policy for the pension plan is to minimize risk by balancing investments between equity securities and fixed income securities. Plan funds are invested in long-term obligations with a history of moderate to low risk.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The pension plan asset information included below is presented at fair value. ASC 820 establishes a framework for measuring fair value and requires disclosures about assets and liabilities measured at fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td style="text-align: justify">Level 1 – Inputs to the valuation methodology based on unadjusted quoted market prices in active markets that are accessible at the measurement date.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td style="text-align: justify">Level 2 – Inputs to the valuation methodology that include quoted market prices that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly.</td></tr></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><font style="font-family: Symbol">·</font></td><td style="text-align: justify">Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.</td></tr></table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following tables present the pension plan assets by level within the fair value hierarchy as of December 31, 2018 and 2017:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Money Market Fund</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">4</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">17,320</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">17,324</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Equity Common and Collected Funds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,616</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">564,341</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">663,957</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fixed Income Common and Collected Funds</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">83,211</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">249,309</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">332,520</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">182,831</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">830,970</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">—  </td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">1,013,801</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; color: Red"> </p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; color: Red"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">2017</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Money Market Fund</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">10,774</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">10,774</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Equity Common and Collected Funds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">711,143</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">836,594</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fixed Income Common and Collected Funds</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">100,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">302,001</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">402,431</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">225,881</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">1,023,918</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">—  </td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">1,249,799</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt Sans-Serif; margin: 0; color: Red"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: justify"><font style="font-size: 10pt">Other disclosures related to the pension plan follow:</font> </p> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Assumptions used to determine benefit obligation:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">  Discount rate</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">3.87</td><td style="width: 1%; text-align: left">%</td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">3.14</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Changes in benefit obligation:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Benefit obligation at beginning of year</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,362,867</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,499,798</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(39,851</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(48,161</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Service cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(33,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(36,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Actuarial gain (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,338</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(20,289</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Benefits and plan expenses paid</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">203,450</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">241,381</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Benefit obligation at end of year:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">(1,160,930</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double">)</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">(1,362,867</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"> </p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>Changes in plan assets:</td><td> </td> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Fair value of plan assets at beginning of year</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">1,249,825</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">1,294,727</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Actual return on plan assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(57,651</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Employer contribution</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,107</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Benefits and plan expenses paid</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(203,450</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(241,381</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Fair value of plan assets at end of year</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,013,831</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,249,825</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Funded status:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(147,099</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(113,042</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>Amounts recognized in Accumulated Other Comprehensive Income:</td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Net actuarial loss</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">880,370</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">913,870</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Prior service cost</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,082</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,625</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">881,452</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">915,495</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Accrued benefits costs are included in other accrued liabilities (non-current).  </font></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">2017</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Assumptions used to determine net periodic benefit cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">  Discount rate</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">3.14</td><td style="width: 1%; text-align: left">%</td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">3.40</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">  Expected return on plan assets</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6.00</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">%</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6.00</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Components of net benefit expense:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest cost</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">39,851</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">48,161</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Service cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected return on plan assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(67,547</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(69,465</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amortization of prior service costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">543</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">543</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Amortization of actuarial loss</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">87,360</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">108,052</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Net periodic benefit cost:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">93,207</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">123,291</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company employs a building block approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely-accepted capital market principle that assets with higher volatility generate higher returns over the long run.  Our expected 6% long-term rate of return on plan assets is determined based on long-term historical performance of plan assets, current asset allocation and projected long-term rates of return.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table discloses the change recorded in other comprehensive income related to benefit costs:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Balance at beginning of the year</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">915,495</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">1,130,815</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in net loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,860</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(106,725</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amortization of actuarial loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(87,360</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(108,052</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Amortization of prior service cost</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(543</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(543</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">     Change recognized in other comprehensive income</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(34,043</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(215,320</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Total recognized in other comprehensive income</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">881,452</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">915,495</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company anticipates that in 2019, net periodic benefit cost will include approximately $87,000 of net actuarial loss and $543 of prior service cost.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following benefits are expected to be paid: </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 83%">2019</td> <td style="text-align: right; width: 17%"> $                      168,000</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2020</td> <td style="text-align: right">152,000</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2021</td> <td style="text-align: right">136,000</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2022</td> <td style="text-align: right">122,000</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2023</td> <td style="text-align: right">108,000</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Years 2024 - 2028</td> <td style="text-align: right">387,000</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also has a qualified, profit sharing plan covering substantially all of its United States employees. Annual Company contributions to this profit sharing plan are determined by the Company’s Compensation Committee. For the years ended December 31, 2018 and 2017, the Company contributed 50% of employee’s contributions, up to the first 6% contributed by each employee. Total contribution expense under this profit sharing plan was $271,541 in 2018 and $236,993 in 2017.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 30.8pt"><b> </b></p>
</us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><b>7. Income Taxes</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 30.8pt"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">The amounts of income tax expense (benefit) reflected in operations is as follows:</p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-left: 10pt">Federal</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">(118,269</td><td style="width: 1%; text-align: left">)</td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">1,263,124</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">State</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,315</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,737</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 10pt">Foreign</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">618,930</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">693,297</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">      Total:</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">544,976</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,989,158</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Deferred:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Federal</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">311,608</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">431,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 10pt">State</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">76,290</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">20,206</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">      Total:</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">387,898</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">451,660</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Total Income Tax Expense:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">932,874</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">2,440,818</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The current state tax provision was comprised of taxes on income, the minimum capital tax and other franchise taxes related to the jurisdictions in which the Company's facilities are located.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of United States and foreign income before income taxes follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">United States</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">1,928,627</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">2,477,871</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">Foreign</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,602,597</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,015,426</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">5,531,224</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">6,493,297</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As discussed in Note 11 below, for segment reporting, direct import sales are included in the United States segment. However, the revenues are earned by our Hong Kong subsidiary and related income taxes are paid in Hong Kong whose rate approximates 16.5%. As such, income of the Asian subsidiary is included in the foreign income before taxes.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following schedule reconciles the amounts of income taxes computed at the United States statutory rates to the actual amounts reported in operations:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Federal income taxes at 21%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-left: 12px">statutory rate</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">1,083,174</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">2,322,741</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State and local taxes, net of federal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 12px">income tax effect</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,783</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Permanent items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(75,022</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(370,978</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Transition tax on deemed repatriation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 12px">of foreign earnings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,169,263</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effect of federal rate change</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 12px">on deferred taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(111,324</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74,462</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign tax rate difference</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(59,232</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(699,047</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in deferred income tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 12px; border-bottom: Black 1pt solid"> valuation allowance</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(95,406</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Provision for income taxes:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">932,874</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">2,440,818</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following summarizes deferred income tax assets and liabilities:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Deferred income tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Plant, property and equipment</td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">847,162</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 4%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">563,289</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">847,162</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">563,289</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Deferred income tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Asset valuations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">575,920</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">506,993</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Pension</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,647</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">96,098</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">Other</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">278,948</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">469,844</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">960,515</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,072,935</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Net deferred income tax asset:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">113,353</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">509,646</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Tax Cuts and Jobs Act (the “Tax Act”) was signed into law in December 2017 and includes a broad range of tax reforms, certain of which were required by GAAP to be recognized upon enactment. The U.S. Securities and Exchange Commission has issued Staff Accounting Bulletin 118 (SAB 118), which provides guidance on accounting for the tax effects of the Act. SAB 118 provides a measurement period that should not extend beyond one year from the enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Act. As permitted by SAB 118, the Company has subsequently finalized its accounting analysis based on the guidance, interpretations and data available as of December 31, 2018. There were no material adjustments to the Company’s financial statements as a result.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Act introduced provisions that fundamentally change the U.S. approach to taxation of foreign earnings. Under the Act, qualified dividends of foreign subsidiaries are no longer subject to U.S. tax. Under the previously-existing tax rules, dividends from foreign operations were subjected to U.S. tax, and if not considered permanently reinvested, the Company had recognized expense and recorded a liability for the tax expected to be incurred upon receipt of the dividend of these foreign earnings. Although the Act excludes dividends of foreign subsidiaries from taxation, it includes provisions for a mandatory deemed dividend of undistributed foreign earnings at tax rates of 15.5% or 8% ("transition tax") depending on the nature of the foreign operations' assets. Companies may utilize tax attributes (including net operating losses and tax credits) to offset the transition tax. The estimated provisional net effect of applying the provisions of the Act on our 2017 results of operations was a non-cash charge to tax expense of $1,170,000. This provisional amount could be revised as additional guidance and interpretations are issued and as we continue to examine the details of the Act and the related tax attributes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 22, 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of the Act. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company considers any potential GILTI as an expense in the period the tax is incurred.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 19.8pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on our historical financial performance in the U.S., at December 31, 2017, the Company had a significant net deferred tax asset position. As such, with the Act's reduction of the corporate tax rate from 35% to 21%, the Company re-measured its net deferred tax assets at the lower corporate rate of 21% and recognized a $75,000 tax expense to adjust net deferred tax assets to the reduced value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 19.8pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The total effect in 2017 of applying the U.S. tax reform provisions of the Act was tax expense of $1,245,000 increasing the effective rate for 2017 by 128%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2018, the Company evaluated its tax positions for years which remain subject to examination by major tax jurisdictions, in accordance with the requirements of ASC 740 and as a result, concluded no adjustment was necessary. The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Company’s evaluation of uncertain tax positions was performed for the tax years ended December 31, 2015 and forward, the tax years which remain subject to examination by major tax jurisdictions as of December 31, 2018.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">  </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to the uncertain nature of the realization of the Company's deferred income tax assets based on past performance of its German subsidiary and carry forward expiration dates, the Company has recorded a valuation allowance for the amount of deferred income tax assets which are not expected to be realized. This valuation allowance, all of which is related to deferred tax assets resulting from net operating losses of the Company’s German subsidiary, is subject to periodic review, and, if the allowance is reduced, the tax benefit will be recorded in future operations as a reduction of the Company's tax expense.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; color: #FF6600"> </p>
</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:DebtDisclosureTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>8. Long-Term Debt and Shareholders’ Equity</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 24, 2018, the Company amended its revolving loan agreement with HSBC Bank, N.A. The amendment lowered the interest rate to LIBOR plus 1.75%; interest is payable monthly. In addition, the expiration date of the credit facility was extended to May 24, 2023. The prior interest rate was LIBOR plus 2%. The amount available for borrowing remains unchanged at $50 million. The Company must pay a facility fee, payable quarterly, in an amount equal to two tenths of one percent (.20%) per annum of the average daily unused portion of the revolving credit line. The facility is intended to provide liquidity for growth, share repurchases, dividends, acquisitions, and other business activities. Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than zero, measured as of the end of each fiscal year. At December 31, 2018, the Company was in compliance with the covenants then in effect under the loan agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-weight: normal">Long term debt consists of borrowings under the Company’s revolving loan agreement with HSBC Bank, N.A. As of December 31, 2018, $40,283,000 was outstanding and $9,717,000 was available for borrowing under the Company’s revolving loan agreement. </font></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 26, 2017, the Company exercised its option to purchase its First Aid Only manufacturing and distribution center in Vancouver, WA for $4.0 million. The property consists of 53,000 square feet of office, manufacturing, and warehouse space on 2.86 acres. The purchase was financed by a variable rate mortgage with HSBC Bank, N.A. at an interest rate of LIBOR plus 2.5%. Commencing on December 1, 2017, principal payments of $22,222 are due monthly, with all amounts outstanding due on maturity on October 31, 2024. Minimum annual mortgage payments are due as follows: 2019 - $266,664; 2020 - $266,664; 2021 - $266,664; 2022 - $266,664; 2023 - $266,664; and thereafter - $2,377,794.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the twelve months ended December 31, 2018, the Company repurchased a total of 23,228 shares of its Common Stock. As of December 31, 2018, 17,999 shares may be purchased in the future under the repurchase program announced in 2010.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
</us-gaap:DebtDisclosureTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><b>9. Commitments and Contingencies</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><b> </b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company leases certain office, manufacturing and warehouse facilities and various equipment under non-cancelable operating leases. Total rent expense was $1,243,732 and $1,432,677 in 2018 and 2017, respectively. Minimum annual rental commitments under non-cancelable leases with remaining terms of one year or more as of December 31, 2018 are as follows: 2019 - $1,064,585; 2020 - $927,681; 2021 - $572,344; 2022 - $278,797; 2023 - $255,122; and thereafter - $64,248.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no pending material legal proceedings to which the Company is a party or, to the actual knowledge of the Company, contemplated by any governmental authority.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p>
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<us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>11. Segment Information</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company reports financial information based on the organizational structure used by the Company’s chief operating decision makers for making operating and investment decisions and for assessing performance. The Company’s reportable business segments consist of: (1) United States; (2) Canada; and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, the Company’s chief operating decision makers review the financial results of both on a consolidated basis, and the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the “United States segment” or “U.S. segment”. Each reportable segment derives its revenue from the sales of cutting devices, measuring instruments and safety products for school, office, home, hardware, sporting and industrial use.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Domestic sales orders are filled primarily from the Company’s distribution centers in North Carolina, Washington, Massachusetts, Tennessee and California. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products. Orders filled from the Company’s inventory are generally for less than container-sized lots.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Direct import sales are products sold by the Company’s Asian subsidiary, directly to major U.S. retailers who take ownership of the products in Asia. These sales are completed by delivering product to the customers’ common carriers at the shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately 12% and 11% of the Company’s total net sales in 2018 and 2017, respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify">The Chief Operating Decision Maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment revenues are defined as total revenues, including both external customer revenue and inter-segment revenue. Segment operating earnings are defined as segment revenues, less cost of goods sold and operating expenses. Identifiable assets by segment are those assets used in the respective reportable segment’s operations. Inter-segment amounts are eliminated to arrive at consolidated financial results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth certain financial data by segment for the fiscal years ended December 31, 2018 and 2017:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Financial data by segment:   </p> <p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>(000’s omitted) </i></p> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"><u>Year Ended December 31, 2018:</u></td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic"></td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">United States</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Canada</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Europe</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Consolidated</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Net sales</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">120,993</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">7,040</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">9,288</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">137,321</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">884</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">470</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,457</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,720</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,918</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,477</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions to property, plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,705</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,851</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,229</td><td style="text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"><u>Year Ended December 31, 2017:</u></td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic"></td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">United States</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Canada</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Europe</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Consolidated</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Net sales</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">115,407</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">6,935</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">8,208</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">130,550</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,788</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,883</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,431</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,926</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,373</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,730</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions to property, plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,014</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,146</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,845</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,895</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a reconciliation of segment operating income to consolidated income before taxes:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total operating income</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">7,457</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">7,883</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest expense, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,858</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,327</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">67</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">63</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Consolidated income before taxes</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,532</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,493</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below presents revenue by geographic area. Revenues are attributed to countries based on location of the customer. </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>Revenues</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-left: 20pt">United States</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">119,573</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">114,231</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">International:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">      Canada</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,040</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,935</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">      Europe</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,288</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,208</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 20pt">      Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,420</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,176</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total International</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">17,748</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">16,319</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total Revenues</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">137,321</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">130,550</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:SegmentReportingDisclosureTextBlock>
<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>12. Stock Option Plans</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company grants stock options under the 2012 Employee Stock Option Plan (the “2012 Employee Plan”) and under the 2017 Non-Salaried Director Stock Option Plan (the “2017 Director Plan”). The Company also has two plans under which the Company no longer grants options but under which certain options remain outstanding: the 2002 Employee stock Option Plan and the 2005 Non-Salaried Director Stock Option Plan (the “2005 Director Plan”).</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2012 Employee Plan, which became effective April 23, 2012, provides for the issuance of incentive and nonqualified stock options at an exercise price equal to the fair market value of the Common Stock on the date the option is granted. The terms of the options granted are subject to the provisions of the 2012 Employee Plan. Options granted under the 2012 Employee Plan vest 25% one day after the first anniversary of the grant date and 25% one day after each of the next three anniversaries. As of December 31, 2018, the number of shares available for grant under the 2012 Employee Plan was 65,000. Under the terms of the Employee Plan, no option may be granted under that plan after the tenth anniversary of the adoption of the plan. Options outstanding under the Company’s 2002 Employee Stock Option Plan have the same vesting schedule as the 2012 Employee Plan.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2017 Director Plan provides for the issuance of stock options for up to a total of 60,000 shares of the Company's common stock to non-salaried directors. Under the Director Plan, Directors elected after the effective date and at subsequent Annual Meetings who have not received any prior grant under this or previous plans shall receive an initial grant of an option to purchase 5,000 shares of Common Stock (the “Initial Option”). Each year, each elected Director not receiving an Initial Option will receive an option to purchase 5,000 shares of Common Stock (the “Annual Option”). The Initial Option vests 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option becomes fully exercisable one day after the date of grant. The exercise price of each option granted equals the fair market value of the Common Stock on the date the option is granted, and expires ten (10) years from the date of grant. As provided in the Director Plan, no options may be granted under the Director Plan after the tenth anniversary of the adoption of the Plan, i.e., after April 24, 2027. As of December 31, 2018, the number of shares available for grant under the 2017 Director Plan was 20,000.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 2005 Director Plan, as amended, provided for the issuance of stock options for up to a total of 180,000 shares of the Company's common stock to non-salaried directors. Under the Director Plan, Directors elected on April 25, 2005 and at subsequent Annual Meetings who had not received any prior grant under this or previous plans received an initial grant of an option to purchase 5,000 shares of Common Stock (the “Initial Option”). Each year, each elected Director not receiving an Initial Option received a 5,000 share option (the “Annual Option”). The Initial Option vested 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option became fully exercisable one day after the date of grant. The exercise price of each option granted equaled the fair market value of the Common Stock on the date the option was granted, and expired ten (10) years from the date of grant. As provided in the Director Plan, no options could be granted under the Director Plan after the tenth anniversary of the adoption of the Plan, i.e., after April 25, 2015.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has amended certain of its stock option plans for both employees and directors to permit options to be exercised on a net basis and receive either cash or shares of the Company’s Common Stock. Specifically, optionees may, at the time of exercise of an option and subject to the consent of the Company, elect either (i) to receive from the Company cash in an amount equal to the number of shares of Common Stock subject to the option (or portion thereof) that is being exercised multiplied by the excess of (a) the fair market value per share over (b) the exercise price per share of the option ( a “net cash settlement”); or (ii) to make payment of the exercise price of the option by reduction in the number of shares of Common Stock otherwise deliverable upon exercise of such option by the number of shares having an aggregate fair market value equal to the total exercise price of the option (or portion thereof). In 2018, the Company paid a total of approximately $768,075 to optionees who had elected a net cash settlement of their respective options.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">A summary of changes in options issued under the Company’s stock option plans follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Options outstanding  at the</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-left: 12px">beginning of the year</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">1,289,080</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">1,088,278</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Options granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">313,900</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Options exercised</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(75,500</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(109,098</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options outstanding at</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px; border-bottom: Black 2pt double">the end of the year</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">1,434,280</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">1,289,080</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options exercisable at the</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px; border-bottom: Black 2pt double">end of the year</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">918,405</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">814,180</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Common stock available for future grants at the end of the year</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">85,000</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">62,700</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average exercise price per share:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24.87</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23.07</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19.12</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.13</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18.07</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.87</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Exercisable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.15</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.38</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">A summary of options outstanding as December 31, 2018 is as follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Options Outstanding</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Options Exercisable</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; vertical-align: bottom">Range of Exercise Prices</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Number Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom; padding-left: 0pt">Weighted-Average Remaining Contractual Life (Years)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Weighted-Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Number Exercisable</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Weighted-Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: left; vertical-align: bottom">$7.30 to $10.74</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">299,180</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: center">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">9.88</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">299,180</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">9.88</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$10.75 to $16.82</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">262,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.62</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">262,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.62</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$16.83 to $22.08</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">337,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19.41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">244,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18.75</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$22.09 to $23.97</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">228,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22.79</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22.66</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$23.98 to $28.20</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">306,275</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">9</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24.87</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">91,850</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25.41</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,434,280</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">918,405</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The weighted average remaining contractual life of all outstanding stock options is 6 years.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 16pt"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Stock-Based Compensation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period. The Company uses the Black-Scholes option pricing model to determine the fair value of employee and non-employee director stock options. The determination of the fair value of stock-based payment awards on the date of grant, using an option-pricing model, is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected term”), the estimated volatility of the Company’s Common Stock price over the expected term (“volatility”) and the number of options that will not fully vest in accordance with applicable vesting requirements (“forfeitures”).</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates the expected term of options granted by evaluating various factors, including the vesting period, historical employee information, as well as current and historical stock prices and market conditions. The Company estimates the volatility of its common stock by calculating historical volatility based on the closing stock price on the last day of each of the 60 months leading up to the month the option was granted. The risk-free interest rate that the Company uses in the option valuation model is the interest rate on U.S. Treasury zero-coupon bond issues with remaining terms similar to the expected term of the options granted. Historical information was the basis for calculating the dividend yield. The Company is required to estimate forfeitures at the time of grant and to revise those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company used a mix of historical data and future assumptions to estimate pre-vesting option forfeitures and to record stock-based compensation expense only for those awards that are expected to vest. All stock-based payment awards are amortized over the requisite service periods of the awards, which are generally the vesting periods.</p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The assumptions used to value option grants for the twelve months ended December 31, 2018 and December 31, 2017 were as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Expected life in years</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">5</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">5</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.43 - 3.02%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.82 - 1.95%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">.287 - .316</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">.259 - .277</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.8 - 2.75%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.5 - 1.6%</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Total stock-based compensation recognized in the Company’s consolidated statements of operations for the years ended December 31, 2018 and 2017 was $869,055 and $684,351, respectively. At December 31, 2018, there was approximately $2,151,417 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested stock-based payments granted to the Company’s employees. As of December 31, 2018, the remaining unamortized expense is expected to be recognized over a weighted average period of 3 years.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The weighted average fair value at the date of grant for options granted during 2018 and 2017 was $5.77 and $4.83 per option, respectively. The aggregate intrinsic value of outstanding options was $1,566,625 at December 31, 2018. The aggregate intrinsic value of exercisable options was $1,566,625 at December 31, 2018. The aggregate intrinsic value of options exercised during 2018 was $768,075.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p>
</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
<us-gaap:EarningsPerShareTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><b>13. Earnings Per Share</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The calculation of earnings per share follows:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">   Net income</td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">4,598,350</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 4%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">4,052,479</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">   Denominator for basic earnings per share:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>      Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,370,744</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,356,383</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">   Effect of dilutive employee stock options</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">171,166</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">368,220</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 2pt double">   Denominator for dilutive earnings per share</td><td style="padding-bottom: 1pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">3,541,910</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 1pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">3,724,603</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>   Basic earnings per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.21</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>   Dilutive earnings per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.09</td><td style="text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For 2018 and 2017, respectively, 692,600 and 205,500 stock options were excluded from diluted earnings per share calculations because they would have been anti-dilutive.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:EarningsPerShareTextBlock>
<us-gaap:ComprehensiveIncomeNoteTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>14. Accumulated Other Comprehensive Loss</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The components of accumulated other comprehensive loss follow:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Foreign currency translation adjustment</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net prior service credit and actuarial losses</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold; text-align: left">Balances, December 31, 2016</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 11%; text-align: right">(1,672,188</td><td style="width: 1%; text-align: left">)</td><td style="width: 5%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 11%; text-align: right">(664,012</td><td style="width: 1%; text-align: left">)</td><td style="width: 5%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 11%; text-align: right">(2,336,201</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in net prior service credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">   and actuarial losses, net of tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87,461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87,461</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Translation adjustment</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">614,741</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">614,741</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Balances, December 31, 2017</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(1,057,447</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(576,551</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(1,633,999</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in net prior service credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">   and actuarial losses, net of tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,388</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,388</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Translation adjustment</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(461,374</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(461,374</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Balances, December 31, 2018</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(1,518,821</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(539,163</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(2,057,985</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
</us-gaap:ComprehensiveIncomeNoteTextBlock>
<us-gaap:FairValueDisclosuresTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>15. Financial Instruments</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying value of the Company’s bank debt is a reasonable estimate of fair value because of the nature of its payment terms and maturity.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
</us-gaap:FairValueDisclosuresTextBlock>
<us-gaap:QuarterlyFinancialInformationTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>16. Quarterly Data (unaudited)</b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Quarters (000’s omitted, except per share data):</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fourth</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Net sales</td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">31,709</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">39,751</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">34,731</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">31,130</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">137,321</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Cost of goods sold</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,585</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,039</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,281</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,767</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">86,672</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Gross profit</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,124</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,712</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,450</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,363</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,649</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Net income</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">764</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,436</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">807</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">591</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,598</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic earnings per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.23</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.72</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.24</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Diluted earnings per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.21</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.23</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.30</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividends per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.45</td><td style="text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fourth</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Net sales</td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">27,745</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">38,849</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">33,785</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">30,171</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">130,550</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Cost of goods sold</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,181</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24,366</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,559</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,545</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">82,651</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Gross profit</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,564</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,483</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,226</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,626</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">47,899</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Net income</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">659</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,846</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,202</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(655</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,052</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic earnings per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.85</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.20</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.21</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Diluted earnings per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.16</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.09</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividends per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.43</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Earnings per share were computed independently for each of the quarters presented. Therefore, the sum of the four quarterly earnings per share amounts may not necessarily equal the earnings per share for the year.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
</us-gaap:QuarterlyFinancialInformationTextBlock>
<us-gaap:BusinessCombinationDisclosureTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>18. Business Combinations</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 1, 2017, the Company purchased the assets of Spill Magic, Inc., located in Santa Ana, CA and Smyrna, TN. The Spill Magic products are leaders in absorbents that encapsulate spills into dry powders that can be safely disposed. Customers, include many large retail chains, use Spill Magic products to remove liquids from broken glass containers, oil and gas spills, bodily fluids and solvents. The Company purchased Spill Magic assets for $7.2 million in cash using funds borrowed under its revolving credit facility with HSBC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purchase price was allocated to assets acquired as follows (in thousands):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Assets:</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"><font style="font-size: 10pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left; padding-left: 11pt">Accounts Receivable</td><td style="width: 4%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 4%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 21%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">684</font></td><td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">Inventory</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-size: 10pt">453</font></td><td style="text-align: left"><font style="font-size: 10pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">Equipment</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">296</font></td><td style="text-align: left"><font style="font-size: 10pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 10pt">Intangible Assets</font></td><td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td> <td style="text-align: left"><font style="font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-size: 10pt">5,066</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt">Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">748</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 11pt; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total assets</font></td><td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,247</font></td><td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td></tr> </table> <p style="margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Assuming Spill Magic assets were acquired on January 1, 2017, unaudited pro forma combined net sales for the twelve months ended December 31, 2017 for the Company would have been approximately $131.0 million. Unaudited pro forma combined net income for the twelve months ended December 31, 2017 for the Company would have been approximately $3.9 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net sales for the twelve months ended December 31, 2017 attributable to Spill Magic products were approximately $6.5 million. Net income for the twelve months ended December 31, 2017 attributable to Spill Magic products was approximately $0.8 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
</us-gaap:BusinessCombinationDisclosureTextBlock>
<us-gaap:UseOfEstimates contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Estimates </i>– The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most sensitive and significant accounting estimates relate to customer rebates, valuation allowances for deferred income tax assets, obsolete and slow-moving inventories, potentially uncollectible accounts receivable, pension liability and accruals for income taxes. Actual results could differ from those estimates.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:UseOfEstimates>
<us-gaap:ConsolidationPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Principles of Consolidation</i> – The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned by the Company. All significant intercompany accounts and transactions are eliminated in consolidation.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p>
</us-gaap:ConsolidationPolicyTextBlock>
<us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Translation of Foreign Currency</i> – For foreign operations whose functional currencies are not U.S. dollars, assets and liabilities are translated at rates in effect at the end of the year; revenues and expenses are translated at average rates in effect during the year. Resulting translation adjustments are made directly to accumulated other comprehensive income. Foreign currency transaction gains and losses are recognized in operating results. Included in other expense were foreign currency transaction losses of $7,458 in 2018 and foreign currency transaction gains of $24,404 in 2017.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p>
</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash Equivalents</i> – Investments with an original maturity of three months or less, as well as time deposits and certificates of deposit that are readily redeemable at the date of purchase, are considered cash equivalents.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:ReceivablesPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Accounts Receivable</i> – Accounts receivable are shown less an allowance for doubtful accounts of $462,132 at December 31, 2018 and $166,907 at December 31, 2017.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p>
</us-gaap:ReceivablesPolicyTextBlock>
<us-gaap:InventoryPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Inventories </i>– Inventories are stated at the lower of cost, or net realizable value, determined by the first-in, first-out method.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:InventoryPolicyTextBlock>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Property, Plant and Equipment, and Depreciation</i> – Property, plant and equipment is recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets, which range from 3 to 30 years.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Intangible Assets</i> – Intangible assets with finite useful lives are recorded at cost upon acquisition, and amortized over the term of the related contract or useful life, as applicable. Intangible assets held by the Company with finite useful lives include patents and trademarks. Patents and trademarks are amortized over their estimated useful lives. The weighted average amortization period for intangible assets at December 31, 2018 was 10 years. The Company periodically <font style="letter-spacing: -0.1pt">reviews the values recorded for intangible assets to assess recoverability from future operations whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. </font>At December 31, 2018 and 2017, the Company assessed the recoverability of its long-lived assets and believed that there were no events or circumstances present that would that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Deferred Income Taxes</i> – Deferred income taxes are provided for the differences between the financial statement and tax bases of assets and liabilities, and on operating loss carryovers, using tax rates in effect in years in which the differences are expected to reverse.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Revenue Recognition</i> – Revenue is recognized when the price is fixed, the title and risks and rewards of ownership have passed to the customer, and when collection is reasonably assured. Depending on the contractual terms of each customer, revenue is recognized either at the time of shipment or upon delivery. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Customer rebates and incentives earned based on promotional programs in place, volume of purchases or other factors are also estimated at the time of revenue recognition and recorded as a reduction of that revenue. <font style="letter-spacing: 0.05pt">Refer to Note 10 – Revenue from Contracts with Customers.</font></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:ResearchDevelopmentAndComputerSoftwarePolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Research and Development</i> – Research and development costs ($734,000 in 2018 and $752,000 in 2017) are expensed as incurred.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ResearchDevelopmentAndComputerSoftwarePolicyTextBlock>
<us-gaap:ShippingAndHandlingCostPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Shipping Costs</i> – The costs of shipping product to our customers ($7,553,410 in 2018 and $6,595,544 in 2017) are included in selling, general and administrative expenses.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ShippingAndHandlingCostPolicyTextBlock>
<us-gaap:AdvertisingCostsPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Advertising Costs</i> – The Company expenses the production costs of advertising the first time that the related advertising takes place. Advertising costs ($1,935,267 in 2018 and $1,997,113 in 2017) are included in selling, general and administrative expenses.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:AdvertisingCostsPolicyTextBlock>
<us-gaap:SubsequentEventsPolicyPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><i>Subsequent Events</i> – The Company has evaluated events and transactions subsequent to December 31, 2018 through the date the consolidated financial statements were included in this Form 10-K and filed with the SEC.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:SubsequentEventsPolicyPolicyTextBlock>
<us-gaap:ConcentrationRiskCreditRisk contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Concentration</i> – The Company performs ongoing credit evaluations of its customers and generally does not require collateral for the extension of credit. Allowances for credit losses are provided and have been within management's expectations. The Company had one customer in 2018 and two customers in 2017 that individually exceeded 10% of consolidated net sales. In 2018, net sales to this one customer were approximately 13%, of consolidated net sales. In 2017, net sales to the two customers were approximately 16% and 11%, respectively.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p>
</us-gaap:ConcentrationRiskCreditRisk>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Recently Issued and Adopted Accounting Standards</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: 0.05pt">In August 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-14, <i>Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date</i>, which defers the effective date of ASU No. 2014-09, <i>Revenue from Contracts with Customers (Topic 606)</i>, by one year. ASU 2015-14 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. The Company has adopted the new guidance as of January 1, 2018 using the modified retrospective method. The adoption of the new guidance did not have a material effect on the consolidated financial position, results of operations or cash flows of the Company beyond the increase in the level of disclosures. Refer to Note 10 – Revenue from Contracts with Customers.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt inherit,serif; margin: 0; text-align: justify">In March 2017, the FASB issued ASU No. 2017-07, <i>Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost </i>(“ASU No. 2017-07”), which requires employers to disaggregate the service cost component from other components of net periodic benefit costs and to disclose the amounts of net periodic benefit costs that are included in each income statement line item. The standard requires employers to report the service cost component in the same line item as other compensation costs and to report the other components of net periodic benefit costs (which include interest costs, expected return on plan assets, amortization of prior service cost or credits and actuarial gains and losses) separately and outside a subtotal of operating income. The service cost component of net periodic pension cost is included in selling, general and administrative expenses in the accompanying consolidated statements of earnings and the other components of net periodic pension cost are included in other expense. The income statement guidance requires application on a retrospective basis. The adoption of this ASU by the Company on January 1, 2018 did not have a material effect on the consolidated financial position, results of operations or cash flows of the Company. Refer to Note 6 – Pension and Profit Sharing.</p> <p style="font: 10pt inherit,serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt inherit,serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In February 2016, the FASB issued ASU 2016-02, <i>Leases</i>, associated with lease accounting. There have been further amendments, including practical expedients, with the issuance of ASU 2018-01, <i>Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,</i> in January 2018, ASU 2018-11, <i>Leases (Topic 842): Targeted Improvements,</i> in July 2018 and ASU 2018-20, <i>Leases (Topic 842): Narrow-Scope Improvements for Lessors</i>, in December 2018. The amended guidance requires the recognition of lease assets and lease liabilities on the balance sheet for those leases with terms in excess of 12 months and currently classified as operating leases. Disclosure of key information about leasing arrangements will also be required. We elected the optional transition method which allows entities to continue to apply historical accounting guidance in the comparative periods presented in the year of adoption.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">At transition, lessees and lessors may elect to apply a package of practical expedients permitting entities not to reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. These practical expedients must be elected as a package and consistently applied. The Company has elected to apply the package of practical expedients upon adoption.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Upon adoption of the amended guidance, the Company expects to record operating lease right-of-use assets and related liabilities of approximately $2.9 million, primarily related to real estate leases. The Company currently does not expect the amended guidance to have any other material impacts on our consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: 0.05pt">In February 2018, the FASB issued ASU No. 2018-02, <i>Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income</i>. ASU No. 2018-02 provides companies with an option to reclassify stranded tax effects within accumulated other comprehensive income (“AOCI”) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. ASU No. 2018-02 also requires disclosure of a description of the accounting policy for releasing income tax effects from AOCI and whether an election was made to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act. ASU No. 2018-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Companies can adopt the provisions of ASU No. 2018-02 in either the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. For Acme, this ASU will be adopted effective January 1, 2019 and will result in a reclassification between retained earnings and AOCI. The Company estimates that the impact from this ASU will increase retained earnings by approximately $0.1 million, with an offsetting increase to accumulated other comprehensive loss for the same amount.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="letter-spacing: 0.05pt">In June 2018, the FASB issued ASU 2018-07, <i>Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting</i>. ASU 2018-07 aligns the accounting for share-based payment awards issued to employees and non-employees. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within that reporting period. The Company does not expect the adoption of ASU 2018-07 to have a material impact on the consolidated financial statements.</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"><font style="letter-spacing: 0.05pt">In August 2018, the FASB issued ASU No. 2018-14, <i>Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosures Requirements for Defined Benefit Plans Income Statement - Reporting Comprehensive Income (Topic 220)</i>. This ASU removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures, and adds disclosure requirements identified as relevant. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. The Company does not expect the adoption of ASU 2018-14 to have a material impact on its consolidated financial statements. </font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"> </p>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="7" style="font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Finished goods</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">33,427,983</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">33,110,826</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work in process</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">141,646</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,557</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Materials and supplies</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">7,762,508</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">6,782,488</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Inventories, net:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">41,332,137</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">40,086,871</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"> </p>
</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
<us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: bold 9pt/12pt Sans-Serif; margin: 0; text-align: left; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="7" style="font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">First Aid Only Tradename</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">3,410,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">3,410,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">First Aid Only Customer List</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,500,010</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,500,010</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">DMT Trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,387,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,387,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: normal; font-style: normal; text-align: left">DMT <font style="font: normal 9pt Times New Roman, Times, Serif">Customer List</font></td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,369,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,369,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">DMT Non-Compete</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">183,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Slice License Agreement</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">379,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Patents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,271,980</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,271,980</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">663,698</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">663,698</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Pac-Kit Tradename, Customer List</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,500,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Spill Magic Customer List</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,965,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,965,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Spill Magic Trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,034,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,034,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Spill Magic Non-Compete</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67,111</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">C-Thru Customer List</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,050,000</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,050,000</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>     Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,780,720</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,400,799</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Less: Accumulated Amortization</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">5,736,320</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,518,794</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">     Subtotal Intangible Assets</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,044,400</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,882,005</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">4,696,370</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">4,696,370</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">21,740,770</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">22,578,375</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: bold 9pt/12pt Sans-Serif; margin: 0; text-align: left; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><font style="font-weight: normal"> </font></p>
</us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock>
<us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="7" style="font-weight: bold; text-align: center">December 31,</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Customer Rebates</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">3,395,511</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">3,733,472</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Pension Liability</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">147,099</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,042</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued Compensation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">370,477</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">339,474</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend Payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">402,158</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">371,207</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">853,283</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">1,655,531</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">5,168,528</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">6,212,726</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfAllocationOfPlanAssetsTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Asset Category:</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Equity Securities</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">65</td><td style="width: 1%; text-align: left">%</td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">67</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Fixed Income Securities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other Securities / Investments</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">2</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">1</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid"> </td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">100</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double">%</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid"> </td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">100</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double">%</td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfAllocationOfPlanAssetsTableTextBlock>
<us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">2018</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Money Market Fund</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">4</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">17,320</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">17,324</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Equity Common and Collected Funds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,616</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">564,341</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">663,957</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fixed Income Common and Collected Funds</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">83,211</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">249,309</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">332,520</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">182,831</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">830,970</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">—  </td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">1,013,801</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; color: Red"> </p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; color: Red"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">2017</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 1</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 2</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Level 3</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Money Market Fund</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">10,774</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">—  </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">10,774</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Equity Common and Collected Funds</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">125,451</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">711,143</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">836,594</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Fixed Income Common and Collected Funds</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">100,430</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">302,001</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">402,431</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">225,881</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">1,023,918</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">—  </td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">1,249,799</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt Sans-Serif; margin: 0; color: Red"></p>
</us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock>
<us-gaap:ScheduleOfChangesInAccumulatedPostemploymentBenefitObligationsTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Assumptions used to determine benefit obligation:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">  Discount rate</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">3.87</td><td style="width: 1%; text-align: left">%</td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">3.14</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Changes in benefit obligation:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Benefit obligation at beginning of year</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,362,867</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(1,499,798</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(39,851</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(48,161</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Service cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(33,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(36,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Actuarial gain (loss)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,338</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(20,289</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Benefits and plan expenses paid</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">203,450</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right">241,381</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double">Benefit obligation at end of year:</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">(1,160,930</td><td style="padding-bottom: 2.5pt; text-align: left; border-top: Black 1pt solid; border-bottom: Black 2pt double">)</td><td style="padding-bottom: 2.5pt; border-top: Black 1pt solid; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left; border-top: Black 1pt solid">$</td><td style="border-bottom: Black 2pt double; text-align: right; border-top: Black 1pt solid">(1,362,867</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"> </p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>Changes in plan assets:</td><td> </td> <td colspan="3" style="text-align: right"> </td><td> </td> <td colspan="3" style="text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Fair value of plan assets at beginning of year</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">1,249,825</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">1,294,727</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Actual return on plan assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(57,651</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">196,479</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Employer contribution</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25,107</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Benefits and plan expenses paid</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(203,450</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(241,381</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Fair value of plan assets at end of year</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,013,831</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,249,825</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Funded status:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(147,099</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(113,042</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>Amounts recognized in Accumulated Other Comprehensive Income:</td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Net actuarial loss</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">880,370</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">913,870</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Prior service cost</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,082</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,625</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">881,452</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">915,495</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfChangesInAccumulatedPostemploymentBenefitObligationsTableTextBlock>
<us-gaap:ScheduleOfNetBenefitCostsTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">2017</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Assumptions used to determine net periodic benefit cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">  Discount rate</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">3.14</td><td style="width: 1%; text-align: left">%</td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">3.40</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">  Expected return on plan assets</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6.00</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">%</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">6.00</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Components of net benefit expense:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest cost</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">39,851</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">48,161</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Service cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">36,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected return on plan assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(67,547</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(69,465</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amortization of prior service costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">543</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">543</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Amortization of actuarial loss</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">87,360</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">108,052</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Net periodic benefit cost:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">93,207</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">123,291</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfNetBenefitCostsTableTextBlock>
<us-gaap:ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Balance at beginning of the year</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">915,495</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">1,130,815</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in net loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">53,860</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(106,725</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Amortization of actuarial loss</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(87,360</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(108,052</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Amortization of prior service cost</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(543</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(543</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">     Change recognized in other comprehensive income</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(34,043</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(215,320</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Total recognized in other comprehensive income</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">881,452</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">915,495</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock>
<us-gaap:ScheduleOfExpectedBenefitPaymentsTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 83%">2019</td> <td style="text-align: right; width: 17%"> $                      168,000</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2020</td> <td style="text-align: right">152,000</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2021</td> <td style="text-align: right">136,000</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2022</td> <td style="text-align: right">122,000</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2023</td> <td style="text-align: right">108,000</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Years 2024 - 2028</td> <td style="text-align: right">387,000</td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfExpectedBenefitPaymentsTableTextBlock>
<us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-left: 10pt">Federal</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">(118,269</td><td style="width: 1%; text-align: left">)</td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">1,263,124</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">State</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,315</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,737</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 10pt">Foreign</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">618,930</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">693,297</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">      Total:</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">544,976</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,989,158</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold">Deferred:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Federal</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">311,608</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">431,454</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid; padding-left: 10pt">State</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">76,290</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">20,206</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">      Total:</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">387,898</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">451,660</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Total Income Tax Expense:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">932,874</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">2,440,818</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"> </p>
</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
<us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">United States</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">1,928,627</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">2,477,871</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">Foreign</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,602,597</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,015,426</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double">Total:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">5,531,224</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">6,493,297</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Federal income taxes at 21%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-left: 12px">statutory rate</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">1,083,174</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">2,322,741</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State and local taxes, net of federal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 12px">income tax effect</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">95,278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39,783</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Permanent items</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(75,022</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(370,978</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Transition tax on deemed repatriation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 12px">of foreign earnings</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—  </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,169,263</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Effect of federal rate change</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 12px">on deferred taxes</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(111,324</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74,462</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Foreign tax rate difference</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(59,232</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(699,047</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in deferred income tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 12px; border-bottom: Black 1pt solid"> valuation allowance</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(95,406</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Provision for income taxes:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">932,874</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">2,440,818</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left">Deferred income tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Plant, property and equipment</td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">847,162</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 4%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">563,289</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">847,162</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">563,289</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Deferred income tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Asset valuations</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">575,920</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">506,993</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Pension</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">105,647</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">96,098</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid">Other</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">278,948</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">469,844</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">960,515</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,072,935</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Net deferred income tax asset:</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">113,353</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">509,646</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Financial data by segment:   </p> <p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>(000’s omitted) </i></p> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"><u>Year Ended December 31, 2018:</u></td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic"></td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">United States</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Canada</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Europe</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Consolidated</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Net sales</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">120,993</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">7,040</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">9,288</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">137,321</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,103</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">884</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">470</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,457</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,720</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,839</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,918</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,477</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions to property, plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,705</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">83</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">63</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,851</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,229</td><td style="text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left"><u>Year Ended December 31, 2017:</u></td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-style: italic"></td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">United States</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Canada</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Europe</td><td style="font-weight: bold"> </td> <td colspan="3" style="font-weight: bold; text-align: center">Consolidated</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Net sales</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">115,407</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">6,935</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">8,208</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 10%; text-align: right">130,550</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,788</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">320</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,883</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">104,431</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,926</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,373</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">114,730</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Additions to property, plant and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,014</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,146</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Depreciation and amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,845</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">42</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,895</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
<us-gaap:ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Total operating income</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">7,457</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">7,883</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest expense, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,858</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,327</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">67</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">63</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Consolidated income before taxes</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,532</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,493</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"> </p>
</us-gaap:ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock>
<us-gaap:ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>Revenues</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-left: 20pt">United States</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">119,573</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 14%; text-align: right">114,231</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">International:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">      Canada</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,040</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,935</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">      Europe</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,288</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,208</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 20pt">      Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,420</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,176</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total International</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">17,748</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">16,319</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total Revenues</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">137,321</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">130,550</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock>
<us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="3"> </td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Options outstanding  at the</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-left: 12px">beginning of the year</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">1,289,080</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">1,088,278</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Options granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">313,900</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Options exercised</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(75,500</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(109,098</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options outstanding at</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px; border-bottom: Black 2pt double">the end of the year</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">1,434,280</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">1,289,080</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options exercisable at the</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 12px; border-bottom: Black 2pt double">end of the year</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">918,405</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">814,180</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Common stock available for future grants at the end of the year</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">85,000</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">62,700</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average exercise price per share:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">22.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">24.87</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">23.07</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19.12</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.47</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.13</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18.07</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16.87</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Exercisable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15.15</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.38</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0"> </p>
</us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAndExercisableTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="11" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Options Outstanding</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Options Exercisable</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; vertical-align: bottom">Range of Exercise Prices</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Number Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom; padding-left: 0pt">Weighted-Average Remaining Contractual Life (Years)</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Weighted-Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Number Exercisable</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Weighted-Average Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: left; vertical-align: bottom">$7.30 to $10.74</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">299,180</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: center">3</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">9.88</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 13%; text-align: right">299,180</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">9.88</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$10.75 to $16.82</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">262,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">4</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.62</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">262,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13.62</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$16.83 to $22.08</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">337,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19.41</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">244,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">18.75</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$22.09 to $23.97</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">228,200</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22.79</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22.66</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left; vertical-align: bottom">$23.98 to $28.20</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">306,275</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: center">9</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24.87</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">91,850</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25.41</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,434,280</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">918,405</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAndExercisableTableTextBlock>
<us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Expected life in years</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">5</td><td style="width: 1%; text-align: left"> </td><td style="width: 4%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 14%; text-align: right">5</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.43 - 3.02%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.82 - 1.95%</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">.287 - .316</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">.259 - .277</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.8 - 2.75%</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.5 - 1.6%</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock>
<us-gaap:ScheduleOfComprehensiveIncomeLossTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b></b></p> <p style="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Foreign currency translation adjustment</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net prior service credit and actuarial losses</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; font-weight: bold; text-align: left">Balances, December 31, 2016</td><td style="width: 2%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 11%; text-align: right">(1,672,188</td><td style="width: 1%; text-align: left">)</td><td style="width: 5%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 11%; text-align: right">(664,012</td><td style="width: 1%; text-align: left">)</td><td style="width: 5%"> </td> <td style="width: 2%; text-align: left">$</td><td style="width: 11%; text-align: right">(2,336,201</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in net prior service credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">   and actuarial losses, net of tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87,461</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87,461</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Translation adjustment</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">614,741</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">614,741</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Balances, December 31, 2017</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(1,057,447</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(576,551</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(1,633,999</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in net prior service credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">   and actuarial losses, net of tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,388</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,388</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Translation adjustment</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(461,374</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(461,374</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt; border-bottom: Black 2pt double">Balances, December 31, 2018</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(1,518,821</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(539,163</td><td style="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 2pt double">)</td><td style="padding-bottom: 2.5pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left">$</td><td style="border-bottom: Black 2pt double; text-align: right">(2,057,985</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p style="font: 9pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
</us-gaap:ScheduleOfComprehensiveIncomeLossTableTextBlock>
<us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Quarters (000’s omitted, except per share data):</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fourth</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Net sales</td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">31,709</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">39,751</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">34,731</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">31,130</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">137,321</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Cost of goods sold</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,585</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">25,039</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">22,281</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,767</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">86,672</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Gross profit</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,124</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,712</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,450</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,363</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">50,649</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Net income</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">764</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,436</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">807</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">591</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,598</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic earnings per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.23</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.72</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.24</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Diluted earnings per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.21</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.67</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.23</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.19</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.30</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividends per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.12</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.45</td><td style="text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">2017</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">First</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Second</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Third</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fourth</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 35%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Net sales</td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">27,745</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">38,849</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">33,785</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">30,171</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 9%; border-bottom: Black 1pt solid; text-align: right">130,550</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Cost of goods sold</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17,181</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">24,366</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">21,559</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">19,545</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">82,651</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Gross profit</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,564</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">14,483</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12,226</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,626</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">47,899</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Net income</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">659</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,846</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,202</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(655</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid">)</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,052</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Basic earnings per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.85</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.20</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.21</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Diluted earnings per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.18</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.75</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(0.16</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.09</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dividends per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.10</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.11</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.43</td><td style="text-align: left"> </td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock>
<us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock contextRef="From2018-01-01to2018-12-31_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Assets:</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left"><font style="font-size: 10pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left; padding-left: 11pt">Accounts Receivable</td><td style="width: 4%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 4%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 21%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">684</font></td><td style="width: 1%; text-align: left"><font style="font-size: 10pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">Inventory</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-size: 10pt">453</font></td><td style="text-align: left"><font style="font-size: 10pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 11pt"><font style="font: 10pt Times New Roman, Times, Serif">Equipment</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">296</font></td><td style="text-align: left"><font style="font-size: 10pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt"><font style="font-size: 10pt">Intangible Assets</font></td><td style="padding-bottom: 1pt"><font style="font-size: 10pt"> </font></td> <td style="text-align: left"><font style="font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-size: 10pt">5,066</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 10pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 11pt">Goodwill</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left; border-bottom: Black 1pt solid"> </td><td style="text-align: right; border-bottom: Black 1pt solid">748</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 11pt; padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total assets</font></td><td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,247</font></td><td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 10pt"> </font></td></tr> </table> <p style="margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
</us-gaap:ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock>
<ACU:ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualOption contextRef="AsOf2018-12-31_custom_PlanNameAMember" unitRef="Shares" decimals="INF"> 5000 </ACU:ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualOption>
<ACU:ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualOption contextRef="AsOf2018-12-31_custom_PlanNameBMember" unitRef="Shares" decimals="INF"> 5000 </ACU:ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualOption>
<us-gaap:Goodwill contextRef="AsOf2017-12-31" unitRef="USD" decimals="0"> 4696370 </us-gaap:Goodwill>
<us-gaap:Goodwill contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 4696370 </us-gaap:Goodwill>
<us-gaap:Goodwill contextRef="AsOf2018-02-28_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember" unitRef="USD" decimals="0"> 748000 </us-gaap:Goodwill>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquipment contextRef="AsOf2018-02-28_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember" unitRef="USD" decimals="0"> 296000 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedEquipment>
<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets contextRef="AsOf2018-02-28_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember" unitRef="USD" decimals="0"> 7247000 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets>
<us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td><td style="font-weight: bold; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2017</td></tr> <tr style="vertical-align: bottom"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">   Net income</td><td style="width: 2%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">4,598,350</td><td style="width: 1%; padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="width: 4%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 2%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 14%; border-bottom: Black 1pt solid; text-align: right">4,052,479</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">   Denominator for basic earnings per share:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>      Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,370,744</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,356,383</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">   Effect of dilutive employee stock options</td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">171,166</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"> </td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">368,220</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; border-bottom: Black 2pt double">   Denominator for dilutive earnings per share</td><td style="padding-bottom: 1pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">3,541,910</td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 2pt double"> </td><td style="padding-bottom: 1pt; border-bottom: Black 2pt double"> </td> <td style="border-bottom: Black 2pt double; text-align: left"> </td><td style="border-bottom: Black 2pt double; text-align: right">3,724,603</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>   Basic earnings per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.36</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.21</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>   Dilutive earnings per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.30</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.09</td><td style="text-align: left"> </td></tr> </table> <p style="font: 9pt/12pt Sans-Serif; margin: 0; text-align: justify; color: Red"><b></b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2018-01-01to2018-12-31_CustomerConcentrationRiskMember" unitRef="Pure" decimals="INF"> .13 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2017-01-01to2017-12-31_CustomerConcentrationRiskMember" unitRef="Pure" decimals="INF"> .16 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:ConcentrationRiskPercentage1 contextRef="From2017-01-01to2017-12-31_CustomerConcentrationRiskAMember" unitRef="Pure" decimals="INF"> .11 </us-gaap:ConcentrationRiskPercentage1>
<us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent contextRef="From2017-01-01to2017-12-31" unitRef="Pure" decimals="INF"> .06 </us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent>
<us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent contextRef="From2018-01-01to2018-12-31" unitRef="Pure" decimals="INF"> .06 </us-gaap:DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent>
<us-gaap:LineOfCredit contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 40283000 </us-gaap:LineOfCredit>
<us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 87461 </us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax>
<us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 37388 </us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax>
<us-gaap:FiniteLivedIntangibleAssetUsefulLife contextRef="From2018-01-01to2018-12-31"> P10Y </us-gaap:FiniteLivedIntangibleAssetUsefulLife>
<us-gaap:BusinessAcquisitionsProFormaRevenue contextRef="From2017-01-01to2017-12-31_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember" unitRef="USD" decimals="0"> 131000000 </us-gaap:BusinessAcquisitionsProFormaRevenue>
<us-gaap:BusinessAcquisitionsProFormaNetIncomeLoss contextRef="From2017-01-01to2017-12-31_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember" unitRef="USD" decimals="0"> 3900000 </us-gaap:BusinessAcquisitionsProFormaNetIncomeLoss>
<us-gaap:StockRepurchasedDuringPeriodShares contextRef="From2018-01-01to2018-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF"> 23228 </us-gaap:StockRepurchasedDuringPeriodShares>
<us-gaap:StockRepurchasedDuringPeriodShares contextRef="From2018-01-01to2018-12-31" unitRef="Shares" decimals="INF"> 23228 </us-gaap:StockRepurchasedDuringPeriodShares>
<us-gaap:StockRepurchasedDuringPeriodValue contextRef="From2018-01-01to2018-12-31_us-gaap_TreasuryStockMember" unitRef="USD" decimals="0"> 365149 </us-gaap:StockRepurchasedDuringPeriodValue>
<us-gaap:StockRepurchasedDuringPeriodValue contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 365149 </us-gaap:StockRepurchasedDuringPeriodValue>
<us-gaap:PaymentsForRepurchaseOfEquity contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 365149 </us-gaap:PaymentsForRepurchaseOfEquity>
<us-gaap:IntangibleAssetsGrossExcludingGoodwill contextRef="AsOf2017-12-31" unitRef="USD" decimals="0"> 22400799 </us-gaap:IntangibleAssetsGrossExcludingGoodwill>
<us-gaap:IntangibleAssetsGrossExcludingGoodwill contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 22780720 </us-gaap:IntangibleAssetsGrossExcludingGoodwill>
<us-gaap:IntangibleAssetsNetIncludingGoodwill contextRef="AsOf2017-12-31" unitRef="USD" decimals="0"> 22578375 </us-gaap:IntangibleAssetsNetIncludingGoodwill>
<us-gaap:IntangibleAssetsNetIncludingGoodwill contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 21740770 </us-gaap:IntangibleAssetsNetIncludingGoodwill>
<us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 168000 </us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths>
<us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 152000 </us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo>
<us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 136000 </us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree>
<us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 122000 </us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour>
<us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 108000 </us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive>
<us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 387000 </us-gaap:DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter>
<ACU:PaymentsRelatedToCashSettlementOfShareBasedCompensation contextRef="From2018-01-01to2018-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0"> 768075 </ACU:PaymentsRelatedToCashSettlementOfShareBasedCompensation>
<ACU:PaymentsRelatedToCashSettlementOfShareBasedCompensation contextRef="From2017-01-01to2017-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="0"> 823530 </ACU:PaymentsRelatedToCashSettlementOfShareBasedCompensation>
<ACU:PaymentsRelatedToCashSettlementOfShareBasedCompensation contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 823530 </ACU:PaymentsRelatedToCashSettlementOfShareBasedCompensation>
<ACU:PaymentsRelatedToCashSettlementOfShareBasedCompensation contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 768075 </ACU:PaymentsRelatedToCashSettlementOfShareBasedCompensation>
<us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 7233114 </us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 1241417 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 1236796 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 1234971 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 1231686 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour>
<us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 1227488 </us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive>
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<us-gaap:FiniteLivedNoncompeteAgreementsGross contextRef="AsOf2018-12-31_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember" unitRef="USD" decimals="0"> 67111 </us-gaap:FiniteLivedNoncompeteAgreementsGross>
<us-gaap:FiniteLivedNoncompeteAgreementsGross contextRef="AsOf2017-12-31_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember" unitRef="USD" decimals="0"> 67111 </us-gaap:FiniteLivedNoncompeteAgreementsGross>
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<us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 1064585 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueCurrent>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 927681 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInTwoYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 572344 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInThreeYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 278797 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFourYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 255122 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueInFiveYears>
<us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 64248 </us-gaap:OperatingLeasesFutureMinimumPaymentsDueThereafter>
<us-gaap:BusinessCombinationConsiderationTransferred1 contextRef="From2017-10-01to2017-10-31_us-gaap_MortgagesMember" unitRef="USD" decimals="0"> 4000000 </us-gaap:BusinessCombinationConsiderationTransferred1>
<us-gaap:BusinessCombinationConsiderationTransferred1 contextRef="From2017-02-01to2017-02-28_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember" unitRef="USD" decimals="0"> 7200000 </us-gaap:BusinessCombinationConsiderationTransferred1>
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<us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill contextRef="AsOf2018-02-28_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember" unitRef="USD" decimals="0"> 5066000 </us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill>
<us-gaap:FiniteLivedCustomerListsGross contextRef="AsOf2017-12-31_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember" unitRef="USD" decimals="0"> 1050000 </us-gaap:FiniteLivedCustomerListsGross>
<us-gaap:FiniteLivedCustomerListsGross contextRef="AsOf2018-12-31_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember" unitRef="USD" decimals="0"> 1050000 </us-gaap:FiniteLivedCustomerListsGross>
<us-gaap:FiniteLivedCustomerListsGross contextRef="AsOf2017-12-31_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsBMember" unitRef="USD" decimals="0"> 5500010 </us-gaap:FiniteLivedCustomerListsGross>
<us-gaap:FiniteLivedCustomerListsGross contextRef="AsOf2018-12-31_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsBMember" unitRef="USD" decimals="0"> 5500010 </us-gaap:FiniteLivedCustomerListsGross>
<us-gaap:FiniteLivedCustomerListsGross contextRef="AsOf2018-12-31_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsCMember" unitRef="USD" decimals="0"> 1369000 </us-gaap:FiniteLivedCustomerListsGross>
<us-gaap:FiniteLivedCustomerListsGross contextRef="AsOf2017-12-31_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsCMember" unitRef="USD" decimals="0"> 1369000 </us-gaap:FiniteLivedCustomerListsGross>
<us-gaap:FiniteLivedCustomerListsGross contextRef="AsOf2018-12-31_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember" unitRef="USD" decimals="0"> 3965000 </us-gaap:FiniteLivedCustomerListsGross>
<us-gaap:FiniteLivedCustomerListsGross contextRef="AsOf2017-12-31_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember" unitRef="USD" decimals="0"> 3965000 </us-gaap:FiniteLivedCustomerListsGross>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 contextRef="From2018-01-01to2018-12-31"> P6Y </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2>
<us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 2151417 </us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions>
<us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 contextRef="From2018-01-01to2018-12-31"> P3Y </us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 1566625 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue>
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1 contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 1566625 </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1>
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<us-gaap:SecuredDebtCurrent contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 266667 </us-gaap:SecuredDebtCurrent>
<us-gaap:SecuredLongTermDebt contextRef="AsOf2017-12-31" unitRef="USD" decimals="0"> 3711111 </us-gaap:SecuredLongTermDebt>
<us-gaap:SecuredLongTermDebt contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 3444445 </us-gaap:SecuredLongTermDebt>
<us-gaap:PaymentsToAcquireBuildings contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 4000000 </us-gaap:PaymentsToAcquireBuildings>
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<us-gaap:RepaymentsOfSecuredDebt contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 266667 </us-gaap:RepaymentsOfSecuredDebt>
<us-gaap:EmployeeRelatedLiabilitiesCurrentAndNoncurrent contextRef="AsOf2017-12-31" unitRef="USD" decimals="0"> 339474 </us-gaap:EmployeeRelatedLiabilitiesCurrentAndNoncurrent>
<us-gaap:EmployeeRelatedLiabilitiesCurrentAndNoncurrent contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 370477 </us-gaap:EmployeeRelatedLiabilitiesCurrentAndNoncurrent>
<us-gaap:DividendsPayableCurrentAndNoncurrent contextRef="AsOf2017-12-31" unitRef="USD" decimals="0"> 371207 </us-gaap:DividendsPayableCurrentAndNoncurrent>
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<ACU:TaxCutsandJobsActof2017IncompleteAccountingChangeInTaxRateRecognizedTaxExpense contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 74462 </ACU:TaxCutsandJobsActof2017IncompleteAccountingChangeInTaxRateRecognizedTaxExpense>
<ACU:TaxCutsandJobsActof2017IncompleteAccountingChangeInTaxRateRecognizedTaxExpense contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> -111324 </ACU:TaxCutsandJobsActof2017IncompleteAccountingChangeInTaxRateRecognizedTaxExpense>
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<us-gaap:DebtInstrumentCovenantCompliance contextRef="From2017-10-01to2017-10-31_us-gaap_MortgagesMember"> Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than zero, measured as of the end of each fiscal year. At December 31, 2018, the Company was in compliance with the covenants then in effect under the loan agreement. </us-gaap:DebtInstrumentCovenantCompliance>
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<us-gaap:CostOfGoodsAndServicesSold contextRef="From2018-07-01to2018-09-30" unitRef="USD" decimals="0"> 22281000 </us-gaap:CostOfGoodsAndServicesSold>
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<us-gaap:CostOfGoodsAndServicesSold contextRef="From2017-04-01to2017-06-30" unitRef="USD" decimals="0"> 24366000 </us-gaap:CostOfGoodsAndServicesSold>
<us-gaap:CostOfGoodsAndServicesSold contextRef="From2017-07-01to2017-09-30" unitRef="USD" decimals="0"> 21559000 </us-gaap:CostOfGoodsAndServicesSold>
<us-gaap:CostOfGoodsAndServicesSold contextRef="From2017-10-01to2017-12-31" unitRef="USD" decimals="0"> 19545000 </us-gaap:CostOfGoodsAndServicesSold>
<us-gaap:Revenues contextRef="From2018-01-01to2018-12-31_custom_UnitedStatesMember" unitRef="USD" decimals="0"> 120993000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2018-01-01to2018-12-31_custom_CanadaMember" unitRef="USD" decimals="0"> 7040000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2018-01-01to2018-12-31_us-gaap_EuropeMember" unitRef="USD" decimals="0"> 9288000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2017-01-01to2017-12-31_custom_UnitedStatesMember" unitRef="USD" decimals="0"> 115407000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2017-01-01to2017-12-31_custom_CanadaMember" unitRef="USD" decimals="0"> 6935000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2017-01-01to2017-12-31_us-gaap_EuropeMember" unitRef="USD" decimals="0"> 8208000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2018-01-01to2018-12-31_custom_ReportableSegmentsCMember" unitRef="USD" decimals="0"> 1420000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2017-01-01to2017-12-31_custom_ReportableSegmentsCMember" unitRef="USD" decimals="0"> 1176000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 130550349 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2018-01-01to2018-03-31" unitRef="USD" decimals="0"> 31709000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2018-04-01to2018-06-30" unitRef="USD" decimals="0"> 39751000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2018-07-01to2018-09-30" unitRef="USD" decimals="0"> 34731000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2018-10-01to2018-12-31" unitRef="USD" decimals="0"> 31130000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2018-01-01to2018-12-31_custom_TotalInternationalMember" unitRef="USD" decimals="0"> 17748000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2017-01-01to2017-12-31_custom_TotalInternationalMember" unitRef="USD" decimals="0"> 16319000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 137321395 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2017-01-01to2017-03-31" unitRef="USD" decimals="0"> 27745000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2017-04-01to2017-06-30" unitRef="USD" decimals="0"> 38849000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2017-07-01to2017-09-30" unitRef="USD" decimals="0"> 33785000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2017-10-01to2017-12-31" unitRef="USD" decimals="0"> 30171000 </us-gaap:Revenues>
<us-gaap:Revenues contextRef="From2017-01-01to2017-12-31_custom_SeriesOfIndividuallyImmaterialBusinessAcquisitionsDMember" unitRef="USD" decimals="0"> 6500000 </us-gaap:Revenues>
<ACU:CostOfGoodsAndServicesSoldShippingAndHandling contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 6595544 </ACU:CostOfGoodsAndServicesSoldShippingAndHandling>
<ACU:CostOfGoodsAndServicesSoldShippingAndHandling contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 7553410 </ACU:CostOfGoodsAndServicesSoldShippingAndHandling>
<ACU:RevenueFromContractWithCustomersTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>10. Revenue from Contracts with Customers</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 1, 2018, the Company adopted ASC 606, <i>Revenue from Contracts with Customers</i>, using the modified retrospective method. The new revenue standard requires recognition of revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The adoption of this standard did not impact the timing of revenue recognition for customer sales in the twelve months ended December 31, 2018.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Nature of Goods and Services </i></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognizes revenue from the sales of a broad line of products that are grouped into two main categories: (i) cutting, sharpening and measuring; and (ii) first aid and safety. The cutting and sharpening category includes scissors, knives, paper trimmers, pencil sharpeners and other sharpening tools. The first aid and safety category includes first aid kits and refills, over-the-counter medications and a variety of safety products. Revenue recognition is evaluated through the following five steps: (i) identification of the contract or contracts with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>When Performance Obligations Are Satisfied</i></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Revenue is generated by the sale of the Company’s products to its customers. Sales contracts (purchase orders) generally have a single performance obligation that is satisfied at a point in time, with shipment or delivery, depending on the terms of the underlying contract. Revenue is measured based on the consideration specified in the contract. The amount of consideration we receive and revenue we recognize is impacted by incentives ("customer rebates"), including sales rebates, which are generally tied to sales volume levels, in-store promotional allowances, shared media and customer catalog allowances and other cooperative advertising arrangements; freight allowance programs offered to our customers; and allowance for returns and discounts. We generally recognize customer rebate costs as a deduction to gross sales at the time that the associated revenue is recognized.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Significant Payment Terms</i></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Payment terms for each customer are dependent on the agreed upon contractual repayment terms. Typically between 30 and 90 days, but they vary dependent on the size of the customer and its risk profile to the Company. Some customers receive discounts for early payment.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Product Returns</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accepts product returns in the normal course of business. The Company estimates reserves for returns and the related refunds to customers based on historical experience. Reserves for returned merchandise are included as a component of “Accounts receivables” in the consolidated balance sheets.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>Practical Expedient Usage and Accounting Policy Elections</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has determined to utilize the modified retrospective approach which requires cumulative effect adjustment to the opening balance of retained earnings in the current year. This opening adjustment is determined based on the impact of the new revenue standard’s application on contracts that were not completed as of January 1, 2018, the date of initial application of the standard. This election did not have an impact on the Company’s consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the Company’s contracts that have an original duration of one year or less, the Company uses the practical expedient in ASC 606-10-32-18 applicable to such contracts and accordingly, does not consider the time value of money in relation to significant financing components. The effect of applying this practical expedient election did not have an impact on the Company’s consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Per ASC 606-10-25-18B, the Company has elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity instead of a performance obligation. Furthermore, shipping and handling activities performed before transfer of control of the product also do not constitute a separate and distinct performance obligation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has elected to exclude from the transaction price those amounts which relate to sales and other taxes that are assessed by governmental authorities and that are imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Applying the practical expedient in ASC 340-40-25-4 – <i>Other Assets and Deferred Costs</i>, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred. These costs are included in “Selling, general and administrative expenses.” The effect of applying this practical expedient did not have a material impact on the Company’s consolidated financial statements.</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Disaggregation of Revenues</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table represents external net sales disaggregated by product category:</p> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>  </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 9pt">For the twelve months ended December 31, 2018</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 9pt">(amounts in 000's)                </font></p> <p style="margin: 0"><font style="font-size: 9pt"> </font></p> <p style="margin: 0"><font style="font-size: 9pt"></font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">US</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Canada</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Europe</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Total</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left"><font style="font-size: 9pt">Cutting, Sharpening and Measuring</font></td><td style="width: 2%"><font style="font-size: 9pt"> </font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">64,271</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt"> </font></td><td style="width: 2%"><font style="font-size: 9pt"> </font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">6,973</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt"> </font></td><td style="width: 2%"><font style="font-size: 9pt"> </font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">9,103</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt"> </font></td><td style="width: 2%"><font style="font-size: 9pt"> </font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right">80<font style="font-size: 9pt">,347</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">First Aid and Safety</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">56,974</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt"> </font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">—  </font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt"> </font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">—  </font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt"> </font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">56,974</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td> <td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt"> </font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td> <td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt"> </font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td> <td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt"> </font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td> <td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt"> </font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 9pt">Total Net Sales</font></td><td style="font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 9pt"> </font></td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">$</font></td><td style="font-weight: bold; text-align: right; border-bottom: Black 2pt double"><font style="font-size: 9pt">121,245</font></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt"> </font></td><td style="font-weight: bold; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt"> </font></td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">$</font></td><td style="font-weight: bold; text-align: right; border-bottom: Black 2pt double"><font style="font-size: 9pt">6,973</font></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt"> </font></td><td style="font-weight: bold; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt"> </font></td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">$</font></td><td style="font-weight: bold; text-align: right; border-bottom: Black 2pt double"><font style="font-size: 9pt">9,103</font></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt"> </font></td><td style="font-weight: bold; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt"> </font></td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">$</font></td><td style="font-weight: bold; text-align: right; border-bottom: Black 2pt double"><font style="font-size: 9pt">137,321</font></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><font style="font-size: 9pt"> </font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</ACU:RevenueFromContractWithCustomersTextBlock>
<ACU:DisaggregationOfRevenuesTableTextBlock contextRef="From2018-01-01to2018-12-31">
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 9pt">For the twelve months ended December 31, 2018</font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 9pt">(amounts in 000's)                </font></p> <p style="margin: 0"><font style="font-size: 9pt"> </font></p> <p style="margin: 0"><font style="font-size: 9pt"></font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td><font style="font-size: 9pt"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">US</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Canada</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Europe</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 9pt">Total</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left"><font style="font-size: 9pt">Cutting, Sharpening and Measuring</font></td><td style="width: 2%"><font style="font-size: 9pt"> </font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">64,271</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt"> </font></td><td style="width: 2%"><font style="font-size: 9pt"> </font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">6,973</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt"> </font></td><td style="width: 2%"><font style="font-size: 9pt"> </font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right"><font style="font-size: 9pt">9,103</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt"> </font></td><td style="width: 2%"><font style="font-size: 9pt"> </font></td> <td style="width: 2%; text-align: left"><font style="font-size: 9pt">$</font></td><td style="width: 10%; text-align: right">80<font style="font-size: 9pt">,347</font></td><td style="width: 1%; text-align: left"><font style="font-size: 9pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 9pt">First Aid and Safety</font></td><td style="padding-bottom: 1pt"><font style="font-size: 9pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">56,974</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt"> </font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">—  </font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt"> </font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">—  </font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-size: 9pt"> </font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-size: 9pt"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 9pt"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 9pt">56,974</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 9pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td> <td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt"> </font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td> <td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt"> </font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td> <td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt"> </font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td><td><font style="font-size: 9pt"> </font></td> <td style="text-align: left"><font style="font-size: 9pt"> </font></td><td style="text-align: right"><font style="font-size: 9pt"> </font></td><td style="text-align: left"><font style="font-size: 9pt"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 9pt">Total Net Sales</font></td><td style="font-weight: bold; padding-bottom: 2.5pt"><font style="font-size: 9pt"> </font></td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">$</font></td><td style="font-weight: bold; text-align: right; border-bottom: Black 2pt double"><font style="font-size: 9pt">121,245</font></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt"> </font></td><td style="font-weight: bold; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt"> </font></td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">$</font></td><td style="font-weight: bold; text-align: right; border-bottom: Black 2pt double"><font style="font-size: 9pt">6,973</font></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt"> </font></td><td style="font-weight: bold; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt"> </font></td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">$</font></td><td style="font-weight: bold; text-align: right; border-bottom: Black 2pt double"><font style="font-size: 9pt">9,103</font></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt"> </font></td><td style="font-weight: bold; padding-bottom: 2.5pt; border-bottom: Black 2pt double"><font style="font-size: 9pt"> </font></td> <td style="font-weight: bold; text-align: left; border-bottom: Black 2pt double"><font style="font-size: 9pt">$</font></td><td style="font-weight: bold; text-align: right; border-bottom: Black 2pt double"><font style="font-size: 9pt">137,321</font></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><font style="font-size: 9pt"> </font></td></tr> </table> <p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
</ACU:DisaggregationOfRevenuesTableTextBlock>
<us-gaap:OperatingLeaseRightOfUseAsset contextRef="AsOf2018-12-31" unitRef="USD" decimals="0"> 2900000 </us-gaap:OperatingLeaseRightOfUseAsset>
<us-gaap:DefinedBenefitPlanOtherCosts contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 87000 </us-gaap:DefinedBenefitPlanOtherCosts>
<ACU:TaxCutsandJobsActof2017IncompleteAccountingChangeInTaxRateTotalTaxExpense contextRef="From2017-01-01to2017-12-31" unitRef="USD" decimals="0"> 1245000 </ACU:TaxCutsandJobsActof2017IncompleteAccountingChangeInTaxRateTotalTaxExpense>
<ACU:TaxCutsandJobsActof2017IncompleteAccountingChangeInTaxRateIncreaseInEffectiveTaxRate contextRef="From2017-01-01to2017-12-31" unitRef="Pure" decimals="INF"> 1.28 </ACU:TaxCutsandJobsActof2017IncompleteAccountingChangeInTaxRateIncreaseInEffectiveTaxRate>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive contextRef="AsOf2018-12-31_us-gaap_MortgagesMember" unitRef="USD" decimals="0"> 266664 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive>
<us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive contextRef="AsOf2018-12-31_us-gaap_MortgagesMember" unitRef="USD" decimals="0"> 2377794 </us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive>
<ACU:RevenuesDisaggregationByCategory contextRef="From2018-01-01to2018-12-31_custom_UnitedStatesMember" unitRef="USD" decimals="0"> 121245000 </ACU:RevenuesDisaggregationByCategory>
<ACU:RevenuesDisaggregationByCategory contextRef="From2018-01-01to2018-12-31_custom_CanadaMember" unitRef="USD" decimals="0"> 6973000 </ACU:RevenuesDisaggregationByCategory>
<ACU:RevenuesDisaggregationByCategory contextRef="From2018-01-01to2018-12-31_us-gaap_EuropeMember" unitRef="USD" decimals="0"> 9103000 </ACU:RevenuesDisaggregationByCategory>
<ACU:RevenuesDisaggregationByCategory contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="0"> 137321395 </ACU:RevenuesDisaggregationByCategory>
<ACU:RevenuesDisaggregationByCategory contextRef="From2018-01-01to2018-12-31_custom_UnitedStatesMember_custom_ProductAMember" unitRef="USD" decimals="0"> 64271000 </ACU:RevenuesDisaggregationByCategory>
<ACU:RevenuesDisaggregationByCategory contextRef="From2018-01-01to2018-12-31_custom_CanadaMember_custom_ProductAMember" unitRef="USD" decimals="0"> 6973000 </ACU:RevenuesDisaggregationByCategory>
<ACU:RevenuesDisaggregationByCategory contextRef="From2018-01-01to2018-12-31_us-gaap_EuropeMember_custom_ProductAMember" unitRef="USD" decimals="0"> 9103000 </ACU:RevenuesDisaggregationByCategory>
<ACU:RevenuesDisaggregationByCategory contextRef="From2018-01-01to2018-12-31_custom_ProductAMember" unitRef="USD" decimals="0"> 80347000 </ACU:RevenuesDisaggregationByCategory>
<ACU:RevenuesDisaggregationByCategory contextRef="From2018-01-01to2018-12-31_custom_UnitedStatesMember_custom_ProductBMember" unitRef="USD" decimals="0"> 56974000 </ACU:RevenuesDisaggregationByCategory>
<ACU:RevenuesDisaggregationByCategory contextRef="From2018-01-01to2018-12-31_custom_CanadaMember_custom_ProductBMember" unitRef="USD" decimals="0"> 0 </ACU:RevenuesDisaggregationByCategory>
<ACU:RevenuesDisaggregationByCategory contextRef="From2018-01-01to2018-12-31_us-gaap_EuropeMember_custom_ProductBMember" unitRef="USD" decimals="0"> 0 </ACU:RevenuesDisaggregationByCategory>
<ACU:RevenuesDisaggregationByCategory contextRef="From2018-01-01to2018-12-31_custom_ProductBMember" unitRef="USD" decimals="0"> 56974000 </ACU:RevenuesDisaggregationByCategory>
<dei:EntityEmergingGrowthCompany contextRef="From2018-01-01to2018-12-31"> false </dei:EntityEmergingGrowthCompany>
<dei:EntitySmallBusiness contextRef="From2018-01-01to2018-12-31"> true </dei:EntitySmallBusiness>
<dei:EntityShellCompany contextRef="From2018-01-01to2018-12-31"> false </dei:EntityShellCompany>
</xbrli:xbrl>

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