Weyco (WEYS) 10-K 12 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 02, 2020	Jun. 30, 2019
Document and Entity Information
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	WEYCO GROUP INC
Entity Central Index Key	0000106532
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 164,547,000
Trading Symbol	WEYS
Entity Common Stock, Shares Outstanding		9,844,644
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF EARNINGS
Net sales	$ 304,011	$ 298,375
Cost of sales	180,049	178,295
Gross earnings	123,962	120,080
Selling and administrative expenses	96,922	94,621
Earnings from operations	27,040	25,459
Interest income	823	981
Interest expense	(244)	(45)
Other expense, net	(535)	(638)
Earnings before provision for income taxes	27,084	25,757
Provision for income taxes	6,202	5,798
Net earnings	20,882	19,959
Net loss attributable to noncontrolling interest	0	(525)
Net earnings attributable to Weyco Group, Inc.	$ 20,882	$ 20,484
Basic earnings per share (in dollars per share)	$ 2.11	$ 2.01
Diluted earnings per share (in dollars per share)	$ 2.10	$ 1.97

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings	$ 20,882	$ 19,959
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(132)	(2,076)
Pension liability adjustments	(2,832)	1,363
Other comprehensive loss	(2,964)	(713)
Comprehensive income	17,918	19,246
Comprehensive loss attributable to noncontrolling interest	0	(997)
Comprehensive income attributable to Weyco Group, Inc.	$ 17,918	$ 20,243

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS:
Cash and cash equivalents	$ 9,799	$ 22,973
Marketable securities, at amortized cost	5,904	1,525
Accounts receivable, less allowances of $2,409 and $2,286, respectively	51,532	51,533
Inventories	86,713	72,684
Prepaid expenses and other current assets	6,047	5,380
Total current assets	159,995	154,095
Marketable securities, at amortized cost	15,814	18,702
Deferred income tax benefits	2,487	1,277
Property, plant and equipment, net	32,214	28,707
Operating lease right-of-use assets	18,753	0
Goodwill	11,112	11,112
Trademarks	32,868	32,868
Other assets	23,674	23,283
Total assets	296,917	270,044
LIABILITIES AND EQUITY:
Short-term borrowings	7,049	5,840
Accounts payable	12,455	12,764
Dividend payable	2,355	2,308
Operating lease liabilities	6,505	0
Accrued liabilities:
Accrued compensation and employee benefits	5,894	6,426
Sales and advertising allowances	3,567	3,543
Taxes other than income taxes	1,026	770
Other	2,935	3,567
Accrued income tax payable	90	912
Total current liabilities	41,876	36,130
Deferred income tax liabilities	3,085	3,724
Long-term pension liability	27,523	23,112
Operating lease liabilities	14,110	0
Other long-term liabilities	329	1,495
Total liabilities	86,923	64,461
Commitments and contingencies (Note 15)
Common stock, $1.00 par value, authorized 24,000,000 shares in 2019 and 2018, issued and outstanding 9,872,894 shares in 2019 and 10,056,929 shares in 2018	9,873	10,057
Capital in excess of par value	65,832	64,263
Reinvested earnings	158,825	152,835
Accumulated other comprehensive loss	(24,536)	(21,572)
Total equity	209,994	205,583
Total liabilities and equity	$ 296,917	$ 270,044

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED BALANCE SHEETS
Accounts receivable, reserves (in dollars)	$ 2,409	$ 2,286
Common stock, par value (in dollars per share)	$ 1	$ 1
Common Stock, Shares Authorized	24,000,000	24,000,000
Common Stock, Shares, Issued	9,872,894	10,056,929
Common Stock, Shares, Outstanding	9,872,894	10,056,929

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Capital in Excess Of Par Value [Member]	Reinvested Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2017	$ 10,162	$ 55,884	$ 150,350	$ (17,859)	$ 7,122
Net earnings (loss)	0	0	20,484	0	(525)	$ 19,959
Foreign currency translation adjustments	0	0	0	(1,604)	(472)	(2,076)
Pension liability adjustment, net of tax	0	0	0	1,363	0	1,363
Cash dividends declared	0	0	(9,297)	0	0
Cash dividends paid to noncontrolling interest of subsidiary	0	0	0	0	(88)
Reclassification of stranded tax effects from the adoption of ASU 2018-02 at Dec. 31, 2017	0	0	2,361	(2,361)	0
Acquisition of noncontrolling interest	0	3,408	0	(1,111)	(6,037)
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	225	3,479	0	0	0
Issuance of restricted stock	25	(25)	0	0	0
Restricted stock forfeited	(4)	4	0	0	0
Share-based compensation expense	0	1,513	0	0	0
Shares purchased and retired	(351)	0	(11,063)	0	0
Balance at Dec. 31, 2018	10,057	64,263	152,835	(21,572)	0	205,583
Net earnings (loss)	0	0	20,882	0	0	20,882
Foreign currency translation adjustments	0	0	0	(132)	0	(132)
Pension liability adjustment, net of tax	0	0	0	(2,832)	0	(2,832)
Cash dividends declared	0	0	(9,466)	0	0
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	8	148	0	0	0
Issuance of restricted stock	31	(31)	0	0	0
Share-based compensation expense	0	1,452	0	0	0
Shares purchased and retired	(223)	0	(5,426)	0	0
Balance at Dec. 31, 2019	$ 9,873	$ 65,832	$ 158,825	$ (24,536)	$ 0	$ 209,994

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CONSOLIDATED STATEMENTS OF EQUITY
Pension liability adjustment, net of tax (in dollars)	$ 994	$ 479
Cash dividends declared (in dollars per share)	$ 0.95	$ 0.91

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 20,882	$ 19,959
Adjustments to reconcile net earnings to net cash provided by operating activities -
Depreciation	3,292	3,712
Amortization	194	318
Bad debt expense	122	311
Deferred income taxes	(869)	643
Net foreign currency transaction (gains) losses	(13)	459
Share-based compensation expense	1,452	1,513
Pension contribution	0	(3,000)
Pension expense	1,047	696
Impairment of long-lived assets	259	356
Loss on disposal of fixed assets	330	0
Increase in cash surrender value of life insurance	(564)	(528)
Changes in operating assets and liabilities -
Accounts receivable	(138)	(2,409)
Inventories	(14,042)	(12,387)
Prepaid expenses and other assets	(623)	531
Accounts payable	(315)	3,898
Accrued liabilities and other	(817)	(2,617)
Accrued income taxes	(810)	2,427
Excess tax benefits from share-based compensation	0	(830)
Net cash provided by operating activities	9,387	13,052
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of marketable securities	(14,641)	(7,949)
Proceeds from maturities of marketable securities	13,250	11,338
Life insurance premiums paid	(155)	(155)
Purchases of property, plant and equipment	(7,392)	(1,410)
Net cash (used for) provided by investing activities	(8,938)	1,824
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid	(9,408)	(9,213)
Cash dividends paid to noncontrolling interest of subsidiary	0	(88)
Payment to acquire noncontrolling interest of subsidiary	0	(3,740)
Shares purchased and retired	(5,649)	(11,414)
Net proceeds from stock options exercised	161	4,403
Taxes paid related to the net share settlement of equity awards	(5)	(699)
Proceeds from bank borrowings	151,358	60,340
Repayments of bank borrowings	(150,149)	(54,500)
Net cash used for financing activities	(13,692)	(14,911)
Effect of exchange rate changes on cash and cash equivalents	69	(445)
Net decrease in cash and cash equivalents	(13,174)	(480)
CASH AND CASH EQUIVALENTS at beginning of year	22,973	23,453
CASH AND CASH EQUIVALENTS at end of year	9,799	22,973
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	7,604	3,669
Interest paid	$ 244	$ 45

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2019
NATURE OF OPERATIONS
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS Weyco Group, Inc. (the “Company”) designs and markets quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, BOGS, and Rafters. Inventory is purchased from third-party overseas manufacturers. The majority of foreign-sourced purchases are denominated in U.S. dollars. The Company has two reportable segments, North American wholesale operations (“wholesale”) and North American retail operations (“retail”). In the wholesale segment, the Company’s products are sold to leading footwear, department, and specialty stores, as well as e-commerce retailers, primarily in the United States and Canada. The Company also has licensing agreements with third parties who sell its branded apparel, accessories and specialty footwear in the United States, as well as its footwear in Mexico and certain markets overseas. Licensing revenues are included in the Company’s wholesale segment. The Company’s retail segment consisted of eight brick and mortar stores and e-commerce businesses in the United States as of December 31, 2019. Sales in retail outlets are made directly to consumers by Company employees. The Company’s “other” operations include the Company’s wholesale and retail businesses in Australia, South Africa, Asia Pacific (collectively, “Florsheim Australia”) and Europe (“Florsheim Europe”). In 2018, the Company became the 100% owner of Florsheim Australia; see Note 2 for additional information. The majority of the Company’s operations are in the United States, and its results are primarily affected by the economic conditions and retail environment in the United States.

ACQUISITION OF NONCONTROLLING I

ACQUISITION OF NONCONTROLLING INTEREST	12 Months Ended
	Dec. 31, 2019
ACQUISITION OF NONCONTROLLING INTEREST
ACQUISITION OF NONCONTROLLING INTEREST	2. ACQUISITION OF NONCONTROLLING INTEREST During 2018, David Venner, Director of Seraneuse Pty Ltd, the former minority interest shareholder of Florsheim Australia Pty Ltd, which owns 100% of Florsheim Australia, provided notice and tendered to the Company his shares, which represented a 45% equity interest in Florsheim Australia Pty Ltd, in accordance with the Shareholders Agreement dated January 23, 2009. The Shareholders Agreement allowed him to tender the shares, at his discretion, anytime on or after January 23, 2014. Accordingly, the Company purchased the minority interest in Florsheim Australia Pty Ltd for $3.7 million on August 30, 2018, and the Company has owned 100% of Florsheim Australia Pty Ltd. since that time. This transaction was accounted for in accordance with ASC 810, Consolidation, as an equity transaction. Therefore, no gain or loss was recognized in consolidated net earnings or comprehensive income. The carrying amount of the noncontrolling interest was adjusted to zero, and the difference between the fair value of the consideration paid and the balance of the noncontrolling interest as of the acquisition date was recognized within equity.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation - The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, and include all of the Company’s majority-owned subsidiaries after elimination of intercompany accounts and transactions. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ materially from those estimates. Cash and Cash Equivalents - The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. At December 31, 2019 and 2018, the Company’s cash and cash equivalents included investments in U.S. treasury bills, money market accounts, and/or cash deposits at various banks. The Company periodically has cash balances in excess of insured amounts. The Company has not experienced any losses on deposits in excess of insured amounts. Investments - All of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC 320, Investments – Debt and Equity Securities, as the Company has the intent and ability to hold all investments to maturity. See Note 5. Accounts Receivable – Trade accounts receivable arise from the sale of products on unsecured trade credit terms. On a quarterly basis, the Company reviews all significant accounts with past due balances, as well as the collectability of other outstanding trade accounts receivable for possible write-off. It is the Company’s policy to write-off accounts receivable against the allowance account when receivables are deemed to be uncollectible. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses in the accounts receivable balances. The Company determines the allowance based on known troubled accounts, historical experience and other evidence currently available. Inventories - The majority of inventories are determined on a last-in, first-out (“LIFO”) basis. LIFO inventory is valued at the lower of cost or market. All other inventories are determined on a first-in, first-out basis (“FIFO”) basis, and are valued at the lower of cost or net realizable value. Inventory costs include the cost of shoes purchased from third-party manufacturers, as well as related freight and duty costs. The Company generally takes title to product at the time of shipping. See Note 6. Property, Plant and Equipment and Depreciation - Property, plant and equipment are stated at cost. Plant and equipment are depreciated using primarily the straight-line method over their estimated useful lives as follows: buildings and improvements, 10 to 39 years; machinery and equipment, 3 to 15 years; furniture and fixtures, 5 to 15 years. For income tax reporting purposes, depreciation is calculated using applicable methods. Impairment of Long-Lived Assets - Property, plant and equipment are reviewed for impairment in accordance with ASC 360, Property, Plant and Equipment if events or changes in circumstances indicate that the carrying amounts may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of an asset to its related estimated undiscounted future cash flows. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset, a loss is recognized for the difference between the fair value and carrying value of the asset. In 2019 and 2018, impairment charges of $259,000 and $246,000, respectively, were recorded within selling and administrative expenses to write down the value of certain retail fixed assets of underperforming stores at Florsheim Australia. No other impairment charges were recorded on the Company’s property, plant and equipment in 2019 or 2018. Leases - The Company leases retail shoe stores, primarily located in the U.S. and Australia, as well as several office and distribution facilities worldwide. The Company determines whether an arrangement is or contains a lease at contract inception. All of the Company’s leases are classified as operating leases, which are included in the operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. The Company has no finance leases. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may include options to renew when it is reasonably certain that the Company will exercise that option. As the Company’s leases generally do not provide an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate was a hypothetical rate based on an understanding of what the Company could borrow from a third-party lender, on a collateralized basis, over a similar term, and in an amount that approximates the value of the Company’s future lease payments. The Company used a portfolio approach and applied a single discount rate to all of its leases. Operating lease costs are recognized on a straight-line basis over the lease term and are included in selling and administrative expenses. Variable lease payments that do not depend on a rate or index, payments associated with non-lease components, and short-term rentals (leases with terms less than 12 months) are expensed as incurred. See Note 8. Goodwill - The Company’s goodwill resulted from the 2011 acquisition of the BOGS and Rafters brands. Goodwill is not amortized, but is reviewed for impairment on an annual basis and between annual tests if indicators of impairment are present. The applicable reporting unit for goodwill impairment testing is the wholesale segment. The Company has the option to assess goodwill for impairment by performing either a qualitative assessment or quantitative test. The qualitative assessment is the first step and determines whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the assessment indicates the fair value exceeds the carrying value, then there is no impairment and the quantitative test is not required. However, if the assessment indicates the fair value is less than the carrying value, then the quantitative test is required. The quantitative test compares the fair value of the reporting unit to its book value including goodwill, and if the fair value is less than the book value, an impairment loss is recognized for the difference, limited to the value of the goodwill. The Company performed the required annual impairment tests for goodwill in 2019 and 2018, and found no impairment. There has never been an impairment recorded on this goodwill. Intangible Assets (excluding Goodwill) - Other intangible assets consist of customer relationships and trademarks. Customer relationships are amortized over their estimated useful lives. Trademarks are not amortized, but are reviewed for impairment on an annual basis and between annual tests when an event occurs or circumstances change that indicates the carrying value may not be recoverable. In 2019, no impairment was recorded on the Company’s trademarks. In 2018, an impairment charge of $110,000 was recorded to write off the remaining value of the Umi trademark. Life Insurance – Life insurance policies are recorded at the amount that could be realized under the insurance contracts as of the balance sheet date. These assets are included within other assets in the Consolidated Balance Sheets. See Note 10. Income Taxes - Deferred income taxes are provided on temporary differences arising from differences in the basis of assets and liabilities for income tax and financial reporting purposes. Deferred tax assets and liabilities are measured using enacted income tax rates in effect. Tax rate changes affecting deferred tax assets and liabilities are recognized in income at the enactment date. The Company records interest and penalties associated with unrecognized tax benefits within interest expense and provision for income taxes, respectively. See Note 14. Noncontrolling Interest - The Company’s former noncontrolling interest, which was accounted for under ASC 810, represented the minority shareholder’s ownership interest in the wholesale and retail businesses of Florsheim Australia. In accordance with ASC 810, the Company reported its noncontrolling interest in subsidiaries as a separate component of equity in the Consolidated Balance Sheets, and reported both net earnings (loss) attributable to the noncontrolling interest and net earnings attributable to the Company’s common shareholders on the face of the Consolidated Statements of Earnings. On August 30, 2018, the Company acquired the minority interest in Florsheim Australia for $3.7 million, and the Company has owned 100% of Florsheim Australia since that time. Revenue Recognition – The Company’s revenue contracts represent a single performance obligation to sell its products to its customers. Sales are recorded at the time control of the product is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for the products. Wholesale revenue is generally recognized upon shipment of the product, as that is when the customer obtains control of the promised goods. Shipping and handling activities that occur after control of the product transfers to the customer are treated as fulfillment activities, not as a separate performance obligation. Retail revenue is generated primarily from the sale of footwear to customers at retail locations or through the Company’s websites. For in-store sales, the Company recognizes revenue at the point of sale. For sales made through the Company’s websites, revenue is recognized upon shipment to the customer. Sales taxes collected from website or retail sales are excluded from the Company’s reported net sales. Revenue from third-party licensing agreements is recognized in the period earned. Licensing revenues were $3.0 million in 2019 and $2.5 million in 2018. All revenue is recorded net of estimated allowances for returns and discounts; these revenue offsets are accrued for at the time of sale. The Company’s estimates of allowances for returns and discounts are based on such factors as specific customer situations, historical experience, and current and expected economic conditions. The Company evaluates the reserves and the estimation process and makes adjustments when appropriate. Generally, payments from customers are received within 90 days following the sale. The Company’s contracts with customers do not have significant financing components or significant prepayments from customers, and there is no non-cash consideration. The Company does not have unbilled revenue, and there are no contract assets and liabilities. Shipping and Handling Fees - The Company classifies shipping and handling fees billed to customers as revenues. Shipping and handling expenses incurred by the Company are included in selling and administrative expenses in the Consolidated Statements of Earnings. See “ Selling and Administrative Expenses ” below. Cost of Sales - The Company’s cost of sales includes the cost of products and inbound freight and duty costs. Selling and Administrative Expenses - Selling and administrative expenses primarily include salaries and commissions, advertising costs, employee benefit costs, distribution costs (e.g., receiving, inspection, warehousing, shipping, and handling costs), rent and depreciation. Consolidated distribution costs were $16.4 million in 2019 and $15.7 million in 2018. Advertising Costs - Advertising costs are expensed as incurred. Total advertising costs were $12.8 million and $11.8 million in 2019 and 2018, respectively. Advertising expenses are primarily included in selling and administrative expenses. Foreign Currency Translations - The Company accounts for currency translations in accordance with ASC 830, Foreign Currency Matters . The Company’s non-U.S. subsidiaries’ local currencies are the functional currencies under which the balance sheet accounts are translated into U.S. dollars at the rates of exchange in effect at fiscal year-end and income and expense accounts are translated at the weighted average rates of exchange in effect during the year. Translation adjustments resulting from this process are recognized as a separate component of accumulated other comprehensive loss, which is a component of equity. Foreign Currency Transactions - Gains and losses from foreign currency transactions are included in other expense, net, in the Consolidated Statements of Earnings. Net foreign currency transaction gains and losses totaled $13,000 of gains in 2019 and ($459,000) of losses in 2018. Financial Instruments – At December 31, 2019, the Company had foreign exchange contracts outstanding to sell $3.0 million Canadian dollars at a price of approximately $2.3 million U.S. dollars. The Company’s wholly-owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $1.7 million U.S. dollars at a price of approximately $2.4 Australian dollars. These contracts expire in 2020. Realized gains and losses on foreign exchange contracts are related to the purchase and sale of inventory and therefore are included in the Company’s net sales or cost of sales. In 2019 and 2018, realized gains and losses on foreign exchange contracts were not material to the Company’s financial statements. Earnings Per Share - Basic earnings per share excludes any dilutive effects of restricted stock and options to purchase common stock. Diluted earnings per share includes any dilutive effects of restricted stock and options to purchase common stock. See Note 17. Comprehensive Income – Comprehensive income includes net earnings and changes in accumulated other comprehensive loss. Comprehensive income is reported in the Consolidated Statements of Comprehensive Income. See Note 13 for more details regarding changes in accumulated other comprehensive loss. Share-Based Compensation - At December 31, 2019, the Company had two share-based employee compensation plans, which are described more fully in Note 19. The Company accounts for these plans under the recognition and measurement principles of ASC 718, Compensation – Stock Compensation . The Company’s policy is to estimate the fair market value of each option award granted on the date of grant using the Black-Scholes option pricing model. The Company estimates the fair value of each restricted stock award based on the fair market value of the Company’s stock price on the grant date. The resulting compensation cost for both the options and restricted stock is amortized on a straight-line basis over the vesting period of the respective awards. Concentration of Credit Risk – There was one individual customer accounts receivable balance outstanding that was more than 10% of the Company’s gross accounts receivable balance at December 31, 2019. There was one individual customer accounts receivable balance outstanding that was 10% of the Company’s gross accounts receivable balance at December 31, 2018. There were no individual customers with sales above 10% of the Company’s total sales in 2019 and 2018. New Accounting Pronouncements – Recently Adopted On January 1, 2019, the Company adopted Accounting Standards Update 2016-02, Leases , as amended (hereinafter referred to as “ASC 842”), which supersedes the lease accounting guidance under Topic 840. ASC 842 generally requires lessees to recognize lease liabilities and corresponding ROU assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company adopted the new guidance using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. The comparative information was not restated and continues to be reported in accordance with historical accounting under Topic 840. The Company elected to utilize certain practical expedients that were provided for transition relief. Accordingly, the Company did not reassess expired or existing contracts, lease classifications or related initial direct costs as part of its assessment process. Additionally, the Company elected not to apply the recognition requirements of ASC 842 to short-term leases. The adoption of ASC 842 had a material impact on the Company’s consolidated balance sheet due to the recognition of ROU assets and lease liabilities. The Company recognized operating lease ROU assets and corresponding lease liabilities totaling $26.0 million and $27.8 million, respectively, on January 1, 2019. The operating lease ROU assets recorded on the adoption date were net of approximately $1.8 million in reclassifications of other accrued liabilities and long-term liabilities. The adoption did not impact the Company’s beginning retained earnings, nor did it have a material impact on the Company’s consolidated earnings or cash flows. Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans . ASU 2018-14 modifies and clarifies the required disclosures for employers that sponsor defined benefit pension or other postretirement plans. These amendments remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. Adoption of the new standard is not expected to have a material impact on the Company’s earnings or cash flows , as it only impacts disclosures. In December 2019, the FASB issued ASU 2019-12 Simplifying the Accounting for Income Taxes . This guidance removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. This ASU will be effective for the Company in the first quarter of 2021, with early adoption permitted. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments . This ASU modifies the measurement of expected credit losses of certain financial instruments, and applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. This ASU will be effective for the Company in the first quarter of 2023. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	4. FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the sources of data and assumptions used to develop the fair value measurements: · Level 1 - unadjusted quoted market prices in active markets for identical assets or liabilities that are publicly accessible. · Level 2 - quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. · Level 3 - unobservable inputs that reflect the Company’s assumptions, consistent with reasonably available assumptions made by other market participants. The carrying amounts of all short-term financial instruments, except marketable securities and foreign exchange contracts, approximate fair value due to the short-term nature of those instruments. Marketable securities are carried at amortized cost. The fair value disclosures of marketable securities are Level 2 valuations as defined by ASC 820, consisting of quoted prices for identical or similar assets in markets that are not active. See Note 5. Foreign exchange contracts are carried at fair value. The fair value measurements of foreign exchange contracts are based on observable market transactions of spot and forward rates, and thus represent level 2 valuations as defined by ASC 820.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2019
INVESTMENTS
INVESTMENTS	5. INVESTMENTS Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities at December 31, 2019 and 2018. The estimated market values provided are Level 2 valuations as defined by ASC 820. 2019 2018 Amortized Cost Market Value Amortized Cost Market Value (Dollars in thousands) Municipal bonds: Current $ 5,904 $ 5,915 $ 1,525 $ 1,532 Due from one through five years 8,336 8,621 9,752 9,861 Due from six through ten years 4,255 4,618 6,239 6,433 Due from eleven through twenty years 3,223 3,430 2,711 2,713 Total $ 21,718 $ 22,584 $ 20,227 $ 20,539 The unrealized gains and losses on marketable securities at December 31, 2019 and 2018 were as follows: 2019 2018 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 866 $ — $ 388 $ (76) At each reporting date, the Company reviews its investments to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. To determine whether a decline in value is other-than-temporary, the Company considers all available evidence, including the issuer’s financial condition, the severity and duration of the decline in fair value, and the Company’s intent and ability to hold the investment for a reasonable period of time sufficient for any forecasted recovery. If a decline in value is deemed other-than-temporary, the Company records a reduction in the carrying value to the estimated fair value. The Company determined that no other-than-temporary impairment exists for the years ended December 31, 2019 and 2018.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2019
INVENTORIES
INVENTORIES	6. INVENTORIES At December 31, 2019 and 2018, inventories consisted of: 2019 2018 (Dollars in thousands) Finished shoes $ 105,340 $ 91,276 LIFO reserve (18,627) (18,592) Total inventories $ 86,713 $ 72,684 Finished shoes included inventory in-transit of $18.3 million and $24.2 million at December 31, 2019 and 2018, respectively. At December 31, 2019, approximately 91% of the Company’s inventories were valued by the LIFO method of accounting while approximately 9% were valued by the FIFO method of accounting. At December 31, 2018, approximately 89% of the Company’s inventories were valued by the LIFO method of accounting while approximately 11% were valued by the FIFO method of accounting. During 2019, there were liquidations of LIFO inventory quantities which resulted in immaterial decreases in cost of sales. During 2018, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years compared to the cost of fiscal 2018 purchases; the effect of the liquidation decreased cost of sales by $87,000 in 2018.

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2019
PROPERTY, PLANT AND EQUIPMENT, NET
PROPERTY, PLANT AND EQUIPMENT, NET	7. PROPERTY, PLANT AND EQUIPMENT, NET At December 31, 2019 and 2018, property, plant and equipment consisted of: 2019 2018 (Dollars in thousands) Land and land improvements $ 3,793 $ 3,778 Buildings and improvements 26,912 26,912 Machinery and equipment 34,032 32,310 Retail fixtures and leasehold improvements 10,112 11,522 Construction in progress 5,273 92 Property, plant and equipment 80,122 74,614 Less: Accumulated depreciation (47,908) (45,907) Property, plant and equipment, net $ 32,214 $ 28,707 The increase in construction in progress in 2019 was primarily due to the expansion of office space within the Company’s headquarters. This project is expected to be complete in the first quarter of 2020 .

LEASES

LEASES	12 Months Ended
	Dec. 31, 2019
LEASES
LEASES	8. LEASES The Company leases retail shoe stores, as well as several office and distribution facilities worldwide. The leases have original lease periods expiring between 2020 and 2030. Many leases include one or more options to renew. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of the Company’s operating lease costs were as follows (dollars in thousands): Twelve Months Ended December 31, 2019 Operating lease costs $ 8,592 Variable lease costs (1) 71 Total lease costs $ 8,663 (1) Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts. Short-term lease costs, which were excluded from the above table, are not material to the Company’s financial statements. The following is a schedule of maturities of operating lease liabilities as of December 31, 2019 (dollars in thousands): Operating Leases 2020 $ 7,269 2021 5,606 2022 3,380 2023 2,314 2024 1,526 Thereafter 2,777 Total lease payments 22,872 Less imputed interest (2,257) Present value of lease liabilities $ 20,615 The operating lease liabilities are classified in the 2019 consolidated balance sheet as follows (dollars in thousands): December 31,2019 Operating lease liabilities - current $ 6,505 Operating lease liabilities - non-current 14,110 Total $ 20,615 The Company determined the present value of its lease liabilities using a weighted-average discount rate of 4.25%. As of December 31, 2019, the Company’s leases have a weighted-average remaining lease term of 4.5 years. Supplemental cash flow information related to the Company’s operating leases is as follows ( Twelve Months Ended December 31,2019 Cash paid for amounts included in the measurement of lease liabilities $ 8,868 Right-of-use assets obtained in exchange for new lease liabilities(noncash) $ 28,263 The future minimum rental commitments under operating leases in effect as of December 31, 2018 having non-cancelable lease terms in excess of one year, as determined in accordance with Topic 840 (prior to the adoption of ASC 842), were as follows (dollars in thousands): Operating Leases 2019 $ 9,468 2020 7,529 2021 5,584 2022 3,278 2023 2,321 Thereafter 4,161 Total $ 32,341

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2019
INTANGIBLE ASSETS
INTANGIBLE ASSETS	9. INTANGIBLE ASSETS The Company’s indefinite-lived intangible assets as recorded in the Consolidated Balance Sheets consisted of the following at December 31, 2019 and December 31, 2018: Indefinite-Lived Intangible Assets Goodwill $ 11,112 Trademarks 32,868 Total $ 43,980 The Company’s amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following: December 31, 2019 December 31, 2018 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 $ (2,061) $ 1,439 $ 3,500 $ (1,828) $ 1,672 Total amortizable intangible assets $ 3,500 $ (2,061) $ 1,439 $ 3,500 $ (1,828) $ 1,672 The amortizable intangible assets are included within other assets in the Consolidated Balance Sheets. See Note 10. The Company recorded amortization expense for intangible assets of $233,000 in 2019 and $234,000 in 2018. Excluding the impact of any future acquisitions, the Company anticipates future amortization expense will be approximately $233,000 in each of the years 2020 through 2024, and approximately $272,000 thereafter.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2019
OTHER ASSETS
OTHER ASSETS	10. OTHER ASSETS Other assets included the following amounts at December 31, 2019 and 2018: 2019 2018 (Dollars in thousands) Cash surrender value of life insurance $ 17,681 $ 16,961 Amortizable intangible assets (See Note 9) 1,439 1,672 Investment in real estate 2,189 2,149 Other 2,365 2,501 Total other assets $ 23,674 $ 23,283 The Company has five life insurance policies on current and former executives. Upon death of the insured executives, the approximate death benefit the Company would receive is $17.7 million in aggregate as of December 31, 2019. On May 1, 2013, the Company purchased a 50% interest in a building in Montreal, Canada for approximately $3.2 million. The building, which is classified as an investment in real estate in the above table, serves as the Company’s Canadian office and distribution center. The purchase was accounted for as an equity-method investment under ASC 323, Investments – Equity Method and Joint Ventures , and continues to be accounted for under the equity method of accounting.

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS	12 Months Ended
	Dec. 31, 2019
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS	11. SHORT-TERM BORROWINGS At December 31, 2019, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 5, 2020. The line of credit bears interest at the LIBOR plus 0.75%. At December 31, 2019, outstanding borrowings were approximately $7.0 million at an interest rate of 2.5%. The highest balance on the line of credit during the year was $18.1 million. At December 31, 2018, outstanding borrowings were approximately $5.8 million at an interest rate of 3.3%.

EMPLOYEE RETIREMENT PLANS

EMPLOYEE RETIREMENT PLANS	12 Months Ended
	Dec. 31, 2019
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS	12. EMPLOYEE RETIREMENT PLANS The Company has a defined benefit pension plan covering substantially all employees, as well as an unfunded supplemental pension plan for key executives. Retirement benefits are provided based on employees’ years of credited service and average earnings or stated amounts for years of service. Normal retirement age is 65 with provisions for earlier retirement. The plan also has provisions for disability and death benefits. The plan closed to new participants as of August 1, 2011, and benefit accruals under the plan were frozen effective December 31, 2016. The Company’s funding policy for the defined benefit pension plan is to make contributions to the plan such that all employees’ benefits will be fully provided by the time they retire. Plan assets are stated at market value and consist primarily of equity securities and fixed income securities, mainly U.S. government and corporate obligations. The Company follows ASC 715, Compensation – Retirement Benefits, which requires employers to recognize the funded status of defined benefit pension and other postretirement benefit plans as an asset or liability in their statements of financial position and to recognize changes in the funded status in the year in which the changes occur as a component of comprehensive income. In addition, ASC 715 requires employers to measure the funded status of their plans as of the date of their year-end statements of financial position. ASC 715 also requires additional disclosures regarding amounts included in accumulated other comprehensive loss. The Company’s pension plan’s weighted average asset allocation at December 31, 2019 and 2018, by asset category, was as follows: Plan Assets at December 31, 2019 2018 Asset Category: Equity Securities 55 % 53 % Fixed Income Securities 36 % 40 % Other 9 % 7 % Total 100 % 100 % The Company has a Retirement Plan Committee, consisting of the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, to manage the operations and administration of all benefit plans and related trusts. The committee has an investment policy for the pension plan assets that establishes target asset allocation ranges for the above listed asset classes as follows: equity securities: 20% - 80%; fixed income securities: 20% - 80%; and other, principally cash: 0% - 20%. On a semi-annual basis, the committee reviews progress towards achieving the pension plan’s performance objectives. To develop the expected long-term rate of return on assets assumption, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. This resulted in the selection of the 7.00% long-term rate of return on assets assumption for both 2019 and 2018. To determine the funded status of the pension plan at December 31, 2019 and 2018, the Company used a weighted average discount rate of 3.36% and 4.39% in 2019 and 2018, respectively. The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2019 and 2018: Defined Benefit Pension Plan Supplemental Pension Plan 2019 2018 2019 2018 (Dollars in thousands) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 45,010 $ 49,375 $ 15,891 $ 17,176 Service cost 463 360 — 209 Interest cost 1,801 1,608 659 595 Actuarial loss (gain) 5,660 (4,039) 2,355 (1,601) Benefits paid (2,382) (2,294) (445) (488) Projected benefit obligation, end of year $ 50,552 $ 45,010 $ 18,460 $ 15,891 Change in plan assets Fair value of plan assets, beginning of year $ 37,353 $ 38,369 $ — $ — Actual return on plan assets 6,528 (1,362) — — Administrative expenses (463) (360) — — Contributions — 3,000 445 488 Benefits paid (2,382) (2,294) (445) (488) Fair value of plan assets, end of year $ 41,036 $ 37,353 $ — $ — Funded status of plan $ (9,516) $ (7,657) $ (18,460) $ (15,891) Amounts recognized in the consolidated balance sheets consist of: Accrued liabilities - other $ — $ — $ (453) $ (436) Long-term pension liability (9,516) (7,657) (18,007) (15,455) Net amount recognized $ (9,516) $ (7,657) $ (18,460) $ (15,891) Amounts recognized in accumulated other comprehensive loss consist of: Accumulated loss, net of income tax benefit of $4,478, $4,082, $1,684 and $1,102, respectively $ 12,745 $ 11,616 $ 4,792 $ 3,136 Prior service cost, net of income tax liability of $0, $0, ($12) and ($28), respectively — — (34) (81) Net amount recognized $ 12,745 $ 11,616 $ 4,758 $ 3,055 As noted above, benefit accruals under the pension plan were frozen, effective December 31, 2016. Therefore, the accumulated benefit obligation of the defined benefit pension plan and supplemental pension plan were equal to the respective plans’ projected benefit obligations, as shown in the above table, at December 31, 2019 and 2018. Assumptions used in determining net periodic pension cost for the years ended December 31, 2019 and 2018 were: Defined Benefit Pension Plan Supplemental Pension Plan 2019 2018 2019 2018 Discount rate for determining projected benefit obligation 4.38 % 3.70 % 4.42 % 3.75 % Discount rate in effect for determining service cost — — — 3.83 % Discount rate in effect for determining interest cost 4.05 % 3.33 % 4.19 % 3.51 % Long-term rate of return on plan assets 7.00 % 7.00 % — — The components of net periodic pension cost for the years ended December 31, 2019 and 2018, were: 2019 2018 (Dollars in thousands) Service cost $ 463 $ 569 Interest cost 2,460 2,204 Expected return on plan assets (2,502) (2,711) Net amortization and deferral 626 634 Net periodic pension cost $ 1,047 $ 696 The components of net periodic pension cost other than the service cost component were included in “other expense, net” in the Consolidated Statements of Earnings. The Company expects to recognize expense of $808,000 due to the amortization of unrecognized loss and income of $63,000 due to the amortization of prior service credit as components of net periodic pension cost in 2020, which are included in accumulated other comprehensive loss at December 31, 2019. It is the Company’s intention to satisfy the minimum funding requirements and maintain at least an 80% funding percentage in its defined benefit retirement plan in future years. At this time, the Company expects that any cash contributions necessary to satisfy these requirements in 2020 would not be material. Projected benefit payments for the plans at December 31, 2019, were estimated as follows: Defined Benefit Supplemental Pension Plan Pension Plan (Dollars in thousands) 2020 $ 2,786 $ 453 2021 $ 2,802 $ 489 2022 $ 2,785 $ 538 2023 $ 2,833 $ 699 2024 $ 2,847 $ 767 2025 - 2029 $ 14,245 $ 5,196 The following table summarizes the fair value of the Company’s pension plan assets at December 31, 2019, by asset category within the fair value hierarchy (for further level information, see Note 4): December 31, 2019 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 15,464 $ 2,026 $ — $ 17,490 Preferred stocks 287 29 — 316 Exchange traded funds 5,213 — — 5,213 Corporate obligations — 4,626 — 4,626 State and municipal obligations — 1,062 — 1,062 Pooled fixed income funds 7,598 — — 7,598 U.S. government securities — 364 — 364 Marketable CD’s — 806 — 806 Cash and cash equivalents 3,470 — — 3,470 Subtotal $ 32,032 $ 8,913 $ — $ 40,945 Other assets (1) 91 Total $ 41,036 (1) This category represents trust receivables that are not leveled. The following table summarizes the fair value of the Company’s pension plan assets at December 31, 2018, by asset category within the fair value hierarchy (for further level information, see Note 4): December 31, 2018 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 13,556 $ 1,604 $ — $ 15,160 Preferred stocks 279 28 — 307 Exchange traded funds 4,454 — — 4,454 Corporate obligations — 4,568 — 4,568 State and municipal obligations — 1,046 — 1,046 Pooled fixed income funds 7,767 — — 7,767 U.S. government securities — 286 — 286 Marketable CD’s — 911 — 911 Cash and cash equivalents 2,748 — — 2,748 Subtotal $ 28,804 $ 8,443 $ — $ 37,247 Other assets (1) 106 Total $ 37,353 (1) This category represents trust receivables that are not leveled. The Company also has a defined contribution plan covering substantially all employees. The Company contributed $941,000 and $835,000 to the plan in 2019 and 2018, respectively.

Comprehensive Income (Loss)

Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2019
Comprehensive Income (Loss)
Comprehensive Income (Loss)	13. Comprehensive Income (Loss) The components of accumulated other comprehensive loss as recorded on the accompanying Consolidated Balance Sheets were as follows: 2019 2018 (Dollars in thousands) Foreign currency translation adjustments $ (7,033) $ (6,901) Pension liability, net of tax (17,503) (14,671) Total accumulated other comprehensive loss $ (24,536) $ (21,572) The following presents a tabular disclosure about changes in accumulated other comprehensive loss (dollars in thousands): Foreign Currency Defined Benefit Translation Adjustments Pension Items Total Balance, December 31, 2018 $ (6,901) $ (14,671) $ (21,572) Other comprehensive loss before reclassifications (132) (3,295) (3,427) Amounts reclassified from accumulated other comprehensive loss — 463 463 Net current period other comprehensive loss (132) (2,832) (2,964) Balance, December 31, 2019 $ (7,033) $ (17,503) $ (24,536) The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2019 and 2018 (dollars in thousands): Amounts reclassified from accumulated other Affected line item in the comprehensive loss for the year ended December 31, statement where net 2019 2018 income is presented Amortization of defined benefit pension items Prior service cost $ (63) $ (63) (1) Other expense, net Actuarial losses 689 697 (1) Other expense, net Total before tax 626 634 Tax benefit (163) (165) Net of tax $ 463 $ 469

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
INCOME TAXES	14. INCOME TAXES The provision for income taxes included the following components for the years ended December 31, 2019 and 2018: 2019 2018 (Dollars in thousands) Current: Federal $ 4,784 $ 3,358 State 1,510 1,048 Foreign 777 749 Total 7,071 5,155 Deferred (869) 643 Total provision $ 6,202 $ 5,798 The differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate were as follows for the years ended December 31, 2019 and 2018: 2019 2018 U.S. federal statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 4.3 3.6 Non-taxable municipal bond interest (0.4) (0.5) Foreign income tax rate differences — 0.8 Tax settlements (1.2) — Share-based compensation 0.2 (2.5) Other (1.0) 0.1 Effective tax rate 22.9 % 22.5 % The foreign component of pretax net earnings was a loss of $2,127,000 and net earnings of $262,000 for 2019 and 2018, respectively. The components of deferred taxes at December 31, 2019, and 2018 were as follows: 2019 2018 (Dollars in thousands) Deferred income tax assets: Accounts receivable reserves $ 197 $ 192 Pension liability 7,274 6,122 Accrued liabilities 1,794 1,779 Operating lease liabilities 4,475 — Carryfoward losses 1,727 637 Foreign currency losses on intercompany loans 39 81 15,506 8,811 Deferred income tax liabilities: Inventory and related reserves (2,795) (2,832) Cash value of life insurance (431) (382) Property, plant and equipment (1,195) (1,145) Intangible assets (7,482) (6,702) Operating lease right-of-use assets (3,960) — Prepaid expenses and other assets (241) (197) (16,104) (11,258) Net deferred income tax liabilities $ (598) $ (2,447) The net deferred tax liabilities are classified in the Consolidated Balance Sheets as follows: 2019 2018 (Dollars in thousands) Non-current deferred income tax benefits $ 2,487 $ 1,277 Non-current deferred income tax liabilities (3,085) (3,724) Net deferred income tax liabilities $ (598) $ (2,447) Uncertain Tax Positions The Company accounts for its uncertain tax positions in accordance with ASC 740, Income Taxes (“ASC 740”) . ASC 740 provides that the tax effects from an uncertain tax position can be recognized in the Company’s consolidated financial statements only if the position is more likely than not of being sustained on audit, based on the technical merits of the position. The following table summarizes the activity related to the Company’s unrecognized tax benefits: 2019 2018 (Dollars in thousands) Unrecognized tax benefits balance at January 1, $ 772 $ 412 Increases related to current year tax positions 190 399 Decreases due to settlements of tax positions (275) — Decreases due to lapsing of statute of limitations (51) (39) Unrecognized tax benefits balance at December 31, $ 636 $ 772 The unrecognized tax benefits at December 31, 2019 and 2018, include $115,000 and $245,000, respectively, of interest related to such positions. The unrecognized tax benefits, if ultimately recognized, would reduce the Company’s annual effective tax rate. The liabilities for potential interest are included in the Consolidated Balance Sheets at December 31, 2019 and 2018. The Company files a U.S. federal income tax return, various U.S. state income tax returns and several foreign returns. In general, the 2016 through 2019 tax years remain subject to examination by those taxing authorities.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2019
COMMITMENTS
COMMITMENTS	15. COMMITMENTS At December 31, 2019, the Company had purchase commitments of $41.2 million to purchase inventory, all of which were due in less than one year.

SHARE REPURCHASE PROGRAM

SHARE REPURCHASE PROGRAM	12 Months Ended
	Dec. 31, 2019
SHARE REPURCHASE PROGRAM
SHARE REPURCHASE PROGRAM	16. SHARE REPURCHASE PROGRAM In 1998, the Company’s share repurchase program was established. On several occasions since the program’s inception, the Board of Directors has extended the number of shares authorized for repurchase under the program. In total, 7.5 million shares have been authorized for repurchase. In 2019, the Company purchased 222,740 shares at a total cost of $5.6 million through its share repurchase program. In 2018, the Company purchased 351,626 shares at a total cost of $11.4 million through its share repurchase program. As of December 31, 2019, there were 442,270 authorized shares remaining under the program.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE
EARNINGS PER SHARE	17. EARNINGS PER SHARE The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2019 and 2018: 2019 2018 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 20,882 $ 20,484 Denominator: Basic weighted average shares outstanding 9,904 10,168 Effect of dilutive securities: Employee share-based awards 49 223 Diluted weighted average shares outstanding 9,953 10,391 Basic earnings per share $ 2.11 $ 2.01 Diluted earnings per share $ 2.10 $ 1.97 Diluted weighted average shares outstanding for 2019 exclude antidilutive share-based awards totaling 825,080 shares at a weighted average price of $27.98. Diluted weighted average shares outstanding for 2018 exclude antidilutive share-based awards totaling 169,314 shares at a weighted average price of $30.38. Unvested restricted stock awards provide holders with dividend rights prior to vesting, however, such rights are forfeitable if the awards do not vest. As a result, unvested restricted stock awards are not participating securities and are excluded from the computation of earnings per share.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2019
SEGMENT INFORMATION
SEGMENT INFORMATION	18. SEGMENT INFORMATION The Company has two reportable segments: North American wholesale operations (“wholesale”) and North American retail operations (“retail”). The chief operating decision maker, the Company’s Chief Executive Officer, evaluates the performance of the Company’s segments based on earnings from operations. Therefore, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the table below includes the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe, which do not meet the criteria for separate reportable segment classification. In the wholesale segment, shoes are marketed through more than 10,000 footwear, department and specialty stores, primarily in the United States and Canada. Licensing revenues are also included in the Company’s wholesale segment. The Company has licensing agreements with third parties who sell its branded apparel, accessories and specialty footwear in the United States, as well as its footwear in Mexico and certain markets overseas. In 2019 and 2018, there was no single customer with sales of 10% or more of the Company’s total sales. In the retail segment, the Company operated eight brick and mortar retail stores and e-commerce businesses in the United States at December 31, 2019. Sales in retail outlets are made directly to the consumer by Company employees. These retail stores sell the Company’s branded footwear, primarily Florsheim, and accessories. The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2019 and 2018 was as follows: Wholesale Retail Other Total (Dollars in thousands) 2019 Product sales $ 239,091 $ 25,231 $ 36,653 $ 300,975 Licensing revenues 3,036 — — 3,036 Net sales 242,127 25,231 36,653 304,011 Depreciation 2,088 315 889 3,292 Earnings (loss) from operations 27,755 2,791 (3,506) 27,040 Total assets 250,266 11,783 34,868 296,917 Capital expenditures 6,902 20 470 7,392 2018 Product sales $ 230,831 $ 22,683 $ 42,330 $ 295,844 Licensing revenues 2,531 — — 2,531 Net sales 233,362 22,683 42,330 298,375 Depreciation 2,425 331 956 3,712 Earnings (loss) from operations 23,106 2,732 (379) 25,459 Total assets 239,119 4,440 26,485 270,044 Capital expenditures 648 76 686 1,410 All North American corporate office assets are included in the wholesale segment. Transactions between segments primarily consist of sales between the wholesale and retail segments. Intersegment sales are valued at the cost of inventory plus an estimated cost to ship the products. Intersegment sales have been eliminated and are excluded from net sales in the above table. Geographic Segments Financial information relating to the Company’s business by geographic area was as follows for the years ended December 31, 2019 and 2018: 2019 2018 (Dollars in thousands) Net Sales United States $ 245,073 $ 234,782 Canada 22,285 21,263 Europe 6,223 7,849 Australia 22,459 26,038 Asia 5,085 5,442 South Africa 2,886 3,001 Total $ 304,011 $ 298,375 Long-Lived Assets United States $ 81,603 $ 70,018 Other 16,972 6,490 $ 98,575 $ 76,508 Net sales attributed to geographic locations are based on the location of the assets producing the sales. Long-lived assets by geographic location consist of property, plant and equipment (net), operating lease ROU assets, goodwill, trademarks, investment in real estate and amortizable intangible assets.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2019
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS	19. SHARE-BASED COMPENSATION PLANS At December 31, 2019, the Company had two share-based compensation plans: the 2014 Incentive Plan and the 2017 Incentive Plan (collectively, “the Plans”). Awards are no longer granted under the 2014 Incentive Plan; however, awards previously granted under such plan continue in accordance with their terms. Options to purchase common stock were granted to officers and key employees at exercise prices not less than the fair market value of the Company’s common stock on the date of the grant, and the Company also grants restricted stock awards. The Company issues new common stock to satisfy stock option exercises as well as the issuance of restricted stock awards. Stock options and restricted stock awards were granted in both 2019 and 2018. Stock options and restricted stock awards are valued at fair market value based on the Company’s closing stock price on the date of grant. Stock options granted in 2019 and 2018 vest ratably over five years and expire 10 years from the grant date. Restricted stock granted in 2019 and 2018 vests ratably over four years. As of December 31, 2019, there were approximately 882,000 shares remaining available for share-based awards under the 2017 Incentive Plan. Stock option exercises can be net share settled such that the Company withholds shares with value equivalent to the exercise price of the stock option awards plus the employees’ minimum statutory obligation for the applicable income and other employment taxes. Total shares withheld were approximately 11,000 and 204,000 in 2019 and 2018, respectively, and were based on the value of the stock on the exercise dates. The net share settlement has the effect of share repurchases by the Company as they reduce the number of shares that would have otherwise been issued. Total payments made by the Company for the employees’ tax obligations to the taxing authorities were $5,000 and $699,000 in 2019 and 2018, respectively, and are reflected as a financing activity within the consolidated statements of cash flows. In accordance with ASC 718, share-based compensation expense was recognized in the 2019 and 2018 consolidated financial statements for stock options and restricted stock awards granted since 2014. An estimate of forfeitures, based on historical data, was included in the calculation of share-based compensation. The effect of applying the expense recognition provisions of ASC 718 decreased Earnings before Provision for Income Taxes by $1,452,000 in 2019, and by $1,513,000 in 2018. At December 31, 2019, there was $1.7 million of total unrecognized compensation cost related to non-vested stock options granted in the years 2016 through 2019 which is expected to be recognized over the weighted-average remaining vesting period of 3.5 years. At December 31, 2019, there was also $1.7 million of total unrecognized compensation cost related to non-vested restricted stock awards granted in the years 2016 through 2019, which is expected to be recognized over the weighted-average remaining vesting period of 2.7 years. The following weighted-average assumptions were used to determine compensation expense related to stock options in 2019 and 2018: 2019 2018 Risk-free interest rate 1.55 % 2.80 % Expected dividend yield 4.11 % 2.47 % Expected term 8.0 8.0 Expected volatility 24.0 % 19.9 % The risk-free interest rate is based on U.S. Treasury bonds with a remaining term equal to the expected term of the award. The expected dividend yield is based on the Company’s expected annual dividend as a percentage of the market value of the Company’s common stock in the year of grant. The expected term of the stock options is determined using historical experience. The expected volatility is based upon historical stock prices over the most recent period equal to the expected term of the award. The following tables summarize stock option activity under the Company’s plans: Stock Options Year ended December 31, 2019 2018 Weighted Average Weighted Average Stock Options Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 1,173,620 $ 27.96 1,502,493 $ 26.57 Granted 192,650 23.45 129,200 37.22 Exercised (18,795) 27.75 (429,047) 25.96 Forfeited or expired (170,705) 28.56 (29,026) 26.67 Outstanding at end of year 1,176,770 $ 27.14 1,173,620 $ 27.96 Exercisable at end of year 703,030 $ 26.71 692,007 $ 26.92 Weighted average fair market value of options granted $ 3.32 $ 7.07 Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding - December 31, 2019 $ 808,000 Exercisable - December 31, 2019 $ 171,000 The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on December 31, 2019 of $26.45 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. Non-vested Stock Options Weighted Average Weighted Average Number of Options Exercise Price Fair Value Non-vested - December 31, 2017 625,362 $ 26.55 $ 3.43 Granted 129,200 37.22 7.07 Vested (243,798) 26.42 3.25 Forfeited (29,151) 26.67 3.46 Non-vested - December 31, 2018 481,613 $ 29.46 $ 4.49 Granted 192,650 23.45 3.32 Vested (193,838) 27.59 3.87 Forfeited (6,685) 29.94 4.87 Non-vested - December 31, 2019 473,740 $ 27.77 $ 4.26 The following table summarizes information about outstanding and exercisable stock options at December 31, 2019: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Number of Remaining Average Number of Average Options Contractual Life Exercise Options Exercise Range of Exercise Prices Outstanding (in Years) Price Exercisable Price $23.38 to $25.86 632,950 4.4 $ 24.92 381,925 $ 25.59 $27.04 to $37.22 543,820 5.0 $ 29.72 321,105 $ 28.05 1,176,770 4.7 $ 27.14 703,030 $ 26.71 The following table summarizes stock option activity for the years ended December 31: 2019 2018 (Dollars in thousands) Total intrinsic value of stock options exercised $ 87 $ 3,822 Net proceeds from stock option exercises $ 161 $ 4,403 Income tax benefit from the exercise of stock options $ 23 $ 994 Total fair value of stock options vested $ 750 $ 793 Restricted Stock The following table summarizes restricted stock award activity during the years ended December 31, 2018 and 2019: Shares of Restricted Weighted Average Stock Grant Date Fair Value Non-vested - December 31, 2017 66,050 $ 26.79 Issued 25,319 37.22 Vested (25,514) 27.49 Forfeited (4,375) 26.60 Non-vested - December 31, 2018 61,480 $ 30.74 Issued 31,000 23.48 Vested (23,745) 29.10 Forfeited — — Non-vested - December 31, 2019 68,735 $ 28.04 At December 31, 2019, the Company expected 68,735 shares of restricted stock to vest over a weighted-average remaining contractual term of 2.7 years. These shares had an aggregate intrinsic value of $1.8 million at December 31, 2019. The aggregate intrinsic value was calculated using the market value of the Company’s stock on December 31, 2019 of $26.45 multiplied by the number of non-vested restricted shares outstanding. The income tax benefit from the vesting of restricted stock for the years ended December 31 was $152,000 in 2019 and $249,000 in 2018.

VALUATION AND QUALIFYING ACCOUN

VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2019
VALUATION AND QUALIFYING ACCOUNTS
VALUATION AND QUALIFYING ACCOUNTS	20. VALUATION AND QUALIFYING ACCOUNTS Deducted from Assets Doubtful Returns and Accounts Allowances Total (Dollars in thousands) BALANCE, DECEMBER 31, 2017 $ 871 $ 1,335 $ 2,206 Add - Additions charged to earnings 311 4,170 4,481 Deduct - Charges for purposes for which reserves were established (231) (4,170) (4,401) BALANCE, DECEMBER 31, 2018 $ 951 $ 1,335 $ 2,286 Add - Additions charged to earnings 122 4,489 4,611 Deduct - Charges for purposes for which reserves were established (87) (4,401) (4,488) BALANCE, DECEMBER 31, 2019 $ 986 $ 1,423 $ 2,409

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation - The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, and include all of the Company’s majority-owned subsidiaries after elimination of intercompany accounts and transactions.
Use of Estimates	Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ materially from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents - The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. At December 31, 2019 and 2018, the Company’s cash and cash equivalents included investments in U.S. treasury bills, money market accounts, and/or cash deposits at various banks. The Company periodically has cash balances in excess of insured amounts. The Company has not experienced any losses on deposits in excess of insured amounts.
Investments	Investments - All of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC 320, Investments – Debt and Equity Securities, as the Company has the intent and ability to hold all investments to maturity. See Note 5.
Accounts Receivable	Accounts Receivable – Trade accounts receivable arise from the sale of products on unsecured trade credit terms. On a quarterly basis, the Company reviews all significant accounts with past due balances, as well as the collectability of other outstanding trade accounts receivable for possible write-off. It is the Company’s policy to write-off accounts receivable against the allowance account when receivables are deemed to be uncollectible. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses in the accounts receivable balances. The Company determines the allowance based on known troubled accounts, historical experience and other evidence currently available.
Inventories	Inventories - The majority of inventories are determined on a last-in, first-out (“LIFO”) basis. LIFO inventory is valued at the lower of cost or market. All other inventories are determined on a first-in, first-out basis (“FIFO”) basis, and are valued at the lower of cost or net realizable value. Inventory costs include the cost of shoes purchased from third-party manufacturers, as well as related freight and duty costs. The Company generally takes title to product at the time of shipping. See Note 6.
Property, Plant and Equipment and Depreciation	Property, Plant and Equipment and Depreciation - Property, plant and equipment are stated at cost. Plant and equipment are depreciated using primarily the straight-line method over their estimated useful lives as follows: buildings and improvements, 10 to 39 years; machinery and equipment, 3 to 15 years; furniture and fixtures, 5 to 15 years. For income tax reporting purposes, depreciation is calculated using applicable methods.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets - Property, plant and equipment are reviewed for impairment in accordance with ASC 360, Property, Plant and Equipment if events or changes in circumstances indicate that the carrying amounts may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of an asset to its related estimated undiscounted future cash flows. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset, a loss is recognized for the difference between the fair value and carrying value of the asset. In 2019 and 2018, impairment charges of $259,000 and $246,000, respectively, were recorded within selling and administrative expenses to write down the value of certain retail fixed assets of underperforming stores at Florsheim Australia. No other impairment charges were recorded on the Company’s property, plant and equipment in 2019 or 2018.
Leases	Leases - The Company leases retail shoe stores, primarily located in the U.S. and Australia, as well as several office and distribution facilities worldwide. The Company determines whether an arrangement is or contains a lease at contract inception. All of the Company’s leases are classified as operating leases, which are included in the operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. The Company has no finance leases. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may include options to renew when it is reasonably certain that the Company will exercise that option. As the Company’s leases generally do not provide an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate was a hypothetical rate based on an understanding of what the Company could borrow from a third-party lender, on a collateralized basis, over a similar term, and in an amount that approximates the value of the Company’s future lease payments. The Company used a portfolio approach and applied a single discount rate to all of its leases. Operating lease costs are recognized on a straight-line basis over the lease term and are included in selling and administrative expenses. Variable lease payments that do not depend on a rate or index, payments associated with non-lease components, and short-term rentals (leases with terms less than 12 months) are expensed as incurred. See Note 8.
Goodwill	Goodwill - The Company’s goodwill resulted from the 2011 acquisition of the BOGS and Rafters brands. Goodwill is not amortized, but is reviewed for impairment on an annual basis and between annual tests if indicators of impairment are present. The applicable reporting unit for goodwill impairment testing is the wholesale segment. The Company has the option to assess goodwill for impairment by performing either a qualitative assessment or quantitative test. The qualitative assessment is the first step and determines whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the assessment indicates the fair value exceeds the carrying value, then there is no impairment and the quantitative test is not required. However, if the assessment indicates the fair value is less than the carrying value, then the quantitative test is required. The quantitative test compares the fair value of the reporting unit to its book value including goodwill, and if the fair value is less than the book value, an impairment loss is recognized for the difference, limited to the value of the goodwill. The Company performed the required annual impairment tests for goodwill in 2019 and 2018, and found no impairment. There has never been an impairment recorded on this goodwill.
Intangible Assets (excluding Goodwill)	Intangible Assets (excluding Goodwill) - Other intangible assets consist of customer relationships and trademarks. Customer relationships are amortized over their estimated useful lives. Trademarks are not amortized, but are reviewed for impairment on an annual basis and between annual tests when an event occurs or circumstances change that indicates the carrying value may not be recoverable. In 2019, no impairment was recorded on the Company’s trademarks. In 2018, an impairment charge of $110,000 was recorded to write off the remaining value of the Umi trademark.
Life Insurance	Life Insurance – Life insurance policies are recorded at the amount that could be realized under the insurance contracts as of the balance sheet date. These assets are included within other assets in the Consolidated Balance Sheets. See Note 10
Income Taxes	Income Taxes - Deferred income taxes are provided on temporary differences arising from differences in the basis of assets and liabilities for income tax and financial reporting purposes. Deferred tax assets and liabilities are measured using enacted income tax rates in effect. Tax rate changes affecting deferred tax assets and liabilities are recognized in income at the enactment date. The Company records interest and penalties associated with unrecognized tax benefits within interest expense and provision for income taxes, respectively. See Note 14.
Noncontrolling Interest	Noncontrolling Interest - The Company’s former noncontrolling interest, which was accounted for under ASC 810, represented the minority shareholder’s ownership interest in the wholesale and retail businesses of Florsheim Australia. In accordance with ASC 810, the Company reported its noncontrolling interest in subsidiaries as a separate component of equity in the Consolidated Balance Sheets, and reported both net earnings (loss) attributable to the noncontrolling interest and net earnings attributable to the Company’s common shareholders on the face of the Consolidated Statements of Earnings. On August 30, 2018, the Company acquired the minority interest in Florsheim Australia for $3.7 million, and the Company has owned 100% of Florsheim Australia since that time.
Revenue Recognition	Revenue Recognition – The Company’s revenue contracts represent a single performance obligation to sell its products to its customers. Sales are recorded at the time control of the product is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for the products. Wholesale revenue is generally recognized upon shipment of the product, as that is when the customer obtains control of the promised goods. Shipping and handling activities that occur after control of the product transfers to the customer are treated as fulfillment activities, not as a separate performance obligation. Retail revenue is generated primarily from the sale of footwear to customers at retail locations or through the Company’s websites. For in-store sales, the Company recognizes revenue at the point of sale. For sales made through the Company’s websites, revenue is recognized upon shipment to the customer. Sales taxes collected from website or retail sales are excluded from the Company’s reported net sales. Revenue from third-party licensing agreements is recognized in the period earned. Licensing revenues were $3.0 million in 2019 and $2.5 million in 2018. All revenue is recorded net of estimated allowances for returns and discounts; these revenue offsets are accrued for at the time of sale. The Company’s estimates of allowances for returns and discounts are based on such factors as specific customer situations, historical experience, and current and expected economic conditions. The Company evaluates the reserves and the estimation process and makes adjustments when appropriate. Generally, payments from customers are received within 90 days following the sale. The Company’s contracts with customers do not have significant financing components or significant prepayments from customers, and there is no non-cash consideration. The Company does not have unbilled revenue, and there are no contract assets and liabilities.
Shipping and Handling Fees	Shipping and Handling Fees - The Company classifies shipping and handling fees billed to customers as revenues. Shipping and handling expenses incurred by the Company are included in selling and administrative expenses in the Consolidated Statements of Earnings. See “ Selling and Administrative Expenses ” below.
Cost of Sales	Cost of Sales - The Company’s cost of sales includes the cost of products and inbound freight and duty costs.
Selling and Administrative Expenses	Selling and Administrative Expenses - Selling and administrative expenses primarily include salaries and commissions, advertising costs, employee benefit costs, distribution costs (e.g., receiving, inspection, warehousing, shipping, and handling costs), rent and depreciation. Consolidated distribution costs were $16.4 million in 2019 and $15.7 million in 2018.
Advertising Costs	Advertising Costs - Advertising costs are expensed as incurred. Total advertising costs were $12.8 million and $11.8 million in 2019 and 2018, respectively. Advertising expenses are primarily included in selling and administrative expenses.
Foreign Currency Translations	Foreign Currency Translations - The Company accounts for currency translations in accordance with ASC 830, Foreign Currency Matters . The Company’s non-U.S. subsidiaries’ local currencies are the functional currencies under which the balance sheet accounts are translated into U.S. dollars at the rates of exchange in effect at fiscal year-end and income and expense accounts are translated at the weighted average rates of exchange in effect during the year. Translation adjustments resulting from this process are recognized as a separate component of accumulated other comprehensive loss, which is a component of equity.
Foreign Currency Transactions	Foreign Currency Transactions - Gains and losses from foreign currency transactions are included in other expense, net, in the Consolidated Statements of Earnings. Net foreign currency transaction gains and losses totaled $13,000 of gains in 2019 and ($459,000) of losses in 2018.
Financial Instruments	Financial Instruments – At December 31, 2019, the Company had foreign exchange contracts outstanding to sell $3.0 million Canadian dollars at a price of approximately $2.3 million U.S. dollars. The Company’s wholly-owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $1.7 million U.S. dollars at a price of approximately $2.4 Australian dollars. These contracts expire in 2020. Realized gains and losses on foreign exchange contracts are related to the purchase and sale of inventory and therefore are included in the Company’s net sales or cost of sales. In 2019 and 2018, realized gains and losses on foreign exchange contracts were not material to the Company’s financial statements.
Earnings Per Share	Earnings Per Share - Basic earnings per share excludes any dilutive effects of restricted stock and options to purchase common stock. Diluted earnings per share includes any dilutive effects of restricted stock and options to purchase common stock. See Note 17.
Comprehensive Income	Comprehensive Income – Comprehensive income includes net earnings and changes in accumulated other comprehensive loss. Comprehensive income is reported in the Consolidated Statements of Comprehensive Income. See Note 13 for more details regarding changes in accumulated other comprehensive loss.
Share-Based Compensation	Share-Based Compensation - At December 31, 2019, the Company had two share-based employee compensation plans, which are described more fully in Note 19. The Company accounts for these plans under the recognition and measurement principles of ASC 718, Compensation – Stock Compensation . The Company’s policy is to estimate the fair market value of each option award granted on the date of grant using the Black-Scholes option pricing model. The Company estimates the fair value of each restricted stock award based on the fair market value of the Company’s stock price on the grant date. The resulting compensation cost for both the options and restricted stock is amortized on a straight-line basis over the vesting period of the respective awards.
Concentration of Credit Risk	Concentration of Credit Risk – There was one individual customer accounts receivable balance outstanding that was more than 10% of the Company’s gross accounts receivable balance at December 31, 2019. There was one individual customer accounts receivable balance outstanding that was 10% of the Company’s gross accounts receivable balance at December 31, 2018. There were no individual customers with sales above 10% of the Company’s total sales in 2019 and 2018.
New Accounting Pronouncements	New Accounting Pronouncements – Recently Adopted On January 1, 2019, the Company adopted Accounting Standards Update 2016-02, Leases , as amended (hereinafter referred to as “ASC 842”), which supersedes the lease accounting guidance under Topic 840. ASC 842 generally requires lessees to recognize lease liabilities and corresponding ROU assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company adopted the new guidance using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. The comparative information was not restated and continues to be reported in accordance with historical accounting under Topic 840. The Company elected to utilize certain practical expedients that were provided for transition relief. Accordingly, the Company did not reassess expired or existing contracts, lease classifications or related initial direct costs as part of its assessment process. Additionally, the Company elected not to apply the recognition requirements of ASC 842 to short-term leases. The adoption of ASC 842 had a material impact on the Company’s consolidated balance sheet due to the recognition of ROU assets and lease liabilities. The Company recognized operating lease ROU assets and corresponding lease liabilities totaling $26.0 million and $27.8 million, respectively, on January 1, 2019. The operating lease ROU assets recorded on the adoption date were net of approximately $1.8 million in reclassifications of other accrued liabilities and long-term liabilities. The adoption did not impact the Company’s beginning retained earnings, nor did it have a material impact on the Company’s consolidated earnings or cash flows. Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans . ASU 2018-14 modifies and clarifies the required disclosures for employers that sponsor defined benefit pension or other postretirement plans. These amendments remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. Adoption of the new standard is not expected to have a material impact on the Company’s earnings or cash flows , as it only impacts disclosures. In December 2019, the FASB issued ASU 2019-12 Simplifying the Accounting for Income Taxes . This guidance removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. This ASU will be effective for the Company in the first quarter of 2021, with early adoption permitted. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments . This ASU modifies the measurement of expected credit losses of certain financial instruments, and applies to financial assets measured at amortized cost, including loans, held-to-maturity debt securities, net investments in leases, and trade accounts receivable as well as certain off-balance sheet credit exposures, such as loan commitments. The guidance must be adopted using a modified retrospective transition method through a cumulative-effect adjustment to retained earnings/(deficit) in the period of adoption. This ASU will be effective for the Company in the first quarter of 2023. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
INVESTMENTS
Schedule of Marketable securities	Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities at December 31, 2019 and 2018. The estimated market values provided are Level 2 valuations as defined by ASC 820. 2019 2018 Amortized Cost Market Value Amortized Cost Market Value (Dollars in thousands) Municipal bonds: Current $ 5,904 $ 5,915 $ 1,525 $ 1,532 Due from one through five years 8,336 8,621 9,752 9,861 Due from six through ten years 4,255 4,618 6,239 6,433 Due from eleven through twenty years 3,223 3,430 2,711 2,713 Total $ 21,718 $ 22,584 $ 20,227 $ 20,539
Schedule of Unrealized gains and losses	The unrealized gains and losses on marketable securities at December 31, 2019 and 2018 were as follows: 2019 2018 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 866 $ — $ 388 $ (76)

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2019
INVENTORIES
Schedule of Inventory	At December 31, 2019 and 2018, inventories consisted of: 2019 2018 (Dollars in thousands) Finished shoes $ 105,340 $ 91,276 LIFO reserve (18,627) (18,592) Total inventories $ 86,713 $ 72,684

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2019
PROPERTY, PLANT AND EQUIPMENT, NET
Schedule of Property, Plant and Equipment	At December 31, 2019 and 2018, property, plant and equipment consisted of: 2019 2018 (Dollars in thousands) Land and land improvements $ 3,793 $ 3,778 Buildings and improvements 26,912 26,912 Machinery and equipment 34,032 32,310 Retail fixtures and leasehold improvements 10,112 11,522 Construction in progress 5,273 92 Property, plant and equipment 80,122 74,614 Less: Accumulated depreciation (47,908) (45,907) Property, plant and equipment, net $ 32,214 $ 28,707

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
LEASES
Schedule of operating lease costs	The components of the Company’s operating lease costs were as follows (dollars in thousands): Twelve Months Ended December 31, 2019 Operating lease costs $ 8,592 Variable lease costs (1) 71 Total lease costs $ 8,663 (1) Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts. Short-term lease costs, which were excluded from the above table, are not material to the Company’s financial statements.
Schedule of maturities of operating lease liabilities	The following is a schedule of maturities of operating lease liabilities as of December 31, 2019 (dollars in thousands): Operating Leases 2020 $ 7,269 2021 5,606 2022 3,380 2023 2,314 2024 1,526 Thereafter 2,777 Total lease payments 22,872 Less imputed interest (2,257) Present value of lease liabilities $ 20,615 The operating lease liabilities are classified in the 2019 consolidated balance sheet as follows (dollars in thousands): December 31,2019 Operating lease liabilities - current $ 6,505 Operating lease liabilities - non-current 14,110 Total $ 20,615
Schedule of supplemental cash flow information	Supplemental cash flow information related to the Company’s operating leases is as follows ( Twelve Months Ended December 31,2019 Cash paid for amounts included in the measurement of lease liabilities $ 8,868 Right-of-use assets obtained in exchange for new lease liabilities(noncash) $ 28,263
Schedule of future fixed minimum rental commitments	The future minimum rental commitments under operating leases in effect as of December 31, 2018 having non-cancelable lease terms in excess of one year, as determined in accordance with Topic 840 (prior to the adoption of ASC 842), were as follows (dollars in thousands): Operating Leases 2019 $ 9,468 2020 7,529 2021 5,584 2022 3,278 2023 2,321 Thereafter 4,161 Total $ 32,341

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
INTANGIBLE ASSETS
Schedule of Company's indefinite-lived intangible assets	The Company’s indefinite-lived intangible assets as recorded in the Consolidated Balance Sheets consisted of the following at December 31, 2019 and December 31, 2018: Indefinite-Lived Intangible Assets Goodwill $ 11,112 Trademarks 32,868 Total $ 43,980 The Company’s amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following: December 31, 2019 December 31, 2018 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 $ (2,061) $ 1,439 $ 3,500 $ (1,828) $ 1,672 Total amortizable intangible assets $ 3,500 $ (2,061) $ 1,439 $ 3,500 $ (1,828) $ 1,672

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2019
OTHER ASSETS
Schedule of Other Assets	Other assets included the following amounts at December 31, 2019 and 2018: 2019 2018 (Dollars in thousands) Cash surrender value of life insurance $ 17,681 $ 16,961 Amortizable intangible assets (See Note 9) 1,439 1,672 Investment in real estate 2,189 2,149 Other 2,365 2,501 Total other assets $ 23,674 $ 23,283

EMPLOYEE RETIREMENT PLANS (Tabl

EMPLOYEE RETIREMENT PLANS (Tables)	12 Months Ended
	Dec. 31, 2019
EMPLOYEE RETIREMENT PLANS
Schedule of pension plan weighted average assets allocation	The Company’s pension plan’s weighted average asset allocation at December 31, 2019 and 2018, by asset category, was as follows: Plan Assets at December 31, 2019 2018 Asset Category: Equity Securities 55 % 53 % Fixed Income Securities 36 % 40 % Other 9 % 7 % Total 100 % 100 %
Schedule of change in benefit obligation and plan assets	The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2019 and 2018: Defined Benefit Pension Plan Supplemental Pension Plan 2019 2018 2019 2018 (Dollars in thousands) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 45,010 $ 49,375 $ 15,891 $ 17,176 Service cost 463 360 — 209 Interest cost 1,801 1,608 659 595 Actuarial loss (gain) 5,660 (4,039) 2,355 (1,601) Benefits paid (2,382) (2,294) (445) (488) Projected benefit obligation, end of year $ 50,552 $ 45,010 $ 18,460 $ 15,891 Change in plan assets Fair value of plan assets, beginning of year $ 37,353 $ 38,369 $ — $ — Actual return on plan assets 6,528 (1,362) — — Administrative expenses (463) (360) — — Contributions — 3,000 445 488 Benefits paid (2,382) (2,294) (445) (488) Fair value of plan assets, end of year $ 41,036 $ 37,353 $ — $ — Funded status of plan $ (9,516) $ (7,657) $ (18,460) $ (15,891) Amounts recognized in the consolidated balance sheets consist of: Accrued liabilities - other $ — $ — $ (453) $ (436) Long-term pension liability (9,516) (7,657) (18,007) (15,455) Net amount recognized $ (9,516) $ (7,657) $ (18,460) $ (15,891) Amounts recognized in accumulated other comprehensive loss consist of: Accumulated loss, net of income tax benefit of $4,478, $4,082, $1,684 and $1,102, respectively $ 12,745 $ 11,616 $ 4,792 $ 3,136 Prior service cost, net of income tax liability of $0, $0, ($12) and ($28), respectively — — (34) (81) Net amount recognized $ 12,745 $ 11,616 $ 4,758 $ 3,055
Schedule of net periodic pension cost	Assumptions used in determining net periodic pension cost for the years ended December 31, 2019 and 2018 were: Defined Benefit Pension Plan Supplemental Pension Plan 2019 2018 2019 2018 Discount rate for determining projected benefit obligation 4.38 % 3.70 % 4.42 % 3.75 % Discount rate in effect for determining service cost — — — 3.83 % Discount rate in effect for determining interest cost 4.05 % 3.33 % 4.19 % 3.51 % Long-term rate of return on plan assets 7.00 % 7.00 % — —
Schedule of Company's net periodic pension cost	The components of net periodic pension cost for the years ended December 31, 2019 and 2018, were: 2019 2018 (Dollars in thousands) Service cost $ 463 $ 569 Interest cost 2,460 2,204 Expected return on plan assets (2,502) (2,711) Net amortization and deferral 626 634 Net periodic pension cost $ 1,047 $ 696
Schedule of projected benefit payments for the plans	Projected benefit payments for the plans at December 31, 2019, were estimated as follows: Defined Benefit Supplemental Pension Plan Pension Plan (Dollars in thousands) 2020 $ 2,786 $ 453 2021 $ 2,802 $ 489 2022 $ 2,785 $ 538 2023 $ 2,833 $ 699 2024 $ 2,847 $ 767 2025 - 2029 $ 14,245 $ 5,196
Schedule of fair value hierarchy	The following table summarizes the fair value of the Company’s pension plan assets at December 31, 2019, by asset category within the fair value hierarchy (for further level information, see Note 4): December 31, 2019 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 15,464 $ 2,026 $ — $ 17,490 Preferred stocks 287 29 — 316 Exchange traded funds 5,213 — — 5,213 Corporate obligations — 4,626 — 4,626 State and municipal obligations — 1,062 — 1,062 Pooled fixed income funds 7,598 — — 7,598 U.S. government securities — 364 — 364 Marketable CD’s — 806 — 806 Cash and cash equivalents 3,470 — — 3,470 Subtotal $ 32,032 $ 8,913 $ — $ 40,945 Other assets (1) 91 Total $ 41,036 (1) This category represents trust receivables that are not leveled. The following table summarizes the fair value of the Company’s pension plan assets at December 31, 2018, by asset category within the fair value hierarchy (for further level information, see Note 4): December 31, 2018 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 13,556 $ 1,604 $ — $ 15,160 Preferred stocks 279 28 — 307 Exchange traded funds 4,454 — — 4,454 Corporate obligations — 4,568 — 4,568 State and municipal obligations — 1,046 — 1,046 Pooled fixed income funds 7,767 — — 7,767 U.S. government securities — 286 — 286 Marketable CD’s — 911 — 911 Cash and cash equivalents 2,748 — — 2,748 Subtotal $ 28,804 $ 8,443 $ — $ 37,247 Other assets (1) 106 Total $ 37,353 (1) This category represents trust receivables that are not leveled.

Comprehensive Income (Loss) (Ta

Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2019
Comprehensive Income (Loss)
Schedule of accumulated other comprehensive loss	The components of accumulated other comprehensive loss as recorded on the accompanying Consolidated Balance Sheets were as follows: 2019 2018 (Dollars in thousands) Foreign currency translation adjustments $ (7,033) $ (6,901) Pension liability, net of tax (17,503) (14,671) Total accumulated other comprehensive loss $ (24,536) $ (21,572)
Schedule of changes in accumulated other comprehensive loss	The following presents a tabular disclosure about changes in accumulated other comprehensive loss (dollars in thousands): Foreign Currency Defined Benefit Translation Adjustments Pension Items Total Balance, December 31, 2018 $ (6,901) $ (14,671) $ (21,572) Other comprehensive loss before reclassifications (132) (3,295) (3,427) Amounts reclassified from accumulated other comprehensive loss — 463 463 Net current period other comprehensive loss (132) (2,832) (2,964) Balance, December 31, 2019 $ (7,033) $ (17,503) $ (24,536)
Schedule of reclassification adjustments out of accumulated other comprehensive loss	The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2019 and 2018 (dollars in thousands): Amounts reclassified from accumulated other Affected line item in the comprehensive loss for the year ended December 31, statement where net 2019 2018 income is presented Amortization of defined benefit pension items Prior service cost $ (63) $ (63) (1) Other expense, net Actuarial losses 689 697 (1) Other expense, net Total before tax 626 634 Tax benefit (163) (165) Net of tax $ 463 $ 469

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
Schedule of provision for Income Tax	The provision for income taxes included the following components for the years ended December 31, 2019 and 2018: 2019 2018 (Dollars in thousands) Current: Federal $ 4,784 $ 3,358 State 1,510 1,048 Foreign 777 749 Total 7,071 5,155 Deferred (869) 643 Total provision $ 6,202 $ 5,798
Schedule of effective tax rate	The differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate were as follows for the years ended December 31, 2019 and 2018: 2019 2018 U.S. federal statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 4.3 3.6 Non-taxable municipal bond interest (0.4) (0.5) Foreign income tax rate differences — 0.8 Tax settlements (1.2) — Share-based compensation 0.2 (2.5) Other (1.0) 0.1 Effective tax rate 22.9 % 22.5 %
Schedule of components of deferred taxes	The components of deferred taxes at December 31, 2019, and 2018 were as follows: 2019 2018 (Dollars in thousands) Deferred income tax assets: Accounts receivable reserves $ 197 $ 192 Pension liability 7,274 6,122 Accrued liabilities 1,794 1,779 Operating lease liabilities 4,475 — Carryfoward losses 1,727 637 Foreign currency losses on intercompany loans 39 81 15,506 8,811 Deferred income tax liabilities: Inventory and related reserves (2,795) (2,832) Cash value of life insurance (431) (382) Property, plant and equipment (1,195) (1,145) Intangible assets (7,482) (6,702) Operating lease right-of-use assets (3,960) — Prepaid expenses and other assets (241) (197) (16,104) (11,258) Net deferred income tax liabilities $ (598) $ (2,447)
Schedule of net deferred tax liabilities	The net deferred tax liabilities are classified in the Consolidated Balance Sheets as follows: 2019 2018 (Dollars in thousands) Non-current deferred income tax benefits $ 2,487 $ 1,277 Non-current deferred income tax liabilities (3,085) (3,724) Net deferred income tax liabilities $ (598) $ (2,447)
Schedule of unrecognized tax benefits	The following table summarizes the activity related to the Company’s unrecognized tax benefits: 2019 2018 (Dollars in thousands) Unrecognized tax benefits balance at January 1, $ 772 $ 412 Increases related to current year tax positions 190 399 Decreases due to settlements of tax positions (275) — Decreases due to lapsing of statute of limitations (51) (39) Unrecognized tax benefits balance at December 31, $ 636 $ 772

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE
Schedule of Basic and Diluted Earnings Per Share	The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2019 and 2018: 2019 2018 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 20,882 $ 20,484 Denominator: Basic weighted average shares outstanding 9,904 10,168 Effect of dilutive securities: Employee share-based awards 49 223 Diluted weighted average shares outstanding 9,953 10,391 Basic earnings per share $ 2.11 $ 2.01 Diluted earnings per share $ 2.10 $ 1.97

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
SEGMENT INFORMATION
Schedule of Segment Reporting Information	The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2019 and 2018 was as follows: Wholesale Retail Other Total (Dollars in thousands) 2019 Product sales $ 239,091 $ 25,231 $ 36,653 $ 300,975 Licensing revenues 3,036 — — 3,036 Net sales 242,127 25,231 36,653 304,011 Depreciation 2,088 315 889 3,292 Earnings (loss) from operations 27,755 2,791 (3,506) 27,040 Total assets 250,266 11,783 34,868 296,917 Capital expenditures 6,902 20 470 7,392 2018 Product sales $ 230,831 $ 22,683 $ 42,330 $ 295,844 Licensing revenues 2,531 — — 2,531 Net sales 233,362 22,683 42,330 298,375 Depreciation 2,425 331 956 3,712 Earnings (loss) from operations 23,106 2,732 (379) 25,459 Total assets 239,119 4,440 26,485 270,044 Capital expenditures 648 76 686 1,410
Schedule of Company's business by geographic area	Financial information relating to the Company’s business by geographic area was as follows for the years ended December 31, 2019 and 2018: 2019 2018 (Dollars in thousands) Net Sales United States $ 245,073 $ 234,782 Canada 22,285 21,263 Europe 6,223 7,849 Australia 22,459 26,038 Asia 5,085 5,442 South Africa 2,886 3,001 Total $ 304,011 $ 298,375 Long-Lived Assets United States $ 81,603 $ 70,018 Other 16,972 6,490 $ 98,575 $ 76,508

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2019
SHARE-BASED COMPENSATION PLANS
Schedule of Weighted average stock options assumptions	The following weighted-average assumptions were used to determine compensation expense related to stock options in 2019 and 2018: 2019 2018 Risk-free interest rate 1.55 % 2.80 % Expected dividend yield 4.11 % 2.47 % Expected term 8.0 8.0 Expected volatility 24.0 % 19.9 %
Schedule of Company's stock option activity	The following tables summarize stock option activity under the Company’s plans: Stock Options Year ended December 31, 2019 2018 Weighted Average Weighted Average Stock Options Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 1,173,620 $ 27.96 1,502,493 $ 26.57 Granted 192,650 23.45 129,200 37.22 Exercised (18,795) 27.75 (429,047) 25.96 Forfeited or expired (170,705) 28.56 (29,026) 26.67 Outstanding at end of year 1,176,770 $ 27.14 1,173,620 $ 27.96 Exercisable at end of year 703,030 $ 26.71 692,007 $ 26.92 Weighted average fair market value of options granted $ 3.32 $ 7.07 Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding - December 31, 2019 $ 808,000 Exercisable - December 31, 2019 $ 171,000
Schedule of Non-vested stock options	Weighted Average Weighted Average Number of Options Exercise Price Fair Value Non-vested - December 31, 2017 625,362 $ 26.55 $ 3.43 Granted 129,200 37.22 7.07 Vested (243,798) 26.42 3.25 Forfeited (29,151) 26.67 3.46 Non-vested - December 31, 2018 481,613 $ 29.46 $ 4.49 Granted 192,650 23.45 3.32 Vested (193,838) 27.59 3.87 Forfeited (6,685) 29.94 4.87 Non-vested - December 31, 2019 473,740 $ 27.77 $ 4.26
Summary of Outstanding and exercisable stock options	The following table summarizes information about outstanding and exercisable stock options at December 31, 2019: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Number of Remaining Average Number of Average Options Contractual Life Exercise Options Exercise Range of Exercise Prices Outstanding (in Years) Price Exercisable Price $23.38 to $25.86 632,950 4.4 $ 24.92 381,925 $ 25.59 $27.04 to $37.22 543,820 5.0 $ 29.72 321,105 $ 28.05 1,176,770 4.7 $ 27.14 703,030 $ 26.71
Schedule of Company's stock option exercise activity	The following table summarizes stock option activity for the years ended December 31: 2019 2018 (Dollars in thousands) Total intrinsic value of stock options exercised $ 87 $ 3,822 Net proceeds from stock option exercises $ 161 $ 4,403 Income tax benefit from the exercise of stock options $ 23 $ 994 Total fair value of stock options vested $ 750 $ 793
Schedule of Company's restricted stock award	The following table summarizes restricted stock award activity during the years ended December 31, 2018 and 2019: Shares of Restricted Weighted Average Stock Grant Date Fair Value Non-vested - December 31, 2017 66,050 $ 26.79 Issued 25,319 37.22 Vested (25,514) 27.49 Forfeited (4,375) 26.60 Non-vested - December 31, 2018 61,480 $ 30.74 Issued 31,000 23.48 Vested (23,745) 29.10 Forfeited — — Non-vested - December 31, 2019 68,735 $ 28.04

VALUATION AND QUALIFYING ACCO_2

VALUATION AND QUALIFYING ACCOUNTS (Tables)	12 Months Ended
	Dec. 31, 2019
VALUATION AND QUALIFYING ACCOUNTS
Schedule Of Valuation And Qualifying Accounts	Deducted from Assets Doubtful Returns and Accounts Allowances Total (Dollars in thousands) BALANCE, DECEMBER 31, 2017 $ 871 $ 1,335 $ 2,206 Add - Additions charged to earnings 311 4,170 4,481 Deduct - Charges for purposes for which reserves were established (231) (4,170) (4,401) BALANCE, DECEMBER 31, 2018 $ 951 $ 1,335 $ 2,286 Add - Additions charged to earnings 122 4,489 4,611 Deduct - Charges for purposes for which reserves were established (87) (4,401) (4,488) BALANCE, DECEMBER 31, 2019 $ 986 $ 1,423 $ 2,409

ACQUISITION OF NONCONTROLLING_2

ACQUISITION OF NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands	Aug. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Payments to Noncontrolling Interests	$ 3,700	$ 0	$ (3,740)
Florsheim Australia Pty Ltd [Member]
Percentage of equity interest acquired				45.00%
Ownership interest (as percent)				100.00%
David Venner [Member]
Ownership interest (as percent)			100.00%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019CAD ($)	Dec. 31, 2019AUD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2019USD ($)	Sep. 30, 2018
Accounting Policies [Line Items]
Selling Expense	$ 16,400,000	$ 15,700,000
Advertising Expense	12,800,000	11,800,000
Net foreign currency transaction losses	13,000	(459,000)
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	0	110,000
Operating Lease, Right-of-Use Asset		0			$ 18,753,000
Operating Lease, Liability					20,615,000
2016-02
Accounting Policies [Line Items]
Operating Lease, Right-of-Use Asset						$ 26,000,000
Operating Lease, Liability						27,800,000
Impact of Net ROU Assets On Accrued Liabilities and Long Term Liabilities						$ 1,800,000
Florsheim Australia Pty Ltd [Member]
Accounting Policies [Line Items]
Asset Impairment Charges	259,000	246,000
Ownership interest (as percent)							100.00%
Royalty [Member]
Accounting Policies [Line Items]
Revenue from Contract with Customer, Including Assessed Tax	$ 3,000,000	$ 2,500,000
Australian Member
Accounting Policies [Line Items]
Investment Owned, Foreign Currency Contract, Current Value				$ 2.4	1,700,000
Canadian Member
Accounting Policies [Line Items]
Investment Owned, Foreign Currency Contract, Current Value			$ 3		$ 2,300,000
Accounts Receivable [Member]
Accounting Policies [Line Items]
Concentration Risk, Customer	There was one individual customer accounts receivable balance outstanding that was more than 10% of the Company's gross accounts receivable balance at December 31, 2019. There was one individual customer accounts receivable balance outstanding that was 10% of the Company's gross accounts receivable balance at December 31, 2018.
Building and Building Improvements [Member] | Minimum [Member]
Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Building and Building Improvements [Member] | Maximum [Member]
Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	39 years
Machinery and Equipment [Member] | Minimum [Member]
Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Machinery and Equipment [Member] | Maximum [Member]
Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	15 years
Furniture and Fixtures [Member] | Minimum [Member]
Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Furniture and Fixtures [Member] | Maximum [Member]
Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	15 years

INVESTMENTS - Marketable Securi

INVESTMENTS - Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost, Current	$ 5,904	$ 1,525
Municipal Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost, Current	5,904	1,525
Amortized Cost, Due from one through five years	8,336	9,752
Amortized Cost, Due from six through ten years	4,255	6,239
Amortized Cost, Due from eleven through twenty years	3,223	2,711
Amortized Cost, Total	21,718	20,227
Market Value, Current	5,915	1,532
Market Value, Due from one through five years	8,621	9,861
Market Value, Due from six through ten years	4,618	6,433
Market Value, Due from eleven through twenty years	3,430	2,713
Market Value, Total	$ 22,584	$ 20,539

INVESTMENTS - Unrealized gains

INVESTMENTS - Unrealized gains and losses (Details) - Municipal Bonds [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net Investment Income [Line Items]
Unrealized Gains	$ 866	$ 388
Unrealized Losses		$ (76)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
INVENTORIES
Finished shoes	$ 105,340	$ 91,276
LIFO reserve	(18,627)	(18,592)
Total inventories	$ 86,713	$ 72,684

INVENTORIES - Additional Inform

INVENTORIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
INVENTORIES
Other Inventory, in Transit, Gross	$ 24,200,000	$ 18,300,000
Percentage of LIFO Inventory	89.00%	91.00%
Percentage of FIFO Inventory	11.00%	9.00%
Decrease In Cost Of Goods Sold	$ 87,000

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
PROPERTY, PLANT AND EQUIPMENT, NET
Land and land improvements	$ 3,793	$ 3,778
Buildings and improvements	26,912	26,912
Machinery and equipment	34,032	32,310
Retail fixtures and leasehold improvements	10,112	11,522
Construction in progress	5,273	92
Property, plant and equipment	80,122	74,614
Less: Accumulated depreciation	(47,908)	(45,907)
Property, plant and equipment, net	$ 32,214	$ 28,707

LEASES - Operating lease costs

LEASES - Operating lease costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
LEASES
Operating lease costs	$ 8,592
Variable lease costs	71
Total lease costs	$ 8,663

LEASES - Maturities of operatin

LEASES - Maturities of operating lease liabilities (Details) $ in Thousands	Dec. 31, 2019USD ($)
LEASES
2020	$ 7,269
2021	5,606
2022	3,380
2023	2,314
2024	1,526
Thereafter	2,777
Total lease payments	22,872
Less imputed interest	(2,257)
Present value of lease liabilities	$ 20,615

LEASES - Operating lease liabil

LEASES - Operating lease liabilities classification (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
LEASES
Operating lease liabilities - current	$ 6,505	$ 0
Operating lease liabilities - non-current	14,110	$ 0
Total	$ 20,615

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
LEASES
Cash paid for amounts included in the measurement of lease liabilities	$ 8,868
Right-of-use assets obtained in exchange for new lease liabilities (noncash)	$ 28,263

LEASES - Future minimum rental

LEASES - Future minimum rental commitments (Details) $ in Thousands	Dec. 31, 2019USD ($)
LEASES
2019	$ 9,468
2020	7,529
2021	5,584
2022	3,278
2023	2,321
Thereafter	4,161
Total	$ 32,341

LEASES - Additional information

LEASES - Additional information (Details)	Dec. 31, 2019
LEASES
Operating Lease, Weighted Average Discount Rate, Percent	4.25%
Operating Lease, Weighted Average Remaining Lease Term	4 years 6 months

INTANGIBLE ASSETS - Company's i

INTANGIBLE ASSETS - Company's indefinite-lived intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Indefinite-lived intangible assets:
Gross Carrying Amount	$ 43,980	$ 43,980
Amortizable intangible assets:
Gross Carrying Amount	3,500	3,500
Accumulated Amortization	(2,061)	(1,828)
Net	1,439	1,672
Goodwill [Member]
Indefinite-lived intangible assets:
Gross Carrying Amount	11,112	11,112
Trademarks [Member]
Indefinite-lived intangible assets:
Gross Carrying Amount	$ 32,868	32,868
Customer Relationships [Member]
Amortizable intangible assets:
Weighted Average Life (Years)	15 years
Gross Carrying Amount	$ 3,500	3,500
Accumulated Amortization	(2,061)	(1,828)
Net	$ 1,439	$ 1,672

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
INTANGIBLE ASSETS
Amortization of Intangible Assets	$ 233,000	$ 234,000
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	0	$ 110,000
2020	233,000
2021	233,000
2022	233,000
2023	233,000
2024	233,000
Thereafter	$ 272,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
OTHER ASSETS
Cash surrender value of life insurance	$ 17,681	$ 16,961
Amortizable intangible assets (See Note 9)	1,439	1,672
Investment in real estate	2,189	2,149
Other	2,365	2,501
Total other assets	$ 23,674	$ 23,283

OTHER ASSETS - Additional Infor

OTHER ASSETS - Additional Information (Details) - USD ($) $ in Millions	May 01, 2013	Dec. 31, 2019
OTHER ASSETS
Approximate Death Benefit Receive From Life Insurance Policies		$ 17.7
Asset Purchase Interest Percentage	50.00%
Payments to Acquire Buildings	$ 3.2

SHORT-TERM BORROWINGS (Details)

SHORT-TERM BORROWINGS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 18,100
Line of Credit Facility, Expiration Date	Nov. 5, 2020
Line of Credit Facility, Interest Rate Description	LIBOR plus 0.75%
Short-term Debt	$ 7,049	$ 5,840
Revolving Credit Facility [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Amount, Total	60,000
Line of Credit, Current	$ 7,000	$ 5,800
Line of Credit Facility, Interest Rate During Period	2.50%	3.30%

EMPLOYEE RETIREMENT PLANS - Sch

EMPLOYEE RETIREMENT PLANS - Schedule of weighted average asset allocation (Details)	Dec. 31, 2019	Dec. 31, 2018
Asset Category:
Weighted Average Asset Allocation	100.00%	100.00%
Equity Securities [Member]
Asset Category:
Weighted Average Asset Allocation	55.00%	53.00%
Fixed Income Securities [Member]
Asset Category:
Weighted Average Asset Allocation	36.00%	40.00%
Other securities
Asset Category:
Weighted Average Asset Allocation	9.00%	7.00%

EMPLOYEE RETIREMENT PLANS - S_2

EMPLOYEE RETIREMENT PLANS - Schedule of change in benefit obligation and plan assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Service cost	$ 463	$ 569
Interest cost	2,460	2,204
Expected return on plan assets	(2,502)	(2,711)
Net amortization and deferral	626	634
Net periodic pension cost	1,047	696
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Long-term pension liability	27,523	23,112
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax [Abstract]
Net amount recognized	17,503	14,671
Plan Assets [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	37,353
Fair value of plan assets, end of year	41,036	37,353
Defined Benefit Pension Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Service cost	463	360
Interest cost	1,801	1,608
Actuarial loss (gain)	5,660	(4,039)
Benefits paid	(2,382)	(2,294)
Projected benefit obligation, end of year	50,552	45,010
Projected benefit obligation, beginning of year	45,010	49,375
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Actual return on plan assets	6,528	(1,362)
Administrative expenses	(463)	(360)
Contributions		3,000
Benefits paid	(2,382)	(2,294)
Funded status of plan	(9,516)	(7,657)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Long-term pension liability	9,516	7,657
Accrued liabilities - other		0
Net amount recognized	(9,516)	(7,657)
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax [Abstract]
Accumulated loss, net of income tax benefit of $4,478, $4,082, $1,684 and $1,102, respectively	12,745	11,616
Prior service cost, net of income tax liability of $0, $0, ($12) and ($28), respectively		0
Net amount recognized	12,745	11,616
Defined Benefit Pension Plan [Member] | Plan Assets [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	37,353	38,369
Fair value of plan assets, end of year	41,036	37,353
Supplemental Pension Plan [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Service cost	0	209
Interest cost	659	595
Actuarial loss (gain)	2,355	(1,601)
Benefits paid	(445)	(488)
Projected benefit obligation, end of year	18,460	15,891
Projected benefit obligation, beginning of year	15,891	17,176
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Actual return on plan assets	0	0
Administrative expenses	0	0
Contributions	445	488
Benefits paid	(445)	(488)
Funded status of plan	(18,460)	(15,891)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Long-term pension liability	18,007	15,455
Accrued liabilities - other	(453)	(436)
Net amount recognized	(18,460)	(15,891)
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax [Abstract]
Accumulated loss, net of income tax benefit of $4,478, $4,082, $1,684 and $1,102, respectively	4,792	3,136
Prior service cost, net of income tax liability of $0, $0, ($12) and ($28), respectively	(34)	(81)
Net amount recognized	4,758	3,055
Supplemental Pension Plan [Member] | Plan Assets [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year	0	0
Fair value of plan assets, end of year	$ 0	$ 0

EMPLOYEE RETIREMENT PLANS - S_3

EMPLOYEE RETIREMENT PLANS - Schedule of net periodic pension cost (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining projected benefit obligation	3.36%	4.39%
Long-term rate of return on plan assets	7.00%	7.00%
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining projected benefit obligation	4.38%	3.70%
Discount rate in effect for determining service cost	0.00%	0.00%
Discount rate in effect for determining interest cost	4.05%	3.33%
Long-term rate of return on plan assets	7.00%	7.00%
Supplemental Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate for determining projected benefit obligation	4.42%	3.75%
Discount rate in effect for determining service cost	0.00%	3.83%
Discount rate in effect for determining interest cost	4.19%	3.51%
Long-term rate of return on plan assets	0.00%	0.00%

EMPLOYEE RETIREMENT PLANS - S_4

EMPLOYEE RETIREMENT PLANS - Schedule of components of net periodic pension cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
EMPLOYEE RETIREMENT PLANS
Service cost	$ 463	$ 569
Interest cost	2,460	2,204
Expected return on plan assets	(2,502)	(2,711)
Net amortization and deferral	626	634
Net periodic pension cost	$ 1,047	$ 696

EMPLOYEE RETIREMENT PLANS - S_5

EMPLOYEE RETIREMENT PLANS - Schedule of Projected benefit payments for the plans (Details) $ in Thousands	Dec. 31, 2019USD ($)
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2020	$ 2,786
2021	2,802
2022	2,785
2023	2,833
2024	2,847
2025 - 2029	14,245
Supplemental Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2020	453
2021	489
2022	538
2023	699
2024	767
2025 - 2029	$ 5,196

EMPLOYEE RETIREMENT PLANS - S_6

EMPLOYEE RETIREMENT PLANS - Schedule of fair value hierarchy (Details) - Plan Assets [Member] - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	$ 41,036	$ 37,353
Subtotal [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	40,945	37,247
Common stocks [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	17,490	15,160
Preferred stocks [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	316	307
Exchange traded funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	5,213	4,454
Corporate obligations [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	4,626	4,568
State and municipal obligations [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	1,062	1,046
Pooled fixed income funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	7,598	7,767
U.S. government securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	364	286
Marketable CD's [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	806	911
Cash and cash equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	3,470	2,748
Other assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	91	106
Fair Value, Inputs, Level 1 [Member] | Subtotal [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	32,032	28,804
Fair Value, Inputs, Level 1 [Member] | Common stocks [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	15,464	13,556
Fair Value, Inputs, Level 1 [Member] | Preferred stocks [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	287	279
Fair Value, Inputs, Level 1 [Member] | Exchange traded funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	5,213	4,454
Fair Value, Inputs, Level 1 [Member] | Corporate obligations [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 1 [Member] | State and municipal obligations [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 1 [Member] | Pooled fixed income funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	7,598	7,767
Fair Value, Inputs, Level 1 [Member] | U.S. government securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 1 [Member] | Marketable CD's [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 1 [Member] | Cash and cash equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	3,470	2,748
Fair Value, Inputs, Level 2 [Member] | Subtotal [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	8,913	8,443
Fair Value, Inputs, Level 2 [Member] | Common stocks [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	2,026	1,604
Fair Value, Inputs, Level 2 [Member] | Preferred stocks [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	29	28
Fair Value, Inputs, Level 2 [Member] | Exchange traded funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 2 [Member] | Corporate obligations [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	4,626	4,568
Fair Value, Inputs, Level 2 [Member] | State and municipal obligations [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	1,062	1,046
Fair Value, Inputs, Level 2 [Member] | Pooled fixed income funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 2 [Member] | U.S. government securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	364	286
Fair Value, Inputs, Level 2 [Member] | Marketable CD's [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	806	911
Fair Value, Inputs, Level 2 [Member] | Cash and cash equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 [Member] | Subtotal [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 [Member] | Common stocks [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 [Member] | Preferred stocks [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 [Member] | Exchange traded funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 [Member] | Corporate obligations [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 [Member] | State and municipal obligations [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 [Member] | Pooled fixed income funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 [Member] | U.S. government securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 [Member] | Marketable CD's [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 [Member] | Cash and cash equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair Value of Pension Plan Assets, Total	$ 0	$ 0

EMPLOYEE RETIREMENT PLANS - Add

EMPLOYEE RETIREMENT PLANS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	100.00%	100.00%
Defined Benefit Plan Percentage Of Minimum Fund Maintenance	80.00%
Defined Contribution Plan Employer Contribution Amount	$ 941,000	$ 835,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	7.00%	7.00%
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year	$ 63,000
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year	$ 808,000
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	3.36%	4.39%
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	$ 4,478,000	$ 4,082,000
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax	0	0
Supplemental Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	1,684,000	1,102,000
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax	$ (12,000)	$ (28,000)
Minimum [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	20.00%
Minimum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	20.00%
Minimum [Member] | Other securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	0.00%
Maximum [Member] | Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	80.00%
Maximum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	80.00%
Maximum [Member] | Other securities
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage	20.00%

Comprehensive Income (Loss) - A

Comprehensive Income (Loss) - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Comprehensive Income (Loss)
Foreign currency translation adjustments	$ (7,033)	$ (6,901)
Pension liability, net of tax	(17,503)	(14,671)
Total accumulated other comprehensive loss	$ (24,536)	$ (21,572)

Comprehensive Income (Loss) - C

Comprehensive Income (Loss) - Changes in accumulated comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Comprehensive Income (Loss)
Foreign Currency Translation Adjustments, Beginning balance	$ (6,901)
Foreign Currency Translation Adjustments, Other comprehensive loss before reclassifications	(132)
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss	0
Foreign Currency Translation Adjustments, Net current period other comprehensive loss	(132)
Foreign Currency Translation Adjustments, Ending balance	(7,033)	$ (6,901)
Defined Benefit Pension Items, Beginning balance	(14,671)
Defined Benefit Pension Items, Other comprehensive loss before reclassifications	(3,295)
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss	463	469
Defined Benefit Pension Items, Net current period other comprehensive loss	(2,832)	1,363
Defined Benefit Pension Items, Ending balance	(17,503)	(14,671)
Beginning balance	(21,572)
Other comprehensive loss before reclassifications	(3,427)
Amounts reclassified from accumulated other comprehensive loss	463
Net current period other comprehensive loss	(2,964)
Ending balance	$ (24,536)	$ (21,572)

Comprehensive Income (Loss) - R

Comprehensive Income (Loss) - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Amortization of defined benefit pension items
Prior service cost	$ (63)	$ (63)
Actuarial losses	689	697
Total before tax	626	634
Tax benefit	(163)	(165)
Net of tax	$ 463	$ 469

INCOME TAXES - Schedule of prov

INCOME TAXES - Schedule of provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 4,784	$ 3,358
State	1,510	1,048
Foreign	777	749
Total	7,071	5,155
Deferred	(869)	643
Total provision	$ 6,202	$ 5,798

INCOME TAXES - Schedule of effe

INCOME TAXES - Schedule of effective tax rate (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
U.S. federal statutory income tax rate	21.00%	21.00%
State income taxes, net of federal tax benefit	4.30%	3.60%
Non-taxable municipal bond interest	(0.40%)	(0.50%)
Foreign income tax rate differences		0.80%
Tax settlements	(1.20%)	0.00%
Share-based compensation	0.20%	(2.50%)
Other	(1.00%)	0.10%
Effective tax rate	22.90%	22.50%

INCOME TAXES - Schedule of comp

INCOME TAXES - Schedule of components of deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred income tax assets:
Accounts receivable reserves	$ 197	$ 192
Pension liability	7,274	6,122
Accrued liabilities	1,794	1,779
Operating lease liabilities	4,475
Carryfoward losses	1,727	637
Foreign currency losses on intercompany loans	39	81
Deferred Tax Assets, Net of Valuation Allowance, Total	15,506	8,811
Deferred income tax liabilities:
Inventory and related reserves	(2,795)	(2,832)
Cash value of life insurance	(431)	(382)
Property, plant and equipment	(1,195)	(1,145)
Intangible assets	(7,482)	(6,702)
Operating lease right-of-use assets	(3,960)
Prepaid expenses and other assets	(241)	(197)
Deferred Tax Liabilities, Gross	(16,104)	(11,258)
Net deferred income tax liabilities	$ (598)	$ (2,447)

INCOME TAXES - Schedule of net

INCOME TAXES - Schedule of net deferred tax liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Non-current deferred income tax benefits	$ 2,487	$ 1,277
Non-current deferred income tax liabilities	(3,085)	(3,724)
Net deferred income tax liabilities	$ (598)	$ (2,447)

INCOME TAXES - Schedule of unre

INCOME TAXES - Schedule of unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Unrecognized tax benefits balance at January 1,	$ 772	$ 412
Increases related to current year tax positions	190	399
Decreases due to settlements of tax positions	(275)	0
Decreases due to lapsing of statute of limitations	(51)	(39)
Unrecognized tax benefits balance at December 31,	$ 636	$ 772

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
INCOME TAXES
Income (Loss) from Continuing Operations before Income Taxes, Foreign	$ (2,127,000)	$ 262,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	$ 115,000	$ 245,000

COMMITMENTS (Details)

COMMITMENTS (Details) $ in Millions	Dec. 31, 2019USD ($)
COMMITMENTS
Purchase Obligation, Due in Next Twelve Months	$ 41.2

SHARE REPURCHASE PROGRAM (Detai

SHARE REPURCHASE PROGRAM (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
SHARE REPURCHASE PROGRAM
Stock Repurchased and Retired During Period, Shares	222,740	351,626
Payments for Repurchase of Common Stock	$ 5,649	$ 11,414
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	442,270
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	7,500,000

EARNINGS PER SHARE - Earning pe

EARNINGS PER SHARE - Earning per share basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net earnings attributable to Weyco Group, Inc.	$ 20,882	$ 20,484
Denominator:
Basic weighted average shares outstanding (in shares)	9,904	10,168
Effect of dilutive securities:
Employee stock-based awards (in shares)	49	223
Diluted weighted average shares outstanding (in shares)	9,953	10,391
Basic earnings per share (in dollars per share)	$ 2.11	$ 2.01
Diluted earnings per share (in dollars per share)	$ 2.10	$ 1.97

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
EARNINGS PER SHARE
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	825,080	169,314
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share)	$ 27.98	$ 30.38

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of segment data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net sales	$ 304,011	$ 298,375
Depreciation	3,292	3,712
Earnings (loss) from operations	27,040	25,459
Total assets	296,917	270,044
Capital expenditures	7,392	1,410
Product sales [Member]
Segment Reporting Information [Line Items]
Net sales	300,975	295,844
Licensing revenues [Member]
Segment Reporting Information [Line Items]
Net sales	3,036	2,531
Wholesale [Member]
Segment Reporting Information [Line Items]
Net sales	242,127	233,362
Depreciation	2,088	2,425
Earnings (loss) from operations	27,755	23,106
Total assets	250,266	239,119
Capital expenditures	6,902	648
Wholesale [Member] | Product sales [Member]
Segment Reporting Information [Line Items]
Net sales	239,091	230,831
Wholesale [Member] | Licensing revenues [Member]
Segment Reporting Information [Line Items]
Net sales	3,036	2,531
Retail Segment [Member]
Segment Reporting Information [Line Items]
Net sales	25,231	22,683
Depreciation	315	331
Earnings (loss) from operations	2,791	2,732
Total assets	11,783	4,440
Capital expenditures	20	76
Retail Segment [Member] | Product sales [Member]
Segment Reporting Information [Line Items]
Net sales	25,231	22,683
Retail Segment [Member] | Licensing revenues [Member]
Segment Reporting Information [Line Items]
Net sales	0	0
Other Segment [Member]
Segment Reporting Information [Line Items]
Net sales	36,653	42,330
Depreciation	889	956
Earnings (loss) from operations	(3,506)	(379)
Total assets	34,868	26,485
Capital expenditures	470	686
Other Segment [Member] | Product sales [Member]
Segment Reporting Information [Line Items]
Net sales	36,653	42,330
Other Segment [Member] | Licensing revenues [Member]
Segment Reporting Information [Line Items]
Net sales	$ 0	$ 0

SEGMENT INFORMATION - Geographi

SEGMENT INFORMATION - Geographic Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	$ 304,011	$ 298,375
Long-Lived Assets	98,575	76,508
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	245,073	234,782
Long-Lived Assets	81,603	70,018
Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	22,285	21,263
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	6,223	7,849
Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	22,459	26,038
Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	5,085	5,442
South Africa [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net Sales	2,886	3,001
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 16,972	$ 6,490

SEGMENT INFORMATION - Additonal

SEGMENT INFORMATION - Additonal Information (Details)	12 Months Ended
	Dec. 31, 2019segment
Segment Information [Line Items]
Number of Reportable Segments	2
Revenue from Contract with Customer Benchmark [Member]
Segment Information [Line Items]
Segment Reporting, Disclosure of Major Customers	In 2019 and 2018, there was no single customer with sales of 10% or more of the Company's total sales.
United States [Member]
Segment Information [Line Items]
Number Of Stores Description	the Company operated eight brick and mortar retail stores

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS - Stock options weighted-average assumptions (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
SHARE-BASED COMPENSATION PLANS
Risk-free interest rate	1.55%	2.80%
Expected dividend yield	4.11%	2.47%
Expected term (in years)	8 years	8 years
Expected volatility	24.00%	19.90%

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS - Company's stock option activity (Details) - Employee Stock Option [Member] - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Outstanding at beginning of year	1,173,620	1,502,493
Shares, Granted	192,650	129,200
Shares, Exercised	(18,795)	(429,047)
Shares, Forfeited or expired	(170,705)	(29,026)
Shares, Outstanding at end of year	1,176,770	1,173,620
Shares, Exercisable at end of year	703,030	692,007
Weighted Average Exercise Price, Outstanding at beginning of year (in dollars per share)	$ 27.96	$ 26.57
Weighted Average Exercise Price, Granted (in dollars per share)	23.45	37.22
Weighted Average Exercise Price, Exercised (in dollars per share)	27.75	25.96
Weighted Average Exercise Price, Forfeited or expired (in dollars per share)	28.56	26.67
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share)	27.14	27.96
Weighted Average Exercise Price, Exercisable at end of year (in dollars per share)	26.71	26.92
Weighted average fair market value of options granted (in dollars per share)	$ 3.32	$ 7.07
Weighted Average Remaining Contractual Life (Years), Outstanding - December 31, 2019	4 years 8 months 12 days
Weighted Average Remaining Contractual Life (Years), Exercisable - December 31, 2019	2 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding at December 31, 2019	$ 808,000
Aggregate Intrinsic Value, Exercisable at December 31, 2019	$ 171,000

SHARE-BASED COMPENSATION PLAN_4

SHARE-BASED COMPENSATION PLANS - Non-vested stock options (Details) - Non Vested Stock Options [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Outstanding at beginning of year	481,613	625,362
Number of Options, Granted	192,650	129,200
Number of Options, Vested	(193,838)	(243,798)
Number of Options, Forfeited	(6,685)	(29,151)
Number of Options, Outstanding at end of year	473,740	481,613
Weighted Average Exercise Price, Outstanding at beginning of year (in dollars per share)	$ 29.46	$ 26.55
Weighted Average Exercise Price, Granted (in dollars per share)	23.45	37.22
Weighted Average Exercise Price, Vested (in dollars per share)	27.59	26.42
Weighted Average Exercise Price, Forfeited (in dollars per share)	29.94	26.67
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share)	27.77	29.46
Weighted Average Fair Value, Outstanding at beginning of year (in dollars per share)	4.49	3.43
Weighted Average Fair Value, Granted (in dollars per share)	3.32	7.07
Weighted Average Fair Value, Vested (in dollars per share)	3.87	3.25
Weighted Average Fair Value, Forfeited (in dollars per share)	4.87	3.46
Weighted Average Fair Value, Outstanding at end of the year (in dollars per share)	$ 4.26	$ 4.49

SHARE-BASED COMPENSATION PLAN_5

SHARE-BASED COMPENSATION PLANS - Summary of outstanding and exercisable stock options (Details)	12 Months Ended
	Dec. 31, 2019$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Number of Options Outstanding | shares	1,176,770
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	4 years 8 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 27.14
Options Exercisable, Number Of Options Exercisable | shares	703,030
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 26.71
Exercise Price Range From $23.38 to $25.86 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Prices, Lower Range Limit (in dollars per share)	23.38
Exercise Prices, Upper Range Limit (in dollars per share)	$ 25.86
Options Outstanding, Number of Options Outstanding | shares	632,950
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	4 years 4 months 24 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 24.92
Options Exercisable, Number Of Options Exercisable | shares	381,925
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 25.59
Exercise Price Range From $27.04 to $37.22 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Prices, Lower Range Limit (in dollars per share)	27.04
Exercise Prices, Upper Range Limit (in dollars per share)	$ 37.22
Options Outstanding, Number of Options Outstanding | shares	543,820
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	5 years
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 29.72
Options Exercisable, Number Of Options Exercisable | shares	321,105
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 28.05

SHARE-BASED COMPENSATION PLAN_6

SHARE-BASED COMPENSATION PLANS - Company's stock option activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
SHARE-BASED COMPENSATION PLANS
Total intrinsic value of stock options exercised	$ 87	$ 3,822
Net proceeds from stock option exercises	161	4,403
Income tax benefit from the exercise of stock options	23	994
Total fair value of stock options vested	$ 750	$ 793

SHARE-BASED COMPENSATION PLAN_7

SHARE-BASED COMPENSATION PLANS - Company's restricted stock award activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of Restricted Stock, Non-vested beginning of year	61,480	66,050
Shares of Restricted Stock, Issued	31,000	25,319
Shares of Restricted Stock, Vested	(23,745)	(25,514)
Shares of Restricted Stock, Forfeited		(4,375)
Shares of Restricted Stock, Non-vested end of year	68,735	61,480
Weighted Average Grant Date Fair Value, Non-vested beginning of year (in dollars per share)	$ 30.74	$ 26.79
Weighted Average Grant Date Fair Value, Issued (in dollars per share)	23.48	37.22
Weighted Average Grant Date Fair Value, Vested (in dollars per share)	29.10	27.49
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share)		26.60
Weighted Average Grant Date Fair Value, Non-vested end of year (in dollars per share)	$ 28.04	$ 30.74

SHARE-BASED COMPENSATION PLAN_8

SHARE-BASED COMPENSATION PLANS - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 1,452,000	$ 1,513,000
Payments Related to Tax Withholding for Share-based Compensation	$ 5,000	$ 699,000
Shares Paid for Tax Withholding for Share Based Compensation	11,000	204,000
Income tax benefit from the exercise of stock options	$ 23,000	$ 994,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share	$ 26.45
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 1,700,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	2 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	68,735	61,480	66,050
Aggregate Intrinsic Value	$ 1,800,000
Income tax benefit from the exercise of stock options	$ 152,000	$ 249,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years	10 years
Share Price	$ 26.45
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 1,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	3 years 6 months
Incentive plan 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	882,000

VALUATION AND QUALIFYING ACCO_3

VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
BEGINNING BALANCE	$ 2,286	$ 2,206
Add - Additions charged to earnings	4,611	4,481
Deduct - Charges for purposes for which reserves were established	(4,488)	(4,401)
ENDING BALANCE	2,409	2,286
Sales Returns and Allowances [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
BEGINNING BALANCE	951	871
Add - Additions charged to earnings	122	311
Deduct - Charges for purposes for which reserves were established	(87)	(231)
ENDING BALANCE	986	951
SEC Schedule, 12-09, Allowance, Credit Loss [Member]
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
BEGINNING BALANCE	1,335	1,335
Add - Additions charged to earnings	4,489	4,170
Deduct - Charges for purposes for which reserves were established	(4,401)	(4,170)
ENDING BALANCE	$ 1,423	$ 1,335