Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-09068 | |
Entity Registrant Name | WEYCO GROUP INC | |
Entity Incorporation, State or Country Code | WI | |
Entity Tax Identification Number | 39-0702200 | |
Entity Address, Address Line One | 333 W. Estabrook Boulevard | |
Entity Address, Address Line Two | P. O. Box 1188 | |
Entity Address, City or Town | Milwaukee | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53201 | |
City Area Code | 414 | |
Local Phone Number | 908-1600 | |
Title of 12(b) Security | Common Stock - $1.00 par value per share | |
Trading Symbol | WEYS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,813,371 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000106532 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Cash and cash equivalents | $ 10,174 | $ 9,799 |
Marketable securities, at amortized cost | 1,212 | 5,904 |
Accounts receivable, net | 26,670 | 51,532 |
Income tax receivable | 3,977 | 0 |
Inventories | 81,445 | 86,713 |
Prepaid expenses and other current assets | 3,546 | 6,047 |
Total current assets | 127,024 | 159,995 |
Marketable securities, at amortized cost | 14,491 | 15,814 |
Deferred income tax benefits | 2,438 | 2,487 |
Property, plant and equipment, net | 33,208 | 32,214 |
Operating lease right-of-use assets | 15,666 | 18,753 |
Goodwill | 11,112 | 11,112 |
Trademarks | 32,868 | 32,868 |
Other assets | 23,530 | 23,674 |
Total assets | 260,337 | 296,917 |
LIABILITIES AND EQUITY: | ||
Short-term borrowings | 0 | 7,049 |
Accounts payable | 5,111 | 12,455 |
Dividend payable | 0 | 2,355 |
Operating lease liabilities | 6,313 | 6,505 |
Accrued liabilities | 10,320 | 13,422 |
Accrued income tax payable | 0 | 90 |
Total current liabilities | 21,744 | 41,876 |
Deferred income tax liabilities | 3,416 | 3,085 |
Long-term pension liability | 27,180 | 27,523 |
Operating lease liabilities | 11,450 | 14,110 |
Other long-term liabilities | 275 | 329 |
Total liabilities | 64,065 | 86,923 |
Common stock | 9,813 | 9,873 |
Capital in excess of par value | 66,533 | 65,832 |
Reinvested earnings | 145,148 | 158,825 |
Accumulated other comprehensive loss | (25,222) | (24,536) |
Total equity | 196,272 | 209,994 |
Total liabilities and equity | $ 260,337 | $ 296,917 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME | ||||
Net sales | $ 16,646 | $ 60,476 | $ 80,230 | $ 134,604 |
Cost of sales | 9,155 | 36,073 | 49,562 | 81,437 |
Gross earnings | 7,491 | 24,403 | 30,668 | 53,167 |
Selling and administrative expenses | 20,504 | 22,539 | 42,340 | 46,157 |
Earnings (loss) from operations | (13,013) | 1,864 | (11,672) | 7,010 |
Interest income | 138 | 230 | 287 | 453 |
Interest expense | (2) | (34) | (53) | (66) |
Other (expense) income, net | (252) | (128) | 155 | (253) |
Earnings (loss) before provision for income taxes | (13,129) | 1,932 | (11,283) | 7,144 |
Provision(benefit) for income taxes | (4,246) | 418 | (3,562) | 1,662 |
Net earnings (loss) | $ (8,883) | $ 1,514 | $ (7,721) | $ 5,482 |
Basic weighted average shares outstanding (in shares) | 9,745 | 9,938 | 9,763 | 9,943 |
Diluted weighted average shares outstanding (in shares) | 9,745 | 10,033 | 9,763 | 10,030 |
Basic earnings (loss) per share (in dollars per share) | $ (0.91) | $ 0.15 | $ (0.79) | $ 0.55 |
Diluted earnings (loss) per share (in dollars per share) | (0.91) | 0.15 | (0.79) | 0.55 |
Cash dividends declared (per share) | $ 0.24 | $ 0.24 | $ 0.48 | $ 0.47 |
Comprehensive income (loss) | $ (7,149) | $ 1,737 | $ (8,407) | $ 5,943 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings (loss) | $ (7,721) | $ 5,482 |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities - | ||
Depreciation | 1,493 | 1,650 |
Amortization | 151 | 125 |
Bad debt expense | 3,615 | 79 |
Deferred income taxes | 281 | (61) |
Net foreign currency transaction losses | (3) | (18) |
Share-based compensation expense | 701 | 731 |
Pension expense | 230 | 523 |
Increase in cash surrender value of life insurance | (115) | (115) |
Changes in operating assets and liabilities - | ||
Accounts receivable | 21,200 | 12,142 |
Inventories | 5,248 | (10,065) |
Prepaid expenses and other assets | 2,770 | 2,095 |
Accounts payable | (7,347) | (7,612) |
Accrued liabilities and other | (3,802) | (3,194) |
Accrued income taxes | (4,063) | (1,558) |
Net cash provided by operating activities | 12,644 | 240 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of marketable securities | 0 | (10,183) |
Proceeds from maturities of marketable securities | 6,010 | 1,645 |
Life insurance premiums paid | (155) | (155) |
Purchases of property, plant and equipment | (2,695) | (2,414) |
Net cash provided by (used for) investing activities | 3,160 | (11,107) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends paid | (7,033) | (6,978) |
Shares purchased and retired | (1,304) | (1,828) |
Net proceeds from stock options exercised | 0 | 161 |
Taxes paid related to the net share settlement of equity awards | 0 | (5) |
Proceeds from bank borrowings | 11,883 | 75,474 |
Repayments of bank borrowings | (18,932) | (69,313) |
Net cash used for financing activities | (15,386) | (2,489) |
Effect of exchange rate changes on cash and cash equivalents | (43) | 64 |
Net increase (decrease) in cash and cash equivalents | 375 | (13,292) |
CASH AND CASH EQUIVALENTS at beginning of period | 9,799 | 22,973 |
CASH AND CASH EQUIVALENTS at end of period | 10,174 | 9,681 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid, net of refunds | 572 | 3,112 |
Interest paid | $ 53 | $ 66 |
Financial Statements
Financial Statements | 6 Months Ended |
Jun. 30, 2020 | |
Financial Statements | |
Financial Statements | 1. Financial Statements In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature. The results of operations for the three and six months ended June 30, 2020, may not necessarily be indicative of the results for the full year. 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 amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results specifically related to inventory reserves, goodwill and trademarks could materially differ from those estimates that impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes. |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2020 | |
Accounts Receivable | |
Accounts Receivable | 2. Accounts Receivable In May 2020, J.C. Penney Company, Inc. and affiliated entities ("JCP") filed for bankruptcy protection. The Company had an outstanding receivable balance with JCP totaling approximately $3.3 million at the time of the bankruptcy filing. While the ultimate resolution of the bankruptcy proceedings and collectability of the receivable are not known, it is likely the Company will incur a loss with respect to all or a significant portion of this receivable. Therefore, the Company wrote-off the entire $3.3 million receivable in the second quarter. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share | |
Earnings Per Share | 3. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands, except per share amounts) Numerator: Net earnings (loss) $ (8,883) $ 1,514 $ (7,721) $ 5,482 Denominator: Basic weighted average shares outstanding 9,745 9,938 9,763 9,943 Effect of dilutive securities: Employee share-based awards — 95 — 87 Diluted weighted average shares outstanding 9,745 10,033 9,763 10,030 Basic earnings (loss) per share $ (0.91) $ 0.15 $ (0.79) $ 0.55 Diluted earnings (loss) per share $ (0.91) $ 0.15 $ (0.79) $ 0.55 The three and six months ended June 30, 2020 resulted in a net loss; therefore, there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. Diluted weighted average shares outstanding for the three and six months ended June 30, 2020, excludes anti-dilutive share-based awards totaling approximately 1.2 million shares of common stock at a weighted average price of $26.74. Diluted weighted average shares outstanding for the three months ended June 30, 2019, excludes anti-dilutive share-based awards totaling approximately 346,000 shares of common stock at a weighted average price of $29.49. Diluted weighted average shares outstanding for the six months ended June 30, 2019, excludes anti-dilutive share-based awards totaling approximately 347,000 shares of common stock at a weighted average price of $29.50. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2020 | |
Investments | |
Investments | 4. Investments As noted in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, all of the Company’s marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities as of June 30, 2020, and December 31, 2019. June 30, 2020 December 31, 2019 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 1,212 $ 1,225 $ 5,904 $ 5,915 Due from one through five years 7,291 7,655 8,336 8,621 Due from six through ten years 4,672 5,183 4,255 4,618 Due from eleven through twenty years 2,528 2,739 3,223 3,430 Total $ 15,703 $ 16,802 $ 21,718 $ 22,584 The unrealized gains and losses on marketable securities at June 30, 2020, and at December 31, 2019, were as follows: June 30, 2020 December 31, 2019 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 1,099 $ — $ 866 $ – The estimated market values provided are level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
Intangible Assets | |
Intangible Assets | 5. Intangible Assets The Company evaluates its goodwill and trademarks for impairment annually during the fourth quarter, or more frequently if events occur or circumstances change that indicate impairment may be present. Given the substantial reduction in sales, reduced cash flow projections, and the decrease in the Company's market capitalization due to the impact of the COVID-19 pandemic on macroeconomic conditions, the Company determined that potential impairment indicators were present and that an impairment assessment was warranted for goodwill and trademarks. As a result, the Company performed an interim assessment of goodwill, all of which is assigned to its wholesale reporting unit, using a quantitative approach as of June 30, 2020, and an interim assessment of trademarks using a quantitative approach as of June 30, 2020. In conducting the interim goodwill assessment, the estimated fair value of the Company's wholesale reporting unit was determined using discounted cash flows and market comparisons. As of June 30, 2020, the fair value of the Company's wholesale reporting unit exceeded its carrying value by 14%, therefore no goodwill impairment was recorded. In evaluating trademarks, estimated fair values were determined using discounted cash flows and implied royalty rates. Based on the results of the trademark assessments, the Company concluded that the fair values of the trademarks also exceeded their respective carrying values. Therefore, no impairment was recorded on the Company's trademarks. The Company can make no assurances that its goodwill or trademarks will not be impaired in the future. When preparing a discounted cash flow analysis, the Company makes a number of key estimates and assumptions regarding future cash flows and growth. The discount rate used is based on the Company's weighted average cost of capital which includes assumptions such as market capital structure, market beta, risk-free rate of return, and estimated costs of borrowing. Changes in key estimates assumptions, and macroeconomic conditions, and/or continued deterioration of the Company's market capitalization and business, could lead to an impairment charge in a future period. The Company's amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: June 30, 2020 December 31, 2019 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 $ (2,178) $ 1,322 $ 3,500 $ (2,061) $ 1,439 Total amortizable intangible assets $ 3,500 $ (2,178) $ 1,322 $ 3,500 $ (2,061) $ 1,439 Amortization expense related to the intangible assets was approximately $58,000 in both the second quarters of 2020 and 2019. For both the six months ended June 30, 2020 and 2019, amortization expense related to the intangible assets was approximately $117,000. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Information | |
Segment Information | 6. Segment Information The Company has two reportable segments: North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). The Company’s Chief Executive Officer evaluates the performance of the Company’s segments based on earnings (loss) 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 tables 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. Summarized segment data for the three and six months ended June 30, 2020 and 2019, was as follows: Three Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2020 Product sales $ 9,177 $ 3,640 $ 3,688 $ 16,505 Licensing revenues 141 — — 141 Net sales $ 9,318 $ 3,640 $ 3,688 $ 16,646 Earnings (loss) from operations $ (10,176) $ (856) $ (1,981) $ (13,013) 2019 Product sales $ 45,416 $ 5,395 $ 9,029 $ 59,840 Licensing revenues 636 — — 636 Net sales $ 46,052 $ 5,395 $ 9,029 $ 60,476 Earnings (loss) from operations $ 2,212 $ 401 $ (749) $ 1,864 Six Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2020 Product sales $ 61,405 $ 8,401 $ 9,822 $ 79,628 Licensing revenues 602 — — 602 Net sales $ 62,007 $ 8,401 $ 9,822 $ 80,230 Earnings (loss) from operations $ (7,416) $ (945) $ (3,311) $ (11,672) 2019 Product sales $ 104,190 $ 10,966 $ 18,105 $ 133,261 Licensing revenues 1,343 — — 1,343 Net sales $ 105,533 $ 10,966 $ 18,105 $ 134,604 Earnings (loss) from operations $ 7,418 $ 884 $ (1,292) $ 7,010 |
Employee Retirement Plans
Employee Retirement Plans | 6 Months Ended |
Jun. 30, 2020 | |
Employee Retirement Plans | |
Employee Retirement Plans | 7. Employee Retirement Plans The components of the Company’s net periodic pension cost were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) Service cost $ 115 $ 128 $ 230 $ 231 Interest cost 506 624 1,006 1,230 Expected return on plan assets (698) (625) (1,388) (1,251) Net amortization and deferral 196 167 382 313 Net periodic pension cost $ 119 $ 294 $ 230 $ 523 The components of net periodic pension cost other than the service cost component were included in other (expense) income, net in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Unaudited). |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
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 the remainder of 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): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease costs $ 1,693 $ 2,198 $ 3,575 $ 4,392 Variable lease costs (1) 2 34 12 43 Total lease costs $ 1,695 $ 2,232 $ 3,587 $ 4,435 (1) 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 June 30, 2020 (dollars in thousands): Operating Leases 2020, excluding the six months ended June 30, 2020 $ 3,708 2021 5,810 2022 3,407 2023 2,309 2024 1,519 Thereafter 2,753 Total lease payments 19,506 Less imputed interest (1,743) Present value of lease liabilities 17,763 The operating lease liabilities are classified in the consolidated condensed balance sheet (unaudited) as follows (dollars in thousands): June 30, 2020 December 31, 2019 Operating lease liabilities – current $ 6,313 $ 6,505 Operating lease liabilities - non-current 11,450 14,110 Total $ 17,763 $ 20,615 The Company determined the present value of its lease liabilities using a weighted-average discount rate of 4.25%. As of June 30, 2020, the Company’s leases have a weighted-average remaining lease term of 4.25 years. Supplemental cash flow information related to the Company’s operating leases is as follows (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities $ 1,262 $ 2,273 $ 3,240 $ 4,525 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ — $ 973 $ 144 $ 27,002 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2020 | |
Share-Based Compensation Plans | |
Share-Based Compensation Plans | 9. Share-Based Compensation Plans During the three and six months ended June 30, 2020, the Company recognized approximately $350,000 and $701,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2016 through 2019. During the three and six months ended June 30, 2019, the Company recognized approximately $365,000 and $731,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2015 through 2019. The following table summarizes the Company’s stock option activity for the six-month period ended June 30, 2020: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2019 1,176,770 $ 27.14 Granted — $ — Exercised — $ — Forfeited or expired (9,135) $ 28.03 Outstanding at June 30, 2020 1,167,635 $ 27.13 4.2 $ — Exercisable at June 30, 2020 700,655 $ 26.70 1.9 $ — * 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 June 30, 2020, the last trading day of the quarter, of $21.59 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stockoptions. The respective exercise prices of all of the Company's outstanding stock options were higher than the closing price of the Company's common stock as of June 30, 2020; therefore, the aggregate intrinsic value of the Company's stock options is zero. The following table summarizes the Company’s stock option exercise activity for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) Total intrinsic value of stock options exercised $ — $ 77 $ — $ 88 Net proceeds from stock option exercises $ — $ 154 $ — $ 161 Income tax benefit from the exercise of stock options $ — $ 20 $ — $ 23 The following table summarizes the Company’s restricted stock award activity for the six-month period ended June 30, 2020: Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2019 68,735 $ 28.04 Issued — — Vested — — Forfeited — — Non-vested at June 30, 2020 68,735 $ 28.04 2.2 $ 1,484,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on June 30, 2020, the last trading day of the quarter, of $21.59 multiplied by the number of non-vested restricted shares outstanding. |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
Short-Term Borrowings. | |
Short-Term Borrowings | 10. Short-Term Borrowings At June 30, 2020, 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 London Interbank Offered Rate (“LIBOR”) plus 0.75%. At June 30, 2020, there were no amounts outstanding on the line of credit. The highest balance on the line of credit during the six months ended June 30, 2020 was $8.5 million. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Financial Instruments | |
Financial Instruments | 11. Financial Instruments At June 30, 2020, the Company’s wholly-owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $2.3 million U.S. dollars at a price of approximately $3.2 million Australian dollars. These contracts are set to expire in the second half of 2020. Based on quarter-end exchange rates, there were no significant unrealized gains or losses on the outstanding contracts. The Company determines the fair value of foreign exchange contracts based on the difference between the foreign currency contract rates and the widely available foreign currency rates as of the measurement date. The fair value measurements are based on observable market transactions, and thus represent a level 2 valuation as defined by ASC 820. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2020 | |
Comprehensive Income (Loss) | |
Comprehensive Income (Loss) | 12. Comprehensive Income (Loss) Comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) Net earnings (loss) $ (8,883) $ 1,514 $ (7,721) $ 5,482 Foreign currency translation adjustments 1,590 100 (968) 230 Pension liability, net of tax of $52, $44, $100, and $82, respectively 144 123 282 231 Total comprehensive income (loss) $ (7,149) $ 1,737 $ (8,407) $ 5,943 The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: June 30, December 31, 2020 2019 (Dollars in thousands) Foreign currency translation adjustments $ (8,001) $ (7,033) Pension liability, net of tax (17,221) (17,503) Total accumulated other comprehensive loss $ (25,222) $ (24,536) The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the six months ended June 30, 2020: Foreign Currency Translation Defined Benefit Adjustments Pension Items Total Beginning balance, December 31, 2019 $ (7,033) $ (17,503) $ (24,536) Other comprehensive loss before reclassifications (968) — (968) Amounts reclassified from accumulated other comprehensive loss — 282 282 Net current period other comprehensive income (loss) (968) 282 (686) Ending balance, June 30, 2020 $ (8,001) $ (17,221) $ (25,222) The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the six months ended June 30, 2020: Amounts reclassified from accumulated other comprehensive loss for the Affected line item in the six months ended June 30, statement where net income 2020 is presented Amortization of defined benefit pension items Prior service cost $ (31) (1) Other expense, net Actuarial losses 413 (1) Other expense, net Total before tax 382 Tax benefit (100) Net of tax $ 282 (1) These amounts were included in net periodic pension cost. See Note 7 for additional details . |
Equity
Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity | |
Equity | 13. Equity The following table reconciles the Company’s equity for the six months ended June 30, 2020: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2019 $ 9,873 $ 65,832 $ 158,825 $ (24,536) Net earnings — — 1,162 — Foreign currency translation adjustments — — — (2,558) Pension liability adjustment, net of tax — — — 138 Cash dividends declared — — (2,357) — Share-based compensation expense — 351 — — Shares purchased and retired (60) — (1,244) — Balance, March 31,2020 $ 9,813 $ 66,183 $ 156,386 $ (26,956) Net earnings (loss) — — (8,883) — Foreign currency translation adjustments — — — 1,590 Pension liability adjustment, net of tax — — — 144 Cash dividends declared — — (2,355) — Share-based compensation expense — 350 — — Balance, June 30,2020 $ 9,813 $ 66,533 $ 145,148 $ (25,222) The following table reconciles the Company’s equity for the six months ended June 30, 2019: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2018 $ 10,057 $ 64,263 $ 152,835 $ (21,572) Net earnings — — 3,968 — Foreign currency translation adjustments — — — 130 Pension liability adjustment, net of tax — — — 108 Cash dividends declared — — (2,299) — Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 1 6 — — Issuance of restricted stock 1 (1) — — Share-based compensation expense — 366 — — Shares purchased and retired (64) — (1,764) — Balance, March 31, 2019 $ 9,995 $ 64,634 $ 152,740 $ (21,334) Net earnings — — 1,514 — Foreign currency translation adjustments — — — 100 Pension liability adjustment, net of tax — — — 123 Cash dividends declared — — (2,401) — Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 7 142 — — Share-based compensation expense — 365 — — Balance, June 30, 2019 $ 10,002 $ 65,141 $ 151,853 $ (21,111) |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Event | |
Subsequent Event | 14. Subsequent Event On August 2, 2020, Tailored Brands, Inc. filed for bankruptcy protection under Chapter 11 of U.S. Bankruptcy Code. The Company has an outstanding receivable balance with Tailored Brands totaling approximately $1.2 million. While the ultimate resolution of the bankruptcy proceedings and collectability of the receivable are not known at this time, it is likely the Company will incur a loss with respect to all or a significant portion of the receivable. |
Financial Statements (Policies)
Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Financial Statements | |
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 amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results specifically related to inventory reserves, goodwill and trademarks could materially differ from those estimates that impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share | |
Schedule of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In thousands, except per share amounts) Numerator: Net earnings (loss) $ (8,883) $ 1,514 $ (7,721) $ 5,482 Denominator: Basic weighted average shares outstanding 9,745 9,938 9,763 9,943 Effect of dilutive securities: Employee share-based awards — 95 — 87 Diluted weighted average shares outstanding 9,745 10,033 9,763 10,030 Basic earnings (loss) per share $ (0.91) $ 0.15 $ (0.79) $ 0.55 Diluted earnings (loss) per share $ (0.91) $ 0.15 $ (0.79) $ 0.55 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments | |
Schedule of Marketable securities | Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities as of June 30, 2020, and December 31, 2019. June 30, 2020 December 31, 2019 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 1,212 $ 1,225 $ 5,904 $ 5,915 Due from one through five years 7,291 7,655 8,336 8,621 Due from six through ten years 4,672 5,183 4,255 4,618 Due from eleven through twenty years 2,528 2,739 3,223 3,430 Total $ 15,703 $ 16,802 $ 21,718 $ 22,584 |
Schedule of Unrealized gains and losses | The unrealized gains and losses on marketable securities at June 30, 2020, and at December 31, 2019, were as follows: June 30, 2020 December 31, 2019 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 1,099 $ — $ 866 $ – |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Intangible Assets | |
Schedule of Company's amortizable intangible assets | The Company's amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: June 30, 2020 December 31, 2019 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 $ (2,178) $ 1,322 $ 3,500 $ (2,061) $ 1,439 Total amortizable intangible assets $ 3,500 $ (2,178) $ 1,322 $ 3,500 $ (2,061) $ 1,439 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Information | |
Schedule of Segment Reporting Information | Three Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2020 Product sales $ 9,177 $ 3,640 $ 3,688 $ 16,505 Licensing revenues 141 — — 141 Net sales $ 9,318 $ 3,640 $ 3,688 $ 16,646 Earnings (loss) from operations $ (10,176) $ (856) $ (1,981) $ (13,013) 2019 Product sales $ 45,416 $ 5,395 $ 9,029 $ 59,840 Licensing revenues 636 — — 636 Net sales $ 46,052 $ 5,395 $ 9,029 $ 60,476 Earnings (loss) from operations $ 2,212 $ 401 $ (749) $ 1,864 Six Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2020 Product sales $ 61,405 $ 8,401 $ 9,822 $ 79,628 Licensing revenues 602 — — 602 Net sales $ 62,007 $ 8,401 $ 9,822 $ 80,230 Earnings (loss) from operations $ (7,416) $ (945) $ (3,311) $ (11,672) 2019 Product sales $ 104,190 $ 10,966 $ 18,105 $ 133,261 Licensing revenues 1,343 — — 1,343 Net sales $ 105,533 $ 10,966 $ 18,105 $ 134,604 Earnings (loss) from operations $ 7,418 $ 884 $ (1,292) $ 7,010 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Employee Retirement Plans | |
Schedule of Company's net periodic pension cost | The components of the Company’s net periodic pension cost were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) Service cost $ 115 $ 128 $ 230 $ 231 Interest cost 506 624 1,006 1,230 Expected return on plan assets (698) (625) (1,388) (1,251) Net amortization and deferral 196 167 382 313 Net periodic pension cost $ 119 $ 294 $ 230 $ 523 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases | |
Schedule of operating lease costs | The components of the Company’s operating lease costs were as follows (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease costs $ 1,693 $ 2,198 $ 3,575 $ 4,392 Variable lease costs (1) 2 34 12 43 Total lease costs $ 1,695 $ 2,232 $ 3,587 $ 4,435 (1) |
Schedule of maturities of operating lease liabilities | The following is a schedule of maturities of operating lease liabilities as of June 30, 2020 (dollars in thousands): Operating Leases 2020, excluding the six months ended June 30, 2020 $ 3,708 2021 5,810 2022 3,407 2023 2,309 2024 1,519 Thereafter 2,753 Total lease payments 19,506 Less imputed interest (1,743) Present value of lease liabilities 17,763 The operating lease liabilities are classified in the consolidated condensed balance sheet (unaudited) as follows (dollars in thousands): June 30, 2020 December 31, 2019 Operating lease liabilities – current $ 6,313 $ 6,505 Operating lease liabilities - non-current 11,450 14,110 Total $ 17,763 $ 20,615 |
Schedule of supplemental cash flow information | Supplemental cash flow information related to the Company’s operating leases is as follows (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities $ 1,262 $ 2,273 $ 3,240 $ 4,525 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ — $ 973 $ 144 $ 27,002 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-Based Compensation Plans | |
Schedule of Company's stock option activity | The following table summarizes the Company’s stock option activity for the six-month period ended June 30, 2020: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2019 1,176,770 $ 27.14 Granted — $ — Exercised — $ — Forfeited or expired (9,135) $ 28.03 Outstanding at June 30, 2020 1,167,635 $ 27.13 4.2 $ — Exercisable at June 30, 2020 700,655 $ 26.70 1.9 $ — * 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 June 30, 2020, the last trading day of the quarter, of $21.59 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stockoptions. The respective exercise prices of all of the Company's outstanding stock options were higher than the closing price of the Company's common stock as of June 30, 2020; therefore, the aggregate intrinsic value of the Company's stock options is zero. |
Schedule of Company's stock option exercise activity | The following table summarizes the Company’s stock option exercise activity for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) Total intrinsic value of stock options exercised $ — $ 77 $ — $ 88 Net proceeds from stock option exercises $ — $ 154 $ — $ 161 Income tax benefit from the exercise of stock options $ — $ 20 $ — $ 23 |
Schedule of Company's restricted stock award | The following table summarizes the Company’s restricted stock award activity for the six-month period ended June 30, 2020: Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2019 68,735 $ 28.04 Issued — — Vested — — Forfeited — — Non-vested at June 30, 2020 68,735 $ 28.04 2.2 $ 1,484,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on June 30, 2020, the last trading day of the quarter, of $21.59 multiplied by the number of non-vested restricted shares outstanding. |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Comprehensive Income (Loss) | |
Schedule of comprehensive income (loss) | Comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (Dollars in thousands) Net earnings (loss) $ (8,883) $ 1,514 $ (7,721) $ 5,482 Foreign currency translation adjustments 1,590 100 (968) 230 Pension liability, net of tax of $52, $44, $100, and $82, respectively 144 123 282 231 Total comprehensive income (loss) $ (7,149) $ 1,737 $ (8,407) $ 5,943 |
Schedule of accumulated other comprehensive loss | The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: June 30, December 31, 2020 2019 (Dollars in thousands) Foreign currency translation adjustments $ (8,001) $ (7,033) Pension liability, net of tax (17,221) (17,503) Total accumulated other comprehensive loss $ (25,222) $ (24,536) |
Schedule of changes in accumulated other comprehensive loss | The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the six months ended June 30, 2020: Foreign Currency Translation Defined Benefit Adjustments Pension Items Total Beginning balance, December 31, 2019 $ (7,033) $ (17,503) $ (24,536) Other comprehensive loss before reclassifications (968) — (968) Amounts reclassified from accumulated other comprehensive loss — 282 282 Net current period other comprehensive income (loss) (968) 282 (686) Ending balance, June 30, 2020 $ (8,001) $ (17,221) $ (25,222) |
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 six months ended June 30, 2020: Amounts reclassified from accumulated other comprehensive loss for the Affected line item in the six months ended June 30, statement where net income 2020 is presented Amortization of defined benefit pension items Prior service cost $ (31) (1) Other expense, net Actuarial losses 413 (1) Other expense, net Total before tax 382 Tax benefit (100) Net of tax $ 282 (1) These amounts were included in net periodic pension cost. See Note 7 for additional details . |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity | |
Schedule of reconciliation of company's equity | The following table reconciles the Company’s equity for the six months ended June 30, 2020: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2019 $ 9,873 $ 65,832 $ 158,825 $ (24,536) Net earnings — — 1,162 — Foreign currency translation adjustments — — — (2,558) Pension liability adjustment, net of tax — — — 138 Cash dividends declared — — (2,357) — Share-based compensation expense — 351 — — Shares purchased and retired (60) — (1,244) — Balance, March 31,2020 $ 9,813 $ 66,183 $ 156,386 $ (26,956) Net earnings (loss) — — (8,883) — Foreign currency translation adjustments — — — 1,590 Pension liability adjustment, net of tax — — — 144 Cash dividends declared — — (2,355) — Share-based compensation expense — 350 — — Balance, June 30,2020 $ 9,813 $ 66,533 $ 145,148 $ (25,222) The following table reconciles the Company’s equity for the six months ended June 30, 2019: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2018 $ 10,057 $ 64,263 $ 152,835 $ (21,572) Net earnings — — 3,968 — Foreign currency translation adjustments — — — 130 Pension liability adjustment, net of tax — — — 108 Cash dividends declared — — (2,299) — Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 1 6 — — Issuance of restricted stock 1 (1) — — Share-based compensation expense — 366 — — Shares purchased and retired (64) — (1,764) — Balance, March 31, 2019 $ 9,995 $ 64,634 $ 152,740 $ (21,334) Net earnings — — 1,514 — Foreign currency translation adjustments — — — 100 Pension liability adjustment, net of tax — — — 123 Cash dividends declared — — (2,401) — Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 7 142 — — Share-based compensation expense — 365 — — Balance, June 30, 2019 $ 10,002 $ 65,141 $ 151,853 $ (21,111) |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Jun. 30, 2020 | May 31, 2020 |
Accounts Receivable | ||
Wrote-off of receivable | $ 3.3 | $ 3.3 |
Earnings Per Share - Earning pe
Earnings Per Share - Earning per share basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator: | ||||
Net earnings (loss) | $ (8,883) | $ 1,514 | $ (7,721) | $ 5,482 |
Denominator: | ||||
Basic weighted average shares outstanding (in shares) | 9,745 | 9,938 | 9,763 | 9,943 |
Effect of dilutive securities: | ||||
Employee share-based awards (in shares) | 95 | 87 | ||
Diluted weighted average shares outstanding (in shares) | 9,745 | 10,033 | 9,763 | 10,030 |
Basic earnings (loss) per share (in dollars per share) | $ (0.91) | $ 0.15 | $ (0.79) | $ 0.55 |
Diluted earnings (loss) per share (in dollars per share) | $ (0.91) | $ 0.15 | $ (0.79) | $ 0.55 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1,200,000 | 346,000 | 1,200,000 | 347,000 |
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) | $ 26.74 | $ 29.49 | $ 26.74 | $ 29.50 |
Investments - Marketable Securi
Investments - Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | $ 1,212 | $ 5,904 |
Municipal Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | 1,212 | 5,904 |
Amortized Cost, Due from one through five years | 7,291 | 8,336 |
Amortized Cost, Due from six through ten years | 4,672 | 4,255 |
Amortized Cost, Due from eleven through twenty years | 2,528 | 3,223 |
Amortized Cost, Total | 15,703 | 21,718 |
Market Value, Current | 1,225 | 5,915 |
Market Value, Due from one through five years | 7,655 | 8,621 |
Market Value, Due from six through ten years | 5,183 | 4,618 |
Market Value, Due from eleven through twenty years | 2,739 | 3,430 |
Market Value, Total | $ 16,802 | $ 22,584 |
Investments - Unrealized gains
Investments - Unrealized gains and losses (Details) - Municipal Bonds [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Net Investment Income [Line Items] | ||
Unrealized Gains | $ 1,099 | $ 866 |
Unrealized Losses | $ 0 | $ 0 |
Intangible Assets - Company's a
Intangible Assets - Company's amortizable intangible assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Amortizable intangible assets: | ||
Gross Carrying Amount | $ 3,500 | $ 3,500 |
Accumulated Amortization | (2,178) | (2,061) |
Net | $ 1,322 | 1,439 |
Customer Relationships [Member] | ||
Amortizable intangible assets: | ||
Weighted Average Life (Years) | 15 years | |
Gross Carrying Amount | $ 3,500 | 3,500 |
Accumulated Amortization | (2,178) | (2,061) |
Net | $ 1,322 | $ 1,439 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Intangible Assets | ||||
Amortization of Intangible Assets | $ 58,000 | $ 58,000 | $ 117,000 | $ 117,000 |
Goodwill impairment | 0 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 |
Segment Information - Schedule
Segment Information - Schedule of segment data (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 16,646 | $ 60,476 | $ 80,230 | $ 134,604 |
Earnings (loss) from operations | (13,013) | 1,864 | (11,672) | 7,010 |
Product sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 16,505 | 59,840 | 79,628 | 133,261 |
Licensing revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 141 | 636 | 602 | 1,343 |
Wholesale [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 9,318 | 46,052 | 62,007 | 105,533 |
Earnings (loss) from operations | (10,176) | 2,212 | (7,416) | 7,418 |
Wholesale [Member] | Product sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 9,177 | 45,416 | 61,405 | 104,190 |
Wholesale [Member] | Licensing revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 141 | 636 | 602 | 1,343 |
Retail Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,640 | 5,395 | 8,401 | 10,966 |
Earnings (loss) from operations | (856) | 401 | (945) | 884 |
Retail Segment [Member] | Product sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,640 | 5,395 | 8,401 | 10,966 |
Retail Segment [Member] | Licensing revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | |||
Other Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3,688 | 9,029 | 9,822 | 18,105 |
Earnings (loss) from operations | (1,981) | (749) | (3,311) | (1,292) |
Other Segment [Member] | Product sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 3,688 | $ 9,029 | $ 9,822 | 18,105 |
Other Segment [Member] | Licensing revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 0 |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Components of the Company's net periodic pension cost | ||||
Service cost | $ 115 | $ 128 | $ 230 | $ 231 |
Interest cost | 506 | 624 | 1,006 | 1,230 |
Expected return on plan assets | (698) | (625) | (1,388) | (1,251) |
Net amortization and deferral | 196 | 167 | 382 | 313 |
Net periodic pension cost | $ 119 | $ 294 | $ 230 | $ 523 |
Leases - Operating lease costs
Leases - Operating lease costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases | ||||
Operating lease costs | $ 1,693 | $ 2,198 | $ 3,575 | $ 4,392 |
Variable lease costs | 2 | 34 | 12 | 43 |
Total lease costs | $ 1,695 | $ 2,232 | $ 3,587 | $ 4,435 |
Leases - Maturities of operatin
Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases | ||
2020, excluding the six months ended June 30, 2020 | $ 3,708 | |
2021 | 5,810 | |
2022 | 3,407 | |
2023 | 2,309 | |
2024 | 1,519 | |
Thereafter | 2,753 | |
Total lease payments | 19,506 | |
Less imputed interest | (1,743) | |
Present value of lease liabilities | $ 17,763 | $ 20,615 |
Leases - Operating lease liabil
Leases - Operating lease liabilities classification (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases | ||
Operating lease liabilities - current | $ 6,313 | $ 6,505 |
Operating lease liabilities - non-current | 11,450 | 14,110 |
Total | $ 17,763 | $ 20,615 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,262 | $ 2,273 | $ 3,240 | $ 4,525 |
Right-of-use assets obtained in exchange for new lease liabilities (noncash) | $ 0 | $ 973 | $ 144 | $ 27,002 |
Leases - Additional information
Leases - Additional information (Details) | Jun. 30, 2020 |
Leases | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.25% |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 3 months |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Company's stock option activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average fair market value of options granted (in dollars per share) | $ 21.59 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at beginning of period | shares | 1,176,770 |
Shares, Forfeited or expired | shares | (9,135) |
Shares, Outstanding at end of period | shares | 1,167,635 |
Shares, Exercisable at end of period | shares | 700,655 |
Weighted Average Exercise Price, Outstanding at beginning of period (in dollars per share) | $ 27.14 |
Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | 28.03 |
Weighted Average Exercise Price, Outstanding at end of period (in dollars per share) | 27.13 |
Weighted Average Exercise Price, Exercisable at end of period (in dollars per share) | $ 26.70 |
Weighted Average Remaining Contractual Life (Years), Outstanding - June 30, 2020 | 4 years 2 months 12 days |
Weighted Average Remaining Contractual Life (Years), Exercisable - June 30, 2020 | 1 year 10 months 24 days |
Aggregate Intrinsic Value, Outstanding at June 30, 2020 | $ | $ 0 |
Aggregate Intrinsic Value, Exercisable at June 30, 2020 | $ | $ 0 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Company's stock option exercise activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-Based Compensation Plans | ||||
Total intrinsic value of stock options exercised | $ 0 | $ 77 | $ 0 | $ 88 |
Net proceeds from stock option exercises | 154 | 0 | 161 | |
Income tax benefit from the exercise of stock options | $ 0 | $ 20 | $ 0 | $ 23 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Company's restricted stock award activity (Details) - Restricted Stock [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of Restricted Stock, Non-vested beginning of period | shares | 68,735 |
Shares of Restricted Stock, Issued | shares | 0 |
Shares of Restricted Stock, Vested | shares | 0 |
Shares of Restricted Stock, Forfeited | shares | 0 |
Shares of Restricted Stock, Non-vested end of period | shares | 68,735 |
Weighted Average Grant Date Fair Value, Non-vested beginning of period (in dollars per share) | $ / shares | $ 28.04 |
Weighted Average Grant Date Fair Value, Issued (in dollars per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Non-vested end of period (in dollars per share) | $ / shares | $ 28.04 |
Weighted Average Remaining Contractual Term (Years) | 2 years 2 months 12 days |
Aggregate Intrinsic Value | $ | $ 1,484,000 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans - Additional information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-Based Compensation Plans | ||||
Allocated Share-based Compensation Expense | $ 350,000 | $ 365,000 | $ 701,000 | $ 731,000 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Short-term Debt [Line Items] | |
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 8,500,000 |
London Interbank Offered Rate (LIBOR) [Member] | |
Short-term Debt [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Revolving Credit Facility [Member] | |
Short-term Debt [Line Items] | |
Line of Credit Facility, Amount, Total | $ 60,000,000 |
Line of Credit, Current | $ 0 |
Financial Instruments (Details)
Financial Instruments (Details) - Jun. 30, 2020 $ in Millions, $ in Millions | USD ($) | AUD ($) |
Foreign Exchange Contracts Australian [Member] | ||
Investment Owned, Foreign Currency Contract, Current Value | $ 2.3 | $ 3.2 |
Comprehensive Income (Loss) - C
Comprehensive Income (Loss) - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Comprehensive Income (Loss) | ||||
Net earnings (loss) | $ (8,883) | $ 1,514 | $ (7,721) | $ 5,482 |
Foreign currency translation adjustments | 1,590 | 100 | (968) | 230 |
Pension liability, net of tax of $52, $44, $100, and $82, respectively | 144 | 123 | 282 | 231 |
Comprehensive income (loss) | $ (7,149) | $ 1,737 | $ (8,407) | $ 5,943 |
Comprehensive Income (Loss) - A
Comprehensive Income (Loss) - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Comprehensive Income (Loss) | ||
Foreign currency translation adjustments | $ (8,001) | $ (7,033) |
Pension liability, net of tax | (17,221) | (17,503) |
Total accumulated other comprehensive loss | $ (25,222) | $ (24,536) |
Comprehensive Income (Loss) -_2
Comprehensive Income (Loss) - Changes in accumulated comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Comprehensive Income (Loss) | ||||
Foreign Currency Translation Adjustments, Beginning balance | $ (7,033) | |||
Foreign Currency Translation Adjustments, Other comprehensive income before reclassifications | (968) | |||
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Foreign Currency Translation Adjustments, Net current period other comprehensive income | (968) | |||
Foreign Currency Translation Adjustments, Ending balance | $ (8,001) | (8,001) | ||
Defined Benefit Pension Items, Beginning balance | (17,503) | |||
Defined Benefit Pension Items, Other comprehensive loss before reclassifications | 0 | |||
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss | 144 | $ 123 | 282 | $ 231 |
Defined Benefit Pension Items, Net current period other comprehensive income | 282 | |||
Defined Benefit Pension Items, Ending balance | (17,221) | (17,221) | ||
Beginning balance | (24,536) | |||
Other comprehensive loss before reclassifications | (968) | |||
Amounts reclassified from accumulated other comprehensive loss | 282 | |||
Net current period other comprehensive income (loss) | (686) | |||
Ending balance | $ (25,222) | $ (25,222) |
Comprehensive Income (Loss) - R
Comprehensive Income (Loss) - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Amortization of defined benefit pension items | ||||
Prior service cost | $ (31) | |||
Actuarial losses | 413 | |||
Total before tax | 382 | |||
Tax benefit | (100) | |||
Net of tax | $ 144 | $ 123 | $ 282 | $ 231 |
Comprehensive Income (Loss) -_3
Comprehensive Income (Loss) - Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Comprehensive Income (Loss) | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 52 | $ 44 | $ 100 | $ 82 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 209,994 | $ 209,994 | ||||
Net earnings | $ (8,883) | $ 1,514 | (7,721) | $ 5,482 | ||
Foreign currency translation adjustments | 1,590 | 100 | (968) | 230 | ||
Pension liability adjustment, net of tax | (282) | |||||
Balance | 196,272 | 196,272 | ||||
Common Stock [Member] | ||||||
Balance | 9,813 | 9,873 | 9,995 | $ 10,057 | 9,873 | 10,057 |
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | 7 | 1 | ||||
Issuance of restricted stock | 1 | |||||
Shares purchased and retired | (60) | (64) | ||||
Balance | 9,813 | 9,813 | 10,002 | 9,995 | 9,813 | 10,002 |
Capital in Excess of Par Value [Member] | ||||||
Balance | 66,183 | 65,832 | 64,634 | 64,263 | 65,832 | 64,263 |
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | 142 | 6 | ||||
Issuance of restricted stock | (1) | |||||
Share-based compensation expense | 350 | 351 | (365) | 366 | ||
Balance | 66,533 | 66,183 | 65,141 | 64,634 | 66,533 | 65,141 |
Reinvested Earnings [Member] | ||||||
Balance | 156,386 | 158,825 | 152,740 | 152,835 | 158,825 | 152,835 |
Net earnings | (8,883) | 1,162 | 1,514 | 3,968 | ||
Cash dividends declared | (2,355) | (2,357) | (2,401) | (2,299) | ||
Shares purchased and retired | (1,244) | (1,764) | ||||
Balance | 145,148 | 156,386 | 151,853 | 152,740 | 145,148 | 151,853 |
Accumulated Other Comprehensive Loss [Member] | ||||||
Balance | (26,956) | (24,536) | (21,334) | (21,572) | (24,536) | (21,572) |
Foreign currency translation adjustments | 1,590 | (2,558) | 100 | 130 | ||
Pension liability adjustment, net of tax | 144 | 138 | 123 | 108 | ||
Balance | $ (25,222) | $ (26,956) | $ (21,111) | $ (21,334) | $ (25,222) | $ (21,111) |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | Aug. 02, 2020USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Write-off of outstanding receivables due to bankruptcy proceedings | $ 1.2 |