Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 03, 2014 | Jun. 28, 2012 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'WEYCO GROUP INC | ' | ' |
Entity Central Index Key | '0000106532 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Trading Symbol | 'WEYS | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 10,880,634 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $164,195,000 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $300,284 | $293,471 | $271,100 |
Cost of sales | 182,971 | 178,584 | 164,378 |
Gross earnings | 117,313 | 114,887 | 106,722 |
Selling and administrative expenses | 89,558 | 85,090 | 83,525 |
Earnings from operations | 27,755 | 29,797 | 23,197 |
Interest income | 1,461 | 1,840 | 2,220 |
Interest expense | -384 | -561 | -611 |
Other (expense) and income, net | -653 | -144 | 216 |
Earnings before provision for income taxes | 28,179 | 30,932 | 25,022 |
Provision for income taxes | 9,930 | 10,533 | 8,581 |
Net earnings | 18,249 | 20,399 | 16,441 |
Net earnings attributable to noncontrolling interest | 648 | 1,442 | 1,190 |
Net earnings attributable to Weyco Group, Inc. | $17,601 | $18,957 | $15,251 |
Basic earnings per share (in dollars per share) | $1.63 | $1.75 | $1.38 |
Diluted earnings per share (in dollars per share) | $1.62 | $1.73 | $1.37 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net earnings | $18,249 | $20,399 | $16,441 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation adjustments | -2,456 | 221 | -809 |
Pension liability adjustments | 4,707 | 1,147 | -4,095 |
Other comprehensive income (loss) | 2,251 | 1,368 | -4,904 |
Comprehensive income | 20,500 | 21,767 | 11,537 |
Comprehensive (loss) income attributable to noncontrolling interest | -193 | 1,765 | 701 |
Comprehensive income attributable to Weyco Group, Inc. | $20,693 | $20,002 | $10,836 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS: | ' | ' |
Cash and cash equivalents | $15,969 | $17,288 |
Marketable securities, at amortized cost | 5,196 | 8,004 |
Accounts receivable, less allowances of $2,293 and $2,419, respectively | 48,530 | 49,048 |
Accrued income tax receivable | 1,055 | 1,136 |
Inventories | 63,196 | 65,366 |
Deferred income tax benefits | 0 | 649 |
Prepaid expenses and other current assets | 6,136 | 4,953 |
Total current assets | 140,082 | 146,444 |
Marketable securities, at amortized cost | 25,024 | 36,216 |
Deferred income tax benefits | 0 | 792 |
Property, plant and equipment, net | 35,112 | 37,218 |
Goodwill | 11,112 | 11,112 |
Trademarks | 34,748 | 34,748 |
Other assets | 21,455 | 18,791 |
Total assets | 267,533 | 285,321 |
LIABILITIES AND EQUITY: | ' | ' |
Short-term borrowings | 12,000 | 45,000 |
Accounts payable | 13,956 | 11,133 |
Dividend payable | 1,949 | 0 |
Accrued liabilities: | ' | ' |
Wages, salaries and commissions | 3,038 | 3,158 |
Taxes other than income taxes | 1,299 | 1,225 |
Other | 6,565 | 9,505 |
Deferred income tax liabilities | 849 | 0 |
Total current liabilities | 39,656 | 70,021 |
Deferred income tax liabilities | 1,993 | 0 |
Long-term pension liability | 21,901 | 27,530 |
Other long-term liabilities | 6,991 | 6,381 |
Equity: | ' | ' |
Common stock, $1.00 par value, authorized 24,000,000 shares in 2013 and 2012, issued and outstanding 10,876,166 shares in 2013 and 10,831,290 shares in 2012 | 10,876 | 10,831 |
Capital in excess of par value | 31,729 | 26,184 |
Reinvested earnings | 156,983 | 149,664 |
Accumulated other comprehensive loss | -9,422 | -12,514 |
Total Weyco Group, Inc. equity | 190,166 | 174,165 |
Noncontrolling interest | 6,826 | 7,224 |
Total equity | 196,992 | 181,389 |
Total liabilities and equity | $267,533 | $285,321 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, reserves (in dollars) | $2,293 | $2,419 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common Stock, Shares Authorized | 24,000,000 | 24,000,000 |
Common Stock, Shares, Issued | 10,876,166 | 10,831,290 |
Common Stock, Shares, Outstanding | 10,876,166 | 10,831,290 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Reinvested Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
In Thousands | ||||||
Beginning Balance at Dec. 31, 2010 | ' | $11,356 | $19,548 | $150,546 | ($9,004) | $4,698 |
Net earnings | 16,441 | 0 | 0 | 15,251 | 0 | 1,190 |
Foreign currency translation adjustments | -809 | 0 | 0 | 0 | -320 | -489 |
Pension liability adjustment, net of tax | 4,095 | 0 | 0 | 0 | -4,095 | 0 |
Cash dividends declared | ' | 0 | 0 | -7,086 | 0 | 0 |
Stock options exercised | ' | 123 | 973 | 0 | 0 | 0 |
Issuance of restricted stock | ' | 19 | -19 | 0 | 0 | 0 |
Stock-based compensation expense | ' | 0 | 1,224 | 0 | 0 | 0 |
Income tax benefit from stock options exercised and vesting of restricted stock | ' | 0 | 496 | 0 | 0 | 0 |
Shares purchased and retired | ' | -576 | 0 | -12,445 | 0 | 0 |
Ending Balance at Dec. 31, 2011 | ' | 10,922 | 22,222 | 146,266 | -13,419 | 5,399 |
Net earnings | 20,399 | 0 | 0 | 18,957 | 0 | 1,442 |
Foreign currency translation adjustments | 221 | 0 | 0 | 0 | -102 | 323 |
Pension liability adjustment, net of tax | -1,147 | 0 | 0 | 0 | 1,147 | 0 |
Cash dividends declared | ' | 0 | 0 | -9,133 | 0 | 0 |
Cash dividends paid to noncontrolling interest of subsidiary | ' | 0 | 0 | 0 | 0 | -233 |
Increase in ownership interest of noncontrolling interest of subsidiary | ' | 0 | 0 | -153 | -140 | 293 |
Stock options exercised | ' | 174 | 2,126 | 0 | 0 | 0 |
Issuance of restricted stock | ' | 20 | -20 | 0 | 0 | 0 |
Stock-based compensation expense | ' | 0 | 1,201 | 0 | 0 | 0 |
Income tax benefit from stock options exercised and vesting of restricted stock | ' | 0 | 655 | 0 | 0 | 0 |
Shares purchased and retired | ' | -285 | 0 | -6,273 | 0 | 0 |
Ending Balance at Dec. 31, 2012 | 181,389 | 10,831 | 26,184 | 149,664 | -12,514 | 7,224 |
Net earnings | 18,249 | 0 | 0 | 17,601 | 0 | 648 |
Foreign currency translation adjustments | -2,456 | 0 | 0 | 0 | -1,615 | -841 |
Pension liability adjustment, net of tax | -4,707 | 0 | 0 | 0 | 4,707 | 0 |
Cash dividends declared | ' | 0 | 0 | -5,854 | 0 | 0 |
Cash dividends paid to noncontrolling interest of subsidiary | ' | 0 | 0 | 0 | 0 | -205 |
Stock options exercised | ' | 220 | 3,712 | 0 | 0 | 0 |
Issuance of restricted stock | ' | 20 | -20 | 0 | 0 | 0 |
Stock-based compensation expense | ' | 0 | 1,283 | 0 | 0 | 0 |
Income tax benefit from stock options exercised and vesting of restricted stock | ' | 0 | 570 | 0 | 0 | 0 |
Shares purchased and retired | ' | -195 | 0 | -4,428 | 0 | 0 |
Ending Balance at Dec. 31, 2013 | $196,992 | $10,876 | $31,729 | $156,983 | ($9,422) | $6,826 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension liability adjustment, net of tax (in dollars) | $3,010 | $734 | $2,618 |
Cash dividends declared (in dollars per share) | $0.54 | $0.84 | $0.64 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net earnings | $18,249 | $20,399 | $16,441 |
Adjustments to reconcile net earnings to net cash provided by operating activities - | ' | ' | ' |
Depreciation | 3,962 | 3,338 | 2,591 |
Amortization | 272 | 305 | 253 |
Bad debt expense | 132 | 175 | 316 |
Deferred income taxes | 1,268 | 1,648 | -343 |
Net losses (gains) on remeasurement of contingent consideration | 24 | -3,522 | -206 |
Net foreign currency transaction losses | 279 | 138 | 197 |
Stock-based compensation | 1,283 | 1,201 | 1,224 |
Pension contributions | -1,282 | 0 | -1,600 |
Pension expense | 3,737 | 3,407 | 2,836 |
Other-than-temporary investment impairment | 200 | 0 | 0 |
Net gains on sale of marketable securities | 0 | 0 | -346 |
Impairment of property, plant and equipment | 0 | 93 | 165 |
Increase in cash surrender value of life insurance | -540 | -535 | -527 |
Changes in operating assets and liabilities, net of effects from acquisitions - | ' | ' | ' |
Accounts receivable | 421 | -5,586 | -1,267 |
Inventories | 2,048 | -2,676 | -3,667 |
Prepaids and other assets | -295 | 368 | -752 |
Accounts payable | 2,846 | -1,802 | 2,141 |
Accrued liabilities and other | -2,858 | 1,356 | 619 |
Accrued income taxes | 80 | -320 | -932 |
Net cash provided by operating activities | 29,826 | 17,987 | 17,143 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Acquisition of businesses, net of cash acquired | 0 | 0 | -27,023 |
Purchase of marketable securities | -122 | -10 | -1,179 |
Proceeds from maturities and sales of marketable securities | 13,968 | 7,342 | 12,963 |
Life insurance premiums paid | -155 | -155 | -155 |
Investment in real estate | -3,206 | 0 | 0 |
Purchase of property, plant and equipment | -2,699 | -9,540 | -8,175 |
Net cash provided by (used for) investing activities | 7,786 | -2,363 | -23,569 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Cash dividends paid | -3,904 | -10,875 | -7,155 |
Cash dividends paid to noncontrolling interest of subsidiary | -205 | -233 | 0 |
Shares purchased and retired | -4,623 | -6,558 | -13,021 |
Proceeds from stock options exercised | 3,932 | 2,300 | 1,096 |
Payment of contingent consideration | -1,270 | 0 | 0 |
Payment of indemnification holdback | 0 | -2,000 | 0 |
Repayment of debt assumed in acquisition | 0 | 0 | -3,814 |
Net repayments of commercial paper | 0 | 0 | -5,000 |
Proceeds from bank borrowings | 11,000 | 33,000 | 73,000 |
Repayments of bank borrowings | -44,000 | -25,000 | -36,000 |
Income tax benefits from stock-based compensation | 570 | 655 | 496 |
Net cash (used for) provided by financing activities | -38,500 | -8,711 | 9,602 |
Effect of exchange rate changes on cash and cash equivalents | -431 | 46 | 3 |
Net (decrease) increase in cash and cash equivalents | -1,319 | 6,959 | 3,179 |
CASH AND CASH EQUIVALENTS at beginning of year | 17,288 | 10,329 | 7,150 |
CASH AND CASH EQUIVALENTS at end of year | 15,969 | 17,288 | 10,329 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' | ' |
Income taxes paid, net of refunds | 7,807 | 8,946 | 7,989 |
Interest paid | $335 | $442 | $457 |
NATURE_OF_OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. NATURE OF OPERATIONS | |
Weyco Group, Inc. designs and markets quality and innovative footwear for men, women and children under a portfolio of well-recognized brand names including: “Florsheim,” “Nunn Bush,” “Stacy Adams,” “BOGS,” “Rafters,” and “Umi.” 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 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. As of December 31, 2013, the Company’s retail segment consisted of 17 Company-owned retail stores and an internet business in the United States. Sales in retail outlets are made directly to consumers by Company employees. The Company’s “other” operations include the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific (collectively, “Florsheim Australia”) and Europe. The majority of the Company’s operations are in the United States, and its results are primarily affected by the economic conditions and the retail environment in the United States. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||||||
2. 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. | |||||||||||||
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, 2013 and 2012, the Company’s cash and cash equivalents included investments in money market accounts and cash deposits at various banks. | |||||||||||||
Investments — All of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments — Debt and Equity Securities (“ASC 320”) as the Company has the intent and ability to hold all bond investments to maturity. See Note 5. | |||||||||||||
Accounts Receivable — Trade accounts receivable arise from the sale of products on 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 are valued at cost, which is not in excess of market value. The majority of inventories are determined on a last-in, first-out (“LIFO”) basis. 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 5 years; furniture and fixtures, 5 to 7 years. | |||||||||||||
Impairment of Long-Lived Assets — Property, plant and equipment are reviewed for impairment in accordance with ASC 360, Property, Plant and Equipment (“ASC 360”) 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 or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. To derive the fair value, the Company utilizes the income approach and the fair value determined is categorized as Level 3 in the fair value hierarchy. The fair value of each asset group is determined using the estimated future cash flows discounted at an estimated weighted-average cost of capital. For purposes of the impairment review, the Company groups assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. In the case of its retail stores, the Company groups assets at the individual store level. In connection with the Company’s impairment review, the Company’s retail segment recognized an impairment charge of $93,000 in 2012 and $165,000 in 2011, which was recorded within selling and administrative expenses in the Consolidated Statements of Earnings. No impairment charge was recognized in 2013. | |||||||||||||
Goodwill and Intangible Assets — Goodwill represents the excess of the purchase price over the estimated fair value of the underlying assets acquired and liabilities assumed in the acquisition of a business. Goodwill is not subject to amortization. Other intangible assets consist of trademarks, customer relationships, and a non-compete agreement. Intangible assets with definite lives are amortized over their estimated useful lives. Intangible assets which are not amortized are reviewed for impairment annually and whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. See Note 8. | |||||||||||||
Life Insurance — Life insurance policies are recorded at the amount that could be realized under the insurance contracts as of the date of financial position. These assets are included within other assets in the Consolidated Balance Sheets. See Note 9. | |||||||||||||
Contingent Consideration — The Company recorded its estimate of the fair value of contingent consideration related to the Bogs acquisition within other short-term accrued liabilities and other long-term liabilities in the Consolidated Balance Sheets. On a quarterly basis, the Company revalues the obligation and records increases or decreases in its fair value as an adjustment to operating earnings. Changes to the contingent consideration obligation can result from adjustments to the discount rate, accretion of the discount due to the passage of time, or changes in assumptions regarding the future performance of Bogs. The assumptions used to determine the fair value of contingent consideration include a significant amount of judgment, and any changes in the assumptions could have a material impact on the amount of contingent consideration expense or income recorded in a given period. See Note 11. | |||||||||||||
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. Interest related to unrecognized tax benefits is classified as interest expense in the Consolidated Statements of Earnings. See Note 13. | |||||||||||||
Noncontrolling Interest — The Company’s noncontrolling interest is accounted for under ASC 810, Consolidation (“ASC 810”) and represents the minority shareholder’s ownership interest related to the Company’s wholesale and retail businesses in Australia, South Africa and Asia Pacific. In accordance with ASC 810, the Company reports its noncontrolling interest in subsidiaries as a separate component of equity in the Consolidated Balance Sheets and reports both net earnings attributable to the noncontrolling interest and net earnings attributable to the Company’s common shareholders on the face of the Consolidated Statements of Earnings. | |||||||||||||
In accordance with the subscription agreement entered into in connection with the acquisition of Florsheim Australia Pty Ltd (“Florsheim Australia”) in January 2009, the Company’s equity interest in Florsheim Australia decreases from 60% to 51% of equity issued under the subscription agreement as intercompany loans are paid in accordance with their terms. To date, the Company’s equity interest in Florsheim Australia has decreased from 60% to 55% and the noncontrolling shareholder’s interest has increased from 40% to 45%. This change is reflected in the Consolidated Statements of Equity. | |||||||||||||
Revenue Recognition — Revenue from the sale of product is recognized when title and risk of loss transfers to the customer and the customer is obligated to pay the Company. Sales to independent dealers are recorded at the time of shipment to those dealers. Sales through Company-owned retail outlets are recorded at the time of delivery to retail customers. All product sales are recorded net of estimated allowances for returns and discounts. 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. Revenue from third-party licensing agreements is recognized in the period earned. Licensing revenues were $3.2 million in 2013, $3.3 million in 2012, and $3.4 million in 2011. | |||||||||||||
Shipping and Handling Fees — The Company classifies shipping and handling fees billed to customers as revenues. The related shipping and handling expenses incurred by the Company are included in selling and administrative expenses and totaled $2.7 million in 2013, $2.3 million in 2012, and $2.2 million in 2011. | |||||||||||||
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 and warehousing costs), rent and depreciation. Distribution costs included in selling and administrative expenses were $10.8 million in 2013, $10.0 million in 2012, and $8.6 million in 2011. | |||||||||||||
Advertising Costs — Advertising costs are expensed as incurred. Total advertising costs were $11.4 million, $10.5 million, and $8.7 million in 2013, 2012 and 2011, respectively. All advertising expenses are included in selling and administrative expenses with the exception of co-op advertising expenses which are recorded as a reduction of net sales. Co-op advertising expenses, which are included in the above totals, reduced net sales by $4.3 million, $4.0 million, and $3.3 million in 2013, 2012 and 2011, respectively. | |||||||||||||
Foreign Currency Translations — The Company accounts for currency translations in accordance with ASC 830, Foreign Currency Matters (“ASC 830”) under which non-U.S. subsidiaries’ 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 income and expense, net, in the Consolidated Statements of Earnings. Net foreign currency transaction losses totaled approximately $279,000 in 2013, $138,000 in 2012, and $197,000 in 2011. | |||||||||||||
Financial Instruments — At December 31, 2013, the Company’s majority owned subsidiary, Florsheim Australia, had forward exchange contracts outstanding to buy $6.3 million U.S. dollars at a price of approximately $6.8 million Australian dollars. These contracts all expire in 2014. Based on year-end exchange rates, there were no significant gains or losses on the outstanding contracts. | |||||||||||||
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 16. | |||||||||||||
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. The components of accumulated other comprehensive loss as recorded on the accompanying Consolidated Balance Sheets were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Foreign currency translation adjustments | $ | -934 | $ | 681 | |||||||||
Pension liability, net of tax | -8,488 | (13,195 | ) | ||||||||||
Total accumulated other comprehensive loss | $ | -9,422 | $ | (12,514 | ) | ||||||||
The noncontrolling interest as recorded in the Consolidated Balance Sheets at December 31, 2013 and 2012 included foreign currency translation adjustments of approximately ($33,000) and $668,000, respectively. | |||||||||||||
The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the year ended December 31, 2013: | |||||||||||||
Foreign Currency Translation Adjustments | Defined Benefit Pension Items | Total | |||||||||||
Beginning Balance | $ | 681 | $ | (13,195 | ) | $ | (12,514 | ) | |||||
Other comprehensive (loss) income before reclassifications | (1,615 | ) | 3,669 | 2,054 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 1,038 | 1,038 | ||||||||||
Net current period other comprehensive (loss) income | (1,615 | ) | 4,707 | 3,092 | |||||||||
Ending Balance | $ | (934 | ) | $ | (8,488 | ) | $ | (9,422 | ) | ||||
The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2013 and 2012: | |||||||||||||
Amounts reclassified from other accumulated comprehensive loss | Affected line item in the statement where net income is presented | ||||||||||||
for the year ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Amortization of defined benefit pension items | |||||||||||||
Prior service cost | -111 | (111 | ) | -1 | |||||||||
Actuarial losses | 1,813 | 1,723 | -1 | ||||||||||
Total before tax | 1,702 | 1,612 | |||||||||||
Tax benefit | -664 | (629 | ) | ||||||||||
Net of tax | 1,038 | 983 | |||||||||||
-1 | These amounts were included in the computation of net periodic pension cost. See Note 12 for additional details. | ||||||||||||
Stock-Based Compensation — At December 31, 2013, the Company had three stock-based employee compensation plans, which are described more fully in Note 18. The Company accounts for these plans under the recognition and measurement principles of ASC 718, Compensation — Stock Compensation (“ASC 718”). 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 — The Company had no individual customer accounts receivable balances outstanding at December 31, 2013 and 2012 that represented more than 10% of the Company’s gross accounts receivable balance. Additionally, there were no single customers with sales above 10% of the Company’s total sales in 2013, 2012 and 2011. | |||||||||||||
Recent Accounting Pronouncements — In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net earnings or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net earnings must be cross-referenced to other disclosures that provide additional detail. This standard was effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The Company’s adoption of this standard did not have a significant impact on the Company’s consolidated financial statements. | |||||||||||||
Reclassifications — Certain immaterial items on the Consolidated Statements of Cash Flows were reclassified in the prior years’ financial statements to conform to the current year’s presentation. Such reclassifications had no effect on previously reported net earnings or equity. | |||||||||||||
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
3. ACQUISITIONS | |||||
Bogs | |||||
On March 2, 2011, the Company acquired 100% of the outstanding shares of The Combs Company (“Bogs”) from its former shareholders for $29.3 million in cash plus assumed debt of approximately $3.8 million and two contingent payments which are dependent on Bogs achieving certain performance measures. In accordance with the purchase agreement, $2.0 million of the cash portion of the purchase price was held back to be used to help satisfy any claims of indemnification by the Company. The holdback was paid in full to the former shareholders of Bogs in 2012. The acquisition of Bogs was funded with available cash and short-term borrowings under the Company’s borrowing facility. | |||||
At the acquisition date, the Company’s estimate of the fair value of the two contingent payments was approximately $9.8 million in aggregate. The first contingent payment was due in 2013 and was paid on March 28, 2013 in the amount of $1,270,000. The second payment is due in March 2016. For more information regarding the contingent payments, including an estimate of the fair value of the second payment as of December 31, 2013, see Note 11. | |||||
Bogs designs and markets boots, shoes, and sandals for men, women and children under the BOGS and Rafters brand names. Its products are sold across the agricultural, industrial, outdoor specialty, outdoor sport, lifestyle and fashion markets. | |||||
The acquisition of Bogs was accounted for as a business combination under ASC 805, Business Combinations (“ASC 805”). Under ASC 805, the total purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their respective fair values at the acquisition date. The Company’s final allocation of the purchase price was as follows (dollars in thousands): | |||||
Cash | $ | 317 | |||
Accounts receivable | 3,839 | ||||
Inventory | 2,932 | ||||
Prepaid expenses | 15 | ||||
Property, plant and equipment, net | 7 | ||||
Goodwill | 11,112 | ||||
Trademark | 22,000 | ||||
Other intangible assets | 3,700 | ||||
Accounts payable | (454 | ) | |||
Accrued liabilities | (561 | ) | |||
$ | 42,907 | ||||
Other intangible assets consist of customer relationships and a non-compete agreement. Goodwill reflects the excess purchase price over the fair value of net assets, and has been assigned to the Company’s wholesale segment. All of the goodwill is expected to be deductible for tax purposes. For more information on the intangible assets acquired, see Note 8. | |||||
The operating results of Bogs have been consolidated into the Company’s wholesale segment since the date of acquisition. Accordingly, the Company’s 2013 and 2012 results included Bogs operations for the entire year while 2011 only included Bogs operations from March 2 through December 31, 2011. Bogs wholesale net sales were $39.7 million in 2013, $36.4 million in 2012, and $28.0 million in 2011. There were also Bogs net sales included in the Company’s retail and other operating segments totaling $2.4 million in 2013 and $1.4 million in 2012. | |||||
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
4. FAIR VALUE OF FINANCIAL INSTRUMENTS | |
ASC 820 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, 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. | |
INVESTMENTS
INVESTMENTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||
Cost and Equity Method Investments Disclosure [Text Block] | ' | ||||||||||||||||
5. INVESTMENTS | |||||||||||||||||
Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of December 31, 2013 and 2012. The estimated market values provided are Level 2 valuations as defined by ASC 820. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amortized Cost | Market Value | Amortized Cost | Market | ||||||||||||||
Value | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Municipal bonds: | |||||||||||||||||
Current | $ | 5,196 | $ | 5,264 | $ | 8,004 | $ | 8,117 | |||||||||
Due from one through five years | 17,636 | 18,527 | 25,384 | 26,620 | |||||||||||||
Due from six through ten years | 7,388 | 7,777 | 10,832 | 11,756 | |||||||||||||
Total | $ | 30,220 | $ | 31,568 | $ | 44,220 | $ | 46,493 | |||||||||
The unrealized gains and losses on investment securities at December 31, 2013 and 2012 were: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unrealized Gains | Unrealized Losses | Unrealized Gains | Unrealized Losses | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Municipal bonds | $ | 1,348 | $ | — | $ | 2,473 | $ | 200 | |||||||||
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. In the third quarter of 2013, as part of this review, the Company concluded that the unrealized loss on one of its municipal bonds was other-than-temporary. The Company had been monitoring the status of the bond. In September 2013, a public notice was issued by the municipality that caused the Company to doubt the ultimate collectability of the full amount of the bond. Considering this, all prior public information regarding the bond, and the duration of the loss, the Company determined the unrealized loss on the bond was other-than-temporary. Accordingly, the Company wrote the bond down to fair value and recorded an impairment loss of $200,000. The loss was included within other (expense) and income, net in the Consolidated Statements of Earnings. | |||||||||||||||||
INVENTORIES
INVENTORIES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Inventory Disclosure [Text Block] | ' | ||||||||||||
6. INVENTORIES | |||||||||||||
At December 31, 2013 and 2012, inventories consisted of: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Finished shoes | $ | 80,876 | $ | 82,535 | |||||||||
LIFO reserve | -17,680 | (17,169 | ) | ||||||||||
Total inventories | $ | 63,196 | $ | 65,366 | |||||||||
Finished shoes included inventory in-transit of $22.5 million and $14.3 million as of December 31, 2013 and 2012, respectively. At December 31, 2013 and 2012, approximately 89% of the Company’s inventories were valued by the LIFO method of accounting while approximately 11% were valued by the first-in, first-out (“FIFO”) method of accounting. | |||||||||||||
During 2013, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2013 purchases. The effect of the liquidation decreased cost of goods sold by $64,000 in 2013. During 2012, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2012 purchases. The effect of the liquidation decreased cost of goods sold by $104,000 in 2012. During 2011, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2011 purchases. The effect of the liquidation decreased costs of goods sold by $250,000 in 2011. | |||||||||||||
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
7. PROPERTY, PLANT AND EQUIPMENT, NET | |||||||||
At December 31, 2013 and 2012, property, plant and equipment consisted of: | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Land and land improvements | $ | 3,607 | $ | 3,587 | |||||
Buildings and improvements | 26,900 | 26,927 | |||||||
Machinery and equipment | 24,502 | 22,456 | |||||||
Retail fixtures and leasehold improvements | 11,825 | 11,994 | |||||||
Construction in progress | 252 | 1,692 | |||||||
Property, plant and equipment | 67,086 | 66,656 | |||||||
Less: Accumulated depreciation | -31,974 | (29,438 | ) | ||||||
Property, plant and equipment, net | $ | 35,112 | $ | 37,218 | |||||
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||
8. INTANGIBLE ASSETS | |||||||||||||||||
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following as of December 31, 2013: | |||||||||||||||||
Weighted Average Life (Years) | 31-Dec-13 | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||
Goodwill | $ | 11,112 | $ | — | $ | 11,112 | |||||||||||
Trademarks | 34,748 | — | 34,748 | ||||||||||||||
Total indefinite-lived intangible assets | $ | 45,860 | $ | — | $ | 45,860 | |||||||||||
Amortizable intangible assets: | |||||||||||||||||
Non-compete agreement | 5 | $ | 200 | $ | (113 | ) | $ | 87 | |||||||||
Customer relationships | 15 | 3,500 | (661 | ) | 2,839 | ||||||||||||
Total amortizable intangible assets | $ | 3,700 | $ | (774 | ) | $ | 2,926 | ||||||||||
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following as of December 31, 2012: | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Weighted Average Life (Years) | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||
Goodwill | $ | 11,112 | $ | — | $ | 11,112 | |||||||||||
Trademarks | 34,748 | — | 34,748 | ||||||||||||||
Total indefinite-lived intangible assets | $ | 45,860 | $ | — | $ | 45,860 | |||||||||||
Amortizable intangible assets: | |||||||||||||||||
Non-compete agreement | 5 | $ | 200 | $ | (73 | ) | $ | 127 | |||||||||
Customer relationships | 15 | 3,500 | (428 | ) | 3,072 | ||||||||||||
Total amortizable intangible assets | $ | 3,700 | $ | (501 | ) | $ | 3,199 | ||||||||||
The amortizable intangible assets are included within other assets in the Consolidated Balance Sheets. See Note 9. | |||||||||||||||||
The Company performs an impairment test for goodwill and trademarks on an annual basis and more frequently if an event or changes in circumstances indicate that their carrying values may not be recoverable. Conditions that would trigger an impairment assessment include, but are not limited to, a significant adverse change in legal factors or business climate that could affect the value of the asset. | |||||||||||||||||
The Company uses a two-step process to test goodwill for impairment. The first step is to compare the applicable reporting unit’s fair value to its carrying value. The Company has determined the applicable reporting unit is its wholesale segment. If the fair value of the wholesale segment is greater than its carrying value, there is no impairment. If the carrying value is greater than the fair value, then the second step must be completed to measure the amount of the impairment, if any. The second step calculates the implied fair value of the goodwill, which is compared to its carrying value. If the implied fair value is less than the carrying value, an impairment loss is recognized equal to the difference. To date, the Company has never recorded an impairment charge on this goodwill. | |||||||||||||||||
The Company tests its trademarks for impairment by comparing the fair value of each trademark to its related carrying value. Fair value is estimated using a discounted cash flow methodology. To date, the Company has never recorded an impairment charge on these trademarks. | |||||||||||||||||
The Company recorded amortization expense for intangible assets of $273,000, $273,000 and $228,000 in 2013, 2012 and 2011, respectively. Excluding the impact of any future acquisitions, the Company anticipates future amortization expense to be as follows: | |||||||||||||||||
(Dollars in thousands) | Intangible Assets | ||||||||||||||||
2014 | $ | 273 | |||||||||||||||
2015 | 273 | ||||||||||||||||
2016 | 240 | ||||||||||||||||
2017 | 233 | ||||||||||||||||
2018 | 233 | ||||||||||||||||
Thereafter | 1,674 | ||||||||||||||||
Total | $ | 2,926 | |||||||||||||||
OTHER_ASSETS
OTHER ASSETS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Other Noncurrent Assets Disclosure [Text Block] | ' | ||||||||
9. OTHER ASSETS | |||||||||
Other assets included the following amounts at December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Cash surrender value of life insurance | 13,440 | 12,745 | |||||||
Intangible assets (See Note 8) | 2,926 | 3,199 | |||||||
Investment in real estate | 3,112 | — | |||||||
Other | 1,977 | 2,847 | |||||||
Total other assets | $ | 21,455 | $ | 18,791 | |||||
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 $15.2 million in aggregate as of December 31, 2013. | |||||||||
On May 1, 2013, the Company purchased a 50% interest in a building in Montreal, Canada for approximately $3.2 million. The building, which was 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 (“ASC 323”). | |||||||||
SHORTTERM_BORROWINGS
SHORT-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2013 | |
Short-term Debt [Abstract] | ' |
Short-term Debt [Text Block] | ' |
10. SHORT-TERM BORROWINGS | |
At December 31, 2013, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 5, 2014. The line of credit bears interest at LIBOR plus 0.75%. At December 31, 2013, outstanding borrowings were $12 million at an interest rate of approximately 0.9%. The highest balance during the year was $45 million. At December 31, 2012, outstanding borrowings were $45 million at an interest rate of approximately 1.2%. | |
CONTINGENT_CONSIDERATION
CONTINGENT CONSIDERATION | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Contingencies Disclosures [Text Block] | ' | ||||||||
11. CONTINGENT CONSIDERATION | |||||||||
Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of Bogs. The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011 and December 31, 2015. The first contingent payment was due in 2013 and was paid on March 28, 2013 in the amount of $1,270,000. The second payment is due in March 2016. In accordance with ASC 805, the Company remeasures its estimate of the fair value of the contingent payments at each reporting date. The change in fair value is recognized in earnings. | |||||||||
The Company’s estimate of the fair value of the contingent payments as recorded in the Consolidated Balance Sheets was as follows: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
(Dollars in thousands) | |||||||||
Current portion | $ | — | $ | 1,270 | |||||
Long-term portion | 5,064 | 4,991 | |||||||
Total contingent consideration | $ | 5,064 | $ | 6,261 | |||||
The current portion of contingent consideration was included within other accrued liabilities in the Consolidated Balance Sheets. The long-term portion was recorded within other long-term liabilities in the Consolidated Balance Sheets. The total contingent consideration has been assigned to the Company’s wholesale segment. | |||||||||
The following table summarizes the activity during 2013 and 2012 related to the contingent payments as recorded in the Consolidated Statements of Earnings (dollars in thousands): | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 6,261 | $ | 9,693 | |||||
Payment of contingent consideration | -1,270 | — | |||||||
Net losses (gains) on remeasurement of contingent consideration | 24 | (3,522 | ) | ||||||
Interest expense | 49 | 90 | |||||||
Ending balance | $ | 5,064 | $ | 6,261 | |||||
The net losses (gains) on remeasurement of contingent consideration were recorded within selling and administrative expenses in the Consolidated Statements of Earnings. | |||||||||
The fair value measurement of the contingent consideration is based on significant inputs not observed in the market and thus represents a level 3 valuation as defined by ASC 820. The fair value measurement was determined using a probability-weighted model which includes various estimates related to Bogs future sales levels and gross margins. As of December 31, 2013, management estimates that the range of reasonably possible potential amounts for the second payment is between $2 million and $7 million. | |||||||||
EMPLOYEE_RETIREMENT_PLANS
EMPLOYEE RETIREMENT PLANS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||
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. 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 (“ASC 715”) 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, 2013 and 2012, by asset category, was as follows: | |||||||||||||||||
Plan Assets at December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Asset Category: | |||||||||||||||||
Equity Securities | 56% | 52 | % | ||||||||||||||
Fixed Income Securities | 35% | 40 | % | ||||||||||||||
Other | 9% | 8 | % | ||||||||||||||
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 7.75% long-term rate of return on assets assumption. | |||||||||||||||||
Assumptions used in determining the funded status at December 31, 2013 and 2012 were: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Discount rate | 5.03% | 4.23 | % | ||||||||||||||
Rate of compensation increase | 4.50% | 4.5 | % | ||||||||||||||
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, 2013 and 2012: | |||||||||||||||||
Defined Benefit | Supplemental | ||||||||||||||||
Pension Plan | Pension Plan | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||
Projected benefit obligation, beginning of year | $ | 43,452 | $ | 39,523 | $ | 12,270 | $ | 13,870 | |||||||||
Service cost | 1,406 | 1,236 | 320 | 236 | |||||||||||||
Interest cost | 1,832 | 1,800 | 570 | 516 | |||||||||||||
Plan amendments | — | — | — | (1,415 | ) | ||||||||||||
Actuarial (gain) loss | -3,466 | 2,532 | -468 | (576 | ) | ||||||||||||
Benefits paid | -1,754 | (1,639 | ) | -355 | (361 | ) | |||||||||||
Projected benefit obligation, end | $ | 41,470 | $ | 43,452 | $ | 12,337 | $ | 12,270 | |||||||||
of year | |||||||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets, beginning of year | 27,819 | 26,655 | — | — | |||||||||||||
Actual return on plan assets | 4,316 | 2,932 | — | — | |||||||||||||
Administrative expenses | -141 | (129 | ) | — | — | ||||||||||||
Contributions | 1,282 | — | 355 | 361 | |||||||||||||
Benefits paid | -1,754 | (1,639 | ) | -355 | (361 | ) | |||||||||||
Fair value of plan assets, end of year | $ | 31,522 | $ | 27,819 | $ | — | $ | — | |||||||||
Funded status of plan | $ | -9,948 | $ | (15,633 | ) | $ | -12,337 | $ | (12,270 | ) | |||||||
Amounts recognized in the consolidated balance sheets consist of: | |||||||||||||||||
Accrued liabilities – other | $ | — | $ | — | $ | -384 | $ | (373 | ) | ||||||||
Long-term pension liability | -9,948 | (15,633 | ) | -11,953 | (11,897 | ) | |||||||||||
Net amount recognized | $ | -9,948 | $ | (15,633 | ) | $ | -12,337 | $ | (12,270 | ) | |||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||
Accumulated loss, net of income tax benefit of $4,054, $6,735, $1,729 and $2,102, respectively | $ | 6,341 | $ | 10,534 | $ | 2,705 | $ | 3,288 | |||||||||
Prior service cost (credit), net of income tax benefit (liability) of $1, $1, ($358) and ($402), respectively | 1 | 1 | -559 | (628 | ) | ||||||||||||
Net amount recognized | $ | 6,342 | $ | 10,535 | $ | 2,146 | $ | 2,660 | |||||||||
The actuarial gain recognized in 2013 resulted from an increase in the discount rate that was used to determine the funded status of the plan. The accumulated benefit obligation for the defined benefit pension plan and the supplemental pension plan was $36.3 million and $11.3 million, respectively, at December 31, 2013 and $38.2 million and $11.6 million, respectively, at December 31, 2012. | |||||||||||||||||
Assumptions used in determining net periodic pension cost for the years ended December 31, 2013, 2012 and 2011 were: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 4.23% | 4.6 | % | 5.4 | % | ||||||||||||
Rate of compensation increase | 4.50% | 4.5 | % | 4.5 | % | ||||||||||||
Long-term rate of return on plan assets | 7.75% | 7.75 | % | 8 | % | ||||||||||||
The components of net periodic pension cost for the years ended December 31, 2013, 2012 and 2011, were: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Benefits earned during the period | $ | 1,726 | $ | 1,472 | $ | 1,212 | |||||||||||
Interest cost on projected benefit obligation | 2,403 | 2,317 | 2,373 | ||||||||||||||
Expected return on plan assets | -2,094 | (1,994 | ) | (2,021 | ) | ||||||||||||
Net amortization and deferral | 1,702 | 1,612 | 1,272 | ||||||||||||||
Net pension expense | $ | 3,737 | $ | 3,407 | $ | 2,836 | |||||||||||
The Company expects to recognize expense of $901,000 due to the amortization of unrecognized loss and income of ($112,000) due to the amortization of prior service cost as components of net periodic benefit cost in 2014, which are included in accumulated other comprehensive loss at December 31, 2013. | |||||||||||||||||
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 level of cash contribution that will be required in 2014 to maintain the minimum funding balance is unknown. | |||||||||||||||||
Projected benefit payments for the plans as of December 31, 2013 were estimated as follows: | |||||||||||||||||
Defined Benefit Pension Plan | Supplemental Pension | ||||||||||||||||
Plan | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
2014 | $ | 1,927 | $ | 384 | |||||||||||||
2015 | $ | 1,993 | $ | 394 | |||||||||||||
2016 | $ | 2,098 | $ | 421 | |||||||||||||
2017 | $ | 2,174 | $ | 430 | |||||||||||||
2018 | $ | 2,277 | $ | 454 | |||||||||||||
2019 – 2023 | $ | 12,855 | $ | 2,941 | |||||||||||||
The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2013 by asset category within the fair value hierarchy (for further level information, see Note 4): | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active | Observable | Unobservable | |||||||||||||||
Markets | Inputs | Inputs | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Common stocks | $ | 13,339 | $ | 1,470 | $ | — | $ | 14,809 | |||||||||
Preferred stocks | 786 | — | — | 786 | |||||||||||||
Exchange traded funds | 2,761 | — | — | 2,761 | |||||||||||||
Corporate obligations | — | 4,636 | — | 4,636 | |||||||||||||
State and municipal obligations | — | 538 | — | 538 | |||||||||||||
Pooled fixed income funds | 4,150 | — | — | 4,150 | |||||||||||||
U.S. government securities | — | 838 | — | 838 | |||||||||||||
Cash and cash equivalents | 2,927 | — | — | 2,927 | |||||||||||||
Subtotal | 23,963 | 7,482 | — | 31,445 | |||||||||||||
Other assets(1) | 77 | ||||||||||||||||
Total | $ | 31,522 | |||||||||||||||
-1 | This category represents trust receivables that are not leveled. | ||||||||||||||||
The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2012 by asset category within the fair value hierarchy (for further level information, see Note 4): | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Quoted Prices in Active Markets | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Common stocks | $ | 10,169 | $ | 1,118 | $ | — | $ | 11,287 | |||||||||
Preferred stocks | 1,038 | — | — | 1,038 | |||||||||||||
Exchange traded funds | 3,194 | — | — | 3,194 | |||||||||||||
Corporate obligations | — | 4,573 | — | 4,573 | |||||||||||||
State and municipal obligations | — | 574 | — | 574 | |||||||||||||
Foreign obligations | — | 16 | — | 16 | |||||||||||||
Pooled fixed income funds | 3,212 | — | — | 3,212 | |||||||||||||
U.S. government securities | — | 1,584 | — | 1,584 | |||||||||||||
Cash and cash equivalents | 2,264 | — | — | 2,264 | |||||||||||||
Subtotal | 19,877 | 7,865 | — | 27,742 | |||||||||||||
Other assets(1) | 77 | ||||||||||||||||
Total | $ | 27,819 | |||||||||||||||
-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 approximately $227,000, $221,000 and $212,000 in 2013, 2012 and 2011, respectively. | |||||||||||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
13. INCOME TAXES | |||||||||||||
The provision for income taxes included the following components at December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 6,449 | $ | 6,985 | $ | 5,483 | |||||||
State | 940 | 928 | 951 | ||||||||||
Foreign | 1,273 | 972 | 2,490 | ||||||||||
Total | 8,662 | 8,885 | 8,924 | ||||||||||
Deferred | 1,268 | 1,648 | (343 | ) | |||||||||
Total provision | $ | 9,930 | $ | 10,533 | $ | 8,581 | |||||||
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, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory income tax rate | 35.00% | 35 | % | 35 | % | ||||||||
State income taxes, net of federal tax benefit | 2.6 | 2.3 | 2.5 | ||||||||||
Non-taxable municipal bond interest | -1.7 | (1.9 | ) | (2.7 | ) | ||||||||
Foreign income tax rate differences | -0.9 | (2.2 | ) | (1.5 | ) | ||||||||
Other | 0.2 | 0.9 | 1 | ||||||||||
Effective tax rate | 35.20% | 34.1 | % | 34.3 | % | ||||||||
The foreign component of pretax net earnings was $4.2 million, $6.2 million and $5.3 million for 2013, 2012 and 2011, respectively. As of December 31, 2013, the total amount of unremitted foreign earnings was $6.2 million. A deferred tax liability has not been recorded on these unremitted earnings because the Company intends to permanently reinvest such earnings outside of the U.S. Future dividends, if any, would be paid only out of current year earnings in the year earned. If the remaining unremitted foreign earnings at December 31, 2013 were to be repatriated in the future, the related deferred tax liability would not have a material impact on the Company’s financial statements. | |||||||||||||
The components of deferred taxes as of December 31, 2013 and 2012 were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax benefits: | |||||||||||||
Accounts receivable reserves | $ | 440 | $ | 421 | |||||||||
Pension liability | 8,691 | 10,882 | |||||||||||
Accrued liabilities | 2,164 | 1,934 | |||||||||||
11,295 | 13,237 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Inventory and related reserves | -2,601 | (1,316 | ) | ||||||||||
Cash value of life insurance | -3,240 | (3,029 | ) | ||||||||||
Property, plant and equipment | -1,757 | (1,713 | ) | ||||||||||
Intangible assets | -5,948 | (5,051 | ) | ||||||||||
Prepaid and other assets | -264 | (268 | ) | ||||||||||
Foreign currency gains on intercompany loans | -327 | (419 | ) | ||||||||||
-14,137 | (11,796 | ) | |||||||||||
Net deferred income tax benefits | $ | -2,842 | $ | 1,441 | |||||||||
The net deferred tax (liabilities) benefits are classified in the Consolidated Balance Sheets as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Current deferred income tax (liabilities) benefits | $ | -849 | $ | 649 | |||||||||
Noncurrent deferred income tax (liabilities) benefits | -1,993 | 792 | |||||||||||
$ | -2,842 | $ | 1,441 | ||||||||||
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: | |||||||||||||
(Dollars in thousands) | |||||||||||||
Balance at December 31, 2010 | $ | 84 | |||||||||||
Expiration of the statute of limitations for the assessment of taxes | (84 | ) | |||||||||||
Balance at December 31, 2011 | $ | — | |||||||||||
Increases related to current year tax positions | 124 | ||||||||||||
Balance at December 31, 2012 | $ | 124 | |||||||||||
Increases related to current year tax positions | — | ||||||||||||
Balance at December 31, 2013 | $ | 124 | |||||||||||
The Company had unrecognized tax benefits of $124,000 at December 31, 2013. This amount, if recognized, would reduce the Company’s annual effective tax rate. Included in the Consolidated Balance Sheets at December 31, 2013 was a liability for potential interest related to these positions of $5,000. The Company had unrecognized tax benefits of $124,000 at December 31, 2012. This amount, if recognized, would reduce the Company’s annual effective tax rate. Included in the Consolidated Balance Sheets at December 31, 2012 was a liability for potential interest related to these positions of $2,000. The Company had no unrecognized tax benefits as of December 31, 2011. | |||||||||||||
The Company files a U.S. federal income tax return, various U.S. state income tax returns and several foreign returns. In general, the 2009 through 2013 tax years remain subject to examination by those taxing authorities. | |||||||||||||
COMMITMENTS
COMMITMENTS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
14. COMMITMENTS | |||||
The Company operates retail shoe stores under both short-term and long-term leases. Leases provide for a minimum rental plus percentage rentals based upon sales in excess of a specified amount. The Company also leases office space in the U.S. and its distribution facilities in Canada and overseas. Total minimum rents were $9.5 million in 2013, $9.6 million in 2012 and $8.3 million in 2011. Percentage rentals were $430,000 in 2013, $1.2 million in 2012 and $1.2 million in 2011. | |||||
Future fixed and minimum rental commitments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013, are shown below. Renewal options exist for many long-term leases. | |||||
(Dollars in thousands) | Operating Leases | ||||
2014 | $ | 8,573 | |||
2015 | 6,280 | ||||
2016 | 4,942 | ||||
2017 | 3,810 | ||||
2018 | 3,222 | ||||
Thereafter | 9,428 | ||||
Total | $ | 36,255 | |||
At December 31, 2013, the Company also had purchase commitments of approximately $65.6 million to purchase inventory, all of which were due in less than one year. | |||||
STOCK_REPURCHASE_PROGRAM
STOCK REPURCHASE PROGRAM | 12 Months Ended |
Dec. 31, 2013 | |
Share Repurchase Program Disclosure [Abstract] | ' |
Share Repurchase Program Disclosure [Text Block] | ' |
15. STOCK REPURCHASE PROGRAM | |
In April 1998, the Company’s Board of Directors first authorized a stock repurchase program to purchase shares of its common stock in open market transactions at prevailing prices. In 2013, the Company purchased 195,050 shares at a total cost of $4.6 million through its stock repurchase program. In 2012, the Company purchased 285,422 shares at a total cost of $6.6 million through its stock repurchase program. In 2011, the Company purchased 175,606 shares at a total cost of $4.0 million through its stock repurchase program and 400,319 shares at a total cost of $9.0 million in a private transaction. At December 31, 2013, the Company was authorized to purchase an additional 628,000 shares under the program. | |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
16. EARNINGS PER SHARE | |||||||||||||
The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Numerator: | |||||||||||||
Net earnings attributable to Weyco Group, Inc. | $ | 17,601 | $ | 18,957 | $ | 15,251 | |||||||
Denominator: | |||||||||||||
Basic weighted average shares outstanding | 10,779 | 10,844 | 11,066 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock-based awards | 86 | 106 | 93 | ||||||||||
Diluted weighted average shares outstanding | 10,865 | 10,950 | 11,159 | ||||||||||
Basic earnings per share | $ | 1.63 | $ | 1.75 | $ | 1.38 | |||||||
Diluted earnings per share | $ | 1.62 | $ | 1.73 | $ | 1.37 | |||||||
Diluted weighted average shares outstanding for 2013 exclude antidilutive unvested restricted stock and outstanding stock options totaling 353,000 shares at a weighted average price of $26.85. Diluted weighted average shares outstanding for 2012 exclude antidilutive unvested restricted stock and outstanding stock options totaling 874,530 shares at a weighted average price of $24.26. | |||||||||||||
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, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
17. 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 its segments based on earnings from operations and accordingly, 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 2013, 2012 and 2011, there was no single customer with sales above 10% of the Company’s total sales. | |||||||||||||||||
In the retail segment, the Company operated 17 Company-owned stores in principal cities and an internet business in the United States as of December 31, 2013. Sales in retail outlets are made directly to the consumer by Company employees. In addition to the sale of the Company’s brands of footwear in these retail outlets, other branded footwear and accessories are also sold. | |||||||||||||||||
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, 2013, 2012 and 2011 was as follows: | |||||||||||||||||
Wholesale | Retail | Other | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
2013 | |||||||||||||||||
Product sales | $ | 222,459 | $ | 23,255 | $ | 51,372 | $ | 297,086 | |||||||||
Licensing revenues | 3,198 | — | — | 3,198 | |||||||||||||
Net sales | 225,657 | 23,255 | 51,372 | 300,284 | |||||||||||||
Depreciation | 2,481 | 538 | 943 | 3,962 | |||||||||||||
Earnings from operations | 20,742 | 3,018 | 3,995 | 27,755 | |||||||||||||
Total assets | 230,509 | 7,412 | 29,612 | 267,533 | |||||||||||||
Capital expenditures | 790 | 34 | 1,875 | 2,699 | |||||||||||||
2012 | |||||||||||||||||
Product sales | $ | 214,568 | $ | 24,348 | $ | 51,215 | $ | 290,131 | |||||||||
Licensing revenues | 3,340 | — | — | 3,340 | |||||||||||||
Net sales | 217,908 | 24,348 | 51,215 | 293,471 | |||||||||||||
Depreciation | 2,083 | 544 | 711 | 3,338 | |||||||||||||
Earnings from operations | 22,214 | 1,662 | 5,921 | 29,797 | |||||||||||||
Total assets | 246,523 | 7,994 | 30,804 | 285,321 | |||||||||||||
Capital expenditures | 7,235 | 844 | 1,461 | 9,540 | |||||||||||||
2011 | |||||||||||||||||
Product sales | $ | 195,638 | $ | 24,740 | $ | 47,273 | $ | 267,651 | |||||||||
Licensing revenues | 3,449 | — | — | 3,449 | |||||||||||||
Net sales | 199,087 | 24,740 | 47,273 | 271,100 | |||||||||||||
Depreciation | 1,677 | 565 | 349 | 2,591 | |||||||||||||
Earnings from operations | 15,673 | 1,554 | 5,970 | 23,197 | |||||||||||||
Total assets | 237,279 | 7,374 | 28,855 | 273,508 | |||||||||||||
Capital expenditures | 6,562 | 249 | 1,364 | 8,175 | |||||||||||||
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, 2013, 2012 and 2011: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net Sales: | |||||||||||||||||
United States | $ | 231,729 | $ | 225,397 | $ | 212,779 | |||||||||||
Canada | 17,183 | 16,859 | 11,049 | ||||||||||||||
Europe | 8,117 | 7,230 | 8,014 | ||||||||||||||
Australia | 29,318 | 29,465 | 25,049 | ||||||||||||||
Asia | 9,484 | 8,956 | 8,277 | ||||||||||||||
South Africa | 4,453 | 5,564 | 5,932 | ||||||||||||||
Total | $ | 300,284 | $ | 293,471 | $ | 271,100 | |||||||||||
Long-Lived Assets: | |||||||||||||||||
United States | $ | 77,755 | $ | 80,268 | $ | 75,293 | |||||||||||
Other | 9,255 | 6,009 | 5,116 | ||||||||||||||
$ | 87,010 | $ | 86,277 | $ | 80,409 | ||||||||||||
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), goodwill, trademarks and amortizable intangible assets. | |||||||||||||||||
STOCKBASED_COMPENSATION_PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||||||||||
18. STOCK-BASED COMPENSATION PLANS | |||||||||||||||||||||||||
At December 31, 2013, the Company had three stock-based compensation plans: the 1997 Stock Option Plan, the 2005 Equity Incentive Plan and the 2011 Incentive Plan (collectively, “the Plans”). Under the Plans, 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. The Company issues new common stock to satisfy stock option exercises and the issuance of restricted stock awards. Awards are no longer granted under the 1997 and 2005 plans. | |||||||||||||||||||||||||
Stock options and restricted stock awards were granted on December 2, 2013, and on December 1, 2012 and 2011. Under the 2011 Incentive Plan, 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. Under the 1997 and 2005 plans, stock options were valued at fair market value based on the average of the Company’s high and low trade prices on the date of grant. The stock options and restricted stock awards granted in 2013, 2012 and 2011 vest ratably over four years. Stock options granted between 2013 and 2011 expire six years from the date of grant. Stock options granted between 2006 and 2010 expire five years from the date of grant. Stock options granted prior to 2006 expire ten years from the grant date, with the exception of certain incentive stock options, which expired five years from the date of grant. As of December 31, 2013, there were 118,300 shares remaining available for stock-based awards under the 2011 Incentive Plan. | |||||||||||||||||||||||||
In accordance with ASC 718, stock-based compensation expense was recognized in the 2013, 2012 and 2011 consolidated financial statements for stock options and restricted stock awards granted since 2007. An estimate of forfeitures, based on historical data, was included in the calculation of stock-based compensation, and the estimate was adjusted quarterly to the extent that actual forfeitures differ, or are expected to materially differ, from such estimates. The effect of applying the expense recognition provisions of ASC 718 in 2013, 2012 and 2011 decreased Earnings Before Provision For Income Taxes by approximately $1,283,000, $1,201,000 and $1,224,000, respectively. | |||||||||||||||||||||||||
As of December 31, 2013, there was $2.2 million of total unrecognized compensation cost related to non-vested stock options granted in the years 2010 through 2013 which is expected to be recognized over the weighted-average remaining vesting period of 2.9 years. As of December 31, 2013, there was $1.2 million of total unrecognized compensation cost related to non-vested restricted stock awards granted in the years 2010 through 2013 which is expected to be recognized over the weighted-average remaining vesting period of 3.1 years. | |||||||||||||||||||||||||
The following weighted-average assumptions were used to determine compensation expense related to stock options in 2013, 2012 and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Risk-free interest rate | 1.10% | 0.51 | % | 0.66 | % | ||||||||||||||||||||
Expected dividend yield | 2.53% | 2.89 | % | 2.65 | % | ||||||||||||||||||||
Expected term | 4.3 years | 4.3 years | 4.3 years | ||||||||||||||||||||||
Expected volatility | 16.20% | 26.4 | % | 29.6 | % | ||||||||||||||||||||
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 | |||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Stock Options | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||||
Outstanding at beginning of year | 1,265,792 | $ | 22.76 | 1,307,488 | $ | 21.76 | 1,269,426 | $ | 20.25 | ||||||||||||||||
Granted | 333,300 | 28.5 | 253,400 | 23.53 | 235,700 | 24.21 | |||||||||||||||||||
Exercised | -219,526 | 17.91 | (174,646 | ) | 13.17 | (122,463 | ) | 8.95 | |||||||||||||||||
Forfeited or expired | -118,700 | 30.3 | (120,450 | ) | 27.37 | (75,175 | ) | 24.93 | |||||||||||||||||
Outstanding at end of year | 1,260,866 | $ | 24.41 | 1,265,792 | $ | 22.76 | 1,307,488 | $ | 21.76 | ||||||||||||||||
Exercisable at end of year | 581,081 | $ | 22.39 | 706,863 | $ | 21.89 | 821,510 | $ | 20.16 | ||||||||||||||||
Weighted average fair market value of options granted | $ | 2.77 | $ | 3.68 | $ | 4.51 | |||||||||||||||||||
Weighted Average Remaining Contractual Life | Aggregate | ||||||||||||||||||||||||
(in Years) | Intrinsic Value | ||||||||||||||||||||||||
Outstanding – December 31, 2013 | 3.7 | $ | 6,330,000 | ||||||||||||||||||||||
Exercisable – December 31, 2013 | 2.2 | $ | 4,092,000 | ||||||||||||||||||||||
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, 2013 of $29.43 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. | |||||||||||||||||||||||||
Non-vested Stock Options | |||||||||||||||||||||||||
Non-vested Stock Options | Number of Options | Weighted Average Exercise Price | Weighted Average | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Non-vested – December 31, 2010 | 421,226 | $ | 25.16 | $ | 4.94 | ||||||||||||||||||||
Granted | 235,700 | 24.21 | 4.51 | ||||||||||||||||||||||
Vested | (145,298 | ) | 25.86 | 5.05 | |||||||||||||||||||||
Forfeited | (25,650 | ) | 25.62 | 4.91 | |||||||||||||||||||||
Non-vested – December 31, 2011 | 485,978 | $ | 24.46 | $ | 4.7 | ||||||||||||||||||||
Granted | 253,400 | 23.53 | 3.68 | ||||||||||||||||||||||
Vested | (173,824 | ) | 25.05 | 4.73 | |||||||||||||||||||||
Forfeited | (6,625 | ) | 24.26 | 4.6 | |||||||||||||||||||||
Non-vested – December 31, 2012 | 558,929 | $ | 23.86 | $ | 4.23 | ||||||||||||||||||||
Granted | 333,300 | 28.5 | 2.77 | ||||||||||||||||||||||
Vested | (207,044 | ) | 23.83 | 4.42 | |||||||||||||||||||||
Forfeited | (5,400 | ) | 23.95 | 4.28 | |||||||||||||||||||||
Non-vested – December 31, 2013 | 679,785 | $ | 26.14 | $ | 3.46 | ||||||||||||||||||||
The following table summarizes information about outstanding and exercisable stock options at December 31, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Prices | Number of Options Outstanding | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Number of Options Exercisable | Weighted Average Exercise | ||||||||||||||||||||
(in Years) | Price | ||||||||||||||||||||||||
$15.46 to $18.03 | 135,966 | 1.2 | $ | 17.71 | 135,966 | $ | 17.71 | ||||||||||||||||||
$23.09 to $23.53 | 400,775 | 3.41 | 23.36 | 212,068 | 23.22 | ||||||||||||||||||||
$24.21 to $28.50 | 724,125 | 4.37 | 26.25 | 233,047 | 24.36 | ||||||||||||||||||||
1,260,866 | 3.72 | $ | 24.41 | 581,081 | $ | 22.39 | |||||||||||||||||||
The following table summarizes stock option activity for the years ended December 31: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Total intrinsic value of stock options exercised | $ | 1,506 | $ | 1,704 | $ | 1,299 | |||||||||||||||||||
Cash received from stock option exercises | $ | 3,932 | $ | 2,300 | $ | 1,096 | |||||||||||||||||||
Income tax benefit from the exercise of stock options | $ | 588 | $ | 664 | $ | 507 | |||||||||||||||||||
Total fair value of stock options vested | $ | 915 | $ | 821 | $ | 733 | |||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||||
The following table summarizes restricted stock award activity during the years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||||||||||
Non-vested Restricted Stock | Shares of Restricted Stock | Weighted Average | |||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Non-vested – December 31, 2010 | 35,448 | $ | 24.79 | ||||||||||||||||||||||
Issued | 19,300 | 24.21 | |||||||||||||||||||||||
Vested | (16,748 | ) | 25.91 | ||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||
Non-vested – December 31, 2011 | 38,000 | $ | 24.47 | ||||||||||||||||||||||
Issued | 19,600 | 23.53 | |||||||||||||||||||||||
Vested | (15,025 | ) | 24.97 | ||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||
Non-vested – December 31, 2012 | 42,575 | 23.87 | |||||||||||||||||||||||
Issued | 20,400 | 28.5 | |||||||||||||||||||||||
Vested | (15,475 | ) | 23.85 | ||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||
Non-vested – December 31, 2013 | 47,500 | $ | 25.86 | ||||||||||||||||||||||
At December 31, 2013, the Company expected 47,500 of shares of restricted stock to vest over a weighted-average remaining contractual term of 3.02 years. These shares had an aggregate intrinsic value of $1,398,000 at December 31, 2013. The aggregate intrinsic value was calculated using the market value of the Company’s stock on December 31, 2013 of $29.43 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 approximately $177,000 in 2013, $137,000 in 2012, and $158,000 in 2011. | |||||||||||||||||||||||||
QUARTERLY_FINANCIAL_DATA_Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||||||
19. QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||
2013 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||||
Net sales | $ | 73,590 | $ | 65,041 | $ | 83,108 | $ | 78,545 | $ | 300,284 | |||||||||||
Gross earnings | $ | 27,699 | $ | 24,698 | $ | 31,579 | $ | 33,337 | $ | 117,313 | |||||||||||
Net earnings attributable to Weyco Group, Inc. | $ | 3,200 | $ | 2,205 | $ | 5,392 | $ | 6,804 | $ | 17,601 | |||||||||||
Net earnings per share: | |||||||||||||||||||||
Basic | $ | 0.3 | $ | 0.2 | $ | 0.5 | $ | 0.63 | $ | 1.63 | |||||||||||
Diluted | $ | 0.3 | $ | 0.2 | $ | 0.5 | $ | 0.62 | $ | 1.62 | |||||||||||
2012 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||||
Net sales | $ | 75,314 | $ | 60,333 | $ | 79,473 | $ | 78,351 | $ | 293,471 | |||||||||||
Gross earnings | $ | 28,031 | $ | 22,878 | $ | 30,446 | $ | 33,532 | $ | 114,887 | |||||||||||
Net earnings attributable to Weyco Group, Inc. | $ | 3,869 | $ | 2,219 | $ | 5,192 | $ | 7,677 | $ | 18,957 | |||||||||||
Net earnings per share: | |||||||||||||||||||||
Basic | $ | 0.36 | $ | 0.2 | $ | 0.48 | $ | 0.71 | $ | 1.75 | |||||||||||
Diluted | $ | 0.35 | $ | 0.2 | $ | 0.48 | $ | 0.71 | $ | 1.73 | |||||||||||
VALUATION_AND_QUALIFYING_ACCOU
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | ||||||||||||
20. VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||
Deducted from Assets | |||||||||||||
Doubtful Accounts | Returns and Allowances | Total | |||||||||||
(Dollars in thousands) | |||||||||||||
BALANCE, DECEMBER 31, 2010 | $ | 1,109 | $ | 1,177 | $ | 2,286 | |||||||
Add – Additions charged to earnings | 316 | 2,496 | 2,812 | ||||||||||
Add – Acquisitions and other adjustments | 316 | — | 316 | ||||||||||
Deduct – Charges for purposes for which reserves were established | (326 | ) | (2,729 | ) | (3,055 | ) | |||||||
BALANCE, DECEMBER 31, 2011 | $ | 1,415 | $ | 944 | $ | 2,359 | |||||||
Add – Additions charged to earnings | 175 | 2,954 | 3,129 | ||||||||||
Deduct – Charges for purposes for which reserves were established | (319 | ) | (2,750 | ) | (3,069 | ) | |||||||
BALANCE, DECEMBER 31, 2012 | $ | 1,271 | $ | 1,148 | $ | 2,419 | |||||||
Add – Additions charged to earnings | 132 | 2,974 | 3,106 | ||||||||||
Deduct – Charges for purposes for which reserves were established | (170 | ) | (3,062 | ) | (3,232 | ) | |||||||
BALANCE, DECEMBER 31, 2013 | $ | 1,233 | $ | 1,060 | $ | 2,293 | |||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
21. SUBSEQUENT EVENTS | |
The Company has evaluated subsequent events through March 12, 2014, the date these financial statements were issued. No significant subsequent events have occurred through this date requiring adjustment to the financial statements or disclosures. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||
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. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
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, Policy [Policy Text Block] | ' | ||||||||||||
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, 2013 and 2012, the Company’s cash and cash equivalents included investments in money market accounts and cash deposits at various banks. | |||||||||||||
Investment, Policy [Policy Text Block] | ' | ||||||||||||
Investments — All of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments — Debt and Equity Securities (“ASC 320”) as the Company has the intent and ability to hold all bond investments to maturity. See Note 5. | |||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ' | ||||||||||||
Accounts Receivable — Trade accounts receivable arise from the sale of products on 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. | |||||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||
Inventories — Inventories are valued at cost, which is not in excess of market value. The majority of inventories are determined on a last-in, first-out (“LIFO”) basis. 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, Policy [Policy Text Block] | ' | ||||||||||||
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 5 years; furniture and fixtures, 5 to 7 years. | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||||||
Impairment of Long-Lived Assets — Property, plant and equipment are reviewed for impairment in accordance with ASC 360, Property, Plant and Equipment (“ASC 360”) 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 or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. To derive the fair value, the Company utilizes the income approach and the fair value determined is categorized as Level 3 in the fair value hierarchy. The fair value of each asset group is determined using the estimated future cash flows discounted at an estimated weighted-average cost of capital. For purposes of the impairment review, the Company groups assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. In the case of its retail stores, the Company groups assets at the individual store level. In connection with the Company’s impairment review, the Company’s retail segment recognized an impairment charge of $93,000 in 2012 and $165,000 in 2011, which was recorded within selling and administrative expenses in the Consolidated Statements of Earnings. No impairment charge was recognized in 2013. | |||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||||
Goodwill and Intangible Assets — Goodwill represents the excess of the purchase price over the estimated fair value of the underlying assets acquired and liabilities assumed in the acquisition of a business. Goodwill is not subject to amortization. Other intangible assets consist of trademarks, customer relationships, and a non-compete agreement. Intangible assets with definite lives are amortized over their estimated useful lives. Intangible assets which are not amortized are reviewed for impairment annually and whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. See Note 8. | |||||||||||||
Life Settlement Contracts, Policy [Policy Text Block] | ' | ||||||||||||
Life Insurance — Life insurance policies are recorded at the amount that could be realized under the insurance contracts as of the date of financial position. These assets are included within other assets in the Consolidated Balance Sheets. See Note 9. | |||||||||||||
Contingent Consideration Policy [Policy Text Block] | ' | ||||||||||||
Contingent Consideration — The Company recorded its estimate of the fair value of contingent consideration related to the Bogs acquisition within other short-term accrued liabilities and other long-term liabilities in the Consolidated Balance Sheets. On a quarterly basis, the Company revalues the obligation and records increases or decreases in its fair value as an adjustment to operating earnings. Changes to the contingent consideration obligation can result from adjustments to the discount rate, accretion of the discount due to the passage of time, or changes in assumptions regarding the future performance of Bogs. The assumptions used to determine the fair value of contingent consideration include a significant amount of judgment, and any changes in the assumptions could have a material impact on the amount of contingent consideration expense or income recorded in a given period. See Note 11. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
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. Interest related to unrecognized tax benefits is classified as interest expense in the Consolidated Statements of Earnings. See Note 13. | |||||||||||||
Noncontrolling Interest Policy [Policy Text Block] | ' | ||||||||||||
Noncontrolling Interest — The Company’s noncontrolling interest is accounted for under ASC 810, Consolidation (“ASC 810”) and represents the minority shareholder’s ownership interest related to the Company’s wholesale and retail businesses in Australia, South Africa and Asia Pacific. In accordance with ASC 810, the Company reports its noncontrolling interest in subsidiaries as a separate component of equity in the Consolidated Balance Sheets and reports both net earnings attributable to the noncontrolling interest and net earnings attributable to the Company’s common shareholders on the face of the Consolidated Statements of Earnings. | |||||||||||||
In accordance with the subscription agreement entered into in connection with the acquisition of Florsheim Australia Pty Ltd (“Florsheim Australia”) in January 2009, the Company’s equity interest in Florsheim Australia decreases from 60% to 51% of equity issued under the subscription agreement as intercompany loans are paid in accordance with their terms. To date, the Company’s equity interest in Florsheim Australia has decreased from 60% to 55% and the noncontrolling shareholder’s interest has increased from 40% to 45%. This change is reflected in the Consolidated Statements of Equity. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||
Revenue Recognition — Revenue from the sale of product is recognized when title and risk of loss transfers to the customer and the customer is obligated to pay the Company. Sales to independent dealers are recorded at the time of shipment to those dealers. Sales through Company-owned retail outlets are recorded at the time of delivery to retail customers. All product sales are recorded net of estimated allowances for returns and discounts. 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. Revenue from third-party licensing agreements is recognized in the period earned. Licensing revenues were $3.2 million in 2013, $3.3 million in 2012, and $3.4 million in 2011. | |||||||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | ' | ||||||||||||
Shipping and Handling Fees — The Company classifies shipping and handling fees billed to customers as revenues. The related shipping and handling expenses incurred by the Company are included in selling and administrative expenses and totaled $2.7 million in 2013, $2.3 million in 2012, and $2.2 million in 2011. | |||||||||||||
Cost of Sales, Policy [Policy Text Block] | ' | ||||||||||||
Cost of Sales — The Company’s cost of sales includes the cost of products and inbound freight and duty costs. | |||||||||||||
Selling, General and Administrative Expenses, Policy [Policy Text Block] | ' | ||||||||||||
Selling and Administrative Expenses — Selling and administrative expenses primarily include salaries and commissions, advertising costs, employee benefit costs, distribution costs (e.g., receiving, inspection and warehousing costs), rent and depreciation. Distribution costs included in selling and administrative expenses were $10.8 million in 2013, $10.0 million in 2012, and $8.6 million in 2011. | |||||||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||||||
Advertising Costs — Advertising costs are expensed as incurred. Total advertising costs were $11.4 million, $10.5 million, and $8.7 million in 2013, 2012 and 2011, respectively. All advertising expenses are included in selling and administrative expenses with the exception of co-op advertising expenses which are recorded as a reduction of net sales. Co-op advertising expenses, which are included in the above totals, reduced net sales by $4.3 million, $4.0 million, and $3.3 million in 2013, 2012 and 2011, respectively. | |||||||||||||
Foreign Currency Translations Policy [Policy Text Block] | ' | ||||||||||||
Foreign Currency Translations — The Company accounts for currency translations in accordance with ASC 830, Foreign Currency Matters (“ASC 830”) under which non-U.S. subsidiaries’ 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 Policy [Policy Text Block] | ' | ||||||||||||
Foreign Currency Transactions — Gains and losses from foreign currency transactions are included in other income and expense, net, in the Consolidated Statements of Earnings. Net foreign currency transaction losses totaled approximately $279,000 in 2013, $138,000 in 2012, and $197,000 in 2011. | |||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||||||||||||
Financial Instruments — At December 31, 2013, the Company’s majority owned subsidiary, Florsheim Australia, had forward exchange contracts outstanding to buy $6.3 million U.S. dollars at a price of approximately $6.8 million Australian dollars. These contracts all expire in 2014. Based on year-end exchange rates, there were no significant gains or losses on the outstanding contracts. | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
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 16. | |||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||||||
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. The components of accumulated other comprehensive loss as recorded on the accompanying Consolidated Balance Sheets were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Foreign currency translation adjustments | $ | -934 | $ | 681 | |||||||||
Pension liability, net of tax | -8,488 | (13,195 | ) | ||||||||||
Total accumulated other comprehensive loss | $ | -9,422 | $ | (12,514 | ) | ||||||||
The noncontrolling interest as recorded in the Consolidated Balance Sheets at December 31, 2013 and 2012 included foreign currency translation adjustments of approximately ($33,000) and $668,000, respectively. | |||||||||||||
The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the year ended December 31, 2013: | |||||||||||||
Foreign Currency Translation Adjustments | Defined Benefit Pension Items | Total | |||||||||||
Beginning Balance | $ | 681 | $ | (13,195 | ) | $ | (12,514 | ) | |||||
Other comprehensive (loss) income before reclassifications | (1,615 | ) | 3,669 | 2,054 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 1,038 | 1,038 | ||||||||||
Net current period other comprehensive (loss) income | (1,615 | ) | 4,707 | 3,092 | |||||||||
Ending Balance | $ | (934 | ) | $ | (8,488 | ) | $ | (9,422 | ) | ||||
The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2013 and 2012: | |||||||||||||
Amounts reclassified from other accumulated comprehensive loss | Affected line item in the statement where net income is presented | ||||||||||||
for the year ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Amortization of defined benefit pension items | |||||||||||||
Prior service cost | -111 | (111 | ) | -1 | |||||||||
Actuarial losses | 1,813 | 1,723 | -1 | ||||||||||
Total before tax | 1,702 | 1,612 | |||||||||||
Tax benefit | -664 | (629 | ) | ||||||||||
Net of tax | 1,038 | 983 | |||||||||||
-1 | These amounts were included in the computation of net periodic pension cost. See Note 12 for additional details. | ||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
Stock-Based Compensation — At December 31, 2013, the Company had three stock-based employee compensation plans, which are described more fully in Note 18. The Company accounts for these plans under the recognition and measurement principles of ASC 718, Compensation — Stock Compensation (“ASC 718”). 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 Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||||||
Concentration of Credit Risk — The Company had no individual customer accounts receivable balances outstanding at December 31, 2013 and 2012 that represented more than 10% of the Company’s gross accounts receivable balance. Additionally, there were no single customers with sales above 10% of the Company’s total sales in 2013, 2012 and 2011. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
Recent Accounting Pronouncements — In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net earnings or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net earnings must be cross-referenced to other disclosures that provide additional detail. This standard was effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The Company’s adoption of this standard did not have a significant impact on the Company’s consolidated financial statements. | |||||||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||||||
Reclassifications — Certain immaterial items on the Consolidated Statements of Cash Flows were reclassified in the prior years’ financial statements to conform to the current year’s presentation. Such reclassifications had no effect on previously reported net earnings or equity. | |||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||
The components of accumulated other comprehensive loss as recorded on the accompanying Consolidated Balance Sheets were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Foreign currency translation adjustments | $ | -934 | $ | 681 | |||||||||
Pension liability, net of tax | -8,488 | (13,195 | ) | ||||||||||
Total accumulated other comprehensive loss | $ | -9,422 | $ | (12,514 | ) | ||||||||
Changes In Accumulated Other Comprehensive Loss [Table Text Block] | ' | ||||||||||||
The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the year ended December 31, 2013: | |||||||||||||
Foreign Currency Translation Adjustments | Defined Benefit Pension Items | Total | |||||||||||
Beginning Balance | $ | 681 | $ | (13,195 | ) | $ | (12,514 | ) | |||||
Other comprehensive (loss) income before reclassifications | (1,615 | ) | 3,669 | 2,054 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 1,038 | 1,038 | ||||||||||
Net current period other comprehensive (loss) income | (1,615 | ) | 4,707 | 3,092 | |||||||||
Ending Balance | $ | (934 | ) | $ | (8,488 | ) | $ | (9,422 | ) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||
The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2013 and 2012: | |||||||||||||
Amounts reclassified from other accumulated comprehensive loss | Affected line item in the statement where net income is presented | ||||||||||||
for the year ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Amortization of defined benefit pension items | |||||||||||||
Prior service cost | -111 | (111 | ) | -1 | |||||||||
Actuarial losses | 1,813 | 1,723 | -1 | ||||||||||
Total before tax | 1,702 | 1,612 | |||||||||||
Tax benefit | -664 | (629 | ) | ||||||||||
Net of tax | 1,038 | 983 | |||||||||||
-1 | These amounts were included in the computation of net periodic pension cost. See Note 12 for additional details. | ||||||||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Purchase Price Allocations [Table Text Block] | ' | ||||
The Company’s final allocation of the purchase price was as follows (dollars in thousands): | |||||
Cash | $ | 317 | |||
Accounts receivable | 3,839 | ||||
Inventory | 2,932 | ||||
Prepaid expenses | 15 | ||||
Property, plant and equipment, net | 7 | ||||
Goodwill | 11,112 | ||||
Trademark | 22,000 | ||||
Other intangible assets | 3,700 | ||||
Accounts payable | (454 | ) | |||
Accrued liabilities | (561 | ) | |||
$ | 42,907 | ||||
INVESTMENTS_Tables
INVESTMENTS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||
Held-to-maturity Securities [Table Text Block] | ' | ||||||||||||||||
Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of December 31, 2013 and 2012. The estimated market values provided are Level 2 valuations as defined by ASC 820. | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Amortized Cost | Market Value | Amortized Cost | Market | ||||||||||||||
Value | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Municipal bonds: | |||||||||||||||||
Current | $ | 5,196 | $ | 5,264 | $ | 8,004 | $ | 8,117 | |||||||||
Due from one through five years | 17,636 | 18,527 | 25,384 | 26,620 | |||||||||||||
Due from six through ten years | 7,388 | 7,777 | 10,832 | 11,756 | |||||||||||||
Total | $ | 30,220 | $ | 31,568 | $ | 44,220 | $ | 46,493 | |||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||
The unrealized gains and losses on investment securities at December 31, 2013 and 2012 were: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unrealized Gains | Unrealized Losses | Unrealized Gains | Unrealized Losses | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Municipal bonds | $ | 1,348 | $ | — | $ | 2,473 | $ | 200 | |||||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||||||
At December 31, 2013 and 2012, inventories consisted of: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Finished shoes | $ | 80,876 | $ | 82,535 | |||||||||
LIFO reserve | -17,680 | (17,169 | ) | ||||||||||
Total inventories | $ | 63,196 | $ | 65,366 | |||||||||
PROPERTY_PLANT_AND_EQUIPMENT_N1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
At December 31, 2013 and 2012, property, plant and equipment consisted of: | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Land and land improvements | $ | 3,607 | $ | 3,587 | |||||
Buildings and improvements | 26,900 | 26,927 | |||||||
Machinery and equipment | 24,502 | 22,456 | |||||||
Retail fixtures and leasehold improvements | 11,825 | 11,994 | |||||||
Construction in progress | 252 | 1,692 | |||||||
Property, plant and equipment | 67,086 | 66,656 | |||||||
Less: Accumulated depreciation | -31,974 | (29,438 | ) | ||||||
Property, plant and equipment, net | $ | 35,112 | $ | 37,218 | |||||
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | ||||||||||||||||
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following as of December 31, 2013: | |||||||||||||||||
Weighted Average Life (Years) | 31-Dec-13 | ||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||
Goodwill | $ | 11,112 | $ | — | $ | 11,112 | |||||||||||
Trademarks | 34,748 | — | 34,748 | ||||||||||||||
Total indefinite-lived intangible assets | $ | 45,860 | $ | — | $ | 45,860 | |||||||||||
Amortizable intangible assets: | |||||||||||||||||
Non-compete agreement | 5 | $ | 200 | $ | (113 | ) | $ | 87 | |||||||||
Customer relationships | 15 | 3,500 | (661 | ) | 2,839 | ||||||||||||
Total amortizable intangible assets | $ | 3,700 | $ | (774 | ) | $ | 2,926 | ||||||||||
The Company’s indefinite-lived and amortizable intangible assets as recorded in the Consolidated Balance Sheets consisted of the following as of December 31, 2012: | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Weighted Average Life (Years) | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||
Goodwill | $ | 11,112 | $ | — | $ | 11,112 | |||||||||||
Trademarks | 34,748 | — | 34,748 | ||||||||||||||
Total indefinite-lived intangible assets | $ | 45,860 | $ | — | $ | 45,860 | |||||||||||
Amortizable intangible assets: | |||||||||||||||||
Non-compete agreement | 5 | $ | 200 | $ | (73 | ) | $ | 127 | |||||||||
Customer relationships | 15 | 3,500 | (428 | ) | 3,072 | ||||||||||||
Total amortizable intangible assets | $ | 3,700 | $ | (501 | ) | $ | 3,199 | ||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||||
Excluding the impact of any future acquisitions, the Company anticipates future amortization expense to be as follows: | |||||||||||||||||
(Dollars in thousands) | Intangible Assets | ||||||||||||||||
2014 | $ | 273 | |||||||||||||||
2015 | 273 | ||||||||||||||||
2016 | 240 | ||||||||||||||||
2017 | 233 | ||||||||||||||||
2018 | 233 | ||||||||||||||||
Thereafter | 1,674 | ||||||||||||||||
Total | $ | 2,926 | |||||||||||||||
OTHER_ASSETS_Tables
OTHER ASSETS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Other Assets, Noncurrent [Table Text Block] | ' | ||||||||
Other assets included the following amounts at December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Cash surrender value of life insurance | 13,440 | 12,745 | |||||||
Intangible assets (See Note 8) | 2,926 | 3,199 | |||||||
Investment in real estate | 3,112 | — | |||||||
Other | 1,977 | 2,847 | |||||||
Total other assets | $ | 21,455 | $ | 18,791 | |||||
CONTINGENT_CONSIDERATION_Table
CONTINGENT CONSIDERATION (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | ' | ||||||||
The Company’s estimate of the fair value of the contingent payments as recorded in the Consolidated Balance Sheets was as follows: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
(Dollars in thousands) | |||||||||
Current portion | $ | — | $ | 1,270 | |||||
Long-term portion | 5,064 | 4,991 | |||||||
Total contingent consideration | $ | 5,064 | $ | 6,261 | |||||
Schedule Of Business Acquisitions By Acquisition Contingent Payments [Table Text Block] | ' | ||||||||
The following table summarizes the activity during 2013 and 2012 related to the contingent payments as recorded in the Consolidated Statements of Earnings (dollars in thousands): | |||||||||
2013 | 2012 | ||||||||
Beginning balance | $ | 6,261 | $ | 9,693 | |||||
Payment of contingent consideration | -1,270 | — | |||||||
Net losses (gains) on remeasurement of contingent consideration | 24 | (3,522 | ) | ||||||
Interest expense | 49 | 90 | |||||||
Ending balance | $ | 5,064 | $ | 6,261 | |||||
EMPLOYEE_RETIREMENT_PLANS_Tabl
EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Weighted Average Plan Assets Allocation [Table Text Block] | ' | ||||||||||||||||
The Company’s pension plan’s weighted average asset allocation at December 31, 2013 and 2012, by asset category, was as follows: | |||||||||||||||||
Plan Assets at December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Asset Category: | |||||||||||||||||
Equity Securities | 56% | 52 | % | ||||||||||||||
Fixed Income Securities | 35% | 40 | % | ||||||||||||||
Other | 9% | 8 | % | ||||||||||||||
Total | 100% | 100 | % | ||||||||||||||
Schedule of Assumptions Used to Determine, Net Funded Status of Plan [Table Text Block] | ' | ||||||||||||||||
Assumptions used in determining the funded status at December 31, 2013 and 2012 were: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Discount rate | 5.03% | 4.23 | % | ||||||||||||||
Rate of compensation increase | 4.50% | 4.5 | % | ||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | ' | ||||||||||||||||
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, 2013 and 2012: | |||||||||||||||||
Defined Benefit | Supplemental | ||||||||||||||||
Pension Plan | Pension Plan | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Change in projected benefit obligation | |||||||||||||||||
Projected benefit obligation, beginning of year | $ | 43,452 | $ | 39,523 | $ | 12,270 | $ | 13,870 | |||||||||
Service cost | 1,406 | 1,236 | 320 | 236 | |||||||||||||
Interest cost | 1,832 | 1,800 | 570 | 516 | |||||||||||||
Plan amendments | — | — | — | (1,415 | ) | ||||||||||||
Actuarial (gain) loss | -3,466 | 2,532 | -468 | (576 | ) | ||||||||||||
Benefits paid | -1,754 | (1,639 | ) | -355 | (361 | ) | |||||||||||
Projected benefit obligation, end | $ | 41,470 | $ | 43,452 | $ | 12,337 | $ | 12,270 | |||||||||
of year | |||||||||||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets, beginning of year | 27,819 | 26,655 | — | — | |||||||||||||
Actual return on plan assets | 4,316 | 2,932 | — | — | |||||||||||||
Administrative expenses | -141 | (129 | ) | — | — | ||||||||||||
Contributions | 1,282 | — | 355 | 361 | |||||||||||||
Benefits paid | -1,754 | (1,639 | ) | -355 | (361 | ) | |||||||||||
Fair value of plan assets, end of year | $ | 31,522 | $ | 27,819 | $ | — | $ | — | |||||||||
Funded status of plan | $ | -9,948 | $ | (15,633 | ) | $ | -12,337 | $ | (12,270 | ) | |||||||
Amounts recognized in the consolidated balance sheets consist of: | |||||||||||||||||
Accrued liabilities – other | $ | — | $ | — | $ | -384 | $ | (373 | ) | ||||||||
Long-term pension liability | -9,948 | (15,633 | ) | -11,953 | (11,897 | ) | |||||||||||
Net amount recognized | $ | -9,948 | $ | (15,633 | ) | $ | -12,337 | $ | (12,270 | ) | |||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||
Accumulated loss, net of income tax benefit of $4,054, $6,735, $1,729 and $2,102, respectively | $ | 6,341 | $ | 10,534 | $ | 2,705 | $ | 3,288 | |||||||||
Prior service cost (credit), net of income tax benefit (liability) of $1, $1, ($358) and ($402), respectively | 1 | 1 | -559 | (628 | ) | ||||||||||||
Net amount recognized | $ | 6,342 | $ | 10,535 | $ | 2,146 | $ | 2,660 | |||||||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||||||||||||
Assumptions used in determining net periodic pension cost for the years ended December 31, 2013, 2012 and 2011 were: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Discount rate | 4.23% | 4.6 | % | 5.4 | % | ||||||||||||
Rate of compensation increase | 4.50% | 4.5 | % | 4.5 | % | ||||||||||||
Long-term rate of return on plan assets | 7.75% | 7.75 | % | 8 | % | ||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
The components of net periodic pension cost for the years ended December 31, 2013, 2012 and 2011, were: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Benefits earned during the period | $ | 1,726 | $ | 1,472 | $ | 1,212 | |||||||||||
Interest cost on projected benefit obligation | 2,403 | 2,317 | 2,373 | ||||||||||||||
Expected return on plan assets | -2,094 | (1,994 | ) | (2,021 | ) | ||||||||||||
Net amortization and deferral | 1,702 | 1,612 | 1,272 | ||||||||||||||
Net pension expense | $ | 3,737 | $ | 3,407 | $ | 2,836 | |||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||||||||||||
Projected benefit payments for the plans as of December 31, 2013 were estimated as follows: | |||||||||||||||||
Defined Benefit Pension Plan | Supplemental Pension | ||||||||||||||||
Plan | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
2014 | $ | 1,927 | $ | 384 | |||||||||||||
2015 | $ | 1,993 | $ | 394 | |||||||||||||
2016 | $ | 2,098 | $ | 421 | |||||||||||||
2017 | $ | 2,174 | $ | 430 | |||||||||||||
2018 | $ | 2,277 | $ | 454 | |||||||||||||
2019 – 2023 | $ | 12,855 | $ | 2,941 | |||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | ' | ||||||||||||||||
The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2013 by asset category within the fair value hierarchy (for further level information, see Note 4): | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active | Observable | Unobservable | |||||||||||||||
Markets | Inputs | Inputs | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Common stocks | $ | 13,339 | $ | 1,470 | $ | — | $ | 14,809 | |||||||||
Preferred stocks | 786 | — | — | 786 | |||||||||||||
Exchange traded funds | 2,761 | — | — | 2,761 | |||||||||||||
Corporate obligations | — | 4,636 | — | 4,636 | |||||||||||||
State and municipal obligations | — | 538 | — | 538 | |||||||||||||
Pooled fixed income funds | 4,150 | — | — | 4,150 | |||||||||||||
U.S. government securities | — | 838 | — | 838 | |||||||||||||
Cash and cash equivalents | 2,927 | — | — | 2,927 | |||||||||||||
Subtotal | 23,963 | 7,482 | — | 31,445 | |||||||||||||
Other assets(1) | 77 | ||||||||||||||||
Total | $ | 31,522 | |||||||||||||||
-1 | This category represents trust receivables that are not leveled. | ||||||||||||||||
The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2012 by asset category within the fair value hierarchy (for further level information, see Note 4): | |||||||||||||||||
31-Dec-12 | |||||||||||||||||
Quoted Prices in Active Markets | Significant Observable Inputs | Significant Unobservable Inputs | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Common stocks | $ | 10,169 | $ | 1,118 | $ | — | $ | 11,287 | |||||||||
Preferred stocks | 1,038 | — | — | 1,038 | |||||||||||||
Exchange traded funds | 3,194 | — | — | 3,194 | |||||||||||||
Corporate obligations | — | 4,573 | — | 4,573 | |||||||||||||
State and municipal obligations | — | 574 | — | 574 | |||||||||||||
Foreign obligations | — | 16 | — | 16 | |||||||||||||
Pooled fixed income funds | 3,212 | — | — | 3,212 | |||||||||||||
U.S. government securities | — | 1,584 | — | 1,584 | |||||||||||||
Cash and cash equivalents | 2,264 | — | — | 2,264 | |||||||||||||
Subtotal | 19,877 | 7,865 | — | 27,742 | |||||||||||||
Other assets(1) | 77 | ||||||||||||||||
Total | $ | 27,819 | |||||||||||||||
-1 | This category represents trust receivables that are not leveled. | ||||||||||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
The provision for income taxes included the following components at December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 6,449 | $ | 6,985 | $ | 5,483 | |||||||
State | 940 | 928 | 951 | ||||||||||
Foreign | 1,273 | 972 | 2,490 | ||||||||||
Total | 8,662 | 8,885 | 8,924 | ||||||||||
Deferred | 1,268 | 1,648 | (343 | ) | |||||||||
Total provision | $ | 9,930 | $ | 10,533 | $ | 8,581 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
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, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
U.S. federal statutory income tax rate | 35.00% | 35 | % | 35 | % | ||||||||
State income taxes, net of federal tax benefit | 2.6 | 2.3 | 2.5 | ||||||||||
Non-taxable municipal bond interest | -1.7 | (1.9 | ) | (2.7 | ) | ||||||||
Foreign income tax rate differences | -0.9 | (2.2 | ) | (1.5 | ) | ||||||||
Other | 0.2 | 0.9 | 1 | ||||||||||
Effective tax rate | 35.20% | 34.1 | % | 34.3 | % | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
The components of deferred taxes as of December 31, 2013 and 2012 were as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax benefits: | |||||||||||||
Accounts receivable reserves | $ | 440 | $ | 421 | |||||||||
Pension liability | 8,691 | 10,882 | |||||||||||
Accrued liabilities | 2,164 | 1,934 | |||||||||||
11,295 | 13,237 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Inventory and related reserves | -2,601 | (1,316 | ) | ||||||||||
Cash value of life insurance | -3,240 | (3,029 | ) | ||||||||||
Property, plant and equipment | -1,757 | (1,713 | ) | ||||||||||
Intangible assets | -5,948 | (5,051 | ) | ||||||||||
Prepaid and other assets | -264 | (268 | ) | ||||||||||
Foreign currency gains on intercompany loans | -327 | (419 | ) | ||||||||||
-14,137 | (11,796 | ) | |||||||||||
Net deferred income tax benefits | $ | -2,842 | $ | 1,441 | |||||||||
Schedule Of Deferred Tax Benefit [Table Text Block] | ' | ||||||||||||
The net deferred tax (liabilities) benefits are classified in the Consolidated Balance Sheets as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Current deferred income tax (liabilities) benefits | $ | -849 | $ | 649 | |||||||||
Noncurrent deferred income tax (liabilities) benefits | -1,993 | 792 | |||||||||||
$ | -2,842 | $ | 1,441 | ||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||
The following table summarizes the activity related to the Company’s unrecognized tax benefits: | |||||||||||||
(Dollars in thousands) | |||||||||||||
Balance at December 31, 2010 | $ | 84 | |||||||||||
Expiration of the statute of limitations for the assessment of taxes | (84 | ) | |||||||||||
Balance at December 31, 2011 | $ | — | |||||||||||
Increases related to current year tax positions | 124 | ||||||||||||
Balance at December 31, 2012 | $ | 124 | |||||||||||
Increases related to current year tax positions | — | ||||||||||||
Balance at December 31, 2013 | $ | 124 | |||||||||||
COMMITMENTS_Tables
COMMITMENTS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Future fixed and minimum rental commitments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2013, are shown below. Renewal options exist for many long-term leases. | |||||
(Dollars in thousands) | Operating Leases | ||||
2014 | $ | 8,573 | |||
2015 | 6,280 | ||||
2016 | 4,942 | ||||
2017 | 3,810 | ||||
2018 | 3,222 | ||||
Thereafter | 9,428 | ||||
Total | $ | 36,255 | |||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Numerator: | |||||||||||||
Net earnings attributable to Weyco Group, Inc. | $ | 17,601 | $ | 18,957 | $ | 15,251 | |||||||
Denominator: | |||||||||||||
Basic weighted average shares outstanding | 10,779 | 10,844 | 11,066 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Employee stock-based awards | 86 | 106 | 93 | ||||||||||
Diluted weighted average shares outstanding | 10,865 | 10,950 | 11,159 | ||||||||||
Basic earnings per share | $ | 1.63 | $ | 1.75 | $ | 1.38 | |||||||
Diluted earnings per share | $ | 1.62 | $ | 1.73 | $ | 1.37 | |||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
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, 2013, 2012 and 2011 was as follows: | |||||||||||||||||
Wholesale | Retail | Other | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
2013 | |||||||||||||||||
Product sales | $ | 222,459 | $ | 23,255 | $ | 51,372 | $ | 297,086 | |||||||||
Licensing revenues | 3,198 | — | — | 3,198 | |||||||||||||
Net sales | 225,657 | 23,255 | 51,372 | 300,284 | |||||||||||||
Depreciation | 2,481 | 538 | 943 | 3,962 | |||||||||||||
Earnings from operations | 20,742 | 3,018 | 3,995 | 27,755 | |||||||||||||
Total assets | 230,509 | 7,412 | 29,612 | 267,533 | |||||||||||||
Capital expenditures | 790 | 34 | 1,875 | 2,699 | |||||||||||||
2012 | |||||||||||||||||
Product sales | $ | 214,568 | $ | 24,348 | $ | 51,215 | $ | 290,131 | |||||||||
Licensing revenues | 3,340 | — | — | 3,340 | |||||||||||||
Net sales | 217,908 | 24,348 | 51,215 | 293,471 | |||||||||||||
Depreciation | 2,083 | 544 | 711 | 3,338 | |||||||||||||
Earnings from operations | 22,214 | 1,662 | 5,921 | 29,797 | |||||||||||||
Total assets | 246,523 | 7,994 | 30,804 | 285,321 | |||||||||||||
Capital expenditures | 7,235 | 844 | 1,461 | 9,540 | |||||||||||||
2011 | |||||||||||||||||
Product sales | $ | 195,638 | $ | 24,740 | $ | 47,273 | $ | 267,651 | |||||||||
Licensing revenues | 3,449 | — | — | 3,449 | |||||||||||||
Net sales | 199,087 | 24,740 | 47,273 | 271,100 | |||||||||||||
Depreciation | 1,677 | 565 | 349 | 2,591 | |||||||||||||
Earnings from operations | 15,673 | 1,554 | 5,970 | 23,197 | |||||||||||||
Total assets | 237,279 | 7,374 | 28,855 | 273,508 | |||||||||||||
Capital expenditures | 6,562 | 249 | 1,364 | 8,175 | |||||||||||||
Schedule Of Entity Wide Disclosure On Geographic Areas Net Sales And Long Lived Assets In Individual Foreign Countries By Country [Table Text Block] | ' | ||||||||||||||||
Financial information relating to the Company’s business by geographic area was as follows for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Net Sales: | |||||||||||||||||
United States | $ | 231,729 | $ | 225,397 | $ | 212,779 | |||||||||||
Canada | 17,183 | 16,859 | 11,049 | ||||||||||||||
Europe | 8,117 | 7,230 | 8,014 | ||||||||||||||
Australia | 29,318 | 29,465 | 25,049 | ||||||||||||||
Asia | 9,484 | 8,956 | 8,277 | ||||||||||||||
South Africa | 4,453 | 5,564 | 5,932 | ||||||||||||||
Total | $ | 300,284 | $ | 293,471 | $ | 271,100 | |||||||||||
Long-Lived Assets: | |||||||||||||||||
United States | $ | 77,755 | $ | 80,268 | $ | 75,293 | |||||||||||
Other | 9,255 | 6,009 | 5,116 | ||||||||||||||
$ | 87,010 | $ | 86,277 | $ | 80,409 | ||||||||||||
STOCKBASED_COMPENSATION_PLANS_
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||||||||||
The following weighted-average assumptions were used to determine compensation expense related to stock options in 2013, 2012 and 2011: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Risk-free interest rate | 1.10% | 0.51 | % | 0.66 | % | ||||||||||||||||||||
Expected dividend yield | 2.53% | 2.89 | % | 2.65 | % | ||||||||||||||||||||
Expected term | 4.3 years | 4.3 years | 4.3 years | ||||||||||||||||||||||
Expected volatility | 16.20% | 26.4 | % | 29.6 | % | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables summarize stock option activity under the Company’s plans: | |||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Stock Options | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||||
Outstanding at beginning of year | 1,265,792 | $ | 22.76 | 1,307,488 | $ | 21.76 | 1,269,426 | $ | 20.25 | ||||||||||||||||
Granted | 333,300 | 28.5 | 253,400 | 23.53 | 235,700 | 24.21 | |||||||||||||||||||
Exercised | -219,526 | 17.91 | (174,646 | ) | 13.17 | (122,463 | ) | 8.95 | |||||||||||||||||
Forfeited or expired | -118,700 | 30.3 | (120,450 | ) | 27.37 | (75,175 | ) | 24.93 | |||||||||||||||||
Outstanding at end of year | 1,260,866 | $ | 24.41 | 1,265,792 | $ | 22.76 | 1,307,488 | $ | 21.76 | ||||||||||||||||
Exercisable at end of year | 581,081 | $ | 22.39 | 706,863 | $ | 21.89 | 821,510 | $ | 20.16 | ||||||||||||||||
Weighted average fair market value of options granted | $ | 2.77 | $ | 3.68 | $ | 4.51 | |||||||||||||||||||
Weighted Average Remaining Contractual Life | Aggregate | ||||||||||||||||||||||||
(in Years) | Intrinsic Value | ||||||||||||||||||||||||
Outstanding – December 31, 2013 | 3.7 | $ | 6,330,000 | ||||||||||||||||||||||
Exercisable – December 31, 2013 | 2.2 | $ | 4,092,000 | ||||||||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||||||||||
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, 2013 of $29.43 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. | |||||||||||||||||||||||||
Non-vested Stock Options | |||||||||||||||||||||||||
Non-vested Stock Options | Number of Options | Weighted Average Exercise Price | Weighted Average | ||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Non-vested – December 31, 2010 | 421,226 | $ | 25.16 | $ | 4.94 | ||||||||||||||||||||
Granted | 235,700 | 24.21 | 4.51 | ||||||||||||||||||||||
Vested | (145,298 | ) | 25.86 | 5.05 | |||||||||||||||||||||
Forfeited | (25,650 | ) | 25.62 | 4.91 | |||||||||||||||||||||
Non-vested – December 31, 2011 | 485,978 | $ | 24.46 | $ | 4.7 | ||||||||||||||||||||
Granted | 253,400 | 23.53 | 3.68 | ||||||||||||||||||||||
Vested | (173,824 | ) | 25.05 | 4.73 | |||||||||||||||||||||
Forfeited | (6,625 | ) | 24.26 | 4.6 | |||||||||||||||||||||
Non-vested – December 31, 2012 | 558,929 | $ | 23.86 | $ | 4.23 | ||||||||||||||||||||
Granted | 333,300 | 28.5 | 2.77 | ||||||||||||||||||||||
Vested | (207,044 | ) | 23.83 | 4.42 | |||||||||||||||||||||
Forfeited | (5,400 | ) | 23.95 | 4.28 | |||||||||||||||||||||
Non-vested – December 31, 2013 | 679,785 | $ | 26.14 | $ | 3.46 | ||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes information about outstanding and exercisable stock options at December 31, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of Exercise Prices | Number of Options Outstanding | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Number of Options Exercisable | Weighted Average Exercise | ||||||||||||||||||||
(in Years) | Price | ||||||||||||||||||||||||
$15.46 to $18.03 | 135,966 | 1.2 | $ | 17.71 | 135,966 | $ | 17.71 | ||||||||||||||||||
$23.09 to $23.53 | 400,775 | 3.41 | 23.36 | 212,068 | 23.22 | ||||||||||||||||||||
$24.21 to $28.50 | 724,125 | 4.37 | 26.25 | 233,047 | 24.36 | ||||||||||||||||||||
1,260,866 | 3.72 | $ | 24.41 | 581,081 | $ | 22.39 | |||||||||||||||||||
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes stock option activity for the years ended December 31: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Total intrinsic value of stock options exercised | $ | 1,506 | $ | 1,704 | $ | 1,299 | |||||||||||||||||||
Cash received from stock option exercises | $ | 3,932 | $ | 2,300 | $ | 1,096 | |||||||||||||||||||
Income tax benefit from the exercise of stock options | $ | 588 | $ | 664 | $ | 507 | |||||||||||||||||||
Total fair value of stock options vested | $ | 915 | $ | 821 | $ | 733 | |||||||||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes restricted stock award activity during the years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||||||||||
Non-vested Restricted Stock | Shares of Restricted Stock | Weighted Average | |||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Non-vested – December 31, 2010 | 35,448 | $ | 24.79 | ||||||||||||||||||||||
Issued | 19,300 | 24.21 | |||||||||||||||||||||||
Vested | (16,748 | ) | 25.91 | ||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||
Non-vested – December 31, 2011 | 38,000 | $ | 24.47 | ||||||||||||||||||||||
Issued | 19,600 | 23.53 | |||||||||||||||||||||||
Vested | (15,025 | ) | 24.97 | ||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||
Non-vested – December 31, 2012 | 42,575 | 23.87 | |||||||||||||||||||||||
Issued | 20,400 | 28.5 | |||||||||||||||||||||||
Vested | (15,475 | ) | 23.85 | ||||||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||||||
Non-vested – December 31, 2013 | 47,500 | $ | 25.86 | ||||||||||||||||||||||
QUARTERLY_FINANCIAL_DATA_Unaud1
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||
2013 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||||
Net sales | $ | 73,590 | $ | 65,041 | $ | 83,108 | $ | 78,545 | $ | 300,284 | |||||||||||
Gross earnings | $ | 27,699 | $ | 24,698 | $ | 31,579 | $ | 33,337 | $ | 117,313 | |||||||||||
Net earnings attributable to Weyco Group, Inc. | $ | 3,200 | $ | 2,205 | $ | 5,392 | $ | 6,804 | $ | 17,601 | |||||||||||
Net earnings per share: | |||||||||||||||||||||
Basic | $ | 0.3 | $ | 0.2 | $ | 0.5 | $ | 0.63 | $ | 1.63 | |||||||||||
Diluted | $ | 0.3 | $ | 0.2 | $ | 0.5 | $ | 0.62 | $ | 1.62 | |||||||||||
2012 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||||
Net sales | $ | 75,314 | $ | 60,333 | $ | 79,473 | $ | 78,351 | $ | 293,471 | |||||||||||
Gross earnings | $ | 28,031 | $ | 22,878 | $ | 30,446 | $ | 33,532 | $ | 114,887 | |||||||||||
Net earnings attributable to Weyco Group, Inc. | $ | 3,869 | $ | 2,219 | $ | 5,192 | $ | 7,677 | $ | 18,957 | |||||||||||
Net earnings per share: | |||||||||||||||||||||
Basic | $ | 0.36 | $ | 0.2 | $ | 0.48 | $ | 0.71 | $ | 1.75 | |||||||||||
Diluted | $ | 0.35 | $ | 0.2 | $ | 0.48 | $ | 0.71 | $ | 1.73 | |||||||||||
VALUATION_AND_QUALIFYING_ACCOU1
VALUATION AND QUALIFYING ACCOUNTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Table Text Block] | ' | ||||||||||||
Deducted from Assets | |||||||||||||
Doubtful Accounts | Returns and Allowances | Total | |||||||||||
(Dollars in thousands) | |||||||||||||
BALANCE, DECEMBER 31, 2010 | $ | 1,109 | $ | 1,177 | $ | 2,286 | |||||||
Add – Additions charged to earnings | 316 | 2,496 | 2,812 | ||||||||||
Add – Acquisitions and other adjustments | 316 | — | 316 | ||||||||||
Deduct – Charges for purposes for which reserves were established | (326 | ) | (2,729 | ) | (3,055 | ) | |||||||
BALANCE, DECEMBER 31, 2011 | $ | 1,415 | $ | 944 | $ | 2,359 | |||||||
Add – Additions charged to earnings | 175 | 2,954 | 3,129 | ||||||||||
Deduct – Charges for purposes for which reserves were established | (319 | ) | (2,750 | ) | (3,069 | ) | |||||||
BALANCE, DECEMBER 31, 2012 | $ | 1,271 | $ | 1,148 | $ | 2,419 | |||||||
Add – Additions charged to earnings | 132 | 2,974 | 3,106 | ||||||||||
Deduct – Charges for purposes for which reserves were established | (170 | ) | (3,062 | ) | (3,232 | ) | |||||||
BALANCE, DECEMBER 31, 2013 | $ | 1,233 | $ | 1,060 | $ | 2,293 | |||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Line Items] | ' | ' |
Foreign currency translation adjustments | ($934) | $681 |
Pension liability, net of tax | -8,488 | -13,195 |
Total accumulated other comprehensive loss | ($9,422) | ($12,514) |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Beginning Balance, Foreign Currency Translation Adjustments | $681 | ' | ' |
Other comprehensive (loss) income before reclassifications, Foreign Currency Translation Adjustments | -1,615 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss, Foreign Currency Translation Adjustments | 0 | ' | ' |
Net current period other comprehensive (loss) income, Foreign Currency Translation Adjustments | -1,615 | ' | ' |
Ending Balance, Foreign Currency Translation Adjustments | -934 | 681 | ' |
Beginning Balance, Defined Benefit Pension Items | -13,195 | ' | ' |
Other comprehensive (loss) income before reclassifications, Defined Benefit Pension Items | 3,669 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss, Defined Benefit Pension Items | 1,038 | 983 | ' |
Net current period other comprehensive (loss) income, Defined Benefit Pension Items | -4,707 | -1,147 | 4,095 |
Ending Balance, Defined Benefit Pension Items | -8,488 | -13,195 | ' |
Beginning Balance | -12,514 | ' | ' |
Other comprehensive (loss) income before reclassifications | 2,054 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | 1,038 | ' | ' |
Net current period other comprehensive (loss) income | 2,251 | 1,368 | -4,904 |
Ending Balance | ($9,422) | ($12,514) | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Amortization of defined benefit pension items Prior service cost | ($111) | [1] | ($111) | [1] |
Amortization of defined benefit pension items Actuarial losses | 1,813 | [1] | 1,723 | [1] |
Amortization of defined benefit pension items Total before tax | 1,702 | 1,612 | ||
Amortization of defined benefit pension items Tax benefit | -664 | -629 | ||
Amortization of defined benefit pension items Net of tax | $1,038 | $983 | ||
[1] | These amounts were included in the computation of net periodic pension cost. See Note 12 for additional details. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Florsheim Australia [Member] | Florsheim Australia [Member] | Accounts Receivable [Member] | Sales Revenue, Goods, Net [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Machinery and Equipment [Member] | Machinery and Equipment [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | |
USD ($) | AUD | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | ' | ' | ' | ' | ' | '10 Years | '39 Years | '3 Years | '5 Years | '5 Years | '7 Years |
Asset Impairment Charges, Total | $0 | $93,000 | $165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty Revenue, Total | 3,200,000 | 3,300,000 | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shipping, Handling and Transportation Costs, Total | 2,700,000 | 2,300,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling Expense | 10,800,000 | 10,000,000 | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Expense | 11,400,000 | 10,500,000 | 8,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cooperative Advertising Expense | 4,300,000 | 4,000,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | 279,000 | 138,000 | 197,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Customer | ' | ' | ' | ' | ' | 'The Company had no individual customer accounts receivable balances outstanding at December 31, 2013 and 2012 that represented more than 10% of the Companys gross accounts receivable balance. | 'Additionally, there were no single customers with sales above 10% of the Companys total sales in 2013, 2012 and 2011. | ' | ' | ' | ' | ' | ' |
Foreign Currency Translation Adjustment Minority Interest | -33,000 | 668,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Description | 'the Companys equity interest in Florsheim Australia decreases from 60% to 51% of equity issued under the subscription agreement as intercompany loans are paid in accordance with their terms. To date, the Companys equity interest in Florsheim Australia has decreased from 60% to 55% and the noncontrolling shareholders interest has increased from 40% to 45%. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | ' | ' | ' | $6,300,000 | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
ACQUISITIONS_Details
ACQUISITIONS (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Cash | $317 |
Accounts receivable | 3,839 |
Inventory | 2,932 |
Prepaid expenses | 15 |
Property, plant and equipment, net | 7 |
Goodwill | 11,112 |
Trademark | 22,000 |
Other intangible assets | 3,700 |
Accounts payable | -454 |
Accrued liabilities | -561 |
Total allocation of the purchase price | 42,907 |
Accounts receivable, reserves | $316 |
ACQUISITIONS_Details_Textual
ACQUISITIONS (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | ||
Mar. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | $5,064,000 | $6,261,000 | $9,693,000 |
Payment Of Contingent Consideration | ' | 1,270,000 | 0 | 0 |
Bogs [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ' | ' | ' |
Business Combination, Consideration Transferred, Total | 29,300,000 | ' | ' | ' |
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 2,000,000 | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | 9,800,000 | ' | ' | ' |
Business Acquisition Revenue Reported By Acquired Entity Since Acquisition | ' | 39,700,000 | 36,400,000 | 28,000,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 3,800,000 | ' | ' | ' |
Payment Of Contingent Consideration | ' | 1,270,000 | ' | ' |
Bogs [Member] | Retail and Other Operating Segments [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Acquisition Revenue Reported By Acquired Entity Since Acquisition | ' | $2,400,000 | $1,400,000 | ' |
INVESTMENTS_Details
INVESTMENTS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $30,220 | $44,220 |
Market Value | 31,568 | 46,493 |
Municipal Bonds, Current [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 5,196 | 8,004 |
Market Value | 5,264 | 8,117 |
Municipal Bonds, Due from One Through Five Years [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 17,636 | 25,384 |
Market Value | 18,527 | 26,620 |
Municipal Bonds, Due from Six Through Ten Years [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 7,388 | 10,832 |
Market Value | $7,777 | $11,756 |
INVESTMENTS_Details_1
INVESTMENTS (Details 1) (Municipal Bonds [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Municipal Bonds [Member] | ' | ' |
Net Investment Income [Line Items] | ' | ' |
Unrealized Gains | $1,348 | $2,473 |
Unrealized Losses | $0 | $200 |
INVESTMENTS_Details_Textual
INVESTMENTS (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Investment Income [Line Items] | ' | ' | ' |
Other than Temporary Impairment Losses, Investments | $200 | $0 | $0 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Finished shoes | $80,876 | $82,535 |
LIFO reserve | -17,680 | -17,169 |
Total inventories | $63,196 | $65,366 |
INVENTORIES_Details_Textual
INVENTORIES (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Inventory [Line Items] | ' | ' | ' |
Other Inventory, in Transit, Gross | $22,500,000 | $14,300,000 | ' |
Percentage of LIFO Inventory | 89.00% | 89.00% | ' |
Percentage of FIFO Inventory | 11.00% | 11.00% | ' |
Decrease In Cost Of Goods Sold | $64,000 | $104,000 | $250,000 |
PROPERTY_PLANT_AND_EQUIPMENT_N2
PROPERTY, PLANT AND EQUIPMENT, NET (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Land and land improvements | $3,607 | $3,587 |
Buildings and improvements | 26,900 | 26,927 |
Machinery and equipment | 24,502 | 22,456 |
Retail fixtures and leasehold improvements | 11,825 | 11,994 |
Construction in progress | 252 | 1,692 |
Property, plant and equipment | 67,086 | 66,656 |
Less: Accumulated depreciation | -31,974 | -29,438 |
Property, plant and equipment, net | $35,112 | $37,218 |
INTANGIBLE_ASSETS_Details
INTANGIBLE ASSETS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Indefinite-lived intangible assets: | ' | ' |
Gross Carrying Amount | $45,860 | $45,860 |
Accumulated Amortization | 0 | 0 |
Net | 45,860 | 45,860 |
Amortizable intangible assets: | ' | ' |
Gross Carrying Amount | 3,700 | 3,700 |
Accumulated Amortization | -774 | -501 |
Net | 2,926 | 3,199 |
Goodwill [Member] | ' | ' |
Indefinite-lived intangible assets: | ' | ' |
Gross Carrying Amount | 11,112 | 11,112 |
Accumulated Amortization | 0 | 0 |
Net | 11,112 | 11,112 |
Trademarks [Member] | ' | ' |
Indefinite-lived intangible assets: | ' | ' |
Gross Carrying Amount | 34,748 | 34,748 |
Accumulated Amortization | 0 | 0 |
Net | 34,748 | 34,748 |
Noncompete Agreements [Member] | ' | ' |
Amortizable intangible assets: | ' | ' |
Weighted Average Life (Years) | '5 years | '5 years |
Gross Carrying Amount | 200 | 200 |
Accumulated Amortization | -113 | -73 |
Net | 87 | 127 |
Customer Relationships [Member] | ' | ' |
Amortizable intangible assets: | ' | ' |
Weighted Average Life (Years) | '15 years | '15 years |
Gross Carrying Amount | 3,500 | 3,500 |
Accumulated Amortization | -661 | -428 |
Net | $2,839 | $3,072 |
INTANGIBLE_ASSETS_Details_1
INTANGIBLE ASSETS (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
2014 | $273 | ' |
2015 | 273 | ' |
2016 | 240 | ' |
2017 | 233 | ' |
2018 | 233 | ' |
Thereafter | 1,674 | ' |
Total | $2,926 | $3,199 |
INTANGIBLE_ASSETS_Details_Text
INTANGIBLE ASSETS (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization of Intangible Assets | $273,000 | $273,000 | $228,000 |
OTHER_ASSETS_Details
OTHER ASSETS (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets Noncurrent [Line Items] | ' | ' |
Cash surrender value of life insurance | $13,440 | $12,745 |
Intangible assets (See Note 8) | 2,926 | 3,199 |
Investment in real estate | 3,112 | 0 |
Other | 1,977 | 2,847 |
Total other assets | $21,455 | $18,791 |
OTHER_ASSETS_Details_Textual
OTHER ASSETS (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | 1-May-13 | Dec. 31, 2013 |
Other Assets Noncurrent [Line Items] | ' | ' |
Approximate Death Benefit Receive From Life Insurance Policies | ' | $15.20 |
Asset Purchase Interest Percentage | 50.00% | ' |
Payments to Acquire Buildings | $3.20 | ' |
SHORTTERM_BORROWINGS_Details_T
SHORT-TERM BORROWINGS (Details Textual) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Short-term Debt [Line Items] | ' | ' |
Line of Credit Facility, Maximum Amount Outstanding During Period | $45 | ' |
Debt Instrument, Interest Rate at Period End | 0.90% | 1.20% |
Line of Credit Facility, Amount Outstanding | 12 | 45 |
Revolving Credit Facility [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Line of Credit Facility, Amount, Total | $60 | ' |
Line of Credit Facility, Expiration Date | 5-Nov-14 | ' |
Line of Credit Facility, Interest Rate Description | 'LIBOR plus 0.75% | ' |
CONTINGENT_CONSIDERATION_Detai
CONTINGENT CONSIDERATION (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' |
Current portion | $0 | $1,270 | ' |
Long-term portion | 5,064 | 4,991 | ' |
Total contingent consideration | $5,064 | $6,261 | $9,693 |
CONTINGENT_CONSIDERATION_Detai1
CONTINGENT CONSIDERATION (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' |
Beginning balance | $6,261 | $9,693 | ' |
Payment of contingent consideration | -1,270 | 0 | 0 |
Net losses (gains) on remeasurement of contingent consideration | 24 | -3,522 | -206 |
Interest expense | 49 | 90 | ' |
Ending balance | $5,064 | $6,261 | $9,693 |
CONTINGENT_CONSIDERATION_Detai2
CONTINGENT CONSIDERATION (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Description | 'Contingent consideration is comprised of two contingent payments that the Company is obligated to pay the former shareholders of Bogs. The estimate of contingent consideration is formula-driven and is based on Bogs achieving certain levels of gross margin dollars between January 1, 2011 and December 31, 2015. | ' | ' |
Payment Of Contingent Consideration | $1,270,000 | $0 | $0 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 2,000,000 | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $7,000,000 | ' | ' |
EMPLOYEE_RETIREMENT_PLANS_Deta
EMPLOYEE RETIREMENT PLANS (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Category: | ' | ' |
Weighted Average Asset Alllocation | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Asset Category: | ' | ' |
Weighted Average Asset Alllocation | 56.00% | 52.00% |
Fixed Income Securities [Member] | ' | ' |
Asset Category: | ' | ' |
Weighted Average Asset Alllocation | 35.00% | 40.00% |
Other Securities [Member] | ' | ' |
Asset Category: | ' | ' |
Weighted Average Asset Alllocation | 9.00% | 8.00% |
EMPLOYEE_RETIREMENT_PLANS_Deta1
EMPLOYEE RETIREMENT PLANS (Details 1) | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount rate | 5.03% | 4.23% |
Rate of compensation increase | 4.50% | 4.50% |
EMPLOYEE_RETIREMENT_PLANS_Deta2
EMPLOYEE RETIREMENT PLANS (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in projected benefit obligation | ' | ' | ' |
Service cost | $1,726 | $1,472 | $1,212 |
Interest cost | 2,403 | 2,317 | 2,373 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, beginning of year | 27,819 | ' | ' |
Fair value of plan assets, end of year | 31,522 | 27,819 | ' |
Amounts recognized in the consolidated balance sheets consist of: | ' | ' | ' |
Long-term pension liability | -21,901 | -27,530 | ' |
Defined Benefit Pension Plan [Member] | ' | ' | ' |
Change in projected benefit obligation | ' | ' | ' |
Projected benefit obligation, beginning of year | 43,452 | 39,523 | ' |
Service cost | 1,406 | 1,236 | ' |
Interest cost | 1,832 | 1,800 | ' |
Plan amendments | 0 | 0 | ' |
Actuarial (gain) loss | -3,466 | 2,532 | ' |
Benefits paid | -1,754 | -1,639 | ' |
Projected benefit obligation, end of year | 41,470 | 43,452 | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, beginning of year | 27,819 | 26,655 | ' |
Actual return on plan assets | 4,316 | 2,932 | ' |
Administrative expenses | -141 | -129 | ' |
Contributions | 1,282 | 0 | ' |
Benefits paid | -1,754 | -1,639 | ' |
Fair value of plan assets, end of year | 31,522 | 27,819 | ' |
Funded status of plan | -9,948 | -15,633 | ' |
Amounts recognized in the consolidated balance sheets consist of: | ' | ' | ' |
Accrued liabilities - other | 0 | 0 | ' |
Long-term pension liability | -9,948 | -15,633 | ' |
Net amount recognized | -9,948 | -15,633 | ' |
Amounts recognized in accumulated other comprehensive loss consist of: | ' | ' | ' |
Accumulated loss, net of income tax benefit of $4,054, $6,735, $1,729 and $2,102, respectively | 6,341 | 10,534 | ' |
Prior service cost (credit), net of income tax benefit (liability) of $1, $1, ($358) and ($402), respectively | 1 | 1 | ' |
Net amount recognized | 6,342 | 10,535 | ' |
Supplemental Pension Plan [Member] | ' | ' | ' |
Change in projected benefit obligation | ' | ' | ' |
Projected benefit obligation, beginning of year | 12,270 | 13,870 | ' |
Service cost | 320 | 236 | ' |
Interest cost | 570 | 516 | ' |
Plan amendments | 0 | -1,415 | ' |
Actuarial (gain) loss | -468 | -576 | ' |
Benefits paid | -355 | -361 | ' |
Projected benefit obligation, end of year | 12,337 | 12,270 | ' |
Change in plan assets | ' | ' | ' |
Fair value of plan assets, beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Administrative expenses | 0 | 0 | ' |
Contributions | 355 | 361 | ' |
Benefits paid | -355 | -361 | ' |
Fair value of plan assets, end of year | 0 | 0 | ' |
Funded status of plan | -12,337 | -12,270 | ' |
Amounts recognized in the consolidated balance sheets consist of: | ' | ' | ' |
Accrued liabilities - other | -384 | -373 | ' |
Long-term pension liability | -11,953 | -11,897 | ' |
Net amount recognized | -12,337 | -12,270 | ' |
Amounts recognized in accumulated other comprehensive loss consist of: | ' | ' | ' |
Accumulated loss, net of income tax benefit of $4,054, $6,735, $1,729 and $2,102, respectively | 2,705 | 3,288 | ' |
Prior service cost (credit), net of income tax benefit (liability) of $1, $1, ($358) and ($402), respectively | -559 | -628 | ' |
Net amount recognized | $2,146 | $2,660 | ' |
EMPLOYEE_RETIREMENT_PLANS_Deta3
EMPLOYEE RETIREMENT PLANS (Details 3) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.23% | 4.60% | 5.40% |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Long-term rate of return on plan assets | 7.75% | 7.75% | 8.00% |
EMPLOYEE_RETIREMENT_PLANS_Deta4
EMPLOYEE RETIREMENT PLANS (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Benefits earned during the period | $1,726 | $1,472 | $1,212 |
Interest cost on projected benefit obligation | 2,403 | 2,317 | 2,373 |
Expected return on plan assets | -2,094 | -1,994 | -2,021 |
Net amortization and deferral | 1,702 | 1,612 | 1,272 |
Net pension expense | $3,737 | $3,407 | $2,836 |
EMPLOYEE_RETIREMENT_PLANS_Deta5
EMPLOYEE RETIREMENT PLANS (Details 5) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Defined Benefit Pension Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $1,927 |
2015 | 1,993 |
2016 | 2,098 |
2017 | 2,174 |
2018 | 2,277 |
2019 - 2023 | 12,855 |
Supplemental Pension Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 384 |
2015 | 394 |
2016 | 421 |
2017 | 430 |
2018 | 454 |
2019 - 2023 | $2,941 |
EMPLOYEE_RETIREMENT_PLANS_Deta6
EMPLOYEE RETIREMENT PLANS (Details 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | $31,522 | $27,819 |
Other Assets [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 77 | 77 |
Exchange traded funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 2,761 | 3,194 |
Pooled Fixed Income Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 4,150 | 3,212 |
US Government Agencies Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 838 | 1,584 |
Cash and Cash Equivalents [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 2,927 | 2,264 |
Subtotal [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 31,445 | 27,742 |
Corporate Obligations [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 4,636 | 4,573 |
State And Municipal Obligations [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 538 | 574 |
Foreign Obligations [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | ' | 16 |
Common Stock [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 14,809 | 11,287 |
Preferred Stock [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 786 | 1,038 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 23,963 | 19,877 |
Fair Value, Inputs, Level 1 [Member] | Exchange traded funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 2,761 | 3,194 |
Fair Value, Inputs, Level 1 [Member] | Pooled Fixed Income Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 4,150 | 3,212 |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [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 | 2,927 | 2,264 |
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] | Foreign Obligations [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | ' | 0 |
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 13,339 | 10,169 |
Fair Value, Inputs, Level 1 [Member] | Preferred Stock [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 786 | 1,038 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 7,482 | 7,865 |
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] | 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] | US Government Agencies Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 838 | 1,584 |
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 2 [Member] | Corporate Obligations [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 4,636 | 4,573 |
Fair Value, Inputs, Level 2 [Member] | State And Municipal Obligations [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 538 | 574 |
Fair Value, Inputs, Level 2 [Member] | Foreign Obligations [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | ' | 16 |
Fair Value, Inputs, Level 2 [Member] | Common Stock [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 1,470 | 1,118 |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 0 | 0 |
Fair Value, Inputs, Level 3 [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] | 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] | US Government Agencies Debt Securities [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 |
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] | Foreign Obligations [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | ' | 0 |
Fair Value, Inputs, Level 3 [Member] | Common Stock [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Preferred Stock [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair Value of Pension Plan Assets, Total | $0 | $0 |
EMPLOYEE_RETIREMENT_PLANS_Deta7
EMPLOYEE RETIREMENT PLANS (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | ' |
Defined Benefit Plan Percentage Of Minimum Fund Maintenance | 80.00% | ' | ' |
Defined Contribution Plan Employer Contribution Amount | $227,000 | $221,000 | $212,000 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.75% | 7.75% | 8.00% |
Defined Benefit Plan, Future Amortization of Gain (Loss) | 901,000 | ' | ' |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | -112,000 | ' | ' |
Pension Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 36,300,000 | 38,200,000 | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | 4,054,000 | 6,735,000 | ' |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | 1,000 | 1,000 | ' |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 11,300,000 | 11,600,000 | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | 1,729,000 | 2,102,000 | ' |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | ($358,000) | ($402,000) | ' |
Minimum [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% | ' | ' |
Minimum [Member] | Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% | ' | ' |
Minimum [Member] | Other securuties [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | ' | ' |
Maximum [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 80.00% | ' | ' |
Maximum [Member] | Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 80.00% | ' | ' |
Maximum [Member] | Other securuties [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $6,449 | $6,985 | $5,483 |
State | 940 | 928 | 951 |
Foreign | 1,273 | 972 | 2,490 |
Total | 8,662 | 8,885 | 8,924 |
Deferred | 1,268 | 1,648 | -343 |
Total provision | $9,930 | $10,533 | $8,581 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 2.60% | 2.30% | 2.50% |
Non-taxable municipal bond interest | -1.70% | -1.90% | -2.70% |
Foreign income tax rate differences | -0.90% | -2.20% | -1.50% |
Other | 0.20% | 0.90% | 1.00% |
Effective tax rate | 35.20% | 34.10% | 34.30% |
INCOME_TAXES_Details_2
INCOME TAXES (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax benefits: | ' | ' |
Accounts receivable reserves | $440 | $421 |
Pension liability | 8,691 | 10,882 |
Accrued liabilities | 2,164 | 1,934 |
Deferred Tax Assets, Net of Valuation Allowance, Total | 11,295 | 13,237 |
Deferred tax liabilities: | ' | ' |
Inventory and related reserves | -2,601 | -1,316 |
Cash value of life insurance | -3,240 | -3,029 |
Property, plant and equipment | -1,757 | -1,713 |
Intangible assets | -5,948 | -5,051 |
Prepaid and other assets | -264 | -268 |
Foreign currency gains on intercompany loans | -327 | -419 |
Deferred Tax Liabilities, Gross | -14,137 | -11,796 |
Net deferred income tax benefits | ($2,842) | $1,441 |
INCOME_TAXES_Details_3
INCOME TAXES (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Benefit [Line Items] | ' | ' |
Current deferred income tax liabilities | ($849) | $0 |
Current deferred income tax benefits | 0 | 649 |
Noncurrent deferred income tax liabilities | -1,993 | 0 |
Noncurrent deferred income tax benefits | 0 | 792 |
Deferred Tax Assets, Net | ($2,842) | $1,441 |
INCOME_TAXES_Details_4
INCOME TAXES (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Beginning Balance | $124 | $0 | $84 |
Expiration of the statute of limitations for the assessment of taxes | ' | ' | -84 |
Increases related to current year tax positions | 0 | 124 | ' |
Ending Balance | $124 | $124 | $0 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Taxes [Line Items] | ' | ' | ' | ' |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $4,200,000 | $6,200,000 | $5,300,000 | ' |
Unrecognized Tax Benefits, Beginning Balance | 124,000 | 124,000 | 0 | 84,000 |
Undistributed Earnings of Foreign Subsidiaries | 6,200,000 | ' | ' | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $5,000 | $2,000 | ' | ' |
Income Tax Examination, Description | 'In general, the 2009 through 2013 tax years remain subject to examination by those taxing authorities. | ' | ' | ' |
COMMITMENTS_Details
COMMITMENTS (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $8,573 |
2015 | 6,280 |
2016 | 4,942 |
2017 | 3,810 |
2018 | 3,222 |
Thereafter | 9,428 |
Total | $36,255 |
COMMITMENTS_Details_Textual
COMMITMENTS (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense, Minimum Rentals | $9,500,000 | $9,600,000 | $8,300,000 |
Operating Leases, Rent Expense, Contingent Rentals | 430,000 | 1,200,000 | 1,200,000 |
Purchase Obligation, Due in Next Twelve Months | $65,600,000 | ' | ' |
STOCK_REPURCHASE_PROGRAM_Detai
STOCK REPURCHASE PROGRAM (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Payments For Repurchase Of Common Stock | $4,623 | $6,558 | $13,021 |
Stock Repurchased and Retired During Period, Shares | 195,050 | 285,422 | 175,606 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 628,000 | ' | ' |
Private Placement [Member] | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Payments For Repurchase Of Common Stock | ' | ' | $9,000 |
Stock Repurchased and Retired During Period, Shares | ' | ' | 400,319 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings attributable to Weyco Group, Inc. | $6,804 | $5,392 | $2,205 | $3,200 | $7,677 | $5,192 | $2,219 | $3,869 | $17,601 | $18,957 | $15,251 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 10,779 | 10,844 | 11,066 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock-based awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 86 | 106 | 93 |
Diluted weighted average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 10,865 | 10,950 | 11,159 |
Basic earnings per share (in dollars per share) | $0.63 | $0.50 | $0.20 | $0.30 | $0.71 | $0.48 | $0.20 | $0.36 | $1.63 | $1.75 | $1.38 |
Diluted earnings per share (in dollars per share) | $0.62 | $0.50 | $0.20 | $0.30 | $0.71 | $0.48 | $0.20 | $0.35 | $1.62 | $1.73 | $1.37 |
EARNINGS_PER_SHARE_Details_Tex
EARNINGS PER SHARE (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 353,000 | 874,530 |
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) | $26.85 | $24.26 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | $297,086 | $290,131 | $267,651 |
Licensing revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,198 | 3,340 | 3,449 |
Net sales | 78,545 | 83,108 | 65,041 | 73,590 | 78,351 | 79,473 | 60,333 | 75,314 | 300,284 | 293,471 | 271,100 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 3,962 | 3,338 | 2,591 |
Earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 27,755 | 29,797 | 23,197 |
Total assets | 267,533 | ' | ' | ' | 285,321 | ' | ' | ' | 267,533 | 285,321 | 273,508 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,699 | 9,540 | 8,175 |
Wholesale [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 222,459 | 214,568 | 195,638 |
Licensing revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,198 | 3,340 | 3,449 |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 225,657 | 217,908 | 199,087 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 2,481 | 2,083 | 1,677 |
Earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 20,742 | 22,214 | 15,673 |
Total assets | 230,509 | ' | ' | ' | 246,523 | ' | ' | ' | 230,509 | 246,523 | 237,279 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 790 | 7,235 | 6,562 |
Retail [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 23,255 | 24,348 | 24,740 |
Licensing revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 23,255 | 24,348 | 24,740 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 538 | 544 | 565 |
Earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,018 | 1,662 | 1,554 |
Total assets | 7,412 | ' | ' | ' | 7,994 | ' | ' | ' | 7,412 | 7,994 | 7,374 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 34 | 844 | 249 |
Other Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product sales | ' | ' | ' | ' | ' | ' | ' | ' | 51,372 | 51,215 | 47,273 |
Licensing revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 51,372 | 51,215 | 47,273 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 943 | 711 | 349 |
Earnings from operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,995 | 5,921 | 5,970 |
Total assets | 29,612 | ' | ' | ' | 30,804 | ' | ' | ' | 29,612 | 30,804 | 28,855 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $1,875 | $1,461 | $1,364 |
SEGMENT_INFORMATION_Details_1
SEGMENT INFORMATION (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | $78,545 | $83,108 | $65,041 | $73,590 | $78,351 | $79,473 | $60,333 | $75,314 | $300,284 | $293,471 | $271,100 |
Long-Lived Assets | 87,010 | ' | ' | ' | 86,277 | ' | ' | ' | 87,010 | 86,277 | 80,409 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Lived Assets | 9,255 | ' | ' | ' | 6,009 | ' | ' | ' | 9,255 | 6,009 | 5,116 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,117 | 7,230 | 8,014 |
Asia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 9,484 | 8,956 | 8,277 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 231,729 | 225,397 | 212,779 |
Long-Lived Assets | 77,755 | ' | ' | ' | 80,268 | ' | ' | ' | 77,755 | 80,268 | 75,293 |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 17,183 | 16,859 | 11,049 |
Australia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 29,318 | 29,465 | 25,049 |
South Africa [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | $4,453 | $5,564 | $5,932 |
SEGMENT_INFORMATION_Details_Te
SEGMENT INFORMATION (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Sales Revenue, Goods, Net [Member] | ' |
Segment Information [Line Items] | ' |
Segment Reporting, Disclosure of Major Customers | 'In 2013, 2012 and 2011, there was no single customer with sales above 10% of the Companys total sales |
United States [Member] | ' |
Segment Information [Line Items] | ' |
Number Of Stores Description | 'Company operated 17 Company-owned stores in principal cities |
STOCKBASED_COMPENSATION_PLANS_1
STOCK-BASED COMPENSATION PLANS (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 1.10% | 0.51% | 0.66% |
Expected dividend yield | 2.53% | 2.89% | 2.65% |
Expected term | '4 years 3 months 18 days | '4 years 3 months 18 days | '4 years 3 months 18 days |
Expected volatility | 16.20% | 26.40% | 29.60% |
STOCKBASED_COMPENSATION_PLANS_2
STOCK-BASED COMPENSATION PLANS (Details 1) (Employee Stock Option [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares, Outstanding at beginning of year | 1,265,792 | 1,307,488 | 1,269,426 |
Shares, Granted | 333,300 | 253,400 | 235,700 |
Shares, Exercised | -219,526 | -174,646 | -122,463 |
Shares, Forfeited or expired | -118,700 | -120,450 | -75,175 |
Shares, Outstanding at end of year | 1,260,866 | 1,265,792 | 1,307,488 |
Shares, Exercisable at end of year | 581,081 | 706,863 | 821,510 |
Weighted Average Exercise Price, Outstanding at beginning of year | $22.76 | $21.76 | $20.25 |
Weighted Average Exercise Price, Granted | $28.50 | $23.53 | $24.21 |
Weighted Average Exercise Price, Exercised | $17.91 | $13.17 | $8.95 |
Weighted Average Exercise Price, Forfeited or expired | $30.30 | $27.37 | $24.93 |
Weighted Average Exercise Price, Outstanding at end of year | $24.41 | $22.76 | $21.76 |
Weighted Average Exercise Price, Exercisable at end of year | $22.39 | $21.89 | $20.16 |
Weighted average fair market value of options granted | $2.77 | $3.68 | $4.51 |
Weighted Average Remaining Contractual Life (in Years) , Outstanding - December 31, 2013 | '3 years 8 months 12 days | ' | ' |
Weighted Average Remaining Contractual Life (in Years) , Exercisable - December 31, 2013 | '2 years 2 months 12 days | ' | ' |
Aggregate Intrinsic Value, Outstanding - December 31, 2013 | $6,330,000 | ' | ' |
Aggregate Intrinsic Value, Exercisable - December 31, 2013 | $4,092,000 | ' | ' |
STOCKBASED_COMPENSATION_PLANS_3
STOCK-BASED COMPENSATION PLANS (Details 2) (Non Vested Stock Options [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Non Vested Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares, Outstanding at beginning of year | 558,929 | 485,978 | 421,226 |
Number of Options, Granted | 333,300 | 253,400 | 235,700 |
Number of Options, Vested | -207,044 | -173,824 | -145,298 |
Number of Options, Forfeited | -5,400 | -6,625 | -25,650 |
Shares, Outstanding at end of year | 679,785 | 558,929 | 485,978 |
Weighted Average Exercise Price, Outstanding at beginning of year | $23.86 | $24.46 | $25.16 |
Weighted Average Exercise Price, Granted | $28.50 | $23.53 | $24.21 |
Weighted Average Exercise Price, Vested | $23.83 | $25.05 | $25.86 |
Weighted Average Exercise Price, Forfeited | $23.95 | $24.26 | $25.62 |
Weighted Average Exercise Price, Outstanding at end of year | $26.14 | $23.86 | $24.46 |
Weighted Average Fair Value, Outstanding at beginning of year | $4.23 | $4.70 | $4.94 |
Weighted Average Fair Value, Granted | $2.77 | $3.68 | $4.51 |
Weighted Average Fair Value, Vested | $4.42 | $4.73 | $5.05 |
Weighted Average Fair Value, Forfeited | $4.28 | $4.60 | $4.91 |
Weighted Average Fair Value, Outstanding at end of the year | $3.46 | $4.23 | $4.70 |
STOCKBASED_COMPENSATION_PLANS_4
STOCK-BASED COMPENSATION PLANS (Details 3) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Number of Options Outstanding | 1,260,866 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | '3 years 8 months 19 days |
Options Outstanding, Weighted Average Exercise Price | $24.41 |
Options Exercisable, Number Of Options Exercisable | 581,081 |
Options Exercisable, Weighted Average Exercise Price | $22.39 |
Exercise Price Range 1 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Prices, Lower Range Limit | $15.46 |
Exercise Prices, Upper Range Limit | $18.03 |
Number of Options Outstanding | 135,966 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | '1 year 2 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $17.71 |
Options Exercisable, Number Of Options Exercisable | 135,966 |
Options Exercisable, Weighted Average Exercise Price | $17.71 |
Exercise Price Range 2 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Prices, Lower Range Limit | $23.09 |
Exercise Prices, Upper Range Limit | $23.53 |
Number of Options Outstanding | 400,775 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | '3 years 4 months 28 days |
Options Outstanding, Weighted Average Exercise Price | $23.36 |
Options Exercisable, Number Of Options Exercisable | 212,068 |
Options Exercisable, Weighted Average Exercise Price | $23.22 |
Exercise Price Range 3 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Prices, Lower Range Limit | $24.21 |
Exercise Prices, Upper Range Limit | $28.50 |
Number of Options Outstanding | 724,125 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | '4 years 4 months 13 days |
Options Outstanding, Weighted Average Exercise Price | $26.25 |
Options Exercisable, Number Of Options Exercisable | 233,047 |
Options Exercisable, Weighted Average Exercise Price | $24.36 |
STOCKBASED_COMPENSATION_PLANS_5
STOCK-BASED COMPENSATION PLANS (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total intrinsic value of stock options exercised | $1,506 | $1,704 | $1,299 |
Cash received from stock option exercises | 3,932 | 2,300 | 1,096 |
Income tax benefit from the exercise of stock options | 588 | 664 | 507 |
Total fair value of stock options vested | $915 | $821 | $733 |
STOCKBASED_COMPENSATION_PLANS_6
STOCK-BASED COMPENSATION PLANS (Details 5) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares of Restricted Stock, Non-vested, Beginning balance | 42,575 | 38,000 | 35,448 |
Shares of Restricted Stock, Issued | 20,400 | 19,600 | 19,300 |
Shares of Restricted Stock, Vested | -15,475 | -15,025 | -16,748 |
Shares of Restricted Stock, Forfeited | 0 | 0 | 0 |
Shares of Restricted Stock, Non-vested, Ending balance | 47,500 | 42,575 | 38,000 |
Weighted Average Fair Value, Beginning balance | $23.87 | $24.47 | $24.79 |
Weighted Average Grant Date Fair Value, Issued | $28.50 | $23.53 | $24.21 |
Weighted Average Grant Date Fair Value, Vested | $23.85 | $24.97 | $25.91 |
Weighted Average Grant Date Fair Value, Forfeited | $0 | $0 | $0 |
Weighted Average Fair Value, Ending balance | $25.86 | $23.87 | $24.47 |
STOCKBASED_COMPENSATION_PLANS_7
STOCK-BASED COMPENSATION PLANS (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $1,283,000 | $1,201,000 | $1,224,000 | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 588,000 | 664,000 | 507,000 | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | 1,200,000 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years 1 month 6 days | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 177,000 | 137,000 | 158,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 47,500 | 42,575 | 38,000 | 35,448 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share | $29.43 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | '3 years 7 days | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award Other than Options Expected to Vest Outstanding Aggregate Intrinsic Value | 1,398,000 | ' | ' | ' |
Employee Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $2,200,000 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 10 months 24 days | ' | ' | ' |
Share Price | $29.43 | ' | ' | ' |
Incentive Plan 2011 [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 | 118,300 | ' | ' | ' |
QUARTERLY_FINANCIAL_DATA_Unaud2
QUARTERLY FINANCIAL DATA (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $78,545 | $83,108 | $65,041 | $73,590 | $78,351 | $79,473 | $60,333 | $75,314 | $300,284 | $293,471 | $271,100 |
Gross earnings | 33,337 | 31,579 | 24,698 | 27,699 | 33,532 | 30,446 | 22,878 | 28,031 | 117,313 | 114,887 | 106,722 |
Net earnings attributable to Weyco Group, Inc. | $6,804 | $5,392 | $2,205 | $3,200 | $7,677 | $5,192 | $2,219 | $3,869 | $17,601 | $18,957 | $15,251 |
Net earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.63 | $0.50 | $0.20 | $0.30 | $0.71 | $0.48 | $0.20 | $0.36 | $1.63 | $1.75 | $1.38 |
Diluted (in dollars per share) | $0.62 | $0.50 | $0.20 | $0.30 | $0.71 | $0.48 | $0.20 | $0.35 | $1.62 | $1.73 | $1.37 |
VALUATION_AND_QUALIFYING_ACCOU2
VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
BEGINNING BALANCE | $2,419 | $2,359 | $2,286 |
Add - Additions charged to earnings | 3,106 | 3,129 | 2,812 |
Add - Acquisitions and other adjustments | ' | ' | 316 |
Deduct - Charges for purposes for which reserves were established | -3,232 | -3,069 | -3,055 |
ENDING BALANCE | 2,293 | 2,419 | 2,359 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
BEGINNING BALANCE | 1,271 | 1,415 | 1,109 |
Add - Additions charged to earnings | 132 | 175 | 316 |
Add - Acquisitions and other adjustments | ' | ' | 316 |
Deduct - Charges for purposes for which reserves were established | -170 | -319 | -326 |
ENDING BALANCE | 1,233 | 1,271 | 1,415 |
Sales Returns and Allowances [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
BEGINNING BALANCE | 1,148 | 944 | 1,177 |
Add - Additions charged to earnings | 2,974 | 2,954 | 2,496 |
Add - Acquisitions and other adjustments | ' | ' | 0 |
Deduct - Charges for purposes for which reserves were established | -3,062 | -2,750 | -2,729 |
ENDING BALANCE | $1,060 | $1,148 | $944 |