Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | WEYCO GROUP INC | |
Entity Central Index Key | 106,532 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | WEYS | |
Entity Common Stock, Shares Outstanding | 10,160,124 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
ASSETS: | ||
Cash and cash equivalents | $ 23,998 | $ 23,453 |
Marketable securities, at amortized cost | 8,781 | 5,970 |
Accounts receivable, net | 37,879 | 49,451 |
Income tax receivable | 1,901 | 669 |
Inventories | 56,530 | 60,270 |
Prepaid expenses and other current assets | 3,413 | 5,770 |
Total current assets | 132,502 | 145,583 |
Marketable securities, at amortized cost | 17,421 | 17,669 |
Deferred income tax benefits | 746 | 750 |
Property, plant and equipment, net | 30,030 | 31,643 |
Goodwill | 11,112 | 11,112 |
Trademarks | 32,978 | 32,978 |
Other assets | 23,019 | 23,097 |
Total assets | 247,808 | 262,832 |
LIABILITIES AND EQUITY: | ||
Accounts payable | 5,878 | 8,905 |
Dividend payable | 0 | 2,228 |
Accrued liabilities | 10,520 | 14,031 |
Total current liabilities | 16,398 | 25,164 |
Deferred income tax liabilities | 2,990 | 2,069 |
Long-term pension liability | 24,592 | 27,766 |
Other long-term liabilities | 1,792 | 2,174 |
Total liabilities | 45,772 | 57,173 |
Common stock | 10,160 | 10,162 |
Capital in excess of par value | 59,928 | 55,884 |
Reinvested earnings | 143,921 | 150,350 |
Accumulated other comprehensive loss | (18,419) | (17,859) |
Total Weyco Group, Inc. equity | 195,590 | 198,537 |
Noncontrolling interest | 6,446 | 7,122 |
Total equity | 202,036 | 205,659 |
Total liabilities and equity | $ 247,808 | $ 262,832 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net sales | $ 60,888 | $ 57,453 | $ 130,414 | $ 126,573 |
Cost of sales | 37,182 | 35,363 | 80,083 | 79,255 |
Gross earnings | 23,706 | 22,090 | 50,331 | 47,318 |
Selling and administrative expenses | 21,759 | 20,200 | 44,817 | 41,969 |
Earnings from operations | 1,947 | 1,890 | 5,514 | 5,349 |
Interest income | 254 | 200 | 487 | 379 |
Interest expense | 0 | 0 | 0 | (7) |
Other expense, net | (176) | (55) | (219) | (190) |
Earnings before provision for income taxes | 2,025 | 2,035 | 5,782 | 5,531 |
Provision for income taxes | 502 | 732 | 1,443 | 2,113 |
Net earnings | 1,523 | 1,303 | 4,339 | 3,418 |
Net (loss) earnings attributable to noncontrolling interest | (103) | 46 | (274) | (56) |
Net earnings attributable to Weyco Group, Inc. | $ 1,626 | $ 1,257 | $ 4,613 | $ 3,474 |
Weighted average shares outstanding | ||||
Basic (in shares) | 10,214 | 10,305 | 10,194 | 10,370 |
Diluted (in shares) | 10,505 | 10,368 | 10,433 | 10,433 |
Earnings per share | ||||
Basic (in dollars per share) | $ 0.16 | $ 0.12 | $ 0.45 | $ 0.34 |
Diluted (in dollars per share) | 0.15 | 0.12 | 0.44 | 0.33 |
Cash dividends declared (per share) | $ 0.23 | $ 0.22 | $ 0.45 | $ 0.43 |
Comprehensive income | $ 650 | $ 1,924 | $ 3,465 | $ 4,799 |
Comprehensive (loss) income attributable to noncontrolling interest | (383) | 80 | (588) | 246 |
Comprehensive income attributable to Weyco Group, Inc. | $ 1,033 | $ 1,844 | $ 4,053 | $ 4,553 |
CONSOLIDATED CONDENSED STATEME4
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 4,339 | $ 3,418 |
Adjustments to reconcile net earnings to net cash provided by operating activities - | ||
Depreciation | 1,905 | 1,995 |
Amortization | 171 | 186 |
Bad debt expense | 160 | 291 |
Deferred income taxes | 841 | 1,434 |
Net foreign currency transaction losses (gains) | 105 | (15) |
Stock-based compensation | 805 | 779 |
Pension contribution | (3,000) | (4,000) |
Pension expense | 426 | 497 |
Increase in cash surrender value of life insurance | (115) | (115) |
Changes in operating assets and liabilities - | ||
Accounts receivable | 11,464 | 13,179 |
Inventories | 3,714 | 9,041 |
Prepaid expenses and other assets | 2,527 | 2,831 |
Accounts payable | (3,008) | (6,927) |
Accrued liabilities and other | (5,213) | 241 |
Accrued income taxes | (1,111) | (2,092) |
Net cash provided by operating activities | 14,010 | 20,743 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of marketable securities | (5,961) | (7,433) |
Proceeds from maturities of marketable securities | 3,375 | 3,015 |
Life insurance premiums paid | (155) | (155) |
Purchases of property, plant and equipment | (491) | (772) |
Net cash used for investing activities | (3,232) | (5,345) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends paid | (6,836) | (6,643) |
Cash dividends paid to noncontrolling interest of subsidiary | (88) | (204) |
Shares purchased and retired | (6,589) | (6,843) |
Net proceeds from stock options exercised | 4,048 | 438 |
Taxes paid related to the net share settlement of equity awards | (611) | 0 |
Proceeds from bank borrowings | 0 | 6,816 |
Repayments of bank borrowings | 0 | (11,084) |
Net cash used for financing activities | (10,076) | (17,520) |
Effect of exchange rate changes on cash and cash equivalents | (157) | 266 |
Net increase (decrease) in cash and cash equivalents | 545 | (1,856) |
CASH AND CASH EQUIVALENTS at beginning of period | 23,453 | 13,710 |
CASH AND CASH EQUIVALENTS at end of period | 23,998 | 11,854 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid, net of refunds | 1,927 | 2,805 |
Interest paid | $ 0 | $ 7 |
Financial Statements
Financial Statements | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting [Text Block] | NOTES: 1. Financial Statements In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature. The results of operations for the three and six months ended June 30, 2018, may not necessarily be indicative of the results for the full year. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. New Accounting Pronouncements On January 1, 2018, the Company adopted Accounting Standards Update (ASU) 2014-09, Revenue - Revenue from Contracts with Customers |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Recognition The Company’s revenue contracts represent a single performance obligation to sell its products to its customers. Sales are recorded at the time control of the products is transferred to customers in an amount that reflects the consideration the Company expects to receive in exchange for the products. All revenue is recorded net of estimated allowances for returns and discounts; these revenue offsets are accrued at the time of the sale. Generally, payments from customers are received within 90 days following the sale. The Company’s contracts with customers do not have significant financing components or significant prepayments from customers, and there is no non-cash consideration. The Company does not have unbilled revenue, and there are no contract assets or contract liabilities. |
Reclassifications
Reclassifications | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications [Text Block] | 4. Reclassifications Certain prior year amounts in the Consolidated Condensed Statements of Cash Flows (Unaudited) were reclassified to conform to current year presentation. These reclassifications had no effect on previously reported net earnings or equity. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 5. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 1,626 $ 1,257 $ 4,613 $ 3,474 Denominator: Basic weighted average shares outstanding 10,214 10,305 10,194 10,370 Effect of dilutive securities: Employee stock-based awards 291 63 239 63 Diluted weighted average shares outstanding 10,505 10,368 10,433 10,433 Basic earnings per share $ 0.16 $ 0.12 $ 0.45 $ 0.34 Diluted earnings per share $ 0.15 $ 0.12 $ 0.44 $ 0.33 There were no anti-dilutive stock options for the three months ended June 30, 2018. Diluted weighted average shares outstanding for the six months ended June 30, 2018, exclude anti-dilutive stock options totaling approximately 207,000 shares of common stock at a weighted average price of $27.94. Diluted weighted average shares outstanding for the three months ended June 30, 2017, exclude anti-dilutive stock options totaling approximately 837,000 shares of common stock at a weighted average price of $26.85. Diluted weighted average shares outstanding for the six months ended June 30, 2017, exclude anti-dilutive stock options totaling approximately 706,000 shares of common stock at a weighted average price of $27.15. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2018 | |
Investments [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | 6. Investments As noted in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, all of the Company’s marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification 320, Investments – Debt and Equity Securities, Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities as of June 30, 2018, and December 31, 2017. June 30, 2018 December 31, 2017 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 8,781 $ 8,783 $ 5,970 $ 5,977 Due from one through five years 9,550 9,719 10,260 10,536 Due from six through ten years 5,261 5,332 5,005 5,197 Due from eleven through twenty years 2,610 2,675 2,404 2,539 Total $ 26,202 $ 26,509 $ 23,639 $ 24,249 The unrealized gains and losses on marketable securities at June 30, 2018, and at December 31, 2017, were as follows: June 30, 2018 December 31, 2017 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 394 $ (87 ) $ 634 $ (24 ) The estimated market values provided are level 2 valuations as defined by Accounting Standards Codification 820, Fair Value Measurements and Disclosures |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. Intangible Assets The Company’s indefinite-lived intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following: June 30, 2018 December 31, 2017 Gross Gross Carrying Accumulated Carrying Accumulated Amount Impairment Net Amount Impairment Net (Dollars in thousands) (Dollars in thousands) Indefinite-lived intangible assets Goodwill $ 11,112 $ - $ 11,112 $ 11,112 $ - $ 11,112 Trademarks 34,748 (1,770 ) 32,978 34,748 (1,770 ) 32,978 Total indefinite-lived intangible assets $ 45,860 $ (1,770 ) $ 44,090 $ 45,860 $ (1,770 ) $ 44,090 The Company’s amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following: June 30, 2018 December 31, 2017 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 $ (1,711 ) $ 1,789 $ 3,500 $ (1,594 ) $ 1,906 Total amortizable intangible assets $ 3,500 $ (1,711 ) $ 1,789 $ 3,500 $ (1,594 ) $ 1,906 Amortization expense related to the intangible assets was approximately $58,000 in both the second quarters of 2018 and 2017. For the six months ended June 30, amortization expense related to the intangible assets was approximately $117,000 in both 2018 and in 2017. The amortizable intangible assets are included within other assets in the Consolidated Condensed Balance Sheets. (Unaudited). |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 8. Segment Information The Company has two reportable segments: North American wholesale operations (“wholesale”) and North American retail operations (“retail”). The chief operating decision maker, the Company’s Chief Executive Officer, evaluates the performance of the Company’s segments based on earnings from operations. Therefore, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the tables below includes the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe, which do not meet the criteria for separate reportable segment classification. Summarized segment data for the three and six months ended June 30, 2018 and 2017, was as follows: Three Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2018 Product sales $ 45,167 $ 4,624 $ 10,625 $ 60,416 Licensing revenues 472 - - 472 Net sales $ 45,639 $ 4,624 $ 10,625 $ 60,888 Earnings from operations $ 1,748 $ 222 $ (23 ) $ 1,947 2017 Product sales $ 41,700 $ 4,758 $ 10,404 $ 56,862 Licensing revenues 591 - - 591 Net sales $ 42,291 $ 4,758 $ 10,404 $ 57,453 Earnings from operations $ 1,298 $ 184 $ 408 $ 1,890 Six Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2018 Product sales $ 98,161 $ 9,551 $ 21,436 $ 129,148 Licensing revenues 1,266 - - 1,266 Net sales $ 99,427 $ 9,551 $ 21,436 $ 130,414 Earnings from operations $ 5,139 $ 428 $ (53 ) $ 5,514 2017 Product sales $ 93,849 $ 9,688 $ 21,744 $ 125,281 Licensing revenues 1,292 - - 1,292 Net sales $ 95,141 $ 9,688 $ 21,744 $ 126,573 Earnings from operations $ 4,464 $ 227 $ 658 $ 5,349 |
Employee Retirement Plans
Employee Retirement Plans | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9. Employee Retirement Plans The components of the Company’s net periodic pension cost were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Service cost $ 151 $ 142 $ 301 $ 282 Interest cost 549 555 1,098 1,103 Expected return on plan assets (646 ) (609 ) (1,292 ) (1,151 ) Net amortization and deferral 159 143 319 263 Net periodic pension cost $ 213 $ 231 $ 426 $ 497 The components of net periodic pension cost other than the service cost component are included in "other expense, net" in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Unaudited). The Company made a $3.0 million pension contribution in the second quarter of 2018. No additional cash contributions are expected for the remainder of 2018. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10. Stock-Based Compensation Plans During the three and six months ended June 30, 2018, the Company recognized approximately $454,000 and $805,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2014 through 2017. During the three and six months ended June 30, 2017, the Company recognized approximately $410,000 and $779,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2013 through 2016. The following table summarizes the Company’s stock option activity for the six-month period ended June 30, 2018: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2017 1,502,493 $ 26.57 Exercised (352,566 ) $ 25.82 Forfeited or expired (11,075 ) $ 26.57 Outstanding at June 30, 2018 1,138,852 $ 26.80 4.0 $ 10,936,000 Exercisable at June 30, 2018 524,690 $ 27.10 2.3 $ 4,878,000 * 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 June 29, 2018, the last trading day of the quarter, of $36.40 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. The following table summarizes the Company’s stock option exercise activity for the three and six months ended June 30, 2018 and 2017: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Total intrinsic value of stock options exercised $ 2,549 $ 23 $ 3,050 $ 64 Net cash proceeds from stock option exercises $ 1,164 $ 82 $ 4,048 $ 438 Income tax benefit from the exercise of stock options $ 663 $ 10 $ 793 $ 25 The following table summarizes the Company’s restricted stock award activity for the six-month period ended June 30, 2018: Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2017 66,050 $ 26.79 Issued 2,439 $ 35.55 Vested (2,439 ) $ 35.55 Forfeited (1,675 ) 26.59 Non-vested at June 30, 2018 64,375 $ 26.80 2.3 $ 2,343,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on June 29, 2018 of $36.40 multiplied by the number of non-vested restricted shares outstanding. |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2018 | |
Short-term Debt [Abstract] | |
Short-term Debt [Text Block] | 11. Short-Term Borrowings At June 30, 2018, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 4, 2018. The line of credit bears interest at the London Interbank Offered Rate (“LIBOR”) plus 0.75%. At June 30, 2018, there were no amounts outstanding on the line of credit. There were also no amounts outstanding on the line of credit to date in 2018. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments Disclosure [Text Block] | 12. Financial Instruments At June 30, 2018, the Company’s majority-owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $2.5 million U.S. dollars at a price of approximately $3.1 million Australian dollars. Based on quarter-end exchange rates, there were no significant unrealized gains or losses on the outstanding contracts. The Company determines the fair value of foreign exchange contracts based on the difference between the foreign currency contract rates and the widely available foreign currency rates as of the measurement date. The fair value measurements are based on observable market transactions, and thus represent a level 2 valuation as defined by ASC 820. |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 13. Comprehensive Income Comprehensive income for the three and six months ended June 30, 2018 and 2017, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Net earnings $ 1,523 $ 1,303 $ 4,339 $ 3,418 Foreign currency translation adjustments (991 ) 533 (1,110 ) 1,220 Pension liability, net of tax of $42, $56, $83, and $102, respectively 118 88 236 161 Total comprehensive income $ 650 $ 1,924 $ 3,465 $ 4,799 The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows: June 30, December 31, 2018 2017 (Dollars in thousands) Foreign currency translation adjustments $ (4,982 ) $ (4,186 ) Pension liability, net of tax (13,437 ) (13,673 ) Total accumulated other comprehensive loss $ (18,419 ) $ (17,859 ) The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the six months ended June 30, 2018: Foreign Currency Translation Adjustments Defined Benefit Pension Items Total Beginning balance, December 31, 2017 $ (4,186 ) $ (13,673 ) $ (17,859 ) Other comprehensive loss before reclassifications (796 ) - (796 ) Amounts reclassified from accumulated other comprehensive loss - 236 236 Net current period other comprehensive (loss) income (796 ) 236 (560 ) Ending balance, June 30, 2018 $ (4,982 ) $ (13,437 ) $ (18,419 ) The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the six months ended June 30, 2018: Amounts reclassified from accumulated other comprehensive loss for the six months ended June 30, 2018 Affected line item in the statement where net income is presented Amortization of defined benefit pension items Prior service cost $ (31 ) (1) Other expense, net Actuarial losses 350 (1) Other expense, net Total before tax 319 Tax benefit (83 ) Net of tax $ 236 (1) These amounts were included in net periodic pension cost. See Note 9 for additional details. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 14. Equity The following table reconciles the Company’s equity for the six months ended June 30, 2018: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest (Dollars in thousands) Balance, December 31, 2017 $ 10,162 $ 55,884 $ 150,350 $ (17,859 ) $ 7,122 Net earnings - - 4,613 (274 ) Foreign currency translation adjustments - - - (796 ) (314 ) Pension liability adjustment, net of tax - - - 236 - Cash dividends declared - - (4,652 ) - - Cash dividends paid to noncontrolling interest - - - - (88 ) Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 197 3,239 - - - Issuance of restricted stock 2 (2 ) - - - Restricted stock forfeited (2 ) 2 - - - Stock-based compensation expense - 805 - - - Shares purchased and retired (199 ) - (6,390 ) - - Balance, June 30, 2018 $ 10,160 $ 59,928 $ 143,921 $ (18,419 ) $ 6,446 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 15. Subsequent Event On July 31, 2018, David Venner, Director of Seraneuse Pty Ltd (“Seraneuse”), the minority interest shareholder of Florsheim Australia Pty Ltd, provided notice that Seraneuse will tender its shares, representing 45% equity in Florsheim Australia, to the Company, in accordance with the Shareholders Agreement dated January 23, 2009. Accordingly, the Company will purchase the minority interest of Florsheim Australia for $3.8 million on August 30, 2018. The Shareholders Agreement referenced above was filed as Exhibit 10.2 to Form 10-K for the Year Ended December 31, 2008. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 1,626 $ 1,257 $ 4,613 $ 3,474 Denominator: Basic weighted average shares outstanding 10,214 10,305 10,194 10,370 Effect of dilutive securities: Employee stock-based awards 291 63 239 63 Diluted weighted average shares outstanding 10,505 10,368 10,433 10,433 Basic earnings per share $ 0.16 $ 0.12 $ 0.45 $ 0.34 Diluted earnings per share $ 0.15 $ 0.12 $ 0.44 $ 0.33 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments [Abstract] | |
Debt Securities, Held-to-maturity [Table Text Block] | Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities as of June 30, 2018, and December 31, 2017. June 30, 2018 December 31, 2017 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 8,781 $ 8,783 $ 5,970 $ 5,977 Due from one through five years 9,550 9,719 10,260 10,536 Due from six through ten years 5,261 5,332 5,005 5,197 Due from eleven through twenty years 2,610 2,675 2,404 2,539 Total $ 26,202 $ 26,509 $ 23,639 $ 24,249 |
Unrealized Gain (Loss) on Investments [Table Text Block] | The unrealized gains and losses on marketable securities at June 30, 2018, and at December 31, 2017, were as follows: June 30, 2018 December 31, 2017 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 394 $ (87 ) $ 634 $ (24 ) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The Company’s indefinite-lived intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following: June 30, 2018 December 31, 2017 Gross Gross Carrying Accumulated Carrying Accumulated Amount Impairment Net Amount Impairment Net (Dollars in thousands) (Dollars in thousands) Indefinite-lived intangible assets Goodwill $ 11,112 $ - $ 11,112 $ 11,112 $ - $ 11,112 Trademarks 34,748 (1,770 ) 32,978 34,748 (1,770 ) 32,978 Total indefinite-lived intangible assets $ 45,860 $ (1,770 ) $ 44,090 $ 45,860 $ (1,770 ) $ 44,090 The Company’s amortizable intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) consisted of the following: June 30, 2018 December 31, 2017 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 $ (1,711 ) $ 1,789 $ 3,500 $ (1,594 ) $ 1,906 Total amortizable intangible assets $ 3,500 $ (1,711 ) $ 1,789 $ 3,500 $ (1,594 ) $ 1,906 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Summarized segment data for the three and six months ended June 30, 2018 and 2017, was as follows: Three Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2018 Product sales $ 45,167 $ 4,624 $ 10,625 $ 60,416 Licensing revenues 472 - - 472 Net sales $ 45,639 $ 4,624 $ 10,625 $ 60,888 Earnings from operations $ 1,748 $ 222 $ (23 ) $ 1,947 2017 Product sales $ 41,700 $ 4,758 $ 10,404 $ 56,862 Licensing revenues 591 - - 591 Net sales $ 42,291 $ 4,758 $ 10,404 $ 57,453 Earnings from operations $ 1,298 $ 184 $ 408 $ 1,890 Six Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2018 Product sales $ 98,161 $ 9,551 $ 21,436 $ 129,148 Licensing revenues 1,266 - - 1,266 Net sales $ 99,427 $ 9,551 $ 21,436 $ 130,414 Earnings from operations $ 5,139 $ 428 $ (53 ) $ 5,514 2017 Product sales $ 93,849 $ 9,688 $ 21,744 $ 125,281 Licensing revenues 1,292 - - 1,292 Net sales $ 95,141 $ 9,688 $ 21,744 $ 126,573 Earnings from operations $ 4,464 $ 227 $ 658 $ 5,349 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of the Company’s net periodic pension cost were as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Service cost $ 151 $ 142 $ 301 $ 282 Interest cost 549 555 1,098 1,103 Expected return on plan assets (646 ) (609 ) (1,292 ) (1,151 ) Net amortization and deferral 159 143 319 263 Net periodic pension cost $ 213 $ 231 $ 426 $ 497 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes the Company’s stock option activity for the six-month period ended June 30, 2018: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2017 1,502,493 $ 26.57 Exercised (352,566 ) $ 25.82 Forfeited or expired (11,075 ) $ 26.57 Outstanding at June 30, 2018 1,138,852 $ 26.80 4.0 $ 10,936,000 Exercisable at June 30, 2018 524,690 $ 27.10 2.3 $ 4,878,000 * 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 June 29, 2018, the last trading day of the quarter, of $36.40 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. |
Share-based Compensation, Stock Options Exercised, Activity [Table Text Block] | The following table summarizes the Company’s stock option exercise activity for the three and six months ended June 30, 2018 and 2017: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Total intrinsic value of stock options exercised $ 2,549 $ 23 $ 3,050 $ 64 Net cash proceeds from stock option exercises $ 1,164 $ 82 $ 4,048 $ 438 Income tax benefit from the exercise of stock options $ 663 $ 10 $ 793 $ 25 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes the Company’s restricted stock award activity for the six-month period ended June 30, 2018: Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2017 66,050 $ 26.79 Issued 2,439 $ 35.55 Vested (2,439 ) $ 35.55 Forfeited (1,675 ) 26.59 Non-vested at June 30, 2018 64,375 $ 26.80 2.3 $ 2,343,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on June 29, 2018 of $36.40 multiplied by the number of non-vested restricted shares outstanding. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | Comprehensive income for the three and six months ended June 30, 2018 and 2017, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (Dollars in thousands) Net earnings $ 1,523 $ 1,303 $ 4,339 $ 3,418 Foreign currency translation adjustments (991 ) 533 (1,110 ) 1,220 Pension liability, net of tax of $42, $56, $83, and $102, respectively 118 88 236 161 Total comprehensive income $ 650 $ 1,924 $ 3,465 $ 4,799 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows: June 30, December 31, 2018 2017 (Dollars in thousands) Foreign currency translation adjustments $ (4,982 ) $ (4,186 ) Pension liability, net of tax (13,437 ) (13,673 ) Total accumulated other comprehensive loss $ (18,419 ) $ (17,859 ) |
Changes In Accumulated Other Comprehensive Loss [Table Text Block] | The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the six months ended June 30, 2018: Foreign Currency Translation Adjustments Defined Benefit Pension Items Total Beginning balance, December 31, 2017 $ (4,186 ) $ (13,673 ) $ (17,859 ) Other comprehensive loss before reclassifications (796 ) - (796 ) Amounts reclassified from accumulated other comprehensive loss - 236 236 Net current period other comprehensive (loss) income (796 ) 236 (560 ) Ending balance, June 30, 2018 $ (4,982 ) $ (13,437 ) $ (18,419 ) |
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 six months ended June 30, 2018: Amounts reclassified from accumulated other comprehensive loss for the six months ended June 30, 2018 Affected line item in the statement where net income is presented Amortization of defined benefit pension items Prior service cost $ (31 ) (1) Other expense, net Actuarial losses 350 (1) Other expense, net Total before tax 319 Tax benefit (83 ) Net of tax $ 236 (1) These amounts were included in net periodic pension cost. See Note 9 for additional details. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | The following table reconciles the Company’s equity for the six months ended June 30, 2018: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Noncontrolling Stock Par Value Earnings Loss Interest (Dollars in thousands) Balance, December 31, 2017 $ 10,162 $ 55,884 $ 150,350 $ (17,859 ) $ 7,122 Net earnings - - 4,613 (274 ) Foreign currency translation adjustments - - - (796 ) (314 ) Pension liability adjustment, net of tax - - - 236 - Cash dividends declared - - (4,652 ) - - Cash dividends paid to noncontrolling interest - - - - (88 ) Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 197 3,239 - - - Issuance of restricted stock 2 (2 ) - - - Restricted stock forfeited (2 ) 2 - - - Stock-based compensation expense - 805 - - - Shares purchased and retired (199 ) - (6,390 ) - - Balance, June 30, 2018 $ 10,160 $ 59,928 $ 143,921 $ (18,419 ) $ 6,446 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator: | ||||
Net earnings attributable to Weyco Group, Inc. | $ 1,626 | $ 1,257 | $ 4,613 | $ 3,474 |
Denominator: | ||||
Basic weighted average shares outstanding | 10,214 | 10,305 | 10,194 | 10,370 |
Effect of dilutive securities: | ||||
Employee stock-based awards | 291 | 63 | 239 | 63 |
Diluted weighted average shares outstanding | 10,505 | 10,368 | 10,433 | 10,433 |
Basic earnings per share | $ 0.16 | $ 0.12 | $ 0.45 | $ 0.34 |
Diluted earnings per share | $ 0.15 | $ 0.12 | $ 0.44 | $ 0.33 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 837,000 | 207,000 | 706,000 |
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) | $ 26.85 | $ 27.94 | $ 27.15 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | $ 8,781 | $ 5,970 |
Held-to-maturity Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | 8,781 | 5,970 |
Amortized Cost, Due from one through five years | 9,550 | 10,260 |
Amortized Cost, Due from six through ten years | 5,261 | 5,005 |
Amortized Cost, Due from eleven through twenty years | 2,610 | 2,404 |
Amortized Cost, Total | 26,202 | 23,639 |
Market Value, Current | 8,783 | 5,977 |
Market Value, Due from one through five years | 9,719 | 10,536 |
Market Value, Due from six through ten years | 5,332 | 5,197 |
Market Value, Due from eleven through twenty years | 2,675 | 2,539 |
Market Value, Total | $ 26,509 | $ 24,249 |
Investments (Details 1)
Investments (Details 1) - Municipal Bonds [Member] - Held-to-maturity Securities [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Net Investment Income [Line Items] | ||
Unrealized Gains | $ 394 | $ 634 |
Unrealized Losses | $ (87) | $ (24) |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | $ 45,860 | $ 45,860 |
Accumulated Impairment | (1,770) | (1,770) |
Net | 44,090 | 44,090 |
Gross Carrying Amount | 11,112 | 11,112 |
Accumulated Impairment | 0 | 0 |
Net | 11,112 | 11,112 |
Amortizable intangible assets: | ||
Gross Carrying Amount | 3,500 | 3,500 |
Accumulated Amortization | (1,711) | (1,594) |
Net | 1,789 | 1,906 |
Trademarks [Member] | ||
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | 34,748 | 34,748 |
Accumulated Impairment | (1,770) | (1,770) |
Net | $ 32,978 | 32,978 |
Amortizable intangible assets Customer relationships [Member] | ||
Amortizable intangible assets: | ||
Weighted Average Life (Years) | 15 years | |
Gross Carrying Amount | $ 3,500 | 3,500 |
Accumulated Amortization | (1,711) | (1,594) |
Net | $ 1,789 | $ 1,906 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 58,000 | $ 58,000 | $ 117,000 | $ 117,000 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 60,888 | $ 57,453 | $ 130,414 | $ 126,573 |
Earnings (loss) from operations | 1,947 | 1,890 | 5,514 | 5,349 |
Product sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 60,416 | 56,862 | 129,148 | 125,281 |
Licensing revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 472 | 591 | 1,266 | 1,292 |
Wholesale [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 45,639 | 42,291 | 99,427 | 95,141 |
Earnings (loss) from operations | 1,748 | 1,298 | 5,139 | 4,464 |
Wholesale [Member] | Product sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 45,167 | 41,700 | 98,161 | 93,849 |
Wholesale [Member] | Licensing revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 472 | 591 | 1,266 | 1,292 |
Retail [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 4,624 | 4,758 | 9,551 | 9,688 |
Earnings (loss) from operations | 222 | 184 | 428 | 227 |
Retail [Member] | Product sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 4,624 | 4,758 | 9,551 | 9,688 |
Retail [Member] | Licensing revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 10,625 | 10,404 | 21,436 | 21,744 |
Earnings (loss) from operations | (23) | 408 | (53) | 658 |
Other [Member] | Product sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 10,625 | 10,404 | 21,436 | 21,744 |
Other [Member] | Licensing revenues [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 151 | $ 142 | $ 301 | $ 282 |
Interest cost | 549 | 555 | 1,098 | 1,103 |
Expected return on plan assets | (646) | (609) | (1,292) | (1,151) |
Net amortization and deferral | 159 | 143 | 319 | 263 |
Net periodic pension cost | $ 213 | $ 231 | $ 426 | $ 497 |
Stock-Based Compensation Plan36
Stock-Based Compensation Plans (Details) - Employee Stock Option [Member] | 6 Months Ended | |
Jun. 30, 2018USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding at beginning of year | shares | 1,502,493 | |
Shares, Exercised | shares | (352,566) | |
Shares, Forfeited or expired | shares | (11,075) | |
Shares, Outstanding at end of year | shares | 1,138,852 | |
Shares, Exercisable at end of year | shares | 524,690 | |
Weighted Average Exercise Price, Outstanding at beginning of year (in dollars per share) | $ / shares | $ 26.57 | |
Weighted Average Exercise Price, Exercised (in dollars per share) | $ / shares | 25.82 | |
Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | $ / shares | 26.57 | |
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share) | $ / shares | 26.80 | |
Weighted Average Exercise Price, Exercisable at end of year (in dollars per share) | $ / shares | $ 27.10 | |
Weighted Average Remaining Contractual Life (Years), Outstanding - March 30, 2018 | 4 years | |
Weighted Average Remaining Contractual Life (Years), Exercisable - March 30, 2018 | 2 years 3 months 18 days | |
Aggregate Intrinsic Value, Outstanding at June 30, 2018 | $ | $ 10,936,000 | [1] |
Aggregate Intrinsic Value, Exercisable at June 30, 2018 | $ | $ 4,878,000 | [1] |
[1] | The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company's stock on June 29, 2018, the last trading day of the quarter, of $36.40 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. |
Stock-Based Compensation Plan37
Stock-Based Compensation Plans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of stock options exercised | $ 2,549 | $ 23 | $ 3,050 | $ 64 |
Net cash proceeds from stock option exercises | 1,164 | 82 | 4,048 | 438 |
Income tax benefit from the exercise of stock options | $ 663 | $ 10 | $ 793 | $ 25 |
Stock-Based Compensation Plan38
Stock-Based Compensation Plans (Details 2) - Restricted Stock [Member] | 6 Months Ended | |
Jun. 30, 2018USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of Restricted Stock, Non-vested beginning of year | shares | 66,050 | |
Shares of Restricted Stock, Issued | shares | 2,439 | |
Shares of Restricted Stock, Vested | shares | (2,439) | |
Shares of Restricted Stock, Forfeited | shares | (1,675) | |
Shares of Restricted Stock, Non-vested end of year | shares | 64,375 | |
Weighted Average Grant Date Fair Value, Non-vested beginning of year (in dollars per share) | $ / shares | $ 26.79 | |
Weighted Average Grant Date Fair Value, Issued (in dollars per share) | $ / shares | 35.55 | |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 35.55 | |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 26.59 | |
Weighted Average Grant Date Fair Value, Non-vested end of year (in dollars per share) | $ / shares | $ 26.80 | |
Weighted Average Remaining Contractual Term (Years), Non-vested at March 30, 2018 | 2 years 3 months 18 days | |
Aggregate Intrinsic Value (in dollars), Non-vested at June 30, 2018 | $ | $ 2,343,000 | [1] |
[1] | The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on June 29, 2018 of $36.40 multiplied by the number of non-vested restricted shares outstanding. |
Stock-Based Compensation Plan39
Stock-Based Compensation Plans (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 454,000 | $ 410,000 | $ 805,000 | $ 779,000 | |
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Price | $ 36.40 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share | $ 36.40 |
Short-Term Borrowings (Details
Short-Term Borrowings (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Short-term Debt [Line Items] | |
Line of Credit Facility, Expiration Date | Nov. 4, 2018 |
Line of Credit Facility, Interest Rate Description | (“LIBOR”) plus 0.75% |
Revolving Credit Facility [Member] | |
Short-term Debt [Line Items] | |
Line of Credit Facility, Amount, Total | $ 60 |
Financial Instruments (Details
Financial Instruments (Details Textual) - Jun. 30, 2018 $ in Millions, $ in Millions | USD ($) | AUD ($) |
Foreign Exchange Contracts, Australian [Member] | ||
Financial Instruments [Line Items] | ||
Investment Owned, Foreign Currency Contract, Current Value | $ 2.5 | $ 3.1 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net earnings | $ 1,523 | $ 1,303 | $ 4,339 | $ 3,418 |
Foreign currency translation adjustments | (991) | 533 | (1,110) | 1,220 |
Pension liability, net of tax of $42, $56, $83, and $102, respectively | 118 | 88 | 236 | 161 |
Total comprehensive income | $ 650 | $ 1,924 | $ 3,465 | $ 4,799 |
Comprehensive Income (Details 1
Comprehensive Income (Details 1) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Foreign currency translation adjustments | $ (4,982) | $ (4,186) |
Pension liability, net of tax | (13,437) | (13,673) |
Total accumulated other comprehensive loss | $ (18,419) | $ (17,859) |
Comprehensive Income (Details 2
Comprehensive Income (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign Currency Translation Adjustments, Beginning balance | $ (4,186) | |||
Foreign Currency Translation Adjustments, Other comprehensive loss before reclassifications | (796) | |||
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Foreign Currency Translation Adjustments, Net current period other comprehensive (loss) income | (796) | |||
Foreign Currency Translation Adjustments, Ending balance | $ (4,982) | (4,982) | ||
Defined Benefit Pension Items, Beginning balance | (13,673) | |||
Defined Benefit Pension Items, Other comprehensive loss before reclassifications | 0 | |||
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss | 118 | $ 88 | 236 | $ 161 |
Defined Benefit Pension Items, Net current period other comprehensive (loss) income | 236 | |||
Defined Benefit Pension Items, Ending balance | (13,437) | (13,437) | ||
Beginning balance | (17,859) | |||
Other comprehensive loss before reclassifications | (796) | |||
Amounts reclassified from accumulated other comprehensive loss | 236 | |||
Net current period other comprehensive (loss) income | (560) | |||
Ending balance | $ (18,419) | $ (18,419) |
Comprehensive Income (Details 3
Comprehensive Income (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Amortization of defined benefit pension items | |||||
Prior service cost | [1] | $ (31) | |||
Actuarial losses | [1] | 350 | |||
Total before tax | 319 | ||||
Tax benefit | (83) | ||||
Net of tax | $ 118 | $ 88 | $ 236 | $ 161 | |
[1] | These amounts were included in net periodic pension cost. See Note 9 for additional details. |
Comprehensive Income (Details T
Comprehensive Income (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 42 | $ 56 | $ 83 | $ 102 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2017 | $ 205,659 | |||
Net earnings | $ 1,523 | $ 1,303 | 4,339 | $ 3,418 |
Foreign currency translation adjustments | (991) | $ 533 | (1,110) | $ 1,220 |
Pension liability adjustment, net of tax | (236) | |||
Balance, June 30, 2018 | 202,036 | 202,036 | ||
Common Stock [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2017 | 10,162 | |||
Net earnings | 0 | |||
Foreign currency translation adjustments | 0 | |||
Pension liability adjustment, net of tax | 0 | |||
Cash dividends declared | 0 | |||
Cash dividends paid to noncontrolling interest | 0 | |||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | 197 | |||
Issuance of restricted stock | 2 | |||
Restricted stock forfeited | (2) | |||
Stock-based compensation expense | 0 | |||
Shares purchased and retired | (199) | |||
Balance, June 30, 2018 | 10,160 | 10,160 | ||
Capital in Excess of Par Value [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2017 | 55,884 | |||
Net earnings | 0 | |||
Foreign currency translation adjustments | 0 | |||
Pension liability adjustment, net of tax | 0 | |||
Cash dividends declared | 0 | |||
Cash dividends paid to noncontrolling interest | 0 | |||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | 3,239 | |||
Issuance of restricted stock | (2) | |||
Restricted stock forfeited | 2 | |||
Stock-based compensation expense | 805 | |||
Shares purchased and retired | 0 | |||
Balance, June 30, 2018 | 59,928 | 59,928 | ||
Reinvested Earnings [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2017 | 150,350 | |||
Net earnings | 4,613 | |||
Foreign currency translation adjustments | 0 | |||
Pension liability adjustment, net of tax | 0 | |||
Cash dividends declared | (4,652) | |||
Cash dividends paid to noncontrolling interest | 0 | |||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | 0 | |||
Issuance of restricted stock | 0 | |||
Restricted stock forfeited | 0 | |||
Stock-based compensation expense | 0 | |||
Shares purchased and retired | (6,390) | |||
Balance, June 30, 2018 | 143,921 | 143,921 | ||
Accumulated Other Comprehensive Loss [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2017 | (17,859) | |||
Foreign currency translation adjustments | (796) | |||
Pension liability adjustment, net of tax | 236 | |||
Cash dividends declared | 0 | |||
Cash dividends paid to noncontrolling interest | 0 | |||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | 0 | |||
Issuance of restricted stock | 0 | |||
Restricted stock forfeited | 0 | |||
Stock-based compensation expense | 0 | |||
Shares purchased and retired | 0 | |||
Balance, June 30, 2018 | (18,419) | (18,419) | ||
Noncontrolling Interest [Member] | ||||
Stockholders Equity Note [Line Items] | ||||
Balance, December 31, 2017 | 7,122 | |||
Net earnings | (274) | |||
Foreign currency translation adjustments | (314) | |||
Pension liability adjustment, net of tax | 0 | |||
Cash dividends declared | 0 | |||
Cash dividends paid to noncontrolling interest | (88) | |||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | 0 | |||
Issuance of restricted stock | 0 | |||
Restricted stock forfeited | 0 | |||
Stock-based compensation expense | 0 | |||
Shares purchased and retired | 0 | |||
Balance, June 30, 2018 | $ 6,446 | $ 6,446 |
Subsequent Event (Details Textu
Subsequent Event (Details Textual) - Florsheim Australia Pty Ltd [Member] - USD ($) $ in Millions | Aug. 30, 2018 | Jul. 31, 2018 |
Scenario, Forecast [Member] | ||
Expected Investments to be Made in Minority Interests | $ 3.8 | |
Subsequent Event [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% |