Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 26, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
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 | 9,998,452 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Cash and cash equivalents | $ 17,340 | $ 22,973 |
Marketable securities, at amortized cost | 1,834 | 1,525 |
Accounts receivable, net | 50,672 | 51,533 |
Inventories | 65,783 | 72,684 |
Prepaid expenses and other current assets | 3,072 | 5,380 |
Total current assets | 138,701 | 154,095 |
Marketable securities, at amortized cost | 19,032 | 18,702 |
Deferred income tax benefits | 1,283 | 1,277 |
Property, plant and equipment, net | 28,877 | 28,707 |
Operating lease right-of-use assets | 24,394 | 0 |
Goodwill | 11,112 | 11,112 |
Trademarks | 32,868 | 32,868 |
Other assets | 23,449 | 23,283 |
Total assets | 279,716 | 270,044 |
LIABILITIES AND EQUITY: | ||
Short-term borrowings | 3,720 | 5,840 |
Accounts payable | 4,771 | 12,764 |
Dividend payable | 0 | 2,308 |
Operating lease liabilities | 7,704 | 0 |
Accrued liabilities | 10,439 | 14,306 |
Accrued income tax payable | 1,608 | 912 |
Total current liabilities | 28,242 | 36,130 |
Deferred income tax liabilities | 3,756 | 3,724 |
Long-term pension liability | 23,098 | 23,112 |
Operating lease liabilities | 18,362 | 0 |
Other long-term liabilities | 223 | 1,495 |
Total liabilities | 73,681 | 64,461 |
Common stock | 9,995 | 10,057 |
Capital in excess of par value | 64,634 | 64,263 |
Reinvested earnings | 152,740 | 152,835 |
Accumulated other comprehensive loss | (21,334) | (21,572) |
Total equity | 206,035 | 205,583 |
Total liabilities and equity | $ 279,716 | $ 270,044 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 74,128 | $ 69,526 |
Cost of sales | 45,364 | 42,901 |
Gross earnings | 28,764 | 26,625 |
Selling and administrative expenses | 23,618 | 23,058 |
Earnings from operations | 5,146 | 3,567 |
Interest income | 223 | 233 |
Interest expense | (32) | 0 |
Other expense, net | (125) | (43) |
Earnings before provision for income taxes | 5,212 | 3,757 |
Provision for income taxes | 1,244 | 941 |
Net earnings | 3,968 | 2,816 |
Net (loss) earnings attributable to noncontrolling interest | 0 | (171) |
Net earnings attributable to Weyco Group, Inc. | $ 3,968 | $ 2,987 |
Weighted average shares outstanding | ||
Basic | 9,949 | 10,173 |
Diluted | 10,027 | 10,361 |
Earnings per share | ||
Basic | $ 0.40 | $ 0.29 |
Diluted | 0.40 | 0.29 |
Cash dividends declared (per share | $ 0.23 | $ 0.22 |
Comprehensive income | $ 4,206 | $ 2,815 |
Comprehensive loss attributable to noncontrolling interest | 0 | (205) |
Comprehensive income attributable to Weyco Group, Inc. | $ 4,206 | $ 3,020 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 3,968 | $ 2,816 |
Adjustments to reconcile net earnings to net cash provided by operating activities - | ||
Depreciation | 827 | 962 |
Amortization | 83 | 92 |
Bad debt expense | 48 | 105 |
Deferred income taxes | (12) | 135 |
Net foreign currency transaction losses (gains) | 16 | (14) |
Share-based compensation expense | 366 | 351 |
Pension expense | 229 | 213 |
Increase in cash surrender value of life insurance | (135) | (135) |
Changes in operating assets and liabilities - | ||
Accounts receivable | 816 | (1,415) |
Inventories | 6,900 | 9,165 |
Prepaid expenses and other assets | 2,182 | 2,590 |
Accounts payable | (7,990) | (3,586) |
Accrued liabilities and other | (3,537) | (3,402) |
Accrued income taxes | 696 | 490 |
Net cash provided by operating activities | 4,457 | 8,367 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of marketable securities | (1,327) | (1,241) |
Proceeds from maturities of marketable securities | 680 | 1,350 |
Purchases of property, plant and equipment | (981) | (125) |
Net cash used for investing activities | (1,628) | (16) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends paid | (4,593) | (4,471) |
Cash dividends paid to noncontrolling interest of subsidiary | 0 | (88) |
Shares purchased and retired | (1,828) | 0 |
Net proceeds from stock options exercised | 7 | 2,884 |
Proceeds from bank borrowings | 31,813 | 0 |
Repayments of bank borrowings | (33,933) | 0 |
Net cash used for financing activities | (8,534) | (1,675) |
Effect of exchange rate changes on cash and cash equivalents | 72 | (47) |
Net (decrease) increase in cash and cash equivalents | (5,633) | 6,629 |
CASH AND CASH EQUIVALENTS at beginning of year | 22,973 | 23,453 |
CASH AND CASH EQUIVALENTS at end of year | 17,340 | 30,082 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid, net of refunds | 423 | 146 |
Interest paid | $ 31 | $ 0 |
Financial Statements
Financial Statements | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting [Text Block] | 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-month period ended March 31, 2019, may not necessarily be indicative of the results for the full year. |
Recently Adopted Accounting Pro
Recently Adopted Accounting Pronouncement | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncement [Text Block] | 2. Recently Adopted Accounting Pronouncement On January 1, 2019, the Company adopted Accounting Standards Update 2016-02, Leases existing at the date of initial application. The comparative information has not been restated and continues to be reported in accordance with historical accounting under Topic 840. The Company elected to utilize certain practical expedients that were provided for transition relief. Accordingly, the Company is not reassessing expired or existing contracts, lease classifications or related initial direct costs as part of its assessment process. Additionally, the Company elected not to apply the recognition requirements of ASC 842 to short-term leases. The adoption of ASC 842 ad a material impact on the Company’s consolidated condensed balance sheet due to the recognition of ROU assets and lease liabilities. The Company recognized operating lease ROU assets and corresponding lease liabilities totaling $26.0 million and $27.8 million, respectively, The operating lease ROU assets recorded on the adoption date were net of approximately $1.8 million in reclassifications of other accrued liabilities and long-term liabilities. The adoption did not impact beginning retained earnings, nor did it have a material impact on the Company’s earnings or cash flows. |
Update to Significant Accountin
Update to Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 3. Update to Significant Accounting Policies The Company adopted ASC 842 in the first quarter of 2019. As a result, the Company updated its significant accounting policies for leases below. Refer to Note 2 for the impact of the adoption on the Company’s consolidated condensed financial statements and Note 9 for additional information related to the Company’s lease arrangements. The Company leases retail shoe stores, primarily located in the U.S. and Australia, as well as several office and distribution facilities worldwide. The Company determines whether an arrangement is or contains a lease at contract inception. All of the Company’s leases are classified as operating leases, which are included in the operating lease ROU assets and operating lease liabilities in the consolidated condensed balance sheets (unaudited). The Company has no finance leases. ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may include options to renew when it is reasonably certain that the Company will exercise that option. As the Company’s leases generally do not provide an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate was a hypothetical rate based on an understanding of what the Company could borrow from a third-party lender, on a collateralized basis, over a similar term, and in an amount that approximates the value of the Company’s future lease payments. The Company used a portfolio approach and applied a single discount rate to all of its leases. Operating lease costs are recognized on a straight-line basis over the lease term and are included in selling and administrative expenses. Variable lease payments that do not depend on a rate or index, payments associated with non-lease components, and short-term rentals (leases with terms less than 12 months) are expensed as incurred. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 4. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2019 2018 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 3,968 $ 2,987 Denominator: Basic weighted average shares outstanding 9,949 10,173 Effect of dilutive securities: Employee share-based awards 78 188 Diluted weighted average shares outstanding 10,027 10,361 Basic earnings per share $ 0.40 $ 0.29 Diluted earnings per share $ 0.40 $ 0.29 Diluted weighted average shares outstanding for the three months ended March 31, 2019, exclude anti-dilutive stock options totaling 348,000 shares of common stock at a weighted average price of $29.51. Diluted weighted average shares outstanding for the three months ended March 31, 2018, exclude anti-dilutive stock options totaling 207,000 shares of common stock at a weighted average price of $27.94. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | 5. Investments As noted in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, all of the Company’s marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities , as the Company has the intent and ability to hold all investments to maturity. Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities as of March 31, 2019 and December 31, 2018. March 31, 2019 December 31, 2018 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 1,834 $ 1,839 $ 1,525 $ 1,532 Due from one through five years 10,194 10,373 9,752 9,861 Due from six through ten years 6,027 6,356 6,239 6,433 Due from eleven through twenty years 2,811 2,906 2,711 2,713 Total $ 20,866 $ 21,474 $ 20,227 $ 20,539 The unrealized gains and losses on marketable securities at March 31, 2019, and at December 31, 2018, were as follows: March 31, 2019 December 31, 2018 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 610 $ (2 ) $ 388 $ (76 ) The estimated market values provided are level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Company reviewed its portfolio of investments as of March 31, 2019 and determined that no other-than-temporary market value impairment exists. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Intangible Assets During the three months ended March 31, 2019, there were no changes in the carrying value of the Company’s indefinite-lived intangible assets (goodwill and trademarks). The Company’s amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: March 31, 2019 December 31, 2018 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 (1,886 ) $ 1,614 $ 3,500 (1,828 ) $ 1,672 Total amortizable intangible assets $ 3,500 (1,886 ) $ 1,614 $ 3,500 (1,828 ) $ 1,672 Amortization expense related to the intangible assets was approximately $60,000 in both the first quarters of 2019 and 2018. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 7. Segment Information The Company has two reportable segments: North American wholesale operations (“wholesale”) and North American retail operations (“retail”). The chief operating decision maker, the Company’s Chief Executive Officer, evaluates the performance of the Company’s segments based on earnings from operations. Therefore, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the table below includes the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe, which do not meet the criteria for separate reportable segment classification. Summarized segment data for the three months ended March 31, 2019 and 2018, was as follows: Three Months Ended March 31, Wholesale Retail Other Total (Dollars in thousands) 2019 Product sales $ 58,774 $ 5,571 $ 9,076 $ 73,421 Licensing revenues 707 - - 707 Net sales $ 59,481 $ 5,571 $ 9,076 $ 74,128 Earnings (loss) from operations $ 5,206 $ 483 $ (543 ) $ 5,146 2018 Product sales $ 52,995 $ 4,927 $ 10,811 $ 68,733 Licensing revenues 793 - - 793 Net sales $ 53,788 $ 4,927 $ 10,811 $ 69,526 Earnings (loss) from operations $ 3,390 $ 206 $ (29 ) $ 3,567 |
Employee Retirement Plans
Employee Retirement Plans | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 8. Employee Retirement Plans The components of the Company’s net periodic pension cost were as follows: Three Months Ended March 31, 2019 2018 (Dollars in thousands) Service cost $ 103 $ 151 Interest cost 606 549 Expected return on plan assets (626 ) (646 ) Net amortization and deferral 146 159 Net periodic pension cost $ 229 $ 213 The components of net periodic pension cost other than the service cost component were included in "other expense, net" in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Unaudited). |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | 9. Leases The Company retail shoe stores, and distribution facilities . The leases have original lease periods expiring between 2019 and 2033. Many leases include one or more options to renew. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonable assured at lease commencement. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of the Company’s operating lease costs were as follows (dollars in thousands): Three Months Ended March 31, 2019 Operating lease costs $ 2,194 Variable lease costs (1) 9 Total lease costs $ 2,203 (1) Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts. The following is a schedule of maturities of operating lease liabilities as of March 31, 2019 (dollars in thousands): Operating Leases 2019, excluding the quarter ended March 31, 2019 $ 6,605 2020 7,685 2021 5,703 2022 3,372 2023 2,361 Thereafter 3,002 Total lease payments 28,728 Less imputed interest (2,662 ) Present value of lease liabilities 26,066 The operating lease liabilities are classified in the consolidated condensed balance sheet (unaudited) as follows (dollars in thousands): March 31, 2019 Operating lease liabilities - current $ 7,704 Operating lease liabilities - non-current 18,362 Total $ 26,066 The Company determined the present value of its lease liabilities using a weighted-average discount rate of 4.25%. As of March 31, 2019, the Company’s leases have a weighted-average remaining lease term of 6.25 years. The future minimum rental commitments under operating leases in effect as of December 31, 2018 having non-cancelable lease terms in excess of one year, as determined in accordance with Topic 840 (prior to the adoption of ASC 842), were as follows (dollars in thousands): Operating Leases 2019 $ 9,468 2020 7,529 2021 5,584 2022 3,278 2023 2,321 Thereafter 4,161 Total $ 32,341 Supplemental cash flow information related to the Company’s operating leases are as follows (dollars in thousands): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 2,252 Right-of-use assets obtained in exchange for new lease liabilities $ 26,029 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2019 | |
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 months ended March 31, 2019, the Company recognized $366,000 of compensation expense associated with stock option and restricted stock awards granted in years 2015 through 2019. During the three months ended March 31, 2018, the Company recognized $351,000 of compensation expense associated with stock option and restricted stock awards granted in years 2014 through 2017. The following table summarizes the Company’s stock option activity for the three-month period ended March 31, 2019: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2018 1,173,620 $ 27.96 Granted 2,500 $ 28.77 Exercised (3,250 ) $ 27.97 Forfeited or expired (1,430 ) $ 30.43 Outstanding at March 31, 2019 1,171,440 $ 27.96 3.9 $ 4,316,000 Exercisable at March 31, 2019 688,757 $ 26.91 2.1 $ 2,789,000 * 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 March 29, 2019, the last trading day of the quarter, of $30.96 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 months ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 2018 (Dollars in thousands) Total intrinsic value of stock options exercised $ 11 $ 501 Cash received from stock option exercises $ 7 $ 2,884 Income tax benefit from the exercise of stock options $ 3 $ 130 The following table summarizes the Company’s restricted stock award activity for the three-month period ended March 31, 2019: Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2018 61,480 $ 30.74 Issued 600 $ 28.77 Vested - - Forfeited - - Non-vested at March 31, 2019 62,080 $ 30.72 2.4 $ 1,922,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on March 29, 2019, the last trading day of the quarter, of $30.96 multiplied by the number of non-vested restricted shares outstanding. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
Short-term Debt [Abstract] | |
Short-term Debt [Text Block] | 11. Short-Term Borrowings At March 31, 2019, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 5, 2019. The line of credit bears interest at the London Interbank Offered Rate (“LIBOR”) plus 0.75%. At March 31, 2019, outstanding borrowings were approximately $3.7 million at an interest rate of 3.25%. The highest balance on the line of credit during the quarter was $7.7 million. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments Disclosure [Text Block] | 12. Financial Instruments At March 31, 2019, the Company had foreign exchange contracts outstanding to sell $3.0 million Canadian dollars at a price of approximately $2.3 million U.S. dollars. 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 | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 13. Comprehensive Income Comprehensive income for the three months ended March 31, 2019 and 2018, was as follows: Three Months Ended March 31, 2019 2018 (Dollars in thousands) Net earnings $ 3,968 $ 2,816 Foreign currency translation adjustments 130 (119 ) Pension liability, net of tax of $38 and $41, respectively 108 118 Total comprehensive income $ 4,206 $ 2,815 The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: March 31, December 31, 2019 2018 (Dollars in thousands) Foreign currency translation adjustments $ (6,771 ) $ (6,901 ) Pension liability, net of tax (14,563 ) (14,671 ) Total accumulated other comprehensive loss $ (21,334 ) $ (21,572 ) The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the three months ended March 31, 2019: Foreign Currency Translation Adjustments Defined Benefit Pension Items Total Beginning balance, December 31, 2018 $ (6,901 ) $ (14,671 ) $ (21,572 ) Other comprehensive income before reclassifications 130 - 130 Amounts reclassified from accumulated other comprehensive loss - 108 108 Net current period other comprehensive income 130 108 238 Ending balance, March 31, 2019 $ (6,771 ) $ (14,563 ) $ (21,334 ) The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2019: Amounts reclassified from accumulated other comprehensive loss for the three months ended March 31, 2019 Affected line item in the statement where net income is presented Amortization of defined benefit pension items Prior service cost $ (16 ) (1) Other expense, net Actuarial losses 162 (1) Other expense, net Total before tax 146 Tax benefit (38 ) Net of tax $ 108 (1) These amounts were included in net periodic pension cost. See Note 8 for additional details. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 14. Equity The following table reconciles the Company’s equity for the three months ended March 31, 2019: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2018 $ 10,057 $ 64,263 $ 152,835 $ (21,572 ) Net earnings - - 3,968 - Foreign currency translation adjustments - - - 130 Pension liability adjustment, net of tax - - - 108 Cash dividends declared - - (2,299 ) - Stock options exercised 1 6 - - Issuance of restricted stock 1 (1 ) - - Share-based compensation expense - 366 - - Shares purchased and retired (64 ) - (1,764 ) - Balance, March 31, 2019 $ 9,995 $ 64,634 $ 152,740 $ (21,334 ) The following table reconciles the Company’s equity for the three months ended March 31, 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 - - 2,987 - (171 ) Foreign currency translation adjustments - - - (85 ) (34 ) Pension liability adjustment, net of tax - - - 118 - Cash dividends declared - - (2,257 ) - - Cash dividends paid to noncontrolling interest - - - - (88 ) Stock options exercised 108 2,776 - - - Restricted stock forfeited (2 ) 2 - - - Share-based compensation expense - 351 - - - Balance, March 31, 2018 $ 10,268 $ 59,013 $ 151,080 $ (17,826 ) $ 6,829 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 3,968 $ 2,987 Denominator: Basic weighted average shares outstanding 9,949 10,173 Effect of dilutive securities: Employee share-based awards 78 188 Diluted weighted average shares outstanding 10,027 10,361 Basic earnings per share $ 0.40 $ 0.29 Diluted earnings per share $ 0.40 $ 0.29 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and December 31, 2018. March 31, 2019 December 31, 2018 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 1,834 $ 1,839 $ 1,525 $ 1,532 Due from one through five years 10,194 10,373 9,752 9,861 Due from six through ten years 6,027 6,356 6,239 6,433 Due from eleven through twenty years 2,811 2,906 2,711 2,713 Total $ 20,866 $ 21,474 $ 20,227 $ 20,539 |
Unrealized Gain (Loss) on Investments [Table Text Block] | The unrealized gains and losses on marketable securities at March 31, 2019, and at December 31, 2018, were as follows: March 31, 2019 December 31, 2018 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 610 $ (2 ) $ 388 $ (76 ) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The Company’s amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: March 31, 2019 December 31, 2018 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 (1,886 ) $ 1,614 $ 3,500 (1,828 ) $ 1,672 Total amortizable intangible assets $ 3,500 (1,886 ) $ 1,614 $ 3,500 (1,828 ) $ 1,672 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Summarized segment data for the three months ended March 31, 2019 and 2018, was as follows: Three Months Ended March 31, Wholesale Retail Other Total (Dollars in thousands) 2019 Product sales $ 58,774 $ 5,571 $ 9,076 $ 73,421 Licensing revenues 707 - - 707 Net sales $ 59,481 $ 5,571 $ 9,076 $ 74,128 Earnings (loss) from operations $ 5,206 $ 483 $ (543 ) $ 5,146 2018 Product sales $ 52,995 $ 4,927 $ 10,811 $ 68,733 Licensing revenues 793 - - 793 Net sales $ 53,788 $ 4,927 $ 10,811 $ 69,526 Earnings (loss) from operations $ 3,390 $ 206 $ (29 ) $ 3,567 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 (Dollars in thousands) Service cost $ 103 $ 151 Interest cost 606 549 Expected return on plan assets (626 ) (646 ) Net amortization and deferral 146 159 Net periodic pension cost $ 229 $ 213 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of the Company’s operating lease costs were as follows (dollars in thousands): Three Months Ended March 31, 2019 Operating lease costs $ 2,194 Variable lease costs (1) 9 Total lease costs $ 2,203 (1) Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts. |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following is a schedule of maturities of operating lease liabilities as of March 31, 2019 (dollars in thousands): Operating Leases 2019, excluding the quarter ended March 31, 2019 $ 6,605 2020 7,685 2021 5,703 2022 3,372 2023 2,361 Thereafter 3,002 Total lease payments 28,728 Less imputed interest (2,662 ) Present value of lease liabilities 26,066 |
Lessee, Operating Lease, Disclosure [Table Text Block] | The operating lease liabilities are classified in the consolidated condensed balance sheet (unaudited) as follows (dollars in thousands): March 31, 2019 Operating lease liabilities - current $ 7,704 Operating lease liabilities - non-current 18,362 Total $ 26,066 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The future minimum rental commitments under operating leases in effect as of December 31, 2018 having non-cancelable lease terms in excess of one year, as determined in accordance with Topic 840 (prior to the adoption of ASC 842), were as follows (dollars in thousands): Operating Leases 2019 $ 9,468 2020 7,529 2021 5,584 2022 3,278 2023 2,321 Thereafter 4,161 Total $ 32,341 |
Supplemental Information Related To Operating Lease [Table Text Block] | Supplemental cash flow information related to the Company’s operating leases are as follows (dollars in thousands): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 2,252 Right-of-use assets obtained in exchange for new lease liabilities $ 26,029 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 three-month period ended March 31, 2019: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2018 1,173,620 $ 27.96 Granted 2,500 $ 28.77 Exercised (3,250 ) $ 27.97 Forfeited or expired (1,430 ) $ 30.43 Outstanding at March 31, 2019 1,171,440 $ 27.96 3.9 $ 4,316,000 Exercisable at March 31, 2019 688,757 $ 26.91 2.1 $ 2,789,000 * 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 March 29, 2019, the last trading day of the quarter, of $30.96 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. |
Cash Proceeds Received and Tax Benefit from Share-based Payment Awards [Table Text Block] | The following table summarizes the Company’s stock option exercise activity for the three months ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 2018 (Dollars in thousands) Total intrinsic value of stock options exercised $ 11 $ 501 Cash received from stock option exercises $ 7 $ 2,884 Income tax benefit from the exercise of stock options $ 3 $ 130 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes the Company’s restricted stock award activity for the three-month period ended March 31, 2019: Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2018 61,480 $ 30.74 Issued 600 $ 28.77 Vested - - Forfeited - - Non-vested at March 31, 2019 62,080 $ 30.72 2.4 $ 1,922,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on March 29, 2019, the last trading day of the quarter, of $30.96 multiplied by the number of non-vested restricted shares outstanding. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | Comprehensive income for the three months ended March 31, 2019 and 2018, was as follows: Three Months Ended March 31, 2019 2018 (Dollars in thousands) Net earnings $ 3,968 $ 2,816 Foreign currency translation adjustments 130 (119 ) Pension liability, net of tax of $38 and $41, respectively 108 118 Total comprehensive income $ 4,206 $ 2,815 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: March 31, December 31, 2019 2018 (Dollars in thousands) Foreign currency translation adjustments $ (6,771 ) $ (6,901 ) Pension liability, net of tax (14,563 ) (14,671 ) Total accumulated other comprehensive loss $ (21,334 ) $ (21,572 ) |
Changes In Accumulated Other Comprehensive Loss [Table Text Block] | The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the three months ended March 31, 2019: Foreign Currency Translation Adjustments Defined Benefit Pension Items Total Beginning balance, December 31, 2018 $ (6,901 ) $ (14,671 ) $ (21,572 ) Other comprehensive income before reclassifications 130 - 130 Amounts reclassified from accumulated other comprehensive loss - 108 108 Net current period other comprehensive income 130 108 238 Ending balance, March 31, 2019 $ (6,771 ) $ (14,563 ) $ (21,334 ) |
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 three months ended March 31, 2019: Amounts reclassified from accumulated other comprehensive loss for the three months ended March 31, 2019 Affected line item in the statement where net income is presented Amortization of defined benefit pension items Prior service cost $ (16 ) (1) Other expense, net Actuarial losses 162 (1) Other expense, net Total before tax 146 Tax benefit (38 ) Net of tax $ 108 (1) These amounts were included in net periodic pension cost. See Note 8 for additional details. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | The following table reconciles the Company’s equity for the three months ended March 31, 2019: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2018 $ 10,057 $ 64,263 $ 152,835 $ (21,572 ) Net earnings - - 3,968 - Foreign currency translation adjustments - - - 130 Pension liability adjustment, net of tax - - - 108 Cash dividends declared - - (2,299 ) - Stock options exercised 1 6 - - Issuance of restricted stock 1 (1 ) - - Share-based compensation expense - 366 - - Shares purchased and retired (64 ) - (1,764 ) - Balance, March 31, 2019 $ 9,995 $ 64,634 $ 152,740 $ (21,334 ) The following table reconciles the Company’s equity for the three months ended March 31, 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 - - 2,987 - (171 ) Foreign currency translation adjustments - - - (85 ) (34 ) Pension liability adjustment, net of tax - - - 118 - Cash dividends declared - - (2,257 ) - - Cash dividends paid to noncontrolling interest - - - - (88 ) Stock options exercised 108 2,776 - - - Restricted stock forfeited (2 ) 2 - - - Share-based compensation expense - 351 - - - Balance, March 31, 2018 $ 10,268 $ 59,013 $ 151,080 $ (17,826 ) $ 6,829 |
Recently Adopted Accounting P_2
Recently Adopted Accounting Pronouncement- (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | |||
Operating Lease, Right-of-Use Asset | $ 24,394 | $ 26,000 | $ 0 |
Operating Lease, Liability | $ 26,066 | 27,800 | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 1,800 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net earnings attributable to Weyco Group, Inc. | $ 3,968 | $ 2,987 |
Denominator: | ||
Basic weighted average shares outstanding (in shares) | 9,949 | 10,173 |
Effect of dilutive securities: | ||
Employee stock-based awards (in shares) | 78 | 188 |
Diluted weighted average shares outstanding (in shares) | 10,027 | 10,361 |
Basic earnings per share (in dollars per share) | $ 0.40 | $ 0.29 |
Diluted earnings per share (in dollars per share) | $ 0.40 | $ 0.29 |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 348,000 | 207,000 |
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) | $ 29.51 | $ 27.94 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | $ 1,834 | $ 1,525 |
Municipal Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | 1,834 | 1,525 |
Amortized Cost, Due from one through five years | 10,194 | 9,752 |
Amortized Cost, Due from six through ten years | 6,027 | 6,239 |
Amortized Cost, Due from eleven through twenty years | 2,811 | 2,711 |
Amortized Cost, Total | 20,866 | 20,227 |
Market Value, Current | 1,839 | 1,532 |
Market Value, Due from one through five years | 10,373 | 9,861 |
Market Value, Due from six through ten years | 6,356 | 6,433 |
Market Value, Due from eleven through twenty years | 2,906 | 2,713 |
Market Value, Total | $ 21,474 | $ 20,539 |
Investments (Details 1)
Investments (Details 1) - Municipal Bonds [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net Investment Income [Line Items] | ||
Unrealized Gains | $ 610 | $ 388 |
Unrealized Losses | $ (2) | $ (76) |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Amortizable intangible assets: | ||
Gross Carrying Amount | $ 3,500 | $ 3,500 |
Accumulated Amortization | (1,886) | (1,828) |
Net | $ 1,614 | 1,672 |
Customer Relationships [Member] | ||
Amortizable intangible assets: | ||
Weighted Average Life (Years) | 15 years | |
Gross Carrying Amount | $ 3,500 | 3,500 |
Accumulated Amortization | (1,886) | (1,828) |
Net | $ 1,614 | $ 1,672 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of Intangible Assets | $ 60,000 | $ 60,000 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 74,128 | $ 69,526 |
Earnings from operations | 5,146 | 3,567 |
Product sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 73,421 | 68,733 |
Licensing revenues [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 707 | 793 |
Wholesale [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 59,481 | 53,788 |
Earnings from operations | 5,206 | 3,390 |
Wholesale [Member] | Product sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 58,774 | 52,995 |
Wholesale [Member] | Licensing revenues [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 707 | 793 |
Retail Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 5,571 | 4,927 |
Earnings from operations | 483 | 206 |
Retail Segment [Member] | Product sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 5,571 | 4,927 |
Retail Segment [Member] | Licensing revenues [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Other Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 9,076 | 10,811 |
Earnings from operations | (543) | (29) |
Other Segment [Member] | Product sales [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 9,076 | 10,811 |
Other Segment [Member] | Licensing revenues [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 0 | $ 0 |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 103 | $ 151 |
Interest cost | 606 | 549 |
Expected return on plan assets | (626) | (646) |
Net amortization and deferral | 146 | 159 |
Net periodic pension cost | $ 229 | $ 213 |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | ||
Leases [Abstract] | ||
Operating lease costs | $ 2,194 | |
Variable lease costs | 9 | [1] |
Total lease costs | $ 2,203 | |
[1] | Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts. |
Leases (Details1)
Leases (Details1) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
2019, excluding the quarter ended March 31, 2019 | $ 6,605 | |
2020 | 7,685 | |
2021 | 5,703 | |
2022 | 3,372 | |
2023 | 2,361 | |
Thereafter | 3,002 | |
Total lease payments | 28,728 | |
Less imputed interest | (2,662) | |
Present value of lease liabilities | $ 26,066 | $ 27,800 |
Leases (Details 2)
Leases (Details 2) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating lease liabilities - current | $ 7,704 | $ 0 | |
Operating lease liabilities - non-current | 18,362 | $ 0 | |
Total | $ 26,066 | $ 27,800 |
Leases (Details 3)
Leases (Details 3) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 9,468 |
2020 | 7,529 |
2021 | 5,584 |
2022 | 3,278 |
2023 | 2,321 |
Thereafter | 4,161 |
Total | $ 32,341 |
Leases (Details 4)
Leases (Details 4) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities | $ 2,252 |
Right-of-use assets obtained in exchange for new lease liabilities (noncash) | $ 26,029 |
Leases (Details Textual)
Leases (Details Textual) | Mar. 31, 2019 |
Operating Lease, Weighted Average Discount Rate, Percent | 4.25% |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 3 months |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - Employee Stock Option [Member] $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding at beginning of year | shares | 1,173,620 | |
Shares, Granted | shares | 2,500 | |
Shares, Exercised | shares | (3,250) | |
Shares, Forfeited or expired | shares | (1,430) | |
Shares, Outstanding at end of year | shares | 1,171,440 | |
Shares, Exercisable at end of year | shares | 688,757 | |
Weighted Average Exercise Price, Outstanding at beginning of year (in dollars per share) | $ / shares | $ 27.96 | |
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares | 28.77 | |
Weighted Average Exercise Price, Exercised (in dollars per share) | $ / shares | 27.97 | |
Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | $ / shares | 30.43 | |
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share) | $ / shares | 27.96 | |
Weighted Average Exercise Price, Exercisable at end of year (in dollars per share) | $ / shares | $ 26.91 | |
Weighted Average Remaining Contractual Life (Years), Outstanding - December 31, 2018 | 3 years 10 months 24 days | |
Weighted Average Remaining Contractual Life (Years), Exercisable - December 31, 2018 | 2 years 1 month 6 days | |
Aggregate Intrinsic Value, Outstanding at December 31, 2018 | $ | $ 4,316,000 | [1] |
Aggregate Intrinsic Value, Exercisable at December 31, 2018 | $ | $ 2,789,000 | [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 March 29, 2019, the last trading day of the quarter, of $30.96 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total intrinsic value of stock options exercised | $ 11 | $ 501 |
Net proceeds from stock option exercises | 7 | 2,884 |
Income tax benefit from the exercise of stock options | $ 3 | $ 130 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Details 2) - Restricted Stock [Member] $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of Restricted Stock, Non-vested beginning of year | shares | 61,480 | |
Shares of Restricted Stock, Issued | shares | 600 | |
Shares of Restricted Stock, Vested | shares | 0 | |
Shares of Restricted Stock, Forfeited | shares | 0 | |
Shares of Restricted Stock, Non-vested end of year | shares | 62,080 | |
Weighted Average Grant Date Fair Value, Non-vested beginning of year (in dollars per share) | $ / shares | $ 30.74 | |
Weighted Average Grant Date Fair Value, Issued (in dollars per share) | $ / shares | 28.77 | |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $ / shares | 0 | |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | $ / shares | 0 | |
Weighted Average Grant Date Fair Value, Non-vested end of year (in dollars per share) | $ / shares | $ 30.72 | |
Weighted Average Remaining Contractual Term (Years) | 2 years 4 months 24 days | |
Aggregate Intrinsic Value | $ | $ 1,922,000 | [1] |
[1] | The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company's stock on March 29, 2019, the last trading day of the quarter, of $30.96 multiplied by the number of non-vested restricted shares outstanding. |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Mar. 29, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $ 366,000 | $ 351,000 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Price | $ 30.96 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share | $ 30.96 |
Short-Term Borrowings (Details
Short-Term Borrowings (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Short-term Debt [Line Items] | |
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 7.7 |
Revolving Credit Facility [Member] | |
Short-term Debt [Line Items] | |
Line of Credit Facility, Amount, Total | 60 |
Line of Credit, Current | $ 3.7 |
Line of Credit Facility, Interest Rate During Period | 3.25% |
Financial Instruments (Details
Financial Instruments (Details Textual) - Mar. 31, 2019 $ in Millions, $ in Millions | USD ($) | CAD ($) |
Foreign Exchange Contracts Australian [Member] | ||
Investment Owned, Foreign Currency Contract, Current Value | $ 2.3 | $ 3 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | ||
Net earnings | $ 3,968 | $ 2,816 |
Foreign currency translation adjustments | 130 | (119) |
Pension liability, net of tax of $38 and $41, respectively | 108 | 118 |
Total comprehensive income | $ 4,206 | $ 2,815 |
Comprehensive Income (Details 1
Comprehensive Income (Details 1) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Foreign currency translation adjustments | $ (6,771) | $ (6,901) |
Pension liability, net of tax | (14,563) | (14,671) |
Total accumulated other comprehensive loss | $ (21,334) | $ (21,572) |
Comprehensive Income (Details 2
Comprehensive Income (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign Currency Translation Adjustments, Beginning balance | $ (6,901) | |
Foreign Currency Translation Adjustments, Other comprehensive (loss) income before reclassifications | 130 | |
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss | 0 | |
Foreign Currency Translation Adjustments, Net current period other comprehensive loss (income) | 130 | |
Foreign Currency Translation Adjustments, Ending balance | (6,771) | |
Defined Benefit Pension Items, Beginning balance | (14,671) | |
Defined Benefit Pension Items, Other comprehensive loss before reclassifications | 0 | |
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss | 108 | $ 118 |
Defined Benefit Pension Items, Net current period other comprehensive loss (income) | 108 | |
Defined Benefit Pension Items, Ending balance | (14,563) | |
Beginning balance | (21,572) | |
Other comprehensive (loss) income before reclassifications | 130 | |
Amounts reclassified from accumulated other comprehensive loss | 108 | |
Net current period other comprehensive loss (income) | 238 | |
Ending balance | $ (21,334) |
Comprehensive Income (Details 3
Comprehensive Income (Details 3) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Amortization of defined benefit pension items | |||
Prior service cost | [1] | $ (16) | |
Actuarial losses | [1] | 162 | |
Total before tax | 146 | ||
Tax benefit | (38) | ||
Net of tax | $ 108 | $ 118 | |
[1] | These amounts were included in net periodic pension cost. See Note 8 for additional details. |
Comprehensive Income (Details T
Comprehensive Income (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 38 | $ 41 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Balance | $ 205,583 | |
Net earnings | 3,968 | $ 2,816 |
Foreign currency translation adjustments | 130 | (119) |
Pension liability adjustment, net of tax | (108) | |
Balance | 206,035 | |
Common Stock [Member] | ||
Balance | 10,057 | 10,162 |
Net earnings | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Pension liability adjustment, net of tax | 0 | 0 |
Cash dividends declared | 0 | 0 |
Cash dividends paid to noncontrolling interest | 0 | |
Stock options exercised | 1 | 108 |
Restricted stock forfeited | (2) | |
Issuance of restricted stock | 1 | |
Share-based compensation expense | 0 | 0 |
Shares purchased and retired | (64) | |
Balance | 9,995 | 10,268 |
Capital in Excess of Par Value [Member] | ||
Balance | 64,263 | 55,884 |
Net earnings | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Pension liability adjustment, net of tax | 0 | 0 |
Cash dividends declared | 0 | 0 |
Cash dividends paid to noncontrolling interest | 0 | |
Stock options exercised | 6 | 2,776 |
Restricted stock forfeited | 2 | |
Issuance of restricted stock | (1) | |
Share-based compensation expense | 366 | 351 |
Shares purchased and retired | 0 | |
Balance | 64,634 | 59,013 |
Reinvested Earnings [Member] | ||
Balance | 152,835 | 150,350 |
Net earnings | 3,968 | 2,987 |
Foreign currency translation adjustments | 0 | 0 |
Pension liability adjustment, net of tax | 0 | 0 |
Cash dividends declared | (2,299) | (2,257) |
Cash dividends paid to noncontrolling interest | 0 | |
Stock options exercised | 0 | 0 |
Restricted stock forfeited | 0 | |
Issuance of restricted stock | 0 | |
Share-based compensation expense | 0 | 0 |
Shares purchased and retired | (1,764) | |
Balance | 152,740 | 151,080 |
Accumulated Other Comprehensive Loss [Member] | ||
Balance | (21,572) | (17,859) |
Net earnings | 0 | 0 |
Foreign currency translation adjustments | 130 | (85) |
Pension liability adjustment, net of tax | 108 | 118 |
Cash dividends declared | 0 | 0 |
Cash dividends paid to noncontrolling interest | 0 | |
Stock options exercised | 0 | 0 |
Restricted stock forfeited | 0 | |
Issuance of restricted stock | 0 | |
Share-based compensation expense | 0 | 0 |
Shares purchased and retired | 0 | |
Balance | $ (21,334) | (17,826) |
Noncontrolling Interest [Member] | ||
Balance | 7,122 | |
Net earnings | (171) | |
Foreign currency translation adjustments | (34) | |
Pension liability adjustment, net of tax | 0 | |
Cash dividends declared | 0 | |
Cash dividends paid to noncontrolling interest | (88) | |
Stock options exercised | 0 | |
Restricted stock forfeited | 0 | |
Share-based compensation expense | 0 | |
Balance | $ 6,829 |