Weyco (WEYS) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Entity Current Reporting Status	Yes
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
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		9,978,790
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS:
Cash and cash equivalents	$ 9,681	$ 22,973
Marketable securities, at amortized cost	10,820	1,525
Accounts receivable, net	39,275	51,533
Income tax receivable	649	0
Inventories	82,757	72,684
Prepaid expenses and other current assets	3,107	5,380
Total current assets	146,289	154,095
Marketable securities, at amortized cost	17,966	18,702
Deferred income tax benefits	1,270	1,277
Property, plant and equipment, net	29,460	28,707
Operating lease right-of-use assets	23,280	0
Goodwill	11,112	11,112
Trademarks	32,868	32,868
Other assets	23,569	23,283
Total assets	285,814	270,044
LIABILITIES AND EQUITY:
Short-term borrowings	12,001	5,840
Accounts payable	5,155	12,764
Dividend payable	0	2,308
Operating lease liabilities	7,878	0
Accrued liabilities	10,832	14,306
Accrued income tax payable	0	912
Total current liabilities	35,866	36,130
Deferred income tax liabilities	3,738	3,724
Long-term pension liability	23,129	23,112
Operating lease liabilities	17,015	0
Other long-term liabilities	181	1,495
Total liabilities	79,929	64,461
Common stock	10,002	10,057
Capital in excess of par value	65,141	64,263
Reinvested earnings	151,853	152,835
Accumulated other comprehensive loss	(21,111)	(21,572)
Total equity	205,885	205,583
Total liabilities and equity	$ 285,814	$ 270,044

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, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
Net sales	$ 60,476	$ 60,888	$ 134,604	$ 130,414
Cost of sales	36,073	37,182	81,437	80,083
Gross earnings	24,403	23,706	53,167	50,331
Selling and administrative expenses	22,539	21,759	46,157	44,817
Earnings from operations	1,864	1,947	7,010	5,514
Interest income	230	254	453	487
Interest expense	(34)	0	(66)	0
Other expense, net	(128)	(176)	(253)	(219)
Earnings before provision for income taxes	1,932	2,025	7,144	5,782
Provision for income taxes	418	502	1,662	1,443
Net earnings	1,514	1,523	5,482	4,339
Net loss attributable to noncontrolling interest	0	(103)	0	(274)
Net earnings attributable to Weyco Group, Inc.	$ 1,514	$ 1,626	$ 5,482	$ 4,613
Weighted average shares outstanding
Basic	9,938	10,214	9,943	10,194
Diluted	10,033	10,505	10,030	10,433
Earnings per share
Basic	$ 0.15	$ 0.16	$ 0.55	$ 0.45
Diluted	0.15	0.15	0.55	0.44
Cash dividends declared (per share)	$ 0.24	$ 0.23	$ 0.47	$ 0.45
Comprehensive income	$ 1,737	$ 650	$ 5,943	$ 3,465
Comprehensive loss attributable to noncontrolling interest	0	(383)	0	(588)
Comprehensive income attributable to Weyco Group, Inc.	$ 1,737	$ 1,033	$ 5,943	$ 4,053

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 5,482	$ 4,339
Adjustments to reconcile net earnings to net cash provided by operating activities -
Depreciation	1,650	1,905
Amortization	125	171
Bad debt expense	79	160
Deferred income taxes	(61)	841
Net foreign currency transaction losses	18	105
Share-based compensation expense	731	805
Pension contribution	0	(3,000)
Pension expense	523	426
Increase in cash surrender value of life insurance	(115)	(115)
Changes in operating assets and liabilities -
Accounts receivable	12,142	11,464
Inventories	(10,065)	3,714
Prepaid expenses and other assets	2,095	2,527
Accounts payable	(7,612)	(3,008)
Accrued liabilities and other	(3,194)	(5,213)
Accrued income taxes	(1,558)	(1,111)
Net cash provided by operating activities	240	14,010
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(10,183)	(5,961)
Proceeds from maturities of marketable securities	1,645	3,375
Life insurance premiums paid	(155)	(155)
Purchases of property, plant and equipment	(2,414)	(491)
Net cash used for investing activities	(11,107)	(3,232)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid	(6,978)	(6,836)
Cash dividends paid to noncontrolling interest of subsidiary	0	(88)
Shares purchased and retired	(1,828)	(6,589)
Net proceeds from stock options exercised	161	4,048
Taxes paid related to the net share settlement of equity awards	(5)	(611)
Proceeds from bank borrowings	75,474	0
Repayments of bank borrowings	(69,313)	0
Net cash used for financing activities	(2,489)	(10,076)
Effect of exchange rate changes on cash and cash equivalents	64	(157)
Net (decrease) increase in cash and cash equivalents	(13,292)	545
CASH AND CASH EQUIVALENTS at beginning of period	22,973	23,453
CASH AND CASH EQUIVALENTS at end of period	9,681	23,998
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	3,112	1,927
Interest paid	$ 66	$ 0

Financial Statements

Financial Statements	6 Months Ended
	Jun. 30, 2019
Financial Statements
Financial Statements	1. Financial Statements In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature. The results of operations for the three and six months ended June 30, 2019, may not necessarily be indicative of the results for the full year.

Recently Adopted Accounting Pro

Recently Adopted Accounting Pronouncement	6 Months Ended
	Jun. 30, 2019
Recently Adopted Accounting Pronouncement
Recently Adopted Accounting Pronouncement	2. Recently Adopted Accounting Pronouncement On January 1, 2019, the Company adopted Accounting Standards Update 2016‑02, Leases , as amended (hereinafter referred to as “ASC 842”), which supersedes the lease accounting guidance under Topic 840. ASC 842 generally requires lessees to recognize lease liabilities and corresponding right-of-use (“ROU”) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Company adopted the new guidance using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. The comparative information was not restated and continues to be reported in accordance with historical accounting under Topic 840. The Company elected to utilize certain practical expedients that were provided for transition relief. Accordingly, the Company did not reassess expired or existing contracts, lease classifications or related initial direct costs as part of its assessment process. Additionally, the Company elected not to apply the recognition requirements of ASC 842 to short-term leases. The adoption of ASC 842 had a material impact on the Company’s consolidated 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, on January 1, 2019. The operating lease ROU assets recorded on the adoption date were net of approximately $1.8 million in reclassifications of other accrued liabilities and long-term liabilities. The adoption did not impact the Company’s beginning retained earnings, nor did it have a material impact on the Company’s consolidated earnings or cash flows.

Update to Significant Accountin

Update to Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Update to Significant Accounting Policies
Update to Significant Accounting Policies	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, as discussed 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	6 Months Ended
	Jun. 30, 2019
Earnings Per Share
Earnings Per Share	4. 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, 2019 2018 2019 2018 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 1,514 $ 1,626 $ 5,482 $ 4,613 Denominator: Basic weighted average shares outstanding 9,938 10,214 9,943 10,194 Effect of dilutive securities: Employee share-based awards 95 291 87 239 Diluted weighted average shares outstanding 10,033 10,505 10,030 10,433 Basic earnings per share $ 0.15 $ 0.16 $ 0.55 $ 0.45 Diluted earnings per share $ 0.15 $ 0.15 $ 0.55 $ 0.44 Diluted weighted average shares outstanding for the three months ended June 30, 2019, excludes anti-dilutive stock options totaling approximately 346,000 shares of common stock at a weighted average price of $29.49. Diluted weighted average shares outstanding for the six months ended June 30, 2019, excludes anti-dilutive stock options totaling approximately 347,000 shares of common stock at a weighted average price of $29.50. 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, excludes anti-dilutive stock options totaling approximately 207,000 shares of common stock at a weighted average price of $27.94.

Investments

Investments	6 Months Ended
	Jun. 30, 2019
Investments
Investments	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 June 30, 2019, and December 31, 2018. June 30, 2019 December 31, 2018 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 10,820 $ 10,838 $ 1,525 $ 1,532 Due from one through five years 9,678 9,925 9,752 9,861 Due from six through ten years 5,032 5,397 6,239 6,433 Due from eleven through twenty years 3,256 3,422 2,711 2,713 Total $ 28,786 $ 29,582 $ 20,227 $ 20,539 The unrealized gains and losses on marketable securities at June 30, 2019, and at December 31, 2018, were as follows: June 30, 2019 December 31, 2018 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 796 $ – $ 388 $ (76) The estimated market values provided are level 2 valuations as defined by Accounting Standards Codification 820, Fair Value Measurements and Disclosures (“ASC 820”). The Company reviewed its portfolio of investments as of June 30, 2019 and determined that no other-than-temporary market value impairment exists.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2019
Intangible Assets
Intangible Assets	6. Intangible Assets During the six months ended June 30, 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: June 30, 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 $ (1,944) $ 1,556 $ 3,500 $ (1,828) $ 1,672 Total amortizable intangible assets $ 3,500 $ (1,944) $ 1,556 $ 3,500 $ (1,828) $ 1,672 Amortization expense related to the intangible assets was approximately $58,000 in both the second quarters of 2019 and 2018. For the six months ended June 30, amortization expense related to the intangible assets was approximately $116,000 in 2019 and $117,000 in 2018.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Information
Segment Information	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 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, 2019 and 2018, was as follows: Three Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2019 Product sales $ 45,416 $ 5,395 $ 9,029 $ 59,840 Licensing revenues 636 – – 636 Net sales $ 46,052 $ 5,395 $ 9,029 $ 60,476 Earnings (loss) from operations $ 2,212 $ 401 $ (749) $ 1,864 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 (loss) from operations $ 1,748 $ 222 $ (23) $ 1,947 Six Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2019 Product sales $ 104,190 $ 10,966 $ 18,105 $ 133,261 Licensing revenues 1,343 – – 1,343 Net sales $ 105,533 $ 10,966 $ 18,105 $ 134,604 Earnings (loss) from operations $ 7,418 $ 884 $ (1,292) $ 7,010 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 (loss) from operations $ 5,139 $ 428 $ (53) $ 5,514

Employee Retirement Plans

Employee Retirement Plans	6 Months Ended
	Jun. 30, 2019
Employee Retirement Plans
Employee Retirement Plans	8. 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, 2019 2018 2019 2018 (Dollars in thousands) Service cost $ 128 $ 151 $ 231 $ 301 Interest cost 624 549 1,230 1,098 Expected return on plan assets (625) (646) (1,251) (1,292) Net amortization and deferral 167 159 313 319 Net periodic pension cost $ 294 $ 213 $ 523 $ 426 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	6 Months Ended
	Jun. 30, 2019
Leases
Leases	9. Leases The Company leases retail shoe stores, as well as several office and distribution facilities worldwide. 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 reasonably assured at lease commencement. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of the Company’s operating lease costs were as follows (dollars in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating lease costs $ 2,198 $ 4,392 Variable lease costs (1) 34 43 Total lease costs $ 2,232 $ 4,435 (1) Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts. Short-term lease costs, which were excluded from the above table, are not material to the Company’s financial statements. The following is a schedule of maturities of operating lease liabilities as of June 30, 2019 (dollars in thousands): Operating Leases 2019, excluding the six months ended June 30, 2019 $ 4,586 2020 8,085 2021 5,939 2022 3,411 2023 1,979 Thereafter 2,642 Total lease payments 26,642 Less imputed interest (1,749) Present value of lease liabilities 24,893 The operating lease liabilities are classified in the consolidated condensed balance sheet (unaudited) as follows (dollars in thousands): June 30, 2019 Operating lease liabilities – current $ 7,878 Operating lease liabilities - non-current 17,015 Total $ 24,893 The Company determined the present value of its lease liabilities using a weighted-average discount rate of 4.25%. As of June 30, 2019, the Company’s leases have a weighted-average remaining lease term of 5.85 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 is as follows (dollars in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 2,273 $ 4,525 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ 973 $ 27,002

Share-Based Compensation Plans

Share-Based Compensation Plans	6 Months Ended
	Jun. 30, 2019
Share-Based Compensation Plans
Share-Based Compensation Plans	10. Share-Based Compensation Plans During the three and six months ended June 30, 2019, the Company recognized approximately $365,000 and $731,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2015 through 2019. 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. The following table summarizes the Company’s stock option activity for the six-month period ended June 30, 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 (18,795) $ 27.75 Forfeited or expired (2,750) $ 31.94 Outstanding at June 30, 2019 1,154,575 $ 27.95 $ 505,000 Exercisable at June 30, 2019 673,092 $ 26.89 $ 284,000 * 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 28 2019, the last trading day of the quarter, of $26.71 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, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in thousands) Total intrinsic value of stock options exercised $ 77 $ 2,549 $ 88 $ 3,050 Net proceeds from stock option exercises $ 154 $ 1,164 $ 161 $ 4,048 Income tax benefit from the exercise of stock options $ 20 $ 663 $ 23 $ 793 The following table summarizes the Company’s restricted stock award activity for the six-month period ended June 30, 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 June 30, 2019 62,080 $ 30.72 $ 1,658,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on June 28, 2019, the last trading day of the quarter, of $26.71 multiplied by the number of non-vested restricted shares outstanding.

Short-Term Borrowings

Short-Term Borrowings	6 Months Ended
	Jun. 30, 2019
Short-Term Borrowings
Short-Term Borrowings	11. Short-Term Borrowings At June 30, 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 June 30, 2019, outstanding borrowings were approximately $12.0 million at an interest rate of 3.15%. The highest balance on the line of credit during the six months ended June 30, 2019 was approximately $12.0 million.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2019
Financial Instruments
Financial Instruments	12. Financial Instruments At June 30, 2019, the Company had foreign exchange contracts outstanding to sell $5.0 million Canadian dollars at a price of approximately $3.8 million U.S. dollars. The Company’s wholly-owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $3.1 million U.S. dollars at a price of approximately $4.4 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 (Loss)

Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2019
Comprehensive Income (Loss)
Comprehensive Income (Loss)	13. Comprehensive Income (Loss) Comprehensive income for the three and six months ended June 30, 2019 and 2018, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in thousands) Net earnings $ 1,514 $ 1,523 $ 5,482 $ 4,339 Foreign currency translation adjustments 100 (991) 230 (1,110) Pension liability, net of tax of $44, $42, $82, and $83, respectively 123 118 231 236 Total comprehensive income $ 1,737 $ 650 $ 5,943 $ 3,465 The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows: June 30, December 31, 2019 2018 (Dollars in thousands) Foreign currency translation adjustments $ (6,671) $ (6,901) Pension liability, net of tax (14,440) (14,671) Total accumulated other comprehensive loss $ (21,111) $ (21,572) The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the six months ended June 30, 2019: Foreign Defined Currency Benefit Translation Pension Adjustments Items Total Beginning balance, December 31, 2018 $ (6,901) $ (14,671) $ (21,572) Other comprehensive income before reclassifications 230 – 230 Amounts reclassified from accumulated other comprehensive loss – 231 231 Net current period other comprehensive income 230 231 461 Ending balance, June 30, 2019 $ (6,671) $ (14,440) $ (21,111) The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the six months ended June 30, 2019: Amounts reclassified from accumulated other comprehensive loss for Affected line item in the the six months ended statement where net June 30, 2019 income is presented Amortization of defined benefit pension items Prior service cost $ (31) (1) Other expense, net Actuarial losses 344 (1) Other expense, net Total before tax 313 Tax benefit (82) Net of tax $ 231 (1) These amounts were included in net periodic pension cost. See Note 8 for additional details.

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Equity
Equity	14. Equity The following table reconciles the Company’s equity for the six months ended June 30, 2019: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2018 $ 10,057 $ 64,263 $ 152,835 $ (21,572) Net earnings – – 3,968 – Foreign currency translation adjustments – – – 130 Pension liability adjustment, net of tax – – – 108 Cash dividends declared – – (2,299) – Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 1 6 – – Issuance of restricted stock 1 (1) – – Share-based compensation expense – 366 – – Shares purchased and retired (64) – (1,764) – Balance, March 31, 2019 $ 9,995 $ 64,634 $ 152,740 $ (21,334) Net earnings – – 1,514 – Foreign currency translation adjustments – – – 100 Pension liability adjustment, net of tax – – – 123 Cash dividends declared – – (2,401) – Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 7 142 – – Share-based compensation expense – 365 – – Balance, June 30, 2019 $ 10,002 $ 65,141 $ 151,853 $ (21,111) 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 – – 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) Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 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 Net earnings – – 1,626 – (103) Foreign currency translation adjustments – – – (711) (280) Pension liability adjustment, net of tax – – – 118 – Cash dividends declared – – (2,395) – – Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 89 463 – – – Issuance of restricted stock 2 (2) – – – Share-based compensation expense – 454 – – – Shares purchased and retired (199) – (6,390) – – Balance, June 30, 2018 $ 10,160 $ 59,928 $ 143,921 $ (18,419) $ 6,446

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share
Schedule of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 1,514 $ 1,626 $ 5,482 $ 4,613 Denominator: Basic weighted average shares outstanding 9,938 10,214 9,943 10,194 Effect of dilutive securities: Employee share-based awards 95 291 87 239 Diluted weighted average shares outstanding 10,033 10,505 10,030 10,433 Basic earnings per share $ 0.15 $ 0.16 $ 0.55 $ 0.45 Diluted earnings per share $ 0.15 $ 0.15 $ 0.55 $ 0.44

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Investments
Schedule of Marketable securities	Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities as of June 30, 2019, and December 31, 2018. June 30, 2019 December 31, 2018 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 10,820 $ 10,838 $ 1,525 $ 1,532 Due from one through five years 9,678 9,925 9,752 9,861 Due from six through ten years 5,032 5,397 6,239 6,433 Due from eleven through twenty years 3,256 3,422 2,711 2,713 Total $ 28,786 $ 29,582 $ 20,227 $ 20,539
Schedule of Unrealized gains and losses	The unrealized gains and losses on marketable securities at June 30, 2019, and at December 31, 2018, were as follows: June 30, 2019 December 31, 2018 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 796 $ – $ 388 $ (76)

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Intangible Assets
Schedule of Condensed Balance Sheet	The Company’s amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: June 30, 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 $ (1,944) $ 1,556 $ 3,500 $ (1,828) $ 1,672 Total amortizable intangible assets $ 3,500 $ (1,944) $ 1,556 $ 3,500 $ (1,828) $ 1,672

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Information
Schedule of Segment Reporting Information	Summarized segment data for the three and six months ended June 30, 2019 and 2018, was as follows: Three Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2019 Product sales $ 45,416 $ 5,395 $ 9,029 $ 59,840 Licensing revenues 636 – – 636 Net sales $ 46,052 $ 5,395 $ 9,029 $ 60,476 Earnings (loss) from operations $ 2,212 $ 401 $ (749) $ 1,864 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 (loss) from operations $ 1,748 $ 222 $ (23) $ 1,947 Six Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2019 Product sales $ 104,190 $ 10,966 $ 18,105 $ 133,261 Licensing revenues 1,343 – – 1,343 Net sales $ 105,533 $ 10,966 $ 18,105 $ 134,604 Earnings (loss) from operations $ 7,418 $ 884 $ (1,292) $ 7,010 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 (loss) from operations $ 5,139 $ 428 $ (53) $ 5,514

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2019
Employee Retirement Plans
Schedule of Company's net periodic pension cost	The components of the Company’s net periodic pension cost were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in thousands) Service cost $ 128 $ 151 $ 231 $ 301 Interest cost 624 549 1,230 1,098 Expected return on plan assets (625) (646) (1,251) (1,292) Net amortization and deferral 167 159 313 319 Net periodic pension cost $ 294 $ 213 $ 523 $ 426

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases
Schedule of operating lease costs	The components of the Company’s operating lease costs were as follows (dollars in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating lease costs $ 2,198 $ 4,392 Variable lease costs (1) 34 43 Total lease costs $ 2,232 $ 4,435 (1) Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts.
Schedule of maturities of operating lease liabilities	The following is a schedule of maturities of operating lease liabilities as of June 30, 2019 (dollars in thousands): Operating Leases 2019, excluding the six months ended June 30, 2019 $ 4,586 2020 8,085 2021 5,939 2022 3,411 2023 1,979 Thereafter 2,642 Total lease payments 26,642 Less imputed interest (1,749) Present value of lease liabilities 24,893
Schedule of classification of operating lease liabilities	The operating lease liabilities are classified in the consolidated condensed balance sheet (unaudited) as follows (dollars in thousands): June 30, 2019 Operating lease liabilities – current $ 7,878 Operating lease liabilities - non-current 17,015 Total $ 24,893
Schedule of future minimum rental commitments	The future minimum rental commitments under operating leases in effect as of December 31, 2018 having non-cancelable lease terms in excess of one year, as determined in accordance with Topic 840 (prior to the adoption of ASC 842), were as follows (dollars in thousands): Operating Leases 2019 $ 9,468 2020 7,529 2021 5,584 2022 3,278 2023 2,321 Thereafter 4,161 Total $ 32,341
Schedule of supplemental cash flow information	Supplemental cash flow information related to the Company’s operating leases is as follows (dollars in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities $ 2,273 $ 4,525 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ 973 $ 27,002

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2019
Share-Based Compensation Plans
Schedule of Company's stock option activity	The following table summarizes the Company’s stock option activity for the six-month period ended June 30, 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 (18,795) $ 27.75 Forfeited or expired (2,750) $ 31.94 Outstanding at June 30, 2019 1,154,575 $ 27.95 $ 505,000 Exercisable at June 30, 2019 673,092 $ 26.89 $ 284,000 * 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 28 2019, the last trading day of the quarter, of $26.71 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.
Schedule of Company's stock option exercise activity	The following table summarizes the Company’s stock option exercise activity for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in thousands) Total intrinsic value of stock options exercised $ 77 $ 2,549 $ 88 $ 3,050 Net proceeds from stock option exercises $ 154 $ 1,164 $ 161 $ 4,048 Income tax benefit from the exercise of stock options $ 20 $ 663 $ 23 $ 793
Schedule of Company's restricted stock award	The following table summarizes the Company’s restricted stock award activity for the six-month period ended June 30, 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 June 30, 2019 62,080 $ 30.72 $ 1,658,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on June 28, 2019, the last trading day of the quarter, of $26.71 multiplied by the number of non-vested restricted shares outstanding.

Comprehensive Income (Loss) (Ta

Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2019
Comprehensive Income (Loss)
Schedule of comprehensive income (Loss)	Comprehensive income for the three and six months ended June 30, 2019 and 2018, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Dollars in thousands) Net earnings $ 1,514 $ 1,523 $ 5,482 $ 4,339 Foreign currency translation adjustments 100 (991) 230 (1,110) Pension liability, net of tax of $44, $42, $82, and $83, respectively 123 118 231 236 Total comprehensive income $ 1,737 $ 650 $ 5,943 $ 3,465
Schedule of accumulated other comprehensive loss	The components of accumulated other comprehensive loss as recorded on the Consolidated Condensed Balance Sheets (Unaudited) were as follows: June 30, December 31, 2019 2018 (Dollars in thousands) Foreign currency translation adjustments $ (6,671) $ (6,901) Pension liability, net of tax (14,440) (14,671) Total accumulated other comprehensive loss $ (21,111) $ (21,572)
Schedule of changes in accumulated other comprehensive loss	The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the six months ended June 30, 2019: Foreign Defined Currency Benefit Translation Pension Adjustments Items Total Beginning balance, December 31, 2018 $ (6,901) $ (14,671) $ (21,572) Other comprehensive income before reclassifications 230 – 230 Amounts reclassified from accumulated other comprehensive loss – 231 231 Net current period other comprehensive income 230 231 461 Ending balance, June 30, 2019 $ (6,671) $ (14,440) $ (21,111)
Schedule of reclassification adjustments out of accumulated other comprehensive loss	The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the six months ended June 30, 2019: Amounts reclassified from accumulated other comprehensive loss for Affected line item in the the six months ended statement where net June 30, 2019 income is presented Amortization of defined benefit pension items Prior service cost $ (31) (1) Other expense, net Actuarial losses 344 (1) Other expense, net Total before tax 313 Tax benefit (82) Net of tax $ 231 (1) These amounts were included in net periodic pension cost. See Note 8 for additional details.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity
Schedule of reconciliation of company's equity	The following table reconciles the Company’s equity for the six months ended June 30, 2019: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2018 $ 10,057 $ 64,263 $ 152,835 $ (21,572) Net earnings – – 3,968 – Foreign currency translation adjustments – – – 130 Pension liability adjustment, net of tax – – – 108 Cash dividends declared – – (2,299) – Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 1 6 – – Issuance of restricted stock 1 (1) – – Share-based compensation expense – 366 – – Shares purchased and retired (64) – (1,764) – Balance, March 31, 2019 $ 9,995 $ 64,634 $ 152,740 $ (21,334) Net earnings – – 1,514 – Foreign currency translation adjustments – – – 100 Pension liability adjustment, net of tax – – – 123 Cash dividends declared – – (2,401) – Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 7 142 – – Share-based compensation expense – 365 – – Balance, June 30, 2019 $ 10,002 $ 65,141 $ 151,853 $ (21,111) 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 – – 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) Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 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 Net earnings – – 1,626 – (103) Foreign currency translation adjustments – – – (711) (280) Pension liability adjustment, net of tax – – – 118 – Cash dividends declared – – (2,395) – – Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price 89 463 – – – Issuance of restricted stock 2 (2) – – – Share-based compensation expense – 454 – – – Shares purchased and retired (199) – (6,390) – – Balance, June 30, 2018 $ 10,160 $ 59,928 $ 143,921 $ (18,419) $ 6,446

Recently Adopted Accounting P_2

Recently Adopted Accounting Pronouncement- Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Recently Adopted Accounting Pronouncement
Operating Lease, Right-of-Use Asset	$ 23,280	$ 26,000	$ 0
Operating Lease, Liability	$ 24,893	27,800
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		$ 1,800

Earnings Per Share - Earning pe

Earnings Per Share - Earning per share basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net earnings attributable to Weyco Group, Inc.	$ 1,514	$ 1,626	$ 5,482	$ 4,613
Denominator:
Basic weighted average shares outstanding (in shares)	9,938	10,214	9,943	10,194
Effect of dilutive securities:
Employee stock-based awards (in shares)	95	291	87	239
Diluted weighted average shares outstanding (in shares)	10,033	10,505	10,030	10,433
Basic earnings per share (in dollars per share)	$ 0.15	$ 0.16	$ 0.55	$ 0.45
Diluted earnings per share (in dollars per share)	$ 0.15	$ 0.15	$ 0.55	$ 0.44

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	346,000	347,000	207,000
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share)	$ 29.49	$ 29.50	$ 27.94

Investments - Marketable securi

Investments - Marketable securities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost, Current	$ 10,820	$ 1,525
Municipal Bonds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost, Current	10,820	1,525
Amortized Cost, Due from one through five years	9,678	9,752
Amortized Cost, Due from six through ten years	5,032	6,239
Amortized Cost, Due from eleven through twenty years	3,256	2,711
Amortized Cost, Total	28,786	20,227
Market Value, Current	10,838	1,532
Market Value, Due from one through five years	9,925	9,861
Market Value, Due from six through ten years	5,397	6,433
Market Value, Due from eleven through twenty years	3,422	2,713
Market Value, Total	$ 29,582	$ 20,539

Investments - Unrealized gains

Investments - Unrealized gains and losses (Details) - Municipal Bonds [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Net Investment Income [Line Items]
Unrealized Gains	$ 796	$ 388
Unrealized Losses	$ 0	$ (76)

Intangible Assets - Consolidate

Intangible Assets - Consolidated balance sheet (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Amortizable intangible assets:
Gross Carrying Amount	$ 3,500	$ 3,500
Accumulated Amortization	(1,944)	(1,828)
Net	$ 1,556	1,672
Customer Relationships [Member]
Amortizable intangible assets:
Weighted Average Life (Years)	15 years
Gross Carrying Amount	$ 3,500	3,500
Accumulated Amortization	(1,944)	(1,828)
Net	$ 1,556	$ 1,672

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Intangible Assets
Amortization of Intangible Assets	$ 58,000	$ 58,000	$ 116,000	$ 117,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Net sales	$ 60,476	$ 60,888	$ 134,604	$ 130,414
Earnings (loss) from operations	1,864	1,947	7,010	5,514
Product sales [Member]
Segment Reporting Information [Line Items]
Net sales	59,840	60,416	133,261	129,148
Licensing revenues [Member]
Segment Reporting Information [Line Items]
Net sales	636	472	1,343	1,266
Wholesale [Member]
Segment Reporting Information [Line Items]
Net sales	46,052	45,639	105,533	99,427
Earnings (loss) from operations	2,212	1,748	7,418	5,139
Wholesale [Member] | Product sales [Member]
Segment Reporting Information [Line Items]
Net sales	45,416	45,167	104,190	98,161
Wholesale [Member] | Licensing revenues [Member]
Segment Reporting Information [Line Items]
Net sales	636	472	1,343	1,266
Retail Segment [Member]
Segment Reporting Information [Line Items]
Net sales	5,395	4,624	10,966	9,551
Earnings (loss) from operations	401	222	884	428
Retail Segment [Member] | Product sales [Member]
Segment Reporting Information [Line Items]
Net sales	5,395	4,624	10,966	9,551
Retail Segment [Member] | Licensing revenues [Member]
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Other Segment [Member]
Segment Reporting Information [Line Items]
Net sales	9,029	10,625	18,105	21,436
Earnings (loss) from operations	(749)	(23)	(1,292)	(53)
Other Segment [Member] | Product sales [Member]
Segment Reporting Information [Line Items]
Net sales	9,029	10,625	18,105	21,436
Other Segment [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, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Employee Retirement Plans
Service cost	$ 128	$ 151	$ 231	$ 301
Interest cost	624	549	1,230	1,098
Expected return on plan assets	(625)	(646)	(1,251)	(1,292)
Net amortization and deferral	167	159	313	319
Net periodic pension cost	$ 294	$ 213	$ 523	$ 426

Leases - Operating lease costs

Leases - Operating lease costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases
Operating lease costs	$ 2,198	$ 4,392
Variable lease costs	34	43
Total lease costs	$ 2,232	$ 4,435

Leases - Maturities of operatin

Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
Leases
2019, excluding the quarter ended March 31, 2019	$ 4,586
2020	8,085
2021	5,939
2022	3,411
2023	1,979
Thereafter	2,642
Total lease payments	26,642
Less imputed interest	(1,749)
Present value of lease liabilities	$ 24,893	$ 27,800

Leases - Operating lease liabil

Leases - Operating lease liabilities classification (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases
Operating lease liabilities - current	$ 7,878		$ 0
Operating lease liabilities - non-current	17,015		$ 0
Total	$ 24,893	$ 27,800

Leases - Future minimum rental

Leases - Future minimum rental commitments (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases
2019	$ 9,468
2020	7,529
2021	5,584
2022	3,278
2023	2,321
Thereafter	4,161
Total	$ 32,341

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases
Cash paid for amounts included in the measurement of lease liabilities	$ 2,273	$ 4,525
Right-of-use assets obtained in exchange for new lease liabilities (noncash)	$ 973	$ 27,002

Leases - Additional information

Leases - Additional information (Details)	Jun. 30, 2019
Leases
Operating Lease, Weighted Average Discount Rate, Percent	4.25%
Operating Lease, Weighted Average Remaining Lease Term	5 years 10 months 6 days

Share-Based Compensation Plan_2

Share-Based Compensation Plans - Company's stock option activity (Details) - Employee Stock Option [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 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	(18,795)
Shares, Forfeited or expired | shares	(2,750)
Shares, Outstanding at end of year | shares	1,154,575
Shares, Exercisable at end of year | shares	673,092
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	27.75
Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | $ / shares	31.94
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share) | $ / shares	27.95
Weighted Average Exercise Price, Exercisable at end of year (in dollars per share) | $ / shares	$ 26.89
Weighted Average Remaining Contractual Life (Years), Outstanding - December 31, 2018	3 years 8 months 12 days
Weighted Average Remaining Contractual Life (Years), Exercisable - December 31, 2018	1 year 10 months 24 days
Aggregate Intrinsic Value, Outstanding at December 31, 2018 | $	$ 505,000
Aggregate Intrinsic Value, Exercisable at December 31, 2018 | $	$ 284,000

Share-Based Compensation Plan_3

Share-Based Compensation Plans - Company's stock option exercise activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-Based Compensation Plans
Total intrinsic value of stock options exercised	$ 77	$ 2,549	$ 88	$ 3,050
Net proceeds from stock option exercises	154	1,164	161	4,048
Income tax benefit from the exercise of stock options	$ 20	$ 663	$ 23	$ 793

Share-Based Compensation Plan_4

Share-Based Compensation Plans - Company's restricted stock award activity (Details) - Restricted Stock [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 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 2 months 12 days
Aggregate Intrinsic Value | $	$ 1,658,000

Share-Based Compensation Plan_5

Share-Based Compensation Plans - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 29, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 365,000	$ 454,000	$ 731,000	$ 805,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Price	$ 26.71
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share	$ 26.71

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 12
London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Revolving Credit Facility [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Amount, Total	$ 60
Line of Credit, Current	$ 12
Line of Credit Facility, Interest Rate During Period	3.15%

Financial Instruments (Details)

Financial Instruments (Details) - Jun. 30, 2019 $ in Millions, $ in Millions, $ in Millions	CAD ($)	AUD ($)	USD ($)
Foreign Exchange Contracts, Canadian [Member]
Investment Owned, Foreign Currency Contract, Current Value	$ 5		$ 3.8
Foreign Exchange Contracts Australian [Member]
Investment Owned, Foreign Currency Contract, Current Value		$ 4.4	$ 3.1

Comprehensive Income (Loss) - C

Comprehensive Income (Loss) - Comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Comprehensive Income (Loss)
Net earnings	$ 1,514	$ 1,523	$ 5,482	$ 4,339
Foreign currency translation adjustments	100	(991)	230	(1,110)
Pension liability, net of tax of $44, $42, $82, and $83, respectively	123	118	231	236
Total comprehensive income	$ 1,737	$ 650	$ 5,943	$ 3,465

Comprehensive Income (Loss) - A

Comprehensive Income (Loss) - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Comprehensive Income (Loss)
Foreign currency translation adjustments	$ (6,671)	$ (6,901)
Pension liability, net of tax	(14,440)	(14,671)
Total accumulated other comprehensive loss	$ (21,111)	$ (21,572)

Comprehensive Income (Loss) -_2

Comprehensive Income (Loss) - Changes in accumulated comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Comprehensive Income (Loss)
Foreign Currency Translation Adjustments, Beginning balance			$ (6,901)
Foreign Currency Translation Adjustments, Other comprehensive (loss) income before reclassifications			230
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss			0
Foreign Currency Translation Adjustments, Net current period other comprehensive loss (income)			230
Foreign Currency Translation Adjustments, Ending balance	$ (6,671)		(6,671)
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	123	$ 118	231	$ 236
Defined Benefit Pension Items, Net current period other comprehensive loss (income)			231
Defined Benefit Pension Items, Ending balance	(14,440)		(14,440)
Beginning balance			(21,572)
Other comprehensive (loss) income before reclassifications			230
Amounts reclassified from accumulated other comprehensive loss			231
Net current period other comprehensive loss (income)			461
Ending balance	$ (21,111)		$ (21,111)

Comprehensive Income (Loss) - R

Comprehensive Income (Loss) - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Amortization of defined benefit pension items
Prior service cost			$ (31)
Actuarial losses			344
Total before tax			313
Tax benefit			(82)
Net of tax	$ 123	$ 118	$ 231	$ 236

Comprehensive Income (Loss) -_3

Comprehensive Income (Loss) - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Comprehensive Income (Loss)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax	$ 44	$ 42	$ 82	$ 83

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Balance		$ 205,583			$ 205,583
Net earnings	$ 1,514		$ 1,523		5,482	$ 4,339
Foreign currency translation adjustments	100		(991)		230	(1,110)
Pension liability adjustment, net of tax					(231)
Balance	205,885				205,885
Common Stock [Member]
Balance	9,995	10,057	10,268	$ 10,162	10,057	10,162
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	7	1	89	108
Restricted stock forfeited				(2)
Issuance of restricted stock		1	2
Shares purchased and retired		(64)	(199)
Balance	10,002	9,995	10,160	10,268	10,002	10,160
Capital in Excess Of Par Value [Member]
Balance	64,634	64,263	59,013	55,884	64,263	55,884
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	142	6	463	2,776
Restricted stock forfeited				2
Issuance of restricted stock		(1)	(2)
Share-based compensation expense	365	366	454	351
Balance	65,141	64,634	59,928	59,013	65,141	59,928
Reinvested Earnings [Member]
Balance	152,740	152,835	151,080	150,350	152,835	150,350
Net earnings	1,514	3,968	1,626	2,987
Cash dividends declared	(2,401)	(2,299)	(2,395)	(2,257)
Shares purchased and retired		(1,764)	(6,390)
Balance	151,853	152,740	143,921	151,080	151,853	143,921
Accumulated Other Comprehensive Loss [Member]
Balance	(21,334)	(21,572)	(17,826)	(17,859)	(21,572)	(17,859)
Foreign currency translation adjustments	100	130	(711)	(85)
Pension liability adjustment, net of tax	123	108	118	118
Balance	$ (21,111)	$ (21,334)	(18,419)	(17,826)	$ (21,111)	(18,419)
Noncontrolling Interest [Member]
Balance			6,829	7,122		7,122
Net earnings			(103)	(171)
Foreign currency translation adjustments			(280)	(34)
Cash dividends paid to noncontrolling interest				(88)
Balance			$ 6,446	$ 6,829		$ 6,446