Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 22, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-09068 | |
Entity Registrant Name | WEYCO GROUP, INC. | |
Entity Incorporation, State or Country Code | WI | |
Entity Tax Identification Number | 39-0702200 | |
Entity Address, Address Line One | 333 W. Estabrook Boulevard | |
Entity Address, Address Line Two | P. O. Box 1188 | |
Entity Address, City or Town | Milwaukee | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53201 | |
City Area Code | 414 | |
Local Phone Number | 908-1600 | |
Title of 12(b) Security | Common Stock - $1.00 par value per share | |
Trading Symbol | WEYS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,635,433 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000106532 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash and cash equivalents | $ 24,150 | $ 19,711 |
Investments, at fair value | 106 | 8,122 |
Marketable securities, at amortized cost | 719 | 219 |
Accounts receivable, net | 51,871 | 53,287 |
Income tax receivable | 495 | |
Inventories | 62,056 | 71,026 |
Prepaid expenses and other current assets | 4,124 | 4,317 |
Total current assets | 143,026 | 157,177 |
Marketable securities, at amortized cost | 9,023 | 9,996 |
Deferred income tax benefits | 1,098 | 1,063 |
Property, plant and equipment, net | 28,986 | 29,202 |
Operating lease right-of-use assets | 8,790 | 9,543 |
Goodwill | 12,317 | 12,317 |
Trademarks | 34,768 | 34,768 |
Other assets | 23,778 | 23,601 |
Total assets | 261,786 | 277,667 |
LIABILITIES AND EQUITY: | ||
Accounts payable | 6,251 | 19,234 |
Operating lease liabilities | 3,451 | 3,593 |
Accrued liabilities | 7,768 | 11,681 |
Accrued income tax payable | 952 | |
Total current liabilities | 18,422 | 34,508 |
Deferred income tax liabilities | 5,003 | 5,026 |
Long-term pension liability | 27,480 | 27,776 |
Operating lease liabilities | 6,887 | 7,520 |
Other long-term liabilities | 1,626 | 1,442 |
Total liabilities | 59,418 | 76,272 |
Common stock | 9,634 | 9,709 |
Capital in excess of par value | 69,076 | 68,718 |
Reinvested earnings | 147,777 | 147,762 |
Accumulated other comprehensive loss | (24,119) | (24,794) |
Total equity | 202,368 | 201,395 |
Total liabilities and equity | $ 261,786 | $ 277,667 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED) | ||
Net sales | $ 81,360 | $ 46,900 |
Cost of sales | 52,232 | 27,595 |
Gross earnings | 29,128 | 19,305 |
Selling and administrative expenses | 23,697 | 17,671 |
Earnings from operations | 5,431 | 1,634 |
Interest income | 91 | 131 |
Interest expense | (1) | (7) |
Other (expense) income, net | (6) | 138 |
Earnings before provision for income taxes | 5,515 | 1,896 |
Provision for income taxes | 1,462 | 571 |
Net earnings | $ 4,053 | $ 1,325 |
Basic weighted average shares outstanding | 9,596 | 9,680 |
Diluted weighted average shares outstanding | 9,647 | 9,686 |
Basic earnings per share | $ 0.42 | $ 0.14 |
Diluted earnings per share | 0.42 | 0.14 |
Cash dividends declared (per share) | $ 0.24 | $ 0.24 |
Comprehensive income | $ 4,728 | $ 1,365 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 4,053 | $ 1,325 |
Adjustments to reconcile net earnings to net cash provided by operating activities - | ||
Depreciation | 604 | 623 |
Amortization | 71 | 82 |
Bad debt expense | 15 | 17 |
Deferred income taxes | (111) | 39 |
Net foreign currency transaction losses (gains) | 32 | (115) |
Share-based compensation expense | 350 | 545 |
Increase in cash surrender value of life insurance | (150) | (150) |
Changes in operating assets and liabilities - | ||
Accounts receivable | 1,395 | 2,273 |
Inventories | 8,980 | 11,700 |
Prepaid expenses and other assets | 89 | 572 |
Accounts payable | (12,966) | (1,839) |
Accrued liabilities and other | (3,578) | (1,425) |
Accrued income taxes | 1,447 | 522 |
Net cash provided by operating activities | 231 | 14,169 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of marketable securities | 475 | 1,720 |
Purchases of investment securities | (20,011) | |
Proceeds from sale of investment securities | 8,050 | |
Purchases of property, plant and equipment | (352) | (73) |
Net cash provided by (used for) investing activities | 8,173 | (18,364) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends paid | (2,297) | (2,319) |
Shares purchased and retired | (1,797) | (1,079) |
Proceeds from stock option exercised | 11 | |
Net cash used for financing activities | (4,083) | (3,398) |
Effect of exchange rate changes on cash and cash equivalents | 118 | (23) |
Net increase (decrease) in cash and cash equivalents | 4,439 | (7,616) |
CASH AND CASH EQUIVALENTS at beginning of period | 19,711 | 32,476 |
CASH AND CASH EQUIVALENTS at end of period | 24,150 | 24,860 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid, net of refunds | 75 | 24 |
Interest paid | $ 1 | $ 7 |
Financial Statements
Financial Statements | 3 Months Ended |
Mar. 31, 2022 | |
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-month period ended March 31, 2022, may not necessarily be indicative of the results for the full year. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results specifically related to inventory reserves, realizability of deferred tax assets, goodwill and trademarks could materially differ from those estimates, which would impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
New Accounting Pronouncements | |
New Accounting Pronouncements | 2. New Accounting Pronouncement Not Yet Adopted In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2022 | |
Acquisition | |
Acquisition | 3. Acquisition On June 7, 2021, the Company acquired substantially all of the operating assets and certain liabilities of Forsake, Inc. (“Forsake”) a distributor of outdoor footwear, under the brand name “Forsake.” The principal assets acquired were inventory, accounts receivable, and intellectual property, including the Forsake brand name. The aggregate purchase price was approximately $ 2.6 million, plus contingent payments to be paid annually over a period of five years , depending on Forsake achieving certain performance measures. The Company’s estimate of the discounted fair value of the contingent payments was approximately $ 1.3 million in total. The $ 2.6 million purchase price was funded with the Company’s available cash. Transaction costs incurred in connection with the acquisition were not material to the Company’s financial statements. The fair values assigned to the assets acquired and liabilities assumed were: Accounts receivable, net $ 143 Inventories 619 Prepaid expenses and other current assets 72 Property, plant and equipment, net 17 Goodwill 1,205 Trademark 1,900 Accrued liabilities (48) $ 3,908 The Company recorded $ 3.1 million of intangible assets, including $ 1.2 million of goodwill, which has been allocated to the wholesale and retail segments as of the acquisition date. Goodwill reflects the excess purchase price over the fair value of net assets. All of this goodwill is deductible for tax purposes. The trademark will not be amortized, but instead tested for impairment on an annual basis. The accompanying consolidated condensed financial statements include the results of Forsake from the date of acquisition through March 31, 2022. For the three months ended March 31, 2022, Forsake’s net sales totaled approximately $0.7 million, of which $0.4 million was recognized in the wholesale segment and $0.3 million was recognized in the retail segment. Pro forma financial information is not presented as the effects of this acquisition are not material to the Company’s results of operations or financial position. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 (In thousands, except per share amounts) Numerator: Net earnings $ 4,053 $ 1,325 Denominator: Basic weighted average shares outstanding 9,596 9,680 Effect of dilutive securities: Employee share-based awards 51 6 Diluted weighted average shares outstanding 9,647 9,686 Basic earnings per share $ 0.42 $ 0.14 Diluted earnings per share $ 0.42 $ 0.14 Diluted weighted average shares outstanding for the three months ended March 31, 2022, excludes anti-dilutive stock options totaling 928,000 shares of common stock at a weighted average price of $27.24. Diluted weighted average shares outstanding for the three months ended March 31, 2021, excludes anti-dilutive stock options totaling 1,160,000 shares of common stock at a weighted average price of $24.86. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments | |
Investments | 5. Investments Investments, at fair value At March 31, 2022 and December 31, 2021, the Company had $0.1 million and $8.1 million, respectively, of cash invested in highly liquid taxable bond funds. The Company classifies these investments as trading securities and reports them at fair value. There were no significant unrealized gains or losses on these investments in the first quarters of 2022 and 2021. The fair value measurements of these investments are based on quoted market prices in active markets, and thus represent a level 1 valuation as defined by Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures. Marketable securities, at amortized cost The Company also invests in marketable securities. As noted in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, all of the Company’s marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC 320, Investments - Debt and Equity Securities Below is a summary of the amortized cost and estimated market values of the Company’s marketable securities as of March 31, 2022, and December 31, 2021. March 31, 2022 December 31, 2021 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 719 $ 725 $ 219 $ 223 Due from one through five years 5,705 5,784 6,503 6,805 Due from six through ten years 2,305 2,473 2,479 2,790 Due from eleven through twenty years 1,013 1,044 1,014 1,102 Total $ 9,742 $ 10,026 $ 10,215 $ 10,920 The unrealized gains and losses on marketable securities at March 31, 2022, and at December 31, 2021, were as follows: March 31, 2022 December 31, 2021 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 290 $ (6) $ 705 $ — The estimated market values provided are level 2 valuations as defined by ASC 820. The Company reviewed its portfolio of investments as of March 31, 2022, and determined that no other-than-temporary market value impairment exists. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Intangible Assets | |
Intangible Assets | 6. Intangible Assets The Company’s indefinite-lived intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: March 31, 2022 December 31, 2021 (Dollars in thousands) Indefinite-lived intangibles: Goodwill $ 12,317 $ 12,317 Trademarks 34,768 34,768 Total $ 47,085 $ 47,085 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, 2022 December 31, 2021 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 $ (2,586) $ 914 $ 3,500 $ (2,528) $ 972 Total amortizable intangible assets $ 3,500 $ (2,586) $ 914 $ 3,500 $ (2,528) $ 972 Amortization expense related to the intangible assets was approximately $58,000 in both the first quarters of 2022 and 2021. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
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 Company’s Chief Executive Officer evaluates the performance of the Company’s segments based on earnings (loss) from operations. Therefore, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the 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, 2022 and 2021, was as follows: Three Months Ended March 31, Wholesale Retail Other Total (Dollars in thousands) 2022 Product sales $ 66,668 $ 7,860 $ 6,400 $ 80,928 Licensing revenues 432 — — 432 Net sales $ 67,100 $ 7,860 $ 6,400 $ 81,360 Earnings (loss) from operations $ 4,846 $ 828 $ (243) $ 5,431 2021 Product sales $ 33,036 $ 5,618 $ 7,904 $ 46,558 Licensing revenues 342 — — 342 Net sales $ 33,378 $ 5,618 $ 7,904 $ 46,900 Earnings (loss) from operations $ 1,359 $ 756 $ (481) $ 1,634 |
Employee Retirement Plans
Employee Retirement Plans | 3 Months Ended |
Mar. 31, 2022 | |
Employee Retirement Plans | |
Employee Retirement Plans | 8. Employee Retirement Plans The components of the Company’s pension expense were as follows: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Service cost $ 112 $ 102 Interest cost 432 371 Expected return on plan assets (752) (720) Net amortization and deferral 208 247 Pension expense $ — $ — The components of pension expense other than the service cost component were included in "other (expense) income, net" in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Unaudited). |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
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 2022 and 2029. 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: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Operating lease costs $ 1,264 $ 1,334 Variable lease costs (1) — 20 Total lease costs $ 1,264 $ 1,354 (1) Short-term lease costs, which were excluded from the above table, are not material to the Company’s financial statements. The following is a schedule of maturities of operating lease liabilities as of March 31, 2022: Operating Leases (Dollars in thousands) 2022, excluding the quarter ended March 31, 2022 $ 2,924 2023 3,013 2024 2,102 2025 1,379 2026 1,025 Thereafter 724 Total lease payments 11,167 Less imputed interest (829) Present value of lease liabilities $ 10,338 The operating lease liabilities are classified in the consolidated condensed balance sheets (unaudited) as follows: March 31, 2022 December 31, 2021 (Dollars in thousands) Operating lease liabilities - current $ 3,451 $ 3,593 Operating lease liabilities - non-current 6,887 7,520 Total $ 10,338 $ 11,113 The Company determined the present value of its lease liabilities using a weighted-average discount rate of 4.25%. As of March 31, 2022, the Company’s leases have a weighted-average remaining lease term of 3.4 years. Supplemental cash flow information related to the Company’s operating leases is as follows: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,128 $ 1,387 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ — $ 2,022 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Taxes | |
Income Taxes | 10. Income Taxes The effective income tax rates for the three months ended March 31, 2022 and 2021 were 26.5% and 30.1%, respectively. The 2022 and 2021 effective tax rates were negatively impacted because the Company did not record income tax benefits on foreign subsidiary losses in these periods. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Compensation Plans | |
Share-Based Compensation Plans | 11. Share-Based Compensation Plans During the three months ended March 31, 2022, the Company recognized $350,000 of compensation expense associated with stock option and restricted stock awards granted in years 2017 through 2021. During the three months ended March 31, 2021, the Company recognized $545,000 of compensation expense associated with stock option and restricted stock awards granted in years 2015 through 2020. The following table summarizes the Company’s stock option activity for the three-month period ended March 31, 2022: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2021 1,279,833 $ 25.44 Granted — — Exercised (500) 18.00 Forfeited or expired (5,740) 22.82 Outstanding at March 31, 2022 1,273,593 $ 25.46 5.4 $ 1,530,000 Exercisable at March 31, 2022 767,622 $ 26.59 3.5 $ 336,000 * 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 31, 2022 of $24.72 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. The following table summarizes the Company’s restricted stock award activity for the three-month period ended March 31, 2022: Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2021 78,470 $ 23.11 Issued — — Vested (150) 28.77 Forfeited — — Non-vested at March 31, 2022 78,320 $ 23.10 2.5 $ 1,936,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on March 31, 2022 of $24.72 multiplied by the number of non-vested restricted shares outstanding. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2022 | |
Short-Term Borrowings | |
Short-Term Borrowings | 12. Short-Term Borrowings At March 31, 2022, the Company had a $40 million revolving line of credit with a bank that is secured by a lien against the Company’s general corporate assets. The line of credit bears interest at LIBOR plus 1.35% and expires on November 4, 2022. The related credit agreement contains customary representations, warranties, and covenants (including a minimum tangible net worth financial covenant) for a facility of this type. At March 31, 2022, there were no amounts outstanding on the Company’s line of credit. There were also no amounts outstanding on the line of credit during the quarter. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Financial Instruments | |
Financial Instruments | 13. Financial Instruments At March 31, 2022, the Company’s wholly-owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $3.9 million U.S. dollars at a price of approximately $5.3 million Australian dollars. These contracts all expire in 2022. 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, 2022 | |
Comprehensive Income | |
Comprehensive Income | 14. Comprehensive Income Comprehensive income for the three months ended March 31, 2022 and 2021, was as follows: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Net earnings $ 4,053 $ 1,325 Foreign currency translation adjustments 521 (143) Pension liability, net of tax of $54 and $64, respectively 154 183 Total comprehensive income $ 4,728 $ 1,365 The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: March 31, December 31, 2022 2021 (Dollars in thousands) Foreign currency translation adjustments $ (6,262) $ (6,783) Pension liability, net of tax (17,857) (18,011) Total accumulated other comprehensive loss $ (24,119) $ (24,794) The following table shows changes in accumulated other comprehensive loss during the three months ended March 31, 2022 and 2021: Foreign Defined Currency Benefit Translation Pension Adjustments Items Total Beginning balance, December 31, 2021 $ (6,783) $ (18,011) $ (24,794) Other comprehensive income before reclassifications 521 — 521 Amounts reclassified from accumulated other comprehensive loss — 154 154 Net current period other comprehensive income 521 154 675 Ending balance, March 31, 2022 $ (6,262) $ (17,857) $ (24,119) Foreign Defined Currency Benefit Translation Pension Adjustments Items Total Beginning balance, December 31, 2020 $ (6,050) $ (21,955) $ (28,005) Other comprehensive loss before reclassifications (143) — (143) Amounts reclassified from accumulated other comprehensive loss — 183 183 Net current period other comprehensive (loss) income (143) 183 40 Ending balance, March 31, 2021 $ (6,193) $ (21,772) $ (27,965) The following table shows reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2022: Amounts reclassified from accumulated other comprehensive loss for Affected line item in the the three months ended statement where net income is March 31, 2022 presented Amortization of defined benefit pension items Prior service cost $ 2 (1) Other (expense) income, net Actuarial losses 206 (1) Other (expense) income, net Total before tax 208 Tax benefit (54) Net of tax $ 154 (1) These amounts were included in pension expense. See Note 8 for additional details. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity | |
Equity | 15. Equity The following table reconciles the Company’s equity for the three months ended March 31, 2022: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2021 $ 9,709 $ 68,718 $ 147,762 $ (24,794) Net earnings — — 4,053 — Foreign currency translation adjustments — — — 521 Pension liability adjustment, net of tax — — — 154 Cash dividends declared — — (2,316) — Stock option exercised — 8 — — Share-based compensation expense — 350 — — Shares purchased and retired (75) — (1,722) — Balance, March 31, 2022 $ 9,634 $ 69,076 $ 147,777 $ (24,119) The following table reconciles the Company’s equity for the three months ended March 31, 2021: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2020 $ 9,797 $ 67,178 $ 138,955 $ (28,005) Net earnings — — 1,325 — Foreign currency translation adjustments — — — (143) Pension liability adjustment, net of tax — — — 183 Cash dividends declared — — (2,336) — Share-based compensation expense — 545 — — Shares purchased and retired (62) — (1,017) — Balance, March 31, 2021 $ 9,735 $ 67,723 $ 136,927 $ (27,965) |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Event | |
Subsequent Event | 16. Subsequent Event On May 3, 2022, the Company's Board of Directors authorized the repurchase of an additional 1.0 million shares of common stock under its repurchase program, bringing the total available for repurchase to approximately 1.1 million shares. |
Financial Statements (Policies)
Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Financial Statements | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results specifically related to inventory reserves, realizability of deferred tax assets, goodwill and trademarks could materially differ from those estimates, which would impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes. |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Acquisition | |
Schedule of fair values assigned to the assets acquired and liabilities assumed as of the acquisition date | Accounts receivable, net $ 143 Inventories 619 Prepaid expenses and other current assets 72 Property, plant and equipment, net 17 Goodwill 1,205 Trademark 1,900 Accrued liabilities (48) $ 3,908 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended March 31, 2022 2021 (In thousands, except per share amounts) Numerator: Net earnings $ 4,053 $ 1,325 Denominator: Basic weighted average shares outstanding 9,596 9,680 Effect of dilutive securities: Employee share-based awards 51 6 Diluted weighted average shares outstanding 9,647 9,686 Basic earnings per share $ 0.42 $ 0.14 Diluted earnings per share $ 0.42 $ 0.14 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, and December 31, 2021. March 31, 2022 December 31, 2021 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Municipal bonds: Current $ 719 $ 725 $ 219 $ 223 Due from one through five years 5,705 5,784 6,503 6,805 Due from six through ten years 2,305 2,473 2,479 2,790 Due from eleven through twenty years 1,013 1,044 1,014 1,102 Total $ 9,742 $ 10,026 $ 10,215 $ 10,920 |
Schedule of Unrealized gains and losses on marketable securities | The unrealized gains and losses on marketable securities at March 31, 2022, and at December 31, 2021, were as follows: March 31, 2022 December 31, 2021 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Municipal bonds $ 290 $ (6) $ 705 $ — |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Intangible Assets | |
Schedule of indefinite-lived intangible assets | The Company’s indefinite-lived intangible assets as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: March 31, 2022 December 31, 2021 (Dollars in thousands) Indefinite-lived intangibles: Goodwill $ 12,317 $ 12,317 Trademarks 34,768 34,768 Total $ 47,085 $ 47,085 |
Schedule of Company's amortizable intangible assets | The Company’s amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: March 31, 2022 December 31, 2021 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 $ (2,586) $ 914 $ 3,500 $ (2,528) $ 972 Total amortizable intangible assets $ 3,500 $ (2,586) $ 914 $ 3,500 $ (2,528) $ 972 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Information | |
Schedule of Segment Reporting Information | Three Months Ended March 31, Wholesale Retail Other Total (Dollars in thousands) 2022 Product sales $ 66,668 $ 7,860 $ 6,400 $ 80,928 Licensing revenues 432 — — 432 Net sales $ 67,100 $ 7,860 $ 6,400 $ 81,360 Earnings (loss) from operations $ 4,846 $ 828 $ (243) $ 5,431 2021 Product sales $ 33,036 $ 5,618 $ 7,904 $ 46,558 Licensing revenues 342 — — 342 Net sales $ 33,378 $ 5,618 $ 7,904 $ 46,900 Earnings (loss) from operations $ 1,359 $ 756 $ (481) $ 1,634 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Employee Retirement Plans | |
Schedule of Company's pension expense | The components of the Company’s pension expense were as follows: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Service cost $ 112 $ 102 Interest cost 432 371 Expected return on plan assets (752) (720) Net amortization and deferral 208 247 Pension expense $ — $ — |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases | |
Schedule of operating lease costs | The components of the Company’s operating lease costs were as follows: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Operating lease costs $ 1,264 $ 1,334 Variable lease costs (1) — 20 Total lease costs $ 1,264 $ 1,354 (1) |
Schedule of maturities of operating lease liabilities | The following is a schedule of maturities of operating lease liabilities as of March 31, 2022: Operating Leases (Dollars in thousands) 2022, excluding the quarter ended March 31, 2022 $ 2,924 2023 3,013 2024 2,102 2025 1,379 2026 1,025 Thereafter 724 Total lease payments 11,167 Less imputed interest (829) Present value of lease liabilities $ 10,338 The operating lease liabilities are classified in the consolidated condensed balance sheets (unaudited) as follows: March 31, 2022 December 31, 2021 (Dollars in thousands) Operating lease liabilities - current $ 3,451 $ 3,593 Operating lease liabilities - non-current 6,887 7,520 Total $ 10,338 $ 11,113 |
Schedule of supplemental cash flow information | Supplemental cash flow information related to the Company’s operating leases is as follows: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,128 $ 1,387 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ — $ 2,022 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Compensation Plans | |
Schedule of Company's stock option activity | The following table summarizes the Company’s stock option activity for the three-month period ended March 31, 2022: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term (Years) Value* Outstanding at December 31, 2021 1,279,833 $ 25.44 Granted — — Exercised (500) 18.00 Forfeited or expired (5,740) 22.82 Outstanding at March 31, 2022 1,273,593 $ 25.46 5.4 $ 1,530,000 Exercisable at March 31, 2022 767,622 $ 26.59 3.5 $ 336,000 * 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 31, 2022 of $24.72 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. |
Schedule of Company's restricted stock award | The following table summarizes the Company’s restricted stock award activity for the three-month period ended March 31, 2022: Weighted Weighted Average Shares of Average Remaining Aggregate Restricted Grant Date Contractual Intrinsic Stock Fair Value Term (Years) Value* Non-vested at December 31, 2021 78,470 $ 23.11 Issued — — Vested (150) 28.77 Forfeited — — Non-vested at March 31, 2022 78,320 $ 23.10 2.5 $ 1,936,000 * The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of the Company’s stock on March 31, 2022 of $24.72 multiplied by the number of non-vested restricted shares outstanding. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Comprehensive Income | |
Schedule of comprehensive income | Comprehensive income for the three months ended March 31, 2022 and 2021, was as follows: Three Months Ended March 31, 2022 2021 (Dollars in thousands) Net earnings $ 4,053 $ 1,325 Foreign currency translation adjustments 521 (143) Pension liability, net of tax of $54 and $64, respectively 154 183 Total comprehensive income $ 4,728 $ 1,365 |
Schedule of accumulated other comprehensive loss | The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: March 31, December 31, 2022 2021 (Dollars in thousands) Foreign currency translation adjustments $ (6,262) $ (6,783) Pension liability, net of tax (17,857) (18,011) Total accumulated other comprehensive loss $ (24,119) $ (24,794) |
Schedule of changes in accumulated other comprehensive loss | The following table shows changes in accumulated other comprehensive loss during the three months ended March 31, 2022 and 2021: Foreign Defined Currency Benefit Translation Pension Adjustments Items Total Beginning balance, December 31, 2021 $ (6,783) $ (18,011) $ (24,794) Other comprehensive income before reclassifications 521 — 521 Amounts reclassified from accumulated other comprehensive loss — 154 154 Net current period other comprehensive income 521 154 675 Ending balance, March 31, 2022 $ (6,262) $ (17,857) $ (24,119) Foreign Defined Currency Benefit Translation Pension Adjustments Items Total Beginning balance, December 31, 2020 $ (6,050) $ (21,955) $ (28,005) Other comprehensive loss before reclassifications (143) — (143) Amounts reclassified from accumulated other comprehensive loss — 183 183 Net current period other comprehensive (loss) income (143) 183 40 Ending balance, March 31, 2021 $ (6,193) $ (21,772) $ (27,965) |
Schedule of reclassification adjustments out of accumulated other comprehensive loss | The following table shows reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2022: Amounts reclassified from accumulated other comprehensive loss for Affected line item in the the three months ended statement where net income is March 31, 2022 presented Amortization of defined benefit pension items Prior service cost $ 2 (1) Other (expense) income, net Actuarial losses 206 (1) Other (expense) income, net Total before tax 208 Tax benefit (54) Net of tax $ 154 (1) These amounts were included in pension expense. See Note 8 for additional details. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity | |
Schedule of reconciliation of company's equity | The following table reconciles the Company’s equity for the three months ended March 31, 2022: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2021 $ 9,709 $ 68,718 $ 147,762 $ (24,794) Net earnings — — 4,053 — Foreign currency translation adjustments — — — 521 Pension liability adjustment, net of tax — — — 154 Cash dividends declared — — (2,316) — Stock option exercised — 8 — — Share-based compensation expense — 350 — — Shares purchased and retired (75) — (1,722) — Balance, March 31, 2022 $ 9,634 $ 69,076 $ 147,777 $ (24,119) The following table reconciles the Company’s equity for the three months ended March 31, 2021: Accumulated Capital in Other Common Excess of Reinvested Comprehensive Stock Par Value Earnings Loss (Dollars in thousands) Balance, December 31, 2020 $ 9,797 $ 67,178 $ 138,955 $ (28,005) Net earnings — — 1,325 — Foreign currency translation adjustments — — — (143) Pension liability adjustment, net of tax — — — 183 Cash dividends declared — — (2,336) — Share-based compensation expense — 545 — — Shares purchased and retired (62) — (1,017) — Balance, March 31, 2021 $ 9,735 $ 67,723 $ 136,927 $ (27,965) |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | Jun. 07, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 12,317 | $ 12,317 | |
Forsake | |||
Business Acquisition [Line Items] | |||
Aggregate purchase price | $ 2,600 | ||
Period for payments of contingent consideration | 5 years | ||
Preliminary estimate of the discounted fair value of the contingent payments | $ 1,300 | ||
Recorded intangible assets | 3,100 | ||
Goodwill | $ 1,205 | ||
Net sales | 700 | ||
Forsake | Wholesale | |||
Business Acquisition [Line Items] | |||
Net sales | 400 | ||
Forsake | Retail | |||
Business Acquisition [Line Items] | |||
Net sales | $ 300 |
Acquisition - Accrued liabiliti
Acquisition - Accrued liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 07, 2021 |
Fair values assigned to the assets acquired and liabilities assumed as of the acquisition date | |||
Goodwill | $ 12,317 | $ 12,317 | |
Forsake | |||
Fair values assigned to the assets acquired and liabilities assumed as of the acquisition date | |||
Accounts receivable, net | $ 143 | ||
Inventories | 619 | ||
Prepaid expenses and other current assets | 72 | ||
Property, plant and equipment, net | 17 | ||
Goodwill | 1,205 | ||
Trademark | 1,900 | ||
Accrued liabilities | (48) | ||
Total | $ 3,908 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net earnings | $ 4,053 | $ 1,325 |
Denominator: | ||
Basic weighted average shares outstanding | 9,596 | 9,680 |
Effect of dilutive securities: | ||
Employee share-based awards | 51 | 6 |
Diluted weighted average shares outstanding | 9,647 | 9,686 |
Basic earnings per share | $ 0.42 | $ 0.14 |
Diluted earnings per share | $ 0.42 | $ 0.14 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 928,000 | 1,160,000 |
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) | $ 27.24 | $ 24.86 |
Investments - Investments, at f
Investments - Investments, at fair value (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Investments | |||
Investments, at fair value | $ 106 | $ 8,122 | |
Unrealized Gain (Loss) on Investments | $ 0 | $ 0 |
Investments - Marketable Securi
Investments - Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | $ 719 | $ 219 |
Municipal bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | 719 | 219 |
Amortized Cost, Due from one through five years | 5,705 | 6,503 |
Amortized Cost, Due from six through ten years | 2,305 | 2,479 |
Amortized Cost, Due from eleven through twenty years | 1,013 | 1,014 |
Amortized Cost, Total | 9,742 | 10,215 |
Market Value, Current | 725 | 223 |
Market Value, Due from one through five years | 5,784 | 6,805 |
Market Value, Due from six through ten years | 2,473 | 2,790 |
Market Value, Due from eleven through twenty years | 1,044 | 1,102 |
Market Value, Total | $ 10,026 | $ 10,920 |
Investments - Unrealized gains
Investments - Unrealized gains and losses (Details) - Municipal bonds - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | ||
Unrealized Gains | $ 290 | $ 705 |
Unrealized Losses | $ (6) | $ 0 |
Intangible Assets - Company's i
Intangible Assets - Company's indefinite-lived intangible assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Indefinite-lived intangibles: | ||
Goodwill | $ 12,317 | $ 12,317 |
Trademarks | 34,768 | 34,768 |
Total | $ 47,085 | $ 47,085 |
Intangible Assets - Company's a
Intangible Assets - Company's amortizable intangible assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Amortizable intangible assets | ||
Gross Carrying Amount | $ 3,500 | $ 3,500 |
Accumulated Amortization | (2,586) | (2,528) |
Net | $ 914 | 972 |
Customer relationships | ||
Amortizable intangible assets | ||
Weighted Average Life (Years) | 15 years | |
Gross Carrying Amount | $ 3,500 | 3,500 |
Accumulated Amortization | (2,586) | (2,528) |
Net | $ 914 | $ 972 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Intangible Assets | ||
Amortization of Intangible Assets | $ 58,000 | $ 58,000 |
Segment Information - Schedule
Segment Information - Schedule of segment data (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)segment | Mar. 31, 2021USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of Reportable Segments | segment | 2 | |
Net sales | $ 81,360 | $ 46,900 |
Earnings (loss) from operations | 5,431 | 1,634 |
Product sales | ||
Segment Reporting Information [Line Items] | ||
Net sales | 80,928 | 46,558 |
Licensing revenues | ||
Segment Reporting Information [Line Items] | ||
Net sales | 432 | 342 |
Wholesale | ||
Segment Reporting Information [Line Items] | ||
Net sales | 67,100 | 33,378 |
Earnings (loss) from operations | 4,846 | 1,359 |
Wholesale | Product sales | ||
Segment Reporting Information [Line Items] | ||
Net sales | 66,668 | 33,036 |
Wholesale | Licensing revenues | ||
Segment Reporting Information [Line Items] | ||
Net sales | 432 | 342 |
Retail | ||
Segment Reporting Information [Line Items] | ||
Net sales | 7,860 | 5,618 |
Earnings (loss) from operations | 828 | 756 |
Retail | Product sales | ||
Segment Reporting Information [Line Items] | ||
Net sales | 7,860 | 5,618 |
Retail | Licensing revenues | ||
Segment Reporting Information [Line Items] | ||
Net sales | 0 | 0 |
Other Segment | ||
Segment Reporting Information [Line Items] | ||
Net sales | 6,400 | 7,904 |
Earnings (loss) from operations | (243) | (481) |
Other Segment | Product sales | ||
Segment Reporting Information [Line Items] | ||
Net sales | 6,400 | 7,904 |
Other Segment | Licensing revenues | ||
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, 2022 | Mar. 31, 2021 | |
Employee Retirement Plans | ||
Service cost | $ 112 | $ 102 |
Interest cost | 432 | 371 |
Expected return on plan assets | (752) | (720) |
Net amortization and deferral | 208 | 247 |
Pension expense | $ 0 | $ 0 |
Leases - Operating lease costs
Leases - Operating lease costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases | ||
Operating lease costs | $ 1,264 | $ 1,334 |
Variable lease costs | 20 | |
Total lease costs | $ 1,264 | $ 1,354 |
Leases - Maturities of operatin
Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases | ||
2022, excluding the quarter ended March 31, 2022 | $ 2,924 | |
2023 | 3,013 | |
2024 | 2,102 | |
2025 | 1,379 | |
2026 | 1,025 | |
Thereafter | 724 | |
Total lease payments | 11,167 | |
Less imputed interest | (829) | |
Present value of lease liabilities | $ 10,338 | $ 11,113 |
Leases - Operating lease liabil
Leases - Operating lease liabilities classification (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases | ||
Operating lease liabilities - current | $ 3,451 | $ 3,593 |
Operating lease liabilities - non-current | 6,887 | 7,520 |
Total | $ 10,338 | $ 11,113 |
Leases - Additional Information
Leases - Additional Information (Details) | Mar. 31, 2022 |
Leases | |
Weighted-average discount rate (percent) | 4.25% |
Weighted-average remaining lease term | 3 years 4 months 24 days |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,128 | $ 1,387 |
Right-of-use assets obtained in exchange for new lease liabilities (noncash) | $ 0 | $ 2,022 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Taxes | ||
Effective tax rate | 26.50% | 30.10% |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Compensation Plans | ||
Allocated Share-based Compensation Expense | $ 350,000 | $ 545,000 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Company's stock option activity (Details) | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair market value of options granted (in dollars per share) | $ 24.72 |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding at beginning of period | shares | 1,279,833 |
Shares, Exercised | shares | (500) |
Shares, Forfeited or expired | shares | (5,740) |
Shares, Outstanding at end of period | shares | 1,273,593 |
Shares, Exercisable at end of period | shares | 767,622 |
Weighted Average Exercise Price, Outstanding at beginning of period (in dollars per share) | $ 25.44 |
Weighted Average Exercise Price, Exercised (in dollars per share) | 18 |
Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | 22.82 |
Weighted Average Exercise Price, Outstanding at end of period (in dollars per share) | 25.46 |
Weighted Average Exercise Price, Exercisable at end of period (in dollars per share) | $ 26.59 |
Weighted Average Remaining Contractual Term (Years), Outstanding - March 31, 2022 | 5 years 4 months 24 days |
Weighted Average Remaining Contractual Term (Years), Exercisable, Outstanding - March 31, 2022 | 3 years 6 months |
Aggregate Intrinsic Value, Outstanding at March 31, 2022 | $ | $ 1,530,000 |
Aggregate Intrinsic Value, Exercisable at March 31, 2022 | $ | $ 336,000 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Company's restricted stock award activities (Details) | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair market value of options granted (in dollars per share) | $ 24.72 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of Restricted Stock, Non-vested beginning of period | shares | 78,470 |
Shares of Restricted Stock, Vested | shares | (150) |
Shares of Restricted Stock, Non-vested end of period | shares | 78,320 |
Weighted Average Grant Date Fair Value, Non-vested beginning of period (in dollars per share) | $ 23.11 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | 28.77 |
Weighted Average Grant Date Fair Value, Non-vested end of period (in dollars per share) | $ 23.10 |
Weighted Average Remaining Contractual Term (Years) | 2 years 6 months |
Aggregate Intrinsic Value | $ | $ 1,936,000 |
Fair market value of options granted (in dollars per share) | $ 24.72 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) - Revolving Credit Facility | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Short-term Debt [Line Items] | |
Line of Credit Facility, Amount, Total | $ 40,000,000 |
Line of credit facility, expiration date | Nov. 4, 2022 |
Line of credit current | $ 0 |
London Interbank Offered Rate (LIBOR) | |
Short-term Debt [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.35% |
Financial Instruments (Details)
Financial Instruments (Details) - Mar. 31, 2022 $ in Millions, $ in Millions | USD ($) | AUD ($) |
Foreign Exchange Contracts Australian [Member] | ||
Foreign exchange contracts outstanding | $ 3.9 | $ 5.3 |
Comprehensive Income - Comprehe
Comprehensive Income - Comprehensive income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Comprehensive Income | ||
Net earnings | $ 4,053 | $ 1,325 |
Foreign currency translation adjustments | 521 | (143) |
Pension liability, net of tax of $54 and $64, respectively | 154 | 183 |
Total comprehensive income | 4,728 | 1,365 |
Other Comprehensive Income (Loss), Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 54 | $ 64 |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Comprehensive Income | ||||
Foreign currency translation adjustments | $ (6,262) | $ (6,783) | $ (6,193) | $ (6,050) |
Pension liability, net of tax | (17,857) | (18,011) | (21,772) | (21,955) |
Total accumulated other comprehensive loss | $ (24,119) | $ (24,794) | $ (27,965) | $ (28,005) |
Comprehensive Income - Changes
Comprehensive Income - Changes in accumulated comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Comprehensive Income | ||
Foreign Currency Translation Adjustments, Beginning balance | $ (6,783) | $ (6,050) |
Foreign Currency Translation Adjustments, Other comprehensive loss income before reclassifications | 521 | (143) |
Foreign Currency Translation Adjustments, Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Foreign Currency Translation Adjustments, Net current period other comprehensive income | 521 | (143) |
Foreign Currency Translation Adjustments, Ending balance | (6,262) | (6,193) |
Defined Benefit Pension Items, Beginning balance | (18,011) | (21,955) |
Defined Benefit Pension Items, Other comprehensive (loss) income before reclassifications | 0 | 0 |
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss | 154 | 183 |
Defined Benefit Pension Items, Net current period other comprehensive (loss) income | 154 | 183 |
Defined Benefit Pension Items, Ending balance | (17,857) | (21,772) |
Beginning balance | (24,794) | (28,005) |
Other comprehensive loss before reclassifications | 521 | (143) |
Amounts reclassified from accumulated other comprehensive loss | 154 | 183 |
Net current period other comprehensive (loss) income | 675 | 40 |
Ending balance | $ (24,119) | $ (27,965) |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of defined benefit pension items | ||
Prior service cost | $ 2 | |
Actuarial losses | 206 | |
Total before tax | 208 | |
Tax benefit | (54) | |
Net of tax | $ 154 | $ 183 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Balance | $ 201,395 | |
Net earnings | 4,053 | $ 1,325 |
Foreign currency translation adjustments | 521 | (143) |
Pension liability adjustment, net of tax | 154 | 183 |
Balance | 202,368 | |
Common Stock | ||
Balance | 9,709 | 9,797 |
Net earnings | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Pension liability adjustment, net of tax | 0 | 0 |
Cash dividends declared | 0 | 0 |
Stock option exercised | 0 | |
Share-based compensation expense | 0 | 0 |
Shares purchased and retired | (75) | (62) |
Balance | 9,634 | 9,735 |
Capital in Excess of Par Value | ||
Balance | 68,718 | 67,178 |
Net earnings | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Pension liability adjustment, net of tax | 0 | 0 |
Cash dividends declared | 0 | 0 |
Stock option exercised | 8 | |
Share-based compensation expense | 350 | 545 |
Shares purchased and retired | 0 | 0 |
Balance | 69,076 | 67,723 |
Reinvested Earnings | ||
Balance | 147,762 | 138,955 |
Net earnings | 4,053 | 1,325 |
Foreign currency translation adjustments | 0 | 0 |
Pension liability adjustment, net of tax | 0 | 0 |
Cash dividends declared | (2,316) | (2,336) |
Stock option exercised | 0 | |
Share-based compensation expense | 0 | 0 |
Shares purchased and retired | (1,722) | (1,017) |
Balance | 147,777 | 136,927 |
Accumulated Other Comprehensive Loss | ||
Balance | (24,794) | (28,005) |
Net earnings | 0 | 0 |
Foreign currency translation adjustments | 521 | (143) |
Pension liability adjustment, net of tax | 154 | 183 |
Cash dividends declared | 0 | 0 |
Stock option exercised | 0 | |
Share-based compensation expense | 0 | 0 |
Shares purchased and retired | 0 | 0 |
Balance | $ (24,119) | $ (27,965) |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent event - Board of directors shares in Millions | May 03, 2022shares |
Subsequent Event [Line Items] | |
Stock authorized repurchase shares | 1 |
Total available for repurchase of shares | 1.1 |