Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Jun. 30, 2023 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 156,202,000 | ||
Entity Common Stock, Shares Outstanding | 9,507,365 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000106532 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Auditor Name | Baker Tilly US, LLP | ||
Auditor Firm ID | 23 | ||
Auditor Location | Milwaukee, Wisconsin |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CONSOLIDATED STATEMENTS OF EARNINGS | ||
Net sales | $ 318,048 | $ 351,737 |
Cost of sales | 175,165 | 207,344 |
Gross earnings | 142,883 | 144,393 |
Selling and administrative expenses | 101,859 | 104,028 |
Earnings from operations | 41,024 | 40,365 |
Interest and dividend income | 1,107 | 361 |
Interest expense | (529) | (710) |
Other expense, net | (738) | (277) |
Earnings before provision for income taxes | 40,864 | 39,739 |
Provision for income taxes | 10,676 | 10,199 |
Net earnings | $ 30,188 | $ 29,540 |
Basic earnings per share | $ 3.19 | $ 3.09 |
Diluted earnings per share | $ 3.17 | $ 3.07 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Net earnings | $ 30,188 | $ 29,540 |
Other comprehensive income, net of tax: | ||
Foreign currency translation adjustments | 642 | (1,813) |
Pension liability adjustments | 2,240 | 6,414 |
Other comprehensive income | 2,882 | 4,601 |
Comprehensive income | $ 33,070 | $ 34,141 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS: | ||
Cash and cash equivalents | $ 69,312 | $ 16,876 |
Investments, at fair value | 107 | |
Marketable securities, at amortized cost | 215 | 1,385 |
Accounts receivable, less allowances of $2,510 and $2,110, respectively | 39,275 | 53,298 |
Income tax receivable | 245 | 945 |
Inventories | 74,890 | 127,976 |
Prepaid expenses and other current assets | 6,172 | 5,870 |
Total current assets | 190,109 | 206,457 |
Marketable securities, at amortized cost | 6,354 | 7,123 |
Deferred income tax benefits | 1,096 | 1,038 |
Property, plant and equipment, net | 29,504 | 28,812 |
Operating lease right-of-use assets | 12,520 | 13,428 |
Goodwill | 12,317 | 12,317 |
Trademarks | 33,168 | 33,618 |
Other assets | 24,274 | 23,827 |
Total assets | 309,342 | 326,620 |
LIABILITIES AND EQUITY: | ||
Short-term borrowings | 31,136 | |
Accounts payable | 8,845 | 14,946 |
Dividend payable | 2,352 | 2,290 |
Operating lease liabilities | 3,979 | 4,026 |
Accrued compensation and employee benefits | 7,071 | 6,680 |
Sales and advertising allowances | 2,533 | 2,254 |
Taxes other than income taxes | 1,012 | 1,025 |
Other | 3,830 | 5,178 |
Total current liabilities | 29,622 | 67,535 |
Deferred income tax liabilities | 11,819 | 8,530 |
Long-term pension liability | 13,412 | 15,523 |
Operating lease liabilities | 9,531 | 10,661 |
Other long-term liabilities | 465 | 466 |
Total liabilities | 64,849 | 102,715 |
Commitments and contingencies (Note 15) | ||
Common stock, $1.00 par value, authorized 24,000,000 shares in 2023 and 2022, issued and outstanding 9,496,729 shares in 2023 and 9,584,316 shares in 2022 | 9,497 | 9,584 |
Capital in excess of par value | 71,661 | 70,475 |
Reinvested earnings | 180,646 | 164,039 |
Accumulated other comprehensive loss | (17,311) | (20,193) |
Total equity | 244,493 | 223,905 |
Total liabilities and equity | $ 309,342 | $ 326,620 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CONSOLIDATED BALANCE SHEETS | ||
Accounts receivable, reserves (in dollars) | $ 2,510 | $ 2,110 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized | 24,000,000 | 24,000,000 |
Common stock, shares issued | 9,496,729 | 9,584,316 |
Common stock, shares outstanding | 9,496,729 | 9,584,316 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Common stock | Capital in excess of par value | Reinvested earnings | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at beginning at Dec. 31, 2021 | $ 9,709 | $ 68,718 | $ 147,762 | $ (24,794) | |
Net earnings | 29,540 | $ 29,540 | |||
Foreign currency translation adjustments | (1,813) | (1,813) | |||
Pension liability adjustment (net of tax) | 6,414 | 6,414 | |||
Cash dividends declared | (9,240) | ||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | 19 | 262 | |||
Issuance of restricted stock | 28 | (28) | |||
Share-based compensation expense | 1,523 | ||||
Shares purchased and retired | (172) | (4,023) | |||
Balance at ending at Dec. 31, 2022 | 9,584 | 70,475 | 164,039 | (20,193) | 223,905 |
Net earnings | 30,188 | 30,188 | |||
Foreign currency translation adjustments | 642 | 642 | |||
Pension liability adjustment (net of tax) | 2,240 | 2,240 | |||
Cash dividends declared | (9,413) | ||||
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price | 57 | (140) | |||
Issuance of restricted stock | 28 | (28) | |||
Restricted stock forfeited | (2) | 2 | |||
Share-based compensation expense | 1,352 | ||||
Shares purchased and retired | (170) | (4,168) | |||
Balance at ending at Dec. 31, 2023 | $ 9,497 | $ 71,661 | $ 180,646 | $ (17,311) | $ 244,493 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CONSOLIDATED STATEMENTS OF EQUITY | ||
Pension liability adjustment, net of tax (in dollars) | $ 787 | $ 2,254 |
Cash dividends declared (in dollars per share) | $ 0.99 | $ 0.96 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 30,188 | $ 29,540 |
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities - | ||
Depreciation | 2,579 | 2,485 |
Amortization | 271 | 282 |
Bad debt expense | 519 | 151 |
Deferred income taxes | 2,462 | 1,297 |
Net foreign currency transaction gains | 99 | 43 |
Share-based compensation expense | 1,352 | 1,523 |
Pension settlement charge | 894 | |
Pension expense | 1,293 | 178 |
Impairment of trademark | 450 | 1,150 |
Loss on disposal of fixed assets | 59 | 117 |
Gain from fair value measurement of contingent consideration | (857) | |
Increase in cash surrender value of life insurance | (684) | (690) |
Changes in operating assets and liabilities | ||
Accounts receivable | 13,531 | (282) |
Inventories | 53,047 | (56,963) |
Prepaid expenses and other assets | (358) | (1,429) |
Accounts payable | (6,074) | (4,293) |
Accrued liabilities and other | (982) | (2,553) |
Accrued income taxes | 879 | (497) |
Net cash provided by (used for) operating activities | 98,631 | (29,904) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of marketable securities | 1,960 | 1,719 |
Proceeds from sale of investment securities | 107 | 8,049 |
Purchases of property, plant and equipment | (3,309) | (2,342) |
Net cash (used for) provided by investing activities | (1,242) | 7,426 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends paid | (9,286) | (6,951) |
Shares purchased and retired | (4,338) | (4,195) |
Net proceeds from stocks option exercised | 103 | 293 |
Payment of contingent consideration | (500) | |
Taxes paid related to the net share settlement of equity awards | (186) | (12) |
Proceeds from bank borrowings | 70,060 | 120,608 |
Repayments of bank borrowings | (101,196) | (89,472) |
Net cash (used for) provided by financing activities | (45,343) | 20,271 |
Effect of exchange rate changes on cash and cash equivalents | 390 | (628) |
Net increase (decrease) in cash and cash equivalents | 52,436 | (2,835) |
CASH AND CASH EQUIVALENTS at beginning of year | 16,876 | 19,711 |
CASH AND CASH EQUIVALENTS at end of year | 69,312 | 16,876 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid, net of refunds | 7,115 | 9,441 |
Interest paid | $ 977 | $ 710 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
NATURE OF OPERATIONS | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS Weyco Group, Inc. (“we,” “our,” “us” and the “Company”) designs, markets, and distributes quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, BOGS, Rafters, and Forsake. Inventory is purchased from third-party overseas manufacturers. The majority of foreign-sourced purchases are denominated in U.S. dollars. We have two reportable segments, North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). In the wholesale segment, our products are sold to leading footwear, department, and specialty stores, as well as e-commerce retailers, primarily in the United States and Canada. We also have licensing agreements with third parties who sell our branded apparel, accessories and specialty footwear in the United States, as well as our footwear in Mexico and certain markets overseas. Licensing revenues are included in our wholesale segment. Our retail segment consists of e-commerce businesses and four brick and mortar retail stores in the United States. Retail sales are made directly to consumers on our websites, or by our employees. Our “other” operations include our wholesale and retail businesses in Australia, South Africa, and Asia Pacific (collectively, “Florsheim Australia”). As previously disclosed, we ceased operations in the Asia Pacific region in 2023, and are in the final stages of winding down this business. The majority of our operations are in the United States and our results are primarily affected by the economic conditions and retail environment in the United States. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Use of Estimates Cash and Cash Equivalents Investments Investments – Debt and Equity Securities, Accounts Receivable – Inventories Property, Plant and Equipment and Depreciation Impairment of Long-Lived Assets Leases - ROU assets and lease liabilities are recognized based on the present value of 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 we will exercise that option. As our leases generally do not provide an implicit rate, our incremental borrowing rate is used to determine the present value of lease payments. The incremental borrowing rate was a hypothetical rate based on an understanding of what we 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 future lease payments at the lease commitment date. 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. See Note 7. Goodwill - Intangible Assets (excluding Goodwill) Life Insurance – Income Taxes - Revenue Recognition All revenue is recorded net of estimated allowances for returns and discounts; these revenue offsets are accrued for at the time of sale. Our estimates of allowances for returns and discounts are based on such factors as specific customer situations, historical experience, and current and expected economic conditions. We evaluate the reserves and the estimation process and adjust when appropriate. Generally, payments from customers are received within 90 days following the sale. Our contracts with customers do not have significant financing components or significant prepayment terms, and there is no non-cash consideration. We do not have unbilled revenue, and there are no contract assets and liabilities. Shipping and Handling Fees Selling and Administrative Expenses Cost of Sales Selling and Administrative Expenses - Advertising Costs - Foreign Currency Translations Foreign Currency Matters Foreign Currency Transactions - Financial Instruments – Realized gains and losses on foreign exchange contracts are related to the purchase and sale of inventory and therefore are included in our net sales or cost of sales. In 2023 and 2022, realized gains and losses on foreign exchange contracts were not material to our financial statements. Earnings Per Share Comprehensive Income – Share-Based Compensation - Compensation – Stock Compensation Concentration of Credit Risk New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3. FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurements and Disclosures, ● Level 1 - unadjusted quoted market prices in active markets for identical assets or liabilities that are publicly accessible. ● Level 2 - quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. ● Level 3 - unobservable inputs that reflect our assumptions, consistent with reasonably available assumptions made by other market participants. The carrying amounts of all short-term financial instruments, except marketable securities and foreign exchange contracts, approximate fair value due to the short-term nature of those instruments. Marketable securities are carried at amortized cost. The fair value disclosures of marketable securities are Level 2 valuations as defined by ASC 820, consisting of quoted prices for identical or similar assets in markets that are not active. See Note 4. Foreign exchange contracts are carried at fair value. The fair value measurements of foreign exchange contracts are based on observable market transactions of spot and forward rates, and thus represent Level 2 valuations as defined by ASC 820. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS | |
INVESTMENTS | 4 . INVESTMENTS Below is a summary of the amortized cost and estimated market values of our marketable securities as of December 31, 2023 and 2022. The estimated market values provided are Level 2 valuations as defined by ASC 820. 2023 2022 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Marketable securities: Current $ 215 $ 215 $ 1,385 $ 1,381 Due from one through five years 3,518 3,592 3,977 3,950 Due from six through ten years 2,836 2,830 2,347 2,455 Due from eleven through twenty years — — 799 773 Total $ 6,569 $ 6,637 $ 8,508 $ 8,559 The unrealized gains and losses on marketable securities at December 31, 2023 and 2022 were as follows: 2023 2022 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Marketable securities $ 118 $ (50) $ 145 $ (94) At each reporting date, we review our investments to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. To determine whether a decline in value is other-than-temporary, we consider all available evidence, including our overall financial condition, the severity and duration of the decline in fair value, and our intent and ability to hold the investment for a reasonable period of time sufficient for any forecasted recovery. If a decline in value is deemed other-than-temporary, we record a reduction in the carrying value to the estimated fair value. We reviewed our portfolio of investments as of December 31, 2023 and 2022 and determined that no other-than-temporary market value impairment exists. At December 31, 2022, we also had $0.1 million of cash invested in highly liquid taxable bond funds. These investments, which were classified as trading securities and reported at fair value, were liquidated in 2023. There were no significant gains or losses on these investments in 2023 or 2022. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2023 | |
INVENTORIES | |
INVENTORIES | 5 . INVENTORIES At December 31, 2023 and 2022, inventories consisted of: 2023 2022 (Dollars in thousands) Finished shoes $ 94,663 $ 151,370 LIFO reserve (19,773) (23,394) Total inventories $ 74,890 $ 127,976 Finished shoes included inventory in-transit of $16.7 million and $33.2 million at December 31, 2023 and 2022, respectively. At December 31, 2023, approximately 91% of our inventories were valued by the LIFO method of accounting while approximately 9% were valued by the FIFO method of accounting. At December 31, 2022, approximately 94% of our inventories were valued by the LIFO method of accounting while approximately 6% were valued by the FIFO method of accounting. During 2023, there were liquidations of LIFO inventory quantities carried at higher costs prevailing in prior years compared to the cost of fiscal 2023 purchases. The effect of these liquidations increased cost of sales by $2.1 million. During 2022, there were no liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years compared to the cost of fiscal 2022 purchases. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT, NET | |
PROPERTY, PLANT AND EQUIPMENT, NET | 6. PROPERTY, PLANT AND EQUIPMENT, NET At December 31, 2023 and 2022, property, plant and equipment consisted of: 2023 2022 (Dollars in thousands) Land and land improvements $ 3,843 $ 3,843 Buildings and improvements 32,204 32,204 Machinery and equipment 37,296 36,820 Retail fixtures and leasehold improvements 4,674 4,623 Construction in progress 1,972 322 Property, plant and equipment 79,989 77,812 Less: Accumulated depreciation (50,485) (49,000) Property, plant and equipment, net $ 29,504 $ 28,812 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
LEASES | 7. LEASES We lease retail shoe stores, as well as several office and distribution facilities worldwide. The leases have original lease periods expiring between 2024 and 2029. Many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of our operating lease costs were as follows: Twelve Months Ended December 31, 2023 2022 (Dollars in thousands) Operating lease costs $ 4,912 $ 5,233 Variable lease costs (1) 201 1 Total lease costs $ 5,113 $ 5,234 (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 our financial statements. The following is a schedule of maturities of operating lease liabilities as of December 31, 2023: Operating Leases (Dollars in thousands) 2024 $ 4,342 2025 3,505 2026 3,090 2027 1,976 2028 946 Thereafter 377 Total lease payments 14,236 Less: imputed interest (726) Present value of lease liabilities $ 13,510 The operating lease liabilities were classified in the Consolidated Balance Sheets as follows: December 31, December 31, 2023 2022 (Dollars in thousands) Operating lease liabilities - current $ 3,979 $ 4,026 Operating lease liabilities - non-current 9,531 10,661 Total $ 13,510 $ 14,687 We determined the present value of our lease liabilities using a weighted-average discount rate of 4.33%. As of December 31, 2023, our leases had a weighted-average remaining lease term of 3.7 years. Supplemental cash flow information related to our operating leases is as follows: Twelve Months Ended December 31, 2023 2022 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 4,878 $ 4,732 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ 3,180 $ 7,941 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS | |
INTANGIBLE ASSETS | 8 . INTANGIBLE ASSETS Our indefinite-lived intangible assets as recorded in the Consolidated Balance Sheets were as follows: December 31, December 31, 2023 2022 (Dollars in thousands) Indefinite-lived intangibles: Goodwill $ 12,317 $ 12,317 Trademarks 33,168 33,618 Total $ 45,485 $ 45,935 We evaluate goodwill for impairment annually as of December 31 or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable. In 2023 and 2022, we completed qualitative assessments noting no indicators of impairment. Accordingly, we did not record goodwill impairment charges for any of our reporting units in 2023 or 2022. We completed qualitative impairment assessments for all our trademarks, except the Forsake trademark, in 2023 and 2022, noting no indicators of impairment. For the Forsake trademark, we performed quantitative impairment tests in both 2023 and 2022, as we determined, in both years, that indicators were present that the trademark’s carrying value may not be recoverable. The impairment tests indicated that the carrying value of the Forsake trademark exceeded its fair value, primarily due to decreases in Forsake's sales projections in both years. Accordingly, we wrote down the carrying value of the Forsake trademark by $0.5 million in 2023 and by $1.2 million in 2022. The related impairment charges were recorded within selling and administrative expenses in the Consolidated Statements of Earnings. Our amortizable intangible assets, which were included within other assets in the Consolidated Balance Sheets, consisted of the following: December 31, 2023 December 31, 2022 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 $ (2,994) $ 506 $ 3,500 $ (2,761) $ 739 Total amortizable intangible assets $ 3,500 $ (2,994) $ 506 $ 3,500 $ (2,761) $ 739 Amortization expense related to the intangible assets was $0.2 million in both 2023 and 2022. Excluding the impact of any future acquisitions, we anticipate future amortization expense will be $0.2 2024 |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
OTHER ASSETS | |
OTHER ASSETS | 9 . OTHER ASSETS Other assets included the following amounts at December 31, 2023 and 2022: 2023 2022 (Dollars in thousands) Cash surrender value of life insurance $ 20,568 $ 19,884 Amortizable intangible assets, net (See Note 8) 506 739 Investment in real estate 1,909 1,926 Other 1,291 1,278 Total other assets $ 24,274 $ 23,827 We have life insurance policies on five current and former executives. Upon death of the insured executives, the approximate benefit we would receive is $21.9 million in aggregate as of December 31, 2023. On May 1, 2013, we purchased a 50% interest in a building in Montreal, Canada for approximately $3.2 million. The building, which is classified as an investment in real estate in the above table, serves as our Canadian office and distribution center. The purchase was accounted for as an equity-method investment under ASC 323, Investments – Equity Method and Joint Ventures |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2023 | |
SHORT-TERM BORROWINGS | |
SHORT-TERM BORROWINGS | 10. SHORT-TERM BORROWINGS On September 28, 2023, we amended our line of credit agreement. The amendment (“Amended Credit Agreement”) extended the maturity of our credit facility to September 28, 2024 and has a maximum available borrowing limit of $40.0 million. Under the terms of the Amended Credit Agreement, amounts outstanding bear interest at the one-month term secured overnight financing rate (“SOFR”) plus 125 basis points. The Amended Credit Agreement is secured by a security interest in our general business assets, and contains customary representations, warranties, and covenants (including a minimum tangible net worth financial covenant) for a facility of this type. At December 31, 2023, there were no outstanding borrowings on the line of credit, and we were in compliance with all financial covenants. At December 31, 2022, outstanding borrowings on the line of credit were approximately $31.1 million at an interest rate of 5.77%. |
CONTINGENT CONSIDERATION
CONTINGENT CONSIDERATION | 12 Months Ended |
Dec. 31, 2023 | |
Contingent Consideration | |
CONTINGENT CONSIDERATION | 11. CONTINGENT CONSIDERATION The purchase price of our 2021 acquisition of Forsake included potential payments of future consideration that were contingent upon the achievement of certain milestones. As part of purchase accounting, a liability of $1.3 million was recorded for the estimated fair value of the contingent consideration on the acquisition date. Thereafter, the fair value of the contingent consideration was remeasured at each reporting period. In 2022, we recorded gains of approximately $0.9 million to write-down the fair value of the contingent consideration from $1.3 million to $0.5 million. These gains were recognized within selling and administrative expenses in the Consolidated Statements of Earnings. In early 2023, we reached an agreement with the former owners of Forsake to settle the contingent consideration liability for $0.5 million, which was paid out in the first quarter of 2023. |
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2023 | |
EMPLOYEE RETIREMENT PLANS | |
EMPLOYEE RETIREMENT PLANS | 12. EMPLOYEE RETIREMENT PLANS We have a defined benefit pension plan which was frozen effective December 31, 2016. No benefits have been accrued under the plan subsequent to that date. We also have an unfunded supplemental pension plan for key executives. Retirement benefits are provided based on employees’ years of credited service and average earnings or stated amounts for years of service. Normal retirement age is 65 with provisions for earlier retirement. The plan also has provisions for disability and death benefits. Our funding policy for the defined benefit pension plan is to make contributions to the plan such that all employees’ benefits will be fully provided by the time they retire. Plan assets are stated at fair value and consist primarily of equity securities and fixed income securities, mainly U.S. government and corporate obligations. We follow ASC 715, Compensation – Retirement Benefits, Our pension plan’s weighted average asset allocation at December 31, 2023 and 2022, by asset category, was as follows: Plan Assets at December 31, 2023 2022 Asset Category: Equity Securities 58 % 57 % Fixed Income Securities 28 % 31 % Other 14 % 12 % Total 100 % 100 % We have a Retirement Plan Committee, consisting of our Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, to manage the operations and administration of all benefit plans and related trusts. The committee has an investment policy for the pension plan assets that establishes target asset allocation ranges for the above listed asset classes as follows: equity securities: 20% - 80%; fixed income securities: 20% - 80%; and other, principally cash: 0% - 20%. On a semi-annual basis, the committee reviews progress towards achieving the pension plan’s performance objectives. To develop the expected long-term rate of return on assets assumption, we considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. This resulted in the selection of 6.75% as the long-term rate of return on assets assumptions for both 2023 and 2022. The following discount rates were used to determine the funded status of the pension plans as of December 31, 2023 and 2022: Defined Benefit Pension Plan Supplemental Pension Plan 2023 2022 2023 2022 Discount rate for determining funded status 5.15 % 5.41 % 5.16 % 5.44 % The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2023 and 2022: Defined Benefit Pension Plan Supplemental Pension Plan 2023 2022 2023 2022 (Dollars in thousands) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 39,609 $ 52,507 $ 12,372 $ 20,343 Service cost 467 445 — — Interest cost 2,052 1,243 580 511 Plan settlement — — — (4,276) Actuarial loss (gain) 916 (12,028) (1,001) (3,864) Benefits paid (2,633) (2,558) (342) (342) Projected benefit obligation, end of year $ 40,411 $ 39,609 $ 11,609 $ 12,372 Change in plan assets Fair value of plan assets, beginning of year $ 35,927 $ 44,582 $ — $ — Actual return on plan assets 5,214 (5,652) — — Administrative expenses (467) (445) — — Contributions — — — 4,618 Plan settlement — — — (4,276) Benefits paid (2,633) (2,558) — (342) Fair value of plan assets, end of year $ 38,041 $ 35,927 $ — $ — Funded status of plan $ (2,370) $ (3,682) $ (11,609) $ (12,372) Amounts recognized in the consolidated balance sheets consist of: Accrued liabilities - other $ — $ — $ (567) $ (531) Long-term pension liability (2,370) (3,682) (11,042) (11,841) Net amount recognized $ (2,370) $ (3,682) $ (11,609) $ (12,372) Amounts recognized in accumulated other comprehensive loss consist of: Accumulated loss, net of income tax benefit of $2,863, $3,382, $410, and $672, respectively $ 8,150 $ 9,629 $ 1,168 $ 1,914 Prior service cost, net of income tax benefit of $0, $0, $13 and $19, respectively — — 39 54 Net amount recognized $ 8,150 $ 9,629 $ 1,207 $ 1,968 As noted above, benefit accruals under the pension plan were frozen, effective December 31, 2016. Therefore, the accumulated benefit obligation of the defined benefit pension plan and supplemental pension plan were equal to the respective plans’ projected benefit obligations, as shown in the above table, at December 31, 2023 and 2022. In December 2022, in accordance with the terms of the supplemental pension plan, we made a lump-sum benefit payment of $4.3 million to a former executive of the Company using cash on hand. A pension settlement charge of $0.9 million was recorded in 2022 as a result of this payment. This charge was recorded within “other expense, net” in the Consolidated Statements of Earnings. Assumptions used in determining pension expense for the years ended December 31, 2023 and 2022 were: Defined Benefit Pension Plan Supplemental Pension Plan 2023 2022 2023 2022 Discount rate for projected benefit obligation 5.41 % 2.83 % 5.44 % 2.86 % Discount rate for determining interest cost 5.35 % 2.39 % 5.37 % 2.54 % Long-term rate of return on plan assets 6.75 % 6.75 % — — The components of pension expense for the years ended December 31, 2023 and 2022, were: 2023 2022 (Dollars in thousands) Service cost $ 467 $ 445 Interest cost 2,632 1,754 Expected return on plan assets (2,301) (2,896) Pension settlement charge — 894 Net amortization and deferral 495 875 Pension expense $ 1,293 $ 1,072 The components of pension expense other than the service cost component were included in “other expense, net” in the Consolidated Statements of Earnings. It is our intention to satisfy the minimum funding requirements and maintain at least an 80% funding percentage in our defined benefit retirement plan in future years. At this time, we expect that any cash contributions necessary to satisfy these requirements in 2024 would not be material. Projected benefit payments for the plans at December 31, 2023, were estimated as follows: Defined Benefit Supplemental Pension Plan Pension Plan (Dollars in thousands) 2024 $ 3,205 $ 568 2025 $ 3,120 $ 628 2026 $ 3,069 $ 677 2027 $ 3,075 $ 730 2028 $ 3,042 $ 882 2029 - 2033 $ 14,161 $ 4,653 The following table summarizes the fair value of pension plan assets at December 31, 2023, by asset category within the fair value hierarchy (for further level information, see Note 3): December 31, 2023 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 16,693 $ - $ - $ 16,693 Preferred stocks 202 - - 202 Exchange traded funds 5,129 - - 5,129 Corporate obligations - 4,160 - 4,160 Pooled fixed income funds 5,793 - - 5,793 U.S. government securities - 772 - 772 Cash and cash equivalents 5,292 - - 5,292 Total $ 33,109 $ 4,932 $ - $ 38,041 The following table summarizes the fair value of pension plan assets at December 31, 2022, by asset category within the fair value hierarchy (for further level information, see Note 3): December 31, 2022 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 14,170 $ 1,567 $ — $ 15,737 Preferred stocks 235 3 — 238 Exchange traded funds 4,656 — — 4,656 Corporate obligations — 4,778 — 4,778 State and municipal obligations — 250 — 250 Pooled fixed income funds 5,541 — — 5,541 U.S. government securities — 158 — 158 Cash and cash equivalents 4,488 — — 4,488 Subtotal $ 29,090 $ 6,756 $ — $ 35,846 Other assets (1) 81 Total $ 35,927 (1) We also have a defined contribution plan covering substantially all employees. We contributed $1.0 million to this plan in both 2023 and 2022, respectively. |
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2023 | |
COMPREHENSIVE INCOME | |
COMPREHENSIVE INCOME | 13. COMPREHENSIVE INCOME The components of accumulated other comprehensive loss as recorded in the Consolidated Balance Sheets were as follows: December 31, December 31, 2023 2022 (Dollars in thousands) Foreign currency translation adjustments $ (7,954) $ (8,596) Pension liability, net of tax (9,357) (11,597) Total accumulated other comprehensive loss $ (17,311) $ (20,193) The following table shows changes in accumulated other comprehensive loss during the years ended December 31, 2023 and 2022 (dollars in thousands): Foreign Currency Translation Defined Benefit Adjustments Pension Items Total Balance, December 31, 2021 $ (6,783) $ (18,011) $ (24,794) Other comprehensive (loss) income before reclassifications (1,813) 5,767 3,954 Amounts reclassified from accumulated other comprehensive loss — 647 647 Net current period other comprehensive (loss) income (1,813) 6,414 4,601 Balance, December 31, 2022 $ (8,596) $ (11,597) $ (20,193) Other comprehensive income before reclassifications 642 1,874 2,516 Amounts reclassified from accumulated other comprehensive loss — 366 366 Net current period other comprehensive income 642 2,240 2,882 Balance, December 31, 2023 $ (7,954) $ (9,357) $ (17,311) The following table shows reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2023 and 2022 (dollars in thousands): Amounts reclassified from accumulated other comprehensive loss for the year Affected line item in the ended December 31, statement where net earnings 2023 2022 is presented Amortization of defined benefit pension items Prior service cost $ 20 (1) $ 6 (1) Other expense, net Actuarial losses 475 (1) 869 (1) Other expense, net Total before tax 495 875 Tax benefit (129) (228) Net of tax $ 366 $ 647 (1) These amounts were included in the computation of pension expense. See Note 12 for additional details. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
INCOME TAXES | 14. INCOME TAXES The provision for income taxes included the following components for the years ended December 31, 2023 and 2022: 2023 2022 (Dollars in thousands) Current: Federal $ 5,859 $ 6,263 State 1,839 1,934 Foreign 516 705 Total 8,214 8,902 Deferred 2,462 1,297 Total provision $ 10,676 $ 10,199 The differences between the U.S. federal statutory income tax rate and our effective tax rate were as follows for the years ended December 31, 2023 and 2022: 2023 2022 U.S. federal statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 4.1 2.9 Foreign income tax rate differences 0.3 0.7 Other 0.7 1.1 Effective tax rate 26.1 % 25.7 % The foreign component of pretax earnings was $2.8 million and $4.6 million in 2023 and 2022, respectively. The components of deferred taxes at December 31, 2023 and 2022 were as follows: 2023 2022 (Dollars in thousands) Deferred income tax assets: Accounts receivable reserves $ 385 $ 284 Pension liability 3,635 4,174 Accrued liabilities 1,724 1,874 Operating lease liabilities 4,024 3,871 Foreign currency losses on intercompany loans 58 54 9,826 10,257 Deferred income tax liabilities: Inventory and related reserves (5,024) (2,998) Cash value of life insurance (682) (615) Property, plant and equipment (1,297) (1,162) Intangible assets (9,639) (9,112) Prepaid expenses and other assets (352) (367) Operating lease right-of-use assets (3,555) (3,495) (20,549) (17,749) Net deferred income tax liabilities $ (10,723) $ (7,492) The net deferred income tax liabilities are classified in the Consolidated Balance Sheets as follows: 2023 2022 (Dollars in thousands) Non-current deferred income tax benefits $ 1,096 $ 1,038 Non-current deferred income tax liabilities (11,819) (8,530) Net deferred income tax liabilities $ (10,723) $ (7,492) Uncertain Tax Positions We account for our uncertain tax positions in accordance with ASC 740, Income Taxes . The following table summarizes the activity related to our unrecognized tax benefits: 2023 2022 (Dollars in thousands) Unrecognized tax benefits balance at January 1, $ 305 $ 155 Increases related to current year tax positions 366 228 Decreases due to lapsing of statute of limitations (63) (78) Unrecognized tax benefits balance at December 31, $ 608 $ 305 The unrecognized tax benefits at December 31, 2023 and 2022, each include $30,000 of interest related to such positions. The unrecognized tax benefits, if ultimately recognized, would reduce our annual effective tax rate. The liabilities for potential interest are included in the Consolidated Balance Sheets at December 31, 2023 and 2022. We file a U.S. federal income tax return, various U.S. state income tax returns and several foreign returns. In general, the 2019 through 2022 tax years remain subject to examination by those taxing authorities. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS | |
COMMITMENTS | 15. COMMITMENTS At December 31, 2023, we had commitments to purchase $41.2 million of inventory, all of which were due in less than one year. |
SHARE REPURCHASE PROGRAM
SHARE REPURCHASE PROGRAM | 12 Months Ended |
Dec. 31, 2023 | |
SHARE REPURCHASE PROGRAM | |
SHARE REPURCHASE PROGRAM | 16. SHARE REPURCHASE PROGRAM In 1998, our share repurchase program was established. On several occasions since the program’s inception, our Board of Directors increased the number of shares authorized for repurchase under the program. In total, 8.5 million shares have been authorized for repurchase. In 2023, we purchased 170,422 shares at a total cost of $4.3 million through our share repurchase program. In 2022, we purchased 171,397 shares at a total cost of $4.2 million through our share repurchase program. As of December 31, 2023, there were 868,757 authorized shares remaining under the program. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 17. EARNINGS PER SHARE The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2023 and 2022: 2023 2022 (In thousands, except per share amounts) Numerator: Net earnings $ 30,188 $ 29,540 Denominator: Basic weighted average shares outstanding 9,449 9,555 Effect of dilutive securities: Employee share-based awards 86 69 Diluted weighted average shares outstanding 9,535 9,624 Basic earnings per share $ 3.19 $ 3.09 Diluted earnings per share $ 3.17 $ 3.07 Diluted weighted average shares outstanding for 2023 exclude anti-dilutive share-based awards totaling 618,000 shares at a weighted average price of $28.95. Diluted weighted average shares outstanding for 2022 exclude anti-dilutive share-based awards totaling 916,000 shares at a weighted average price of $27.27. Unvested restricted stock awards provide holders with dividend rights prior to vesting, however, such rights are forfeitable if the awards do not vest. As a result, unvested restricted stock awards are not participating securities and are excluded from the computation of earnings per share. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | 18. SEGMENT INFORMATION We have two reportable segments: North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). Our Chief Executive Officer evaluates the performance of our segments based on earnings from operations. Therefore, interest income or expense, other income or expense, and income taxes are not allocated to the segments. As of December 31, 2023, the “other” category in the table below included our wholesale and retail operations in Australia, South Africa, and Asia Pacific, which do not meet the criteria for separate reportable segment classification. We ceased operations in the Asia Pacific region in 2023, and are in the final stages of winding down this business. In the Wholesale segment, shoes are marketed through more than 10,000 footwear, department and specialty stores, primarily in the United States and Canada. Licensing revenues are also included in our wholesale segment. We have licensing agreements with third parties who sell our branded apparel, accessories, and specialty footwear in the United States, as well as our footwear in Mexico and certain markets overseas. In 2023 and 2022, there was no single customer with sales of 10% or more of our total sales. In the Retail segment, we operate e-commerce businesses and four brick and mortar retail stores in the United States. Retail sales are made directly to consumers on our websites, or by our employees. Retail stores sell our branded footwear, primarily Florsheim, and accessories. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2023 and 2022 was as follows: Wholesale Retail Other Total (Dollars in thousands) 2023 Product sales $ 247,896 $ 38,012 $ 29,636 $ 315,544 Licensing revenues 2,504 — — 2,504 Net sales 250,400 38,012 29,636 318,048 Depreciation 1,942 7 630 2,579 Earnings from operations 33,288 6,752 984 41,024 Total assets 276,626 4,594 28,122 309,342 Capital expenditures 2,544 — 765 3,309 2022 Product sales $ 281,138 $ 36,694 $ 31,808 $ 349,640 Licensing revenues 2,097 — — 2,097 Net sales 283,235 36,694 31,808 351,737 Depreciation 1,969 4 512 2,485 Earnings from operations 32,641 6,058 1,666 40,365 Total assets 292,262 5,460 28,898 326,620 Capital expenditures 882 12 1,448 2,342 All North American corporate office assets are included in the Wholesale segment. Transactions between segments primarily consist of sales between the Wholesale and Retail segments. Intersegment sales are valued at the cost of inventory plus an estimated cost to ship the products. Intersegment sales have been eliminated and are excluded from net sales in the above table. Geographic Segments Financial information relating to our business by geographic area was as follows for the years ended December 31, 2023 and 2022: 2023 2022 (Dollars in thousands) Net Sales United States $ 266,515 $ 292,441 Canada 21,897 27,488 Australia 23,012 25,196 Asia 4,143 3,472 South Africa 2,481 3,140 Total $ 318,048 $ 351,737 Long-Lived Assets United States $ 75,274 $ 76,530 Other 14,650 14,310 $ 89,924 $ 90,840 Net sales attributed to geographic locations are based on the location of the assets producing the sales. Long-lived assets by geographic location consist of property, plant and equipment (net), operating lease ROU assets, goodwill, trademarks, investment in real estate and amortizable intangible assets. |
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2023 | |
SHARE-BASED COMPENSATION PLANS | |
SHARE-BASED COMPENSATION PLANS | 19. SHARE-BASED COMPENSATION PLAN At December 31, 2023 we had one share-based compensation plan, entitled the 2017 Incentive Plan (hereinafter, “the Plan”). Under the Plan, options to purchase common stock are granted to officers and key employees at exercise prices not less than the fair market value of our Company’s common stock on the date of the grant. We also grant restricted stock awards under the Plan. We issue new common stock to satisfy stock option exercises as well as the issuance of restricted stock awards. Stock options and restricted stock awards were granted in both 2023 and 2022. Stock options and restricted stock awards are valued at fair market value based on the Company’s closing stock price on the date of grant. Stock options granted in 2023 and 2022 vest ratably over five years and expire 10 years from the grant date. Restricted stock granted in 2023 and 2022 vests ratably over four years. As of December 31, 2023, there were approximately 92,000 shares remaining available for share-based awards under the Plan. Stock option exercises can be net share settled such that we withhold shares with value equivalent to the exercise price of the stock option awards plus the employees’ minimum statutory obligation for the applicable income and other employment taxes. The net share settlement has the effect of share repurchases by the Company as they reduce the number of shares that would have otherwise been issued. In 2023, approximately 430,000 shares were withheld, and were based on the value of the stock on the exercise dates. Total payments made by the Company for the employees’ tax obligations to the taxing authorities were $186,000 in 2023 and $12,000 in 2022; such payments are generally reflected as a financing activity within the consolidated statements of cash flows. In accordance with ASC 718, share-based compensation expense of approximately $1.4 million and $1.5 million was recognized in 2023 and 2022, respectively, for stock options and restricted stock awards granted since 2017. An estimate of forfeitures, based on historical data, was included in the calculation of share-based compensation. At December 31, 2023, there was $2.1 million of total unrecognized compensation cost related to non-vested stock options granted in the years 2019 through 2023 which is expected to be recognized over the weighted-average remaining vesting period of 3.7 years. At December 31, 2022, there was $1.8 million of total unrecognized compensation cost related to non-vested stock options granted in the years 2018 through 2022 which was expected to be recognized over the weighted-average remaining vesting period of 3.7 years. The following weighted-average assumptions were used to determine compensation expense related to stock options in 2023 and 2022: 2023 2022 Risk-free interest rate 4.31 % 3.08 % Expected dividend yield 3.88 % 3.33 % Expected term 8.0 8.0 Expected volatility 31.0 % 28.5 % The risk-free interest rate is based on U.S. Treasury bonds with a remaining term equal to the expected term of the award. The expected dividend yield is based on our expected annual dividend as a percentage of the market value of our Company’s common stock in the year of grant. The expected term of the stock options is determined using historical experience. The expected volatility is based upon historical stock prices over the most recent period equal to the expected term of the award. The following tables summarize our stock option activity during the years ended December 31, 2023 and 2022: Stock Options Years ended December 31, 2023 2022 Weighted Average Weighted Average Stock Options Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 1,345,369 $ 25.83 1,279,833 $ 25.44 Granted 149,200 25.79 143,500 28.83 Exercised (487,331) 25.02 (60,914) 24.96 Forfeited or expired (40,021) 26.31 (17,050) 24.79 Outstanding at end of year 967,217 $ 26.22 1,345,369 $ 25.83 Exercisable at end of year 524,829 $ 27.30 891,733 $ 26.36 Weighted average fair market value of options granted $ 6.63 $ 6.78 Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding - December 31, 2023 6.7 $ 5,649,000 Exercisable - December 31, 2023 5.4 $ 2,804,000 The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of our Company’s common stock on December 29, 2023 of $31.36 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. Non-vested Stock Options Weighted Average Weighted Average Number of Options Exercise Price Fair Value Non-vested - December 31, 2021 511,311 $ 23.63 $ 3.64 Granted 143,500 28.83 6.78 Vested (189,375) 25.08 3.87 Forfeited (11,800) 23.20 3.65 Non-vested - December 31, 2022 453,636 $ 24.76 $ 4.55 Granted 149,200 25.79 6.63 Vested (147,128) 25.26 4.44 Forfeited (13,320) 25.24 4.91 Non-vested - December 31, 2023 442,388 $ 24.93 $ 5.28 The following table summarizes information about outstanding and exercisable stock options at December 31, 2023: Options Outstanding Options Exercisable Weighted Average Number of Remaining Weighted Number of Weighted Options Contractual Life Average Options Average Range of Exercise Prices Outstanding (in Years) Exercise Price Exercisable Exercise Price $18.00 134,760 6.7 $ 18.00 74,260 $ 18.00 $23.38 to $25.79 432,695 7.8 $ 24.43 160,415 $ 23.65 $27.94 to $37.22 399,762 5.7 $ 30.92 290,154 $ 31.70 967,217 6.7 $ 26.22 524,829 $ 27.30 The following table summarizes our stock option activity for the years ended December 31: 2023 2022 (Dollars in thousands) Total intrinsic value of stock options exercised $ 1,537 $ 251 Net proceeds from stock option exercises $ 103 $ 293 Income tax benefit from the exercise of stock options $ 400 $ 65 Total fair value of stock options vested $ 653 $ 734 Restricted Stock The following table summarizes our restricted stock award activity during the years ended December 31, 2022 and 2023: Shares of Restricted Weighted Average Stock Grant Date Fair Value Non-vested - December 31, 2021 78,470 $ 23.11 Issued 27,620 28.83 Vested (34,282) 24.46 Forfeited — — Non-vested - December 31, 2022 71,808 $ 24.67 Issued 27,700 25.79 Vested (28,243) 23.60 Forfeited (2,175) 25.13 Non-vested - December 31, 2023 69,090 $ 25.54 At December 31, 2023, we expected 69,090 shares of restricted stock to vest over a weighted-average remaining contractual term of 2.7 years. These shares had an aggregate intrinsic value of $2.2 million at December 31, 2023. The aggregate intrinsic value was calculated using the market value of our Company’s common stock on December 29, 2023 of $31.36 multiplied by the number of non-vested restricted shares outstanding. The income tax benefit from the vesting of restricted stock for the years ended December 31 was $188,000 in 2023 and $247,000 in 2022. |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2023 | |
VALUATION AND QUALIFYING ACCOUNTS | |
VALUATION AND QUALIFYING ACCOUNTS | 20. VALUATION AND QUALIFYING ACCOUNTS Deducted from Assets Doubtful Returns and Accounts Allowances Total (Dollars in thousands) BALANCE, DECEMBER 31, 2021 $ 1,307 $ 760 $ 2,067 Add - Additions charged to earnings 151 5,584 5,735 Deduct - Charges for purposes for which reserves were established (348) (5,344) (5,692) BALANCE, DECEMBER 31, 2022 $ 1,110 $ 1,000 $ 2,110 Add - Additions charged to earnings 519 5,115 5,634 Deduct - Charges for purposes for which reserves were established (136) (5,098) (5,234) BALANCE, DECEMBER 31, 2023 $ 1,493 $ 1,017 $ 2,510 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation |
Use of Estimates | Use of Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Investments | Investments Investments – Debt and Equity Securities, |
Accounts Receivable | Accounts Receivable – |
Inventories | Inventories |
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Leases | Leases - ROU assets and lease liabilities are recognized based on the present value of 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 we will exercise that option. As our leases generally do not provide an implicit rate, our incremental borrowing rate is used to determine the present value of lease payments. The incremental borrowing rate was a hypothetical rate based on an understanding of what we 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 future lease payments at the lease commitment date. 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. See Note 7. |
Goodwill | Goodwill - |
Intangible Assets (excluding Goodwill) | Intangible Assets (excluding Goodwill) |
Life Insurance | Life Insurance – |
Income Taxes | Income Taxes - |
Revenue Recognition | Revenue Recognition All revenue is recorded net of estimated allowances for returns and discounts; these revenue offsets are accrued for at the time of sale. Our estimates of allowances for returns and discounts are based on such factors as specific customer situations, historical experience, and current and expected economic conditions. We evaluate the reserves and the estimation process and adjust when appropriate. Generally, payments from customers are received within 90 days following the sale. Our contracts with customers do not have significant financing components or significant prepayment terms, and there is no non-cash consideration. We do not have unbilled revenue, and there are no contract assets and liabilities. |
Shipping and Handling Fees | Shipping and Handling Fees Selling and Administrative Expenses |
Cost of Sales | Cost of Sales |
Selling and Administrative Expenses | Selling and Administrative Expenses - |
Advertising Costs | Advertising Costs - |
Foreign Currency Translations | Foreign Currency Translations Foreign Currency Matters |
Foreign Currency Transactions | Foreign Currency Transactions - |
Financial Instruments | Financial Instruments – Realized gains and losses on foreign exchange contracts are related to the purchase and sale of inventory and therefore are included in our net sales or cost of sales. In 2023 and 2022, realized gains and losses on foreign exchange contracts were not material to our financial statements. |
Earnings Per Share | Earnings Per Share |
Comprehensive Income | Comprehensive Income – |
Share-Based Compensation | Share-Based Compensation - Compensation – Stock Compensation |
Concentration of Credit Risk | Concentration of Credit Risk |
New Accounting Pronouncements | New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENTS | |
Schedule of marketable securities | 2023 2022 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Marketable securities: Current $ 215 $ 215 $ 1,385 $ 1,381 Due from one through five years 3,518 3,592 3,977 3,950 Due from six through ten years 2,836 2,830 2,347 2,455 Due from eleven through twenty years — — 799 773 Total $ 6,569 $ 6,637 $ 8,508 $ 8,559 |
Schedule of unrealized gains and losses on marketable securities | 2023 2022 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Marketable securities $ 118 $ (50) $ 145 $ (94) |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVENTORIES | |
Schedule of Inventory | 2023 2022 (Dollars in thousands) Finished shoes $ 94,663 $ 151,370 LIFO reserve (19,773) (23,394) Total inventories $ 74,890 $ 127,976 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT, NET | |
Schedule of Property, Plant and Equipment | 2023 2022 (Dollars in thousands) Land and land improvements $ 3,843 $ 3,843 Buildings and improvements 32,204 32,204 Machinery and equipment 37,296 36,820 Retail fixtures and leasehold improvements 4,674 4,623 Construction in progress 1,972 322 Property, plant and equipment 79,989 77,812 Less: Accumulated depreciation (50,485) (49,000) Property, plant and equipment, net $ 29,504 $ 28,812 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
Schedule of operating lease costs | Twelve Months Ended December 31, 2023 2022 (Dollars in thousands) Operating lease costs $ 4,912 $ 5,233 Variable lease costs (1) 201 1 Total lease costs $ 5,113 $ 5,234 (1) Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts. |
Schedule of maturities of operating lease liabilities | Operating Leases (Dollars in thousands) 2024 $ 4,342 2025 3,505 2026 3,090 2027 1,976 2028 946 Thereafter 377 Total lease payments 14,236 Less: imputed interest (726) Present value of lease liabilities $ 13,510 |
Schedule of supplemental information | December 31, December 31, 2023 2022 (Dollars in thousands) Operating lease liabilities - current $ 3,979 $ 4,026 Operating lease liabilities - non-current 9,531 10,661 Total $ 13,510 $ 14,687 Twelve Months Ended December 31, 2023 2022 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 4,878 $ 4,732 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ 3,180 $ 7,941 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS | |
Schedule of indefinite-lived intangible assets | December 31, December 31, 2023 2022 (Dollars in thousands) Indefinite-lived intangibles: Goodwill $ 12,317 $ 12,317 Trademarks 33,168 33,618 Total $ 45,485 $ 45,935 |
Schedule of company's amortizable intangible assets | December 31, 2023 December 31, 2022 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 $ (2,994) $ 506 $ 3,500 $ (2,761) $ 739 Total amortizable intangible assets $ 3,500 $ (2,994) $ 506 $ 3,500 $ (2,761) $ 739 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER ASSETS | |
Schedule of other assets | Other assets included the following amounts at December 31, 2023 and 2022: 2023 2022 (Dollars in thousands) Cash surrender value of life insurance $ 20,568 $ 19,884 Amortizable intangible assets, net (See Note 8) 506 739 Investment in real estate 1,909 1,926 Other 1,291 1,278 Total other assets $ 24,274 $ 23,827 |
EMPLOYEE RETIREMENT PLANS (Tabl
EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
EMPLOYEE RETIREMENT PLANS | |
Schedule of pension plan weighted average assets allocation | Our pension plan’s weighted average asset allocation at December 31, 2023 and 2022, by asset category, was as follows: Plan Assets at December 31, 2023 2022 Asset Category: Equity Securities 58 % 57 % Fixed Income Securities 28 % 31 % Other 14 % 12 % Total 100 % 100 % |
Schedule of funded status of pension plans | The following discount rates were used to determine the funded status of the pension plans as of December 31, 2023 and 2022: Defined Benefit Pension Plan Supplemental Pension Plan 2023 2022 2023 2022 Discount rate for determining funded status 5.15 % 5.41 % 5.16 % 5.44 % |
Schedule of change in benefit obligation and plan assets | The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2023 and 2022: Defined Benefit Pension Plan Supplemental Pension Plan 2023 2022 2023 2022 (Dollars in thousands) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 39,609 $ 52,507 $ 12,372 $ 20,343 Service cost 467 445 — — Interest cost 2,052 1,243 580 511 Plan settlement — — — (4,276) Actuarial loss (gain) 916 (12,028) (1,001) (3,864) Benefits paid (2,633) (2,558) (342) (342) Projected benefit obligation, end of year $ 40,411 $ 39,609 $ 11,609 $ 12,372 Change in plan assets Fair value of plan assets, beginning of year $ 35,927 $ 44,582 $ — $ — Actual return on plan assets 5,214 (5,652) — — Administrative expenses (467) (445) — — Contributions — — — 4,618 Plan settlement — — — (4,276) Benefits paid (2,633) (2,558) — (342) Fair value of plan assets, end of year $ 38,041 $ 35,927 $ — $ — Funded status of plan $ (2,370) $ (3,682) $ (11,609) $ (12,372) Amounts recognized in the consolidated balance sheets consist of: Accrued liabilities - other $ — $ — $ (567) $ (531) Long-term pension liability (2,370) (3,682) (11,042) (11,841) Net amount recognized $ (2,370) $ (3,682) $ (11,609) $ (12,372) Amounts recognized in accumulated other comprehensive loss consist of: Accumulated loss, net of income tax benefit of $2,863, $3,382, $410, and $672, respectively $ 8,150 $ 9,629 $ 1,168 $ 1,914 Prior service cost, net of income tax benefit of $0, $0, $13 and $19, respectively — — 39 54 Net amount recognized $ 8,150 $ 9,629 $ 1,207 $ 1,968 |
Schedule of net periodic pension cost | Assumptions used in determining pension expense for the years ended December 31, 2023 and 2022 were: Defined Benefit Pension Plan Supplemental Pension Plan 2023 2022 2023 2022 Discount rate for projected benefit obligation 5.41 % 2.83 % 5.44 % 2.86 % Discount rate for determining interest cost 5.35 % 2.39 % 5.37 % 2.54 % Long-term rate of return on plan assets 6.75 % 6.75 % — — |
Schedule of company's pension expense | The components of pension expense for the years ended December 31, 2023 and 2022, were: 2023 2022 (Dollars in thousands) Service cost $ 467 $ 445 Interest cost 2,632 1,754 Expected return on plan assets (2,301) (2,896) Pension settlement charge — 894 Net amortization and deferral 495 875 Pension expense $ 1,293 $ 1,072 |
Schedule of projected benefit payments for the plans | Projected benefit payments for the plans at December 31, 2023, were estimated as follows: Defined Benefit Supplemental Pension Plan Pension Plan (Dollars in thousands) 2024 $ 3,205 $ 568 2025 $ 3,120 $ 628 2026 $ 3,069 $ 677 2027 $ 3,075 $ 730 2028 $ 3,042 $ 882 2029 - 2033 $ 14,161 $ 4,653 |
Schedule of fair value hierarchy | The following table summarizes the fair value of pension plan assets at December 31, 2023, by asset category within the fair value hierarchy (for further level information, see Note 3): December 31, 2023 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 16,693 $ - $ - $ 16,693 Preferred stocks 202 - - 202 Exchange traded funds 5,129 - - 5,129 Corporate obligations - 4,160 - 4,160 Pooled fixed income funds 5,793 - - 5,793 U.S. government securities - 772 - 772 Cash and cash equivalents 5,292 - - 5,292 Total $ 33,109 $ 4,932 $ - $ 38,041 The following table summarizes the fair value of pension plan assets at December 31, 2022, by asset category within the fair value hierarchy (for further level information, see Note 3): December 31, 2022 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 14,170 $ 1,567 $ — $ 15,737 Preferred stocks 235 3 — 238 Exchange traded funds 4,656 — — 4,656 Corporate obligations — 4,778 — 4,778 State and municipal obligations — 250 — 250 Pooled fixed income funds 5,541 — — 5,541 U.S. government securities — 158 — 158 Cash and cash equivalents 4,488 — — 4,488 Subtotal $ 29,090 $ 6,756 $ — $ 35,846 Other assets (1) 81 Total $ 35,927 (1) |
COMPREHENSIVE INCOME (Tables)
COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
COMPREHENSIVE INCOME | |
Schedule of accumulated other comprehensive loss | December 31, December 31, 2023 2022 (Dollars in thousands) Foreign currency translation adjustments $ (7,954) $ (8,596) Pension liability, net of tax (9,357) (11,597) Total accumulated other comprehensive loss $ (17,311) $ (20,193) |
Schedule of changes in accumulated other comprehensive loss | The following table shows changes in accumulated other comprehensive loss during the years ended December 31, 2023 and 2022 (dollars in thousands): Foreign Currency Translation Defined Benefit Adjustments Pension Items Total Balance, December 31, 2021 $ (6,783) $ (18,011) $ (24,794) Other comprehensive (loss) income before reclassifications (1,813) 5,767 3,954 Amounts reclassified from accumulated other comprehensive loss — 647 647 Net current period other comprehensive (loss) income (1,813) 6,414 4,601 Balance, December 31, 2022 $ (8,596) $ (11,597) $ (20,193) Other comprehensive income before reclassifications 642 1,874 2,516 Amounts reclassified from accumulated other comprehensive loss — 366 366 Net current period other comprehensive income 642 2,240 2,882 Balance, December 31, 2023 $ (7,954) $ (9,357) $ (17,311) |
Schedule of reclassification adjustments out of accumulated other comprehensive loss | The following table shows reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2023 and 2022 (dollars in thousands): Amounts reclassified from accumulated other comprehensive loss for the year Affected line item in the ended December 31, statement where net earnings 2023 2022 is presented Amortization of defined benefit pension items Prior service cost $ 20 (1) $ 6 (1) Other expense, net Actuarial losses 475 (1) 869 (1) Other expense, net Total before tax 495 875 Tax benefit (129) (228) Net of tax $ 366 $ 647 (1) These amounts were included in the computation of pension expense. See Note 12 for additional details. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
Schedule of provision for income tax | 2023 2022 (Dollars in thousands) Current: Federal $ 5,859 $ 6,263 State 1,839 1,934 Foreign 516 705 Total 8,214 8,902 Deferred 2,462 1,297 Total provision $ 10,676 $ 10,199 |
Schedule of effective tax rate | 2023 2022 U.S. federal statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 4.1 2.9 Foreign income tax rate differences 0.3 0.7 Other 0.7 1.1 Effective tax rate 26.1 % 25.7 % |
Schedule of components of deferred taxes | 2023 2022 (Dollars in thousands) Deferred income tax assets: Accounts receivable reserves $ 385 $ 284 Pension liability 3,635 4,174 Accrued liabilities 1,724 1,874 Operating lease liabilities 4,024 3,871 Foreign currency losses on intercompany loans 58 54 9,826 10,257 Deferred income tax liabilities: Inventory and related reserves (5,024) (2,998) Cash value of life insurance (682) (615) Property, plant and equipment (1,297) (1,162) Intangible assets (9,639) (9,112) Prepaid expenses and other assets (352) (367) Operating lease right-of-use assets (3,555) (3,495) (20,549) (17,749) Net deferred income tax liabilities $ (10,723) $ (7,492) |
Schedule of net deferred tax liabilities | 2023 2022 (Dollars in thousands) Non-current deferred income tax benefits $ 1,096 $ 1,038 Non-current deferred income tax liabilities (11,819) (8,530) Net deferred income tax liabilities $ (10,723) $ (7,492) |
Summary of unrecognized tax benefits | 2023 2022 (Dollars in thousands) Unrecognized tax benefits balance at January 1, $ 305 $ 155 Increases related to current year tax positions 366 228 Decreases due to lapsing of statute of limitations (63) (78) Unrecognized tax benefits balance at December 31, $ 608 $ 305 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
EARNINGS PER SHARE | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2023 and 2022: 2023 2022 (In thousands, except per share amounts) Numerator: Net earnings $ 30,188 $ 29,540 Denominator: Basic weighted average shares outstanding 9,449 9,555 Effect of dilutive securities: Employee share-based awards 86 69 Diluted weighted average shares outstanding 9,535 9,624 Basic earnings per share $ 3.19 $ 3.09 Diluted earnings per share $ 3.17 $ 3.07 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SEGMENT INFORMATION | |
Schedule of segment reporting information | The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2023 and 2022 was as follows: Wholesale Retail Other Total (Dollars in thousands) 2023 Product sales $ 247,896 $ 38,012 $ 29,636 $ 315,544 Licensing revenues 2,504 — — 2,504 Net sales 250,400 38,012 29,636 318,048 Depreciation 1,942 7 630 2,579 Earnings from operations 33,288 6,752 984 41,024 Total assets 276,626 4,594 28,122 309,342 Capital expenditures 2,544 — 765 3,309 2022 Product sales $ 281,138 $ 36,694 $ 31,808 $ 349,640 Licensing revenues 2,097 — — 2,097 Net sales 283,235 36,694 31,808 351,737 Depreciation 1,969 4 512 2,485 Earnings from operations 32,641 6,058 1,666 40,365 Total assets 292,262 5,460 28,898 326,620 Capital expenditures 882 12 1,448 2,342 |
Schedule of Company's business by geographic area | Financial information relating to our business by geographic area was as follows for the years ended December 31, 2023 and 2022: 2023 2022 (Dollars in thousands) Net Sales United States $ 266,515 $ 292,441 Canada 21,897 27,488 Australia 23,012 25,196 Asia 4,143 3,472 South Africa 2,481 3,140 Total $ 318,048 $ 351,737 Long-Lived Assets United States $ 75,274 $ 76,530 Other 14,650 14,310 $ 89,924 $ 90,840 |
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SHARE-BASED COMPENSATION PLANS | |
Schedule of weighted average stock options assumptions | The following weighted-average assumptions were used to determine compensation expense related to stock options in 2023 and 2022: 2023 2022 Risk-free interest rate 4.31 % 3.08 % Expected dividend yield 3.88 % 3.33 % Expected term 8.0 8.0 Expected volatility 31.0 % 28.5 % |
Schedule of stock option activity | The following tables summarize our stock option activity during the years ended December 31, 2023 and 2022: Stock Options Years ended December 31, 2023 2022 Weighted Average Weighted Average Stock Options Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 1,345,369 $ 25.83 1,279,833 $ 25.44 Granted 149,200 25.79 143,500 28.83 Exercised (487,331) 25.02 (60,914) 24.96 Forfeited or expired (40,021) 26.31 (17,050) 24.79 Outstanding at end of year 967,217 $ 26.22 1,345,369 $ 25.83 Exercisable at end of year 524,829 $ 27.30 891,733 $ 26.36 Weighted average fair market value of options granted $ 6.63 $ 6.78 Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding - December 31, 2023 6.7 $ 5,649,000 Exercisable - December 31, 2023 5.4 $ 2,804,000 |
Schedule of non-vested stock options | Weighted Average Weighted Average Number of Options Exercise Price Fair Value Non-vested - December 31, 2021 511,311 $ 23.63 $ 3.64 Granted 143,500 28.83 6.78 Vested (189,375) 25.08 3.87 Forfeited (11,800) 23.20 3.65 Non-vested - December 31, 2022 453,636 $ 24.76 $ 4.55 Granted 149,200 25.79 6.63 Vested (147,128) 25.26 4.44 Forfeited (13,320) 25.24 4.91 Non-vested - December 31, 2023 442,388 $ 24.93 $ 5.28 |
Summary of outstanding and exercisable stock options | The following table summarizes information about outstanding and exercisable stock options at December 31, 2023: Options Outstanding Options Exercisable Weighted Average Number of Remaining Weighted Number of Weighted Options Contractual Life Average Options Average Range of Exercise Prices Outstanding (in Years) Exercise Price Exercisable Exercise Price $18.00 134,760 6.7 $ 18.00 74,260 $ 18.00 $23.38 to $25.79 432,695 7.8 $ 24.43 160,415 $ 23.65 $27.94 to $37.22 399,762 5.7 $ 30.92 290,154 $ 31.70 967,217 6.7 $ 26.22 524,829 $ 27.30 |
Schedule of stock option exercise activity | The following table summarizes our stock option activity for the years ended December 31: 2023 2022 (Dollars in thousands) Total intrinsic value of stock options exercised $ 1,537 $ 251 Net proceeds from stock option exercises $ 103 $ 293 Income tax benefit from the exercise of stock options $ 400 $ 65 Total fair value of stock options vested $ 653 $ 734 |
Schedule of restricted stock award activity | The following table summarizes our restricted stock award activity during the years ended December 31, 2022 and 2023: Shares of Restricted Weighted Average Stock Grant Date Fair Value Non-vested - December 31, 2021 78,470 $ 23.11 Issued 27,620 28.83 Vested (34,282) 24.46 Forfeited — — Non-vested - December 31, 2022 71,808 $ 24.67 Issued 27,700 25.79 Vested (28,243) 23.60 Forfeited (2,175) 25.13 Non-vested - December 31, 2023 69,090 $ 25.54 |
VALUATION AND QUALIFYING ACCO_2
VALUATION AND QUALIFYING ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
VALUATION AND QUALIFYING ACCOUNTS | |
Schedule of valuation and qualifying accounts | Deducted from Assets Doubtful Returns and Accounts Allowances Total (Dollars in thousands) BALANCE, DECEMBER 31, 2021 $ 1,307 $ 760 $ 2,067 Add - Additions charged to earnings 151 5,584 5,735 Deduct - Charges for purposes for which reserves were established (348) (5,344) (5,692) BALANCE, DECEMBER 31, 2022 $ 1,110 $ 1,000 $ 2,110 Add - Additions charged to earnings 519 5,115 5,634 Deduct - Charges for purposes for which reserves were established (136) (5,098) (5,234) BALANCE, DECEMBER 31, 2023 $ 1,493 $ 1,017 $ 2,510 |
NATURE OF OPERATIONS (Details)
NATURE OF OPERATIONS (Details) | 12 Months Ended |
Dec. 31, 2023 segment item | |
NATURE OF OPERATIONS | |
Number of reportable segments | segment | 2 |
Number of brick and mortar stores | item | 4 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) customer | Dec. 31, 2022 USD ($) customer | Dec. 31, 2023 AUD ($) customer | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Impairment of trademark | $ 450 | $ 1,150 | |
Distribution costs | 21,900 | 22,800 | |
Advertising costs | 12,800 | 13,400 | |
Forsake | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Impairment of trademark | 500 | 1,200 | |
Florsheim Australia Pty Ltd | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Foreign exchange contracts outstanding | 600 | $ 0.9 | |
Licensing revenues | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,500 | $ 2,100 | |
Customer Concentration Risk | Accounts receivable | One Customer | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Number of customers | customer | 1 | 1 | 1 |
Concentration risk percentage | 18% | 13% | |
Customer Concentration Risk | Revenue | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Number of customers | customer | 0 | 0 | 0 |
Building and building improvements | Minimum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Property plant and equipment, useful life | 10 years | 10 years | |
Building and building improvements | Maximum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Property plant and equipment, useful life | 39 years | 39 years | |
Machinery and equipment | Minimum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Property plant and equipment, useful life | 3 years | 3 years | |
Machinery and equipment | Maximum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Property plant and equipment, useful life | 15 years | 15 years | |
Furniture and fixtures | Minimum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Property plant and equipment, useful life | 5 years | 5 years | |
Furniture and fixtures | Maximum | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Property plant and equipment, useful life | 15 years | 15 years |
INVESTMENTS - Marketable Securi
INVESTMENTS - Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
INVESTMENTS | ||
Amortized Cost, Current | $ 215 | $ 1,385 |
Amortized Cost, Due from one through five years | 3,518 | 3,977 |
Amortized Cost, Due from six through ten years | 2,836 | 2,347 |
Amortized Cost, Due from eleven through twenty years | 799 | |
Amortized Cost, Total | 6,569 | 8,508 |
Market Value, Current | 215 | 1,381 |
Market Value, Due from one through five years | 3,592 | 3,950 |
Market Value, Due from six through ten years | 2,830 | 2,455 |
Market Value, Due from eleven through twenty years | 773 | |
Market Value, Total | $ 6,637 | $ 8,559 |
INVESTMENTS - Unrealized gains
INVESTMENTS - Unrealized gains and losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INVESTMENTS | ||
Unrealized Gains | $ 118 | $ 145 |
Unrealized Losses | $ (50) | $ (94) |
INVESTMENTS - Investments, at f
INVESTMENTS - Investments, at fair value (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
INVESTMENTS | |
Investments, at fair value | $ 107 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
INVENTORIES | ||
Finished shoes | $ 94,663 | $ 151,370 |
LIFO reserve | (19,773) | (23,394) |
Total inventories | $ 74,890 | $ 127,976 |
INVENTORIES - Additional Inform
INVENTORIES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INVENTORIES | ||
Inventory in-transit | $ 16.7 | $ 33.2 |
Percentage of Inventory valued by the LIFO method of accounting | 91% | 94% |
Percentage of Inventory valued by the FIFO method of accounting | 9% | 6% |
Increase in cost of sales | $ 2.1 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
PROPERTY, PLANT AND EQUIPMENT, NET | ||
Land and land improvements | $ 3,843 | $ 3,843 |
Buildings and improvements | 32,204 | 32,204 |
Machinery and equipment | 37,296 | 36,820 |
Retail fixtures and leasehold improvements | 4,674 | 4,623 |
Construction in progress | 1,972 | 322 |
Property, plant and equipment | 79,989 | 77,812 |
Less: Accumulated depreciation | (50,485) | (49,000) |
Property, plant and equipment, net | $ 29,504 | $ 28,812 |
LEASES - Operating lease costs
LEASES - Operating lease costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
LEASES | ||
Operating lease costs | $ 4,912 | $ 5,233 |
Variable lease costs | 201 | 1 |
Total lease costs | $ 5,113 | $ 5,234 |
LEASES - Maturities of operatin
LEASES - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
LEASES | ||
2024 | $ 4,342 | |
2025 | 3,505 | |
2026 | 3,090 | |
2027 | 1,976 | |
2028 | 946 | |
Thereafter | 377 | |
Total lease payments | 14,236 | |
Less imputed interest | (726) | |
Present value of lease liabilities | $ 13,510 | $ 14,687 |
LEASES - Operating lease liabil
LEASES - Operating lease liabilities classification (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
LEASES | ||
Operating lease liabilities - current | $ 3,979 | $ 4,026 |
Operating lease liabilities - non-current | 9,531 | 10,661 |
Total | $ 13,510 | $ 14,687 |
LEASES - Additional Information
LEASES - Additional Information (Details) | Dec. 31, 2023 |
LEASES | |
Weighted-average discount rate (percent) | 4.33% |
Weighted-average remaining lease term | 3 years 8 months 12 days |
LEASES - Supplemental cash flow
LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
LEASES | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 4,878 | $ 4,732 |
Right-of-use assets obtained in exchange for new lease liabilities (noncash) | $ 3,180 | $ 7,941 |
INTANGIBLE ASSETS - Indefinite-
INTANGIBLE ASSETS - Indefinite-lived intangible assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Indefinite-lived intangibles: | ||
Goodwill | $ 12,317 | $ 12,317 |
Trademarks | 33,168 | 33,618 |
Total | $ 45,485 | $ 45,935 |
INTANGIBLE ASSETS - Amortizable
INTANGIBLE ASSETS - Amortizable intangible assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortizable intangible assets | ||
Gross Carrying Amount | $ 3,500 | $ 3,500 |
Accumulated Amortization | (2,994) | (2,761) |
Net | $ 506 | 739 |
Customer relationships | ||
Amortizable intangible assets | ||
Weighted Average Life (Years) | 15 years | |
Gross Carrying Amount | $ 3,500 | 3,500 |
Accumulated Amortization | (2,994) | (2,761) |
Net | $ 506 | $ 739 |
INTANGIBLE ASSETS - Additional
INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INTANGIBLE ASSETS | ||
Impairment of trademark | $ 450 | $ 1,150 |
Amortization of intangible assets | 200 | 200 |
2024 | 200 | |
2025 | 200 | |
2026 | 100 | |
Forsake | ||
INTANGIBLE ASSETS | ||
Impairment of trademark | $ 500 | $ 1,200 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
OTHER ASSETS | ||
Cash surrender value of life insurance | $ 20,568 | $ 19,884 |
Amortizable intangible assets, net | 506 | 739 |
Investment in real estate | 1,909 | 1,926 |
Other | 1,291 | 1,278 |
Total other assets | $ 24,274 | $ 23,827 |
OTHER ASSETS - Additional Infor
OTHER ASSETS - Additional Information (Details) $ in Millions | 12 Months Ended | |
May 01, 2013 USD ($) | Dec. 31, 2023 USD ($) employee | |
OTHER ASSETS | ||
Number of current and former executives with life insurance policies | employee | 5 | |
Approximate death benefit from life insurance policies | $ 21.9 | |
Percentage of building interest purchased | 50% | |
Payments to acquire buildings | $ 3.2 |
SHORT-TERM BORROWINGS (Details)
SHORT-TERM BORROWINGS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Short-Term Borrowings | |||
Short-term borrowings | $ 31,136 | ||
Line of credit facility | |||
Short-Term Borrowings | |||
Line of credit facility, expiration date | Sep. 28, 2024 | ||
Line of credit facility on general corporate assets | $ 40,000 | ||
Short-term borrowings | $ 0 | $ 31,100 | |
Interest rate (in percent) | 5.77% | ||
Line of credit facility | Secured overnight financing rate (SOFR) | |||
Short-Term Borrowings | |||
Spread on variable rate | 1.25% |
CONTINGENT CONSIDERATION (Detai
CONTINGENT CONSIDERATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 07, 2021 | |
CONTINGENT CONSIDERATION | ||||
Net gains from revaluation of contingent consideration | $ 857 | |||
Payment of contingent consolidation | $ 500 | |||
Forsake | ||||
CONTINGENT CONSIDERATION | ||||
Contingent consideration liability | 500 | $ 1,300 | ||
Payment of contingent consolidation | $ 500 | |||
Forsake | Selling, general and administrative expenses | ||||
CONTINGENT CONSIDERATION | ||||
Net gains from revaluation of contingent consideration | $ 900 |
EMPLOYEE RETIREMENT PLANS - Sch
EMPLOYEE RETIREMENT PLANS - Schedule of weighted average asset allocation (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Asset Category: | ||
Weighted Average Asset Allocation | 100% | 100% |
Equity Securities | ||
Asset Category: | ||
Weighted Average Asset Allocation | 58% | 57% |
Fixed Income Securities | ||
Asset Category: | ||
Weighted Average Asset Allocation | 28% | 31% |
Other | ||
Asset Category: | ||
Weighted Average Asset Allocation | 14% | 12% |
EMPLOYEE RETIREMENT PLANS - Add
EMPLOYEE RETIREMENT PLANS - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Retirement Plans | ||
Weighted Average Asset Allocation | 100% | 100% |
Long-term rate of return on plan assets | 6.75% | |
Minimum funding requirements - funding percentage in defined benefit retirement plan | 80% | |
Defined contribution plan employer contribution amount | $ 1 | |
Defined Benefit Pension Plan | ||
Employee Retirement Plans | ||
Accumulated loss, income tax benefit | $ 2,863,000 | 3,382,000 |
Prior service cost, income tax benefit | 0 | 0 |
Supplemental Pension Plan | ||
Employee Retirement Plans | ||
Accumulated loss, income tax benefit | 410,000 | 672,000 |
Prior service cost, income tax benefit | 13,000 | $ 19,000 |
Lump-sum benefit payment | 4,300,000 | |
Pension settlement charge | $ 900,000 | |
Equity Securities | Minimum | ||
Employee Retirement Plans | ||
Weighted Average Asset Allocation | 20% | |
Equity Securities | Maximum | ||
Employee Retirement Plans | ||
Weighted Average Asset Allocation | 80% | |
Fixed Income Securities | Minimum | ||
Employee Retirement Plans | ||
Weighted Average Asset Allocation | 20% | |
Fixed Income Securities | Maximum | ||
Employee Retirement Plans | ||
Weighted Average Asset Allocation | 80% | |
Other | Minimum | ||
Employee Retirement Plans | ||
Weighted Average Asset Allocation | 0% | |
Other | Maximum | ||
Employee Retirement Plans | ||
Weighted Average Asset Allocation | 20% |
EMPLOYEE RETIREMENT PLANS - S_2
EMPLOYEE RETIREMENT PLANS - Schedule of funded status (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Pension Plan | ||
Employee Retirement Plans | ||
Discount rate for determining funded status | 5.15% | 5.41% |
Supplemental Pension Plan | ||
Employee Retirement Plans | ||
Discount rate for determining funded status | 5.16% | 5.44% |
EMPLOYEE RETIREMENT PLANS - S_3
EMPLOYEE RETIREMENT PLANS - Schedule of change in benefit obligation and plan assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in projected benefit obligation | |||
Service cost | $ 467 | $ 445 | |
Interest cost | 2,632 | 1,754 | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term pension liability | (13,412) | (15,523) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net amount recognized | 9,357 | 11,597 | $ 18,011 |
Defined Benefit Pension Plan | |||
Change in projected benefit obligation | |||
Projected benefit obligation, beginning of year | 39,609 | 52,507 | |
Service cost | 467 | 445 | |
Interest cost | 2,052 | 1,243 | |
Actuarial gain | 916 | (12,028) | |
Benefits paid | (2,633) | (2,558) | |
Projected benefit obligation, end of year | 40,411 | 39,609 | |
Change in plan assets | |||
Actual return on plan assets | 5,214 | (5,652) | |
Administrative expenses | (467) | (445) | |
Benefits paid | (2,633) | (2,558) | |
Funded status of plan | (2,370) | (3,682) | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term pension liability | (2,370) | (3,682) | |
Net amount recognized | (2,370) | (3,682) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Accumulated loss, net of income tax benefit of $0,000, $3,382, $000, and $672, respectively | 8,150 | 9,629 | |
Net amount recognized | 8,150 | 9,629 | |
Supplemental Pension Plan | |||
Change in projected benefit obligation | |||
Projected benefit obligation, beginning of year | 12,372 | 20,343 | |
Interest cost | 580 | 511 | |
Plan settlement | (4,276) | ||
Actuarial gain | (1,001) | (3,864) | |
Benefits paid | (342) | (342) | |
Projected benefit obligation, end of year | 11,609 | 12,372 | |
Change in plan assets | |||
Contributions | 4,618 | ||
Benefits paid | (342) | ||
Funded status of plan | (11,609) | (12,372) | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Accrued liabilities - other | (567) | (531) | |
Long-term pension liability | (11,042) | (11,841) | |
Net amount recognized | (11,609) | (12,372) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Accumulated loss, net of income tax benefit of $0,000, $3,382, $000, and $672, respectively | 1,168 | 1,914 | |
Prior service cost net of income tax benefit of $0, $0, $00 and $19, respectively | 39 | 54 | |
Net amount recognized | 1,207 | 1,968 | |
Plan Assets | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 35,927 | ||
Fair value of plan assets, end of year | 35,927 | ||
Plan Assets | Defined Benefit Pension Plan | |||
Change in plan assets | |||
Fair value of plan assets, beginning of year | 35,927 | 44,582 | |
Fair value of plan assets, end of year | $ 38,041 | $ 35,927 |
EMPLOYEE RETIREMENT PLANS - S_4
EMPLOYEE RETIREMENT PLANS - Schedule of net periodic pension cost (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Retirement Plans | ||
Long-term rate of return on plan assets | 6.75% | |
Defined Benefit Pension Plan | ||
Employee Retirement Plans | ||
Discount rate for projected benefit obligation | 5.41% | 2.83% |
Discount rate for determining interest cost | 5.35% | 2.39% |
Long-term rate of return on plan assets | 6.75% | 6.75% |
Supplemental Pension Plan | ||
Employee Retirement Plans | ||
Discount rate for projected benefit obligation | 5.44% | 2.86% |
Discount rate for determining interest cost | 5.37% | 2.54% |
EMPLOYEE RETIREMENT PLANS (Deta
EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
EMPLOYEE RETIREMENT PLANS | ||
Service cost | $ 467 | $ 445 |
Interest cost | 2,632 | 1,754 |
Expected return on plan assets | (2,301) | (2,896) |
Pension settlement charge | 894 | |
Net amortization and deferral | 495 | 875 |
Pension expense | $ 1,293 | $ 1,072 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues |
EMPLOYEE RETIREMENT PLANS - S_5
EMPLOYEE RETIREMENT PLANS - Schedule of Projected benefit payments for the plans (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Defined Benefit Pension Plan | |
Employee Retirement Plans | |
2024 | $ 3,205 |
2025 | 3,120 |
2026 | 3,069 |
2027 | 3,075 |
2028 | 3,042 |
2029 - 2033 | 14,161 |
Supplemental Pension Plan | |
Employee Retirement Plans | |
2024 | 568 |
2025 | 628 |
2026 | 677 |
2027 | 730 |
2028 | 882 |
2029 - 2033 | $ 4,653 |
EMPLOYEE RETIREMENT PLANS - S_6
EMPLOYEE RETIREMENT PLANS - Schedule of fair value hierarchy (Details) - Plan Assets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | $ 35,927 | |
Subtotal | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | $ 38,041 | 35,846 |
Common Stock | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 16,693 | 15,737 |
Preferred stocks | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 202 | 238 |
Exchange traded funds | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 5,129 | 4,656 |
Corporate obligations | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 4,160 | 4,778 |
State and municipal obligations | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 250 | |
Fixed Income Funds | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 5,793 | 5,541 |
US Government Agencies Debt Securities | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 772 | 158 |
Cash and cash equivalents | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 5,292 | 4,488 |
Other assets | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 81 | |
Fair Value, Inputs, Level 1 | Subtotal | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 33,109 | 29,090 |
Fair Value, Inputs, Level 1 | Common Stock | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 16,693 | 14,170 |
Fair Value, Inputs, Level 1 | Preferred stocks | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 202 | 235 |
Fair Value, Inputs, Level 1 | Exchange traded funds | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 5,129 | 4,656 |
Fair Value, Inputs, Level 1 | Corporate obligations | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | |
Fair Value, Inputs, Level 1 | State and municipal obligations | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | |
Fair Value, Inputs, Level 1 | Fixed Income Funds | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 5,793 | 5,541 |
Fair Value, Inputs, Level 1 | US Government Agencies Debt Securities | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | |
Fair Value, Inputs, Level 1 | Cash and cash equivalents | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 5,292 | 4,488 |
Fair Value, Inputs, Level 2 | Subtotal | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 4,932 | 6,756 |
Fair Value, Inputs, Level 2 | Common Stock | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 1,567 | |
Fair Value, Inputs, Level 2 | Preferred stocks | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 3 | |
Fair Value, Inputs, Level 2 | Exchange traded funds | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | |
Fair Value, Inputs, Level 2 | Corporate obligations | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 4,160 | 4,778 |
Fair Value, Inputs, Level 2 | State and municipal obligations | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 250 | |
Fair Value, Inputs, Level 2 | Fixed Income Funds | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | |
Fair Value, Inputs, Level 2 | US Government Agencies Debt Securities | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 772 | 158 |
Fair Value, Inputs, Level 2 | Cash and cash equivalents | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | |
Fair Value, Inputs, Level 3 | Subtotal | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | 0 |
Fair Value, Inputs, Level 3 | Common Stock | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | 0 |
Fair Value, Inputs, Level 3 | Preferred stocks | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | 0 |
Fair Value, Inputs, Level 3 | Exchange traded funds | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | 0 |
Fair Value, Inputs, Level 3 | Corporate obligations | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | 0 |
Fair Value, Inputs, Level 3 | State and municipal obligations | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | |
Fair Value, Inputs, Level 3 | Fixed Income Funds | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | 0 |
Fair Value, Inputs, Level 3 | US Government Agencies Debt Securities | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | 0 | 0 |
Fair Value, Inputs, Level 3 | Cash and cash equivalents | ||
Employee Retirement Plans | ||
Fair Value of Pension Plan Assets, Total | $ 0 | $ 0 |
COMPREHENSIVE INCOME - Accumula
COMPREHENSIVE INCOME - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
COMPREHENSIVE INCOME | |||
Foreign currency translation adjustments | $ (7,954) | $ (8,596) | $ (6,783) |
Pension liability, net of tax | (9,357) | (11,597) | (18,011) |
Total accumulated other comprehensive loss | $ (17,311) | $ (20,193) | $ (24,794) |
COMPREHENSIVE INCOME - Changes
COMPREHENSIVE INCOME - Changes in accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
COMPREHENSIVE INCOME | ||
Foreign Currency Translation Adjustments, Beginning balance | $ (8,596) | $ (6,783) |
Foreign Currency Translation Adjustments, Other comprehensive income (loss) before reclassifications | 642 | (1,813) |
Foreign Currency Translation Adjustments, Net current period other comprehensive (loss) income | 642 | (1,813) |
Foreign Currency Translation Adjustments, Ending balance | (7,954) | (8,596) |
Defined Benefit Pension Items, Beginning balance | (11,597) | (18,011) |
Defined Benefit Pension Items, Other comprehensive (loss) income before reclassifications | 1,874 | 5,767 |
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss | 366 | 647 |
Defined Benefit Pension Items, Net current period other comprehensive (loss) income | 2,240 | 6,414 |
Defined Benefit Pension Items, Ending balance | (9,357) | (11,597) |
Beginning balance | (20,193) | (24,794) |
Other comprehensive loss before reclassifications | 2,516 | 3,954 |
Amounts reclassified from accumulated other comprehensive loss | 366 | 647 |
Net current period other comprehensive income | 2,882 | 4,601 |
Ending balance | $ (17,311) | $ (20,193) |
COMPREHENSIVE INCOME - Reclassi
COMPREHENSIVE INCOME - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Amortization of defined benefit pension items | ||
Prior service cost | $ 20 | $ 6 |
Actuarial losses | 475 | 869 |
Total before tax | 495 | 875 |
Tax benefit | (129) | (228) |
Net of tax | $ 366 | $ 647 |
INCOME TAXES - Provision for in
INCOME TAXES - Provision for income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current: | ||
Federal | $ 5,859 | $ 6,263 |
State | 1,839 | 1,934 |
Foreign | 516 | 705 |
Total | 8,214 | 8,902 |
Deferred | 2,462 | 1,297 |
Total provision | $ 10,676 | $ 10,199 |
INCOME TAXES - Effective tax ra
INCOME TAXES - Effective tax rate (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INCOME TAXES | ||
U.S. federal statutory income tax rate | 21% | 21% |
State income taxes, net of federal tax benefit | 4.10% | 2.90% |
Foreign income tax rate differences | 0.30% | 0.70% |
Other | 0.70% | 1.10% |
Effective tax rate | 26.10% | 25.70% |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INCOME TAXES | ||
Foreign component of pretax earnings | $ 2,800,000 | $ 4,600,000 |
Unrecognized tax benefits | $ 30,000 | $ 30,000 |
INCOME TAXES - Components of de
INCOME TAXES - Components of deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax assets: | ||
Accounts receivable reserves | $ 385 | $ 284 |
Pension liability | 3,635 | 4,174 |
Accrued liabilities | 1,724 | 1,874 |
Operating lease liabilities | 4,024 | 3,871 |
Foreign currency losses on intercompany loans | 58 | 54 |
Total Deferred income tax assets | 9,826 | 10,257 |
Deferred income tax liabilities: | ||
Inventory and related reserves | (5,024) | (2,998) |
Cash value of life insurance | (682) | (615) |
Property, plant and equipment | (1,297) | (1,162) |
Intangible assets | (9,639) | (9,112) |
Operating lease right-of-use assets | (3,555) | (3,495) |
Prepaid expenses and other assets | (352) | (367) |
Deferred tax liabilities, gross | (20,549) | (17,749) |
Net deferred income tax liabilities | $ (10,723) | $ (7,492) |
INCOME TAXES - Net deferred tax
INCOME TAXES - Net deferred tax liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
INCOME TAXES | ||
Non-current deferred income tax benefits | $ 1,096 | $ 1,038 |
Non-current deferred income tax liabilities | (11,819) | (8,530) |
Net deferred income tax liabilities | $ (10,723) | $ (7,492) |
INCOME TAXES - Unrecognized tax
INCOME TAXES - Unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INCOME TAXES | ||
Unrecognized tax benefits balance at January 1, | $ 305 | $ 155 |
Increases related to current year tax positions | 366 | 228 |
Decreases due to lapsing of statute of limitations | (63) | (78) |
Unrecognized tax benefits balance at December 31, | $ 608 | $ 305 |
COMMITMENTS (Details)
COMMITMENTS (Details) $ in Millions | Dec. 31, 2023 USD ($) |
COMMITMENTS | |
Purchase of inventory | $ 41.2 |
SHARE REPURCHASE PROGRAM (Detai
SHARE REPURCHASE PROGRAM (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SHARE REPURCHASE PROGRAM | ||
Stock repurchase program, number of shares authorized to be repurchased | 8,500,000 | |
Stock repurchased and retired during period, shares | 170,422 | 171,397 |
Payments for repurchase of common stock | $ 4,338 | $ 4,195 |
Stock repurchase program, remaining number of shares authorized to be repurchased | 868,757 |
EARNINGS PER SHARE - Basic and
EARNINGS PER SHARE - Basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Numerator: | ||
Net earnings | $ 30,188 | $ 29,540 |
Denominator: | ||
Basic weighted average shares outstanding | 9,449 | 9,555 |
Effect of dilutive securities: | ||
Employee share-based awards | 86 | 69 |
Diluted weighted average shares outstanding | 9,535 | 9,624 |
Basic earnings per share | $ 3.19 | $ 3.09 |
Diluted earnings per share | $ 3.17 | $ 3.07 |
EARNINGS PER SHARE - Additional
EARNINGS PER SHARE - Additional Information (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
EARNINGS PER SHARE | ||
Anti-dilutive share-based awards (in shares) | 618,000 | 916,000 |
Weighted average price of anti-dilutive share-based awards (in dollars per share) | $ 28.95 | $ 27.27 |
SEGMENT INFORMATION - Additiona
SEGMENT INFORMATION - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 segment customer item store | Dec. 31, 2022 customer | |
SEGMENT INFORMATION | ||
Number of reportable segments | segment | 2 | |
Number of brick and mortar stores | item | 4 | |
Retail | ||
SEGMENT INFORMATION | ||
Number of brick and mortar stores | store | 4 | |
Revenue | Customer Concentration Risk | ||
SEGMENT INFORMATION | ||
Number of customers | customer | 0 | 0 |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of segment data (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SEGMENT INFORMATION | ||
Net sales | $ 318,048 | $ 351,737 |
Depreciation | 2,579 | 2,485 |
Earnings from operations | 41,024 | 40,365 |
Assets | 309,342 | 326,620 |
Capital expenditures | 3,309 | 2,342 |
Product sales | ||
SEGMENT INFORMATION | ||
Net sales | 315,544 | 349,640 |
Licensing revenues | ||
SEGMENT INFORMATION | ||
Net sales | 2,504 | 2,097 |
Wholesale | ||
SEGMENT INFORMATION | ||
Net sales | 250,400 | 283,235 |
Depreciation | 1,942 | 1,969 |
Earnings from operations | 33,288 | 32,641 |
Assets | 276,626 | 292,262 |
Capital expenditures | 2,544 | 882 |
Wholesale | Product sales | ||
SEGMENT INFORMATION | ||
Net sales | 247,896 | 281,138 |
Wholesale | Licensing revenues | ||
SEGMENT INFORMATION | ||
Net sales | 2,504 | 2,097 |
Retail | ||
SEGMENT INFORMATION | ||
Net sales | 38,012 | 36,694 |
Depreciation | 7 | 4 |
Earnings from operations | 6,752 | 6,058 |
Assets | 4,594 | 5,460 |
Capital expenditures | 12 | |
Retail | Product sales | ||
SEGMENT INFORMATION | ||
Net sales | 38,012 | 36,694 |
Other | ||
SEGMENT INFORMATION | ||
Net sales | 29,636 | 31,808 |
Depreciation | 630 | 512 |
Earnings from operations | 984 | 1,666 |
Assets | 28,122 | 28,898 |
Capital expenditures | 765 | 1,448 |
Other | Product sales | ||
SEGMENT INFORMATION | ||
Net sales | $ 29,636 | $ 31,808 |
SEGMENT INFORMATION - Geographi
SEGMENT INFORMATION - Geographic Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SEGMENT INFORMATION | ||
Net Sales | $ 318,048 | $ 351,737 |
Long-Lived Assets | 89,924 | 90,840 |
United States | ||
SEGMENT INFORMATION | ||
Net Sales | 266,515 | 292,441 |
Long-Lived Assets | 75,274 | 76,530 |
Canada | ||
SEGMENT INFORMATION | ||
Net Sales | 21,897 | 27,488 |
Australia | ||
SEGMENT INFORMATION | ||
Net Sales | 23,012 | 25,196 |
Asia | ||
SEGMENT INFORMATION | ||
Net Sales | 4,143 | 3,472 |
South Africa | ||
SEGMENT INFORMATION | ||
Net Sales | 2,481 | 3,140 |
Other | ||
SEGMENT INFORMATION | ||
Long-Lived Assets | $ 14,650 | $ 14,310 |
SHARE-BASED COMPENSATION PLAN_2
SHARE-BASED COMPENSATION PLANS - Additional information (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) plan $ / shares shares | Dec. 31, 2022 USD ($) | |
Share-Based Compensation Plans | ||
Number of share-based compensation plans | plan | 1 | |
Taxes paid related to the net share settlement of equity awards | $ 186,000 | $ 12,000 |
Incentive plan 2017 | ||
Share-Based Compensation Plans | ||
Shares remaining available | shares | 92,000 | |
Share-based compensation expense | $ 1,400,000 | 1,500,000 |
Income tax benefit from the exercise of stock options | $ 400,000 | $ 65,000 |
Incentive plan 2017 | Restricted stock | ||
Share-Based Compensation Plans | ||
Stock options granted in vest | 4 years | 4 years |
Outstanding and exercisable stock options | $ / shares | $ 31.36 | |
Shares expected to vest | shares | 69,090 | |
Weighted-average remaining contractual term | 2 years 8 months 12 days | |
Income tax benefit from the exercise of stock options | $ 188,000 | $ 247,000 |
Incentive plan 2017 | Employee Stock Option | ||
Share-Based Compensation Plans | ||
Stock options granted in vest | 5 years | 5 years |
Stock options granted in expire | 10 years | 10 years |
Share Price | $ / shares | $ 31.36 | |
Unrecognized compensation cost | $ 2,100,000 | $ 1,800,000 |
Weighted-average remaining vesting period | 3 years 8 months 12 days | 3 years 8 months 12 days |
Shares paid for tax withholding for share based compensation | shares | 430,000 | |
Taxes paid related to the net share settlement of equity awards | $ 186,000 | $ 12,000 |
SHARE-BASED COMPENSATION PLAN_3
SHARE-BASED COMPENSATION PLANS - Stock options weighted-average assumptions (Details) - Incentive Plan 2017 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Plans | ||
Risk-free interest rate | 4.31% | 3.08% |
Expected dividend yield | 3.88% | 3.33% |
Expected term | 8 years | 8 years |
Expected volatility | 31% | 28.50% |
SHARE-BASED COMPENSATION PLAN_4
SHARE-BASED COMPENSATION PLANS - Company's stock option activity (Details) - Incentive Plan 2017 - Employee Stock Option - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Plans | ||
Shares, Outstanding at beginning of period | 1,345,369 | 1,279,833 |
Shares, Granted | 149,200 | 143,500 |
Shares, Exercised | (487,331) | (60,914) |
Shares, Forfeited or expired | (40,021) | (17,050) |
Shares, Outstanding at end of period | 967,217 | 1,345,369 |
Shares, Exercisable at end of period | 524,829 | 891,733 |
Weighted Average Exercise Price, Outstanding at beginning of period (in dollars per share) | $ 25.83 | $ 25.44 |
Weighted Average Exercise Price, Granted (in dollars per share) | 25.79 | 28.83 |
Weighted Average Exercise Price, Exercised (in dollars per share) | 25.02 | 24.96 |
Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | 26.31 | 24.79 |
Weighted Average Exercise Price, Outstanding at end of period (in dollars per share) | 26.22 | 25.83 |
Weighted Average Exercise Price, Exercisable at end of period (in dollars per share) | $ 27.30 | 26.36 |
Weighted Average Remaining Contractual Term (Years), Outstanding | 6 years 8 months 12 days | |
Weighted Average Remaining Contractual Term (Years), Exercisable, Outstanding | 5 years 4 months 24 days | |
Aggregate Intrinsic Value, Outstanding | $ 5,649,000 | |
Aggregate Intrinsic Value, Exercisable | $ 2,804,000 | |
Fair market value of options granted (in dollars per share) | $ 6.63 | $ 6.78 |
SHARE-BASED COMPENSATION PLAN_5
SHARE-BASED COMPENSATION PLANS - Company's restricted stock award activities (Details) - Incentive Plan 2017 - Restricted stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Plans | ||
Shares of Restricted Stock, Non-vested beginning of period | 71,808 | 78,470 |
Shares of Restricted Stock, Issued | 27,700 | 27,620 |
Shares of Restricted Stock, Vested | (28,243) | (34,282) |
Shares of Restricted Stock, Forfeited | (2,175) | |
Shares of Restricted Stock, Non-vested end of period | 69,090 | 71,808 |
Weighted Average Grant Date Fair Value, Non-vested beginning of period (in dollars per share) | $ 24.67 | $ 23.11 |
Weighted Average Grant Date Fair Value, Issued (in dollars per share) | 25.79 | 28.83 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | 23.60 | 24.46 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | 25.13 | |
Weighted Average Grant Date Fair Value, Non-vested end of period (in dollars per share) | $ 25.54 | $ 24.67 |
Aggregate intrinsic value | $ 2.2 |
SHARE-BASED COMPENSATION PLAN_6
SHARE-BASED COMPENSATION PLANS - Non Vested Stock Options (Details) - Incentive Plan 2017 - Non vested stock options - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Plans | ||
Number of Options, Outstanding at beginning of year | 453,636 | 511,311 |
Number of Options, Granted | 149,200 | 143,500 |
Number of Options, Vested | (147,128) | (189,375) |
Number of Options, Forfeited | (13,320) | (11,800) |
Number of Options, Outstanding at end of year | 442,388 | 453,636 |
Weighted Average Exercise Price, Outstanding at beginning of year (in dollars per share) | $ 24.76 | $ 23.63 |
Weighted Average Exercise Price, Granted (in dollars per share) | 25.79 | 28.83 |
Weighted Average Exercise Price, Vested (in dollars per share) | 25.26 | 25.08 |
Weighted Average Exercise Price, Forfeited (in dollars per share) | 25.24 | 23.20 |
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share) | 24.93 | 24.76 |
Weighted Average Fair Value, Outstanding at beginning of year (in dollars per share) | 4.55 | 3.64 |
Fair market value of options granted (in dollars per share) | 6.63 | 6.78 |
Weighted Average Fair Value, Vested (in dollars per share) | 4.44 | 3.87 |
Weighted Average Fair Value, Forfeited (in dollars per share) | 4.91 | 3.65 |
Weighted Average Fair Value, Outstanding at end of the year (in dollars per share) | $ 5.28 | $ 4.55 |
SHARE-BASED COMPENSATION PLANS-
SHARE-BASED COMPENSATION PLANS- Summary of outstanding and exercisable stock options (Details) - Incentive Plan 2017 | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
SHARE-BASED COMPENSATION PLANS | |
Options Outstanding, Number of Options Outstanding | shares | 967,217 |
Options Outstanding, Weighted Average Remaining Contractual Life (in Years) | 6 years 8 months 12 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 26.22 |
Options Exercisable, Number Of Options Exercisable | shares | 524,829 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 27.30 |
Exercise price range $18.00 | |
SHARE-BASED COMPENSATION PLANS | |
Exercise Prices, Lower Range Limit (in dollars per share) | $ 18 |
Options Outstanding, Number of Options Outstanding | shares | 134,760 |
Options Outstanding, Weighted Average Remaining Contractual Life (in Years) | 6 years 8 months 12 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 18 |
Options Exercisable, Number Of Options Exercisable | shares | 74,260 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 18 |
Exercise price range from $25.51 to $25.86 | |
SHARE-BASED COMPENSATION PLANS | |
Exercise Prices, Lower Range Limit (in dollars per share) | 23.38 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 25.79 |
Options Outstanding, Number of Options Outstanding | shares | 432,695 |
Options Outstanding, Weighted Average Remaining Contractual Life (in Years) | 7 years 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 24.43 |
Options Exercisable, Number Of Options Exercisable | shares | 160,415 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 23.65 |
Exercise price range from $27.04 to $37.22 | |
SHARE-BASED COMPENSATION PLANS | |
Exercise Prices, Lower Range Limit (in dollars per share) | 27.94 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 37.22 |
Options Outstanding, Number of Options Outstanding | shares | 399,762 |
Options Outstanding, Weighted Average Remaining Contractual Life (in Years) | 5 years 8 months 12 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 30.92 |
Options Exercisable, Number Of Options Exercisable | shares | 290,154 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 31.70 |
SHARE-BASED COMPENSATION PLAN_7
SHARE-BASED COMPENSATION PLANS- Company's stock option exercise activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Plans | ||
Net proceeds from stock option exercises | $ 103 | $ 293 |
Incentive Plan 2017 | ||
Share-Based Compensation Plans | ||
Total intrinsic value of stock options exercised | 1,537 | 251 |
Net proceeds from stock option exercises | 103 | 293 |
Income tax benefit from the exercise of stock options | 400 | 65 |
Total fair value of stock options vested | $ 653 | $ 734 |
VALUATION AND QUALIFYING ACCO_3
VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Valuation and Qualifying Accounts | ||
BEGINNING BALANCE | $ 2,110 | $ 2,067 |
Add - Additions charged to earnings | 5,634 | 5,735 |
Deduct - Charges for purposes for which reserves were established | (5,234) | (5,692) |
ENDING BALANCE | 2,510 | 2,110 |
Doubtful Accounts | ||
Valuation and Qualifying Accounts | ||
BEGINNING BALANCE | 1,110 | 1,307 |
Add - Additions charged to earnings | 519 | 151 |
Deduct - Charges for purposes for which reserves were established | (136) | (348) |
ENDING BALANCE | 1,493 | 1,110 |
Returns and Allowances | ||
Valuation and Qualifying Accounts | ||
BEGINNING BALANCE | 1,000 | 760 |
Add - Additions charged to earnings | 5,115 | 5,584 |
Deduct - Charges for purposes for which reserves were established | (5,098) | (5,344) |
ENDING BALANCE | $ 1,017 | $ 1,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 30,188 | $ 29,540 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |