Weyco (WEYS) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-09068
Entity Registrant Name	WEYCO GROUP, INC.
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0702200
Entity Address, Address Line One	333 W. Estabrook Boulevard
Entity Address, Address Line Two	P. O. Box 1188
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53201
City Area Code	414
Local Phone Number	908-1600
Title of 12(b) Security	Common Stock - $1.00 par value per share
Trading Symbol	WEYS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,499,893
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000106532
Amendment Flag	false
Current Fiscal Year End Date	--12-31

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS:
Cash and cash equivalents	$ 78,348	$ 69,312
Marketable securities, at amortized cost		215
Accounts receivable, net	42,098	39,275
Income tax receivable		245
Inventories	61,960	74,890
Prepaid expenses and other current assets	3,641	6,172
Total current assets	186,047	190,109
Marketable securities, at amortized cost	6,360	6,354
Deferred income tax benefits	1,052	1,096
Property, plant and equipment, net	28,970	29,504
Operating lease right-of-use assets	11,153	12,520
Goodwill	12,317	12,317
Trademarks	33,168	33,168
Other assets	24,204	24,274
Total assets	303,271	309,342
LIABILITIES AND EQUITY:
Accounts payable	5,789	8,845
Dividend payable		2,352
Operating lease liabilities	3,671	3,979
Accrued liabilities	9,718	14,446
Accrued income tax payable	1,950
Total current liabilities	21,128	29,622
Deferred income tax liabilities	11,765	11,819
Long-term pension liability	13,447	13,412
Operating lease liabilities	8,412	9,531
Other long-term liabilities	411	465
Total liabilities	55,163	64,849
Common stock	9,508	9,497
Capital in excess of par value	72,016	71,661
Reinvested earnings	184,914	180,646
Accumulated other comprehensive loss	(18,330)	(17,311)
Total equity	248,108	244,493
Total liabilities and equity	$ 303,271	$ 309,342

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)
Net sales	$ 71,558	$ 86,294
Cost of sales	39,551	49,132
Gross earnings	32,007	37,162
Selling and administrative expenses	23,756	26,776
Earnings from operations	8,251	10,386
Interest income	905	139
Interest expense		(385)
Other expense, net	(95)	(130)
Earnings before provision for income taxes	9,061	10,010
Provision for income taxes	2,411	2,565
Net earnings	$ 6,650	$ 7,445
Basic weighted average shares outstanding (in shares)	9,436	9,483
Diluted weighted average shares outstanding (in shares)	9,580	9,545
Basic earnings per share (in dollars per share)	$ 0.70	$ 0.79
Diluted earnings per share (in dollars per share)	0.69	0.78
Cash dividends declared (per share) (in dollars per share)	$ 0.25	$ 0.24
Comprehensive income	$ 5,631	$ 7,238

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 6,650	$ 7,445
Adjustments to reconcile net earnings to net cash provided by operating activities -
Depreciation	584	643
Amortization	66	69
Bad debt expense (recovery)	44	(13)
Deferred income taxes	(35)	(23)
Net foreign currency transaction gains	(9)	(48)
Share-based compensation expense	367	338
Pension expense	220	347
Loss on disposal of fixed assets	18
Increase in cash surrender value of life insurance	(105)	(105)
Changes in operating assets and liabilities -
Accounts receivable	(2,865)	520
Inventories	12,928	21,297
Prepaid expenses and other assets	2,633	1,943
Accounts payable	(3,053)	(8,411)
Accrued liabilities and other	(5,301)	(3,208)
Accrued income taxes	2,194	2,192
Net cash provided by operating activities	14,336	22,986
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of marketable securities	215	510
Purchases of property, plant and equipment	(170)	(659)
Net cash provided by (used for) investing activities	45	(149)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid	(4,664)	(4,561)
Shares purchased and retired	(5)	(1,540)
Net proceeds from stock options exercised		16
Payment of contingent consideration		(500)
Proceeds from bank borrowings		29,018
Repayments of bank borrowings		(39,514)
Net cash used for financing activities	(4,669)	(17,081)
Effect of exchange rate changes on cash and cash equivalents	(676)	(67)
Net increase in cash and cash equivalents	9,036	5,689
CASH AND CASH EQUIVALENTS at beginning of year	69,312	16,876
CASH AND CASH EQUIVALENTS at end of year	78,348	22,565
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	$ 207	205
Interest paid		$ 423

Financial Statements

Financial Statements	3 Months Ended
	Mar. 31, 2024
Financial Statements
Financial Statements	1. Financial Statements In the opinion of management, the accompanying unaudited consolidated condensed financial statements contain all adjustments necessary to present fairly our financial position, results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature. The results of operations for the three-month period ended March 31, 2024, may not necessarily be indicative of the results for the full year. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results specifically related to inventory reserves, realizability of deferred tax assets, goodwill and trademarks could materially differ from those estimates, which would impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
New Accounting Pronouncements
New Accounting Pronouncements	2. New Accounting Pronouncements 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

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share
Earnings Per Share	3. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ (In thousands, except per share amounts) ​ Numerator: ​ ​ Net earnings ​ $ 6,650 ​ $ 7,445 ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ Basic weighted average shares outstanding ​ 9,436 ​ 9,483 ​ Effect of dilutive securities: ​ ​ ​ Employee share-based awards ​ 144 ​ 62 ​ Diluted weighted average shares outstanding ​ 9,580 ​ 9,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 0.70 ​ $ 0.79 ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share ​ $ 0.69 ​ $ 0.78 ​ ​ Diluted weighted average shares outstanding for the three months ended March 31, 2024, excluded anti-dilutive stock options totaling 395,000 shares of common stock at a weighted average exercise price of $30.15. Diluted weighted average shares outstanding for the three months ended March 31, 2023, excluded anti-dilutive stock options totaling 1,042,000 shares of common stock at a weighted average exercise price of $26.79.

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments
Investments	4. Investments As noted in our Annual Report on Form 10-K for the year ended December 31, 2023, all our marketable securities are classified as held-to-maturity securities and reported at amortized cost pursuant to ASC 320, Investments – Debt and Equity Securities Below is a summary of the amortized cost and estimated market values of our marketable securities as of March 31, 2024, and December 31, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Amortized Market Amortized Market ​ Cost Value Cost Value ​ ​ (Dollars in thousands) ​ Marketable securities: ​ ​ ​ ​ Current ​ $ — ​ $ — ​ $ 215 ​ $ 215 ​ Due from one through five years ​ 3,524 ​ 3,567 ​ 3,518 ​ 3,592 ​ Due from six through ten years ​ 2,836 ​ 2,800 ​ 2,836 ​ 2,830 ​ Total ​ $ 6,360 ​ $ 6,367 ​ $ 6,569 ​ $ 6,637 ​ ​ The unrealized gains and losses on marketable securities at March 31, 2024, and at December 31, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Unrealized Unrealized Unrealized Unrealized ​ Gains Losses Gains Losses ​ ​ (Dollars in thousands) ​ Marketable securities ​ $ 99 ​ $ (92) ​ $ 118 ​ $ (50) ​ ​ The estimated market values provided are Level 2 valuations as defined by ASC 820, Fair Value Measurements and Disclosures.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2024
Intangible Assets
Intangible Assets	5. Intangible Assets ​ During the three months ended March 31, 2024, there were no changes in the carrying value of our indefinite-lived intangible assets (goodwill and trademarks). Our amortizable intangible assets, which were included within other assets in the Consolidated Condensed Balance Sheets (unaudited), consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ 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 ​ $ (3,053) ​ $ 447 ​ $ 3,500 ​ $ (2,994) ​ $ 506 Total amortizable intangible assets ​ ​ ​ ​ $ 3,500 ​ $ (3,053) ​ $ 447 ​ $ 3,500 ​ $ (2,994) ​ $ 506 ​ Amortization expense related to the intangible assets was approximately $58,000 in both the first quarters of 2024 and 2023.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Information
Segment Information	6. 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 March 31, 2024, 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 Asia in 2023 and are in the final stages of winding down that business. Summarized segment data for the three-month periods ended March 31, 2024 and 2023, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, Wholesale Retail Other Total ​ ​ (Dollars in thousands) 2024 ​ ​ ​ ​ ​ Product sales ​ $ 55,723 ​ $ 9,819 ​ $ 5,489 ​ $ 71,031 Licensing revenues ​ 527 ​ — ​ — ​ 527 Net sales ​ $ 56,250 ​ $ 9,819 ​ $ 5,489 ​ $ 71,558 Earnings from operations ​ $ 7,391 ​ $ 1,297 ​ $ (437) ​ $ 8,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 69,281 ​ $ 8,930 ​ $ 7,467 ​ $ 85,678 Licensing revenues ​ 616 ​ — ​ — ​ 616 Net sales ​ $ 69,897 ​ $ 8,930 ​ $ 7,467 ​ $ 86,294 Earnings from operations ​ $ 8,829 ​ $ 1,282 ​ $ 275 ​ $ 10,386 ​

Employee Retirement Plans

Employee Retirement Plans	3 Months Ended
	Mar. 31, 2024
Employee Retirement Plans
Employee Retirement Plans	7. Employee Retirement Plans The components of our pension expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ (Dollars in thousands) Service cost $ 96 ​ $ 118 Interest cost 637 ​ 672 Expected return on plan assets (612) ​ (577) Net amortization and deferral 99 ​ 134 Pension expense $ 220 ​ $ 347 ​ The components of pension expense other than the service cost component were included in “other expense, net” in the Consolidated Condensed Statements of Earnings and Comprehensive Income (Unaudited).

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases
Leases	8. Leases We lease retail shoe stores, as well as several office and distribution facilities worldwide. These 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 ​ 2023 ​ ​ (Dollars in thousands) ​ Operating lease costs $ 1,106 ​ $ 1,362 Variable lease costs (1) ​ ​ — ​ ​ 2 ​ Total lease costs $ 1,106 ​ $ 1,364 ​ (1) 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 March 31, 2024: ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ (Dollars in thousands) 2024, excluding the quarter ended March 31, 2024 $ 3,232 2025 3,532 2026 3,115 2027 1,993 2028 ​ ​ 953 Thereafter 379 Total lease payments 13,204 Less: imputed interest (1,121) Present value of lease liabilities $ 12,083 ​ The operating lease liabilities were classified in the consolidated condensed balance sheets (unaudited) as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ (Dollars in thousands) Operating lease liabilities - current ​ $ 3,671 ​ $ 3,979 Operating lease liabilities - non-current ​ ​ 8,412 ​ ​ 9,531 Total $ 12,083 ​ $ 13,510 ​ We determined the present value of our lease liabilities using a weighted-average discount rate of 4.34%. As of March 31, 2024, our leases had a weighted-average remaining lease term of 3.6 years. Supplemental cash flow information related to our operating leases is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ ​ (Dollars in thousands) ​ Cash paid for amounts included in the measurement of lease liabilities $ 1,141 ​ $ 1,286 Right-of-use assets obtained in exchange for new lease liabilities (noncash) ​ $ — ​ $ 1,739 ​ ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Taxes
Income Taxes	9. Income Taxes ​ The effective income tax rates for the three months ended March 31, 2024 and 2023 were 26.6% and 25.6%, respectively. The 2024 and 2023 effective tax rates differed from the federal rate of 21% primarily because of state taxes.

Share-Based Compensation Plans

Share-Based Compensation Plans	3 Months Ended
	Mar. 31, 2024
Share-Based Compensation Plans
Share-Based Compensation Plans	10. Share-Based Compensation Plans During the three months ended March 31, 2024, we recognized $367,000 of compensation expense associated with stock option and restricted stock awards granted in years 2019 through 2023. During the three months ended March 31, 2023, we recognized $338,000 of compensation expense associated with stock option and restricted stock awards granted in years 2018 through 2022. The following table summarizes our stock option activity for the three-month period ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic ​ Shares Price Term (Years) Value* Outstanding at December 31, 2023 967,217 ​ $ 26.22 ​ Granted — ​ ​ — ​ Exercised (45,502) ​ ​ 24.49 ​ Forfeited or expired (3,260) ​ ​ 25.33 ​ Outstanding at March 31, 2024 918,455 ​ $ 26.31 6.5 ​ $ 5,735,000 Exercisable at March 31, 2024 485,628 ​ $ 27.50 5.2 ​ $ 2,740,000 ​ *The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of our common stock on March 28, 2024, the last trading day of the quarter, of $31.88 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. The following table summarizes our restricted stock award activity for the three-month period ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ Shares of ​ Average ​ Remaining ​ ​ Aggregate ​ ​ ​ Restricted ​ Grant Date ​ Contractual ​ ​ Intrinsic ​ ​ ​ Stock ​ Fair Value ​ Term (Years) ​ ​ Value* ​ Non-vested - December 31, 2023 69,090 ​ $ 25.54 ​ ​ ​ ​ ​ ​ ​ Issued — ​ — ​ ​ ​ ​ ​ Vested (1,425) ​ 24.85 ​ ​ ​ ​ ​ Forfeited — ​ — ​ ​ ​ ​ ​ Non-vested - March 31, 2024 67,665 ​ $ 25.55 ​ 2.4 ​ ​ $ 2,157,000 ​ ​ *The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of our common stock on March 28, 2024, the last trading day of the quarter, of $31.88 multiplied by the number of non-vested restricted shares outstanding.

Short-Term Borrowings

Short-Term Borrowings	3 Months Ended
	Mar. 31, 2024
Short-Term Borrowings
Short-Term Borrowings	11. Short-Term Borrowings At March 31, 2024, we had a $40.0 million revolving line of credit with a bank that is secured by a lien against our general business assets, and expires on September 28, 2024. Outstanding advances on the line of credit bear interest at the one-month term secured overnight financing rate (“SOFR”) plus 125 basis points. Our line of credit agreement contains representations, warranties and covenants (including a minimum tangible net worth financial covenant) that are customary for a facility of this type. At March 31, 2024, there were no outstanding borrowings on the line of credit, and we were in compliance with all financial covenants.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2024
Financial Instruments
Financial Instruments	12. Financial Instruments At March 31, 2024, our wholly-owned subsidiary, Florsheim Australia, had a foreign exchange contract outstanding to buy $0.3 million U.S. dollars at a price of approximately $0.4 million Australian dollars. This contract expires in 2024. Based on quarter-end exchange rates, there were no significant unrealized gains or losses on the outstanding contract. We determine the fair value of foreign exchange contracts based on the difference between the foreign currency contract rates and the widely available foreign currency rates as of the measurement date. The fair value measurements are based on observable market transactions, and thus represent a Level 2 valuation as defined by ASC 820.

Comprehensive Income

Comprehensive Income	3 Months Ended
	Mar. 31, 2024
Comprehensive Income
Comprehensive Income	13. Comprehensive Income Comprehensive income for the three months ended March 31, 2024 and 2023, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ ​ ​ ​ ​ ​ ​ Net earnings ​ $ 6,650 ​ $ 7,445 Foreign currency translation adjustments ​ (1,092) ​ (306) Pension liability adjustment, net of tax of $26 and $35, respectively ​ 73 ​ 99 Total comprehensive income ​ $ 5,631 ​ $ 7,238 ​ The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 ​ ​ (Dollars in thousands) Foreign currency translation adjustments ​ $ (9,046) ​ $ (7,954) Pension liability, net of tax ​ (9,284) ​ (9,357) Total accumulated other comprehensive loss ​ $ (18,330) ​ $ (17,311) ​ The following tables show changes in accumulated other comprehensive loss during the three months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ ​ Translation ​ Defined Benefit ​ ​ ​ ​ Adjustments Pension Items Total Balance, December 31, 2023 ​ $ (7,954) ​ $ (9,357) ​ $ (17,311) Other comprehensive loss before reclassifications ​ ​ (1,092) ​ ​ ​ ​ ​ (1,092) Amounts reclassified from accumulated other comprehensive loss ​ ​ — ​ ​ 73 ​ ​ 73 Net current period other comprehensive (loss) income ​ ​ (1,092) ​ ​ 73 ​ ​ (1,019) Balance, March 31, 2024 ​ $ (9,046) ​ $ (9,284) ​ $ (18,330) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ ​ Translation ​ Defined Benefit ​ ​ ​ ​ Adjustments Pension Items Total Balance, December 31, 2022 ​ $ (8,596) ​ $ (11,597) ​ $ (20,193) Other comprehensive loss before reclassifications ​ ​ (306) ​ ​ — ​ ​ (306) Amounts reclassified from accumulated other comprehensive loss ​ ​ — ​ ​ 99 ​ ​ 99 Net current period other comprehensive (loss) income ​ ​ (306) ​ ​ 99 ​ ​ (207) Balance, March 31, 2023 ​ $ (8,902) ​ $ (11,498) ​ $ (20,400) ​ The following table shows reclassification adjustments out of accumulated other comprehensive loss during the three months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified from Accumulated Other Comprehensive Loss ​ Affected line item in the ​ ​ ​ Three Months Ended March 31, ​ statement where net ​ ​ ​ 2024 ​ 2023 earnings is presented ​ Amortization of defined benefit pension items ​ ​ ​ ​ ​ ​ Prior service cost ​ $ 5 (1) $ 5 (1) Other expense, net ​ Actuarial losses ​ ​ 94 (1) 129 (1) Other expense, net ​ Total before tax ​ ​ 99 ​ 134 ​ Tax benefit ​ ​ (26) ​ (35) ​ Net of tax ​ $ 73 ​ $ 99 ​ ​ (1) These amounts were included in the computation of pension expense. See Note 7 for additional details.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Equity
Equity	14. Equity The following table reconciles our equity for the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ ​ (Dollars in thousands) Balance, December 31, 2023 ​ $ 9,497 ​ $ 71,661 ​ $ 180,646 ​ $ (17,311) Net earnings ​ — ​ — ​ 6,650 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ (1,092) Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 73 Cash dividends declared ​ — ​ — ​ (2,377) ​ — Stock options exercised, net of shares withheld for employee taxes and strike price ​ ​ 11 ​ ​ (12) ​ ​ — ​ ​ — Share-based compensation expense ​ — ​ 367 ​ — ​ — Shares purchased and retired ​ ​ — ​ ​ — ​ ​ (5) ​ ​ — Balance, March 31, 2024 ​ $ 9,508 ​ ​ 72,016 ​ $ 184,914 ​ ​ (18,330) ​ The following table reconciles our equity for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ ​ (Dollars in thousands) Balance, December 31, 2022 ​ $ 9,584 ​ $ 70,475 ​ $ 164,039 ​ $ (20,193) Net earnings ​ — ​ — ​ 7,445 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ (306) Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 99 Cash dividends declared ​ — ​ — ​ (2,289) ​ — Stock options exercised, net of shares withheld for employee taxes and strike price ​ ​ 1 ​ ​ 15 ​ ​ — ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 338 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (62) ​ ​ — ​ ​ (1,478) ​ ​ — Balance, March 31, 2023 ​ $ 9,523 ​ $ 70,828 ​ $ 167,717 ​ $ (20,400) ​

Financial Statements (Policies)

Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2024
Financial Statements
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and disclosure of contingent assets and liabilities at the date of the financial statements and during the reporting period. Actual results specifically related to inventory reserves, realizability of deferred tax assets, goodwill and trademarks could materially differ from those estimates, which would impact the reported amounts and disclosures in the consolidated financial statements and accompanying notes.

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2024
Financial Statements
New Accounting Pronouncements	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

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share
Schedule of computation of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ (In thousands, except per share amounts) ​ Numerator: ​ ​ Net earnings ​ $ 6,650 ​ $ 7,445 ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ Basic weighted average shares outstanding ​ 9,436 ​ 9,483 ​ Effect of dilutive securities: ​ ​ ​ Employee share-based awards ​ 144 ​ 62 ​ Diluted weighted average shares outstanding ​ 9,580 ​ 9,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share ​ $ 0.70 ​ $ 0.79 ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share ​ $ 0.69 ​ $ 0.78 ​

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments
Schedule of marketable securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Amortized Market Amortized Market ​ Cost Value Cost Value ​ ​ (Dollars in thousands) ​ Marketable securities: ​ ​ ​ ​ Current ​ $ — ​ $ — ​ $ 215 ​ $ 215 ​ Due from one through five years ​ 3,524 ​ 3,567 ​ 3,518 ​ 3,592 ​ Due from six through ten years ​ 2,836 ​ 2,800 ​ 2,836 ​ 2,830 ​ Total ​ $ 6,360 ​ $ 6,367 ​ $ 6,569 ​ $ 6,637 ​
Schedule of unrealized gains and losses on marketable securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ Unrealized Unrealized Unrealized Unrealized ​ Gains Losses Gains Losses ​ ​ (Dollars in thousands) ​ Marketable securities ​ $ 99 ​ $ (92) ​ $ 118 ​ $ (50) ​

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Intangible Assets
Schedule of company's amortizable intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 ​ December 31, 2023 ​ ​ 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 ​ $ (3,053) ​ $ 447 ​ $ 3,500 ​ $ (2,994) ​ $ 506 Total amortizable intangible assets ​ ​ ​ ​ $ 3,500 ​ $ (3,053) ​ $ 447 ​ $ 3,500 ​ $ (2,994) ​ $ 506

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Information
Schedule of segment reporting information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, Wholesale Retail Other Total ​ ​ (Dollars in thousands) 2024 ​ ​ ​ ​ ​ Product sales ​ $ 55,723 ​ $ 9,819 ​ $ 5,489 ​ $ 71,031 Licensing revenues ​ 527 ​ — ​ — ​ 527 Net sales ​ $ 56,250 ​ $ 9,819 ​ $ 5,489 ​ $ 71,558 Earnings from operations ​ $ 7,391 ​ $ 1,297 ​ $ (437) ​ $ 8,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 69,281 ​ $ 8,930 ​ $ 7,467 ​ $ 85,678 Licensing revenues ​ 616 ​ — ​ — ​ 616 Net sales ​ $ 69,897 ​ $ 8,930 ​ $ 7,467 ​ $ 86,294 Earnings from operations ​ $ 8,829 ​ $ 1,282 ​ $ 275 ​ $ 10,386 ​

Employee Retirement Plans (Tabl

Employee Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Employee Retirement Plans
Schedule of company's pension expense	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ (Dollars in thousands) Service cost $ 96 ​ $ 118 Interest cost 637 ​ 672 Expected return on plan assets (612) ​ (577) Net amortization and deferral 99 ​ 134 Pension expense $ 220 ​ $ 347

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases
Schedule of operating lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 ​ 2023 ​ ​ (Dollars in thousands) ​ Operating lease costs $ 1,106 ​ $ 1,362 Variable lease costs (1) ​ ​ — ​ ​ 2 ​ Total lease costs $ 1,106 ​ $ 1,364 ​ (1)
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ ​ Operating Leases ​ ​ (Dollars in thousands) 2024, excluding the quarter ended March 31, 2024 $ 3,232 2025 3,532 2026 3,115 2027 1,993 2028 ​ ​ 953 Thereafter 379 Total lease payments 13,204 Less: imputed interest (1,121) Present value of lease liabilities $ 12,083
Schedule of supplemental information	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ 2024 ​ 2023 ​ ​ (Dollars in thousands) Operating lease liabilities - current ​ $ 3,671 ​ $ 3,979 Operating lease liabilities - non-current ​ ​ 8,412 ​ ​ 9,531 Total $ 12,083 ​ $ 13,510 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ ​ (Dollars in thousands) ​ Cash paid for amounts included in the measurement of lease liabilities $ 1,141 ​ $ 1,286 Right-of-use assets obtained in exchange for new lease liabilities (noncash) ​ $ — ​ $ 1,739 ​ ​

Share-Based Compensation Plans

Share-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Compensation Plans
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic ​ Shares Price Term (Years) Value* Outstanding at December 31, 2023 967,217 ​ $ 26.22 ​ Granted — ​ ​ — ​ Exercised (45,502) ​ ​ 24.49 ​ Forfeited or expired (3,260) ​ ​ 25.33 ​ Outstanding at March 31, 2024 918,455 ​ $ 26.31 6.5 ​ $ 5,735,000 Exercisable at March 31, 2024 485,628 ​ $ 27.50 5.2 ​ $ 2,740,000 ​ *The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of our common stock on March 28, 2024, the last trading day of the quarter, of $31.88 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options.
Schedule of restricted stock award activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ Shares of ​ Average ​ Remaining ​ ​ Aggregate ​ ​ ​ Restricted ​ Grant Date ​ Contractual ​ ​ Intrinsic ​ ​ ​ Stock ​ Fair Value ​ Term (Years) ​ ​ Value* ​ Non-vested - December 31, 2023 69,090 ​ $ 25.54 ​ ​ ​ ​ ​ ​ ​ Issued — ​ — ​ ​ ​ ​ ​ Vested (1,425) ​ 24.85 ​ ​ ​ ​ ​ Forfeited — ​ — ​ ​ ​ ​ ​ Non-vested - March 31, 2024 67,665 ​ $ 25.55 ​ 2.4 ​ ​ $ 2,157,000 ​ ​ *The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of our common stock on March 28, 2024, the last trading day of the quarter, of $31.88 multiplied by the number of non-vested restricted shares outstanding.

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2024
Comprehensive Income
Schedule of comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 ​ ​ ​ ​ ​ ​ ​ Net earnings ​ $ 6,650 ​ $ 7,445 Foreign currency translation adjustments ​ (1,092) ​ (306) Pension liability adjustment, net of tax of $26 and $35, respectively ​ 73 ​ 99 Total comprehensive income ​ $ 5,631 ​ $ 7,238
Schedule of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2024 ​ 2023 ​ ​ (Dollars in thousands) Foreign currency translation adjustments ​ $ (9,046) ​ $ (7,954) Pension liability, net of tax ​ (9,284) ​ (9,357) Total accumulated other comprehensive loss ​ $ (18,330) ​ $ (17,311)
Schedule of changes in accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ ​ Translation ​ Defined Benefit ​ ​ ​ ​ Adjustments Pension Items Total Balance, December 31, 2023 ​ $ (7,954) ​ $ (9,357) ​ $ (17,311) Other comprehensive loss before reclassifications ​ ​ (1,092) ​ ​ ​ ​ ​ (1,092) Amounts reclassified from accumulated other comprehensive loss ​ ​ — ​ ​ 73 ​ ​ 73 Net current period other comprehensive (loss) income ​ ​ (1,092) ​ ​ 73 ​ ​ (1,019) Balance, March 31, 2024 ​ $ (9,046) ​ $ (9,284) ​ $ (18,330) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ ​ Translation ​ Defined Benefit ​ ​ ​ ​ Adjustments Pension Items Total Balance, December 31, 2022 ​ $ (8,596) ​ $ (11,597) ​ $ (20,193) Other comprehensive loss before reclassifications ​ ​ (306) ​ ​ — ​ ​ (306) Amounts reclassified from accumulated other comprehensive loss ​ ​ — ​ ​ 99 ​ ​ 99 Net current period other comprehensive (loss) income ​ ​ (306) ​ ​ 99 ​ ​ (207) Balance, March 31, 2023 ​ $ (8,902) ​ $ (11,498) ​ $ (20,400)
Schedule of reclassification adjustments out of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified from Accumulated Other Comprehensive Loss ​ Affected line item in the ​ ​ ​ Three Months Ended March 31, ​ statement where net ​ ​ ​ 2024 ​ 2023 earnings is presented ​ Amortization of defined benefit pension items ​ ​ ​ ​ ​ ​ Prior service cost ​ $ 5 (1) $ 5 (1) Other expense, net ​ Actuarial losses ​ ​ 94 (1) 129 (1) Other expense, net ​ Total before tax ​ ​ 99 ​ 134 ​ Tax benefit ​ ​ (26) ​ (35) ​ Net of tax ​ $ 73 ​ $ 99 ​ ​ (1) These amounts were included in the computation of pension expense. See Note 7 for additional details.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity
Schedule of reconciliation of company's equity	The following table reconciles our equity for the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ ​ (Dollars in thousands) Balance, December 31, 2023 ​ $ 9,497 ​ $ 71,661 ​ $ 180,646 ​ $ (17,311) Net earnings ​ — ​ — ​ 6,650 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ (1,092) Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 73 Cash dividends declared ​ — ​ — ​ (2,377) ​ — Stock options exercised, net of shares withheld for employee taxes and strike price ​ ​ 11 ​ ​ (12) ​ ​ — ​ ​ — Share-based compensation expense ​ — ​ 367 ​ — ​ — Shares purchased and retired ​ ​ — ​ ​ — ​ ​ (5) ​ ​ — Balance, March 31, 2024 ​ $ 9,508 ​ ​ 72,016 ​ $ 184,914 ​ ​ (18,330) ​ The following table reconciles our equity for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ Other ​ ​ Common ​ Excess of ​ Reinvested ​ Comprehensive ​ Stock Par Value Earnings Loss ​ ​ (Dollars in thousands) Balance, December 31, 2022 ​ $ 9,584 ​ $ 70,475 ​ $ 164,039 ​ $ (20,193) Net earnings ​ — ​ — ​ 7,445 ​ — Foreign currency translation adjustments ​ — ​ — ​ — ​ (306) Pension liability adjustment, net of tax ​ — ​ — ​ — ​ 99 Cash dividends declared ​ — ​ — ​ (2,289) ​ — Stock options exercised, net of shares withheld for employee taxes and strike price ​ ​ 1 ​ ​ 15 ​ ​ — ​ ​ — Share-based compensation expense ​ ​ — ​ ​ 338 ​ ​ — ​ ​ — Shares purchased and retired ​ ​ (62) ​ ​ — ​ ​ (1,478) ​ ​ — Balance, March 31, 2023 ​ $ 9,523 ​ $ 70,828 ​ $ 167,717 ​ $ (20,400) ​

Earnings Per Share - Basic and

Earnings Per Share - Basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net earnings	$ 6,650	$ 7,445
Denominator:
Basic weighted average shares outstanding (in shares)	9,436	9,483
Effect of dilutive securities:
Employee share-based awards (in shares)	144	62
Diluted weighted average shares outstanding (in shares)	9,580	9,545
Basic earnings per share (in dollars per share)	$ 0.70	$ 0.79
Diluted earnings per share (in dollars per share)	$ 0.69	$ 0.78

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share
Anti-dilutive share-based awards (in shares)	395,000	1,042,000
Weighted average price of anti-dilutive share-based awards (in dollars per share)	$ 30.15	$ 26.79

Investments - Marketable Securi

Investments - Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments
Amortized Cost, Current		$ 215
Amortized Cost, Due from one through five years	$ 3,524	3,518
Amortized Cost, Due from six through ten years	2,836	2,836
Amortized Cost, Total	6,360	6,569
Market Value, Current		215
Market Value, Due from one through five years	3,567	3,592
Market Value, Due from six through ten years	2,800	2,830
Market Value, Total	$ 6,367	$ 6,637

Investments - Unrealized gains

Investments - Unrealized gains and losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Investments
Unrealized Gains	$ 99	$ 118
Unrealized Losses	$ (92)	$ (50)

Intangible Assets - Amortizable

Intangible Assets - Amortizable intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortizable intangible assets
Gross Carrying Amount	$ 3,500	$ 3,500
Accumulated Amortization	(3,053)	(2,994)
Net	$ 447	506
Customer relationships
Amortizable intangible assets
Weighted Average Life (Years)	15 years
Gross Carrying Amount	$ 3,500	3,500
Accumulated Amortization	(3,053)	(2,994)
Net	$ 447	$ 506

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Intangible Assets
Amortization of intangible assets	$ 58,000	$ 58,000
Change in carrying value of indefinite-lived intangible assets	$ 0

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Information
Number of reportable segments	2

Segment Information - Schedule

Segment Information - Schedule of segment data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEGMENT INFORMATION
Net sales	$ 71,558	$ 86,294
Earnings from operations	8,251	10,386
Product sales
SEGMENT INFORMATION
Net sales	71,031	85,678
Licensing revenues
SEGMENT INFORMATION
Net sales	527	616
Wholesale
SEGMENT INFORMATION
Net sales	56,250	69,897
Earnings from operations	7,391	8,829
Wholesale | Product sales
SEGMENT INFORMATION
Net sales	55,723	69,281
Wholesale | Licensing revenues
SEGMENT INFORMATION
Net sales	527	616
Retail
SEGMENT INFORMATION
Net sales	9,819	8,930
Earnings from operations	1,297	1,282
Retail | Product sales
SEGMENT INFORMATION
Net sales	9,819	8,930
Other
SEGMENT INFORMATION
Net sales	5,489	7,467
Earnings from operations	(437)	275
Other | Product sales
SEGMENT INFORMATION
Net sales	$ 5,489	$ 7,467

Employee Retirement Plans (Deta

Employee Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Retirement Plans
Service cost	$ 96	$ 118
Interest cost	637	672
Expected return on plan assets	(612)	(577)
Net amortization and deferral	99	134
Pension expense	$ 220	$ 347

Leases - Operating lease costs

Leases - Operating lease costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases
Operating lease costs	$ 1,106	$ 1,362
Variable lease costs		2
Total lease costs	$ 1,106	$ 1,364

Leases - Maturities of operatin

Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases
2024, excluding the quarter ended March 31, 2024	$ 3,232
2025	3,532
2026	3,115
2027	1,993
2028	953
Thereafter	379
Total lease payments	13,204
Less imputed interest	(1,121)
Present value of lease liabilities	$ 12,083	$ 13,510

Leases - Operating lease liabil

Leases - Operating lease liabilities classification (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases
Operating lease liabilities - current	$ 3,671	$ 3,979
Operating lease liabilities - non-current	8,412	9,531
Total	$ 12,083	$ 13,510

Leases - Additional Information

Leases - Additional Information (Details)	Mar. 31, 2024
Leases
Weighted-average discount rate (percent)	4.34%
Weighted-average remaining lease term	3 years 7 months 6 days

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases
Cash paid for amounts included in the measurement of lease liabilities	$ 1,141	$ 1,286
Right-of-use assets obtained in exchange for new lease liabilities (noncash)		$ 1,739

Income Taxes - Effective tax ra

Income Taxes - Effective tax rate (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Taxes
U.S. federal statutory income tax rate	21%	21%
Effective tax rate	26.60%	25.60%

Share-Based Compensation Plan_2

Share-Based Compensation Plans - Additional information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 28, 2024
Share-Based Compensation Plans
Share-based compensation expense	$ 367,000	$ 338,000
Restricted stock
Share-Based Compensation Plans
Share Price			$ 31.88

Share-Based Compensation Plan_3

Share-Based Compensation Plans - Company's stock option activity (Details) - Employee Stock Option - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 28, 2024
Share-Based Compensation Plans
Shares, Outstanding at beginning of period	967,217
Shares, Exercised	(45,502)
Shares, Forfeited or expired	(3,260)
Shares, Outstanding at end of period	918,455
Shares, Exercisable at end of period	485,628
Weighted Average Exercise Price, Outstanding at beginning of period (in dollars per share)	$ 26.22
Weighted Average Exercise Price, Exercised (in dollars per share)	24.49
Weighted Average Exercise Price, Forfeited or expired (in dollars per share)	25.33
Weighted Average Exercise Price, Outstanding at end of period (in dollars per share)	26.31
Weighted Average Exercise Price, Exercisable at end of period (in dollars per share)	$ 27.50
Weighted Average Remaining Contractual Term (Years), Outstanding	6 years 6 months
Weighted Average Remaining Contractual Term (Years), Exercisable, Outstanding	5 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 5,735,000
Aggregate Intrinsic Value, Exercisable	$ 2,740,000
Market value of common stock (in dollars per share)		$ 31.88

Share-Based Compensation Plan_4

Share-Based Compensation Plans - Company's restricted stock award activities (Details) - Restricted stock - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 28, 2024
Share-Based Compensation Plans
Shares of Restricted Stock, Non-vested beginning of period	69,090
Shares of Restricted Stock, Vested	(1,425)
Shares of Restricted Stock, Non-vested end of period	67,665
Weighted Average Grant Date Fair Value, Non-vested beginning of period (in dollars per share)	$ 25.54
Weighted Average Grant Date Fair Value, Vested (in dollars per share)	24.85
Weighted Average Grant Date Fair Value, Non-vested end of period (in dollars per share)	$ 25.55
Weighted Average Remaining Contractual Term (Years)	2 years 4 months 24 days
Aggregate intrinsic value	$ 2,157,000
Market value of common stock (in dollars per share)		$ 31.88

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Line of credit facility
Short-Term Borrowings
Short-term borrowings	$ 0
Revolving credit facility
Short-Term Borrowings
Line of credit with a bank	$ 40
Line of credit facility, expiration date	Sep. 28, 2024
Revolving credit facility | Secured overnight financing rate (SOFR)
Short-Term Borrowings
Spread on variable rate	1.25%

Financial Instruments (Details)

Financial Instruments (Details) - Mar. 31, 2024 $ in Millions, $ in Millions	USD ($)	AUD ($)
Foreign exchange contracts Australian
Foreign exchange contract outstanding	$ 0.3	$ 0.4

Comprehensive Income (Details)

Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive Income
Net earnings	$ 6,650	$ 7,445
Foreign currency translation adjustments	(1,092)
Pension liability adjustment, net of tax of $26 and $35, respectively	73	99
Total comprehensive income	5,631	7,238
Pension liability, net of tax	$ 26	$ 35

Comprehensive Income - Accumula

Comprehensive Income - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Comprehensive Income
Foreign currency translation adjustments	$ (9,046)	$ (7,954)	$ (8,902)	$ (8,596)
Pension liability, net of tax	(9,284)	(9,357)	$ (11,498)	$ (11,597)
Total accumulated other comprehensive loss	$ (18,330)	$ (17,311)

Comprehensive Income - Changes

Comprehensive Income - Changes in accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Comprehensive Income
Foreign Currency Translation Adjustments, Beginning balance	$ (7,954)	$ (8,596)
Foreign Currency Translation Adjustments, Other comprehensive income (loss) before reclassifications	(1,092)	(306)
Foreign Currency Translation Adjustments, Net current period other comprehensive (loss) income	(1,092)	(306)
Foreign Currency Translation Adjustments, Ending balance	(9,046)	(8,902)
Defined Benefit Pension Items, Beginning balance	(9,357)	(11,597)
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss	73	99
Defined Benefit Pension Items, Net current period other comprehensive (loss) income	73	99
Defined Benefit Pension Items, Ending balance	(9,284)	$ (11,498)
Beginning balance	(17,311)
Ending balance	$ (18,330)

Comprehensive Income - Reclassi

Comprehensive Income - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Amortization of defined benefit pension items
Prior service cost		$ 5	$ 5
Actuarial losses		94	129
Total before tax		99	134
Tax benefit	[1]	(26)	(35)
Net of tax		$ 73	$ 99
[1] These amounts were included in the computation of pension expense. See Note 7 for additional details.

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity
Balance at beginning	$ 244,493
Net earnings	6,650	$ 7,445
Foreign currency translation adjustments	(1,092)
Pension liability adjustments	73	99
Balance at ending	248,108
Common stock
Equity
Balance at beginning	9,497	9,584
Stock options exercised, net of shares withheld for employee taxes and strike price	11	1
Shares purchased and retired		(62)
Balance at ending	9,508	9,523
Capital in excess of par value
Equity
Balance at beginning	71,661	70,475
Stock options exercised, net of shares withheld for employee taxes and strike price	(12)	15
Share-based compensation expense	367	338
Balance at ending	72,016	70,828
Reinvested earnings
Equity
Balance at beginning	180,646	164,039
Net earnings	6,650	7,445
Cash dividends declared	(2,377)	(2,289)
Shares purchased and retired	(5)	(1,478)
Balance at ending	184,914	167,717
Accumulated other comprehensive loss
Equity
Balance at beginning	(17,311)	(20,193)
Foreign currency translation adjustments	(1,092)	(306)
Pension liability adjustments	73	99
Balance at ending	$ (18,330)	$ (20,400)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,650	$ 7,445

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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