Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Securities Act 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 - $1.00 par value per share | |
Trading Symbol | WEYS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,490,681 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000106532 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS: | ||
Cash and cash equivalents | $ 78,407 | $ 69,312 |
Marketable securities, at amortized cost | 215 | |
Accounts receivable, net | 37,338 | 39,275 |
Income tax receivable | 332 | 245 |
Inventories | 67,944 | 74,890 |
Prepaid expenses and other current assets | 3,506 | 6,172 |
Total current assets | 187,527 | 190,109 |
Marketable securities, at amortized cost | 6,367 | 6,354 |
Deferred income tax benefits | 1,074 | 1,096 |
Property, plant and equipment, net | 28,566 | 29,504 |
Operating lease right-of-use assets | 10,597 | 12,520 |
Goodwill | 12,317 | 12,317 |
Trademarks | 33,168 | 33,168 |
Other assets | 24,203 | 24,274 |
Total assets | 303,819 | 309,342 |
LIABILITIES AND EQUITY: | ||
Accounts payable | 4,573 | 8,845 |
Dividend payable | 2,352 | |
Operating lease liabilities | 3,514 | 3,979 |
Accrued liabilities | 10,865 | 14,446 |
Total current liabilities | 18,952 | 29,622 |
Deferred income tax liabilities | 11,837 | 11,819 |
Long-term pension liability | 13,482 | 13,412 |
Operating lease liabilities | 7,958 | 9,531 |
Other long-term liabilities | 386 | 465 |
Total liabilities | 52,615 | 64,849 |
Common stock | 9,491 | 9,497 |
Capital in excess of par value | 72,346 | 71,661 |
Reinvested earnings | 187,563 | 180,646 |
Accumulated other comprehensive loss | (18,196) | (17,311) |
Total equity | 251,204 | 244,493 |
Total liabilities and equity | $ 303,819 | $ 309,342 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED) | ||||
Net sales | $ 63,932 | $ 67,014 | $ 135,490 | $ 153,308 |
Cost of sales | 35,840 | 38,007 | 75,391 | 87,139 |
Gross earnings | 28,092 | 29,007 | 60,099 | 66,169 |
Selling and administrative expenses | 21,431 | 22,307 | 45,187 | 49,083 |
Earnings from operations | 6,661 | 6,700 | 14,912 | 17,086 |
Interest income | 964 | 190 | 1,869 | 329 |
Interest expense | (132) | (517) | ||
Other expense, net | (143) | (168) | (238) | (298) |
Earnings before provision for income taxes | 7,482 | 6,590 | 16,543 | 16,600 |
Provision for income taxes | 1,875 | 1,726 | 4,286 | 4,291 |
Net earnings | $ 5,607 | $ 4,864 | $ 12,257 | $ 12,309 |
Basic weighted average shares outstanding (in shares) | 9,429 | 9,440 | 9,433 | 9,461 |
Diluted weighted average shares outstanding (in shares) | 9,548 | 9,542 | 9,564 | 9,625 |
Basic earnings per share (in dollars per share) | $ 0.60 | $ 0.51 | $ 1.30 | $ 1.30 |
Diluted earnings per share (in dollars per share) | 0.59 | 0.50 | 1.28 | 1.28 |
Cash dividends declared (per share) (in dollars per share) | $ 0.26 | $ 0.25 | $ 0.51 | $ 0.49 |
Comprehensive income | $ 5,741 | $ 5,210 | $ 11,372 | $ 12,448 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 12,257 | $ 12,309 |
Adjustments to reconcile net earnings to net cash provided by operating activities - | ||
Depreciation | 1,204 | 1,279 |
Amortization | 133 | 137 |
Bad debt (recovery) expense | (2) | 88 |
Deferred income taxes | (11) | 55 |
Net foreign currency transaction losses (gains) | 28 | (9) |
Share-based compensation expense | 698 | 675 |
Pension expense | 441 | 647 |
Loss on disposal of fixed assets | 20 | |
Increase in cash surrender value of life insurance | (210) | (210) |
Changes in operating assets and liabilities - | ||
Accounts receivable | 1,948 | 18,982 |
Inventories | 6,941 | 24,115 |
Prepaid expenses and other assets | 2,800 | 2,167 |
Accounts payable | (4,264) | (9,305) |
Accrued liabilities and other | (4,225) | (5,273) |
Accrued income taxes | (90) | (2,003) |
Excess tax benefits from share-based compensation | (73) | |
Net cash provided by operating activities | 17,668 | 43,581 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of marketable securities | 215 | 1,010 |
Purchases of property, plant and equipment | (344) | (1,381) |
Net cash used for investing activities | (129) | (371) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends paid | (7,162) | (6,920) |
Shares purchased and retired | (514) | (2,134) |
Net proceeds from stock options exercised | 24 | |
Payment of contingent consideration | (500) | |
Taxes paid related to the net share settlement of equity awards | (173) | |
Proceeds from bank borrowings | 63,047 | |
Repayments of bank borrowings | (91,613) | |
Net cash used for financing activities | (7,676) | (38,269) |
Effect of exchange rate changes on cash and cash equivalents | (768) | 145 |
Net increase in cash and cash equivalents | 9,095 | 5,086 |
CASH AND CASH EQUIVALENTS at beginning of period | 69,312 | 16,876 |
CASH AND CASH EQUIVALENTS at end of period | 78,407 | 21,962 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Income taxes paid, net of refunds | $ 4,337 | 6,273 |
Interest paid | $ 808 |
Financial Statements
Financial Statements | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Numerator: Net earnings $ 5,607 $ 4,864 $ 12,257 $ 12,309 Denominator: Basic weighted average shares outstanding 9,429 9,440 9,433 9,461 Effect of dilutive securities: Employee share-based awards 119 102 131 164 Diluted weighted average shares outstanding 9,548 9,542 9,564 9,625 Basic earnings per share $ 0.60 $ 0.51 $ 1.30 $ 1.30 Diluted earnings per share $ 0.59 $ 0.50 $ 1.28 $ 1.28 Diluted weighted average shares outstanding for the three months ended June 30, 2024, excluded anti-dilutive stock options totaling 393,000 shares of common stock at a weighted average exercise price of $30.15. Diluted weighted average shares outstanding for the six months ended June 30, 2024, excluded anti-dilutive stock options totaling 394,000 shares of common stock at a weighted average exercise price of $30.15. Diluted weighted average shares outstanding for the three months ended June 30, 2023, excluded anti-dilutive stock options totaling 433,000 shares of common stock at a weighted average exercise price of $30.75. Diluted weighted average shares outstanding for the six months ended June 30, 2023, excluded anti-dilutive stock options totaling 735,000 shares of common stock at a weighted average exercise price of $28.78. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
Investments | |
Investments | 4. Investments 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 June 30, 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 3,531 3,560 3,518 3,592 Due from six through ten years 2,836 2,748 2,836 2,830 Total $ 6,367 $ 6,308 $ 6,569 $ 6,637 The unrealized gains and losses on marketable securities at June 30, 2024, and at December 31, 2023, were as follows: June 30, 2024 December 31, 2023 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Marketable securities $ 82 $ (141) $ 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 | 6 Months Ended |
Jun. 30, 2024 | |
Intangible Assets | |
Intangible Assets | 5. Intangible Assets During the six months ended June 30, 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: June 30, 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 $ (3,111) $ 389 $ 3,500 $ (2,994) $ 506 Total amortizable intangible assets $ 3,500 $ (3,111) $ 389 $ 3,500 $ (2,994) $ 506 Amortization expense related to the intangible assets was approximately $58,000 in both the second quarters of 2024 and 2023. For both the six-month periods ended June 30, 2024 and June 30, 2023, amortization expense related to the intangible assets was approximately $116,000. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 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 June 30, 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 and six-month periods ended June 30, 2024 and 2023, was as follows: Three Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2024 Product sales $ 49,741 $ 7,603 $ 6,081 $ 63,425 Licensing revenues 507 — — 507 Net sales $ 50,248 $ 7,603 $ 6,081 $ 63,932 Earnings from operations $ 5,784 $ 695 $ 182 $ 6,661 2023 Product sales $ 50,910 $ 7,627 $ 7,923 $ 66,460 Licensing revenues 554 — — 554 Net sales $ 51,464 $ 7,627 $ 7,923 $ 67,014 Earnings from operations $ 5,355 $ 1,069 $ 276 $ 6,700 Six Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2024 Product sales $ 105,464 $ 17,422 $ 11,570 $ 134,456 Licensing revenues 1,034 — — 1,034 Net sales $ 106,498 $ 17,422 $ 11,570 $ 135,490 Earnings from operations $ 13,175 $ 1,992 $ (255) $ 14,912 2023 Product sales $ 120,191 $ 16,557 $ 15,390 $ 152,138 Licensing revenues 1,170 — — 1,170 Net sales $ 121,361 $ 16,557 $ 15,390 $ 153,308 Earnings from operations $ 14,184 $ 2,351 $ 551 $ 17,086 |
Employee Retirement Plans
Employee Retirement Plans | 6 Months Ended |
Jun. 30, 2024 | |
Employee Retirement Plans | |
Employee Retirement Plans | 7. Employee Retirement Plans The components of our pension expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) Service cost $ 97 $ 116 $ 193 $ 234 Interest cost 637 644 1,274 1,316 Expected return on plan assets (612) (574) (1,224) (1,151) Net amortization and deferral 99 114 198 248 Pension expense $ 221 $ 300 $ 441 $ 647 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 | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) Operating lease costs $ 1,116 $ 1,298 $ 2,222 $ 2,660 Variable lease costs (1) — 49 — 51 Total lease costs $ 1,116 $ 1,347 $ 2,222 $ 2,711 (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 June 30, 2024: Operating Leases (Dollars in thousands) 2024, excluding the six months ended June 30, 2024 $ 2,089 2025 3,591 2026 3,174 2027 2,051 2028 1,012 Thereafter 399 Total lease payments 12,316 Less: imputed interest (844) Present value of lease liabilities $ 11,472 The operating lease liabilities were classified in the consolidated condensed balance sheets (unaudited) as follows: June 30, December 31, 2024 2023 (Dollars in thousands) Operating lease liabilities - current $ 3,514 $ 3,979 Operating lease liabilities - non-current 7,958 9,531 Total $ 11,472 $ 13,510 We determined the present value of our lease liabilities using a weighted-average discount rate of 4.38%. As of June 30, 2024, our leases had a weighted-average remaining lease term of 3.5 years. Supplemental cash flow information related to our operating leases is as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,181 $ 1,273 $ 2,322 $ 2,559 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ 259 $ — $ 259 $ 1,739 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Taxes | |
Income Taxes | 9. Income Taxes The effective income tax rates for the three months ended June 30, 2024 and 2023 were 25.1% and 26.2%, respectively. For the six months ended June 30, 2024 and 2023, the effective tax rate was 25.9% in both periods. 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 | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Compensation Plans | |
Share-Based Compensation Plans | 10. Share-Based Compensation Plans During the three and six months ended June 30, 2024, we recognized $331,000 and $698,000, respectively, of compensation expense associated with stock option and restricted stock awards granted in years 2019 through 2023. During the three and six months ended June 30, 2023, we recognized $337,000 and $675,000, respectively, 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 six-month period ended June 30, 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 (49,962) 24.44 Forfeited or expired (5,880) 25.05 Outstanding at June 30, 2024 911,375 $ 26.32 6.3 $ 4,440,000 Exercisable at June 30, 2024 480,188 $ 27.54 4.9 $ 2,128,000 *The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of our common stock on June 28, 2024, the last trading day of the quarter, of $30.32 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 six-month period ended June 30, 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 - June 30, 2024 67,665 $ 25.55 2.2 $ 2,052,000 *The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of our common stock on June 28, 2024, the last trading day of the quarter, of $30.32 multiplied by the number of non-vested restricted shares outstanding. |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2024 | |
Short-Term Borrowings | |
Short-Term Borrowings | 11. Short-Term Borrowings At June 30, 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 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Financial Instruments | |
Financial Instruments | 12. Financial Instruments At June 30, 2024, our wholly-owned subsidiary, Florsheim Australia, had foreign exchange contracts outstanding to buy $1.8 million U.S. dollars at a price of approximately $2.7 million Australian dollars. These contracts expire in 2024. Based on quarter-end exchange rates, there were no significant unrealized gains or losses on the outstanding contracts. 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 | 6 Months Ended |
Jun. 30, 2024 | |
Comprehensive Income | |
Comprehensive Income | 13. Comprehensive Income Comprehensive income for the three and six months ended June 30, 2024 and 2023, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) Net earnings $ 5,607 $ 4,864 $ 12,257 $ 12,309 Foreign currency translation adjustments 61 262 (1,031) (44) Pension liability adjustment, net of tax of $26, $30, $52, and $65, respectively 73 84 146 183 Total comprehensive income $ 5,741 $ 5,210 $ 11,372 $ 12,448 The components of accumulated other comprehensive loss as recorded in the Consolidated Condensed Balance Sheets (Unaudited) were as follows: June 30, December 31, 2024 2023 (Dollars in thousands) Foreign currency translation adjustments $ (8,985) $ (7,954) Pension liability, net of tax (9,211) (9,357) Total accumulated other comprehensive loss $ (18,196) $ (17,311) The following tables show changes in accumulated other comprehensive loss during the six months ended June 30, 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 (1,031) — (1,031) Amounts reclassified from accumulated other comprehensive loss — 146 146 Net current period other comprehensive (loss) income (1,031) 146 (885) Balance, June 30, 2024 $ (8,985) $ (9,211) $ (18,196) Foreign Currency Translation Defined Benefit Adjustments Pension Items Total Balance, December 31, 2022 $ (8,596) $ (11,597) $ (20,193) Other comprehensive loss before reclassifications (44) — (44) Amounts reclassified from accumulated other comprehensive loss — 183 183 Net current period other comprehensive (loss) income (44) 183 139 Balance, June 30, 2023 $ (8,640) $ (11,414) $ (20,054) The following table shows reclassification adjustments out of accumulated other comprehensive loss during the three and six months ended June 30, 2024 and 2023: Amounts Reclassified from Accumulated Other Comprehensive Loss Affected line item in the Three Months Ended June 30, Six Months Ended June 30, statement where net 2024 2023 2024 2023 earnings is presented Amortization of defined benefit pension items Prior service cost $ 5 (1) $ 5 (1) $ 10 (1) $ 10 (1) Other expense, net Actuarial losses 94 (1) 109 (1) 188 (1) 238 (1) Other expense, net Total before tax 99 114 198 248 Tax benefit (26) (30) (52) (65) Net of tax $ 73 $ 84 $ 146 $ 183 (1) These amounts were included in the computation of pension expense. See Note 7 for additional details. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity | |
Equity | 14. Equity The following table reconciles our equity for the six months ended June 30, 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 ($0.25 per share) — — (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) Net earnings — — 5,607 — Foreign currency translation adjustments — — — 61 Pension liability adjustment, net of tax — — — 73 Cash dividends declared ($0.26 per share) — — (2,467) — Stock options exercised, net of shares withheld for employee taxes and strike price 1 (1) — — Share-based compensation expense — 331 — — Shares purchased and retired (18) — (491) — Balance, June 30, 2024 $ 9,491 72,346 187,563 (18,196) The following table reconciles our equity for the six months ended June 30, 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 ($0.24 per share) — — (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) Net earnings — — 4,864 — Foreign currency translation adjustments — — — 262 Pension liability adjustment, net of tax — — — 84 Cash dividends declared ($0.25 per share) — — (2,377) — Stock options exercised, net of shares withheld for employee taxes and strike price 29 (194) — — Share-based compensation expense — 337 — — Shares purchased and retired (23) — (571) — Balance, June 30, 2023 $ 9,529 $ 70,971 $ 169,633 $ (20,054) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 5,607 | $ 4,864 | $ 12,257 | $ 12,309 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 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 |
Financial Statements (Policies)
Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share | |
Schedule of computation of basic and diluted earnings per share | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Numerator: Net earnings $ 5,607 $ 4,864 $ 12,257 $ 12,309 Denominator: Basic weighted average shares outstanding 9,429 9,440 9,433 9,461 Effect of dilutive securities: Employee share-based awards 119 102 131 164 Diluted weighted average shares outstanding 9,548 9,542 9,564 9,625 Basic earnings per share $ 0.60 $ 0.51 $ 1.30 $ 1.30 Diluted earnings per share $ 0.59 $ 0.50 $ 1.28 $ 1.28 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments | |
Schedule of marketable securities | June 30, 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 3,531 3,560 3,518 3,592 Due from six through ten years 2,836 2,748 2,836 2,830 Total $ 6,367 $ 6,308 $ 6,569 $ 6,637 |
Schedule of unrealized gains and losses on marketable securities | June 30, 2024 December 31, 2023 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Marketable securities $ 82 $ (141) $ 118 $ (50) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Intangible Assets | |
Schedule of company's amortizable intangible assets | June 30, 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 $ (3,111) $ 389 $ 3,500 $ (2,994) $ 506 Total amortizable intangible assets $ 3,500 $ (3,111) $ 389 $ 3,500 $ (2,994) $ 506 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Information | |
Schedule of segment reporting information | Three Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2024 Product sales $ 49,741 $ 7,603 $ 6,081 $ 63,425 Licensing revenues 507 — — 507 Net sales $ 50,248 $ 7,603 $ 6,081 $ 63,932 Earnings from operations $ 5,784 $ 695 $ 182 $ 6,661 2023 Product sales $ 50,910 $ 7,627 $ 7,923 $ 66,460 Licensing revenues 554 — — 554 Net sales $ 51,464 $ 7,627 $ 7,923 $ 67,014 Earnings from operations $ 5,355 $ 1,069 $ 276 $ 6,700 Six Months Ended June 30, Wholesale Retail Other Total (Dollars in thousands) 2024 Product sales $ 105,464 $ 17,422 $ 11,570 $ 134,456 Licensing revenues 1,034 — — 1,034 Net sales $ 106,498 $ 17,422 $ 11,570 $ 135,490 Earnings from operations $ 13,175 $ 1,992 $ (255) $ 14,912 2023 Product sales $ 120,191 $ 16,557 $ 15,390 $ 152,138 Licensing revenues 1,170 — — 1,170 Net sales $ 121,361 $ 16,557 $ 15,390 $ 153,308 Earnings from operations $ 14,184 $ 2,351 $ 551 $ 17,086 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Employee Retirement Plans | |
Schedule of company's pension expense | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) Service cost $ 97 $ 116 $ 193 $ 234 Interest cost 637 644 1,274 1,316 Expected return on plan assets (612) (574) (1,224) (1,151) Net amortization and deferral 99 114 198 248 Pension expense $ 221 $ 300 $ 441 $ 647 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases | |
Schedule of operating lease costs | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) Operating lease costs $ 1,116 $ 1,298 $ 2,222 $ 2,660 Variable lease costs (1) — 49 — 51 Total lease costs $ 1,116 $ 1,347 $ 2,222 $ 2,711 (1) |
Schedule of maturities of operating lease liabilities | Operating Leases (Dollars in thousands) 2024, excluding the six months ended June 30, 2024 $ 2,089 2025 3,591 2026 3,174 2027 2,051 2028 1,012 Thereafter 399 Total lease payments 12,316 Less: imputed interest (844) Present value of lease liabilities $ 11,472 |
Schedule of supplemental information | June 30, December 31, 2024 2023 (Dollars in thousands) Operating lease liabilities - current $ 3,514 $ 3,979 Operating lease liabilities - non-current 7,958 9,531 Total $ 11,472 $ 13,510 Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 1,181 $ 1,273 $ 2,322 $ 2,559 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ 259 $ — $ 259 $ 1,739 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 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 (49,962) 24.44 Forfeited or expired (5,880) 25.05 Outstanding at June 30, 2024 911,375 $ 26.32 6.3 $ 4,440,000 Exercisable at June 30, 2024 480,188 $ 27.54 4.9 $ 2,128,000 *The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of our common stock on June 28, 2024, the last trading day of the quarter, of $30.32 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 - June 30, 2024 67,665 $ 25.55 2.2 $ 2,052,000 *The aggregate intrinsic value of non-vested restricted stock was calculated using the market value of our common stock on June 28, 2024, the last trading day of the quarter, of $30.32 multiplied by the number of non-vested restricted shares outstanding. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Comprehensive Income | |
Schedule of comprehensive income | Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (Dollars in thousands) Net earnings $ 5,607 $ 4,864 $ 12,257 $ 12,309 Foreign currency translation adjustments 61 262 (1,031) (44) Pension liability adjustment, net of tax of $26, $30, $52, and $65, respectively 73 84 146 183 Total comprehensive income $ 5,741 $ 5,210 $ 11,372 $ 12,448 |
Schedule of accumulated other comprehensive loss | June 30, December 31, 2024 2023 (Dollars in thousands) Foreign currency translation adjustments $ (8,985) $ (7,954) Pension liability, net of tax (9,211) (9,357) Total accumulated other comprehensive loss $ (18,196) $ (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 (1,031) — (1,031) Amounts reclassified from accumulated other comprehensive loss — 146 146 Net current period other comprehensive (loss) income (1,031) 146 (885) Balance, June 30, 2024 $ (8,985) $ (9,211) $ (18,196) Foreign Currency Translation Defined Benefit Adjustments Pension Items Total Balance, December 31, 2022 $ (8,596) $ (11,597) $ (20,193) Other comprehensive loss before reclassifications (44) — (44) Amounts reclassified from accumulated other comprehensive loss — 183 183 Net current period other comprehensive (loss) income (44) 183 139 Balance, June 30, 2023 $ (8,640) $ (11,414) $ (20,054) |
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 June 30, Six Months Ended June 30, statement where net 2024 2023 2024 2023 earnings is presented Amortization of defined benefit pension items Prior service cost $ 5 (1) $ 5 (1) $ 10 (1) $ 10 (1) Other expense, net Actuarial losses 94 (1) 109 (1) 188 (1) 238 (1) Other expense, net Total before tax 99 114 198 248 Tax benefit (26) (30) (52) (65) Net of tax $ 73 $ 84 $ 146 $ 183 (1) These amounts were included in the computation of pension expense. See Note 7 for additional details. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity | |
Schedule of reconciliation of company's equity | The following table reconciles our equity for the six months ended June 30, 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 ($0.25 per share) — — (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) Net earnings — — 5,607 — Foreign currency translation adjustments — — — 61 Pension liability adjustment, net of tax — — — 73 Cash dividends declared ($0.26 per share) — — (2,467) — Stock options exercised, net of shares withheld for employee taxes and strike price 1 (1) — — Share-based compensation expense — 331 — — Shares purchased and retired (18) — (491) — Balance, June 30, 2024 $ 9,491 72,346 187,563 (18,196) The following table reconciles our equity for the six months ended June 30, 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 ($0.24 per share) — — (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) Net earnings — — 4,864 — Foreign currency translation adjustments — — — 262 Pension liability adjustment, net of tax — — — 84 Cash dividends declared ($0.25 per share) — — (2,377) — Stock options exercised, net of shares withheld for employee taxes and strike price 29 (194) — — Share-based compensation expense — 337 — — Shares purchased and retired (23) — (571) — Balance, June 30, 2023 $ 9,529 $ 70,971 $ 169,633 $ (20,054) |
Earnings Per Share - Basic and
Earnings Per Share - Basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net earnings | $ 5,607 | $ 4,864 | $ 12,257 | $ 12,309 |
Denominator: | ||||
Basic weighted average shares outstanding (in shares) | 9,429 | 9,440 | 9,433 | 9,461 |
Effect of dilutive securities: | ||||
Employee share-based awards (in shares) | 119 | 102 | 131 | 164 |
Diluted weighted average shares outstanding (in shares) | 9,548 | 9,542 | 9,564 | 9,625 |
Basic earnings per share (in dollars per share) | $ 0.60 | $ 0.51 | $ 1.30 | $ 1.30 |
Diluted earnings per share (in dollars per share) | $ 0.59 | $ 0.50 | $ 1.28 | $ 1.28 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share | ||||
Anti-dilutive share-based awards (in shares) | 393,000 | 433,000 | 394,000 | 735,000 |
Weighted average price of anti-dilutive share-based awards (in dollars per share) | $ 30.15 | $ 30.75 | $ 30.15 | $ 28.78 |
Investments - Marketable Securi
Investments - Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Investments | ||
Amortized Cost, Current | $ 215 | |
Amortized Cost, Due from one through five years | $ 3,531 | 3,518 |
Amortized Cost, Due from six through ten years | 2,836 | 2,836 |
Amortized Cost, Total | 6,367 | 6,569 |
Market Value, Current | 215 | |
Market Value, Due from one through five years | 3,560 | 3,592 |
Market Value, Due from six through ten years | 2,748 | 2,830 |
Market Value, Total | $ 6,308 | $ 6,637 |
Investments - Unrealized gains
Investments - Unrealized gains and losses (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Investments | ||
Unrealized Gains | $ 82 | $ 118 |
Unrealized Losses | $ (141) | $ (50) |
Intangible Assets - Amortizable
Intangible Assets - Amortizable intangible assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Amortizable intangible assets | ||
Gross Carrying Amount | $ 3,500 | $ 3,500 |
Accumulated Amortization | (3,111) | (2,994) |
Net | $ 389 | 506 |
Customer relationships | ||
Amortizable intangible assets | ||
Weighted Average Life (Years) | 15 years | |
Gross Carrying Amount | $ 3,500 | 3,500 |
Accumulated Amortization | (3,111) | (2,994) |
Net | $ 389 | $ 506 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Intangible Assets | ||||
Amortization of intangible assets | $ 58,000 | $ 58,000 | $ 116,000 | $ 116,000 |
Change in carrying value of indefinite-lived intangible assets | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
SEGMENT INFORMATION | ||||
Net sales | $ 63,932 | $ 67,014 | $ 135,490 | $ 153,308 |
Earnings from operations | 6,661 | 6,700 | 14,912 | 17,086 |
Product sales | ||||
SEGMENT INFORMATION | ||||
Net sales | 63,425 | 66,460 | 134,456 | 152,138 |
Licensing revenues | ||||
SEGMENT INFORMATION | ||||
Net sales | 507 | 554 | 1,034 | 1,170 |
Wholesale | ||||
SEGMENT INFORMATION | ||||
Net sales | 50,248 | 51,464 | 106,498 | 121,361 |
Earnings from operations | 5,784 | 5,355 | 13,175 | 14,184 |
Wholesale | Product sales | ||||
SEGMENT INFORMATION | ||||
Net sales | 49,741 | 50,910 | 105,464 | 120,191 |
Wholesale | Licensing revenues | ||||
SEGMENT INFORMATION | ||||
Net sales | 507 | 554 | 1,034 | 1,170 |
Retail | ||||
SEGMENT INFORMATION | ||||
Net sales | 7,603 | 7,627 | 17,422 | 16,557 |
Earnings from operations | 695 | 1,069 | 1,992 | 2,351 |
Retail | Product sales | ||||
SEGMENT INFORMATION | ||||
Net sales | 7,603 | 7,627 | 17,422 | 16,557 |
Other | ||||
SEGMENT INFORMATION | ||||
Net sales | 6,081 | 7,923 | 11,570 | 15,390 |
Earnings from operations | 182 | 276 | (255) | 551 |
Other | Product sales | ||||
SEGMENT INFORMATION | ||||
Net sales | $ 6,081 | $ 7,923 | $ 11,570 | $ 15,390 |
Employee Retirement Plans (Deta
Employee Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Employee Retirement Plans | ||||
Service cost | $ 97 | $ 116 | $ 193 | $ 234 |
Interest cost | 637 | 644 | 1,274 | 1,316 |
Expected return on plan assets | (612) | (574) | (1,224) | (1,151) |
Net amortization and deferral | 99 | 114 | 198 | 248 |
Pension expense | $ 221 | $ 300 | $ 441 | $ 647 |
Leases - Operating lease costs
Leases - Operating lease costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases | ||||
Operating lease costs | $ 1,116 | $ 1,298 | $ 2,222 | $ 2,660 |
Variable lease costs | 49 | 51 | ||
Total lease costs | $ 1,116 | $ 1,347 | $ 2,222 | $ 2,711 |
Leases - Maturities of operatin
Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases | ||
2024, excluding the six months ended June 30, 2024 | $ 2,089 | |
2025 | 3,591 | |
2026 | 3,174 | |
2027 | 2,051 | |
2028 | 1,012 | |
Thereafter | 399 | |
Total lease payments | 12,316 | |
Less imputed interest | (844) | |
Present value of lease liabilities | $ 11,472 | $ 13,510 |
Leases - Operating lease liabil
Leases - Operating lease liabilities classification (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases | ||
Operating lease liabilities - current | $ 3,514 | $ 3,979 |
Operating lease liabilities - non-current | 7,958 | 9,531 |
Total | $ 11,472 | $ 13,510 |
Leases - Additional Information
Leases - Additional Information (Details) | Jun. 30, 2024 |
Leases | |
Weighted-average discount rate (percent) | 4.38% |
Weighted-average remaining lease term | 3 years 6 months |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,181 | $ 1,273 | $ 2,322 | $ 2,559 |
Right-of-use assets obtained in exchange for new lease liabilities (noncash) | $ 259 | $ 259 | $ 1,739 |
Income Taxes - Effective tax ra
Income Taxes - Effective tax rate (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Taxes | ||||
Effective tax rate | 25.10% | 26.20% | 25.90% | 25.90% |
U.S. federal statutory income tax rate | 21% | 21% | 21% | 21% |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Additional information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 28, 2024 | |
Share-Based Compensation Plans | |||||
Share Price | $ 30.32 | ||||
Taxes paid related to the net share settlement of equity awards | $ 173,000 | ||||
Share-based compensation expense | $ 331,000 | $ 337,000 | $ 698,000 | $ 675,000 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Company's stock option activity (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 28, 2024 | |
Share-Based Compensation Plans | ||
Market value of common stock (in dollars per share) | $ 30.32 | |
Employee Stock Option | ||
Share-Based Compensation Plans | ||
Shares, Outstanding at beginning of period | 967,217 | |
Shares, Exercised | (49,962) | |
Shares, Forfeited or expired | (5,880) | |
Shares, Outstanding at end of period | 911,375 | |
Shares, Exercisable at end of period | 480,188 | |
Weighted Average Exercise Price, Outstanding at beginning of period (in dollars per share) | $ 26.22 | |
Weighted Average Exercise Price, Exercised (in dollars per share) | 24.44 | |
Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | 25.05 | |
Weighted Average Exercise Price, Outstanding at end of period (in dollars per share) | 26.32 | |
Weighted Average Exercise Price, Exercisable at end of period (in dollars per share) | $ 27.54 | |
Weighted Average Remaining Contractual Term (Years), Outstanding | 6 years 3 months 18 days | |
Weighted Average Remaining Contractual Term (Years), Exercisable, Outstanding | 4 years 10 months 24 days | |
Aggregate Intrinsic Value, Outstanding | $ 4,440,000 | |
Aggregate Intrinsic Value, Exercisable | $ 2,128,000 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Company's restricted stock award activities (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 28, 2024 | |
Share-Based Compensation Plans | ||
Market value of common stock (in dollars per share) | $ 30.32 | |
Restricted stock | ||
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 2 months 12 days | |
Aggregate intrinsic value | $ 2,052,000 |
Short-Term Borrowings (Details)
Short-Term Borrowings (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Short-Term Borrowings | |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | us-gaap:SecuredOvernightFinancingRateSofrMember |
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 | |
Short-Term Borrowings | |
Spread on variable rate | 1.25% |
Financial Instruments (Details)
Financial Instruments (Details) - Jun. 30, 2024 $ in Millions, $ in Millions | USD ($) | AUD ($) |
Foreign exchange contracts Australian | ||
Foreign exchange contract outstanding | $ 1.8 | $ 2.7 |
Comprehensive Income (Details)
Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Comprehensive Income | |||||
Net earnings | $ 5,607 | $ 4,864 | $ 12,257 | $ 12,309 | |
Foreign currency translation adjustments | 61 | 262 | (1,031) | (44) | |
Pension liability adjustment, net of tax of $26 and $35, respectively | 73 | 84 | 146 | 183 | |
Total comprehensive income | 5,741 | 5,210 | 11,372 | 12,448 | |
Pension liability, tax | [1] | $ 26 | $ 30 | $ 52 | $ 65 |
[1] These amounts were included in the computation of pension expense. See Note 7 for additional details. |
Comprehensive Income - Accumula
Comprehensive Income - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Comprehensive Income | ||||
Foreign currency translation adjustments | $ (8,985) | $ (7,954) | $ (8,640) | $ (8,596) |
Pension liability, net of tax | (9,211) | (9,357) | (11,414) | (11,597) |
Total accumulated other comprehensive loss | $ (18,196) | $ (17,311) | $ (20,054) | $ (20,193) |
Comprehensive Income - Changes
Comprehensive Income - Changes in accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Comprehensive Income | ||||
Foreign Currency Translation Adjustments, Beginning balance | $ (7,954) | $ (8,596) | ||
Foreign Currency Translation Adjustments, Other comprehensive income (loss) before reclassifications | (1,031) | (44) | ||
Foreign Currency Translation Adjustments, Net current period other comprehensive (loss) income | (1,031) | (44) | ||
Foreign Currency Translation Adjustments, Ending balance | $ (8,985) | $ (8,640) | (8,985) | (8,640) |
Defined Benefit Pension Items, Beginning balance | (9,357) | (11,597) | ||
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss | 73 | 84 | 146 | 183 |
Net current period other comprehensive (loss) income | 73 | 84 | 146 | 183 |
Defined Benefit Pension Items, Ending balance | (9,211) | (11,414) | (9,211) | (11,414) |
Beginning balance | (17,311) | (20,193) | ||
Other comprehensive loss before reclassifications | (1,031) | (44) | ||
Amounts reclassified from accumulated other comprehensive loss | 146 | 183 | ||
Net current period other comprehensive income | (885) | 139 | ||
Ending balance | $ (18,196) | $ (20,054) | $ (18,196) | $ (20,054) |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Amortization of defined benefit pension items | |||||
Prior service cost | $ 5 | $ 5 | $ 10 | $ 10 | |
Actuarial losses | 94 | 109 | 188 | 238 | |
Total before tax | 99 | 114 | 198 | 248 | |
Tax benefit | [1] | (26) | (30) | (52) | (65) |
Net current period other comprehensive (loss) income | $ 73 | $ 84 | $ 146 | $ 183 | |
[1] These amounts were included in the computation of pension expense. See Note 7 for additional details. |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity | ||||||
Balance at beginning | $ 244,493 | $ 244,493 | ||||
Net earnings | $ 5,607 | $ 4,864 | 12,257 | $ 12,309 | ||
Foreign currency translation adjustments | 61 | 262 | (1,031) | (44) | ||
Pension liability adjustments, net of tax | (73) | $ (84) | (146) | $ (183) | ||
Balance at ending | $ 251,204 | $ 251,204 | ||||
Cash dividends declared (in dollars per share) | $ 0.26 | $ 0.25 | $ 0.25 | $ 0.24 | $ 0.51 | $ 0.49 |
Common stock | ||||||
Equity | ||||||
Balance at beginning | $ 9,508 | $ 9,497 | $ 9,523 | $ 9,584 | $ 9,497 | $ 9,584 |
Stock options exercised, net of shares withheld for employee taxes and strike price | 1 | 11 | 29 | 1 | ||
Shares purchased and retired | (18) | (23) | (62) | |||
Balance at ending | 9,491 | 9,508 | 9,529 | 9,523 | 9,491 | 9,529 |
Capital in excess of par value | ||||||
Equity | ||||||
Balance at beginning | 72,016 | 71,661 | 70,828 | 70,475 | 71,661 | 70,475 |
Stock options exercised, net of shares withheld for employee taxes and strike price | (1) | (12) | (194) | 15 | ||
Share-based compensation expense | 331 | 367 | 337 | 338 | ||
Balance at ending | 72,346 | 72,016 | 70,971 | 70,828 | 72,346 | 70,971 |
Reinvested earnings | ||||||
Equity | ||||||
Balance at beginning | 184,914 | 180,646 | 167,717 | 164,039 | 180,646 | 164,039 |
Net earnings | 5,607 | 6,650 | 4,864 | 7,445 | ||
Cash dividends declared | (2,467) | (2,377) | (2,377) | (2,289) | ||
Shares purchased and retired | (491) | (5) | (571) | (1,478) | ||
Balance at ending | 187,563 | 184,914 | 169,633 | 167,717 | 187,563 | 169,633 |
Accumulated other comprehensive loss | ||||||
Equity | ||||||
Balance at beginning | (18,330) | (17,311) | (20,400) | (20,193) | (17,311) | (20,193) |
Foreign currency translation adjustments | 61 | (1,092) | 262 | (306) | ||
Pension liability adjustments, net of tax | 73 | 73 | 84 | 99 | ||
Balance at ending | $ (18,196) | $ (18,330) | $ (20,054) | $ (20,400) | $ (18,196) | $ (20,054) |