Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
Common Stock [Member] | Class A Common Stock [Member] | ||
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'HAVERTY FURNITURE COMPANIES INC | ' | ' |
Entity Central Index Key | '0000216085 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 20,085,239 | 2,428,055 |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $72,078 | $53,550 |
Restricted cash and cash equivalents | 7,016 | 7,013 |
Accounts receivable | 8,102 | 9,710 |
Inventories | 91,600 | 96,902 |
Prepaid expenses | 7,298 | 9,532 |
Other current assets | 4,052 | 3,187 |
Total current assets | 190,146 | 179,894 |
Accounts receivable, long-term | 845 | 814 |
Property and equipment | 191,491 | 193,085 |
Deferred income taxes | 23,823 | 24,366 |
Other assets | 4,243 | 3,937 |
Total assets | 410,548 | 402,096 |
Current liabilities | ' | ' |
Accounts payable | 20,281 | 28,178 |
Customer deposits | 23,045 | 20,963 |
Accrued liabilities | 35,312 | 33,272 |
Deferred income taxes | 6,601 | 6,595 |
Current portion of lease obligations | 928 | 881 |
Total current liabilities | 86,167 | 89,889 |
Lease obligations, less current portion | 16,451 | 18,473 |
Other liabilities | 27,006 | 34,306 |
Commitments | 0 | 0 |
Total liabilities | 129,624 | 142,668 |
Capital Stock, par value $1 per share | ' | ' |
Preferred Stock, Authorized - 1,000 shares; Issued: None | ' | ' |
Additional paid-in capital | 75,042 | 73,803 |
Retained earnings | 273,330 | 254,310 |
Accumulated other comprehensive loss | -22,494 | -23,378 |
Less treasury stock at cost - Common Stock (2013 - 7,731 ; 2012 - 7,741) and Convertible Class A Common Stock (2013 and 2012 - 522 shares) | -75,720 | -75,816 |
Total stockholders' equity | 280,924 | 259,428 |
Total liabilities and stockholders' equity | 410,548 | 402,096 |
Common Stock [Member] | ' | ' |
Capital Stock, par value $1 per share | ' | ' |
Common Stock | 27,816 | 27,212 |
Convertible Class A Common Stock [Member] | ' | ' |
Capital Stock, par value $1 per share | ' | ' |
Common Stock | $2,950 | $3,297 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Stockholders' equity | ' | ' |
Preferred Stock, par value (in dollars per share) | $1 | $1 |
Preferred Stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Common Stock, par value (in dollars per share) | $1 | $1 |
Common Stock [Member] | ' | ' |
Stockholders' equity | ' | ' |
Common Stock, shares authorized (in shares) | 50,000 | 50,000 |
Common Stock, shares issued (in shares) | 27,816 | 27,212 |
Treasury stock, Common stock shares (in shares) | 7,731 | 7,741 |
Convertible Class A Common Stock [Member] | ' | ' |
Stockholders' equity | ' | ' |
Common Stock, shares authorized (in shares) | 15,000 | 15,000 |
Common Stock, shares issued (in shares) | 2,950 | 3,297 |
Treasury stock, Common stock shares (in shares) | 522 | 522 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) [Abstract] | ' | ' | ' | ' |
Net sales | $192,722 | $172,677 | $549,926 | $487,766 |
Cost of goods sold | 88,845 | 82,004 | 254,430 | 232,002 |
Gross profit | 103,877 | 90,673 | 295,496 | 255,764 |
Credit service charges | 78 | 69 | 240 | 216 |
Gross profit and other revenue | 103,955 | 90,742 | 295,736 | 255,980 |
Expenses: | ' | ' | ' | ' |
Selling, general and administrative | 88,286 | 85,082 | 258,145 | 242,728 |
Interest, net | 282 | 154 | 837 | 473 |
Provision for doubtful accounts | 51 | 30 | 96 | 101 |
Other (income) expense, net | -52 | -160 | -46 | -745 |
Total expenses | 88,567 | 85,106 | 259,032 | 242,557 |
Income before income taxes | 15,388 | 5,636 | 36,704 | 13,423 |
Income tax expense | 5,894 | 2,322 | 14,120 | 5,291 |
Net income | $9,494 | $3,314 | $22,584 | $8,132 |
Common Stock [Member] | ' | ' | ' | ' |
Basic earnings per share: | ' | ' | ' | ' |
Common Stock (in dollars per share) | $0.42 | $0.15 | $1.01 | $0.37 |
Diluted earnings per share: | ' | ' | ' | ' |
Common Stock (in dollars per share) | $0.42 | $0.15 | $0.99 | $0.36 |
Basic weighted average common shares outstanding: | ' | ' | ' | ' |
Common Stock (in shares) | 20,047 | 19,163 | 19,786 | 19,018 |
Diluted weighted average common shares outstanding: | ' | ' | ' | ' |
Common Stock (in shares) | 22,855 | 22,371 | 22,783 | 22,319 |
Cash dividends per share: | ' | ' | ' | ' |
Common Stock (in dollars per share) | $0.08 | $0.04 | $0.16 | $0.08 |
Class A Common Stock [Member] | ' | ' | ' | ' |
Basic earnings per share: | ' | ' | ' | ' |
Common Stock (in dollars per share) | $0.40 | $0.14 | $0.96 | $0.35 |
Diluted earnings per share: | ' | ' | ' | ' |
Common Stock (in dollars per share) | $0.40 | $0.14 | $0.95 | $0.35 |
Basic weighted average common shares outstanding: | ' | ' | ' | ' |
Common Stock (in shares) | 2,455 | 2,887 | 2,606 | 2,986 |
Diluted weighted average common shares outstanding: | ' | ' | ' | ' |
Common Stock (in shares) | 2,455 | 2,887 | 2,606 | 2,986 |
Cash dividends per share: | ' | ' | ' | ' |
Common Stock (in dollars per share) | $0.08 | $0.04 | $0.15 | $0.08 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract] | ' | ' | ' | ' |
Net income | $9,494 | $3,314 | $22,584 | $8,132 |
Defined benefit pension plans: | ' | ' | ' | ' |
Amortization of prior service cost | 33 | 53 | 97 | 157 |
Amortization of net loss | 255 | 425 | 787 | 1,405 |
Other | 0 | 17 | 0 | 117 |
Total other comprehensive income | 288 | 495 | 884 | 1,679 |
Comprehensive income | $9,782 | $3,809 | $23,468 | $9,811 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $22,584 | $8,132 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 15,811 | 14,334 |
Share-based compensation expense | 2,682 | 1,944 |
Provision for doubtful accounts | 96 | 101 |
Other | 394 | 534 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 1,481 | 1,706 |
Inventories | 5,302 | 8,914 |
Customer deposits | 2,082 | 7,104 |
Other assets and liabilities | -3,538 | -1,647 |
Accounts payable and accrued liabilities | -5,857 | 7,193 |
Net cash provided by operating activities | 41,037 | 48,315 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -16,720 | -20,166 |
Other | 7 | 244 |
Net cash used in investing activities | -16,713 | -19,922 |
Cash Flows from Financing Activities: | ' | ' |
Payments on lease obligations | -643 | -553 |
Dividends paid | -3,564 | -1,750 |
Proceeds from exercise of stock options | 872 | 84 |
Taxes on vested restricted shares | -2,461 | -515 |
Treasury stock acquired | 0 | -218 |
Net cash used in financing activities | -5,796 | -2,952 |
Increase in cash and cash equivalents during the period | 18,528 | 25,441 |
Cash and cash equivalents at beginning of period | 53,550 | 49,585 |
Cash and cash equivalents at end of period | $72,078 | $75,026 |
Business_and_Reporting_Policie
Business and Reporting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Business and Reporting Policies [Abstract] | ' |
Business and Reporting Policies | ' |
NOTE A – Business and Reporting Policies | |
Haverty Furniture Companies, Inc. ("Havertys," "the Company," "we," "our," or "us") is a retailer of a broad line of residential furniture in the middle to upper-middle price ranges. We operate all of our stores using the Havertys brand and do not franchise our concept. We operate in one reportable segment, home furnishings retailing. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and footnotes required by U.S. generally accepted accounting principles ("U.S. GAAP") for complete financial statements. The financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. We believe all adjustments, normal and recurring in nature, considered necessary for a fair presentation have been included. | |
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results could differ from those estimates. | |
The Company is subject to various claims and legal proceedings covering a wide range of matters that arise in the ordinary course of its business activities. We believe that any liability that may ultimately result from the resolution of these matters will not have a material adverse effect on our financial condition, results of operations or cash flows. | |
Changes to U.S. GAAP are established by the Financial Accounting Standards Board (FASB) in the form of accounting standards updates (ASU's) to the FASB's Accounting Standards Codification. The Company considers the applicability and impact of all ASU's. Newly effective ASU's not noted herein were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations. | |
Effective January 1, 2013, the Company adopted ASU No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The adoption of ASU 2013-02 concerns presentation and disclosure only and did not have an impact on the Company's consolidated financial position or results of operations. | |
In the first quarter of 2013, we recorded an out-of-period adjustment related to our historical accrual process for certain vendors' pricing allowances. The non-cash adjustment increased gross profit by $0.8 million or $0.02 per diluted share after tax for the nine months ended September 30, 2013. After evaluating the quantitative and qualitative aspects of this correction, management has determined that our previously issued quarterly and annual consolidated financial statements were not materially misstated and that the out-of-period adjustment is immaterial to our estimated full year 2013 results and to our earnings' trends. | |
For further information, refer to the consolidated financial statements and footnotes thereto included in Havertys' Annual Report on Form 10-K for the year ended December 31, 2012. |
Restricted_Cash_and_Cash_Equiv
Restricted Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Cash and Cash Equivalents [Abstract] | ' |
Restricted Cash and Cash Equivalents | ' |
NOTE B – Restricted Cash and Cash Equivalents | |
Our insurance carrier requires us to collateralize a portion of our workers' compensation obligations. These escrowed funds are shown as restricted cash and cash equivalents on our consolidated balance sheet and are investments in money market funds held by an agent. The annual agreement with our carrier governing these funds expires on December 31, 2013. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended |
Sep. 30, 2013 | |
Accounts Receivable [Abstract] | ' |
Accounts Receivable | ' |
NOTE C – Accounts Receivable | |
Amounts financed under our in-house credit programs were, as a percent of net sales, approximately 3.9% and 5.0% during the first nine months of 2013 and 2012, respectively. The credit program selected most often by our customers is "12 months no interest with equal monthly payments." The terms of the other programs vary as to payment terms (30 days to three years) and interest rates (0% to 21%). The receivables are collateralized by the merchandise sold. | |
Accounts receivable balances resulting from certain credit promotions have scheduled payment amounts which extend beyond one year. These receivable balances have been historically collected earlier than the scheduled dates. The amounts due per the scheduled payment dates approximate as follows: $8.4 million in one year, $0.8 million in two years, $0.1 million beyond two years for receivables outstanding at September 30, 2013. | |
Accounts receivable are shown net of the allowance for doubtful accounts of $0.4 million at September 30, 2013 and December 31, 2012. We provide an allowance utilizing a methodology which considers the balances in problem and delinquent categories of accounts, historical write-offs, existing economic conditions and management judgment. Interest assessments are continued on past-due accounts but no "interest on interest" is recorded. Delinquent accounts are generally written off automatically after the passage of nine months without receiving a full scheduled monthly payment. Accounts are written off sooner in the event of a discharged bankruptcy or other circumstances that make further collections unlikely. | |
We believe that the carrying value of existing customer receivables, net of allowances, approximates fair value because of their short average maturity. Concentrations of credit risk with respect to customer receivables are limited due to the large number of customers comprising our account base and their dispersion across 16 states. |
Interim_LIFO_Calculations
Interim LIFO Calculations | 9 Months Ended |
Sep. 30, 2013 | |
Interim LIFO Calculations [Abstract] | ' |
Interim LIFO Calculations | ' |
NOTE D – Interim LIFO Calculations | |
An actual valuation of inventory under the LIFO method can be made only at the end of each year based on actual inventory levels. Accordingly, interim LIFO calculations must necessarily be based on management's estimates. Since these estimates may be affected by factors beyond management's control, interim results are subject to change based upon the final year-end LIFO inventory valuations. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||
NOTE E – Accumulated Other Comprehensive Loss | |||||||||
The following summarizes the change in balance and the reclassification from Accumulated Other Comprehensive Loss to the Condensed Consolidated Statement of Income (amounts in thousands): | |||||||||
Three Months | Nine Months | ||||||||
Ended | Ended | ||||||||
30-Sep-13 | 30-Sep-13 | ||||||||
Beginning balance | $ | (22,782 | ) | $ | (23,378 | ) | |||
Amortization of defined benefit pension items: | |||||||||
Prior service costs | 53 | 157 | |||||||
Actuarial loss | 417 | 1,273 | |||||||
470 | 1,430 | ||||||||
Tax | (182 | ) | (546 | ) | |||||
Total amount reclassified from accumulated other comprehensive loss | 288 | 884 | |||||||
Ending balance | $ | (22,494 | ) | $ | (22,494 | ) | |||
The pension items noted above are included in the components of net periodic cost for pension plans (see Note H). |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
NOTE F – Income Taxes | |
Our tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a year to date adjustment. | |
Our effective tax rates for the nine months ended September 30, 2013 and 2012 were 38.5% and 39.4%, respectively. The primary difference in the effective rate and the statutory rate is due to state income taxes. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value of Financial Instruments [Abstract] | ' |
Fair Value of Financial Instruments | ' |
NOTE G – Fair Value of Financial Instruments | |
The fair values of our cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and customer deposits approximate their carrying values due to their short-term nature. The assets related to our self-directed, non-qualified deferred compensation plans for certain executives and employees are valued using quoted market prices multiplied by the number of shares held, a Level 1 valuation technique. The assets related to our deferred compensation plans totaled approximately $1.9 million at September 30, 2013 and $1.5 million at December 31, 2012 and are included in other assets. The related liability of the same amount is included in other liabilities. |
Pension_Plans
Pension Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Pension Plans [Abstract] | ' | ||||||||||||||||
Pension Plans | ' | ||||||||||||||||
NOTE H – Pension Plans | |||||||||||||||||
We have a defined benefit pension plan covering substantially all employees hired on or before December 31, 2005. The pension plan was closed to any employee hired after that date. The benefits are based on years of service and the employee's final average compensation. Effective January 1, 2007, no new benefits are earned under this plan for additional years of service after December 31, 2006. | |||||||||||||||||
We also have a non-qualified, non-contributory supplemental executive retirement plan (SERP) for employees whose retirement benefits are reduced due to their annual compensation levels. The SERP limits the total amount of annual retirement benefits that may be paid to a participant in the SERP from all sources (Retirement Plan, Social Security and the SERP) to $125,000. The SERP is not funded so we pay benefits directly to participants. | |||||||||||||||||
Net pension costs included the following components (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost-benefits earned during period | $ | 46 | $ | 11 | $ | 100 | $ | 73 | |||||||||
Interest cost on projected benefit obligations | 899 | 940 | 2,653 | 2,826 | |||||||||||||
Expected return on plan assets | (1,225 | ) | (1,119 | ) | (3,711 | ) | (3,355 | ) | |||||||||
Amortization of prior service costs | 53 | 53 | 157 | 157 | |||||||||||||
Amortization of actuarial loss | 417 | 425 | 1,273 | 1,405 | |||||||||||||
Net pension costs | $ | 190 | $ | 310 | $ | 472 | $ | 1,106 |
Stock_Based_Compensation_Plans
Stock Based Compensation Plans | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Stock Based Compensation Plans [Abstract] | ' | ||||||||||||||||||||||||
Stock Based Compensation Plans | ' | ||||||||||||||||||||||||
NOTE I – Stock Based Compensation Plans: | |||||||||||||||||||||||||
As more fully discussed in Note 11 of the notes to the consolidated financial statements in our 2012 Annual Report on Form 10-K, we have options and awards outstanding for Common Stock under two stock-based employee compensation plans. | |||||||||||||||||||||||||
The following table summarizes our share option and award activity during the nine months ended September 30, 2013: | |||||||||||||||||||||||||
Restricted Stock Awards | Stock-Settled | Options | |||||||||||||||||||||||
Appreciation Rights | |||||||||||||||||||||||||
Shares or Units | Weighted-Average | Rights | Weighted-Average | Shares | Weighted-Average | ||||||||||||||||||||
Award Price | Award Price | Exercise Price | |||||||||||||||||||||||
Outstanding at December 31, 2012 | 555,925 | $ | 12.28 | 121,749 | $ | 8.85 | 50,000 | $ | 20.56 | ||||||||||||||||
Granted | 162,150 | 18.15 | 112,000 | 18.14 | — | — | |||||||||||||||||||
Exercised or restrictions lapsed | (277,975 | ) | 12.24 | (80,049 | ) | 8.92 | (48,000 | ) | $ | 20.75 | |||||||||||||||
Forfeited or expired (options) | (2,350 | ) | 14.56 | — | — | (2,000 | ) | $ | 15.9 | ||||||||||||||||
Outstanding at September 30, 2013 | 437,750 | 14.46 | 153,700 | 15.58 | |||||||||||||||||||||
Exercisable at September 30, 2013 | — | — | 41,700 | 8.72 | |||||||||||||||||||||
Grants of restricted common stock and stock-settled appreciation rights are made to certain officers and key employees under the 2004 LTIP Plan. The restrictions on the awards generally lapse annually, primarily over four year periods. The compensation is being charged to selling, general and administrative expense over the respective grants' vesting periods, primarily on a straight-line basis. Stock based compensation expense for the nine months ended September 30 was approximately $2.7 million in 2013 and $1.9 million in 2012. The aggregate intrinsic value of outstanding restricted common stock grants was $10.7 million at September 30, 2013. The aggregate intrinsic value of vested and outstanding stock-settled appreciation rights at September 30, 2013 was approximately $0.7 million and $1.4 million, respectively. | |||||||||||||||||||||||||
As of September 30, 2013, the remaining unamortized compensation cost related to unvested equity awards was approximately $5.1 million and scheduled to be recognized over a weighted-average period of 2.7 years. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
NOTE J – Earnings Per Share | |||||||||||||||||
We report our earnings per share using the two-class method. The income per share for each class of common stock is calculated assuming 100% of our earnings are distributed as dividends to each class of common stock based on their contractual rights. | |||||||||||||||||
The Common Stock of the Company has a preferential dividend rate of at least 105% of the dividend paid on the Class A Common Stock. The Class A Common Stock, which has ten votes per share as opposed to one vote per share for the Common Stock (on all matters other than the election of directors), may be converted at any time on a one-for-one basis into Common Stock at the option of the holder of the Class A Common Stock. | |||||||||||||||||
The following is a reconciliation of the earnings and number of shares used in calculating the diluted earnings per share for Common Stock and Class A Common Stock (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Common: | |||||||||||||||||
Distributed earnings | $ | 1,603 | $ | 766 | $ | 3,180 | $ | 1,528 | |||||||||
Undistributed earnings | 6,901 | 2,134 | 16,900 | 5,552 | |||||||||||||
Basic | 8,504 | 2,900 | 20,080 | 7,080 | |||||||||||||
Class A Common earnings | 990 | 414 | 2,504 | 1,052 | |||||||||||||
Diluted | $ | 9,494 | $ | 3,314 | $ | 22,584 | $ | 8,132 | |||||||||
Class A Common: | |||||||||||||||||
Distributed earnings | $ | 185 | $ | 108 | $ | 384 | $ | 222 | |||||||||
Undistributed earnings | 805 | 306 | 2,120 | 830 | |||||||||||||
$ | 990 | $ | 414 | $ | 2,504 | $ | 1,052 | ||||||||||
Denominator: | |||||||||||||||||
Common: | |||||||||||||||||
Weighted average shares outstanding - basic | 20,047 | 19,163 | 19,786 | 19,018 | |||||||||||||
Assumed conversion of Class A Common Stock | 2,455 | 2,887 | 2,606 | 2,986 | |||||||||||||
Dilutive options, awards and common stock equivalents | 353 | 321 | 391 | 315 | |||||||||||||
Total weighted-average diluted Common Stock | 22,855 | 22,371 | 22,783 | 22,319 | |||||||||||||
Class A Common: | |||||||||||||||||
Weighted average shares outstanding | 2,455 | 2,887 | 2,606 | 2,986 | |||||||||||||
Antidilutive shares excluded from the denominator due to the options' exercise prices being greater than the average market price | — | 291 | — | 292 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
The following summarizes the change in balance and the reclassification from Accumulated Other Comprehensive Loss to the Condensed Consolidated Statement of Income (amounts in thousands): | |||||||||
Three Months | Nine Months | ||||||||
Ended | Ended | ||||||||
30-Sep-13 | 30-Sep-13 | ||||||||
Beginning balance | $ | (22,782 | ) | $ | (23,378 | ) | |||
Amortization of defined benefit pension items: | |||||||||
Prior service costs | 53 | 157 | |||||||
Actuarial loss | 417 | 1,273 | |||||||
470 | 1,430 | ||||||||
Tax | (182 | ) | (546 | ) | |||||
Total amount reclassified from accumulated other comprehensive loss | 288 | 884 | |||||||
Ending balance | $ | (22,494 | ) | $ | (22,494 | ) |
Pension_Plans_Tables
Pension Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Pension Plans [Abstract] | ' | ||||||||||||||||
Net Pension Costs | ' | ||||||||||||||||
Net pension costs included the following components (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost-benefits earned during period | $ | 46 | $ | 11 | $ | 100 | $ | 73 | |||||||||
Interest cost on projected benefit obligations | 899 | 940 | 2,653 | 2,826 | |||||||||||||
Expected return on plan assets | (1,225 | ) | (1,119 | ) | (3,711 | ) | (3,355 | ) | |||||||||
Amortization of prior service costs | 53 | 53 | 157 | 157 | |||||||||||||
Amortization of actuarial loss | 417 | 425 | 1,273 | 1,405 | |||||||||||||
Net pension costs | $ | 190 | $ | 310 | $ | 472 | $ | 1,106 |
Stock_Based_Compensation_Plans1
Stock Based Compensation Plans (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Stock Based Compensation Plans [Abstract] | ' | ||||||||||||||||||||||||
Share Option and Award Activity | ' | ||||||||||||||||||||||||
The following table summarizes our share option and award activity during the nine months ended September 30, 2013: | |||||||||||||||||||||||||
Restricted Stock Awards | Stock-Settled | Options | |||||||||||||||||||||||
Appreciation Rights | |||||||||||||||||||||||||
Shares or Units | Weighted-Average | Rights | Weighted-Average | Shares | Weighted-Average | ||||||||||||||||||||
Award Price | Award Price | Exercise Price | |||||||||||||||||||||||
Outstanding at December 31, 2012 | 555,925 | $ | 12.28 | 121,749 | $ | 8.85 | 50,000 | $ | 20.56 | ||||||||||||||||
Granted | 162,150 | 18.15 | 112,000 | 18.14 | — | — | |||||||||||||||||||
Exercised or restrictions lapsed | (277,975 | ) | 12.24 | (80,049 | ) | 8.92 | (48,000 | ) | $ | 20.75 | |||||||||||||||
Forfeited or expired (options) | (2,350 | ) | 14.56 | — | — | (2,000 | ) | $ | 15.9 | ||||||||||||||||
Outstanding at September 30, 2013 | 437,750 | 14.46 | 153,700 | 15.58 | |||||||||||||||||||||
Exercisable at September 30, 2013 | — | — | 41,700 | 8.72 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of Earnings (Loss) and Number of Shares Used in Calculating Diluted Earnings (Loss) Per Share | ' | ||||||||||||||||
The following is a reconciliation of the earnings and number of shares used in calculating the diluted earnings per share for Common Stock and Class A Common Stock (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Common: | |||||||||||||||||
Distributed earnings | $ | 1,603 | $ | 766 | $ | 3,180 | $ | 1,528 | |||||||||
Undistributed earnings | 6,901 | 2,134 | 16,900 | 5,552 | |||||||||||||
Basic | 8,504 | 2,900 | 20,080 | 7,080 | |||||||||||||
Class A Common earnings | 990 | 414 | 2,504 | 1,052 | |||||||||||||
Diluted | $ | 9,494 | $ | 3,314 | $ | 22,584 | $ | 8,132 | |||||||||
Class A Common: | |||||||||||||||||
Distributed earnings | $ | 185 | $ | 108 | $ | 384 | $ | 222 | |||||||||
Undistributed earnings | 805 | 306 | 2,120 | 830 | |||||||||||||
$ | 990 | $ | 414 | $ | 2,504 | $ | 1,052 | ||||||||||
Denominator: | |||||||||||||||||
Common: | |||||||||||||||||
Weighted average shares outstanding - basic | 20,047 | 19,163 | 19,786 | 19,018 | |||||||||||||
Assumed conversion of Class A Common Stock | 2,455 | 2,887 | 2,606 | 2,986 | |||||||||||||
Dilutive options, awards and common stock equivalents | 353 | 321 | 391 | 315 | |||||||||||||
Total weighted-average diluted Common Stock | 22,855 | 22,371 | 22,783 | 22,319 | |||||||||||||
Class A Common: | |||||||||||||||||
Weighted average shares outstanding | 2,455 | 2,887 | 2,606 | 2,986 | |||||||||||||
Antidilutive shares excluded from the denominator due to the options' exercise prices being greater than the average market price | — | 291 | — | 292 |
Business_and_Reporting_Policie1
Business and Reporting Policies (Details) (USD $) | 9 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Segment | |
Business and Reporting Policies [Abstract] | ' |
Number of reportable segments | 1 |
Increase in gross profit due to out of period adjustment | $0.80 |
Increase (decrease) in gross profit due to out of period adjustment (in dollars per share) | $0.02 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
State | |||
Accounts Receivable [Abstract] | ' | ' | ' |
Percentage of amounts financed under in-house credit programs, as a percent of net sales (in hundredths) | 3.90% | ' | 5.00% |
Duration of no interest credit programs | '12 months | ' | ' |
Term of other programs, minimum | '30 days | ' | ' |
Term of other programs, maximum | '3 years | ' | ' |
Interest rate of other programs, minimum (in hundredths) | 0.00% | ' | ' |
Interest rate of other programs, maximum (in hundredths) | 21.00% | ' | ' |
Accounts receivable due per scheduled payment [Abstract] | ' | ' | ' |
Accounts receivables collectible in one year | $8.40 | ' | ' |
Accounts receivables collectible in two years | 0.8 | ' | ' |
Accounts receivables collectible beyond two years | 0.1 | ' | ' |
Allowance for doubtful accounts | $0.40 | $0.40 | ' |
Number of states in which accounts receivable originated | 16 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Accumulated Other Comprehensive Loss [Abstract] | ' | ' |
Beginning balance | ($22,782) | ($23,378) |
Amortization of defined benefit pension items [Abstract] | ' | ' |
Prior service costs | 53 | 157 |
Actuarial loss | 417 | 1,273 |
Amortization of defined benefit pension items | 470 | 1,430 |
Tax | -182 | -546 |
Total amount reclassified from accumulated other comprehensive loss | 288 | 884 |
Ending balance | ($22,494) | ($22,494) |
Income_Taxes_Details
Income Taxes (Details) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Abstract] | ' | ' |
Effective tax rate (in hundredths) | 38.50% | 39.40% |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (Level 1 [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Level 1 [Member] | ' | ' |
Assets [Abstract] | ' | ' |
Deferred compensation plans | $1.90 | $1.50 |
Pension_Plans_Details
Pension Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net pension cost [Abstract] | ' | ' | ' | ' |
Amortization of prior service costs | ($33,000) | ($53,000) | ($97,000) | ($157,000) |
Pension Plans [Member] | ' | ' | ' | ' |
Net pension cost [Abstract] | ' | ' | ' | ' |
Service cost-benefits earned during period | 46,000 | 11,000 | 100,000 | 73,000 |
Interest cost on projected benefit obligations | 899,000 | 940,000 | 2,653,000 | 2,826,000 |
Expected return on plan assets | -1,225,000 | -1,119,000 | -3,711,000 | -3,355,000 |
Amortization of prior service costs | 53,000 | 53,000 | 157,000 | 157,000 |
Amortization of actuarial loss | 417,000 | 425,000 | 1,273,000 | 1,405,000 |
Net pension costs | 190,000 | 310,000 | 472,000 | 1,106,000 |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Maximum amount of annual retirement benefits | ' | ' | $125,000 | ' |
Stock_Based_Compensation_Plans2
Stock Based Compensation Plans (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of compensation plans | 2 | ' |
Shares [Roll Forward] | ' | ' |
Outstanding, beginning balance (in shares) | 50,000 | ' |
Granted (in shares) | 0 | ' |
Exercised or restrictions lapsed (in shares) | -48,000 | ' |
Forfeited or expired (options) (in shares) | -2,000 | ' |
Weighted-Average Exercise Price [Roll Forward] | ' | ' |
Outstanding, beginning balance (in dollars per share) | $20.56 | ' |
Granted (in dollars per share) | $0 | ' |
Exercised or restrictions lapsed (in dollars per share) | $20.75 | ' |
Forfeited or expired (options) (in dollars per share) | $15.90 | ' |
Period of restrictions over awards | '4 years | ' |
Compensation expense | $2.70 | $1.90 |
Total compensation cost related to unvested equity awards | 5.1 | ' |
Weighted-average period of recognition of cost | '2 years 8 months 12 days | ' |
Restricted Stock Award [Member] | ' | ' |
Shares or Units and Rights [Roll Forward] | ' | ' |
Outstanding, beginning balance (in shares) | 555,925 | ' |
Granted (in shares) | 162,150 | ' |
Exercised or restrictions lapsed (in shares) | -277,975 | ' |
Forfeited or expired (options) (in shares) | -2,350 | ' |
Outstanding, ending balance (in shares) | 437,750 | ' |
Exercisable, ending balance (in shares) | 0 | ' |
Weighted-Average Award Price [Roll Forward] | ' | ' |
Outstanding, beginning balance (in dollars per share) | $12.28 | ' |
Granted (in dollars per share) | $18.15 | ' |
Exercised or restrictions lapsed (in dollars per share) | $12.24 | ' |
Forfeited or expired (options) (in dollars per share) | $14.56 | ' |
Outstanding, ending balance (in dollars per share) | $14.46 | ' |
Exercisable, ending balance (in dollars per share) | $0 | ' |
Weighted-Average Exercise Price [Roll Forward] | ' | ' |
Aggregate intrinsic value of outstanding awards | 10.7 | ' |
Stock-Settled Appreciation Rights [Member] | ' | ' |
Shares or Units and Rights [Roll Forward] | ' | ' |
Outstanding, beginning balance (in shares) | 121,749 | ' |
Granted (in shares) | 112,000 | ' |
Exercised or restrictions lapsed (in shares) | -80,049 | ' |
Forfeited or expired (options) (in shares) | 0 | ' |
Outstanding, ending balance (in shares) | 153,700 | ' |
Exercisable, ending balance (in shares) | 41,700 | ' |
Weighted-Average Award Price [Roll Forward] | ' | ' |
Outstanding, beginning balance (in dollars per share) | $8.85 | ' |
Granted (in dollars per share) | $18.14 | ' |
Exercised or restrictions lapsed (in dollars per share) | $8.92 | ' |
Forfeited or expired (options) (in dollars per share) | $0 | ' |
Outstanding, ending balance (in dollars per share) | $15.58 | ' |
Exercisable, ending balance (in dollars per share) | $8.72 | ' |
Weighted-Average Exercise Price [Roll Forward] | ' | ' |
Aggregate intrinsic value of outstanding awards | 1.4 | ' |
Aggregate intrinsic value of vested awards | $0.70 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Percentage of earnings or losses assumed in calculation (in hundredths) | 100.00% | ' | 100.00% | ' |
Preferential dividend rate of dividend paid on Class A Common Stock (in hundredths) | 105.00% | ' | 105.00% | ' |
Denominator [Abstract] | ' | ' | ' | ' |
Antidilutive shares excluded from the denominator due to the options exercise prices being greater than the average market price | 0 | 291 | 0 | 292 |
Common Stock [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Number of votes per share | 1 | ' | 1 | ' |
Numerator [Abstract] | ' | ' | ' | ' |
Distributed earnings | 1,603 | 766 | 3,180 | 1,528 |
Undistributed earnings | 6,901 | 2,134 | 16,900 | 5,552 |
Basic | 8,504 | 2,900 | 20,080 | 7,080 |
Class A Common earnings (loss) | 990 | 414 | 2,504 | 1,052 |
Diluted | 9,494 | 3,314 | 22,584 | 8,132 |
Denominator [Abstract] | ' | ' | ' | ' |
Weighted average shares outstanding - basic (in shares) | 20,047 | 19,163 | 19,786 | 19,018 |
Assumed conversion of Class A Common Stock (in shares) | 2,455 | 2,887 | 2,606 | 2,986 |
Dilutive options, awards and common stock equivalents (in shares) | 353 | 321 | 391 | 315 |
Total weighted-average diluted Common Stock (in shares) | 22,855 | 22,371 | 22,783 | 22,319 |
Class A Common [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Number of votes per share | 10 | ' | 10 | ' |
Numerator [Abstract] | ' | ' | ' | ' |
Distributed earnings | 185 | 108 | 384 | 222 |
Undistributed earnings | 805 | 306 | 2,120 | 830 |
Class A Common earnings (loss) | 990 | 414 | 2,504 | 1,052 |
Denominator [Abstract] | ' | ' | ' | ' |
Weighted average shares outstanding - basic (in shares) | 2,455 | 2,887 | 2,606 | 2,986 |
Total weighted-average diluted Common Stock (in shares) | 2,455 | 2,887 | 2,606 | 2,986 |
Weighted average shares outstanding (in shares) | 2,455 | 2,887 | 2,606 | 2,986 |