Haverty Furniture Companies (HVT) 10-Q 3 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 30, 2015
Entity Information [Line Items]
Entity Registrant Name	HAVERTY FURNITURE COMPANIES INC
Entity Central Index Key	216,085
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
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		20,612,185
Class A Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,064,289

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 66,701	$ 65,481
Investments	6,500	7,250
Restricted cash and cash equivalents	8,002	8,017
Accounts receivable	6,107	7,146
Inventories	112,345	107,139
Prepaid expenses	9,434	6,418
Other current assets	6,761	8,010
Total current assets	215,850	209,461
Accounts receivable, long-term	678	731
Property and equipment	231,486	225,162
Deferred income taxes	17,897	17,610
Other assets	7,082	8,023
Total assets	472,993	460,987
Current liabilities
Accounts payable	23,769	24,152
Customer deposits	30,038	23,687
Accrued liabilities	34,504	39,960
Deferred income taxes	5,689	5,689
Current portion of lease obligations	2,928	2,387
Total current liabilities	96,928	95,875
Lease obligations, less current portion	50,712	46,678
Other liabilities	$ 26,129	$ 26,351
Commitments
Total liabilities	$ 173,769	$ 168,904
Capital Stock, par value $1 per share
Preferred Stock, Authorized - 1,000 shares; Issued: None
Additional paid-in capital	$ 81,107	$ 79,726
Retained earnings	267,374	260,031
Accumulated other comprehensive loss	(2,052)	(2,168)
Less treasury stock at cost - Common Stock (2015 - 7,837; 2014 - 7,759) and Convertible Class A Common Stock (2015 and 2014 - 522)	(78,241)	(76,436)
Total stockholders' equity	299,224	292,083
Total liabilities and stockholders' equity	472,993	460,987
Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	28,439	28,327
Convertible Class A Common Stock [Member]
Capital Stock, par value $1 per share
Common Stock	$ 2,597	$ 2,603

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2015	Dec. 31, 2014
Stockholders' equity
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)	28,439	28,327
Treasury stock, Common stock shares (in shares)	7,837	7,759
Convertible Class A Common Stock [Member]
Stockholders' equity
Common Stock, shares authorized (in shares)	15,000	15,000
Common Stock, shares issued (in shares)	2,597	2,603
Treasury stock, Common stock shares (in shares)	522	522

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net sales	$ 187,732	$ 175,132	$ 379,063	$ 356,869
Cost of goods sold	87,550	80,988	176,234	164,863
Gross profit	100,182	94,144	202,829	192,006
Credit service charges	69	71	142	151
Gross profit and other revenue	100,251	94,215	202,971	192,157
Expenses:
Selling, general and administrative	92,744	86,266	185,048	173,940
Provision for doubtful accounts	61	85	84	133
Other income, net	(921)	(166)	(947)	(174)
Total expenses	91,884	86,185	184,185	173,899
Income before interest and income taxes	8,367	8,030	18,786	18,258
Interest expense, net	528	218	1,019	490
Income before income taxes	7,839	7,812	17,767	17,768
Income tax expense	3,006	2,983	6,815	6,810
Net income	4,833	4,829	10,952	10,958
Other comprehensive income
Adjustments related to retirement plans; net of tax expense of $42 and $73 in 2015 and $51 and $100 in 2014.	66	80	116	162
Comprehensive income	$ 4,899	$ 4,909	$ 11,068	$ 11,120
Common Stock [Member]
Basic earnings per share:
Common Stock (in dollars per share)	$ 0.21	$ 0.21	$ 0.49	$ 0.49
Diluted earnings per share:
Common Stock (in dollars per share)	0.21	0.21	0.48	0.48
Cash dividends per share:
Common Stock (in dollars per share)	0.080	0.080	0.160	0.160
Class A Common Stock [Member]
Basic earnings per share:
Common Stock (in dollars per share)	0.20	0.20	0.46	0.46
Diluted earnings per share:
Common Stock (in dollars per share)	0.20	0.20	0.46	0.46
Cash dividends per share:
Common Stock (in dollars per share)	$ 0.075	$ 0.075	$ 0.150	$ 0.150

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other comprehensive income
Adjustments related to retirement plans tax expense	$ 42	$ 73	$ 51	$ 100

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities:
Net income	$ 10,952	$ 10,958
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,503	10,960
Share-based compensation expense	2,160	1,767
Provision for doubtful accounts	84	133
Other	621	553
Changes in operating assets and liabilities:
Accounts receivable	1,008	1,432
Inventories	(5,206)	(3,316)
Customer deposits	6,351	8,269
Other assets and liabilities	(3,022)	328
Accounts payable and accrued liabilities	(7,350)	(8,017)
Net cash provided by operating activities	18,101	23,067
Cash Flows from Investing Activities:
Capital expenditures	(14,521)	(11,699)
Maturities of certificates of deposit	2,250	0
Restricted cash and cash equivalents	15	(1,001)
Other	18	406
Net cash used in investing activities	(12,238)	(12,294)
Cash Flows from Financing Activities:
Construction allowance receipts	3,286	0
Payments on lease obligations	(1,226)	(462)
Taxes on vested restricted shares	(1,152)	(2,060)
Dividends paid	(3,609)	(3,593)
Common stock purchased	(1,942)	0
Net cash used in financing activities	(4,643)	(6,115)
Increase in cash and cash equivalents during the period	1,220	4,658
Cash and cash equivalents at beginning of period	65,481	83,185
Cash and cash equivalents at end of period	$ 66,701	$ 87,843

Business and Reporting Policies

Business and Reporting Policies	6 Months Ended
	Jun. 30, 2015
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. 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, 2014.

Restricted Cash and Cash Equiva

Restricted Cash and Cash Equivalents	6 Months Ended
	Jun. 30, 2015
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, 2015.

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Investments	NOTE C – Investments We have purchased certificates of deposit held for investment with original maturities greater than three months. The fair values of the certificates of deposit approximates their carrying amounts. Certificates of deposit with remaining maturities less than one year totaled $6,500,000 and are classified as current and those with remaining maturities greater than one year totaled $1,250,000 and are included in other assets.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2015
Accounts Receivable [Abstract]
Accounts Receivable	NOTE D – Accounts Receivable Amounts financed under our in-house credit programs were, as a percent of net sales, approximately 3.0% and 3.4% during the first six months of 2015 and 2014, respectively. The in-house 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: $6.4 million in one year, $0.6 million in two years, and $0.1 million beyond two years for receivables outstanding at June 30, 2015. Accounts receivable are shown net of the allowance for doubtful accounts of $0.3 million at June 30, 2015 and $0.4 million at December 31, 2014. 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	6 Months Ended
	Jun. 30, 2015
Interim LIFO Calculations [Abstract]
Interim LIFO Calculations	NOTE E – 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	NOTE F – 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 $3.3 million at June 30, 2015 and $2.7 million at December 31, 2014 and are included in other assets. The related liability of the same amount is included in other liabilities.

Other income, net

Other income, net	6 Months Ended
	Jun. 30, 2015
Other income, net [Abstract]
Other income, net	NOTE G - Other income, net: Other income, net includes gains or losses on sales of property and equipment and miscellaneous income or expense items outside of core operations. We settled credit card antitrust litigation in the second quarter of 2015 and received a payment of $0.8 million.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Income Taxes	NOTE H – 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 rate for the six months ended June 30, 2015 and 2014 was 38.4% and 38.3%, respectively. The primary difference in the effective rate and the statutory rate is due to state income taxes.

Pension Plans

Pension Plans	6 Months Ended
	Jun. 30, 2015
Pension Plans [Abstract]
Pension Plans	NOTE I – Pension Plans On May 13, 2014, our defined benefit plan (the "Pension Plan") was terminated effective July 20, 2014. During the fourth quarter of 2014 Pension Plan participants received their earned benefits through the payment of lump-sum cash distributions, roll-over payments to other retirement accounts, and the purchase of annuity contracts from a third-party insurance company. The Pension Plan was fully funded so no company contributions were required in 2014 to completely settle our obligations. Additional information regarding the settlement of the Pension Plan can be found in our Annual Report on Form 10K for the year ended December 31, 2014. 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): SERP Pension Plan Three Months Ended June 30, Three Months Ended June 30, 2015 2014 2015 2014 Service cost-benefits earned during period $ 28 $ 31 $ N/ A $ — Interest cost on projected benefit obligations 85 73 881 Expected return on plan assets — — (1,214 ) Amortization of prior service costs 52 52 — Amortization of actuarial (gain) loss 55 — 79 Net pension costs $ 220 $ 156 $ N/ A $ (254 ) SERP Pension Plan Six Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost-benefits earned during period $ 64 $ 62 $ N/ A $ — Interest cost on projected benefit obligations 157 145 1,763 Expected return on plan assets — — (2,428 ) Amortization of prior service costs 105 104 — Amortization of actuarial (gain) loss 85 — 158 Net pension costs $ 411 $ 311 $ N/ A $ (507 )

Stock Based Compensation Plan

Stock Based Compensation Plan	6 Months Ended
	Jun. 30, 2015
Stock Based Compensation Plan [Abstract]
Stock Based Compensation Plan	NOTE J – Stock Based Compensation Plan As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 2014 Annual Report on Form 10-K, we have awards outstanding for Common Stock under stock-based employee compensation plans. The following table summarizes our award activity during the six months ended June 30, 2015: Restricted Stock Awards Stock-Settled Appreciation Rights Shares or Units Weighted-Average Award Price Rights Weighted-Average Award Price Outstanding at December 31, 2014 321,322 $ 20.49 129,975 $ 16.04 Granted 171,735 24.00 — — Restrictions lapsed or exercised (147,595 ) 18.94 (19,100 ) 8.74 Forfeited (4,202 ) 25.08 — — Outstanding at June 30, 2015 341,260 $ 22.87 110,875 $ 17.29 Exercisable at June 30, 2015 — — 58,875 $ 16.54 Grants of equity awards are made to certain officers and key employees under stockholder approved long-term incentive plans. The restrictions on most of the awards generally lapse annually, primarily over four year periods. During 2015, the Company granted 52,377 awards for which the shares ultimately issued will be based upon the achievement of various performance measures. The restricted units earned under most of these awards vest after three years. 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 six months ended June 30, 2015 and June 30 2014, was approximately $2.2 million and $1.8 million, respectively. The aggregate intrinsic value of outstanding restricted common stock grants was $7.4 million at June 30, 2015. The aggregate intrinsic value of vested and outstanding stock-settled appreciation rights at June 30, 2015 was approximately $0.3 million and $0.5 million, respectively. As of June 30, 2015, the remaining unamortized compensation cost related to unvested equity awards was approximately $6.5 million and scheduled to be recognized over a weighted-average period of 2.4 years.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	NOTE K – 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Common: Distributed earnings $ 1,651 $ 1,642 $ 3,297 $ 3,253 Undistributed earnings 2,761 2,748 6,698 6,659 Basic 4,412 4,390 9,995 9,912 Class A Common earnings 421 439 957 1,046 Diluted $ 4,833 $ 4,829 $ 10,952 $ 10,958 Class A Common: Distributed earnings $ 156 $ 162 $ 312 $ 340 Undistributed earnings 265 277 645 706 $ 421 $ 439 $ 957 $ 1,046 Denominator: Common: Weighted average shares outstanding - basic 20,600 20,454 20,585 20,307 Assumed conversion of Class A Common Stock 2,079 2,162 2,080 2,259 Dilutive options, awards and common stock equivalents 276 324 302 368 Total weighted-average diluted Common Stock 22,955 22,940 22,967 22,934 Class A Common: Weighted average shares outstanding 2,079 2,162 2,080 2,259

Pension Plans (Tables)

Pension Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Pension Plans [Abstract]
Net Pension Costs	Net pension costs included the following components (in thousands): SERP Pension Plan Three Months Ended June 30, Three Months Ended June 30, 2015 2014 2015 2014 Service cost-benefits earned during period $ 28 $ 31 $ N/ A $ — Interest cost on projected benefit obligations 85 73 881 Expected return on plan assets — — (1,214 ) Amortization of prior service costs 52 52 — Amortization of actuarial (gain) loss 55 — 79 Net pension costs $ 220 $ 156 $ N/ A $ (254 ) SERP Pension Plan Six Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Service cost-benefits earned during period $ 64 $ 62 $ N/ A $ — Interest cost on projected benefit obligations 157 145 1,763 Expected return on plan assets — — (2,428 ) Amortization of prior service costs 105 104 — Amortization of actuarial (gain) loss 85 — 158 Net pension costs $ 411 $ 311 $ N/ A $ (507 )

Stock Based Compensation Plan (

Stock Based Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2015
Stock Based Compensation Plan [Abstract]
Stock Award Activity	The following table summarizes our award activity during the six months ended June 30, 2015: Restricted Stock Awards Stock-Settled Appreciation Rights Shares or Units Weighted-Average Award Price Rights Weighted-Average Award Price Outstanding at December 31, 2014 321,322 $ 20.49 129,975 $ 16.04 Granted 171,735 24.00 — — Restrictions lapsed or exercised (147,595 ) 18.94 (19,100 ) 8.74 Forfeited (4,202 ) 25.08 — — Outstanding at June 30, 2015 341,260 $ 22.87 110,875 $ 17.29 Exercisable at June 30, 2015 — — 58,875 $ 16.54

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of Earnings 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Common: Distributed earnings $ 1,651 $ 1,642 $ 3,297 $ 3,253 Undistributed earnings 2,761 2,748 6,698 6,659 Basic 4,412 4,390 9,995 9,912 Class A Common earnings 421 439 957 1,046 Diluted $ 4,833 $ 4,829 $ 10,952 $ 10,958 Class A Common: Distributed earnings $ 156 $ 162 $ 312 $ 340 Undistributed earnings 265 277 645 706 $ 421 $ 439 $ 957 $ 1,046 Denominator: Common: Weighted average shares outstanding - basic 20,600 20,454 20,585 20,307 Assumed conversion of Class A Common Stock 2,079 2,162 2,080 2,259 Dilutive options, awards and common stock equivalents 276 324 302 368 Total weighted-average diluted Common Stock 22,955 22,940 22,967 22,934 Class A Common: Weighted average shares outstanding 2,079 2,162 2,080 2,259

Business and Reporting Polici21

Business and Reporting Policies (Details)	6 Months Ended
	Jun. 30, 2015Segment
Business and Reporting Policies [Abstract]
Number of reportable segments	1

Investments (Details)

Investments (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Investments [Abstract]
Certificates of deposit with remaining maturities less than one year	$ 6,500,000	$ 7,250,000
Certificates of deposit with remaining maturities greater than one year	$ 1,250,000

Accounts Receivable (Details)

Accounts Receivable (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)State	Dec. 31, 2014USD ($)	Jun. 30, 2014
Accounts Receivable [Abstract]
Percentage of amounts financed under in-house credit programs, as a percent of net sales (in hundredths)	3.00%		3.40%
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	$ 6.4
Accounts receivables collectible in two years	0.6
Accounts receivables collectible beyond two years	0.1
Allowance for doubtful accounts	$ 0.3	$ 0.4
Account write-off period	9 months
Number of states in which accounts receivable originated | State	16

Fair Value of Financial Instr24

Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Level 1 [Member]
Assets [Abstract]
Deferred compensation plans	$ 3.3	$ 2.7

Other income, net (Details)

Other income, net (Details) $ in Millions	3 Months Ended
	Jun. 30, 2015USD ($)
Other income, net [Abstract]
Payment received for settlement of credit card antitrust litigation	$ 0.8

Income Taxes (Details)

Income Taxes (Details)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Taxes [Abstract]
Effective tax rate (in hundredths)	38.40%	38.30%

Pension Plans (Details)

Pension Plans (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
SERP [Member]
Defined Benefit Plan Disclosure [Line Items]
Maximum amount of annual retirement benefits			$ 125,000
Net pension cost [Abstract]
Service cost-benefits earned during period	$ 28,000	$ 31,000	64,000	$ 62,000
Interest cost on projected benefit obligations	85,000	73,000	157,000	145,000
Expected return on plan assets	0	0	0	0
Amortization of prior service costs	52,000	52,000	105,000	104,000
Amortization of actuarial (gain) loss	55,000	0	85,000	0
Net pension costs	$ 220,000	156,000	$ 411,000	311,000
Pension Plan [Member]
Net pension cost [Abstract]
Service cost-benefits earned during period		0		0
Interest cost on projected benefit obligations		881,000		1,763,000
Expected return on plan assets		(1,214,000)		(2,428,000)
Amortization of prior service costs		0		0
Amortization of actuarial (gain) loss		79,000		158,000
Net pension costs		$ (254,000)		$ (507,000)

Stock Based Compensation Plan28

Stock Based Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Weighted-Average Award Price [Roll Forward]
Period of restrictions over awards	4 years
Compensation expense	$ 2.2	$ 1.8
Total compensation cost related to unvested equity awards	$ 6.5
Weighted-average period of recognition of cost	2 years 4 months 24 days
Restricted Stock Award [Member]
Shares or Units and Rights [Roll Forward]
Outstanding, beginning balance (in shares)	321,322
Granted (in shares)	171,735
Restrictions lapsed or exercised (in shares)	(147,595)
Forfeited (in shares)	(4,202)
Outstanding, ending balance (in shares)	341,260
Exercisable, ending balance (in shares)	0
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)	$ 20.49
Granted (in dollars per share)	24
Restrictions lapsed or exercised (in dollars per share)	18.94
Forfeited (in dollars per share)	25.08
Outstanding, ending balance (in dollars per share)	22.87
Exercisable, ending balance (in dollars per share)	$ 0
Vesting period	3 years
Aggregate intrinsic value of outstanding awards	$ 7.4
Stock-Settled Appreciation Rights [Member]
Shares or Units and Rights [Roll Forward]
Outstanding, beginning balance (in shares)	129,975
Granted (in shares)	0
Restrictions lapsed or exercised (in shares)	(19,100)
Forfeited (in shares)	0
Outstanding, ending balance (in shares)	110,875
Exercisable, ending balance (in shares)	58,875
Weighted-Average Award Price [Roll Forward]
Outstanding, beginning balance (in dollars per share)	$ 16.04
Granted (in dollars per share)	0
Restrictions lapsed or exercised (in dollars per share)	8.74
Forfeited (in dollars per share)	0
Outstanding, ending balance (in dollars per share)	17.29
Exercisable, ending balance (in dollars per share)	$ 16.54
Aggregate intrinsic value of vested awards	$ 0.3
Aggregate intrinsic value of outstanding awards	$ 0.5
Performance Shares [Member]
Shares or Units and Rights [Roll Forward]
Granted (in shares)	52,377

Earnings Per Share (Details)

Earnings Per Share (Details) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)Voteshares	Jun. 30, 2014USD ($)shares	Jun. 30, 2015USD ($)Voteshares	Jun. 30, 2014USD ($)shares
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%
Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of votes per share | Vote	1		1
Numerator [Abstract]
Distributed earnings	$ 1,651	$ 1,642	$ 3,297	$ 3,253
Undistributed earnings	2,761	2,748	6,698	6,659
Basic	4,412	4,390	9,995	9,912
Class A Common earnings	421	439	957	1,046
Diluted	$ 4,833	$ 4,829	$ 10,952	$ 10,958
Denominator [Abstract]
Weighted average shares outstanding - basic (in shares) | shares	20,600	20,454	20,585	20,307
Assumed conversion of Class A Common Stock (in shares) | shares	2,079	2,162	2,080	2,259
Dilutive options, awards and common stock equivalents (in shares) | shares	276	324	302	368
Total weighted-average diluted Common Stock (in shares) | shares	22,955	22,940	22,967	22,934
Class A Common [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of votes per share | Vote	10		10
Numerator [Abstract]
Distributed earnings	$ 156	$ 162	$ 312	$ 340
Undistributed earnings	265	277	645	706
Class A Common earnings	$ 421	$ 439	$ 957	$ 1,046
Denominator [Abstract]
Weighted average shares outstanding (in shares) | shares	2,079	2,162	2,080	2,259