Significant Accounting Policies [Text Block] | NOTE 1 a) Basis of presentation The consolidated interim financial statements include the accounts of Superior Uniform Group, Inc. and its wholly-owned subsidiaries, The Office Gurus, LLC, SUG Holding, Fashion Seal Corporation, and BAMKO, LLC; The Office Gurus, Ltda. de C.V., The Office Masters, Ltda., de C.V. and The Office Gurus, Ltd., each a subsidiary of Fashion Seal Corporation and SUG Holding; Power Three Web, Ltda. and Superior Sourcing, each a wholly-owned subsidiary of SUG Holding; BAMKO Importação, Exportação e Comércio de Brindes Ltda., a subsidiary of BAMKO, LLC and SUG Holding; Guangzhou Ben Gao Trading Limited, Worldwide Sourcing Solutions Limited, and BAMKO UK, Limited, 99% 10 December 31, 2017, not not b) Revenue recognition and allowance for doubtful accounts The Company recognizes revenue in accordance with ASC 606 January 1, 2018. no 1 not may c) Recognition of costs and expenses Costs and expenses other than product costs are charged to income in interim periods as incurred, or allocated among interim periods based on an estimate of time expired, benefit received or activity associated with the periods. Procedures adopted for assigning specific cost and expense items to an interim period are consistent with the basis followed by the registrant in reporting results of operations at annual reporting dates. However, when a specific cost or expense item charged to expense for annual reporting purposes benefits more than one d) Amortization of other intangible assets The Company amortizes identifiable intangible assets on a straight line basis over their expected useful lives. Amortization expense for other intangible assets was $0.8 $0.6 three March 31, 2018 2017, e) Advertising expenses The Company expenses advertising costs as incurred. Advertising costs were $0.1 three March 31, 2018 2017. f) Shipping and handling fees and costs The Company includes shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with in-bound and out-bound freight are generally recorded in cost of goods sold. Other shipping and handling costs such as labor and overhead are included in selling and $2.7 $2.8 three March 31, 2018 2017, g) Inventories Inventories at interim dates are determined by using both perpetual records on a first first h) Accounting for income taxes The provision for income taxes is calculated by using the effective tax rate anticipated for the full year. i) Employee benefit plan settlements The Company recognizes settlement gains and losses in its financial statements when the cost of all settlements in a year is greater than the sum of the service cost and interest cost components of net periodic pension cost for the plan for the year. j) Earnings per share Historical basic per share data is based on the weighted average number of shares outstanding. Historical diluted per share data is reconciled by adding to weighted average shares outstanding the dilutive impact of the exercise of outstanding stock options, stock appreciation rights, unvested shares, and performance shares. k) Derivative financial instruments The Company uses certain financial derivatives to mitigate its exposure to volatility in interest rates and foreign currency. The Company records derivatives on the balance sheet at fair value and establishes criteria for designation and effectiveness of hedging relationships. On the date a derivative contract is entered into, the Company may no no not The nature of the Company’s business activities involves the management of various financial and market risks, including those related to changes in interest rates and foreign currency. The Company does not may Effective March 3, 2017, March 1, 2018 $18.0 February 24, 2017. ( 2. On January 3, 2017, $1.8 June 29, 2017. $0.1 second 2017, l) 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. m) Comprehensive income Total comprehensive income represents the change in equity during a period from sources other than transactions with shareholders and, as such, includes net earnings. For the Company, the only other components of total comprehensive income are the change in pension costs, change in fair value of qualifying hedges, and foreign currency translation adjustments. n) Operating segments Accounting standards require disclosures of certain information about operating segments and about products and services, geographic areas in which the Company operates, and their major customers. The Company has evaluated its operations and has determined that it has three 8. o) Share-based compensation The Company awards share-based compensation as an incentive for employees to contribute to the Company’s long-term success. Historically, the Company has granted options, stock-settled stock appreciation rights, and restricted stock. In 2016, March 31, 2018, 3,507,469 2013 The Company recognizes share-based compensation expense for all awards granted to employees, which is based on the fair value of the award on the date of grant. Determining the appropriate fair value model and calculating the fair value of stock compensation awards requires the input of certain highly complex and subjective assumptions, including the expected life of the stock compensation awards and the Company’s common stock price volatility, risk free interest rate and dividend rate. The assumptions used in calculating the fair value of stock compensation awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change and the Company deems it necessary to use different assumptions, stock compensation expense could be materially different from what has been recorded in the current period. p) Recent Accounting Pronouncements In February 2016, 2016 02 December 15, 2018. not In March 2016, 2016 09, 718 December 15, 2016. fourth 2016 January 1, 2016. no March 31, 2017 2018. In March 2017, 2017 07 one December 15, 2017 2017 07 first 2018. 2017 In May 2014, No. 2014 09, 606 five 606 January 1, 2018 not no no no not We recorded a net increase in opening retained earnings of $11.2 January 1, 2018 606. March 31, 2018 $3.7 606. The opening retained earnings adjustment is as follows (in thousands): Net sales $ 42,880 Cost of goods sold 27,397 Selling and administrative expenses 706 Income before taxes on income 14,777 Income tax expense 3,542 Adjustment to opening retained earnings $ 11,235 Payment of the cumulative tax adjustment will be made over four The following table disaggregates our net sales by major source (in thousands): As Reported Balances Without Adoption of Effect of Change 3/31/2018 ASC 606 3/31/2018 Uniform and Related Products $ 48,125 $ 45,125 $ 3,000 Remote Staffing Solutions 6,286 6,286 - Promotional Products 18,676 17,947 729 $ 73,087 $ 69,358 $ 3,729 Revenue for our Uniforms and Related Products and Promotional Products segments is recognized when the obligations under the terms of a contract with a customer are satisfied. This generally occurs when the goods are transferred to the customer. Revenue is measured as the amount of consideration we expect to receive in exchange for the goods. Sales taxes, sales discounts and customer rebates are also excluded from revenue. In accordance with ASC 606 no may 606 not 606 March 31, 2018. The Company does not 606 March 31, 2018. The impact of adoption of ASC 606 March 31, 2018 Balance Sheet As Reported Balances Without Adoption of Effect of Change 3/31/2018 ASC 606 3/31/2018 Assets: Contract assets $ 47,098 $ - $ 47,098 Inventory 36,380 63,722 (27,342 ) Prepaid and other current assets 10,005 10,890 (885 ) Deferred taxes 215 2,872 (2,657 ) Liabilities: Accounts payable $ 19,263 $ 16,492 $ 2,771 Other current liabilites 9,375 8,112 1,263 In accordance with ASC 606, $47.1 March 31, 2018 not As Reported Balances Without Adoption of Effect of Change 3/31/2018 ASC 606 3/31/2018 Statement of comprehensive income: Net sales $ 73,087 $ 69,358 $ 3,729 Cost of goods sold 48,212 45,496 2,716 Selling and administrative expenses 21,182 21,114 68 The cost of goods sold associated with our ASC 606 |