Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 16, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000095574 | ||
Entity Registrant Name | SUPERIOR GROUP OF COMPANIES, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-05869 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 11-1385670 | ||
Entity Address, Address Line One | 10055 Seminole Blvd. | ||
Entity Address, City or Town | Seminole | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33772 | ||
City Area Code | 727 | ||
Local Phone Number | 397-9611 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | SGC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 136,200,000 | ||
Entity Common Stock, Shares Outstanding | 15,543,253 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 526,697 | $ 376,701 | $ 346,350 |
Costs and expenses: | |||
Cost of goods sold | 337,932 | 247,772 | 224,653 |
Selling and administrative expenses | 136,515 | 107,282 | 96,710 |
Other periodic pension costs | 955 | 1,962 | 385 |
Interest expense | 2,003 | 4,399 | 3,207 |
Costs and Expenses, Excluding Gain on Sale of Property Plant and Equipment | 477,405 | 361,415 | 324,955 |
Gain on sale of property, plant and equipment | 2,164 | 0 | 0 |
Income before taxes on income | 51,456 | 15,286 | 21,395 |
Income tax expense | 10,430 | 3,220 | 4,420 |
Net income | $ 41,026 | $ 12,066 | $ 16,975 |
Net income per share: | |||
Net income per share, basic (in dollars per share) | $ 2.72 | $ 0.81 | $ 1.14 |
Net income per share, diluted (in dollars per share) | $ 2.65 | $ 0.79 | $ 1.10 |
Weighted average shares outstanding during the period | |||
Weighted average number of shares outstanding during the period, basic (in shares) | 15,075,134 | 14,945,165 | 14,937,786 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 15,508,420 | 15,266,408 | 15,472,133 |
Other comprehensive income (loss), net of tax: | |||
Recognition of net losses included in net periodic pension costs | $ 940 | $ 968 | $ 862 |
Recognition of settlement loss included in net periodic pension costs | 314 | 835 | 0 |
Current period loss | (4,928) | (1,354) | (1,253) |
Gain (loss) on cash flow hedging activities | (22) | (22) | 203 |
Foreign currency translation adjustment | (1,021) | 74 | (518) |
Other comprehensive income (loss) | (4,717) | 501 | (706) |
Comprehensive income | $ 36,309 | $ 12,567 | $ 16,269 |
Cash dividends per common share (in dollars per share) | $ 400 | $ 400 | $ 390 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 5,172 | $ 9,038 |
Accounts receivable, less allowance for doubtful accounts of $7,667 and $2,964, respectively | 101,902 | 79,746 |
Accounts receivable - other | 1,356 | 1,083 |
Inventories | 89,766 | 73,379 |
Contract assets | 39,231 | 38,533 |
Prepaid expenses and other current assets | 11,030 | 9,934 |
Total current assets | 248,457 | 211,713 |
Property, plant and equipment, net | 36,644 | 32,825 |
Operating lease right-of-use assets | 3,826 | 5,445 |
Intangible assets, net | 58,746 | 62,536 |
Goodwill | 36,116 | 36,292 |
Other assets | 10,135 | 10,122 |
Total assets | 393,924 | 358,933 |
Current liabilities: | ||
Accounts payable | 39,327 | 33,271 |
Other current liabilities | 44,670 | 18,894 |
Current portion of long-term debt | 15,286 | 15,286 |
Current portion of acquisition-related contingent liabilities | 5,589 | 1,905 |
Total current liabilities | 104,872 | 69,356 |
Long-term debt | 72,372 | 104,003 |
Long-term pension liability | 14,574 | 10,253 |
Long-term acquisition-related contingent liabilities | 1,892 | 3,423 |
Long-term operating lease liabilities | 1,599 | 2,380 |
Deferred tax liability | 450 | 7,042 |
Other long-term liabilities | 6,535 | 4,922 |
Commitments and contingencies (Note 10) | ||
Shareholders’ equity: | ||
Preferred stock, $.001 par value - authorized 300,000 shares (none issued) | 0 | 0 |
Common stock, $.001 par value - authorized 50,000,000 shares, issued and outstanding - 15,391,660 and 15,227,604 shares, respectively. | 15 | 15 |
Additional paid-in capital | 61,844 | 57,442 |
Retained earnings | 141,972 | 107,581 |
Accumulated other comprehensive income (loss), net of tax: | ||
Pensions | (10,898) | (7,224) |
Cash flow hedges | 69 | 91 |
Foreign currency translation adjustment | (1,372) | (351) |
Total shareholders’ equity | 191,630 | 157,554 |
Total liabilities and shareholders’ equity | $ 393,924 | $ 358,933 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, allowance for doubtful accounts | $ 7,667 | $ 2,964 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 300,000 | 300,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 15,391,660 | 15,227,604 |
Common stock, shares outstanding (in shares) | 15,391,660 | 15,227,604 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Stock Appreciation Rights (SARs) [Member]Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 15,081,947 | |||||
Balance at Dec. 31, 2017 | $ 15 | $ 49,103 | $ 83,129 | $ (7,279) | $ 124,968 | |
ASC 606 adjustment to opening retained earnings | 11,245 | 11,245 | ||||
Common shares issued upon exercise of options (in shares) | 87,347 | |||||
Common shares issued upon exercise of options | 878 | (151) | 727 | |||
Restricted shares issued in acquisition (in shares) | 150,094 | |||||
Restricted shares issued in acquisition | 3,762 | 3,762 | ||||
Common shares issued upon exercise of Stock Appreciation Rights (SARs) (in shares) | 3,428 | 37,930,000 | ||||
Share-based compensation expense | 2,264 | 2,264 | ||||
Tax withheld on exercise of Stock Appreciation Rights (SARs) | (17) | (17) | ||||
Tax benefit from vesting of acquisition-related restricted stock | 445 | 445 | ||||
Cash dividends declared | (5,836) | $ (5,836) | ||||
Common stock reacquired and retired (in shares) | (158,359) | (58,216) | ||||
Common stock reacquired and retired | (576) | (2,330) | $ (2,906) | |||
Net earnings | 16,975 | 16,975 | ||||
Cash flow hedges, net of taxes | 203 | 203 | ||||
Pensions, net of taxes | (391) | (391) | ||||
Change in currency translation adjustment, net of taxes | (518) | (518) | ||||
Cash flow hedges, net of taxes | 203 | |||||
Balance (in shares) at Dec. 31, 2018 | 15,202,387 | |||||
Balance at Dec. 31, 2018 | $ 15 | 55,859 | 103,032 | (7,985) | 150,921 | |
Common shares issued upon exercise of options (in shares) | 62,994 | |||||
Common shares issued upon exercise of options | 460 | (177) | 283 | |||
Restricted shares issued in acquisition (in shares) | 69,530 | |||||
Restricted shares issued in acquisition | 0 | |||||
Common shares issued upon exercise of Stock Appreciation Rights (SARs) (in shares) | ||||||
Share-based compensation expense | 1,484 | 1,484 | ||||
Tax benefit from vesting of acquisition-related restricted stock | 30 | 30 | ||||
Cash dividends declared | (6,046) | $ (6,046) | ||||
Common stock reacquired and retired (in shares) | (107,307) | (49,091) | ||||
Net earnings | 12,066 | $ 12,066 | ||||
Cash flow hedges, net of taxes | (22) | (22) | ||||
Pensions, net of taxes | 449 | 449 | ||||
Change in currency translation adjustment, net of taxes | 74 | 74 | ||||
Common stock reacquired and retired | (391) | (1,294) | (1,685) | |||
Cash flow hedges, net of taxes | $ (22) | |||||
Balance (in shares) at Dec. 31, 2019 | 15,227,604 | 15,227,604 | ||||
Balance at Dec. 31, 2019 | $ 15 | 57,442 | 107,581 | (7,484) | $ 157,554 | |
Common shares issued upon exercise of options (in shares) | 154,396 | |||||
Common shares issued upon exercise of options | 2,110 | (183) | $ 1,927 | |||
Restricted shares issued in acquisition (in shares) | 49,784 | |||||
Restricted shares issued in acquisition | 0 | |||||
Common shares issued upon exercise of Stock Appreciation Rights (SARs) (in shares) | 157,730 | |||||
Share-based compensation expense | 2,530 | 2,530 | ||||
Tax withheld on exercise of Stock Appreciation Rights (SARs) | (66) | (66) | ||||
Tax benefit from vesting of acquisition-related restricted stock | (13) | (13) | ||||
Cash dividends declared | (6,111) | $ (6,111) | ||||
Common stock reacquired and retired (in shares) | (43,458) | (43,458) | ||||
Net earnings | 41,026 | $ 41,026 | ||||
Change in currency translation adjustment, net of taxes | (1,021) | (1,021) | ||||
Common stock reacquired and retired | (159) | (341) | (500) | |||
Cash flow hedges, net of taxes | (22) | (22) | ||||
Pensions, net of taxes | (3,674) | $ (3,674) | ||||
Balance (in shares) at Dec. 31, 2020 | 15,391,660 | 15,391,660 | ||||
Balance at Dec. 31, 2020 | $ 15 | $ 61,844 | $ 141,972 | $ (12,201) | $ 191,630 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash dividends declared, per share (in dollars per share) | $ 0.40 | $ 0.40 | $ 0.39 |
Cash flow hedges, tax | $ 3 | $ 68 | |
Pensions, tax | 141 | 123 | |
Change in currency translation adjustment, tax | $ 449 | $ 23 | $ 189 |
Cash flow hedges, tax | 3 | ||
Pensions, tax | $ 1,154 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 41,026 | $ 12,066 | $ 16,975 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 8,132 | 8,272 | 7,906 |
Provision for bad debts - accounts receivable | 6,746 | 1,323 | 867 |
Share-based compensation expense | 2,530 | 1,484 | 2,264 |
Deferred income tax benefit | (4,987) | (1,595) | (665) |
Gain on sale of property, plant and equipment | (2,164) | (5) | 0 |
Change in fair value of acquisition-related contingent liabilities | 4,119 | (74) | (1,116) |
Changes in assets and liabilities, net of acquisition of business: | |||
Accounts receivable | (29,251) | (17,104) | (4,886) |
Accounts receivable - other | (273) | 660 | 105 |
Contract assets | (699) | 10,703 | (3,382) |
Inventories | (16,763) | (4,984) | 2,429 |
Prepaid expenses and other current assets | (1,474) | (3,479) | 2,622 |
Other assets | 464 | (1,717) | (1,257) |
Accounts payable and other current liabilities | 32,690 | 10,904 | (1,344) |
Long-term pension liability | (508) | 2,138 | (128) |
Other long-term liabilities | 1,771 | 1,415 | (526) |
Net cash provided by operating activities | 41,359 | 20,007 | 19,864 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Additions to property, plant and equipment | (11,857) | (9,672) | (4,869) |
Proceeds from disposals of property, plant and equipment | 5,284 | 5 | 0 |
Acquisition of businesses, net of acquired cash | 0 | 0 | (85,597) |
Net cash used in investing activities | (6,573) | (9,667) | (90,466) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from borrowings of debt | 202,349 | 165,314 | 206,025 |
Repayment of debt | (234,063) | (163,645) | (127,439) |
Payment of cash dividends | (6,111) | (6,046) | (5,836) |
Payment of acquisition-related contingent liabilities | (1,966) | (961) | (2,861) |
Proceeds received on exercise of stock options | 1,927 | 283 | 727 |
Tax withholdings on exercise of stock rights | (66) | 0 | (17) |
Tax (provision) benefit from vesting of acquisition-related restricted stock | (13) | 30 | 445 |
Common stock reacquired and retired | (500) | (1,685) | (2,906) |
Net cash provided by (used in) financing activities | (38,443) | (6,710) | 68,138 |
Effect of currency exchange rates on cash | (209) | 46 | (304) |
Net increase (decrease) in cash and cash equivalents | (3,866) | 3,676 | (2,768) |
Cash and cash equivalents balance, beginning of period | 9,038 | 5,362 | 8,130 |
Cash and cash equivalents balance, end of period | 5,172 | 9,038 | 5,362 |
Supplemental disclosure of cash flow information: | |||
Income taxes paid | 13,390 | 7,146 | 1,088 |
Interest paid | $ 1,490 | $ 3,979 | $ 2,724 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1 Business description Superior Group of Companies, Inc. (together with its subsidiaries, “the Company,” “Superior,” “we,” “our,” or “us”) was organized in 1920 1922 1998, May 3, 2018, Superior’s Uniforms and Related Products segment, through its primary signature marketing brands Fashion Seal Healthcare ® ® ® third Superior services its Remote Staffing Solutions segment through multiple The Office Gurus ® The Promotional Products segment, through the BAMKO ® ® ® Basis of presentation The accompanying consolidated financial statements of Superior included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) (“U.S.” or “United States”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company refers to the consolidated financial statements collectively as “financial statements,” and individually as “statements of comprehensive income,” “balance sheets,” “statements of shareholders’ equity,” and “statements of cash flows” herein. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses, as well as the disclosures of contingent assets and liabilities. Because of the inherent uncertainties in this process, actual future results could differ from those expected at the reporting date. Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three Revenue recognition Revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. See Note 14 Accounts receivable and allowance for doubtful accounts Judgments and estimates are used in determining the collectability of accounts receivable and in establishing allowances for doubtful accounts. The Company analyzes specific accounts receivable and historical bad debt experience, customer credit worthiness, current economic trends and the age of outstanding balances when evaluating the adequacy of the allowance for doubtful accounts. Changes in estimates are reflected in the period they become known. Charge-offs of accounts receivable are made once all collection efforts have been exhausted. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may Accounts receivable-other The Company purchases raw materials and has them delivered to certain suppliers of the Company. The Company pays for the raw materials and then deducts the cost of these materials from payments to the suppliers at the time the related finished goods are invoiced to the Company by those suppliers. Cost of goods sold and shipping and handling fees and costs Cost of goods sold for our Uniforms and Related Products segment and our Promotional Products segment consist primarily of direct costs of acquiring inventory, including cost of merchandise, inbound freight charges, purchasing, receiving and inspection costs. Cost of goods sold for our Remote Staffing Solutions segment includes salaries and payroll related benefits for agents. The Company includes shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with out-bound freight are generally recorded in cost of goods sold. Other shipping and handling costs are included in selling and administrative expenses and totaled $17.6 million, $14.5 million and $14.0 million for the years ended December 31, 2020 2019 2018 Inventories Inventories are stated at the lower of cost ( first first may Property, plant and equipment Property, plant and equipment are stated at cost, less accumulated depreciation and amortization. Major renewals and improvements are capitalized, while replacements, maintenance and repairs which do not 31, 2020, Property, plant and equipment is recorded at cost and depreciated using the straight-line method over its estimated useful life as follows: Buildings 20 to 40 years Improvements 5 to 40 years Machinery, equipment and fixtures 3 to 10 years Transportation equipment 3 to 5 years Leasehold improvements are amortized over the terms of the leases to the extent that as such improvements have useful lives of at least the terms of the respective leases. Intangible assets, net Intangible assets consist of customer relationships, non-compete agreements and trade names acquired in previous business acquisitions. Intangible assets as of December 31, 2020 2019 December 31, 2020 December 31, 2019 Item Weighted Average Life (In years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Customer relationships ( 7 15 12.7 $ 41,530 $ (14,773 ) $ 41,530 $ (11,246 ) Non-compete agreements ( 3 7 5.4 1,411 (852 ) 1,411 (589 ) Total $ 42,941 $ (15,625 ) $ 42,941 $ (11,835 ) Indefinite-lived intangible assets: Trade names $ 31,430 $ 31,430 Total intangible assets $ 74,371 $ (15,625 ) $ 74,371 $ (11,835 ) Amortization expense for intangible assets for each of the years ended December 31, 2020 2019 2018 Estimated future intangible amortization expense is as follows (in thousands): 2021 $ 3,819 2022 3,755 2023 2,929 2024 2,265 2025 1,838 Thereafter 12,710 Total $ 27,316 Trade names: As part of the acquisition of substantially all of the assets of HPI Direct, Inc. in 2013, 2016, 2018, 2018, not Impairment of long-lived assets Long-lived assets, such as property and equipment, and purchased intangibles subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not December 31, 2020 2019 2018 Goodwill and indefinite-lived intangible assets The Company has made acquisitions in the past that included goodwill and indefinite-lived intangible assets. Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill and indefinite-lived intangible assets such as trade names are not fourth may not • macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, or other developments in equity and credit markets; • industry and market considerations such as a deterioration in the environment in which the Company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the Company’s products or services, or a regulatory or political development; • cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; • overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; • other relevant entity-specific events such as changes in management, key personnel, strategy, or customers. Goodwill and indefinite-lived intangible assets are tested at a level of reporting referred to as “the reporting unit.” The Company’s reporting units are defined as each of its three reporting segments. As of December 31, 2020 December 31, 2020 An entity has the option to first not 50% not not December 31, 2020 2019 2018 Contingent Consideration The Company recognizes the fair value of estimated contingent consideration at the acquisition date as part of the consideration transferred in exchange for the acquired business. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. Any changes in fair value are recognized each reporting period in non-cash changes in fair value of estimated contingent consideration in the accompanying statements of comprehensive income. Employee benefits Pension plan costs are funded currently based on actuarial estimates, with prior service costs amortized over 20 years. The Company recognizes settlement gains and losses in its financial statements when the cost of all lump sum 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. Insurance The Company self-insures for certain obligations related to employee health programs. The Company also purchases stop-loss insurance policies to protect it from catastrophic losses. Judgments and estimates are used in determining the potential value associated with reported claims and for losses that have occurred, but have not may Taxes on income Income taxes are provided for under the liability method, whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not Note 7 Share-based compensation The Company awards share-based compensation as an incentive for employees to contribute to the Company’s long-term success. The Company grants options, stock-settled stock appreciation rights, restricted stock, and performance shares. 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. Other comprehensive income Other comprehensive income (loss) is defined as the change in equity during a period, from transactions and other events, excluding changes resulting from investments by owners (e.g., supplemental stock offering) and distributions to owners (e.g., dividends). Risks and concentrations Financial instruments that potentially subject the Company to concentrations of credit risk include cash in banks in excess of federally insured amounts. The Company manages this risk by maintaining all deposits in high quality financial institutions and periodically performing evaluations of the relative credit standing of the financial institutions. When assessing credit risk the Company considers whether the credit risk exists at both the individual and group level. Consideration is given to the activity, region and economic characteristics when assessing if there exists a group concentration risk. At December 31, 2020 two 31, 2019 no December 31, 2020 2019 five none 10% 2020 2020 No 2020 The Uniform and Related Products segment’s principal fabrics used in the manufacture of its finished goods are cotton, polyester and cotton-synthetic blends. The majority of such fabrics are sourced in China. The Promotional Products segment relies on the supply of different types of raw materials as well as textiles, including plastic, glass, fabric and metal. The vast majority of these raw materials are principally sourced from China, either directly by BAMKO or its suppliers. If we are unable to continue to obtain our raw materials and finished products from China or if our suppliers are unable to source raw materials from China, it could significantly disrupt our business. Further, the Company’s suppliers generally source or manufacture finished goods in parts of the world that may Fair value of financial instruments The carrying amounts of cash and cash equivalents, receivables and accounts payable approximated fair value as of December 31, 2020 2019 Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Adopted Accounting Pronouncements In January 2017, 2017 04, “Simplifying the Test for Goodwill Impairment.” 2017 04 two December 15, 2019. January 1, 2020 not In August 2018, 2018 15, “Internal-Use Software (Subtopic 350 40 December 15, 2019 may January 1, 2020, not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 February 2020, 2020 2, Financial Instruments – Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13, Financial Instruments—Credit Losses (Topic 326 December 15, 2022. In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740 December 15, 2020, not In March 2020, 2020 04, Reference Rate Reform (Topic 848 may not may December 31, 2022. |
Note 2 - Allowance for Doubtful
Note 2 - Allowance for Doubtful Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 2 The activity in the allowance for doubtful accounts receivable was as follows (in thousands): Years Ended December 31, 2020 2019 2018 Balance at the beginning of year $ 2,964 $ 2,042 $ 1,382 Provision for bad debts 6,746 1,323 867 Charge-offs (2,087 ) (401 ) (210 ) Recoveries 44 - 3 Balance at the end of year $ 7,667 $ 2,964 $ 2,042 |
Note 3 - Reserve for Sales Retu
Note 3 - Reserve for Sales Returns and Allowances | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Reserve For Sales Returns And Allowances Disclosure [Text Block] | NOTE 3 The activity in the reserve for sales returns and allowances was as follows (in thousands): Years Ended December 31, 2020 2019 2018 Balance at the beginning of year $ 2,112 $ 1,893 $ 1,125 Provision for returns and allowances 7,699 4,334 4,908 Actual returns and allowances paid to customers (6,446 ) (4,115 ) (4,140 ) Balance at the end of year $ 3,365 $ 2,112 $ 1,893 |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 Inventories consisted of the following amounts (in thousands): December 31, 2020 2019 Finished goods $ 73,979 $ 65,413 Work in process 1,634 652 Raw materials 14,153 7,314 Inventories $ 89,766 $ 73,379 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 Property, plant and equipment, net, consisted of the following (in thousands): December 31, 2020 2019 Land $ 3,085 $ 3,635 Buildings, improvements and leaseholds 15,972 18,745 Machinery, equipment and fixtures 76,906 66,311 95,963 88,691 Accumulated depreciation and amortization (59,319 ) (55,866 ) Property, plant and equipment, net $ 36,644 $ 32,825 Depreciation and amortization charges were $4.3 million, $4.5 million and $4.1 million in 2020 2019 2018 |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 6 Debt consisted of the following (in thousands): December 31, 2020 2019 Credit Facilities: Revolving credit facility due May 2023 $ 17,589 $ 37,838 Term loan due February 2024 (“2017 Term Loan”) 21,000 25,500 Term loan due January 2026 (“2018 Term Loan”) 49,524 56,488 $ 88,113 $ 119,826 Less: Payments due within one year included in current liabilities 15,286 15,286 Debt issuance costs 455 537 Long-term debt less current maturities $ 72,372 $ 104,003 The Company is party to an amended and restated credit agreement (the “Credit Agreement”) with Truist Bank (formerly known as Branch Banking and Trust Company), consisting of a $75 million revolving credit facility expiring in May 2023, February 2024 ( “2017 January 2026 ( “2018 2017 2018 Obligations outstanding under the 2018 December 31, 2020 2017 one December 31, 2020). December 31, 2020, On March 30, 2020, April 1, 2020 June 1, 2020 2017 2018 April 1, 2020 June 1, 2020 2017 2021 2023 2024 2018 2021 2025 2026 not The Credit Agreement contains customary events of default and negative covenants, including but not 1.25:1 not 5.0:1. December 31, 2020 On February 8, 2021, February 8, 2026. 2017 2018 0.25%, not Note 19 The Company is a party to an interest rate swap with a total notional value of $9.8 million as of December 31, 2020 February 2024. not December 31, 2020 2019 Debt Maturity Schedule Contractual maturities of debt (excluding interest to be accrued thereon) at December 31, 2020 2021 $ 15,286 2022 15,286 2023 32,875 2024 12,286 2025 9,286 Thereafter 3,094 Total debt $ 88,113 |
Note 7 - Income Tax Expense
Note 7 - Income Tax Expense | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7 Aggregate income tax provisions consist of the following (in thousands): Years Ended December 31, 2020 2019 2018 Current: Federal $ 12,997 $ 3,049 $ 3,613 State and local 1,956 1,074 643 Foreign 486 502 789 15,439 4,625 5,045 Deferred Taxes: Deferred tax (benefit) provision (5,009 ) (1,405 ) (625 ) Income tax expense $ 10,430 $ 3,220 $ 4,420 The significant components of the deferred income tax (liability) asset are as follows (in thousands): December 31, 2020 2019 Deferred income tax assets: Pension accruals $ 3,742 $ 2,588 Operating reserves and other accruals 5,110 2,540 Tax credits 513 923 Valuation allowance on tax credits - (923 ) Deferred income tax liabilities: Book carrying value in excess of tax basis of property (2,116 ) (1,544 ) Book carrying value in excess of tax basis of intangibles (5,780 ) (7,024 ) Tax effect of revenue recognition standard ASC 606 (1,021 ) (1,771 ) Deferred expenses (898 ) (1,831 ) Net deferred income tax liability $ (450 ) $ (7,042 ) The difference between the total statutory Federal income tax rate and the actual effective income tax rate is accounted for as follows: Years Ended December 31, 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 1.3 % 4.8 % 2.0 % Rate impacts due to foreign operations (4.5 %) (3.9 %) (2.7 %) Changes in uncertain tax positions 0.2 % 1.7 % 0.4 % Compensation related 2.3 % (0.2 %) 1.4 % R&D tax credits (0.3 %) (0.9 %) (0.4 %) Other 0.3 % (1.4 %) (1.0 %) Effective income tax rate 20.3 % 21.1 % 20.7 % The Tax Cuts and Jobs Act enacted on December 22, 2017 no not December 31, 2020 Only tax positions that meet the more-likely-than- not December 31, 2020 2019 not twelve $1.2 December 31, 2020 Changes in the Company’s gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows (in thousands): December 31, 2020 2019 Balance at the beginning of year $ 681 $ 477 Additions based on tax positions related to the current year 134 128 Additions for tax positions of prior years 286 173 Reductions due to lapse of statute of limitations (108 ) (97 ) Balance at the end of year $ 993 $ 681 We recognize interest and penalties accrued related to unrecognized tax benefits in the provision for income taxes. During the years ended December 31, 2020 2019 2018 2020 2019 2018 December 31, 2020 2019 We anticipate that it is reasonably possible that the total amount of unrecognized tax benefits could decrease by approximately $0.3 million within the next twelve 2014. |
Note 8 - Benefit Plans
Note 8 - Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 8 Defined Benefit Plans The Company is the sponsor of two noncontributory qualified defined benefit pension plans, providing for normal retirement at age 65, Effective June 30, 2013, no Effective December 31, 2014, no The Company recognizes the funded status of its defined benefit post retirement plans in the Company’s balance sheets. At December 31, 2020 It is our policy to make contributions to the various plans in accordance with statutory funding requirements and any additional funding that may The following tables present the changes in the benefit obligations and the various plan assets, the funded status of the plans, and the amounts recognized in the Company’s balance sheets December 31, 2020 2019 December 31, 2020 2019 Pension Plans SERP Total Pension Plans SERP Total Changes in benefit obligation: Benefit obligation at beginning of year $ 18,114 $ 10,356 $ 28,470 $ 18,317 $ 8,808 $ 27,125 Service cost - 152 152 - 117 117 Interest cost 541 322 863 721 363 1,084 Actuarial loss 1,773 3,610 5,383 2,664 1,171 3,835 Benefits paid (1,650 ) (103 ) (1,753 ) (3,588 ) (103 ) (3,691 ) Benefit obligation at end of year 18,778 14,337 33,115 18,114 10,356 28,470 Changes in plan assets: Fair value of plan assets at beginning of year 19,939 - 19,939 19,980 - 19,980 Actual return on assets 462 - 462 3,547 - 3,547 Employer contributions - 103 103 - 103 103 Benefits paid (1,647 ) (103 ) (1,750 ) (3,588 ) (103 ) (3,691 ) Fair value of plan assets at end of year 18,754 - 18,754 19,939 - 19,939 Funded status at end of year $ (24 ) $ (14,337 ) $ (14,361 ) $ 1,825 $ (10,356 ) $ (8,531 ) Amounts recognized in balance sheets: Other assets $ 314 $ - $ 314 $ 1,825 $ - $ 1,825 Other current liabilities - (101 ) (101 ) - (103 ) (103 ) Long-term pension liability (338 ) (14,236 ) (14,574 ) - (10,253 ) (10,253 ) Net amount recognized $ (24 ) $ (14,337 ) $ (14,361 ) $ 1,825 $ (10,356 ) $ (8,531 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 8,227 $ 7,429 $ 15,656 $ 6,312 $ 4,516 $ 10,828 Information for benefit plans with projected benefit obligation in excess of plan assets depicted as follows (in thousands): December 31, 2020 2019 Pension Plans SERP Total Pension Plans SERP Total Projected benefit obligation $ 18,778 $ 14,337 $ 33,115 $ 18,114 $ 10,356 $ 28,470 Fair value of plan assets (18,754 ) - (18,754 ) (19,939 ) - (19,939 ) $ 24 $ 14,337 $ 14,361 $ (1,825 ) $ 10,356 $ 8,531 Components of net periodic benefit cost related to pension plans were as follows (in thousands): Years Ended December 31, 2020 2019 2018 Interest cost on projected benefit obligation $ 541 $ 721 $ 675 Expected return on plan assets (1,555 ) (1,491 ) (1,717 ) Recognized actuarial loss 539 643 526 Settlement loss 413 1,110 - Net periodic pension cost after settlements $ (62 ) $ 983 $ (516 ) The pension settlement losses included in the table above resulted from lump sum pension payments made to various employees upon their retirement or termination during the periods specified. The pension settlement losses did not not Components of net periodic benefit cost related to the SERP were as follows (in thousands): Years Ended December 31, 2020 2019 2018 Service cost - benefits earned during the period $ 152 $ 117 $ 108 Interest cost on projected benefit obligation 322 363 295 Recognized actuarial loss 695 616 606 Net periodic pension cost after settlements $ 1,169 $ 1,096 $ 1,009 The service cost component is included in selling and administrative expenses in our statements of comprehensive income and the other components of net periodic pension cost are included in other periodic pension costs in our statements of comprehensive income. The estimated net actuarial loss for the SERP that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $0.7 million. The tables below presents various assumptions used in determining the benefit obligation for each year and reflects the percentages for the various plans. The following table presents the weighted-average assumptions used to determine benefit obligations as of December 31, 2019 and 2020: Discount Rate Long Term Rate of Return Salary Scale Pension Plans Pension Plans Pension Plans Corporate Plants SERP Corporate Plants SERP Corporate Plants SERP 2019 3.12 % 3.02 % 3.12 % 8.00 % 8.00 % N/A N/A N/A 3.00 % 2020 2.36 % 2.21 % 2.36 % 8.00 % 8.00 % N/A N/A N/A 3.00 % The following table presents the weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, 2018 , 2019 and 2020: Discount Rate Long Term Rate of Return Salary Scale Pension Plans Pension Plans Pension Plans Corporate Plants SERP Corporate Plants SERP Corporate Plants SERP 2018 3.53 % 3.45 % 3.53 % 8.00 % 8.00 % N/A N/A N/A 3.00 % 2019 4.14 % 4.06 % 4.14 % 8.00 % 8.00 % N/A N/A N/A 3.00 % 2020 3.12 % 3.02 % 3.12 % 8.00 % 8.00 % N/A N/A N/A 3.00 % The methodology used to determine the expected rate of return on the pension plan assets was based on a review of actual returns in the past and consideration of projected returns based upon our projected asset allocation. Our strategy with respect to our investments in pension plan assets is to be invested with a long-term outlook. Therefore, the risk and return balance of our asset portfolio should reflect a long-term horizon. Our pension plan asset allocation at December 31, 2020 2019 2021 Percentage of Plan Assets Target December 31, Allocation Investment description 2020 2019 2021 Equity securities - % 68 % 60 % Fixed income 40 % 31 % 40 % Money market 60 % - % - % Other - % 1 % - % Total 100 % 100 % 100 % The Company does not 2021. The following table includes projected benefit payments for the years indicated (in thousands): Projected Benefit Payments Year Pension Plans SERP Total 2021 $ 1,686 $ 102 $ 1,788 2022 1,028 1,175 2,203 2023 1,351 588 1,939 2024 1,317 581 1,898 2025 1,297 572 1,869 2026-2030 4,651 3,776 8,427 Rabbi Trust December 31, 2020 2019 December 31, 2020 2019 2018 In 2013, December 31, 2020 2019 December 31, 2020 2019 Defined Contribution Plan The Company provides a defined contribution plan covering qualified employees. The plan includes a provision that allows employees to make pre-tax contributions under Section 401 December 31, 2019 2018 19 not 2019, December 31, 2019 2020. December 31, 2020. |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9 On January 1, 2019, 2016 02, 842 842” 842. January 1, 2019 842, not The Company primarily leases factories, warehouses, call centers, office space and equipment for various terms under long-term, non-cancelable operating lease agreements. A right-of-use asset represents the Company’s right to use an underlying asset for the lease term and a lease liability represents the Company’s obligation to make lease payments arising from the lease. These leases generally have expected lease terms of one eight not December 31, 2020 December 31, 2019 not The components of lease cost were as follows (in thousands): Years Ended December 31, 2020 2019 2018 Rent expense (prior to adoption of ASC 842) $ - $ - $ 2,149 Operating lease costs 2,000 1,541 - Short-term lease costs 541 302 - Total lease costs $ 2,541 $ 1,843 $ 2,149 Cash flow and noncash information related to our operating leases were as follows (in thousands): Years Ended December 31, 2020 2019 Operating cash flows – cash paid for operating lease liabilities $ 1,425 $ 1,320 Non-cash – Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 243 $ 782 Other supplemental information related to our operating leases was as follows: Years Ended December 31, 2020 2019 Weighted-average remaining lease term (in years) 2.8 3.6 Weighted average discount rate 5.61 % 5.61 % Maturities of operating lease liabilities as of December 31, 2020 Operating Leases 2021 $ 1,168 2022 961 2023 681 2024 57 2025 60 Thereafter - Total lease payments 2,927 Less imputed interest 204 Present value of lease liabilities $ 2,723 |
Note 10 - Contingencies
Note 10 - Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 The purchase price to acquire substantially all of the assets of BAMKO, Inc. (“BAMKO”) in 2016 2021. December 31, 2020 second 2021. 2017 2021. December 31, 2020 second 2021. may may The Company is involved in various legal actions and claims arising from the normal course of business. In the opinion of management, the ultimate outcome of these matters is not |
Note 11 - Share-based Compensat
Note 11 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11 In May 2013, 2013 “2013 2013 December 31, 2020 2013 Share-based compensation is recorded in selling and administrative expense in the statements of comprehensive income. The following table details the share-based compensation expense by type of award and the total related tax benefit for the periods presented (in thousands): Years Ended December 31, 2020 2019 2018 Stock options and SARs $ 1,321 $ 407 $ 984 Restricted stock 777 835 551 Performance shares 432 243 729 Total share-based compensation expense $ 2,530 $ 1,485 $ 2,264 Related income tax benefit $ 286 $ 262 $ 282 Stock Options and Stock Appreciation Rights (“SARs”) The Company grants stock options and stock-settled SARs to employees that allow them to purchase shares of the Company’s common stock. Stock options are also granted to outside members of the Board of Directors of the Company. The Company determines the fair value of stock options and SARs at the date of grant using the Black-Scholes valuation model. Assumptions regarding volatility, risk-free interest rate, expected term and dividend yield are required for the Black-Scholes model. The risk-free interest rate is based on the yield of a U.S. treasury bond with a similar maturity to the award’s expected life. The expected life for awards granted is based on the historical exercise patterns experienced by the Company when the award is made. The determination of expected stock price volatility for awards is based on historical Superior common stock prices over a period commensurate with the expected life. The dividend yield assumption is based on the history and expectation of the Company’s dividend payouts. The following table summarizes significant assumptions utilized to determine the fair value of stock options and SARs: Years Ended December 31, 2020 2019 2018 Stock Options: Risk free interest rate 0.1% - 1.4% 1.7% - 2.5% 2.6% - 2.9% Expected award life (years) 3-10 3-10 3-10 Expected volatility 35.6% - 61.5% 34.2% - 38.8% 35.4% - 42.1% Expected dividend yield 1.9% - 5.3% 2.3% - 2.5% 1.6% - 2.1% Weighted average fair value per share at grant date $ 2.36 $ 3.96 $ 5.93 SARs: Risk free interest rate 0.2% 1.4% 2.4 % 2.6 % Expected award life (years) 3 3 3 Expected volatility 35.6% 55.8% 34.8 % 38.1 % Expected dividend yield 3.6% 5.3% 2.3 % 1.6 % Weighted average fair value per share at grant date $ 2.18 $ 3.97 $ 6.06 August 3, 2018 one two five ten A summary of stock option transactions during the year ended December 31, 2020 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2020 701,131 $ 16.82 2.95 $ 714 Granted 560,125 9.41 Exercised (154,396 ) 14.01 Lapsed or cancelled (136,838) 17.25 Outstanding, December 31, 2020 970,022 12.92 3.74 11,128 Exercisable, December 31, 2020 279,707 17.41 2.41 1,664 Intrinsic value is the difference between the market value of our common stock and the exercise price of each stock option multiplied by the number of stock options outstanding for those stock options where the market value exceeds their exercise price. Options exercised during the years ended December 31, 2020 2019 2018 December 31, 2020 2019 2018 December 31, 2020 2019 2018 December 31, 2020 2019 2018 6 26 December 31, 2020 , A summary of stock-settled SARs transactions during the year ended December 31, 2020 Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2020 206,700 $ 18.67 2.04 $ - Granted 225,625 10.08 Exercised (46,696 ) 16.46 Lapsed or cancelled (68,501) 15.97 Outstanding, December 31, 2020 317,128 13.47 3.36 2,031 Exercisable, December 31, 2020 79,372 20.42 1.56 238 SARs exercised during the years ended December 31, 2020 2018 31, 2019. 31, 2020 2018 December 31, 2020 Restricted Stock three 2013 A summary of restricted stock transactions during the year ended December 31, 2020 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2020 151,166 $ 18.44 Granted 67,204 13.52 Vested (43,706 ) 18.30 Forfeited (17,420 ) 14.24 Outstanding, December 31, 2020 157,244 16.84 As of December 31, 2020 Performance Shares Certain employees received service-based or service-based and performance-based shares, to which we collectively refer to as performance shares. The service-based awards vest after the service period is met, which is generally three five five 2013 A summary of performance share transactions during the year ended December 31, 2020 Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2020 194,012 $ 19.77 Granted 25,000 12.00 Vested (5,892 ) 16.97 Forfeited (26,856 ) 23.46 Outstanding, December 31, 2020 186,264 18.28 As of December 31, 2020 , |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 12 The Company’s basic net income per share is computed based on the weighted average number of shares of common stock outstanding for the period. Diluted net income per share includes the effect of the Company’s outstanding stock options, stock appreciation rights, unvested shares of restricted stock and unvested performance shares, if the inclusion of these items is dilutive. The following table presents a reconciliation of basic and diluted net income per share for the years ended December 31, 2020 2019 2018 Years Ended December 31, 2020 2019 2018 Net income used in the computation of basic and diluted net income per share (in thousands) $ 41,026 $ 12,066 $ 16,975 Weighted average shares outstanding - basic 15,075,134 14,945,165 14,937,786 Dilutive common stock equivalents 433,286 321,243 534,347 Weighted average shares outstanding - diluted 15,508,420 15,266,408 15,472,133 Net income per share: Basic $ 2.72 $ 0.81 $ 1.14 Diluted $ 2.65 $ 0.79 $ 1.10 Awards to purchase 271,507, 448,298 and 322,000 shares of common stock with weighted average exercise prices of $19.77, $19.73 and $22.02 were outstanding during the years ended December 31, 2020 2019 2018 not |
Note 13 - Other Current Liabili
Note 13 - Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 13 Other current liabilities consisted of the following (in thousands) December 31, 2020 2019 Salaries, wages, commissions and compensated absences $ 26,315 $ 7,292 Contract liabilities 5,074 1,821 Accrued rebates 2,057 2,076 Current operating lease liabilities 1,124 1,346 401K profit sharing accrual 592 1,352 Other accrued expenses 9,508 5,007 Other current liabilities $ 44,670 $ 18,894 |
Note 14 - Net Sales
Note 14 - Net Sales | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 14 For our Uniforms and Related Products and Promotional Products segments, revenue is primarily generated from the sale of finished products to customers. Revenue for our Uniforms and Related Products and Promotional Products segments is recognized when the performance obligations under the contract terms are satisfied. For certain contracts with customers in which the Company has an enforceable right to payment for goods with no not For our Remote Staffing segment, revenue is generated from providing our customers with staffing solution services. Revenue for our Remote Staffing segment is recognized as services are delivered. Revenue is measured at the amount of consideration we expect to receive in exchange for the goods or services. Variable consideration for estimated returns, allowances and other price variances is recorded based upon historical experience and current allowance programs. Contract termination terms may not not one one The following table presents disaggregated revenue by operating segment for the periods presented (in thousands): Years Ended December 31, 2020 2019 2018 Uniforms and Related Products Segment: Uniforms and related products $ 238,869 $ 233,657 $ 234,417 Personal protective equipment 48,464 3,897 3,748 Total Uniforms and Related Products Segment $ 287,333 $ 237,554 $ 238,165 Remote Staffing Solutions Segment: Remote staffing solutions services $ 42,365 $ 36,490 $ 31,311 Net intersegment eliminations (5,157 ) (4,854 ) (4,039 ) Total Remote Staffing Solutions Segment $ 37,208 $ 31,636 $ 27,272 Promotional Products Segment: Promotional products $ 119,441 $ 107,511 $ 80,913 Personal protective equipment 82,715 - - Total Promotional Products Segment $ 202,156 $ 107,511 $ 80,913 Consolidated Net Sales $ 526,697 $ 376,701 $ 346,350 Contract Assets and Contract Liabilities The following table provides information about accounts receivable, contract assets and contract liabilities from contracts with customers (in thousands): December 31, 2020 2019 Accounts receivable $ 101,902 $ 79,746 Current contract assets 39,231 38,533 Current contract liabilities 5,074 1,821 Contract assets relate to goods produced without an alternative use for which the Company has an enforceable right to payment but which have not December 31, 2019 December 31, 2020 December 31, 2020 December 31, 2020 December 31, 2019 |
Note 15 - Stock Repurchase Plan
Note 15 - Stock Repurchase Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 15 – Stock Repurchase Plan: On August 1, 2008, December 31, 2018, May 2, 2019, no December 31, 2020 2019 December 31, 2020 |
Note 16 - Operating Segment Inf
Note 16 - Operating Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16 : The Company classifies its businesses into three The Company evaluates the performance of each operating segment based on several factors of which the primary financial measures are net sales and income before taxes on income. No 10% 2020 2019 2018 The following tables set forth financial information related to the Company’s operating segments (in thousands): Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2020: Net sales $ 287,333 $ 42,365 $ 202,156 $ (5,157 ) $ 526,697 Cost of goods sold 187,364 18,032 134,486 (1,950 ) 337,932 Gross margin 99,969 24,333 67,670 (3,207 ) 188,765 Selling and administrative expenses 83,005 15,294 41,423 (3,207 ) 136,515 Other periodic pension cost 955 - - - 955 Gain on sale of property, plant and equipment 2,164 - - - 2,164 Interest expense 1,699 - 304 - 2,003 Income before taxes on income $ 16,474 $ 9,039 $ 25,943 $ - $ 51,456 Depreciation and amortization $ 5,845 $ 923 $ 1,364 $ - $ 8,132 Capital expenditures $ 9,988 $ 1,578 $ 291 $ - $ 11,857 Total assets $ 283,708 $ 21,799 $ 88,417 $ - $ 393,924 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2019: Net sales $ 237,554 $ 36,490 $ 107,511 $ (4,854 ) $ 376,701 Cost of goods sold 155,283 15,066 79,137 (1,714 ) 247,772 Gross margin 82,271 21,424 28,374 (3,140 ) 128,929 Selling and administrative expenses 73,003 13,642 23,777 (3,140 ) 107,282 Other periodic pension cost 1,962 - - - 1,962 Interest expense 3,178 - 1,221 - 4,399 Income before taxes on income $ 4,128 $ 7,782 $ 3,376 $ - $ 15,286 Depreciation and amortization $ 5,975 $ 963 $ 1,334 $ - $ 8,272 Capital expenditures $ 8,150 $ 1,095 $ 427 $ - $ 9,672 Total assets $ 258,916 $ 23,970 $ 76,047 $ - $ 358,933 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2018: Net sales $ 238,165 $ 31,311 $ 80,913 $ (4,039 ) $ 346,350 Cost of goods sold 154,437 13,404 58,242 (1,430 ) 224,653 Gross margin 83,728 17,907 22,671 (2,609 ) 121,697 Selling and administrative expenses 68,848 11,160 19,311 (2,609 ) 96,710 Other periodic pension cost 385 - - - 385 Interest expense 2,019 - 1,188 - 3,207 Income before taxes on income $ 12,476 $ 6,747 $ 2,172 $ - $ 21,395 Depreciation and amortization $ 5,611 $ 990 $ 1,299 $ - $ 7,900 Capital expenditures $ 2,794 $ 1,581 $ 494 $ - $ 4,869 Total assets $ 254,138 $ 19,717 $ 61,231 $ - $ 335,086 |
Note 17 - Acquisition of Busine
Note 17 - Acquisition of Businesses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 17 : CID Resources On May 2, 2018, The purchase price in the acquisition consisted of the following: (a) approximately $84.4 million in cash at closing, (b) the issuance of 150,094 shares of the Company’s common stock to an equity holder of CID, and (c) $2.5 million in cash as a result of the cash and working capital adjustment. Fair Value of Consideration Transferred A summary of the purchase price is as follows (in thousands): Cash consideration at closing $ 84,430 Superior common stock issued 3,763 Cash and working capital adjustment 2,521 Total Consideration $ 90,714 Assets Acquired and Liabilities Assumed The total purchase price was allocated to the tangible and intangible assets and liabilities of CID based on their estimated fair values as of May 2, 2018. The following table presents the allocation of the total fair value of consideration transferred, as shown above, to the acquired tangible and intangible assets and liabilities of CID based on their estimated fair values as of the effective date of the transaction (in thousands): Cash $ 1,360 Accounts receivable 9,657 Prepaid expenses and other current assets 1,248 Inventories 28,895 Property, plant and equipment 1,134 Contract assets 2,535 Identifiable intangible assets 41,020 Goodwill 20,323 Total assets $ 106,172 Accounts payable 5,030 Deferred tax liability 9,461 Other current liabilities 967 Total liabilities $ 15,458 The amounts in the table above are reflective of measurement period adjustments made during the second 2019, not second 2019. The Company recorded $41.0 million in identifiable intangibles at fair value, consisting of $26.0 million in acquired customer relationships, $0.8 million for a non-compete agreement and $14.2 million for WonderWink trade name. The intangible assets associated with the customer relationships are being amortized for fifteen May 2, 2018 five not December 31, 2020, 2019 2018, The difference between the fair value of the consideration transferred and the values assigned to the assets acquired and liabilities assumed was recorded as goodwill, which is primarily attributed to the assembled workforce and expanded market opportunities. This goodwill will not For the year ended December 31, 2018 , On a pro forma basis as if the results of this acquisition had been included in our consolidated results for the entire year ended December 31, 2018, |
Note 18 - COVID-19
Note 18 - COVID-19 | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Unusual or Infrequent Items, or Both, Disclosure [Text Block] | NOTE 18 19: The COVID- 19 19 19 December 31, 2020 However, the pandemic also had and could continue to have a number of adverse impacts on our business, including, but not We have and will continue to monitor and control our expense levels to protect our profitability. For example, on March 30, 2020, April 1, 2020 June 1, 2020 2017 2018 April 1, 2020 June 1, 2020 Prolonged instability in the United States and global economies, and how the world reacts to them, could have long-term impacts on our business. These business impacts could negatively affect us in a number of ways, including, but not 19 19 |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19 Effective February 1, 2021, 2025, five On February 8, 2021, February 8, 2026. 2017 2018 2018 2017 one not 1.25 not 5.0 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and indefinite-lived intangible assets The Company has made acquisitions in the past that included goodwill and indefinite-lived intangible assets. Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill and indefinite-lived intangible assets such as trade names are not fourth may not • macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, or other developments in equity and credit markets; • industry and market considerations such as a deterioration in the environment in which the Company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the Company’s products or services, or a regulatory or political development; • cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; • overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; • other relevant entity-specific events such as changes in management, key personnel, strategy, or customers. Goodwill and indefinite-lived intangible assets are tested at a level of reporting referred to as “the reporting unit.” The Company’s reporting units are defined as each of its three reporting segments. As of December 31, 2020 December 31, 2020 An entity has the option to first not 50% not not December 31, 2020 2019 2018 |
Business Combinations Policy [Policy Text Block] | Contingent Consideration The Company recognizes the fair value of estimated contingent consideration at the acquisition date as part of the consideration transferred in exchange for the acquired business. The contingent consideration is remeasured to fair value at each reporting date until the contingency is resolved. Any changes in fair value are recognized each reporting period in non-cash changes in fair value of estimated contingent consideration in the accompanying statements of comprehensive income. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Employee benefits Pension plan costs are funded currently based on actuarial estimates, with prior service costs amortized over 20 years. The Company recognizes settlement gains and losses in its financial statements when the cost of all lump sum 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. |
Insurance [Policy Text Block] | Insurance The Company self-insures for certain obligations related to employee health programs. The Company also purchases stop-loss insurance policies to protect it from catastrophic losses. Judgments and estimates are used in determining the potential value associated with reported claims and for losses that have occurred, but have not may |
Income Tax, Policy [Policy Text Block] | Taxes on income Income taxes are provided for under the liability method, whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not Note 7 |
Share-based Payment Arrangement [Policy Text Block] | Share-based compensation The Company awards share-based compensation as an incentive for employees to contribute to the Company’s long-term success. The Company grants options, stock-settled stock appreciation rights, restricted stock, and performance shares. 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. |
Comprehensive Income, Policy [Policy Text Block] | Other comprehensive income Other comprehensive income (loss) is defined as the change in equity during a period, from transactions and other events, excluding changes resulting from investments by owners (e.g., supplemental stock offering) and distributions to owners (e.g., dividends). |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Risks and concentrations Financial instruments that potentially subject the Company to concentrations of credit risk include cash in banks in excess of federally insured amounts. The Company manages this risk by maintaining all deposits in high quality financial institutions and periodically performing evaluations of the relative credit standing of the financial institutions. When assessing credit risk the Company considers whether the credit risk exists at both the individual and group level. Consideration is given to the activity, region and economic characteristics when assessing if there exists a group concentration risk. At December 31, 2020 two 31, 2019 no December 31, 2020 2019 five none 10% 2020 2020 No 2020 The Uniform and Related Products segment’s principal fabrics used in the manufacture of its finished goods are cotton, polyester and cotton-synthetic blends. The majority of such fabrics are sourced in China. The Promotional Products segment relies on the supply of different types of raw materials as well as textiles, including plastic, glass, fabric and metal. The vast majority of these raw materials are principally sourced from China, either directly by BAMKO or its suppliers. If we are unable to continue to obtain our raw materials and finished products from China or if our suppliers are unable to source raw materials from China, it could significantly disrupt our business. Further, the Company’s suppliers generally source or manufacture finished goods in parts of the world that may |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of financial instruments The carrying amounts of cash and cash equivalents, receivables and accounts payable approximated fair value as of December 31, 2020 2019 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements We consider the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Adopted Accounting Pronouncements In January 2017, 2017 04, “Simplifying the Test for Goodwill Impairment.” 2017 04 two December 15, 2019. January 1, 2020 not In August 2018, 2018 15, “Internal-Use Software (Subtopic 350 40 December 15, 2019 may January 1, 2020, not Recently Issued Accounting Pronouncements Not In June 2016, 2016 13, Financial Instruments—Credit Losses (Topic 326 February 2020, 2020 2, Financial Instruments – Credit Losses (Topic 326 842 No. 119 No. 2016 02, 842 2016 13, Financial Instruments—Credit Losses (Topic 326 December 15, 2022. In December 2019, 2019 12, Income Taxes (Topic 740 2019 12 740 December 15, 2020, not In March 2020, 2020 04, Reference Rate Reform (Topic 848 may not may December 31, 2022. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Property, Plant and Equipment, Useful Life [Table Text Block] | Buildings 20 to 40 years Improvements 5 to 40 years Machinery, equipment and fixtures 3 to 10 years Transportation equipment 3 to 5 years |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2020 December 31, 2019 Item Weighted Average Life (In years) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangible assets: Customer relationships ( 7 15 12.7 $ 41,530 $ (14,773 ) $ 41,530 $ (11,246 ) Non-compete agreements ( 3 7 5.4 1,411 (852 ) 1,411 (589 ) Total $ 42,941 $ (15,625 ) $ 42,941 $ (11,835 ) Indefinite-lived intangible assets: Trade names $ 31,430 $ 31,430 Total intangible assets $ 74,371 $ (15,625 ) $ 74,371 $ (11,835 ) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2021 $ 3,819 2022 3,755 2023 2,929 2024 2,265 2025 1,838 Thereafter 12,710 Total $ 27,316 |
Note 2 - Allowance for Doubtf_2
Note 2 - Allowance for Doubtful Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Years Ended December 31, 2020 2019 2018 Balance at the beginning of year $ 2,964 $ 2,042 $ 1,382 Provision for bad debts 6,746 1,323 867 Charge-offs (2,087 ) (401 ) (210 ) Recoveries 44 - 3 Balance at the end of year $ 7,667 $ 2,964 $ 2,042 |
Note 3 - Reserve for Sales Re_2
Note 3 - Reserve for Sales Returns and Allowances (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Reserve for Sales Returns and Allowances [Table Text Block] | Years Ended December 31, 2020 2019 2018 Balance at the beginning of year $ 2,112 $ 1,893 $ 1,125 Provision for returns and allowances 7,699 4,334 4,908 Actual returns and allowances paid to customers (6,446 ) (4,115 ) (4,140 ) Balance at the end of year $ 3,365 $ 2,112 $ 1,893 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2020 2019 Finished goods $ 73,979 $ 65,413 Work in process 1,634 652 Raw materials 14,153 7,314 Inventories $ 89,766 $ 73,379 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 2019 Land $ 3,085 $ 3,635 Buildings, improvements and leaseholds 15,972 18,745 Machinery, equipment and fixtures 76,906 66,311 95,963 88,691 Accumulated depreciation and amortization (59,319 ) (55,866 ) Property, plant and equipment, net $ 36,644 $ 32,825 |
Note 6 - Long-term Debt (Tables
Note 6 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2020 2019 Credit Facilities: Revolving credit facility due May 2023 $ 17,589 $ 37,838 Term loan due February 2024 (“2017 Term Loan”) 21,000 25,500 Term loan due January 2026 (“2018 Term Loan”) 49,524 56,488 $ 88,113 $ 119,826 Less: Payments due within one year included in current liabilities 15,286 15,286 Debt issuance costs 455 537 Long-term debt less current maturities $ 72,372 $ 104,003 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2021 $ 15,286 2022 15,286 2023 32,875 2024 12,286 2025 9,286 Thereafter 3,094 Total debt $ 88,113 |
Note 7 - Income Tax Expense (Ta
Note 7 - Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2020 2019 2018 Current: Federal $ 12,997 $ 3,049 $ 3,613 State and local 1,956 1,074 643 Foreign 486 502 789 15,439 4,625 5,045 Deferred Taxes: Deferred tax (benefit) provision (5,009 ) (1,405 ) (625 ) Income tax expense $ 10,430 $ 3,220 $ 4,420 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 2019 Deferred income tax assets: Pension accruals $ 3,742 $ 2,588 Operating reserves and other accruals 5,110 2,540 Tax credits 513 923 Valuation allowance on tax credits - (923 ) Deferred income tax liabilities: Book carrying value in excess of tax basis of property (2,116 ) (1,544 ) Book carrying value in excess of tax basis of intangibles (5,780 ) (7,024 ) Tax effect of revenue recognition standard ASC 606 (1,021 ) (1,771 ) Deferred expenses (898 ) (1,831 ) Net deferred income tax liability $ (450 ) $ (7,042 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal income tax benefit 1.3 % 4.8 % 2.0 % Rate impacts due to foreign operations (4.5 %) (3.9 %) (2.7 %) Changes in uncertain tax positions 0.2 % 1.7 % 0.4 % Compensation related 2.3 % (0.2 %) 1.4 % R&D tax credits (0.3 %) (0.9 %) (0.4 %) Other 0.3 % (1.4 %) (1.0 %) Effective income tax rate 20.3 % 21.1 % 20.7 % |
Summary of Income Tax Contingencies [Table Text Block] | December 31, 2020 2019 Balance at the beginning of year $ 681 $ 477 Additions based on tax positions related to the current year 134 128 Additions for tax positions of prior years 286 173 Reductions due to lapse of statute of limitations (108 ) (97 ) Balance at the end of year $ 993 $ 681 |
Note 8 - Benefit Plans (Tables)
Note 8 - Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | December 31, 2020 2019 Pension Plans SERP Total Pension Plans SERP Total Changes in benefit obligation: Benefit obligation at beginning of year $ 18,114 $ 10,356 $ 28,470 $ 18,317 $ 8,808 $ 27,125 Service cost - 152 152 - 117 117 Interest cost 541 322 863 721 363 1,084 Actuarial loss 1,773 3,610 5,383 2,664 1,171 3,835 Benefits paid (1,650 ) (103 ) (1,753 ) (3,588 ) (103 ) (3,691 ) Benefit obligation at end of year 18,778 14,337 33,115 18,114 10,356 28,470 Changes in plan assets: Fair value of plan assets at beginning of year 19,939 - 19,939 19,980 - 19,980 Actual return on assets 462 - 462 3,547 - 3,547 Employer contributions - 103 103 - 103 103 Benefits paid (1,647 ) (103 ) (1,750 ) (3,588 ) (103 ) (3,691 ) Fair value of plan assets at end of year 18,754 - 18,754 19,939 - 19,939 Funded status at end of year $ (24 ) $ (14,337 ) $ (14,361 ) $ 1,825 $ (10,356 ) $ (8,531 ) Amounts recognized in balance sheets: Other assets $ 314 $ - $ 314 $ 1,825 $ - $ 1,825 Other current liabilities - (101 ) (101 ) - (103 ) (103 ) Long-term pension liability (338 ) (14,236 ) (14,574 ) - (10,253 ) (10,253 ) Net amount recognized $ (24 ) $ (14,337 ) $ (14,361 ) $ 1,825 $ (10,356 ) $ (8,531 ) Amounts recognized in accumulated other comprehensive income consist of: Net actuarial loss $ 8,227 $ 7,429 $ 15,656 $ 6,312 $ 4,516 $ 10,828 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | December 31, 2020 2019 Pension Plans SERP Total Pension Plans SERP Total Projected benefit obligation $ 18,778 $ 14,337 $ 33,115 $ 18,114 $ 10,356 $ 28,470 Fair value of plan assets (18,754 ) - (18,754 ) (19,939 ) - (19,939 ) $ 24 $ 14,337 $ 14,361 $ (1,825 ) $ 10,356 $ 8,531 |
Schedule of Net Benefit Costs [Table Text Block] | Years Ended December 31, 2020 2019 2018 Interest cost on projected benefit obligation $ 541 $ 721 $ 675 Expected return on plan assets (1,555 ) (1,491 ) (1,717 ) Recognized actuarial loss 539 643 526 Settlement loss 413 1,110 - Net periodic pension cost after settlements $ (62 ) $ 983 $ (516 ) Years Ended December 31, 2020 2019 2018 Service cost - benefits earned during the period $ 152 $ 117 $ 108 Interest cost on projected benefit obligation 322 363 295 Recognized actuarial loss 695 616 606 Net periodic pension cost after settlements $ 1,169 $ 1,096 $ 1,009 |
Defined Benefit Plan, Assumptions [Table Text Block] | Discount Rate Long Term Rate of Return Salary Scale Pension Plans Pension Plans Pension Plans Corporate Plants SERP Corporate Plants SERP Corporate Plants SERP 2019 3.12 % 3.02 % 3.12 % 8.00 % 8.00 % N/A N/A N/A 3.00 % 2020 2.36 % 2.21 % 2.36 % 8.00 % 8.00 % N/A N/A N/A 3.00 % Discount Rate Long Term Rate of Return Salary Scale Pension Plans Pension Plans Pension Plans Corporate Plants SERP Corporate Plants SERP Corporate Plants SERP 2018 3.53 % 3.45 % 3.53 % 8.00 % 8.00 % N/A N/A N/A 3.00 % 2019 4.14 % 4.06 % 4.14 % 8.00 % 8.00 % N/A N/A N/A 3.00 % 2020 3.12 % 3.02 % 3.12 % 8.00 % 8.00 % N/A N/A N/A 3.00 % |
Schedule of Allocation of Plan Assets [Table Text Block] | Percentage of Plan Assets Target December 31, Allocation Investment description 2020 2019 2021 Equity securities - % 68 % 60 % Fixed income 40 % 31 % 40 % Money market 60 % - % - % Other - % 1 % - % Total 100 % 100 % 100 % |
Schedule of Expected Benefit Payments [Table Text Block] | Projected Benefit Payments Year Pension Plans SERP Total 2021 $ 1,686 $ 102 $ 1,788 2022 1,028 1,175 2,203 2023 1,351 588 1,939 2024 1,317 581 1,898 2025 1,297 572 1,869 2026-2030 4,651 3,776 8,427 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Years Ended December 31, 2020 2019 2018 Rent expense (prior to adoption of ASC 842) $ - $ - $ 2,149 Operating lease costs 2,000 1,541 - Short-term lease costs 541 302 - Total lease costs $ 2,541 $ 1,843 $ 2,149 Years Ended December 31, 2020 2019 Operating cash flows – cash paid for operating lease liabilities $ 1,425 $ 1,320 Non-cash – Operating lease right-of-use assets obtained in exchange for new lease liabilities $ 243 $ 782 Years Ended December 31, 2020 2019 Weighted-average remaining lease term (in years) 2.8 3.6 Weighted average discount rate 5.61 % 5.61 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2021 $ 1,168 2022 961 2023 681 2024 57 2025 60 Thereafter - Total lease payments 2,927 Less imputed interest 204 Present value of lease liabilities $ 2,723 |
Note 11 - Share-based Compens_2
Note 11 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Years Ended December 31, 2020 2019 2018 Stock options and SARs $ 1,321 $ 407 $ 984 Restricted stock 777 835 551 Performance shares 432 243 729 Total share-based compensation expense $ 2,530 $ 1,485 $ 2,264 Related income tax benefit $ 286 $ 262 $ 282 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended December 31, 2020 2019 2018 Stock Options: Risk free interest rate 0.1% - 1.4% 1.7% - 2.5% 2.6% - 2.9% Expected award life (years) 3-10 3-10 3-10 Expected volatility 35.6% - 61.5% 34.2% - 38.8% 35.4% - 42.1% Expected dividend yield 1.9% - 5.3% 2.3% - 2.5% 1.6% - 2.1% Weighted average fair value per share at grant date $ 2.36 $ 3.96 $ 5.93 SARs: Risk free interest rate 0.2% 1.4% 2.4 % 2.6 % Expected award life (years) 3 3 3 Expected volatility 35.6% 55.8% 34.8 % 38.1 % Expected dividend yield 3.6% 5.3% 2.3 % 1.6 % Weighted average fair value per share at grant date $ 2.18 $ 3.97 $ 6.06 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2020 701,131 $ 16.82 2.95 $ 714 Granted 560,125 9.41 Exercised (154,396 ) 14.01 Lapsed or cancelled (136,838) 17.25 Outstanding, December 31, 2020 970,022 12.92 3.74 11,128 Exercisable, December 31, 2020 279,707 17.41 2.41 1,664 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | Weighted Average Aggregate No. of Weighted Average Remaining Life Intrinsic Value Shares Exercise Price (in years) (in thousands) Outstanding, January 1, 2020 206,700 $ 18.67 2.04 $ - Granted 225,625 10.08 Exercised (46,696 ) 16.46 Lapsed or cancelled (68,501) 15.97 Outstanding, December 31, 2020 317,128 13.47 3.36 2,031 Exercisable, December 31, 2020 79,372 20.42 1.56 238 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2020 151,166 $ 18.44 Granted 67,204 13.52 Vested (43,706 ) 18.30 Forfeited (17,420 ) 14.24 Outstanding, December 31, 2020 157,244 16.84 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Weighted Average No. of Grant Date Shares Fair Value Outstanding, January 1, 2020 194,012 $ 19.77 Granted 25,000 12.00 Vested (5,892 ) 16.97 Forfeited (26,856 ) 23.46 Outstanding, December 31, 2020 186,264 18.28 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2020 2019 2018 Net income used in the computation of basic and diluted net income per share (in thousands) $ 41,026 $ 12,066 $ 16,975 Weighted average shares outstanding - basic 15,075,134 14,945,165 14,937,786 Dilutive common stock equivalents 433,286 321,243 534,347 Weighted average shares outstanding - diluted 15,508,420 15,266,408 15,472,133 Net income per share: Basic $ 2.72 $ 0.81 $ 1.14 Diluted $ 2.65 $ 0.79 $ 1.10 |
Note 13 - Other Current Liabi_2
Note 13 - Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2020 2019 Salaries, wages, commissions and compensated absences $ 26,315 $ 7,292 Contract liabilities 5,074 1,821 Accrued rebates 2,057 2,076 Current operating lease liabilities 1,124 1,346 401K profit sharing accrual 592 1,352 Other accrued expenses 9,508 5,007 Other current liabilities $ 44,670 $ 18,894 |
Note 14 - Net Sales (Tables)
Note 14 - Net Sales (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Years Ended December 31, 2020 2019 2018 Uniforms and Related Products Segment: Uniforms and related products $ 238,869 $ 233,657 $ 234,417 Personal protective equipment 48,464 3,897 3,748 Total Uniforms and Related Products Segment $ 287,333 $ 237,554 $ 238,165 Remote Staffing Solutions Segment: Remote staffing solutions services $ 42,365 $ 36,490 $ 31,311 Net intersegment eliminations (5,157 ) (4,854 ) (4,039 ) Total Remote Staffing Solutions Segment $ 37,208 $ 31,636 $ 27,272 Promotional Products Segment: Promotional products $ 119,441 $ 107,511 $ 80,913 Personal protective equipment 82,715 - - Total Promotional Products Segment $ 202,156 $ 107,511 $ 80,913 Consolidated Net Sales $ 526,697 $ 376,701 $ 346,350 |
Schedule of Accounts Receivables and Contract Assets [Table Text Block] | December 31, 2020 2019 Accounts receivable $ 101,902 $ 79,746 Current contract assets 39,231 38,533 Current contract liabilities 5,074 1,821 |
Note 16 - Operating Segment I_2
Note 16 - Operating Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2020: Net sales $ 287,333 $ 42,365 $ 202,156 $ (5,157 ) $ 526,697 Cost of goods sold 187,364 18,032 134,486 (1,950 ) 337,932 Gross margin 99,969 24,333 67,670 (3,207 ) 188,765 Selling and administrative expenses 83,005 15,294 41,423 (3,207 ) 136,515 Other periodic pension cost 955 - - - 955 Gain on sale of property, plant and equipment 2,164 - - - 2,164 Interest expense 1,699 - 304 - 2,003 Income before taxes on income $ 16,474 $ 9,039 $ 25,943 $ - $ 51,456 Depreciation and amortization $ 5,845 $ 923 $ 1,364 $ - $ 8,132 Capital expenditures $ 9,988 $ 1,578 $ 291 $ - $ 11,857 Total assets $ 283,708 $ 21,799 $ 88,417 $ - $ 393,924 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2019: Net sales $ 237,554 $ 36,490 $ 107,511 $ (4,854 ) $ 376,701 Cost of goods sold 155,283 15,066 79,137 (1,714 ) 247,772 Gross margin 82,271 21,424 28,374 (3,140 ) 128,929 Selling and administrative expenses 73,003 13,642 23,777 (3,140 ) 107,282 Other periodic pension cost 1,962 - - - 1,962 Interest expense 3,178 - 1,221 - 4,399 Income before taxes on income $ 4,128 $ 7,782 $ 3,376 $ - $ 15,286 Depreciation and amortization $ 5,975 $ 963 $ 1,334 $ - $ 8,272 Capital expenditures $ 8,150 $ 1,095 $ 427 $ - $ 9,672 Total assets $ 258,916 $ 23,970 $ 76,047 $ - $ 358,933 Uniforms and Related Products Remote Staffing Solutions Promotional Products Intersegment Eliminations Total As of and For the Year Ended December 31, 2018: Net sales $ 238,165 $ 31,311 $ 80,913 $ (4,039 ) $ 346,350 Cost of goods sold 154,437 13,404 58,242 (1,430 ) 224,653 Gross margin 83,728 17,907 22,671 (2,609 ) 121,697 Selling and administrative expenses 68,848 11,160 19,311 (2,609 ) 96,710 Other periodic pension cost 385 - - - 385 Interest expense 2,019 - 1,188 - 3,207 Income before taxes on income $ 12,476 $ 6,747 $ 2,172 $ - $ 21,395 Depreciation and amortization $ 5,611 $ 990 $ 1,299 $ - $ 7,900 Capital expenditures $ 2,794 $ 1,581 $ 494 $ - $ 4,869 Total assets $ 254,138 $ 19,717 $ 61,231 $ - $ 335,086 |
Note 17 - Acquisition of Busi_2
Note 17 - Acquisition of Businesses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration at closing $ 84,430 Superior common stock issued 3,763 Cash and working capital adjustment 2,521 Total Consideration $ 90,714 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 1,360 Accounts receivable 9,657 Prepaid expenses and other current assets 1,248 Inventories 28,895 Property, plant and equipment 1,134 Contract assets 2,535 Identifiable intangible assets 41,020 Goodwill 20,323 Total assets $ 106,172 Accounts payable 5,030 Deferred tax liability 9,461 Other current liabilities 967 Total liabilities $ 15,458 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 02, 2018USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2013USD ($) | |
Selling, General and Administrative Expense, Total | $ 136,515 | $ 107,282 | $ 96,710 | |||
Proceeds from Sale of Property, Plant, and Equipment, Total | 5,284 | 5 | 0 | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 2,164 | 0 | 0 | |||
Amortization of Intangible Assets, Total | 3,800 | 3,800 | 3,800 | |||
Impairment of Long-Lived Assets Held-for-use | $ 0 | 0 | 0 | |||
Number of Reportable Segments | 3 | |||||
Goodwill, Ending Balance | $ 36,116 | $ 36,292 | ||||
Pension Plan Prior Service Costs Amortization Term (Year) | 20 years | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||
Number of Customers | 2 | |||||
Concentration Risk, Percentage | 23.00% | 10.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Five Largest [Member] | ||||||
Concentration Risk, Percentage | 40.00% | 23.00% | ||||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 36,800 | $ 18,600 | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Five Largest [Member] | ||||||
Concentration Risk, Percentage | 10.00% | |||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Largest [Member] | ||||||
Concentration Risk, Percentage | 14.00% | |||||
Uniforms and Related Products [Member] | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 18,800 | |||||
Goodwill, Ending Balance | 24,500 | |||||
Promotional Products [Member] | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 12,600 | |||||
Goodwill, Ending Balance | 11,600 | |||||
HPI [Member] | Trade Names [Member] | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 4,700 | |||||
BAMKO [Member] | Trade Names [Member] | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 8,900 | |||||
Public Identity [Member] | Trade Names [Member] | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 500 | |||||
Tangerine [Member] | Trade Names [Member] | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 3,200 | |||||
CID Resources [Member] | ||||||
Amortization of Intangible Assets, Total | 1,900 | 1,900 | 1,300 | |||
Goodwill, Ending Balance | $ 20,323 | |||||
CID Resources [Member] | Trade Names [Member] | ||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | 14,200 | |||||
Shipping and Handling [Member] | ||||||
Selling, General and Administrative Expense, Total | $ 17,600 | $ 14,500 | $ 14,000 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Building [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 20 years |
Building [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Building Improvements [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Building Improvements [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 40 years |
Machinery, Equipment and Fixtures [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Machinery, Equipment and Fixtures [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 10 years |
Transportation Equipment [Member] | Minimum [Member] | |
Property, plant and equipment, useful life (Year) | 3 years |
Transportation Equipment [Member] | Maximum [Member] | |
Property, plant and equipment, useful life (Year) | 5 years |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated amortization | $ (15,625) | $ (11,835) |
Total intangible assets | 74,371 | 74,371 |
Trade Names [Member] | ||
Trade names | $ 31,430 | 31,430 |
Customer Relationships [Member] | ||
Weighted average life (Year) | 12 years 8 months 12 days | |
Gross carrying amount | $ 41,530 | 41,530 |
Accumulated amortization | $ (14,773) | (11,246) |
Noncompete Agreements [Member] | ||
Weighted average life (Year) | 5 years 4 months 24 days | |
Gross carrying amount | $ 1,411 | 1,411 |
Accumulated amortization | $ (852) | $ (589) |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Intangible Assets (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Customer Relationships [Member] | ||
Weighted average life (Year) | 12 years 8 months 12 days | |
Customer Relationships [Member] | Minimum [Member] | ||
Weighted average life (Year) | 7 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Weighted average life (Year) | 15 years | |
Noncompete Agreements [Member] | ||
Weighted average life (Year) | 5 years 4 months 24 days | |
Noncompete Agreements [Member] | Minimum [Member] | ||
Weighted average life (Year) | 3 years | |
Noncompete Agreements [Member] | Maximum [Member] | ||
Weighted average life (Year) | 7 years |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Estimated Future Intangible Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 3,819 |
2022 | 3,755 |
2023 | 2,929 |
2024 | 2,265 |
2025 | 1,838 |
Thereafter | 12,710 |
Total | $ 27,316 |
Note 2 - Allowance for Doubtf_3
Note 2 - Allowance for Doubtful Accounts Receivable - Allowance for Doubtful Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at the beginning of year | $ 2,964 | $ 2,042 | $ 1,382 |
Provision for bad debts - accounts receivable | 6,746 | 1,323 | 867 |
Charge-offs | (2,087) | (401) | (210) |
Recoveries | 44 | 0 | 3 |
Balance at the end of year | $ 7,667 | $ 2,964 | $ 2,042 |
Note 3 - Reserve for Sales Re_3
Note 3 - Reserve for Sales Returns and Allowance - Reserve for Sales Returns and Allowances (Details) - Allowance For Sales Returns 1 [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at the beginning of year | $ 2,112 | $ 1,893 | $ 1,125 |
Provision for returns and allowances | 7,699 | 4,334 | 4,908 |
Actual returns and allowances paid to customers | (6,446) | (4,115) | (4,140) |
Balance at the end of year | $ 3,365 | $ 2,112 | $ 1,893 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finished goods | $ 73,979 | $ 65,413 |
Work in process | 1,634 | 652 |
Raw materials | 14,153 | 7,314 |
Inventories | $ 89,766 | $ 73,379 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 8,132 | $ 8,272 | $ 7,906 |
Property, Plant and Equipment [Member] | |||
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 4,300 | $ 4,500 | $ 4,100 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 95,963 | $ 88,691 |
Accumulated depreciation and amortization | (59,319) | (55,866) |
Property, plant and equipment, net | 36,644 | 32,825 |
Land [Member] | ||
Property, plant and equipment, gross | 3,085 | 3,635 |
Buildings Improvements and Leaseholds [Member] | ||
Property, plant and equipment, gross | 15,972 | 18,745 |
Machinery, Equipment and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 76,906 | $ 66,311 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 08, 2021USD ($) | May 02, 2018USD ($) | |
Long-Term Debt, Maturity, Year One | $ 15,286 | |||
Long-Term Debt, Maturity, Year Four | 12,286 | |||
Long-Term Debt, Maturity, Year Five | 9,286 | |||
Long-Term Debt, Maturity, Year Two | 15,286 | |||
Long-Term Debt, Maturity, Year Three | 32,875 | |||
Interest Rate Swap [Member] | ||||
Derivative Liability, Notional Amount | 9,800 | |||
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ (300) | $ (200) | ||
Credit Agreement [Member] | ||||
Fixed Charge Coverage Ratio | 1.25 | |||
Debt Instrument, Covenant, Maximum Total Debt to EBITDAX Ratio | 5 | |||
Credit Agreement [Member] | Subsequent Event [Member] | ||||
Fixed Charge Coverage Ratio | 1.25 | |||
Debt Instrument, Covenant, Maximum Total Debt to EBITDAX Ratio | 5 | |||
Credit Agreement [Member] | Term Loan 2 [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 1.00% | |||
Long-Term Debt, Maturity, Year One | $ 9,300 | |||
Long-Term Debt, Maturity, Year Four | 9,300 | |||
Long-Term Debt, Maturity, Year Five | 3,100 | |||
Long-Term Debt, Maturity, Year Two | 9,300 | |||
Long-Term Debt, Maturity, Year Three | $ 9,300 | |||
Credit Agreement [Member] | Term Loan 2 [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | |||
Credit Agreement [Member] | Term Loan 2 [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | |||
Credit Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 0.83% | |||
Long-Term Debt, Maturity, Year One | $ 6,000 | |||
Long-Term Debt, Maturity, Year Four | 3,000 | |||
Long-Term Debt, Maturity, Year Two | 6,000 | |||
Long-Term Debt, Maturity, Year Three | $ 6,000 | |||
Credit Agreement [Member] | Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.68% | |||
Credit Agreement [Member] | Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Revolving Credit Facility [Member] | Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | ||||
Debt Instrument, LIBOR Floor | 0.25% | |||
Revolving Credit Facility [Member] | BB&T [Member] | Credit Agreement [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | $ 75,000 | ||
Revolving Credit Facility [Member] | BB&T [Member] | Credit Agreement [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | |||
Revolving Credit Facility [Member] | BB&T [Member] | Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Subsequent Event [Member] | ||||
Debt Instrument, LIBOR Floor | 0.25% | |||
Revolving Credit Facility [Member] | Fifth Third Bank [Member] | Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, LIBOR Floor | 0.00% | |||
Letter of Credit [Member] | Credit Agreement [Member] | ||||
Letters of Credit Outstanding, Amount | $ 25,700 |
Note 6 - Long-term Debt - Long-
Note 6 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term debt, gross | $ 88,113 | $ 119,826 |
Payments due within one year included in current liabilities | 15,286 | 15,286 |
Debt issuance costs | 455 | 537 |
Long-term debt less current maturities | 72,372 | 104,003 |
BB&T [Member] | Term Loan Maturing January 22, 2026 [Member] | ||
Long-term debt, gross | 17,589 | 37,838 |
BB&T [Member] | Term Loan Maturing February 26, 2024 [Member] | ||
Long-term debt, gross | 21,000 | 25,500 |
BB&T [Member] | Term Loan Maturing May 2020 [Member] | ||
Long-term debt, gross | $ 49,524 | $ 56,488 |
Note 6 - Long-term Debt - Contr
Note 6 - Long-term Debt - Contractual Maturities of Debt (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Long-Term Debt, Maturity, Year One | $ 15,286 |
Long-Term Debt, Maturity, Year Two | 15,286 |
Long-Term Debt, Maturity, Year Three | 32,875 |
Long-Term Debt, Maturity, Year Four | 12,286 |
Long-Term Debt, Maturity, Year Five | 9,286 |
Thereafter | 3,094 |
Total debt | $ 88,113 |
Note 7 - Income Tax Expense (De
Note 7 - Income Tax Expense (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | $ 0.2 | $ 0.2 | $ 0.1 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0.1 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0.2 | 0.2 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 0.3 | ||
Domestic Tax Authority [Member] | |||
Open Tax Year | 2017 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2014 2015 2016 2017 2018 2019 2020 | ||
Other Noncurrent Liabilities [Member] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 1.2 | $ 0.9 |
Note 7 - Income Tax Expense - I
Note 7 - Income Tax Expense - Income Tax Provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 12,997 | $ 3,049 | $ 3,613 |
State and local | 1,956 | 1,074 | 643 |
Foreign | 486 | 502 | 789 |
Current Income Tax Expense (Benefit), Total | 15,439 | 4,625 | 5,045 |
Deferred tax (benefit) provision | (5,009) | (1,405) | (625) |
Income tax expense | $ 10,430 | $ 3,220 | $ 4,420 |
Note 7 - Income Tax Expense - D
Note 7 - Income Tax Expense - Deferred Income Tax Asset (Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Pension accruals | $ 3,742 | $ 2,588 |
Operating reserves and other accruals | 5,110 | 2,540 |
Tax credits | 513 | 923 |
Valuation allowance on tax credits | 0 | (923) |
Book carrying value in excess of tax basis of property | (2,116) | (1,544) |
Book carrying value in excess of tax basis of intangibles | (5,780) | (7,024) |
Tax effect of revenue recognition standard ASC 606 | (1,021) | (1,771) |
Deferred expenses | (898) | (1,831) |
Net deferred income tax liability | $ (450) | $ (7,042) |
Note 7 - Income Tax Expense -_2
Note 7 - Income Tax Expense - Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of federal income tax benefit | 1.30% | 4.80% | 2.00% |
Rate impacts due to foreign operations | (4.50%) | (3.90%) | (2.70%) |
Changes in uncertain tax positions | 0.20% | 1.70% | 0.40% |
Compensation related | 2.30% | (0.20%) | 1.40% |
R&D tax credits | (0.30%) | (0.90%) | (0.40%) |
Other | 0.30% | (1.40%) | (1.00%) |
Effective income tax rate | 20.30% | 21.10% | 20.70% |
Note 7 - Income Tax Expense - U
Note 7 - Income Tax Expense - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reductions due to lapse of statute of limitations | $ (100) | |
Excluding Interest and Penalties [Member] | ||
Balance at the beginning of year | 681 | $ 477 |
Additions based on tax positions related to the current year | 134 | 128 |
Additions for tax positions of prior years | 286 | 173 |
Reductions due to lapse of statute of limitations | (108) | (97) |
Balance at the end of year | $ 993 | $ 681 |
Note 8 - Benefit Plans (Details
Note 8 - Benefit Plans (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Defined Benefit Plans Number of Plans | 2 | ||
Defined Benefit Plans Retirement Age (Year) | 65 years | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | $ (14,361) | $ (8,531) | |
Other Assets [Member] | Nonqualified Plan [Member] | |||
Cash Surrender Value of Life Insurance | 5,000 | 4,300 | |
Other Noncurrent Liabilities [Member] | Nonqualified Plan [Member] | |||
Deferred Compensation Liability, Classified, Noncurrent, Total | 4,800 | 4,100 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | (14,337) | (10,356) | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year, Total | 700 | ||
Pension Plan [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | (24) | 1,825 | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year, Total | 500 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 0 | ||
Postretirement Life Insurance [Member] | |||
Cash Surrender Value of Life Insurance | 4,000 | 3,600 | |
Postretirement Life Insurance [Member] | Life Insurance Contracts [Member] | |||
Gain (Loss) on Investments, Total | $ 500 | 700 | $ (300) |
401(K) Plan [Member} | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,600 | $ 1,000 | |
Defined Contribution Plan, Increase (Decrease), Cost | $ (1,200) | ||
Gain (loss) on Employer Matching Contribution, Amount | $ 300 |
Note 8 - Benefit Plans - Define
Note 8 - Benefit Plans - Defined Benefit Plans Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Benefit obligation at beginning of year | $ 28,470 | $ 27,125 | |
Service cost - benefits earned during the period | 152 | 117 | |
Interest cost on projected benefit obligation | 863 | 1,084 | |
Actuarial loss | 5,383 | 3,835 | |
Benefits paid | (1,753) | (3,691) | |
Benefit obligation at end of year | 33,115 | 28,470 | $ 27,125 |
Fair value of plan assets at beginning of year | 19,939 | 19,980 | |
Actual return on assets | 462 | 3,547 | |
Employer contributions | 103 | 103 | |
Benefits paid | (1,750) | (3,691) | |
Fair value of plan assets at end of year | 18,754 | 19,939 | 19,980 |
Funded status at end of year | (14,361) | (8,531) | |
Other assets | 314 | 1,825 | |
Other current liabilities | (101) | (103) | |
Long-term pension liability | (14,574) | (10,253) | |
Net amount recognized | (14,361) | (8,531) | |
Net actuarial loss | 15,656 | 10,828 | |
Pension Plan [Member] | |||
Benefit obligation at beginning of year | 18,114 | 18,317 | |
Service cost - benefits earned during the period | 0 | 0 | |
Interest cost on projected benefit obligation | 541 | 721 | 675 |
Actuarial loss | 1,773 | 2,664 | |
Benefits paid | (1,650) | (3,588) | |
Benefit obligation at end of year | 18,778 | 18,114 | 18,317 |
Fair value of plan assets at beginning of year | 19,939 | 19,980 | |
Actual return on assets | 462 | 3,547 | |
Employer contributions | 0 | 0 | |
Benefits paid | (1,647) | (3,588) | |
Fair value of plan assets at end of year | 18,754 | 19,939 | 19,980 |
Funded status at end of year | (24) | 1,825 | |
Other assets | 314 | 1,825 | |
Other current liabilities | 0 | 0 | |
Long-term pension liability | (338) | 0 | |
Net amount recognized | (24) | 1,825 | |
Net actuarial loss | 8,227 | 6,312 | |
Supplemental Employee Retirement Plan [Member] | |||
Benefit obligation at beginning of year | 10,356 | 8,808 | |
Service cost - benefits earned during the period | 152 | 117 | 108 |
Interest cost on projected benefit obligation | 322 | 363 | 295 |
Actuarial loss | 3,610 | 1,171 | |
Benefits paid | (103) | (103) | |
Benefit obligation at end of year | 14,337 | 10,356 | 8,808 |
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on assets | 0 | 0 | |
Employer contributions | 103 | 103 | |
Benefits paid | (103) | (103) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status at end of year | (14,337) | (10,356) | |
Other assets | 0 | 0 | |
Other current liabilities | (101) | (103) | |
Long-term pension liability | (14,236) | (10,253) | |
Net amount recognized | (14,337) | (10,356) | |
Net actuarial loss | $ 7,429 | $ 4,516 |
Note 8 - Benefit Plans - Pensio
Note 8 - Benefit Plans - Pension Plans With Projected Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Projected benefit obligation | $ 33,115 | $ 28,470 |
Fair value of plan assets | (18,754) | (19,939) |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Funded Status | 14,361 | 8,531 |
Pension Plan [Member] | ||
Projected benefit obligation | 18,778 | 18,114 |
Fair value of plan assets | (18,754) | (19,939) |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Funded Status | 24 | (1,825) |
Supplemental Employee Retirement Plan [Member] | ||
Projected benefit obligation | 14,337 | 10,356 |
Fair value of plan assets | 0 | 0 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Funded Status | $ 14,337 | $ 10,356 |
Note 8 - Benefit Plans - Net Pe
Note 8 - Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest cost on projected benefit obligation | $ 863 | $ 1,084 | |
Service cost - benefits earned during the period | 152 | 117 | |
Pension Plan [Member] | |||
Interest cost on projected benefit obligation | 541 | 721 | $ 675 |
Expected return on plan assets | (1,555) | (1,491) | (1,717) |
Recognized actuarial loss | 539 | 643 | 526 |
Settlement loss | 413 | 1,110 | 0 |
Net periodic pension cost after settlements | (62) | 983 | (516) |
Service cost - benefits earned during the period | 0 | 0 | |
Supplemental Employee Retirement Plan [Member] | |||
Interest cost on projected benefit obligation | 322 | 363 | 295 |
Recognized actuarial loss | 695 | 616 | 606 |
Net periodic pension cost after settlements | 1,169 | 1,096 | 1,009 |
Service cost - benefits earned during the period | $ 152 | $ 117 | $ 108 |
Note 8 - Benefit Plans - Assump
Note 8 - Benefit Plans - Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan [Member] | Corporate Segment [Member] | |||
Benefit obligations, discount rate | 2.36% | 3.12% | |
Benefit obligations, long term rate of return | 8.00% | 8.00% | |
Benefit cost, discount rate | 3.12% | 4.14% | 3.53% |
Benefit cost, long term rate of return | 8.00% | 8.00% | 8.00% |
Pension Plan [Member] | Plants [Member] | |||
Benefit obligations, discount rate | 2.21% | 3.02% | |
Benefit obligations, long term rate of return | 8.00% | 8.00% | |
Benefit cost, discount rate | 3.02% | 4.06% | 3.45% |
Benefit cost, long term rate of return | 8.00% | 8.00% | 8.00% |
Supplemental Employee Retirement Plan [Member] | |||
Benefit obligations, discount rate | 2.36% | 3.12% | |
Benefit obligations, salary scale | 3.00% | 3.00% | |
Benefit cost, discount rate | 3.12% | 4.14% | 3.53% |
Benefit cost, salary scale | 3.00% | 3.00% | 3.00% |
Note 8 - Benefit Plans - Actual
Note 8 - Benefit Plans - Actual and Target Pension Plan Asset Allocation (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Percentage of plan assets | 100.00% | 100.00% |
Target allocation | 100.00% | |
Equity Securities [Member] | ||
Percentage of plan assets | 0.00% | 68.00% |
Target allocation | 60.00% | |
Fixed Income Investments [Member] | ||
Percentage of plan assets | 40.00% | 31.00% |
Target allocation | 40.00% | |
Money Market Funds [Member] | ||
Percentage of plan assets | 60.00% | 0.00% |
Target allocation | 0.00% | |
Other than Securities Investment [Member] | ||
Percentage of plan assets | 0.00% | 1.00% |
Target allocation | 0.00% |
Note 8 - Benefit Plans - Projec
Note 8 - Benefit Plans - Projected Benefit Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 1,788 |
2022 | 2,203 |
2023 | 1,939 |
2024 | 1,898 |
2025 | 1,869 |
2026-2030 | 8,427 |
Pension Plan [Member] | |
2021 | 1,686 |
2022 | 1,028 |
2023 | 1,351 |
2024 | 1,317 |
2025 | 1,297 |
2026-2030 | 4,651 |
Supplemental Employee Retirement Plan [Member] | |
2021 | 102 |
2022 | 1,175 |
2023 | 588 |
2024 | 581 |
2025 | 572 |
2026-2030 | $ 3,776 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Lease, Liability, Total | $ 2,723 | $ 3,700 |
Operating Lease, Liability, Noncurrent | 1,599 | 2,380 |
Operating Lease, Right-of-Use Asset | 3,826 | 5,445 |
Prepaid Rent | 1,500 | |
Other Current Liabilities [Member] | ||
Operating Lease, Liability, Current | $ 1,124 | 1,346 |
Operating Lease Right of Use Assets [Member] | ||
Prepaid Rent | $ 1,800 | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 8 years |
Note 9 - Leases - Lease Cost (D
Note 9 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Rent expense (prior to adoption of ASC 842) | $ 0 | $ 0 | $ 2,149 |
Operating lease costs | 2,000 | 1,541 | 0 |
Short-term lease costs | 541 | 302 | 0 |
Total lease costs | 2,541 | 1,843 | $ 2,149 |
Operating cash flows – cash paid for operating lease liabilities | 1,425 | 1,320 | |
Non-cash – Operating lease right-of-use assets obtained in exchange for new lease liabilities | $ 243 | $ 782 | |
Weighted-average remaining lease term (in years) (Year) | 2 years 9 months 18 days | 3 years 7 months 6 days | |
Weighted average discount rate | 5.61% | 5.61% |
Note 9 - Leases - Maturities of
Note 9 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 1,168 | |
2022 | 961 | |
2023 | 681 | |
2024 | 57 | |
2025 | 60 | |
Thereafter | 0 | |
Total lease payments | 2,927 | |
Less imputed interest | 204 | |
Present value of lease liabilities | $ 2,723 | $ 3,700 |
Note 10 - Contingencies (Detail
Note 10 - Contingencies (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Business Combination, Contingent Consideration, Liability, Current | $ 5,589 | $ 1,905 |
BAMKO [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 5,200 | |
Business Combination, Contingent Consideration, Liability, Current | 4,300 | |
BAMKO [Member] | Minimum [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 5,400 | |
BAMKO [Member] | Maximum [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 5,700 | |
Tangerine [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 2,300 | |
Tangerine [Member] | Minimum [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | 2,300 | |
Business Combination, Contingent Consideration, Liability, Current | 1,300 | |
Tangerine [Member] | Maximum [Member] | ||
Business Combination, Contingent Consideration, Liability, Total | $ 2,800 |
Note 11 - Share-based Compens_3
Note 11 - Share-based Compensation (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,675,107 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,200 | $ 800 | $ 1,200 |
Proceeds from Stock Options Exercised | 1,927 | 283 | 727 |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 200 | 100 | 100 |
Shares Received from Stock Options Exercised (in shares) | 13,237 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 600 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 300 | $ 0 | 100 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 10 months 24 days | ||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Equity Instruments Other than Options | $ 100 | $ 100 | |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 200 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,200 | ||
Performance Shares [Member] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,200 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 1 month 6 days | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
Common Stock [Member] | |||
Shares Received from Stock Options Exercised (in shares) | 12,450 | 894 | |
Stock Issued During Period, Shares, New Issues (in shares) | 19,232 | 33,172 | 234 |
Outside Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 11 - Share-based Compens_4
Note 11 - Share-based Compensation - Shared-based Compensation Expense and the Related Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based compensation expense | $ 2,530 | $ 1,485 | $ 2,264 |
Related income tax benefit | 286 | 262 | 282 |
Stock Options and SARs [Member] | |||
Share-based compensation expense | 1,321 | 407 | 984 |
Restricted Stock [Member] | |||
Share-based compensation expense | 777 | 835 | 551 |
Performance Shares [Member] | |||
Share-based compensation expense | $ 432 | $ 243 | $ 729 |
Note 11 - Share-based Compens_5
Note 11 - Share-based Compensation - Summary of Significant Assumptions for Share-based Compensation Awards (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | |||
Weighted average fair value per share at grant date (in dollars per share) | $ 2.36 | $ 3.96 | $ 5.93 |
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | |||
Risk free interest rate | 0.10% | 1.70% | 2.60% |
Expected award life (years) (Year) | 3 years | 3 years | 3 years |
Expected volatility | 35.60% | 34.20% | 35.40% |
Expected dividend yield | 1.90% | 2.30% | 1.60% |
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | |||
Risk free interest rate | 1.40% | 2.50% | 2.90% |
Expected award life (years) (Year) | 10 years | 10 years | 10 years |
Expected volatility | 61.50% | 38.80% | 42.10% |
Expected dividend yield | 5.30% | 2.50% | 2.10% |
Stock Appreciation Rights (SARs) [Member] | |||
Risk free interest rate | 2.40% | 2.60% | |
Expected award life (years) (Year) | 3 years | 3 years | 3 years |
Expected volatility | 34.80% | 38.10% | |
Expected dividend yield | 2.30% | 1.60% | |
Weighted average fair value per share at grant date (in dollars per share) | $ 2.18 | $ 3.97 | $ 6.06 |
Note 11 - Share-based Compens_6
Note 11 - Share-based Compensation - Stock Option Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding, options (in shares) | 701,131 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 16.82 | |
Outstanding, weighted average remaining life (Year) | 3 years 8 months 26 days | 2 years 11 months 12 days |
Outstanding, aggregate intrinsic value | $ 11,128 | $ 714 |
Granted (in shares) | 560,125 | |
Granted, weighted average exercise price (in dollars per share) | $ 9.41 | |
Exercised (in shares) | (154,396) | |
Exercised, weighted average exercise price (in dollars per share) | $ 14.01 | |
Lapsed or cancelled (in shares) | (136,838) | |
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 17.25 | |
Outstanding, options (in shares) | 970,022 | 701,131 |
Outstanding, weighted average exercise price (in dollars per share) | $ 12.92 | $ 16.82 |
Exercisable, options (in shares) | 279,707 | |
Exercisable, weighted average exercise price, options (in dollars per share) | $ 17.41 | |
Exercisable, weighted average remaining life, options (Year) | 2 years 4 months 28 days | |
Exercisable, aggregate intrinsic value, options | $ 1,664 |
Note 11 - Share-based Compens_7
Note 11 - Share-based Compensation - Stock-settled Stock Appreciation Rights Transactions (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding SARS (in shares) | 206,700 | |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 18.67 | |
Outstanding SARS, weighted average remaining life (Year) | 3 years 4 months 9 days | 2 years 14 days |
Outstanding SARS, aggregate intrinsic value | $ 2,031 | $ 0 |
Granted SARs (in shares) | 225,625 | |
Granted SARS, weighted average exercise price (in dollars per share) | $ 10.08 | |
Exercised SARs (in shares) | (46,696) | |
Exercised SARS, weighted average exercise price (in dollars per share) | $ 16.46 | |
Lapsed or cancelled (in shares) | (68,501) | |
Lapsed or cancelled, weighted average exercise price (in dollars per share) | $ 15.97 | |
Outstanding SARS (in shares) | 317,128 | 206,700 |
Outstanding SARS, weighted average exercise price (in dollars per share) | $ 13.47 | $ 18.67 |
Exercisable (in shares) | 79,372 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 20.42 | |
Exercisable, weighted average remaining life (Year) | 1 year 6 months 21 days | |
Exercisable, aggregate intrinsic value | $ 238 |
Note 11 - Share-based Compens_8
Note 11 - Share-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Outstanding (in shares) | shares | 151,166 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.44 |
Granted (in shares) | shares | 67,204 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.52 |
Vested (in shares) | shares | (43,706) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.30 |
Forfeited (in shares) | shares | (17,420) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 14.24 |
Outstanding (in shares) | shares | 157,244 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.84 |
Note 11 - Share-based Compens_9
Note 11 - Share-based Compensation - Performance Share Transactions (Details) - Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Outstanding (in shares) | shares | 194,012 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.77 |
Granted (in shares) | shares | 25,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 12 |
Vested (in shares) | shares | (5,892) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.97 |
Forfeited (in shares) | shares | (26,856) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 23.46 |
Outstanding (in shares) | shares | 186,264 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.28 |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 271,507 | 448,298 | 322,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Weight Average Exercise Price (in dollars per share) | $ 19.77 | $ 19.73 | $ 22.02 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 41,026 | $ 12,066 | $ 16,975 |
Weighted average shares outstanding - basic (in shares) | 15,075,134 | 14,945,165 | 14,937,786 |
Dilutive common stock equivalents (in shares) | 433,286 | 321,243 | 534,347 |
Weighted average number of shares outstanding during the period, diluted (in shares) | 15,508,420 | 15,266,408 | 15,472,133 |
Basic (in dollars per share) | $ 2.72 | $ 0.81 | $ 1.14 |
Diluted (in dollars per share) | $ 2.65 | $ 0.79 | $ 1.10 |
Note 13 - Other Current Liabi_3
Note 13 - Other Current Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Salaries, wages, commissions and compensated absences | $ 26,315 | $ 7,292 |
Contract liabilities | 5,074 | 1,821 |
Accrued rebates | 2,057 | 2,076 |
401K profit sharing accrual | 592 | 1,352 |
Other accrued expenses | 9,508 | 5,007 |
Other current liabilities | 44,670 | 18,894 |
Other Current Liabilities [Member] | ||
Current operating lease liabilities | $ 1,124 | $ 1,346 |
Note 14 - Net Sales (Details Te
Note 14 - Net Sales (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Contract with Customer, Liability, Revenue Recognized | $ 1.4 |
Note 14 - Net Sales - Disaggreg
Note 14 - Net Sales - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 526,697 | $ 376,701 | $ 346,350 |
Intersegment Eliminations [Member] | |||
Net sales | (5,157) | (4,854) | (4,039) |
Uniforms and Related Products [Member] | |||
Net sales | 287,333 | 237,554 | 238,165 |
Uniforms and Related Products [Member] | Uniform and Related Product [Member] | |||
Net sales | 238,869 | 233,657 | 234,417 |
Uniforms and Related Products [Member] | Protective Equipment [Member] | |||
Net sales | 48,464 | 3,897 | 3,748 |
Remote Staffing Solutions [Member] | |||
Net sales | 37,208 | 31,636 | 27,272 |
Remote Staffing Solutions [Member] | Intersegment Eliminations [Member] | |||
Net sales | (5,157) | (4,854) | (4,039) |
Remote Staffing Solutions [Member] | Remote Staffing Solutions Services [Member] | |||
Net sales | 42,365 | 36,490 | 31,311 |
Promotional Products [Member] | |||
Net sales | 202,156 | 107,511 | 80,913 |
Promotional Products [Member] | Protective Equipment [Member] | |||
Net sales | 82,715 | 0 | 0 |
Promotional Products [Member] | Promotional Product [Member] | |||
Net sales | $ 119,441 | $ 107,511 | $ 80,913 |
Note 14 - Net Sales - Accounts
Note 14 - Net Sales - Accounts Receivables and Contract Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable | $ 101,902 | $ 79,746 |
Current contract assets | 39,231 | 38,533 |
Current contract liabilities | $ 5,074 | $ 1,821 |
Note 15 - Stock Repurchase Pl_2
Note 15 - Stock Repurchase Plan (Details Textual) - shares | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 02, 2019 | Aug. 01, 2008 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,000,000 | ||||
Stock Repurchased and Retired During Period, Shares (in shares) | 43,458 | 49,091 | 58,216 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 657,451 | 750,000 |
Note 16 - Operating Segment I_3
Note 16 - Operating Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Operating Segments | 3 |
Note 16 - Operating Segment I_4
Note 16 - Operating Segment Information - Information Related to the Operations of the Company's Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 526,697 | $ 376,701 | $ 346,350 |
Cost of goods sold | 337,932 | 247,772 | 224,653 |
Gross margin | 188,765 | 128,929 | 121,697 |
Selling, General and Administrative Expense, Total | 136,515 | 107,282 | 96,710 |
Other periodic pension cost | 955 | 1,962 | 385 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 2,164 | 0 | 0 |
Interest expense | 2,003 | 4,399 | 3,207 |
Income before taxes on income | 51,456 | 15,286 | 21,395 |
Depreciation and amortization | 8,132 | 8,272 | 7,906 |
Capital expenditures | 11,857 | 9,672 | 4,869 |
Total assets | 393,924 | 358,933 | 335,086 |
Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | (5,157) | (4,854) | (4,039) |
Cost of goods sold | (1,950) | (1,714) | (1,430) |
Gross margin | (3,207) | (3,140) | (2,609) |
Selling, General and Administrative Expense, Total | (3,207) | (3,140) | (2,609) |
Other periodic pension cost | 0 | 0 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | ||
Interest expense | 0 | 0 | 0 |
Income before taxes on income | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Total assets | 0 | 0 | 0 |
Uniforms and Related Products [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 287,333 | 237,554 | 238,165 |
Uniforms and Related Products [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 287,333 | 237,554 | 238,165 |
Cost of goods sold | 187,364 | 155,283 | 154,437 |
Gross margin | 99,969 | 82,271 | 83,728 |
Selling, General and Administrative Expense, Total | 83,005 | 73,003 | 68,848 |
Other periodic pension cost | 955 | 1,962 | 385 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 2,164 | ||
Interest expense | 1,699 | 3,178 | 2,019 |
Income before taxes on income | 16,474 | 4,128 | 12,476 |
Depreciation and amortization | 5,845 | 5,975 | 5,611 |
Capital expenditures | 9,988 | 8,150 | 2,794 |
Total assets | 283,708 | 258,916 | 254,138 |
Remote Staffing Solutions [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 37,208 | 31,636 | 27,272 |
Remote Staffing Solutions [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 42,365 | 36,490 | 31,311 |
Cost of goods sold | 18,032 | 15,066 | 13,404 |
Gross margin | 24,333 | 21,424 | 17,907 |
Selling, General and Administrative Expense, Total | 15,294 | 13,642 | 11,160 |
Other periodic pension cost | 0 | 0 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | ||
Interest expense | 0 | 0 | 0 |
Income before taxes on income | 9,039 | 7,782 | 6,747 |
Depreciation and amortization | 923 | 963 | 990 |
Capital expenditures | 1,578 | 1,095 | 1,581 |
Total assets | 21,799 | 23,970 | 19,717 |
Remote Staffing Solutions [Member] | Intersegment Eliminations [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | (5,157) | (4,854) | (4,039) |
Promotional Products [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 202,156 | 107,511 | 80,913 |
Promotional Products [Member] | Operating Segments [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 202,156 | 107,511 | 80,913 |
Cost of goods sold | 134,486 | 79,137 | 58,242 |
Gross margin | 67,670 | 28,374 | 22,671 |
Selling, General and Administrative Expense, Total | 41,423 | 23,777 | 19,311 |
Other periodic pension cost | 0 | 0 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | ||
Interest expense | 304 | 1,221 | 1,188 |
Income before taxes on income | 25,943 | 3,376 | 2,172 |
Depreciation and amortization | 1,364 | 1,334 | 1,299 |
Capital expenditures | 291 | 427 | 494 |
Total assets | $ 88,417 | $ 76,047 | $ 61,231 |
Note 17 - Acquisition of Busi_3
Note 17 - Acquisition of Businesses (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | May 02, 2018 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Amortization of Intangible Assets, Total | $ 3,800 | $ 3,800 | $ 3,800 | ||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 12 years 8 months 12 days | ||||
Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years 4 months 24 days | ||||
CID Resources [Member] | |||||
Payments to Acquire Businesses, Gross | $ 84,430 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 150,094 | ||||
Working Capital Target Amount | $ 2,500 | ||||
Goodwill, Purchase Accounting Adjustments | $ 2,400 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | (1,800) | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accounts Payable | $ 600 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 41,020 | ||||
Amortization of Intangible Assets, Total | $ 1,900 | $ 1,900 | 1,300 | ||
Business Combination, Acquisition Related Costs | 2,100 | ||||
Business Acquisition, Pro Forma Revenue | 22,300 | ||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 2,700 | ||||
Business Acquisition, Pro Forma Earnings Per Share, Basic (in dollars per share) | $ 0.17 | ||||
CID Resources [Member] | Trade Names [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 14,200 | ||||
CID Resources [Member] | Customer Relationships [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 26,000 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||
CID Resources [Member] | Noncompete Agreements [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 800 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note 17 - Acquisition of Busi_4
Note 17 - Acquisition of Businesses - Purchase Price (Details) - CID Resources [Member] $ in Thousands | May 02, 2018USD ($) |
Payments to Acquire Businesses, Gross | $ 84,430 |
Superior common stock issued | 3,763 |
Cash and working capital adjustment | 2,521 |
Total Consideration | $ 90,714 |
Note 17 - Acquisition of Busi_5
Note 17 - Acquisition of Businesses - Aggregate Consideration (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | May 02, 2018 |
Goodwill, Ending Balance | $ 36,116 | $ 36,292 | |
CID Resources [Member] | |||
Cash | $ 1,360 | ||
Accounts receivable | 9,657 | ||
Prepaid expenses and other current assets | 1,248 | ||
Inventories | 28,895 | ||
Property, plant and equipment | 1,134 | ||
Contract assets | 2,535 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 41,020 | ||
Goodwill, Ending Balance | 20,323 | ||
Total assets | 106,172 | ||
Accounts payable | 5,030 | ||
Deferred tax liability | 9,461 | ||
Other current liabilities | 967 | ||
Total liabilities | $ 15,458 |
Note 18 - COVID-19 (Details Tex
Note 18 - COVID-19 (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 526,697 | $ 376,701 | $ 346,350 |
Promotional Products [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 202,156 | 107,511 | 80,913 |
Promotional Products [Member] | Personal Protective Equipment [Member] | Covid-19 [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 82,700 | ||
Uniforms and Related Products [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | 287,333 | $ 237,554 | $ 238,165 |
Uniforms and Related Products [Member] | Personal Protective Equipment [Member] | Covid-19 [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 44,600 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) | Feb. 08, 2021USD ($) | Feb. 01, 2021 | Dec. 31, 2020USD ($) | Dec. 31, 2019 | May 02, 2018USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||||
Credit Agreement [Member] | |||||
Fixed Charge Coverage Ratio | 1.25 | ||||
Debt Instrument, Covenant, Maximum Total Debt to EBITDAX Ratio | 5 | ||||
Credit Agreement [Member] | Term Loan 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.85% | ||||
Credit Agreement [Member] | Term Loan 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.65% | ||||
Credit Agreement [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.68% | ||||
Credit Agreement [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Credit Agreement [Member] | Revolving Credit Facility [Member] | BB&T [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000,000 | $ 75,000,000 | |||
Subsequent Event [Member] | Credit Agreement [Member] | |||||
Line of Credit Facility, Commitment Fee Amount | $ 250,000 | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | ||||
Fixed Charge Coverage Ratio | 1.25 | ||||
Debt Instrument, Covenant, Maximum Total Debt to EBITDAX Ratio | 5 | ||||
Subsequent Event [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, LIBOR Floor | 0.25% | ||||
Subsequent Event [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | BB&T [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000,000 | ||||
Subsequent Event [Member] | Credit Agreement [Member] | Revolving Credit Facility [Member] | BB&T [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, LIBOR Floor | 0.25% | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Restricted Stock [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years |