Tootsie Roll Industries (TR) 10-Q8 Aug 192019 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2019shares
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2019
Entity File Number	1-1361
Entity Registrant Name	TOOTSIE ROLL INDUSTRIES INC
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	22-1318955
Entity Address, Address Line One	7401 South Cicero Avenue
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60629
City Area Code	773
Local Phone Number	838-3400
Title of 12(b) Security	Common Stock, par value $0.69-4/9 per share
Trading Symbol	TR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000098677
Amendment Flag	false
Common Stock
Entity Common Stock, Shares Outstanding	39,233,318
Class B Common Stock
Entity Common Stock, Shares Outstanding	26,301,602

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 57,857	$ 110,899	$ 38,334
Restricted cash	385	388	396
Investments	82,703	75,140	65,211
Accounts receivable trade, less allowances of $1,652, $1,820 & $1,819	36,824	49,777	37,222
Other receivables	3,224	2,941	6,420
Inventories:
Finished goods & work-in-process	62,333	32,159	63,548
Raw material & supplies	30,011	22,365	28,029
Income taxes receivable and prepaid			13,873
Prepaid expenses	7,752	10,377	7,132
Total current assets	281,089	304,046	260,165
PROPERTY, PLANT & EQUIPMENT, at cost:
Land	21,735	21,726	21,945
Buildings	121,841	121,780	118,478
Machinery & equipment	401,153	401,037	380,778
Construction in progress	11,362	3,408	17,726
Operating lease right-of-use assets	1,258
Property, plant and equipment, gross	557,349	547,951	538,927
Less-accumulated depreciation	370,619	361,850	356,152
Net property, plant and equipment	186,730	186,101	182,775
OTHER ASSETS:
Goodwill	73,237	73,237	73,237
Trademarks	175,024	175,024	175,024
Investments	195,359	170,409	192,181
Split dollar officer life insurance	26,042	26,042	26,042
Prepaid expenses and other	10,507	11,980	13,870
Deferred income taxes	536	522	421
Total other assets	480,705	457,214	480,775
Total assets	948,524	947,361	923,715
CURRENT LIABILITIES:
Accounts payable	14,326	11,817	16,700
Bank loans	686	373	420
Dividends payable	5,901	5,772	5,783
Accrued liabilities	38,077	42,849	37,808
Postretirement health care	580	580	603
Current portion of operating lease liabilities	717
Total current liabilities	60,287	61,391	61,314
NONCURRENT LIABILITIES:
Deferred income taxes	45,001	43,941	41,241
Postretirement health care	12,030	11,871	13,062
Industrial development bonds	7,500	7,500	7,500
Liability for uncertain tax positions	4,001	3,816	4,902
Non-current portion of operating lease liabilities	541
Deferred compensation and other liabilities	76,539	68,345	69,665
Total noncurrent liabilities	145,612	135,473	136,370
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Capital in excess of par value	710,703	696,535	699,965
Retained earnings	8,121	33,767	7,020
Accumulated other comprehensive loss	(19,537)	(22,222)	(23,501)
Treasury stock (at cost)- 90, 88 & 88 shares, respectively	(1,992)	(1,992)	(1,992)
Total Tootsie Roll Industries, Inc. shareholders' equity	742,804	750,622	726,110
Noncontrolling interests	(179)	(125)	(79)
Total equity	742,625	750,497	726,031
Total liabilities and shareholders' equity	948,524	947,361	923,715
Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value- 120,000 shares authorized; 39,233, 38,544 & 38,645, respectively, issued. Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 26,302, 25,584 & 25,605, respectively, issued	27,245	26,767	26,837
Class B Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value- 120,000 shares authorized; 39,233, 38,544 & 38,645, respectively, issued. Class B common stock, $.69-4/9 par value- 40,000 shares authorized; 26,302, 25,584 & 25,605, respectively, issued	$ 18,264	$ 17,767	$ 17,781

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Trade accounts receivable, allowances	$ 1,652	$ 1,820	$ 1,819
Treasury stock, shares	90,000	88,000	88,000
Common Stock
Common stock, par value (in dollars per share)	$ 0.6944	$ 0.6944	$ 0.6944
Common stock, shares authorized	120,000,000	120,000,000	120,000,000
Common stock, shares issued	39,233,000	38,544,000	38,645,000
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.6944	$ 0.6944	$ 0.6944
Common stock, shares authorized	40,000,000	40,000,000	40,000,000
Common stock, shares issued	26,302,000	25,584,000	25,605,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue		$ 106,952	$ 106,809	$ 208,929	$ 208,609
Costs		66,221	67,689	131,332	133,790
Gross Margin		40,731	39,120	77,597	74,819
Selling, marketing and administrative expenses		28,216	28,752	59,324	54,609
Earnings from operations		12,515	10,368	18,273	20,210
Other income (loss), net		3,053	3,363	9,070	3,884
Earnings before income taxes		15,568	13,731	27,343	24,094
Provision for income taxes		4,024	3,261	6,888	5,523
Net earnings		11,544	10,470	20,455	18,571
Less: Net earnings (loss) attributable to noncontrolling interests		(12)	(19)	(56)	(43)
Net earnings attributable to Tootsie Roll Industries, Inc.		$ 11,556	$ 10,489	$ 20,511	$ 18,614
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share)		$ 0.18	$ 0.16	$ 0.31	$ 0.28
Dividends per share (in dollars per share)	[1]	$ 0.09	$ 0.09	$ 0.18	$ 0.18
Average number of shares outstanding (in shares)		65,559	66,104	65,722	66,232
Retained earnings at beginning of period		$ 2,459	$ 2,306	$ 33,767	$ 57,225
Net earnings attributable to Tootsie Roll Industries, Inc.		11,556	10,489	20,511	18,614
Adopted ASU's (See Note 1)			2,726		2,726
Cash dividends		(5,894)	(5,775)	(11,651)	(11,396)
Stock dividends				(34,506)	(60,149)
Retained earnings at end of period		8,121	7,020	8,121	7,020
Product
Revenue		106,021	105,623	207,040	206,482
Costs		65,945	67,481	130,801	133,315
Gross Margin		40,076	38,142	76,239	73,167
Rental and Royalty
Revenue		931	1,186	1,889	2,127
Costs		276	208	531	475
Gross Margin		$ 655	$ 978	$ 1,358	$ 1,652

[1]	Does not include 3% stock dividend to shareholders of record on 3/5/19 and 3/6/18.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (Parenthetical)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
Stock dividends (as a percent)	3.00%	3.00%	3.00%	3.00%

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
Net earnings	$ 11,544	$ 10,470	$ 20,455	$ 18,571
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	205	(1,674)	596	(62)
Pension and postretirement reclassification adjustments:
Less: reclassification adjustment for (gains) losses to net earnings	(380)	(331)	(761)	(662)
Unrealized gains (losses) on postretirement and pension benefits	(380)	(331)	(761)	(662)
Investments:
Unrealized gains (losses) for the period on investments	1,185	(30)	2,652	(1,280)
Unrealized gains (losses) on investments	1,185	(30)	2,652	(1,280)
Derivatives:
Unrealized gains (losses) for the period on derivatives	57	(377)	607	(1,849)
Less: reclassification adjustment for (gains) losses to net earnings	162	548	258	835
Unrealized gains (losses) on derivatives	219	171	865	(1,014)
Total other comprehensive income (loss), before tax	1,229	(1,864)	3,352	(3,018)
Income tax benefit (expense) related to items of other comprehensive income	(248)	46	(667)	715
Total comprehensive earnings	12,525	8,652	23,140	16,268
Comprehensive earnings (loss) attributable to noncontrolling interests	(12)	(19)	(56)	(43)
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc.	$ 12,537	$ 8,671	$ 23,196	$ 16,311

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 20,455	$ 18,571
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	9,334	9,154
Deferred income taxes	393	(472)
Amortization of marketable security premiums	694	888
Changes in operating assets and liabilities:
Accounts receivable	13,038	10,038
Other receivables	(242)	(1,308)
Inventories	(37,692)	(36,818)
Prepaid expenses and other assets	1,529	6,786
Accounts payable and accrued liabilities	(167)	8
Income taxes payable	2,750	(814)
Postretirement health care benefits	(602)	(586)
Deferred compensation and other liabilities	1,531	948
Net cash from operating activities	11,021	6,395
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(9,945)	(11,662)
Purchases of trading securities	(2,641)	(3,562)
Sales of trading securities	362	817
Purchase of available for sale securities	(33,558)	(49,742)
Sale and maturity of available for sale securities	12,120	27,057
Net cash used in investing activities	(33,662)	(37,092)
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares purchased and retired	(19,186)	(15,803)
Dividends paid in cash	(11,699)	(11,435)
Proceeds from bank loans	1,911	1,264
Repayment of bank loans	(1,594)	(1,255)
Net cash used in financing activities	(30,568)	(27,229)
Effect of exchange rate changes on cash	164	(64)
Decrease in cash and cash equivalents	(53,045)	(57,990)
Cash, cash equivalents, and restricted cash at beginning of year	111,287	96,720
Cash, cash equivalents, and restricted cash at end of quarter	58,242	38,730
Supplemental cash flow information:
Income taxes paid/(received), net	4,226	6,661
Interest paid	65	54
Stock dividend issued	$ 70,557	$ 60,538

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2019
Significant Accounting Policies
Significant Accounting Policies	Note 1 — Significant Accounting Policies General Information Foregoing data has been prepared from the unaudited financial records of Tootsie Roll Industries, Inc. (the Company) and in the opinion of management all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the interim period have been reflected. Certain amounts previously reported have been reclassified to conform to the current year presentation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”). Results of operations for the period ended June 30, 2019 are not necessarily indicative of results to be expected for the year to end December 31, 2019 because of the seasonal nature of the Company’s operations. Historically, the third quarter has been the Company’s largest sales quarter due to pre-Halloween sales. Revenue Recognition The Company’s revenues, primarily net product sales, principally result from the sale of goods, reflect the consideration to which the Company expects to be entitled generally based on customer purchase orders. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") Topic 606 which became effective January, 1, 2018. Adjustments for estimated customer cash discounts upon payment, discounts for price adjustments, product returns, allowances, and certain advertising and promotional costs, including consumer coupons, are variable consideration and are recorded as a reduction of product sales revenue in the same period the related product sales are recorded. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. A net product sale is recorded when the Company delivers the product to the customer, or in certain instances, the customer picks up the goods at the Company’s distribution center, and thereby obtains control of such product. Amounts billed and due from our customers are classified as accounts receivables trade on the balance sheet and require payment on a short-term basis. Accounts receivable are unsecured. Shipping and handling costs of $11,185 and $11,386 in second quarter 2019 and 2018, respectively, and $22,217 and $21,606 in first half 2019 and 2018, respectively, are included in selling, marketing and administrative expenses. A minor amount of royalty income (less than 0.2% of our consolidated net sales) is also recognized from sales-based licensing arrangements, pursuant to which revenue is recognized as the third-party licensee sales occur. Rental income (less than 1% of our consolidated net sales) is not considered revenue from contracts from customers. Leases The Company identifies leases by evaluating our contracts to determine if the contract conveys the right to use an identified asset for a stated period of time in exchange for consideration. The Company considers whether it can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. Leases with terms greater than 12 months are classified as either operating or finance leases at the commencement date. For these leases, we capitalize the present value of the minimum lease payments over the lease term as a right-of-use asset with an offsetting lease liability. The discount rate used to calculate the present value of the minimum lease payments is typically our incremental borrowing rate, as the rate implicit in the lease is generally not known or determinable. The lease term includes any noncancelable period for which we have the right to use the asset. Currently, all capitalized leases are classified as operating leases and the Company records rental expense on a straight-line basis over the term of the lease. Recently Adopted Accounting Pronouncements At the beginning of 2019, the Company adopted Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases (Subtopic 842), which requires lessees to recognize all leases with a term greater than 12 months on the balance sheet as right-of-use assets and lease liabilities . In August 2017, the FASB issued ASU 2017-12, guidance that amends hedge accounting. Under the new guidance, more hedging strategies are eligible for hedge accounting and the application of hedge accounting is simplified. The new guidance amends presentation and disclosure requirements, and how effectiveness is assessed. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. On January 1, 2019, the Company adopted ASU 2017-12. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements - Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, which replaces the current incurred loss impairment method with a new method that reflects expected credit losses. Under this new model an entity would recognize an impairment allowance equal to its current estimate of credit losses on financial assets measured at amortized cost. This guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

Average Shares Outstanding

Average Shares Outstanding	6 Months Ended
Average Shares Outstanding	Jun. 30, 2019
Average Shares Outstanding
Average Shares Outstanding	Note 2 — Average Shares Outstanding The average number of shares outstanding for six months 2019 reflects aggregate stock purchases of 510 shares for $19,186 and a 3% stock dividend of 1,914 shares distributed on April 5, 2019. The average number of shares outstanding for six months 2018 reflects aggregate stock purchases of 472 shares for $15,803 and a 3% stock dividend of 1,869 shares distributed on April 6, 2018.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2019
Income Taxes
Income Taxes	Note 3 — Income Taxes The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. The Company remains subject to examination by U.S. federal and state and foreign tax authorities for the years 2015 through 2017. The Company’s consolidated effective income tax rate was 25.8% and 23.7% in second quarter 2019 and 2018, respectively, and 25.2% and 22.9% in first half 2019 and 2018, respectively. The higher tax rates in 2019 principally reflect higher state and foreign income tax expense, including the effects of certain international tax provisions relating to U.S. tax reform legislation that became effective at the beginning of 2018.

Share Capital and Capital In Ex

Share Capital and Capital In Excess of Par Value	6 Months Ended
Share Capital and Capital In Excess of Par Value	Jun. 30, 2019
Share Capital and Capital In Excess of Par Value
Share Capital and Capital In Excess of Par Value	NOTE 4—Share Capital and Capital In Excess of Par Value: Capital in Class B Excess Common Stock Common Stock Treasury Stock of Par Shares Amount Shares Amount Shares Amount Value (000’s) (000’s) (000’s) Balance at March 31, 2019 39,418 $ 27,374 26,342 $ 18,293 90 $ (1,992) $ 719,212 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares 40 29 (40) (29) — — — Purchase and retirement of common shares (225) (158) — — — — (8,509) Balance at June 30, 2019 39,233 $ 27,245 26,302 $ 18,264 90 $ (1,992) $ 710,703 Balance at March 31, 2018 38,724 $ 26,891 25,637 $ 17,804 88 $ (1,992) $ 703,194 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares 32 23 (32) (23) — — — Purchase and retirement of common shares (111) (77) - — — — (3,229) Balance at June 30, 2018 38,645 $ 26,837 25,605 $ 17,781 88 $ (1,992) $ 699,965 Balance at December 31, 2018 38,544 $ 26,767 25,584 $ 17,767 88 $ (1,992) $ 696,535 Issuance of 3% stock dividend 1,150 798 767 532 2 — 32,999 Conversion of Class B common shares to common shares 49 35 (49) (35) — — — Purchase and retirement of common shares (510) (355) — — — — (18,831) Balance at June 30, 2019 39,233 $ 27,245 26,302 $ 18,264 90 $ (1,992) $ 710,703 Balance at December 31, 2017 37,960 $ 26,361 24,891 $ 17,285 85 $ (1,992) $ 656,752 Issuance of 3% stock dividend 1,125 781 746 518 3 — 58,689 Conversion of Class B common shares to common shares 32 22 (32) (22) — — — Purchase and retirement of common shares (472) (327) — — — — (15,476) Balance at June 30, 2018 38,645 $ 26,837 25,605 $ 17,781 88 $ (1,992) $ 699,965

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2019
Fair Value Measurements
Fair Value Measurements	Note 5 — Fair Value Measurements Current accounting guidance defines fair value as the price that would be received on the sale of an asset, or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Guidance requires disclosure of the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. Guidance establishes a three-level valuation hierarchy based upon the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities as of the measurement date. Level 1 inputs include quoted prices for identical instruments and are the most observable. Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. Level 3 inputs are not observable in the market and include management’s own judgments about the assumptions market participants would use in pricing the asset or liability. The use of observable and unobservable inputs is reflected in the hierarchy assessment disclosed in the table below. As of June 30, 2019, December 31, 2018 and June 30, 2018, the Company held certain financial assets that are required to be measured at fair value on a recurring basis. These included derivative hedging instruments related to the purchase of certain raw materials and foreign currencies, investments in trading securities and available for sale securities. The Company’s available for sale securities principally consist of municipal bonds and variable rate demand notes. The following table presents information about the Company’s financial assets and liabilities measured at fair value as of June 30, 2019, December 31, 2018 and June 30, 2018 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Estimated Fair Value June 30, 2019 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 57,857 $ 57,857 $ - $ - Available for sale securities 206,687 3,078 203,609 - Foreign currency forward contracts (17) - (17) - Commodity futures contracts (112) (112) - - Trading securities 71,375 71,375 - - Total assets measured at fair value $ 335,790 $ 132,198 $ 203,592 $ - Estimated Fair Value December 31, 2018 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 110,899 $ 110,899 $ - $ - Available for sale securities 183,289 3,000 180,289 - Foreign currency forward contracts (407) - (407) - Commodity futures contracts, net (587) (587) - - Trading securities 62,260 62,260 - - Total assets measured at fair value $ 355,454 $ 175,572 $ 179,882 $ - Estimated Fair Value June 30, 2018 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 38,334 $ 38,334 $ - $ - Available for sale securities 192,392 - 192,392 - Foreign currency forward contracts - - - - Commodity futures contracts (904) (904) - - Trading securities 65,000 65,000 - - Total assets measured at fair value $ 294,822 $ 102,430 $ 192,392 $ - The fair value of the Company’s industrial revenue development bonds at June 30, 2019, December 31, 2018 and June 30, 2018 were valued using Level 2 inputs which approximates the carrying value of $7,500 for the respective periods. Interest rates on these bonds are reset weekly based on current market conditions.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	6 Months Ended
Derivative Instruments and Hedging Activities	Jun. 30, 2019
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities	Note 6 — Derivative Instruments and Hedging Activities From time to time, the Company uses derivative instruments, including foreign currency forward contracts and commodity futures contracts to manage its exposures to foreign exchange and commodity prices. Commodity futures contracts are intended and effective as hedges of market price risks associated with the anticipated purchase of certain raw materials (primarily sugar). Foreign currency forward contracts are intended and effective as hedges of the Company’s exposure to the variability of cash flows, primarily related to the foreign exchange rate changes of products manufactured in Canada and sold in the United States, and periodic equipment purchases from foreign suppliers denominated in a foreign currency. The Company does not engage in trading or other speculative use of derivative instruments The Company recognizes all derivative instruments as either assets or liabilities at fair value in the Condensed Consolidated Statement of Financial Position. Derivative assets are recorded in other receivables and derivative liabilities are recorded in accrued liabilities. The Company uses hedge accounting for its foreign currency and commodity derivative instruments as discussed above. Derivatives that qualify for hedge accounting are designated as cash flow hedges by formally documenting the hedge relationships, including identification of the hedging instruments, the hedged items and other critical terms, as well as the Company’s risk management objectives and strategies for undertaking the hedge transaction. Changes in the fair value of the Company’s cash flow hedges are recorded in accumulated other comprehensive loss, net of tax, and are reclassified to earnings in the periods in which earnings are affected by the hedged item. Substantially all amounts reported in accumulated other comprehensive loss for commodity derivatives are expected to be reclassified to cost of goods sold. Approximately $191 of this accumulated comprehensive loss is expected to be reclassified as a charge to earnings in 2019 and $(79) of this accumulated comprehensive loss is expected to be reclassified as a gain to earnings in 2020. Approximately $4 and $13 reported in accumulated other comprehensive loss for foreign currency derivatives are expected to be reclassified to other income, net in 2019 and 2020, respectively. The following table summarizes the Company’s outstanding derivative contracts and their effects on its Condensed Consolidated Statements of Financial Position at June 30, 2019, December 31, 2018 and June 30, 2018: June 30, 2019 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 11,050 $ - $ (17) Commodity futures contracts 6,911 120 (232) Total derivatives $ 120 $ (249) December 31, 2018 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 11,050 $ - $ (407) Commodity futures contracts 9,580 92 (679) Total derivatives $ 92 $ (1,086) June 30, 2018 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ - $ - $ - Commodity futures contracts 9,058 11 (915) Total derivatives $ 11 $ (915) The effects of derivative instruments on the Company’s Condensed Consolidated Statements of Earnings and Retained Earnings and the Condensed Consolidated Statements of Comprehensive Earnings for periods ended June 30, 2019 and June 30, 2018 are as follows: For Quarter Ended June 30, 2019 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ 180 $ - $ - Commodity futures contracts (123) (162) - Total $ 57 $ (162) $ - For Quarter Ended June 30, 2018 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ - $ 20 $ - Commodity futures contracts (377) (568) - Total $ (377) $ (548) $ - For Year to Date Ended June 30, 2019 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ 390 $ - $ - Commodity futures contracts 217 (258) - Total $ 607 $ (258) $ - For Year to Date Ended June 30, 2018 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ (11) $ 67 $ - Commodity futures contracts (1,838) (902) - Total $ (1,849) $ (835) $ -

Pension Plans

Pension Plans	6 Months Ended
Pension Plans	Jun. 30, 2019
Pension Plans
Pension Plans	Note 7 — Pension Plans From 2012 to 2014, the Company received periodic notices from the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union Pension Plan (Plan), a multi-employer defined benefit pension plan for certain Company union employees, that the Plan’s actuary certified the Plan to be in “critical status” as defined by the Pension Protection Act (PPA) and the Pension Benefit Guaranty Corporation (PBGC); and that a plan of rehabilitation was adopted by the trustees of the Plan in fourth quarter 2012. Since 2015, the Company has received annual notices that the Plan is in “critical and declining status”, as defined by the PPA and PBGC, and that amendments to the rehabilitation plan were adopted. A designation of “critical and declining status” implies that the Plan is expected to become insolvent in the next 20 years. The Plan’s trustees project that the Plan will be insolvent in 2030. The Company has been advised that its withdrawal liability would have been $81,600, $82,200 and $72,700 if it had withdrawn from the Plan during 2018, 2017 and 2016, respectively. Should the Company actually withdraw from the Plan at a future date, a withdrawal liability, which could be higher than the above discussed amounts, could be payable to the Plan. The amended rehabilitation plan requires that employer contributions include 5% compounded annual surcharge increases each year for an unspecified period of time beginning January 2013 (in addition to the 5% interim surcharge initiated in June 2012) as well as certain plan benefit reductions. The Company’s pension expense for this Plan for first half 2019 and 2018 was $1,548 and $1,517, respectively ($2,836 and $2,617 for twelve months 2018 and 2017, respectively). The aforementioned expense includes surcharges of $496 and $434 for first half 2019 and 2018, respectively ($811 and $656 for twelve months 2018 and 2017, respectively), as required under the amended plan of rehabilitation. The Company is currently unable to determine the ultimate outcome of the above discussed matter and therefore is unable to determine the effects on its consolidated financial statements, but the ultimate outcome or the effects of any modifications to the current rehabilitation plan could be material to its consolidated results of operations or cash flows in one or more future periods.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Loss)	6 Months Ended
Accumulated Other Comprehensive Earnings (Loss)	Jun. 30, 2019
Accumulated Other Comprehensive Earnings (Loss)
Accumulated Other Comprehensive Earnings (Loss)	Note 8 — Accumulated Other Comprehensive Earnings (Loss) Accumulated Other Comprehensive Earnings (Loss) consists of the following components: Accumulated Foreign Foreign Postretirement Other Currency Currency Commodity and Pension Comprehensive Translation Investments Derivatives Derivatives Benefits Earnings (Loss) Balance at March 31, 2019 $ (23,768) $ (404) $ (150) $ (114) $ 3,918 $ (20,518) Other comprehensive earnings (loss) before reclassifications 205 898 137 (94) - 1,146 Reclassifications from accumulated other comprehensive loss - - - 124 (289) (165) Other comprehensive earnings (loss) net of tax 205 898 137 30 (289) 981 Balance at June 30, 2019 $ (23,563) $ 494 $ (13) $ (84) $ 3,629 $ (19,537) Balance at March 31, 2018 $ (22,650) $ (2,005) $ 16 $ (830) $ 3,786 $ (21,683) Other comprehensive earnings (loss) before reclassifications (1,674) (22) (1) (286) - (1,983) Reclassifications from accumulated other comprehensive loss - - (15) 431 (251) 165 Other comprehensive earnings (loss) net of tax (1,674) (22) (16) 145 (251) (1,818) Adoption of ASU 2018-02 - - - - - - Balance at June 30, 2018 $ (24,324) $ (2,027) $ - $ (685) $ 3,535 $ (23,501) Balance at December 31, 2018 $ (24,159) $ (1,516) $ (309) $ (444) $ 4,206 $ (22,222) Other comprehensive earnings (loss) before reclassifications 596 2,010 296 164 - 3,066 Reclassifications from accumulated other comprehensive loss - - - 196 (577) (381) Other comprehensive earnings (loss) net of tax 596 2,010 296 360 (577) 2,685 Balance at June 30, 2019 $ (23,563) $ 494 $ (13) $ (84) $ 3,629 $ (19,537) Balance at December 31, 2017 $ (24,262) $ (889) $ 51 $ 20 $ 3,289 $ (21,791) Other comprehensive earnings (loss) before reclassifications (62) (970) (9) (1,393) - (2,434) Reclassifications from accumulated other comprehensive loss - - (51) 684 (502) 131 Other comprehensive earnings (loss) net of tax (62) (970) (60) (709) (502) (2,303) Adoption of ASU 2018-02 - (168) 9 4 748 593 Balance at June 30, 2018 $ (24,324) $ (2,027) $ - $ (685) $ 3,535 $ (23,501) The amounts reclassified from accumulated other comprehensive income (loss) consisted of the following: Details about Accumulated Other Quarter Ended Year to Date Ended Location of (Gain) Loss Comprehensive Income Components June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Recognized in Earnings Foreign currency derivatives $ - $ (20) $ - $ (67) Other income, net Commodity derivatives 162 568 258 902 Product cost of goods sold Postretirement and pension benefits (380) (331) (761) (662) Other income, net Total before tax (218) 217 (503) 173 Tax (expense) benefit 53 (52) 122 (42) Net of tax $ (165) $ 165 $ (381) $ 131

Restricted Cash

Restricted Cash	6 Months Ended
Restricted Cash	Jun. 30, 2019
Restricted Cash
Restricted Cash	Note 9 — Restricted Cash Restricted cash comprises certain cash deposits of the Company’s Spanish subsidiary with international banks that are pledged as collateral for letters of credit and bank borrowings.

Bank Loans

Bank Loans	6 Months Ended
Bank Loans	Jun. 30, 2019
Bank Loans
Bank Loans	Note 10 — Bank Loans Bank loans consist of short term (less than 120 days) borrowings by the Company’s Spanish subsidiary that are held by international banks. The weighted-average interest rate as of June 30, 2019 and 2018 was 3.0% and 2.0%, respectively.

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2019
Leases
Leases	Note 11 — Leases The Company leases certain buildings, land and equipment that are classified as operating leases. Our leases have remaining lease terms of up to approximately 3 years. In the second quarter and first half of 2019, our operating lease cost and cash paid for operating lease liabilities totaled $168 and $335, respectively, which is classified in cash flows from operating activities. As of June 30, 2019, operating lease right-of-use assets and operating lease liabilities were both $1,258. The weighted-average remaining lease term related to our operating leases was 1.9 years as of June 30, 2019. The weighted-average discount rate related to our operating leases was 3.1% as of June 30, 2019. Maturities of our operating lease liabilities at June 30, 2019 are as follows: $319 in 2019, $578 in 2020, $300 in 2021, and $61 in 2022. The Company, as lessor, rents certain commercial real estate to third party lessees. The cost and accumulated depreciation related to these leased properties were $36,385 and $9,890, respectively, as of June 30, 2019. Terms of such leases, including renewal options, may be extended for up to sixty years, many of which provide for periodic adjustment of rent payments based on changes in consumer or other price indices. The Company recognizes lease income on a straight-line basis over the lease term. Lease income in second quarter and first half 2019 was $751 and $1,500, respectively, and is classified in cash flows from operating activities.

Contingencies

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2019
Contingencies
Contingencies	Note 12 — Contingencies In the ordinary course of business, the Company is, from time to time, subject to a variety of active or threatened legal proceedings and claims. While it is not possible to predict the outcome of such matters with certainty, in the Company’s opinion, both individually and in the aggregate, they are not expected to have a material effect on the Company’s financial condition, results of operations or cash flows.

Share Capital and Capital In _2

Share Capital and Capital In Excess of Par Value (Tables)	6 Months Ended
Share Capital and Capital In Excess of Par Value (Tables)	Jun. 30, 2019
Share Capital and Capital In Excess of Par Value
Schedule of changes in share capital and capital in excess of par value	Capital in Class B Excess Common Stock Common Stock Treasury Stock of Par Shares Amount Shares Amount Shares Amount Value (000’s) (000’s) (000’s) Balance at March 31, 2019 39,418 $ 27,374 26,342 $ 18,293 90 $ (1,992) $ 719,212 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares 40 29 (40) (29) — — — Purchase and retirement of common shares (225) (158) — — — — (8,509) Balance at June 30, 2019 39,233 $ 27,245 26,302 $ 18,264 90 $ (1,992) $ 710,703 Balance at March 31, 2018 38,724 $ 26,891 25,637 $ 17,804 88 $ (1,992) $ 703,194 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares 32 23 (32) (23) — — — Purchase and retirement of common shares (111) (77) - — — — (3,229) Balance at June 30, 2018 38,645 $ 26,837 25,605 $ 17,781 88 $ (1,992) $ 699,965 Balance at December 31, 2018 38,544 $ 26,767 25,584 $ 17,767 88 $ (1,992) $ 696,535 Issuance of 3% stock dividend 1,150 798 767 532 2 — 32,999 Conversion of Class B common shares to common shares 49 35 (49) (35) — — — Purchase and retirement of common shares (510) (355) — — — — (18,831) Balance at June 30, 2019 39,233 $ 27,245 26,302 $ 18,264 90 $ (1,992) $ 710,703 Balance at December 31, 2017 37,960 $ 26,361 24,891 $ 17,285 85 $ (1,992) $ 656,752 Issuance of 3% stock dividend 1,125 781 746 518 3 — 58,689 Conversion of Class B common shares to common shares 32 22 (32) (22) — — — Purchase and retirement of common shares (472) (327) — — — — (15,476) Balance at June 30, 2018 38,645 $ 26,837 25,605 $ 17,781 88 $ (1,992) $ 699,965

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2019
Fair Value Measurements
Schedule of financial assets and liabilities measured at fair value	Estimated Fair Value June 30, 2019 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 57,857 $ 57,857 $ - $ - Available for sale securities 206,687 3,078 203,609 - Foreign currency forward contracts (17) - (17) - Commodity futures contracts (112) (112) - - Trading securities 71,375 71,375 - - Total assets measured at fair value $ 335,790 $ 132,198 $ 203,592 $ - Estimated Fair Value December 31, 2018 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 110,899 $ 110,899 $ - $ - Available for sale securities 183,289 3,000 180,289 - Foreign currency forward contracts (407) - (407) - Commodity futures contracts, net (587) (587) - - Trading securities 62,260 62,260 - - Total assets measured at fair value $ 355,454 $ 175,572 $ 179,882 $ - Estimated Fair Value June 30, 2018 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 38,334 $ 38,334 $ - $ - Available for sale securities 192,392 - 192,392 - Foreign currency forward contracts - - - - Commodity futures contracts (904) (904) - - Trading securities 65,000 65,000 - - Total assets measured at fair value $ 294,822 $ 102,430 $ 192,392 $ -

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Jun. 30, 2019
Derivative Instruments and Hedging Activities
Summary of the Company's outstanding derivative contracts and their effects on the Consolidated Statements of Financial Position	June 30, 2019 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 11,050 $ - $ (17) Commodity futures contracts 6,911 120 (232) Total derivatives $ 120 $ (249) December 31, 2018 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 11,050 $ - $ (407) Commodity futures contracts 9,580 92 (679) Total derivatives $ 92 $ (1,086) June 30, 2018 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ - $ - $ - Commodity futures contracts 9,058 11 (915) Total derivatives $ 11 $ (915)
Effects of derivative instruments on the Consolidated Statement of Earnings and Retained Earnings, and the Condensed Consolidated Statement of Comprehensive Earnings	For Quarter Ended June 30, 2019 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ 180 $ - $ - Commodity futures contracts (123) (162) - Total $ 57 $ (162) $ - For Quarter Ended June 30, 2018 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ - $ 20 $ - Commodity futures contracts (377) (568) - Total $ (377) $ (548) $ - For Year to Date Ended June 30, 2019 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ 390 $ - $ - Commodity futures contracts 217 (258) - Total $ 607 $ (258) $ - For Year to Date Ended June 30, 2018 Gain (Loss) Gain (Loss) on Amount Excluded Gain (Loss) Reclassified from from Effectiveness Recognized Accumulated OCI Testing Recognized in OCI into Earnings in Earnings Foreign currency forward contracts $ (11) $ 67 $ - Commodity futures contracts (1,838) (902) - Total $ (1,849) $ (835) $ -

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Loss) (Tables)	6 Months Ended
Accumulated Other Comprehensive Earnings (Loss) (Tables)	Jun. 30, 2019
Accumulated Other Comprehensive Earnings (Loss)
Schedule of accumulated other comprehensive earnings (loss):	Accumulated Foreign Foreign Postretirement Other Currency Currency Commodity and Pension Comprehensive Translation Investments Derivatives Derivatives Benefits Earnings (Loss) Balance at March 31, 2019 $ (23,768) $ (404) $ (150) $ (114) $ 3,918 $ (20,518) Other comprehensive earnings (loss) before reclassifications 205 898 137 (94) - 1,146 Reclassifications from accumulated other comprehensive loss - - - 124 (289) (165) Other comprehensive earnings (loss) net of tax 205 898 137 30 (289) 981 Balance at June 30, 2019 $ (23,563) $ 494 $ (13) $ (84) $ 3,629 $ (19,537) Balance at March 31, 2018 $ (22,650) $ (2,005) $ 16 $ (830) $ 3,786 $ (21,683) Other comprehensive earnings (loss) before reclassifications (1,674) (22) (1) (286) - (1,983) Reclassifications from accumulated other comprehensive loss - - (15) 431 (251) 165 Other comprehensive earnings (loss) net of tax (1,674) (22) (16) 145 (251) (1,818) Adoption of ASU 2018-02 - - - - - - Balance at June 30, 2018 $ (24,324) $ (2,027) $ - $ (685) $ 3,535 $ (23,501) Balance at December 31, 2018 $ (24,159) $ (1,516) $ (309) $ (444) $ 4,206 $ (22,222) Other comprehensive earnings (loss) before reclassifications 596 2,010 296 164 - 3,066 Reclassifications from accumulated other comprehensive loss - - - 196 (577) (381) Other comprehensive earnings (loss) net of tax 596 2,010 296 360 (577) 2,685 Balance at June 30, 2019 $ (23,563) $ 494 $ (13) $ (84) $ 3,629 $ (19,537) Balance at December 31, 2017 $ (24,262) $ (889) $ 51 $ 20 $ 3,289 $ (21,791) Other comprehensive earnings (loss) before reclassifications (62) (970) (9) (1,393) - (2,434) Reclassifications from accumulated other comprehensive loss - - (51) 684 (502) 131 Other comprehensive earnings (loss) net of tax (62) (970) (60) (709) (502) (2,303) Adoption of ASU 2018-02 - (168) 9 4 748 593 Balance at June 30, 2018 $ (24,324) $ (2,027) $ - $ (685) $ 3,535 $ (23,501)
Amount reclassified from accumulated other comprehensive income (loss)	Details about Accumulated Other Quarter Ended Year to Date Ended Location of (Gain) Loss Comprehensive Income Components June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Recognized in Earnings Foreign currency derivatives $ - $ (20) $ - $ (67) Other income, net Commodity derivatives 162 568 258 902 Product cost of goods sold Postretirement and pension benefits (380) (331) (761) (662) Other income, net Total before tax (218) 217 (503) 173 Tax (expense) benefit 53 (52) 122 (42) Net of tax $ (165) $ 165 $ (381) $ 131

Significant Accounting Polici_2

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Concentration of Risk
Selling, marketing and administrative expenses	$ 28,216	$ 28,752	$ 59,324	$ 54,609
Royalty \| Maximum
Concentration of Risk
Revenues (as a percent)			0.20%
Rental \| Maximum
Concentration of Risk
Revenues (as a percent)			1.00%
Shipping and Handling
Concentration of Risk
Selling, marketing and administrative expenses	$ 11,185	$ 11,386	$ 22,217	$ 21,606

Significant Accounting Polici_3

Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 1,258
Operating lease right-of-use assets	$ 1,258
ASU 2016-02 \| Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities		$ 1,482
Operating lease right-of-use assets		$ 1,482

Average Shares Outstanding (Det

Average Shares Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	Apr. 05, 2019	Apr. 06, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Average Shares Outstanding
Stock purchases (in shares)					510	472
Purchase of common shares					$ 19,186	$ 15,803
Stock dividends (as a percent)			3.00%	3.00%	3.00%	3.00%
Stock dividend shares distributed	1,914	1,869

Income Taxes - Effective tax ra

Income Taxes - Effective tax rate - (Details)	3 Months Ended		6 Months Ended
Income Taxes - Effective tax rate - (Details)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Effective income tax rate differs from the statutory rate
Effective income tax rate (as a percent)	25.80%	23.70%	25.20%	22.90%

Share Capital and Capital In _3

Share Capital and Capital In Excess of Par Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Changes in share capital and capital in excess of par value
Balance at the beginning of the period			$ 750,497
Purchase and retirement of common shares			$ (19,186)	$ (15,803)
Purchase and retirement of common shares (in shares)			(510,000)	(472,000)
Balance at the end of the period	$ 742,625	$ 726,031	$ 742,625	$ 726,031
Treasury stock, shares	90,000	88,000	90,000	88,000		88,000
Stock dividends (as a percent)	3.00%	3.00%	3.00%	3.00%
Treasury Stock
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ (1,992)	$ (1,992)	$ (1,992)	$ (1,992)
Issuance of 3% stock dividend (in shares)			2,000	3,000
Balance at the end of the period	$ (1,992)	$ (1,992)	$ (1,992)	$ (1,992)
Treasury stock, shares	90,000	88,000	90,000	88,000	90,000	88,000	88,000	85,000
Capital in Excess of Par Value
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 719,212	$ 703,194	$ 696,535	$ 656,752
Issuance of 3% stock dividend			32,999	58,689
Purchase and retirement of common shares	(8,509)	(3,229)	(18,831)	(15,476)
Balance at the end of the period	710,703	699,965	710,703	699,965
Class B Common Stock \| Common Stock.
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 18,293	$ 17,804	$ 17,767	$ 17,285
Balance at the beginning of the period (in shares)	26,342,000	25,637,000	25,584,000	24,891,000
Issuance of 3% stock dividend			$ 532	$ 518
Issuance of 3% stock dividend (in shares)			767,000	746,000
Conversion of Class B common shares to common shares	$ (29)	$ (23)	$ (35)	$ (22)
Conversion of Class B common shares to common shares (in shares)	(40,000)	(32,000)	(49,000)	(32,000)
Balance at the end of the period	$ 18,264	$ 17,781	$ 18,264	$ 17,781
Balance at the end of the period (in shares)	26,302,000	25,605,000	26,302,000	25,605,000
Common Stock \| Common Stock.
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 27,374	$ 26,891	$ 26,767	$ 26,361
Balance at the beginning of the period (in shares)	39,418,000	38,724,000	38,544,000	37,960,000
Issuance of 3% stock dividend			$ 798	$ 781
Issuance of 3% stock dividend (in shares)			1,150,000	1,125,000
Conversion of Class B common shares to common shares	$ 29	$ 23	$ 35	$ 22
Conversion of Class B common shares to common shares (in shares)	40,000	32,000	49,000	32,000
Purchase and retirement of common shares	$ (158)	$ (77)	$ (355)	$ (327)
Purchase and retirement of common shares (in shares)	(225,000)	(111,000)	(510,000)	(472,000)
Balance at the end of the period	$ 27,245	$ 26,837	$ 27,245	$ 26,837
Balance at the end of the period (in shares)	39,233,000	38,645,000	39,233,000	38,645,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Fair value measurements
Cash and cash equivalents	$ 57,857	$ 110,899	$ 38,334
Fair value measured on a recurring basis
Fair value measurements
Cash and cash equivalents	57,857	110,899	38,334
Available for sale securities	206,687	183,289	192,392
Trading securities	71,375	62,260	65,000
Total assets measured at fair value	335,790	355,454	294,822
Fair value measured on a recurring basis \| Foreign currency forward contracts
Fair value measurements
Derivative instruments, net	(17)	(407)
Fair value measured on a recurring basis \| Commodity futures contracts
Fair value measurements
Derivative instruments, net	(112)	(587)	(904)
Fair value measured on a recurring basis \| Level 1
Fair value measurements
Cash and cash equivalents	57,857	110,899	38,334
Available for sale securities	3,078	3,000
Trading securities	71,375	62,260	65,000
Total assets measured at fair value	132,198	175,572	102,430
Fair value measured on a recurring basis \| Level 1 \| Commodity futures contracts
Fair value measurements
Derivative instruments, net	(112)	(587)	(904)
Fair value measured on a recurring basis \| Level 2
Fair value measurements
Available for sale securities	203,609	180,289	192,392
Total assets measured at fair value	203,592	179,882	$ 192,392
Fair value measured on a recurring basis \| Level 2 \| Foreign currency forward contracts
Fair value measurements
Derivative instruments, net	$ (17)	$ (407)

Fair Value Measurements - Bonds

Fair Value Measurements - Bonds (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Fair value on a recurring basis
Industrial revenue development bonds, carrying amount, approximates fair value	$ 7,500	$ 7,500	$ 7,500
Cost Basis \| Level 2
Fair value on a recurring basis
Industrial revenue development bonds, carrying amount, approximates fair value	$ 7,500	$ 7,500	$ 7,500

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Derivatives designated as hedging instruments:
Derivative contracts
Assets			$ 120	$ 92	$ 11
Liabilities			(249)	(1,086)	(915)
Derivatives designated as hedging instruments: \| Foreign currency forward contracts
Derivative contracts
Notional Amounts			11,050	11,050
Liabilities			(17)	(407)
Derivatives designated as hedging instruments: \| Commodity futures contracts
Derivative contracts
Notional Amounts			6,911	9,580	9,058
Assets			120	92	11
Liabilities			$ (232)	$ (679)	$ (915)
Forecast \| Foreign currency forward contracts
Derivative contracts
Loss to be reclassified	$ (13)	$ (4)
Forecast \| Commodity futures contracts
Derivative contracts
Gain (loss) to be reclassified	$ 79	$ (191)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - OCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	$ 57	$ (377)	$ 607	$ (1,849)
Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(162)	(548)	(258)	(835)
Foreign currency forward contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	180		390	(11)
Foreign currency forward contracts \| Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings		20		67
Commodity futures contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	(123)	(377)	217	(1,838)
Commodity futures contracts \| Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	$ (162)	$ (568)	$ (258)	$ (902)

Pension Plans - Multi-employer

Pension Plans - Multi-employer (Details) - Multi-employer defined benefit pension plan - USD ($) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2012	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Multiemployer Plans [Line Items]
Insolvent period		20 years
Estimated liability upon withdrawal from plan				$ 81,600	$ 82,200	$ 72,700
Percentage of annual compounded surcharge for rehabilitation		5.00%
Percentage of interim surcharge	5.00%
Pension expense		$ 1,548	$ 1,517	2,836	2,617
Surcharges		$ 496	$ 434	$ 811	$ 656

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period			$ 750,622
Adoption of ASU 2018-02 (See Note 1)		$ 2,726		$ 2,726
Balance at the end of the period	$ 742,804	726,110	742,804	726,110
Foreign Currency Derivatives \| Foreign currency forward contracts
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(150)	16	(309)	51
Other comprehensive earnings (loss) before reclassifications	137	(1)	296	(9)
Reclassifications from accumulated other comprehensive loss		(15)		(51)
Other comprehensive earnings (loss) net of tax	137	(16)	296	(60)
Adoption of ASU 2018-02 (See Note 1)		9		9
Balance at the end of the period	(13)		(13)
Foreign Currency Derivatives \| Commodity futures contracts
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(114)	(830)	(444)	20
Other comprehensive earnings (loss) before reclassifications	(94)	(286)	164	(1,393)
Reclassifications from accumulated other comprehensive loss	124	431	196	684
Other comprehensive earnings (loss) net of tax	30	145	360	(709)
Adoption of ASU 2018-02 (See Note 1)		4		4
Balance at the end of the period	(84)	(685)	(84)	(685)
Investments
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(404)	(2,005)	(1,516)	(889)
Other comprehensive earnings (loss) before reclassifications	898	(22)	2,010	(970)
Other comprehensive earnings (loss) net of tax	898	(22)	2,010	(970)
Adoption of ASU 2018-02 (See Note 1)		(168)		(168)
Balance at the end of the period	494	(2,027)	494	(2,027)
Postretirement and Pension Benefits
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	3,918	3,786	4,206	3,289
Reclassifications from accumulated other comprehensive loss	(289)	(251)	(577)	(502)
Other comprehensive earnings (loss) net of tax	(289)	(251)	(577)	(502)
Adoption of ASU 2018-02 (See Note 1)		748		748
Balance at the end of the period	3,629	3,535	3,629	3,535
Foreign Currency Translation
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(23,768)	(22,650)	(24,159)	(24,262)
Other comprehensive earnings (loss) before reclassifications	205	(1,674)	596	(62)
Other comprehensive earnings (loss) net of tax	205	(1,674)	596	(62)
Balance at the end of the period	(23,563)	(24,324)	(23,563)	(24,324)
Accumulated Other Comprehensive Earnings ( Loss )
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(20,518)	(21,683)	(22,222)	(21,791)
Other comprehensive earnings (loss) before reclassifications	1,146	(1,983)	3,066	(2,434)
Reclassifications from accumulated other comprehensive loss	(165)	165	(381)	131
Other comprehensive earnings (loss) net of tax	981	(1,818)	2,685	(2,303)
Adoption of ASU 2018-02 (See Note 1)		593		593
Balance at the end of the period	$ (19,537)	$ (23,501)	$ (19,537)	$ (23,501)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Earnings (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	$ (3,053)	$ (3,363)	$ (9,070)	$ (3,884)
Cost of goods sold	66,221	67,689	131,332	133,790
Total before tax	(15,568)	(13,731)	(27,343)	(24,094)
Tax (expense) benefit	4,024	3,261	6,888	5,523
Net earnings	(11,544)	(10,470)	(20,455)	(18,571)
Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total before tax	(218)	217	(503)	173
Tax (expense) benefit	53	(52)	122	(42)
Net earnings	(165)	165	(381)	131
Foreign Currency Derivatives \| Foreign currency forward contracts \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net		(20)		(67)
Foreign Currency Derivatives \| Commodity futures contracts \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cost of goods sold	$ 162	$ 568	$ 258	$ 902
Type of Cost, Good or Service [Extensible List]	Product [Member]	Product [Member]	Product [Member]	Product [Member]
Postretirement and Pension Benefits \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	$ (380)	$ (331)	$ (761)	$ (662)

Bank Loans (Details)

Bank Loans (Details) - Spanish Companies	6 Months Ended
Bank Loans (Details) - Spanish Companies	Jun. 30, 2019	Jun. 30, 2018
Bank Loans
Average weighted interest rate (as a percent)	3.00%	2.00%
Maximum
Bank Loans
Maturity period	120 days

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 168	$ 168
Operating lease payments	335	335
Operating lease right-of-use assets	1,258	1,258
Operating lease liabilities	$ 1,258	$ 1,258
Weighted average remaining lease term	1 year 10 months 24 days	1 year 10 months 24 days
Weighted average discount rate	3.10%	3.10%
2019	$ 319	$ 319
2020	578	578
2021	300	300
2022	61	$ 61
Lessor, Operating Lease, Existence of Option to Extend [true false]		true
Property, plant and equipment, gross	557,349	$ 557,349	$ 547,951	$ 538,927
Lease income	751	$ 1,500
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term		3 years
Commercial real estate leased to third parties
Lessee, Lease, Description [Line Items]
Property, plant and equipment, gross	$ 36,385	$ 36,385
Depreciation		$ 9,890
Commercial real estate leased to third parties \| Maximum
Lessee, Lease, Description [Line Items]
Lessor, renewal term	60 years	60 years