Tootsie Roll Industries (TR) 10-Q8 Nov 192019 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2019shares
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 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	Q3
Entity Central Index Key	0000098677
Amendment Flag	false
Common Stock
Entity Common Stock, Shares Outstanding	39,019,205
Class B Common Stock
Entity Common Stock, Shares Outstanding	26,299,531

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 87,400	$ 110,899	$ 64,333
Restricted cash	369	388	393
Investments	76,766	75,140	68,373
Accounts receivable trade, less allowances of $2,728, $1,820 and $2,873	88,241	49,777	93,616
Other receivables	3,616	2,941	5,802
Inventories:
Finished goods and work-in-process	41,627	32,159	37,148
Raw material and supplies	28,783	22,365	26,172
Prepaid expenses	5,504	10,377	6,439
Total current assets	332,306	304,046	302,276
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land	21,712	21,726	21,968
Buildings	121,802	121,780	118,581
Machinery and equipment	400,885	401,037	381,522
Construction in progress	15,497	3,408	21,106
Operating lease right-of-use assets	1,770
Property, plant and equipment, gross	561,666	547,951	543,177
Less-accumulated depreciation	374,924	361,850	361,079
Net property, plant and equipment	186,742	186,101	182,098
OTHER ASSETS:
Goodwill	73,237	73,237	73,237
Trademarks	175,024	175,024	175,024
Investments	178,808	170,409	188,393
Split dollar officer life insurance	26,042	26,042	26,042
Prepaid expenses and other	9,411	11,980	13,249
Deferred income taxes	522	522	445
Total other assets	463,044	457,214	476,390
Total assets	982,092	947,361	960,764
CURRENT LIABILITIES:
Accounts payable	18,020	11,817	18,637
Bank loans	768	373	190
Dividends payable	5,876	5,772	5,777
Accrued liabilities	44,982	42,849	45,787
Postretirement health care	580	580	603
Operating lease liabilities	1,061
Income taxes payable	6,122		3,516
Total current liabilities	77,409	61,391	74,510
NONCURRENT LIABILITIES:
Deferred income taxes	44,867	43,941	41,382
Postretirement health care	12,129	11,871	13,167
Industrial development bonds	7,500	7,500	7,500
Liability for uncertain tax positions	3,537	3,816	4,148
Operating lease liabilities	709
Deferred compensation and other liabilities	77,801	68,345	73,321
Total noncurrent liabilities	146,543	135,473	139,518
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Capital in excess of par value	702,806	696,535	699,140
Retained earnings	32,107	33,767	27,356
Accumulated other comprehensive loss	(19,952)	(22,222)	(22,261)
Treasury stock (at cost)- 90, 88 and 88 shares, respectively	(1,992)	(1,992)	(1,992)
Total Tootsie Roll Industries, Inc. shareholders' equity	758,329	750,622	746,840
Noncontrolling interests	(189)	(125)	(104)
Total equity	758,140	750,497	746,736
Total liabilities and shareholders' equity	982,092	947,361	960,764
Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value - 120,000 shares authorized; 39,019, 38,544 and 38,621, respectively, issued. Class B common stock, $.69-4/9 par value - 40,000 shares authorized; 26,300, 25,584 and 25,599, respectively, issued	27,096	26,767	26,820
Class B Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value - 120,000 shares authorized; 39,019, 38,544 and 38,621, respectively, issued. Class B common stock, $.69-4/9 par value - 40,000 shares authorized; 26,300, 25,584 and 25,599, respectively, issued	$ 18,264	$ 17,767	$ 17,777

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Trade accounts receivable, allowances	$ 2,728	$ 1,820	$ 2,873
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	39,019,000	38,544,000	38,621,000
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	26,300,000	25,584,000	25,599,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue		$ 182,724	$ 182,303	$ 391,653	$ 390,912
Costs		113,108	115,457	244,440	249,247
Gross Margin		69,616	66,846	147,213	141,665
Selling, marketing and administrative expenses		33,578	36,620	92,902	91,229
Earnings from operations		36,038	30,226	54,311	50,436
Other income (loss), net		1,846	2,987	10,916	6,871
Earnings before income taxes		37,884	33,213	65,227	57,307
Provision for income taxes		8,038	7,134	14,926	12,657
Net earnings		29,846	26,079	50,301	44,650
Less: net earnings (loss) attributable to noncontrolling interests		(8)	(25)	(64)	(68)
Net earnings attributable to Tootsie Roll Industries, Inc.		$ 29,854	$ 26,104	$ 50,365	$ 44,718
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share)		$ 0.46	$ 0.40	$ 0.77	$ 0.68
Dividends per share (in dollars per share)	[1]	$ 0.09	$ 0.09	$ 0.27	$ 0.27
Average number of shares outstanding (in shares)		65,344	66,069	65,598	66,182
Retained earnings at beginning of period		$ 8,121	$ 7,020	$ 33,767	$ 57,225
Net earnings attributable to Tootsie Roll Industries, Inc.		29,854	26,104	50,365	44,718
Adoption of ASU 2014-09 and 2018-02			2,726		2,726
Cash dividends		(5,868)	(5,768)	(17,519)	(17,164)
Stock dividends				(34,506)	(60,149)
Retained earnings at end of period		32,107	27,356	32,107	27,356
Product
Revenue		181,913	181,505	388,953	387,987
Costs		112,867	115,246	243,668	248,561
Gross Margin		69,046	66,259	145,285	139,426
Rental and Royalty
Revenue		811	798	2,700	2,925
Costs		241	211	772	686
Gross Margin		$ 570	$ 587	$ 1,928	$ 2,239

[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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
Net earnings	$ 29,846	$ 26,079	$ 50,301	$ 44,650
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	(353)	1,164	243	1,102
Pension and postretirement reclassification adjustments:
Less: reclassification adjustment for (gains) losses to net earnings	(380)	(331)	(1,141)	(993)
Unrealized gains (losses) on postretirement and pension benefits	(380)	(331)	(1,141)	(993)
Investments:
Unrealized gains (losses) for the period on investments	364	209	3,016	(1,071)
Less: reclassification adjustment for (gains) losses to net earnings	34		34
Unrealized gains (losses) on investments	398	209	3,050	(1,071)
Derivatives:
Unrealized gains (losses) for the period on derivatives	(492)	(573)	115	(2,422)
Less: reclassification adjustment for (gains) losses to net earnings	390	795	648	1,630
Unrealized gains (losses) on derivatives	(102)	222	763	(792)
Total other comprehensive income (loss), before tax	(437)	1,264	2,915	(1,754)
Income tax benefit (expense) related to items of other comprehensive income	22	(24)	(645)	691
Total comprehensive earnings	29,431	27,319	52,571	43,587
Comprehensive earnings (loss) attributable to noncontrolling interests	(8)	(25)	(64)	(68)
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc.	$ 29,439	$ 27,344	$ 52,635	$ 43,655

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 50,301	$ 44,650
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation	14,112	13,933
Deferred income taxes	279	(443)
Amortization of marketable security premiums	976	1,351
Changes in operating assets and liabilities:
Accounts receivable	(38,516)	(45,881)
Other receivables	(702)	(649)
Inventories	(15,867)	(8,333)
Prepaid expenses and other assets	3,384	8,268
Accounts payable and accrued liabilities	10,635	10,932
Income taxes payable	9,863	15,821
Postretirement health care benefits	(883)	(720)
Deferred compensation and other liabilities	2,594	2,051
Net cash provided by operating activities	36,176	40,980
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(14,151)	(16,812)
Purchases of trading securities	(2,835)	(3,807)
Sales of trading securities	362	817
Purchase of available for sale securities	(49,999)	(65,098)
Sale and maturity of available for sale securities	51,580	45,379
Net cash used in investing activities	(15,043)	(39,521)
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares purchased and retired	(27,232)	(16,650)
Dividends paid in cash	(17,592)	(17,208)
Proceeds from bank loans	2,662	1,264
Repayment of bank loans	(2,233)	(1,506)
Net cash used in financing activities	(44,395)	(34,100)
Effect of exchange rate changes on cash	(256)	647
Decrease in cash and cash equivalents	(23,518)	(31,994)
Cash, cash equivalents, and restricted cash at beginning of year	111,287	96,720
Cash, cash equivalents, and restricted cash at end of quarter	87,769	64,726
Supplemental cash flow information:
Income taxes paid/(received), net	5,182	(2,811)
Interest paid	95	81
Stock dividend issued	$ 70,557	$ 60,538

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 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 September 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 receivable trade on the balance sheet and require payment on a short-term basis. Accounts receivable trade are unsecured. Shipping and handling costs of $14,536 and $14,698 in third quarter 2019 and 2018, respectively, and $36,753 and $36,304 in nine months 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	9 Months Ended
Average Shares Outstanding	Sep. 30, 2019
Average Shares Outstanding
Average Shares Outstanding	Note 2 — Average Shares Outstanding The average number of shares outstanding for nine months 2019 reflects aggregate stock purchases of 726 shares for $27,232 and a 3% stock dividend of 1,914 shares distributed on April 5, 2019. The average number of shares outstanding for nine months 2018 reflects aggregate stock purchases of 502 shares for $16,650 and a 3% stock dividend of 1,869 shares distributed on April 6, 2018.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 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 21.2% and 21.5% in third quarter 2019 and 2018, respectively, and 22.9% and 22.1% in nine months 2019 and 2018, respectively. The higher tax rate in nine months 2019 principally reflects higher state income tax expense.

Share Capital and Capital In Ex

Share Capital and Capital In Excess of Par Value	9 Months Ended
Share Capital and Capital In Excess of Par Value	Sep. 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 June 30, 2019 39,233 $ 27,245 26,302 $ 18,264 90 $ (1,992) $ 710,703 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares 2 — (2) — — — — Purchase and retirement of common shares and other (216) (149) — — — — (7,897) Balance at September 30, 2019 39,019 $ 27,096 26,300 $ 18,264 90 $ (1,992) $ 702,806 Balance at June 30, 2018 38,645 $ 26,837 25,605 $ 17,781 88 $ (1,992) $ 699,965 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares 6 5 (6) (5) — — — Purchase and retirement of common shares and other (30) (22) - 1 — — (825) Balance at September 30, 2018 38,621 $ 26,820 25,599 $ 17,777 88 $ (1,992) $ 699,140 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 51 35 (51) (35) — — — Purchase and retirement of common shares and other (726) (504) — — — — (26,728) Balance at September 30, 2019 39,019 $ 27,096 26,300 $ 18,264 90 $ (1,992) $ 702,806 Balance at December 31, 2017 37,960 $ 26,361 24,891 $ 17,285 85 $ (1,992) $ 656,752 Issuance of 3% stock dividend 1,125 781 746 519 3 — 58,689 Conversion of Class B common shares to common shares 38 27 (38) (27) — — — Purchase and retirement of common shares and other (502) (349) — — — — (16,301) Balance at September 30, 2018 38,621 $ 26,820 25,599 $ 17,777 88 $ (1,992) $ 699,140

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 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 September 30, 2019, December 31, 2018 and September 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 September 30, 2019, December 31, 2018 and September 30, 2018 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Estimated Fair Value September 30, 2019 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 87,400 $ 87,400 $ - $ - Available for sale securities 183,784 3,584 180,200 - Foreign currency forward contracts (122) - (122) - Commodity futures contracts (108) (108) - - Trading securities 71,790 71,790 - - Total assets measured at fair value $ 342,744 $ 162,666 $ 180,078 $ - 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 September 30, 2018 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 64,333 $ 64,333 $ - $ - Available for sale securities 189,172 732 188,440 - Foreign currency forward contracts 177 - 177 - Commodity futures contracts (859) (859) - - Trading securities 67,594 67,594 - - Total assets measured at fair value $ 320,417 $ 131,800 $ 188,617 $ - The fair value of the Company’s industrial revenue development bonds at September 30, 2019, December 31, 2018 and September 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	9 Months Ended
Derivative Instruments and Hedging Activities	Sep. 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 $108 of this accumulated comprehensive loss is expected to be reclassified as a charge to earnings in 2020. Approximately $38 and $84 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 September 30, 2019, December 31, 2018 and September 30, 2018: September 30, 2019 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 8,294 $ - $ (122) Commodity futures contracts 4,726 26 (134) Total derivatives $ 26 $ (256) 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) September 30, 2018 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 11,050 $ 177 $ - Commodity futures contracts 8,285 3 (862) Total derivatives $ 180 $ (862) 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 September 30, 2019 and September 30, 2018 are as follows: For Quarter Ended September 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 $ (138) $ (33) $ - Commodity futures contracts (354) (357) - Total $ (492) $ (390) $ - For Quarter Ended September 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 $ 177 $ - $ - Commodity futures contracts (750) (795) - Total $ (573) $ (795) $ - For Year to Date Ended September 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 $ 252 $ (33) $ - Commodity futures contracts (137) (615) - Total $ 115 $ (648) $ - For Year to Date Ended September 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 $ 166 $ 67 $ - Commodity futures contracts (2,588) (1,697) - Total $ (2,422) $ (1,630) $ -

Pension Plans

Pension Plans	9 Months Ended
Pension Plans	Sep. 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. Subsequent to September 30, 2019, the Company requested and was advised by the Plan that its withdrawal liability would be $99,800 if it withdrew from the Plan during 2019. 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 nine months 2019 and 2018 was $2,307 and $2,201, respectively ($2,836 and $2,617 for twelve months 2018 and 2017, respectively). The aforementioned expense includes surcharges of $738 and $630 for nine months 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 amended 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)	9 Months Ended
Accumulated Other Comprehensive Earnings (Loss)	Sep. 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 June 30, 2019 $ (23,563) $ 494 $ (13) $ (84) $ 3,629 $ (19,537) Other comprehensive earnings (loss) before reclassifications (353) 278 (105) (268) - (448) Reclassifications from accumulated other comprehensive loss - 26 25 270 (288) 33 Other comprehensive earnings (loss) net of tax (353) 304 (80) 2 (288) (415) Balance at September 30, 2019 $ (23,916) $ 798 $ (93) $ (82) $ 3,341 $ (19,952) Balance at June 30, 2018 $ (24,324) $ (2,027) $ - $ (685) $ 3,535 $ (23,501) Other comprehensive earnings (loss) before reclassifications 1,164 158 134 (568) - 888 Reclassifications from accumulated other comprehensive loss - - - 602 (250) 352 Other comprehensive earnings (loss) net of tax 1,164 158 134 34 (250) 1,240 Adoption of ASU 2018-02 - - - - - - Balance at September 30, 2018 $ (23,160) $ (1,869) $ 134 $ (651) $ 3,285 $ (22,261) Balance at December 31, 2018 $ (24,159) $ (1,516) $ (309) $ (444) $ 4,206 $ (22,222) Other comprehensive earnings (loss) before reclassifications 243 2,288 191 (104) - 2,618 Reclassifications from accumulated other comprehensive loss - 26 25 466 (865) (348) Other comprehensive earnings (loss) net of tax 243 2,314 216 362 (865) 2,270 Balance at September 30, 2019 $ (23,916) $ 798 $ (93) $ (82) $ 3,341 $ (19,952) Balance at December 31, 2017 $ (24,262) $ (889) $ 51 $ 20 $ 3,289 $ (21,791) Other comprehensive earnings (loss) before reclassifications 1,102 (812) 125 (1,961) - (1,546) Reclassifications from accumulated other comprehensive loss - - (51) 1,286 (752) 483 Other comprehensive earnings (loss) net of tax 1,102 (812) 74 (675) (752) (1,063) Adoption of ASU 2018-02 - (168) 9 4 748 593 Balance at September 30, 2018 $ (23,160) $ (1,869) $ 134 $ (651) $ 3,285 $ (22,261) 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 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Recognized in Earnings Investments $ 34 $ - $ 34 $ - Other income, net Foreign currency derivatives 33 - 33 (67) Other income, net Commodity derivatives 357 795 615 1,697 Product cost of goods sold Postretirement and pension benefits (380) (331) (1,141) (993) Other income, net Total before tax 44 464 (459) 637 Tax (expense) benefit (11) (112) 111 (154) Net of tax $ 33 $ 352 $ (348) $ 483

Restricted Cash

Restricted Cash	9 Months Ended
Restricted Cash	Sep. 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	9 Months Ended
Bank Loans	Sep. 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 September 30, 2019 and 2018 was 3.0% and 2.0%, respectively.

Leases

Leases	9 Months Ended
Leases	Sep. 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 third quarter and nine months of 2019, our operating lease cost and cash paid for operating lease liabilities totaled $411 and $746, respectively, which is classified in cash flows from operating activities. As of September 30, 2019, operating lease right-of-use assets and operating lease liabilities were both $1,770. The weighted-average remaining lease term related to our operating leases was 1.9 years as of September 30, 2019. The weighted-average discount rate related to our operating leases was 3.1% as of September 30, 2019. Maturities of our operating lease liabilities at September 30, 2019 are as follows: $236 in 2019, $934 in 2020, $540 in 2021, and $60 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 $36,362 and $10,071, respectively, as of September 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 third quarter and nine months 2019 was $733 and $2,232, respectively, and is classified in cash flows from operating activities.

Contingencies

Contingencies	9 Months Ended
Contingencies	Sep. 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)	9 Months Ended
Share Capital and Capital In Excess of Par Value (Tables)	Sep. 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 June 30, 2019 39,233 $ 27,245 26,302 $ 18,264 90 $ (1,992) $ 710,703 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares 2 — (2) — — — — Purchase and retirement of common shares and other (216) (149) — — — — (7,897) Balance at September 30, 2019 39,019 $ 27,096 26,300 $ 18,264 90 $ (1,992) $ 702,806 Balance at June 30, 2018 38,645 $ 26,837 25,605 $ 17,781 88 $ (1,992) $ 699,965 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares 6 5 (6) (5) — — — Purchase and retirement of common shares and other (30) (22) - 1 — — (825) Balance at September 30, 2018 38,621 $ 26,820 25,599 $ 17,777 88 $ (1,992) $ 699,140 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 51 35 (51) (35) — — — Purchase and retirement of common shares and other (726) (504) — — — — (26,728) Balance at September 30, 2019 39,019 $ 27,096 26,300 $ 18,264 90 $ (1,992) $ 702,806 Balance at December 31, 2017 37,960 $ 26,361 24,891 $ 17,285 85 $ (1,992) $ 656,752 Issuance of 3% stock dividend 1,125 781 746 519 3 — 58,689 Conversion of Class B common shares to common shares 38 27 (38) (27) — — — Purchase and retirement of common shares and other (502) (349) — — — — (16,301) Balance at September 30, 2018 38,621 $ 26,820 25,599 $ 17,777 88 $ (1,992) $ 699,140

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2019
Fair Value Measurements
Schedule of financial assets and liabilities measured at fair value	Estimated Fair Value September 30, 2019 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 87,400 $ 87,400 $ - $ - Available for sale securities 183,784 3,584 180,200 - Foreign currency forward contracts (122) - (122) - Commodity futures contracts (108) (108) - - Trading securities 71,790 71,790 - - Total assets measured at fair value $ 342,744 $ 162,666 $ 180,078 $ - 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 September 30, 2018 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 64,333 $ 64,333 $ - $ - Available for sale securities 189,172 732 188,440 - Foreign currency forward contracts 177 - 177 - Commodity futures contracts (859) (859) - - Trading securities 67,594 67,594 - - Total assets measured at fair value $ 320,417 $ 131,800 $ 188,617 $ -

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Sep. 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	September 30, 2019 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 8,294 $ - $ (122) Commodity futures contracts 4,726 26 (134) Total derivatives $ 26 $ (256) 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) September 30, 2018 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 11,050 $ 177 $ - Commodity futures contracts 8,285 3 (862) Total derivatives $ 180 $ (862)
Effects of derivative instruments on the Consolidated Statement of Earnings and Retained Earnings, and the Condensed Consolidated Statement of Comprehensive Earnings	For Quarter Ended September 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 $ (138) $ (33) $ - Commodity futures contracts (354) (357) - Total $ (492) $ (390) $ - For Quarter Ended September 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 $ 177 $ - $ - Commodity futures contracts (750) (795) - Total $ (573) $ (795) $ - For Year to Date Ended September 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 $ 252 $ (33) $ - Commodity futures contracts (137) (615) - Total $ 115 $ (648) $ - For Year to Date Ended September 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 $ 166 $ 67 $ - Commodity futures contracts (2,588) (1,697) - Total $ (2,422) $ (1,630) $ -

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Loss) (Tables)	9 Months Ended
Accumulated Other Comprehensive Earnings (Loss) (Tables)	Sep. 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 June 30, 2019 $ (23,563) $ 494 $ (13) $ (84) $ 3,629 $ (19,537) Other comprehensive earnings (loss) before reclassifications (353) 278 (105) (268) - (448) Reclassifications from accumulated other comprehensive loss - 26 25 270 (288) 33 Other comprehensive earnings (loss) net of tax (353) 304 (80) 2 (288) (415) Balance at September 30, 2019 $ (23,916) $ 798 $ (93) $ (82) $ 3,341 $ (19,952) Balance at June 30, 2018 $ (24,324) $ (2,027) $ - $ (685) $ 3,535 $ (23,501) Other comprehensive earnings (loss) before reclassifications 1,164 158 134 (568) - 888 Reclassifications from accumulated other comprehensive loss - - - 602 (250) 352 Other comprehensive earnings (loss) net of tax 1,164 158 134 34 (250) 1,240 Adoption of ASU 2018-02 - - - - - - Balance at September 30, 2018 $ (23,160) $ (1,869) $ 134 $ (651) $ 3,285 $ (22,261) Balance at December 31, 2018 $ (24,159) $ (1,516) $ (309) $ (444) $ 4,206 $ (22,222) Other comprehensive earnings (loss) before reclassifications 243 2,288 191 (104) - 2,618 Reclassifications from accumulated other comprehensive loss - 26 25 466 (865) (348) Other comprehensive earnings (loss) net of tax 243 2,314 216 362 (865) 2,270 Balance at September 30, 2019 $ (23,916) $ 798 $ (93) $ (82) $ 3,341 $ (19,952) Balance at December 31, 2017 $ (24,262) $ (889) $ 51 $ 20 $ 3,289 $ (21,791) Other comprehensive earnings (loss) before reclassifications 1,102 (812) 125 (1,961) - (1,546) Reclassifications from accumulated other comprehensive loss - - (51) 1,286 (752) 483 Other comprehensive earnings (loss) net of tax 1,102 (812) 74 (675) (752) (1,063) Adoption of ASU 2018-02 - (168) 9 4 748 593 Balance at September 30, 2018 $ (23,160) $ (1,869) $ 134 $ (651) $ 3,285 $ (22,261)
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 September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Recognized in Earnings Investments $ 34 $ - $ 34 $ - Other income, net Foreign currency derivatives 33 - 33 (67) Other income, net Commodity derivatives 357 795 615 1,697 Product cost of goods sold Postretirement and pension benefits (380) (331) (1,141) (993) Other income, net Total before tax 44 464 (459) 637 Tax (expense) benefit (11) (112) 111 (154) Net of tax $ 33 $ 352 $ (348) $ 483

Significant Accounting Polici_2

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Concentration of Risk
Selling, marketing and administrative expenses	$ 33,578	$ 36,620	$ 92,902	$ 91,229
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	$ 14,536	$ 14,698	$ 36,753	$ 36,304

Significant Accounting Polici_3

Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 1,770
Operating lease right-of-use assets	$ 1,770
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	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Average Shares Outstanding
Stock purchases (in shares)					726	502
Purchase of common shares					$ 27,232	$ 16,650
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		9 Months Ended
Income Taxes - Effective tax rate - (Details)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Effective income tax rate differs from the statutory rate
Effective income tax rate (as a percent)	21.20%	21.50%	22.90%	22.10%

Share Capital and Capital In _3

Share Capital and Capital In Excess of Par Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 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 and other			$ (27,232)	$ (16,650)
Purchase and retirement of common shares and other (in shares)			(726,000)	(502,000)
Balance at the end of the period	$ 758,140	$ 746,736	$ 758,140	$ 746,736
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	$ 710,703	$ 699,965	$ 696,535	$ 656,752
Issuance of 3% stock dividend			32,999	58,689
Purchase and retirement of common shares and other	(7,897)	(825)	(26,728)	(16,301)
Balance at the end of the period	702,806	699,140	702,806	699,140
Class B Common Stock \| Common Stock.
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 18,264	$ 17,781	$ 17,767	$ 17,285
Balance at the beginning of the period (in shares)	26,302,000	25,605,000	25,584,000	24,891,000
Issuance of 3% stock dividend			$ 532	$ 519
Issuance of 3% stock dividend (in shares)			767,000	746,000
Conversion of Class B common shares to common shares		$ (5)	$ (35)	$ (27)
Conversion of Class B common shares to common shares (in shares)	(2,000)	(6,000)	(51,000)	(38,000)
Purchase and retirement of common shares and other		$ 1
Balance at the end of the period	$ 18,264	$ 17,777	$ 18,264	$ 17,777
Balance at the end of the period (in shares)	26,300,000	25,599,000	26,300,000	25,599,000
Common Stock \| Common Stock.
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 27,245	$ 26,837	$ 26,767	$ 26,361
Balance at the beginning of the period (in shares)	39,233,000	38,645,000	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		$ 5	$ 35	$ 27
Conversion of Class B common shares to common shares (in shares)	2,000	6,000	51,000	38,000
Purchase and retirement of common shares and other	$ (149)	$ (22)	$ (504)	$ (349)
Purchase and retirement of common shares and other (in shares)	(216,000)	(30,000)	(726,000)	(502,000)
Balance at the end of the period	$ 27,096	$ 26,820	$ 27,096	$ 26,820
Balance at the end of the period (in shares)	39,019,000	38,621,000	39,019,000	38,621,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Fair value measurements
Cash and cash equivalents	$ 87,400	$ 110,899	$ 64,333
Fair value measured on a recurring basis
Fair value measurements
Cash and cash equivalents	87,400	110,899	64,333
Available for sale securities	183,784	183,289	189,172
Trading securities	71,790	62,260	67,594
Total assets measured at fair value	342,744	355,454	320,417
Fair value measured on a recurring basis \| Foreign currency forward contracts
Fair value measurements
Derivative instruments, net	(122)	(407)	177
Fair value measured on a recurring basis \| Commodity futures contracts
Fair value measurements
Derivative instruments, net	(108)	(587)	(859)
Fair value measured on a recurring basis \| Level 1
Fair value measurements
Cash and cash equivalents	87,400	110,899	64,333
Available for sale securities	3,584	3,000	732
Trading securities	71,790	62,260	67,594
Total assets measured at fair value	162,666	175,572	131,800
Fair value measured on a recurring basis \| Level 1 \| Commodity futures contracts
Fair value measurements
Derivative instruments, net	(108)	(587)	(859)
Fair value measured on a recurring basis \| Level 2
Fair value measurements
Available for sale securities	180,200	180,289	188,440
Total assets measured at fair value	180,078	179,882	188,617
Fair value measured on a recurring basis \| Level 2 \| Foreign currency forward contracts
Fair value measurements
Derivative instruments, net	$ (122)	$ (407)	$ 177

Fair Value Measurements - Bonds

Fair Value Measurements - Bonds (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 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	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Derivatives designated as hedging instruments:
Derivative contracts
Assets			$ 26	$ 92	$ 180
Liabilities			(256)	(1,086)	(862)
Derivatives designated as hedging instruments: \| Foreign currency forward contracts
Derivative contracts
Notional Amounts			8,294	11,050	11,050
Assets					177
Liabilities			(122)	(407)
Derivatives designated as hedging instruments: \| Commodity futures contracts
Derivative contracts
Notional Amounts			4,726	9,580	8,285
Assets			26	92	3
Liabilities			$ (134)	$ (679)	$ (862)
Forecast \| Foreign currency forward contracts
Derivative contracts
Loss to be reclassified	$ (84)	$ (38)
Forecast \| Commodity futures contracts
Derivative contracts
Gain (loss) to be reclassified	$ (108)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - OCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	$ (492)	$ (573)	$ 115	$ (2,422)
Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(390)	(795)	(648)	(1,630)
Foreign currency forward contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	(138)	177	252	166
Foreign currency forward contracts \| Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(33)		(33)	67
Commodity futures contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	(354)	(750)	(137)	(2,588)
Commodity futures contracts \| Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	$ (357)	$ (795)	$ (615)	$ (1,697)

Pension Plans - Multi-employer

Pension Plans - Multi-employer (Details) - Multi-employer defined benefit pension plan - USD ($) $ in Thousands	1 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2012	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Sep. 29, 2019	Dec. 31, 2016
Multiemployer Plans [Line Items]
Insolvent period		20 years
Estimated liability upon withdrawal from plan				$ 81,600	$ 82,200	$ 99,800	$ 72,700
Percentage of annual compounded surcharge for rehabilitation		5.00%
Percentage of interim surcharge	5.00%
Pension expense		$ 2,307	$ 2,201	2,836	2,617
Surcharges		$ 738	$ 630	$ 811	$ 656

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 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	$ 758,329	746,840	758,329	746,840
Foreign Currency Derivatives \| Foreign currency forward contracts
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(13)		(309)	51
Other comprehensive earnings (loss) before reclassifications	(105)	134	191	125
Reclassifications from accumulated other comprehensive loss	25		25	(51)
Other comprehensive earnings (loss) net of tax	(80)	134	216	74
Adoption of ASU 2018-02 (See Note 1)		9		9
Balance at the end of the period	(93)	134	(93)	134
Foreign Currency Derivatives \| Commodity futures contracts
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(84)	(685)	(444)	20
Other comprehensive earnings (loss) before reclassifications	(268)	(568)	(104)	(1,961)
Reclassifications from accumulated other comprehensive loss	270	602	466	1,286
Other comprehensive earnings (loss) net of tax	2	34	362	(675)
Adoption of ASU 2018-02 (See Note 1)		4		4
Balance at the end of the period	(82)	(651)	(82)	(651)
Investments
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	494	(2,027)	(1,516)	(889)
Other comprehensive earnings (loss) before reclassifications	278	158	2,288	(812)
Reclassifications from accumulated other comprehensive loss	26		26
Other comprehensive earnings (loss) net of tax	304	158	2,314	(812)
Adoption of ASU 2018-02 (See Note 1)		(168)		(168)
Balance at the end of the period	798	(1,869)	798	(1,869)
Postretirement and Pension Benefits
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	3,629	3,535	4,206	3,289
Reclassifications from accumulated other comprehensive loss	(288)	(250)	(865)	(752)
Other comprehensive earnings (loss) net of tax	(288)	(250)	(865)	(752)
Adoption of ASU 2018-02 (See Note 1)		748		748
Balance at the end of the period	3,341	3,285	3,341	3,285
Foreign Currency Translation
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(23,563)	(24,324)	(24,159)	(24,262)
Other comprehensive earnings (loss) before reclassifications	(353)	1,164	243	1,102
Other comprehensive earnings (loss) net of tax	(353)	1,164	243	1,102
Balance at the end of the period	(23,916)	(23,160)	(23,916)	(23,160)
Accumulated Other Comprehensive Earnings ( Loss )
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(19,537)	(23,501)	(22,222)	(21,791)
Other comprehensive earnings (loss) before reclassifications	(448)	888	2,618	(1,546)
Reclassifications from accumulated other comprehensive loss	33	352	(348)	483
Other comprehensive earnings (loss) net of tax	(415)	1,240	2,270	(1,063)
Adoption of ASU 2018-02 (See Note 1)		593		593
Balance at the end of the period	$ (19,952)	$ (22,261)	$ (19,952)	$ (22,261)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Earnings (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	$ (1,846)	$ (2,987)	$ (10,916)	$ (6,871)
Cost of goods sold	113,108	115,457	244,440	249,247
Total before tax	(37,884)	(33,213)	(65,227)	(57,307)
Tax (expense) benefit	8,038	7,134	14,926	12,657
Net earnings	(29,846)	(26,079)	(50,301)	(44,650)
Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total before tax	44	464	(459)	637
Tax (expense) benefit	(11)	(112)	111	(154)
Net earnings	33	352	(348)	483
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	33		33	(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	$ 357	$ 795	$ 615	$ 1,697
Type of Cost, Good or Service [Extensible List]	Product [Member]	Product [Member]	Product [Member]	Product [Member]
Investments \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	$ 34		$ 34
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)	$ (1,141)	$ (993)

Bank Loans (Details)

Bank Loans (Details) - Spanish Companies	9 Months Ended
Bank Loans (Details) - Spanish Companies	Sep. 30, 2019	Sep. 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	9 Months Ended
Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 411	$ 411
Operating lease payments	746	746
Operating lease right-of-use assets	1,770	1,770
Operating lease liabilities	$ 1,770	$ 1,770
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	$ 236	$ 236
2020	934	934
2021	540	540
2022	60	$ 60
Lessor, Operating Lease, Existence of Option to Extend [true false]		true
Property, plant and equipment, gross	561,666	$ 561,666	$ 547,951	$ 543,177
Lease income	733	$ 2,232
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	$ 36,362	$ 36,362
Depreciation		$ 10,071
Commercial real estate leased to third parties \| Maximum
Lessee, Lease, Description [Line Items]
Lessor, renewal term	60 years	60 years