Tootsie Roll Industries (TR) 10-Q7 Aug 202020 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2020shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
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
Entity Central Index Key	0000098677
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	39,663,934
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	27,024,933

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 106,289	$ 138,960	$ 57,857
Restricted cash	380	380	385
Investments	80,096	100,444	82,703
Accounts receivable trade, less allowances of $1,556, $1,949 and $1,652	30,010	45,044	36,824
Other receivables	4,739	3,418	3,224
Inventories:
Finished goods and work-in-process	64,176	35,909	62,333
Raw materials and supplies	30,678	23,179	30,011
Prepaid expenses	6,341	5,996	7,752
Total current assets	322,709	353,330	281,089
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land	21,651	21,740	21,735
Buildings	122,645	122,843	121,841
Machinery and equipment	414,850	416,625	401,153
Construction in progress	10,484	4,427	11,362
Operating lease right-of-use assets	1,265	1,580	1,258
Property, plant and equipment, gross	570,895	567,215	557,349
Less - accumulated depreciation	386,674	378,760	370,619
Net property, plant and equipment	184,221	188,455	186,730
OTHER ASSETS:
Goodwill	73,237	73,237	73,237
Trademarks	175,024	175,024	175,024
Investments	186,057	153,031	195,359
Split dollar officer life insurance	26,042	26,042	26,042
Prepaid expenses and other assets	6,650	8,056	10,507
Deferred income taxes	561	689	536
Total other assets	467,571	436,079	480,705
Total assets	974,501	977,864	948,524
CURRENT LIABILITIES:
Accounts payable	12,935	12,720	14,326
Bank loans	864	747	686
Dividends payable	6,005	5,861	5,901
Accrued liabilities	40,235	41,611	38,077
Postretirement health care benefits	598	598	580
Operating lease liabilities	1,063	1,062	717
Deferred compensation	17,139	16,945
Income taxes payable	5,353
Total current liabilities	84,192	79,544	60,287
NONCURRENT LIABILITIES:
Deferred income taxes	47,174	47,295	45,001
Postretirement health care benefits	13,247	13,145	12,030
Industrial development bonds	7,500	7,500	7,500
Liability for uncertain tax positions	3,811	4,240	4,001
Operating lease liabilities	202	518	541
Deferred compensation and other liabilities	65,984	65,973	76,539
Total noncurrent liabilities	137,918	138,671	145,612
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Capital in excess of par value	725,605	696,059	710,703
Retained earnings	4,588	40,809	8,121
Accumulated other comprehensive loss	(21,904)	(20,245)	(19,537)
Treasury stock (at cost) - 93, 90 and 90 shares, respectively	(1,992)	(1,992)	(1,992)
Total Tootsie Roll Industries, Inc. shareholders' equity	752,608	759,854	742,804
Noncontrolling interests	(217)	(205)	(179)
Total equity	752,391	759,649	742,625
Total liabilities and shareholders' equity	974,501	977,864	948,524
Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value - 120,000 shares authorized; 39,664, 38,836 and 39,233, respectively, issued. Class B common stock, $.69-4/9 par value - 40,000 shares authorized; 27,025, 26,287 and 26,302, respectively, issued	27,544	26,969	27,245
Class B Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value - 120,000 shares authorized; 39,664, 38,836 and 39,233, respectively, issued. Class B common stock, $.69-4/9 par value - 40,000 shares authorized; 27,025, 26,287 and 26,302, respectively, issued	$ 18,767	$ 18,254	$ 18,264

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Trade accounts receivable, allowances	$ 1,556	$ 1,949	$ 1,652
Treasury stock, shares	93	90	90
Common Stock
Common stock, par value (in dollars per share)	$ 0.6944	$ 0.6944	$ 0.6944
Common stock, shares authorized	120,000	120,000	120,000
Common stock, shares issued	39,664	38,836	39,233
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.6944	$ 0.6944	$ 0.6944
Common stock, shares authorized	40,000	40,000	40,000
Common stock, shares issued	27,025	26,287	26,302

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue		$ 80,641	$ 106,952	$ 184,402	$ 208,929
Costs		50,589	66,221	117,334	131,332
Gross Margin		30,052	40,731	67,068	77,597
Selling, marketing and administrative expenses		29,559	28,216	45,831	59,324
Earnings from operations		493	12,515	21,237	18,273
Other income (loss), net		9,727	3,053	4,233	9,070
Earnings before income taxes		10,220	15,568	25,470	27,343
Provision for income taxes		2,838	4,024	6,112	6,888
Net earnings		7,382	11,544	19,358	20,455
Less: net earnings (loss) attributable to noncontrolling interests		(6)	(12)	(12)	(56)
Net earnings attributable to Tootsie Roll Industries, Inc.		$ 7,388	$ 11,556	$ 19,370	$ 20,511
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share)		$ 0.11	$ 0.17	$ 0.29	$ 0.30
Dividends per share (in dollars per share)	[1]	$ 0.09	$ 0.09	$ 0.18	$ 0.18
Average number of shares outstanding (in shares)		66,671	67,501	66,781	67,664
Retained earnings at beginning of period		$ 3,197	$ 2,459	$ 40,809	$ 33,767
Net earnings attributable to Tootsie Roll Industries, Inc.		7,388	11,556	19,370	20,511
Cash dividends		(5,997)	(5,894)	(11,838)	(11,651)
Stock dividends				(43,753)	(34,506)
Retained earnings at end of period		4,588	8,121	4,588	8,121
Product
Revenue		79,796	106,021	182,599	207,040
Costs		50,379	65,945	116,822	130,801
Gross Margin		29,417	40,076	65,777	76,239
Rental and Royalty
Revenue		845	931	1,803	1,889
Costs		210	276	512	531
Gross Margin		$ 635	$ 655	$ 1,291	$ 1,358

[1]	Does not include 3% stock dividend to shareholders of record on 3/3/20 and 3/5/19.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (Parenthetical)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
Net earnings	$ 7,382	$ 11,544	$ 19,358	$ 20,455
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	610	205	(3,064)	596
Pension and postretirement reclassification adjustments:
Less: reclassification adjustment for (gains) losses to net earnings	(337)	(380)	(675)	(761)
Unrealized gains (losses) on postretirement and pension benefits	(337)	(380)	(675)	(761)
Investments:
Unrealized gains (losses) for the period on investments	3,419	1,185	2,328	2,652
Unrealized gains (losses) on investments	3,419	1,185	2,328	2,652
Derivatives:
Unrealized gains (losses) for the period on derivatives	739	57	(222)	607
Less: reclassification adjustment for (gains) losses to net earnings	169	162	422	258
Unrealized gains (losses) on derivatives	908	219	200	865
Total other comprehensive income (loss), before tax	4,600	1,229	(1,211)	3,352
Income tax benefit (expense) related to items of other comprehensive income	(965)	(248)	(448)	(667)
Total comprehensive earnings	11,017	12,525	17,699	23,140
Comprehensive earnings (loss) attributable to noncontrolling interests	(6)	(12)	(12)	(56)
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc.	$ 11,023	$ 12,537	$ 17,711	$ 23,196

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 19,358	$ 20,455
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation	9,219	9,334
Deferred income taxes	(568)	393
Amortization of marketable security premiums	557	694
Changes in operating assets and liabilities:
Accounts receivable	14,333	13,038
Other receivables	(1,208)	(242)
Inventories	(36,863)	(37,692)
Prepaid expenses and other assets	1,183	1,529
Accounts payable and accrued liabilities	40	(167)
Income taxes payable	5,033	2,750
Postretirement health care benefits	(573)	(602)
Deferred compensation and other liabilities	369	1,531
Net cash provided by operating activities	10,880	11,021
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(6,410)	(9,945)
Purchases of trading securities	(2,438)	(2,641)
Sales of trading securities	380	362
Purchase of available for sale securities	(53,269)	(33,558)
Sale and maturity of available for sale securities	44,466	12,120
Net cash from (used in) investing activities	(17,271)	(33,662)
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares purchased and retired	(12,959)	(19,186)
Dividends paid in cash	(11,853)	(11,699)
Proceeds from bank loans	2,133	1,911
Repayment of bank loans	(2,019)	(1,594)
Net cash used in financing activities	(24,698)	(30,568)
Effect of exchange rate changes on cash	(1,582)	164
Increase (Decrease) in cash and cash equivalents	(32,671)	(53,045)
Cash, cash equivalents and restricted cash at beginning of year	139,340	111,287
Cash, cash equivalents and restricted cash at end of quarter	106,669	58,242
Supplemental cash flow information:
Income taxes paid/(received), net	1,035	4,226
Interest paid	49	65
Stock dividend issued	$ 63,402	$ 70,557

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2020
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, 2019 (the “2019 Form 10-K”). Results of operations for the period ended June 30, 2020 are not necessarily indicative of results to be expected for the year to end December 31, 2020 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. On March 11, 2020, the World Health Organization designated the recent novel coronavirus ("COVID-19") as a global pandemic. We continue to actively monitor COVID-19 and its potential impact on our operations and financial results. We expect Covid-19 to adversely affect net earnings in third quarter 2020 and likely to a lesser extent in fourth quarter 2020 as well. The impact that COVID-19 will have on our consolidated financial statements throughout 2020 remains uncertain and ultimately will be dictated by the length and severity of the pandemic, as well as the economic recovery and federal, state, local and foreign government actions taken in response. The effects of Covid-19 pandemic are unprecedented, and therefore the Company is unable to determine its effects on its sales and net earnings for the balance of 2020. 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 $8,397 and $11,185 in second quarter 2020 and 2019, respectively, and $19,069 and $22,217 in first half 2020 and 2019, 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 its 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 the Company has 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 In June 2016, the FASB issued ASU No. 2016-13, (ASC Topic 326) which replaces the current incurred loss impairment method with a new method that reflects expected credit losses. Subsequent to the issuance of ASC Topic 326, the FASB clarified and amended guidance through several Accounting Standard Updates; hereinafter the collection of credit loss guidance is referred to as “ASC Topic 326”. Under this new guidance an entity would recognize an impairment allowance equal to its current estimate of credit losses on financial assets measured at amortized cost. The Company adopted ASU 2016-13 and related amendments (ASC Topic 326) on January 1, 2020. The adoption of this ASC did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements - Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12 which is designed to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years; this ASU allows for early adoption in any interim period after issuance of the update. The Company is currently assessing the impact this ASU will have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04 which provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard.

Average Shares Outstanding

Average Shares Outstanding	6 Months Ended
Average Shares Outstanding	Jun. 30, 2020
Average Shares Outstanding
Average Shares Outstanding	Note 2 — Average Shares Outstanding The average number of shares outstanding for six months 2020 reflects aggregate stock purchases of 378 shares for $12,959 and a 3% stock dividend of 1,942 shares distributed on April 3, 2020. 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.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2020
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 2016 through 2018. The Company’s consolidated effective income tax rate was 27.8% and 25.8% in second quarter 2020 and 2019, respectively, and 24.0% and 25.2% in first half 2020 and 2019, respectively.

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, 2020
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, 2020 39,769 $ 27,617 27,037 $ 18,776 93 $ (1,992) $ 729,673 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares 12 9 (12) (9) — — — Purchase and retirement of common shares and other (117) (82) — — — — (4,068) Balance at June 30, 2020 39,664 $ 27,544 27,025 $ 18,767 93 $ (1,992) $ 725,605 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 and other (225) (158) - — — — (8,509) Balance at June 30, 2019 39,233 $ 27,245 26,302 $ 18,264 90 $ (1,992) $ 710,703 Balance at December 31, 2019 38,836 $ 26,969 26,287 $ 18,254 90 $ (1,992) $ 696,059 Issuance of 3% stock dividend 1,157 803 786 547 3 — 42,243 Conversion of Class B common shares to common shares 48 34 (48) (34) — — — Purchase and retirement of common shares and other (377) (262) — — — — (12,697) Balance at June 30, 2020 39,664 $ 27,544 27,025 $ 18,767 93 $ (1,992) $ 725,605 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 and other (510) (355) — — — — (18,831) Balance at June 30, 2019 39,233 $ 27,245 26,302 $ 18,264 90 $ (1,992) $ 710,703

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2020
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 are reflected in the hierarchy assessment disclosed in the table below. As of June 30, 2020, December 31, 2019 and June 30, 2019, 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 corporate bonds. The following table presents information about the Company’s financial assets and liabilities measured at fair value as of June 30, 2020, December 31, 2019 and June 30, 2019 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Estimated Fair Value June 30, 2020 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 106,289 $ 106,289 $ - $ - Available for sale securities 187,868 3,169 184,699 - Foreign currency forward contracts 428 - 428 - Commodity futures contracts (94) (94) - - Trading securities 78,285 50,664 27,621 - Total assets measured at fair value $ 372,776 $ 160,028 $ 212,748 $ - Estimated Fair Value December 31, 2019 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 138,960 $ 138,960 $ - $ - Available for sale securities 177,292 3,588 173,704 - Foreign currency forward contracts 14 - 14 - Commodity futures contracts, net 121 121 - - Trading securities 76,183 48,260 27,923 - Total assets measured at fair value $ 392,570 $ 190,929 $ 201,641 $ - 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 45,110 26,265 - Total assets measured at fair value $ 335,790 $ 105,933 $ 229,857 $ - The fair value of the Company’s industrial revenue development bonds at June 30, 2020, December 31, 2019 and June 30, 2019 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, 2020
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 $(199) and $105 of this accumulated comprehensive gain (loss) is expected to be reclassified as a charge to earnings in 2020 and 2021, respectively. Approximately $114, $161 and $153 reported in accumulated other comprehensive gain for foreign currency derivatives are expected to be reclassified to other income, net in 2020, 2021 and 2022, 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, 2020, December 31, 2019 and June 30, 2019: June 30, 2020 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 8,574 $ 428 $ - Commodity futures contracts 7,375 170 (264) Total derivatives $ 598 $ (264) December 31, 2019 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 5,533 $ 14 $ — Commodity futures contracts 7,147 205 (84) Total derivatives $ 219 $ (84) 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) 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, 2020 and June 30, 2019 are as follows: For Quarter Ended June 30, 2020 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 $ 352 $ (169) $ - Commodity futures contracts 387 - - Total $ 739 $ (169) $ - 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 Year to Date Ended June 30, 2020 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 $ 147 $ (267) $ - Commodity futures contracts (369) (155) - Total $ (222) $ (422) $ - 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) $ -

Pension Plans

Pension Plans	6 Months Ended
Pension Plans	Jun. 30, 2020
Pension Plans
Pension Plans	Note 7 — Pension Plans Beginning in 2012, 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”, the “Red Zone”, 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 2012. During 2015, the Company received new notices that the Plan was reclassified to “critical and declining status”, as defined by the PPA and PBGC, for the plan year beginning January 1, 2015. A designation of “critical and declining status” implies that the Plan is expected to become insolvent in the next 20 years . In 2016, the Company received new notices that the Plan’s trustees adopted an updated Rehabilitation Plan effective January 1, 2016, and all annual notices through 2020 have continued to classify the Plan in the “critical and declining status” category. The Company has been advised that its withdrawal liability would have been $99,800, $81,600 and $82,200 if it had withdrawn from the Plan during 2019, 2018 and 2017, 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 2020 and 2019 was $1,504 and $1,548, respectively ($2,961 and $2,836 for twelve months 2019 and 2018, respectively). The aforementioned expense includes surcharges of $530 and $496 for first half 2020 and 2019, respectively ($948 and $811 for twelve months 2019 and 2018, 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)	6 Months Ended
Accumulated Other Comprehensive Earnings (Loss)	Jun. 30, 2020
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, 2020 $ (27,042) $ 55 $ (71) $ (364) $ 1,883 $ (25,539) Other comprehensive earnings (loss) before reclassifications 610 2,592 267 294 - 3,763 Reclassifications from accumulated other comprehensive loss - - 128 - (256) (128) Other comprehensive earnings (loss) net of tax 610 2,592 395 294 (256) 3,635 Balance at June 30, 2020 $ (26,432) $ 2,647 $ 324 $ (70) $ 1,627 $ (21,904) 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 December 31, 2019 $ (23,368) $ 882 $ 10 $ 92 $ 2,139 $ (20,245) Other comprehensive earnings (loss) before reclassifications (3,064) 1,765 112 (280) - (1,467) Reclassifications from accumulated other comprehensive loss - - 202 118 (512) (192) Other comprehensive earnings (loss) net of tax (3,064) 1,765 314 (162) (512) (1,659) Balance at June 30, 2020 $ (26,432) $ 2,647 $ 324 $ (70) $ 1,627 $ (21,904) 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) 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, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Recognized in Earnings Foreign currency derivatives $ 169 $ - $ 267 $ - Other income, net Commodity derivatives - 162 155 258 Product cost of goods sold Postretirement and pension benefits (337) (380) (675) (761) Other income, net Total before tax (168) (218) (253) (503) Tax (expense) benefit 40 53 61 122 Net of tax $ (128) $ (165) $ (192) $ (381)

Restricted Cash

Restricted Cash	6 Months Ended
Restricted Cash	Jun. 30, 2020
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, 2020
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, 2020 and 2019 was 3.0% and 3.0% , respectively.

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2020
Leases
Leases	Note 11 — Leases The Company leases certain buildings, land and equipment that are classified as operating leases. These leases have remaining lease terms of up to approximately 3 years . In the second quarter and first half of 2020 and 2019, operating lease cost and cash paid for operating lease liabilities totaled $258 and $168 , respectively, and $494 and $335 , respectively, which is classified in cash flows from operating activities. As of June 30, 2020 and 2019 , operating lease right-of-use assets and operating lease liabilities were both $1,265 and $1,258 , respectively. The weighted-average remaining lease term related to these operating leases was 1.3 years and 1.9 years as of June 30, 2020 and 2019, respectively. The weighted-average discount rate related to the Company’s operating leases was 3.0% and 3.1% as of June 30, 2020 and 2019, respectively. Maturities of our operating lease liabilities at June 30, 2020 are as follows: $506 in 2020, $666 in 2021, $88 in 2022 and $5 in 2023. The Company, as lessor, rents certain commercial real estate to third party lessees. The cost and accumulated depreciation related to these leased properties were $36,378 and $10,613 , respectively, as of June 30, 2020, and 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 2020 and 2019 was $788 and $751 , respectively, and $1,526 and $1,500 , respectively, and is classified in cash flows from operating activities.

Contingencies

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2020
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. There are also potential claims and employer liability which could result in litigation, including defense costs, relating to the Covid-19 pandemic. 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, 2020
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, 2020 39,769 $ 27,617 27,037 $ 18,776 93 $ (1,992) $ 729,673 Issuance of 3% stock dividend — — — — — — — Conversion of Class B common shares to common shares 12 9 (12) (9) — — — Purchase and retirement of common shares and other (117) (82) — — — — (4,068) Balance at June 30, 2020 39,664 $ 27,544 27,025 $ 18,767 93 $ (1,992) $ 725,605 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 and other (225) (158) - — — — (8,509) Balance at June 30, 2019 39,233 $ 27,245 26,302 $ 18,264 90 $ (1,992) $ 710,703 Balance at December 31, 2019 38,836 $ 26,969 26,287 $ 18,254 90 $ (1,992) $ 696,059 Issuance of 3% stock dividend 1,157 803 786 547 3 — 42,243 Conversion of Class B common shares to common shares 48 34 (48) (34) — — — Purchase and retirement of common shares and other (377) (262) — — — — (12,697) Balance at June 30, 2020 39,664 $ 27,544 27,025 $ 18,767 93 $ (1,992) $ 725,605 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 and other (510) (355) — — — — (18,831) Balance at June 30, 2019 39,233 $ 27,245 26,302 $ 18,264 90 $ (1,992) $ 710,703

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2020
Fair Value Measurements
Schedule of financial assets and liabilities measured at fair value	Estimated Fair Value June 30, 2020 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 106,289 $ 106,289 $ - $ - Available for sale securities 187,868 3,169 184,699 - Foreign currency forward contracts 428 - 428 - Commodity futures contracts (94) (94) - - Trading securities 78,285 50,664 27,621 - Total assets measured at fair value $ 372,776 $ 160,028 $ 212,748 $ - Estimated Fair Value December 31, 2019 Total Input Levels Used Fair Value Level 1 Level 2 Level 3 Cash and cash equivalents $ 138,960 $ 138,960 $ - $ - Available for sale securities 177,292 3,588 173,704 - Foreign currency forward contracts 14 - 14 - Commodity futures contracts, net 121 121 - - Trading securities 76,183 48,260 27,923 - Total assets measured at fair value $ 392,570 $ 190,929 $ 201,641 $ - 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 45,110 26,265 - Total assets measured at fair value $ 335,790 $ 105,933 $ 229,857 $ -

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
Derivative Instruments and Hedging Activities (Tables)	Jun. 30, 2020
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, 2020 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 8,574 $ 428 $ - Commodity futures contracts 7,375 170 (264) Total derivatives $ 598 $ (264) December 31, 2019 Notional Amounts Assets Liabilities Derivatives designated as hedging instruments: Foreign currency forward contracts $ 5,533 $ 14 $ — Commodity futures contracts 7,147 205 (84) Total derivatives $ 219 $ (84) 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)
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, 2020 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 $ 352 $ (169) $ - Commodity futures contracts 387 - - Total $ 739 $ (169) $ - 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 Year to Date Ended June 30, 2020 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 $ 147 $ (267) $ - Commodity futures contracts (369) (155) - Total $ (222) $ (422) $ - 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) $ -

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Loss) (Tables)	6 Months Ended
Accumulated Other Comprehensive Earnings (Loss) (Tables)	Jun. 30, 2020
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, 2020 $ (27,042) $ 55 $ (71) $ (364) $ 1,883 $ (25,539) Other comprehensive earnings (loss) before reclassifications 610 2,592 267 294 - 3,763 Reclassifications from accumulated other comprehensive loss - - 128 - (256) (128) Other comprehensive earnings (loss) net of tax 610 2,592 395 294 (256) 3,635 Balance at June 30, 2020 $ (26,432) $ 2,647 $ 324 $ (70) $ 1,627 $ (21,904) 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 December 31, 2019 $ (23,368) $ 882 $ 10 $ 92 $ 2,139 $ (20,245) Other comprehensive earnings (loss) before reclassifications (3,064) 1,765 112 (280) - (1,467) Reclassifications from accumulated other comprehensive loss - - 202 118 (512) (192) Other comprehensive earnings (loss) net of tax (3,064) 1,765 314 (162) (512) (1,659) Balance at June 30, 2020 $ (26,432) $ 2,647 $ 324 $ (70) $ 1,627 $ (21,904) 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)
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, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Recognized in Earnings Foreign currency derivatives $ 169 $ - $ 267 $ - Other income, net Commodity derivatives - 162 155 258 Product cost of goods sold Postretirement and pension benefits (337) (380) (675) (761) Other income, net Total before tax (168) (218) (253) (503) Tax (expense) benefit 40 53 61 122 Net of tax $ (128) $ (165) $ (192) $ (381)

Significant Accounting Polici_2

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Concentration of Risk
Selling, marketing and administrative expenses	$ 29,559	$ 28,216	$ 45,831	$ 59,324
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	$ 8,397	$ 11,185	$ 19,069	$ 22,217

Average Shares Outstanding (Det

Average Shares Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	Apr. 03, 2020	Apr. 05, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Average Shares Outstanding
Stock purchases (in shares)					378	510
Purchase of common shares					$ 12,959	$ 19,186
Stock dividends (as a percent)			3.00%	3.00%	3.00%	3.00%
Stock dividend shares distributed	1,942	1,914

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Effective income tax rate differs from the statutory rate
Effective income tax rate (as a percent)	27.80%	25.80%	24.00%	25.20%

Share Capital and Capital In _3

Share Capital and Capital In Excess of Par Value (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Changes in share capital and capital in excess of par value
Balance at the beginning of the period			$ 759,649
Purchase and retirement of common shares and other			$ (12,959)	$ (19,186)
Purchase and retirement of common shares and other (in shares)			(378)	(510)
Balance at the end of the period	$ 752,391	$ 742,625	$ 752,391	$ 742,625
Treasury stock, shares	93	90	93	90		90
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)			3	2
Balance at the end of the period	$ (1,992)	$ (1,992)	$ (1,992)	$ (1,992)
Treasury stock, shares	93	90	93	90	93	90	90	88
Capital in Excess of Par Value
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 729,673	$ 719,212	$ 696,059	$ 696,535
Issuance of 3% stock dividend			42,243	32,999
Purchase and retirement of common shares and other	(4,068)	(8,509)	(12,697)	(18,831)
Balance at the end of the period	725,605	710,703	725,605	710,703
Class B Common Stock \| Common Stock.
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 18,776	$ 18,293	$ 18,254	$ 17,767
Balance at the beginning of the period (in shares)	27,037	26,342	26,287	25,584
Issuance of 3% stock dividend			$ 547	$ 532
Issuance of 3% stock dividend (in shares)			786	767
Conversion of Class B common shares to common shares	$ (9)	$ (29)	$ (34)	$ (35)
Conversion of Class B common shares to common shares (in shares)	(12)	(40)	(48)	(49)
Balance at the end of the period	$ 18,767	$ 18,264	$ 18,767	$ 18,264
Balance at the end of the period (in shares)	27,025	26,302	27,025	26,302
Common Stock \| Common Stock.
Changes in share capital and capital in excess of par value
Balance at the beginning of the period	$ 27,617	$ 27,374	$ 26,969	$ 26,767
Balance at the beginning of the period (in shares)	39,769	39,418	38,836	38,544
Issuance of 3% stock dividend			$ 803	$ 798
Issuance of 3% stock dividend (in shares)			1,157	1,150
Conversion of Class B common shares to common shares	$ 9	$ 29	$ 34	$ 35
Conversion of Class B common shares to common shares (in shares)	12	40	48	49
Purchase and retirement of common shares and other	$ (82)	$ (158)	$ (262)	$ (355)
Purchase and retirement of common shares and other (in shares)	(117)	(225)	(377)	(510)
Balance at the end of the period	$ 27,544	$ 27,245	$ 27,544	$ 27,245
Balance at the end of the period (in shares)	39,664	39,233	39,664	39,233

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Fair value measurements
Cash and cash equivalents	$ 106,289	$ 138,960	$ 57,857
Fair value measured on a recurring basis
Fair value measurements
Cash and cash equivalents	106,289	138,960	57,857
Available for sale securities	187,868	177,292	206,687
Trading securities	78,285	76,183	71,375
Total assets measured at fair value	372,776	392,570	335,790
Fair value measured on a recurring basis \| Foreign currency forward contracts
Fair value measurements
Derivative instruments, net	428	14	(17)
Fair value measured on a recurring basis \| Commodity futures contracts
Fair value measurements
Derivative instruments, net	(94)	121	(112)
Fair value measured on a recurring basis \| Level 1
Fair value measurements
Cash and cash equivalents	106,289	138,960	57,857
Available for sale securities	3,169	3,588	3,078
Trading securities	50,664	48,260	45,110
Total assets measured at fair value	160,028	190,929	105,933
Fair value measured on a recurring basis \| Level 1 \| Commodity futures contracts
Fair value measurements
Derivative instruments, net	(94)	121	(112)
Fair value measured on a recurring basis \| Level 2
Fair value measurements
Available for sale securities	184,699	173,704	203,609
Trading securities	27,621	27,923	26,265
Total assets measured at fair value	212,748	201,641	229,857
Fair value measured on a recurring basis \| Level 2 \| Foreign currency forward contracts
Fair value measurements
Derivative instruments, net	$ 428	$ 14	$ (17)

Fair Value Measurements - Bonds

Fair Value Measurements - Bonds (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
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, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Derivatives designated as hedging instruments:
Derivative contracts
Assets				$ 598	$ 219	$ 120
Liabilities				(264)	(84)	(249)
Derivatives designated as hedging instruments: \| Foreign currency forward contracts
Derivative contracts
Notional Amounts				8,574	5,533	11,050
Assets				428	14
Liabilities						(17)
Derivatives designated as hedging instruments: \| Commodity futures contracts
Derivative contracts
Notional Amounts				7,375	7,147	6,911
Assets				170	205	120
Liabilities				$ (264)	$ (84)	$ (232)
Forecast \| Foreign currency forward contracts
Derivative contracts
Gain to be reclassified	$ 153	$ 161	$ 114
Forecast \| Commodity futures contracts
Derivative contracts
Gain (loss) to be reclassified		$ 105	$ (199)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - OCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	$ 739	$ 57	$ (222)	$ 607
Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(169)	(162)	(422)	(258)
Foreign currency forward contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	352	180	147	390
Foreign currency forward contracts \| Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings	(169)		(267)
Commodity futures contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI	$ 387	(123)	(369)	217
Commodity futures contracts \| Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings		$ (162)	$ (155)	$ (258)

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, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension Plans
Insolvent period		20 years
Estimated liability upon withdrawal from plan				$ 99,800	$ 81,600	$ 82,200
Percentage of annual compounded surcharge for rehabilitation		5.00%
Percentage of interim surcharge	5.00%
Pension expense		$ 1,504	$ 1,548	2,961	2,836
Surcharges		$ 530	$ 496	$ 948	$ 811

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period			$ 759,854
Balance at the end of the period	$ 752,608	$ 742,804	752,608	$ 742,804
Foreign Currency Translation
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(27,042)	(23,768)	(23,368)	(24,159)
Other comprehensive earnings (loss) before reclassifications	610	205	(3,064)	596
Other comprehensive earnings (loss) net of tax	610	205	(3,064)	596
Balance at the end of the period	(26,432)	(23,563)	(26,432)	(23,563)
Investments
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	55	(404)	882	(1,516)
Other comprehensive earnings (loss) before reclassifications	2,592	898	1,765	2,010
Other comprehensive earnings (loss) net of tax	2,592	898	1,765	2,010
Balance at the end of the period	2,647	494	2,647	494
Foreign Currency Derivatives
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(71)	(150)	10	(309)
Other comprehensive earnings (loss) before reclassifications	267	137	112	296
Reclassifications from accumulated other comprehensive loss	128		202
Other comprehensive earnings (loss) net of tax	395	137	314	296
Balance at the end of the period	324	(13)	324	(13)
Commodity Derivatives
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(364)	(114)	92	(444)
Other comprehensive earnings (loss) before reclassifications	294	(94)	(280)	164
Reclassifications from accumulated other comprehensive loss		124	118	196
Other comprehensive earnings (loss) net of tax	294	30	(162)	360
Balance at the end of the period	(70)	(84)	(70)	(84)
Postretirement and Pension Benefits
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	1,883	3,918	2,139	4,206
Reclassifications from accumulated other comprehensive loss	(256)	(289)	(512)	(577)
Other comprehensive earnings (loss) net of tax	(256)	(289)	(512)	(577)
Balance at the end of the period	1,627	3,629	1,627	3,629
Accumulated Other Comprehensive Earnings ( Loss )
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period	(25,539)	(20,518)	(20,245)	(22,222)
Other comprehensive earnings (loss) before reclassifications	3,763	1,146	(1,467)	3,066
Reclassifications from accumulated other comprehensive loss	(128)	(165)	(192)	(381)
Other comprehensive earnings (loss) net of tax	3,635	981	(1,659)	2,685
Balance at the end of the period	$ (21,904)	$ (19,537)	$ (21,904)	$ (19,537)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Earnings (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	$ (9,727)	$ (3,053)	$ (4,233)	$ (9,070)
Cost of goods sold	50,589	66,221	117,334	131,332
Total before tax	(10,220)	(15,568)	(25,470)	(27,343)
Tax expense (benefit)	2,838	4,024	6,112	6,888
Net of tax	(7,382)	(11,544)	(19,358)	(20,455)
Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total before tax	(168)	(218)	(253)	(503)
Tax expense (benefit)	40	53	61	122
Net of tax	(128)	(165)	(192)	(381)
Foreign Currency Derivatives \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net	169		267
Commodity Derivatives \| Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cost of goods sold		$ 162	$ 155	$ 258
Type of Cost, Good or Service [Extensible List]		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	$ (337)	$ (380)	$ (675)	$ (761)

Bank Loans (Details)

Bank Loans (Details) - Spanish Companies	6 Months Ended
Bank Loans (Details) - Spanish Companies	Jun. 30, 2020	Jun. 30, 2019
Bank Loans
Weighted interest rate (as a percent)	3.00%	3.00%
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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 258	$ 168	$ 258	$ 168
Operating lease payments	494	335	494	335
Operating lease right-of-use assets	1,265	1,258	1,265	1,258	$ 1,580
Operating lease liabilities	$ 1,265	$ 1,258	$ 1,265	$ 1,258
Weighted average remaining lease term	1 year 3 months 18 days	1 year 10 months 24 days	1 year 3 months 18 days	1 year 10 months 24 days
Weighted average discount rate	3.00%	3.10%	3.00%	3.10%
2020	$ 506		$ 506
2021	666		666
2022	88		88
2023	5		$ 5
Lessor, Operating Lease, Existence of Option to Extend [true false]			true
Property, plant and equipment, gross	570,895	$ 557,349	$ 570,895	$ 557,349	$ 567,215
Lease income	788	751	$ 1,526	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	$ 36,378	$ 36,385	$ 36,378	36,385
Depreciation			$ 10,613	$ 9,890
Commercial real estate leased to third parties \| Maximum
Lessee, Lease, Description [Line Items]
Lessor, renewal term	60 years		60 years