Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | WEYCO GROUP INC | ||
Entity Central Index Key | 106,532 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 196,652,000 | ||
Trading Symbol | WEYS | ||
Entity Common Stock, Shares Outstanding | 10,694,312 |
CONSOLIDATED STATEMENTS OF EARN
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $ 320,617 | $ 320,488 | $ 300,284 |
Cost of sales | 199,008 | 197,420 | 182,971 |
Gross earnings | 121,609 | 123,068 | 117,313 |
Selling and administrative expenses | 91,824 | 92,411 | 89,558 |
Earnings from operations | 29,785 | 30,657 | 27,755 |
Interest income | 936 | 1,174 | 1,461 |
Interest expense | (181) | (178) | (384) |
Other expense, net | (1,425) | (595) | (653) |
Earnings before provision for income taxes | 29,115 | 31,058 | 28,179 |
Provision for income taxes | 10,962 | 11,234 | 9,930 |
Net earnings | 18,153 | 19,824 | 18,249 |
Net (loss) earnings attributable to noncontrolling interest | (59) | 804 | 648 |
Net earnings attributable to Weyco Group, Inc. | $ 18,212 | $ 19,020 | $ 17,601 |
Earnings per share | |||
Basic (in dollars per share) | $ 1.69 | $ 1.76 | $ 1.63 |
Diluted (in dollars per share) | $ 1.68 | $ 1.75 | $ 1.62 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net earnings | $ 18,153 | $ 19,824 | $ 18,249 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustments | (3,411) | (2,374) | (2,456) |
Pension liability adjustments | 2,360 | (6,648) | 4,707 |
Other comprehensive (loss) income | (1,051) | (9,022) | 2,251 |
Comprehensive income | 17,102 | 10,802 | 20,500 |
Comprehensive (loss) income attributable to noncontrolling interest | (673) | 390 | (193) |
Comprehensive income attributable to Weyco Group, Inc. | $ 17,775 | $ 10,412 | $ 20,693 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Cash and cash equivalents | $ 17,926 | $ 12,499 |
Marketable securities, at amortized cost | 4,522 | 5,914 |
Accounts receivable, less allowances of $2,257 and $2,384, respectively | 54,009 | 55,100 |
Inventories | 97,184 | 69,015 |
Prepaid expenses and other current assets | 5,835 | 7,521 |
Total current assets | 179,476 | 150,049 |
Marketable securities, at amortized cost | 20,685 | 24,540 |
Deferred income tax benefits | 0 | 1,999 |
Property, plant and equipment, net | 31,833 | 33,694 |
Goodwill | 11,112 | 11,112 |
Trademarks | 34,748 | 34,748 |
Other assets | 21,143 | 21,304 |
Total assets | 298,997 | 277,446 |
LIABILITIES AND EQUITY: | ||
Short-term borrowings | 26,649 | 5,405 |
Accounts payable | 13,339 | 15,657 |
Dividend payable | 2,147 | 2,045 |
Accrued liabilities: | ||
Wages, salaries and commissions | 3,134 | 3,252 |
Taxes other than income taxes | 1,111 | 1,134 |
Other | 13,239 | 8,366 |
Accrued income tax payable | 31 | 151 |
Deferred income tax liabilities | 1,537 | 1,747 |
Total current liabilities | 61,187 | 37,757 |
Deferred income tax liabilities | 70 | 0 |
Long-term pension liability | 30,188 | 33,379 |
Other long-term liabilities | $ 2,823 | $ 8,356 |
Commitments (Note 13) | ||
Equity: | ||
Common stock, $1.00 par value, authorized 24,000,000 shares in 2015 and 2014, issued and outstanding 10,767,389 shares in 2015 and 10,821,140 shares in 2014 | $ 10,767 | $ 10,821 |
Capital in excess of par value | 45,759 | 37,966 |
Reinvested earnings | 160,325 | 160,179 |
Accumulated other comprehensive loss | (18,467) | (18,030) |
Total Weyco Group, Inc. equity | 198,384 | 190,936 |
Noncontrolling interest | 6,345 | 7,018 |
Total equity | 204,729 | 197,954 |
Total liabilities and equity | $ 298,997 | $ 277,446 |
CONSOLIDATED BALANCE SHEETS _Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, reserves (in dollars) | $ 2,257 | $ 2,384 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common Stock, Shares Authorized | 24,000,000 | 24,000,000 |
Common Stock, Shares, Issued | 10,767,389 | 10,821,140 |
Common Stock, Shares, Outstanding | 10,767,389 | 10,821,140 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Reinvested Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] |
Balance at Dec. 31, 2012 | $ 10,831 | $ 26,184 | $ 149,664 | $ (12,514) | $ 7,224 | |
Net earnings | $ 18,249 | 0 | 0 | 17,601 | 0 | 648 |
Foreign currency translation adjustments | (2,456) | 0 | 0 | 0 | (1,615) | (841) |
Pension liability adjustment, net of tax | (4,707) | 0 | 0 | 0 | 4,707 | 0 |
Cash dividends declared | 0 | 0 | (5,854) | 0 | 0 | |
Cash dividends paid to noncontrolling interest of subsidiary | 0 | 0 | 0 | 0 | (205) | |
Stock options exercised | 220 | 3,712 | 0 | 0 | 0 | |
Issuance of restricted stock | 20 | (20) | 0 | 0 | 0 | |
Stock-based compensation expense | 0 | 1,283 | 0 | 0 | 0 | |
Income tax benefit from stock options exercised and vesting of restricted stock | 0 | 570 | 0 | 0 | 0 | |
Shares purchased and retired | (195) | 0 | (4,428) | 0 | 0 | |
Balance at Dec. 31, 2013 | 10,876 | 31,729 | 156,983 | (9,422) | 6,826 | |
Net earnings | 19,824 | 0 | 0 | 19,020 | 0 | 804 |
Foreign currency translation adjustments | (2,374) | 0 | 0 | 0 | (1,960) | (414) |
Pension liability adjustment, net of tax | 6,648 | 0 | 0 | 0 | (6,648) | 0 |
Cash dividends declared | 0 | 0 | (8,137) | 0 | 0 | |
Cash dividends paid to noncontrolling interest of subsidiary | 0 | 0 | 0 | 0 | (198) | |
Stock options exercised | 218 | 4,663 | 0 | 0 | 0 | |
Issuance of restricted stock | 24 | (24) | 0 | 0 | 0 | |
Stock-based compensation expense | 0 | 1,465 | 0 | 0 | 0 | |
Income tax benefit from stock options exercised and vesting of restricted stock | 0 | 133 | 0 | 0 | 0 | |
Shares purchased and retired | (297) | 0 | (7,687) | 0 | 0 | |
Balance at Dec. 31, 2014 | 197,954 | 10,821 | 37,966 | 160,179 | (18,030) | 7,018 |
Net earnings | 18,153 | 0 | 0 | 18,212 | 0 | (59) |
Foreign currency translation adjustments | (3,411) | 0 | 0 | 0 | (2,797) | (614) |
Pension liability adjustment, net of tax | (2,360) | 0 | 0 | 0 | 2,360 | 0 |
Cash dividends declared | 0 | 0 | (8,563) | 0 | 0 | |
Stock options exercised | 279 | 5,865 | 0 | 0 | 0 | |
Issuance of restricted stock | 22 | (22) | 0 | 0 | 0 | |
Stock-based compensation expense | 0 | 1,559 | 0 | 0 | 0 | |
Income tax benefit from stock options exercised and vesting of restricted stock | 0 | 391 | 0 | 0 | 0 | |
Shares purchased and retired | (355) | 0 | (9,503) | 0 | 0 | |
Balance at Dec. 31, 2015 | $ 204,729 | $ 10,767 | $ 45,759 | $ 160,325 | $ (18,467) | $ 6,345 |
CONSOLIDATED STATEMENTS OF EQU7
CONSOLIDATED STATEMENTS OF EQUITY [Parenthetical] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension liability adjustment, net of tax (in dollars) | $ 1,509 | $ 4,250 | $ 3,010 |
Cash dividends declared (in dollars per share) | $ 0.79 | $ 0.75 | $ 0.54 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings | $ 18,153 | $ 19,824 | $ 18,249 |
Adjustments to reconcile net earnings to net cash (used for) provided by operating activities - | |||
Depreciation | 3,612 | 3,659 | 3,962 |
Amortization | 426 | 361 | 272 |
Bad debt expense | 235 | 240 | 132 |
Deferred income taxes | 346 | 1,115 | 1,268 |
Net (gains) losses on remeasurement of contingent consideration | (458) | 611 | 24 |
Net foreign currency transaction losses | 961 | 268 | 279 |
Stock-based compensation | 1,559 | 1,465 | 1,283 |
Pension contributions | (2,633) | (1,300) | (1,282) |
Pension expense | 3,699 | 2,212 | 3,737 |
Other-than-temporary investment impairment | 0 | 0 | 200 |
Increase in cash surrender value of life insurance | (573) | (552) | (540) |
Changes in operating assets and liabilities - | |||
Accounts receivable | 1,009 | (6,787) | 421 |
Inventories | (28,282) | (5,807) | 2,048 |
Prepaid expenses and other assets | 2,237 | (901) | (295) |
Accounts payable | (2,326) | 1,626 | 2,846 |
Accrued liabilities and other | (3,587) | 604 | (2,858) |
Accrued income taxes | (105) | 1,205 | 80 |
Net cash (used for) provided by operating activities | (5,727) | 17,843 | 29,826 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of marketable securities | (3,033) | (8,427) | (122) |
Proceeds from maturities of marketable securities | 8,191 | 8,177 | 13,968 |
Life insurance premiums paid | (155) | (155) | (155) |
Investment in real estate | 0 | 0 | (3,206) |
Purchase of property, plant and equipment | (2,481) | (2,890) | (2,699) |
Net cash provided by (used for) investing activities | 2,522 | (3,295) | 7,786 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cash dividends paid | (8,452) | (8,029) | (3,904) |
Cash dividends paid to noncontrolling interest of subsidiary | 0 | (198) | (205) |
Shares purchased and retired | (9,858) | (7,984) | (4,623) |
Proceeds from stock options exercised | 6,144 | 4,881 | 3,932 |
Payment of contingent consideration | 0 | 0 | (1,270) |
Proceeds from bank borrowings | 160,534 | 101,200 | 11,000 |
Repayments of bank borrowings | (139,290) | (107,795) | (44,000) |
Income tax benefits from stock-based compensation | 391 | 133 | 570 |
Net cash provided by (used for) financing activities | 9,469 | (17,792) | (38,500) |
Effect of exchange rate changes on cash and cash equivalents | (837) | (226) | (431) |
Net increase (decrease) in cash and cash equivalents | 5,427 | (3,470) | (1,319) |
CASH AND CASH EQUIVALENTS at beginning of year | 12,499 | 15,969 | 17,288 |
CASH AND CASH EQUIVALENTS at end of year | 17,926 | 12,499 | 15,969 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Income taxes paid, net of refunds | 10,341 | 8,875 | 7,807 |
Interest paid | $ 181 | $ 127 | $ 335 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | 1. NATURE OF OPERATIONS Weyco Group, Inc. designs and markets quality and innovative footwear for men, women and children under a portfolio of well-recognized brand names including: “Florsheim,” “Nunn Bush,” “Stacy Adams,” “BOGS,” “Rafters,” and “Umi.” Inventory is purchased from third-party overseas manufacturers. The majority of foreign-sourced purchases are denominated in U.S. dollars. The Company has two reportable segments, North American wholesale operations (“wholesale”) and North American retail operations (“retail”). In the wholesale segment, the Company’s products are sold to leading footwear, department and specialty stores primarily in the United States and Canada. The Company also has licensing agreements with third parties who sell its branded apparel, accessories and specialty footwear in the United States, as well as its footwear in Mexico and certain markets overseas. Licensing revenues are included in the Company’s wholesale segment. The Company’s retail segment consisted of 13 Company-owned retail stores and an internet business in the United States as of December 31, 2015. Sales in retail outlets are made directly to consumers by Company employees. The Company’s “other” operations include the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific (collectively, “Florsheim Australia”) and Europe (“Florsheim Europe”). The majority of the Company’s operations are in the United States, and its results are primarily affected by the economic conditions and retail environment in the United States. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, and include all of the Company’s majority-owned subsidiaries. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ materially from those estimates. The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. At December 31, 2015 and 2014, the Company’s cash and cash equivalents included investments in money market accounts and cash deposits at various banks. The Company periodically has cash balances in excess of insured amounts. The Company has not experienced any losses on deposits in excess of insured amounts. All of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments Debt and Equity Securities Trade accounts receivable arise from the sale of products on trade credit terms. On a quarterly basis, the Company reviews all significant accounts with past due balances, as well as the collectability of other outstanding trade accounts receivable for possible write-off. It is the Company’s policy to write-off accounts receivable against the allowance account when receivables are deemed to be uncollectible. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses in the accounts receivable balances. The Company determines the allowance based on known troubled accounts, historical experience and other evidence currently available. Inventories are valued at cost, which is not in excess of market value. The majority of inventories are determined on a last-in, first-out (“LIFO”) basis. Inventory costs include the cost of shoes purchased from third-party manufacturers, as well as related freight and duty costs. The Company generally takes title to product at the time of shipping. See Note 5. Property, plant and equipment are stated at cost. Plant and equipment are depreciated using primarily the straight-line method over their estimated useful lives as follows: buildings and improvements, 10 to 39 years; machinery and equipment, 3 to 5 years; furniture and fixtures, 5 to 7 years. For income tax reporting purposes, depreciation is calculated using applicable methods. Property, plant and equipment are reviewed for impairment in accordance with ASC 360, Property, Plant and Equipment Goodwill represents the excess of the purchase price over the estimated fair value of the underlying assets acquired and liabilities assumed in the acquisition of a business. Goodwill is not subject to amortization. Other intangible assets consist of trademarks, customer relationships, and a non-compete agreement. Intangible assets with definite lives are amortized over their estimated useful lives. Intangible assets which are not amortized are reviewed for impairment annually and whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. See Note 7. Life insurance policies are recorded at the amount that could be realized under the insurance contracts as of the balance sheet date. These assets are included within other assets in the Consolidated Balance Sheets. See Note 8. The Company recorded its estimate of the fair value of the contingent consideration within accrued liabilities as of December 31, 2015 and other long-term liabilities as of December 31, 2014, in the Consolidated Balance Sheets. On a quarterly basis, the Company revalues the liability and records increases or decreases in its fair value as an adjustment to earnings. Changes to the contingent consideration liability can result from adjustments to the discount rate, accretion of the discount due to the passage of time, or changes in the actual or projected future performance of Bogs. The assumptions used to determine the fair value of contingent consideration include a significant amount of judgment, and any changes in the assumptions could have a material impact on the amount of contingent consideration expense or income recorded in a given period. See Note 10. Deferred income taxes are provided on temporary differences arising from differences in the basis of assets and liabilities for income tax and financial reporting purposes. See Note 12. The Company’s noncontrolling interest is accounted for under ASC 810, Consolidation In accordance with the subscription agreement entered into in connection with the acquisition of Florsheim Australia in January 2009, the Company’s equity interest in Florsheim Australia decreases from 60% to 51% of equity issued under the subscription agreement as intercompany loans are paid in accordance with their terms. To date, the Company’s equity interest in Florsheim Australia has decreased from 60% to 55% and the noncontrolling shareholder’s interest has increased from 40% to 45%. This change is reflected in the Consolidated Statements of Equity. Revenue from the sale of product is recognized when title and risk of loss transfers to the customer and the customer is obligated to pay the Company. Sales to independent dealers are recorded at the time of shipment to those dealers. Sales through Company-owned retail outlets are recorded at the time of delivery to retail customers. All product sales are recorded net of estimated allowances for returns and discounts. The Company’s estimates of allowances for returns and discounts are based on such factors as specific customer situations, historical experience, and current and expected economic conditions. The Company evaluates the reserves and the estimation process and makes adjustments when appropriate. Revenue from third-party licensing agreements is recognized in the period earned. Licensing revenues were $3.6 million for 2015, and $3.2 million for each of 2014 and 2013. The Company classifies shipping and handling fees billed to customers as revenues. Shipping and handling expenses incurred by the Company are included in selling and administrative expenses in the Consolidated Statements of Earnings. Wholesale segment shipping and handling expenses totaled $1.9 million in 2015, $2.4 million in 2014, and $2.7 million in 2013. Retail segment shipping and handling expenses, which result primarily from the Company’s shipments to its U.S. internet consumers, totaled $1.2 million in 2015, $1.1 million in 2014, and $760,000 in 2013. The Company’s cost of sales includes the cost of products and inbound freight and duty costs. Selling and administrative expenses primarily include salaries and commissions, advertising costs, employee benefit costs, distribution costs (e.g., receiving, inspection and warehousing costs), rent and depreciation. Distribution costs included in selling and administrative expenses were $11.3 million in 2015, $11.0 million in 2014, and $10.8 million in 2013. Advertising costs are expensed as incurred. Total advertising costs were $12.8 million, $10.5 million, and $11.4 million in 2015, 2014 and 2013, respectively. All advertising expenses are included in selling and administrative expenses with the exception of co-op advertising expenses which are recorded as a reduction of net sales. Co-op advertising expenses, which are included in the above totals, reduced net sales by $4.2 million, $3.5 million, and $4.3 million in 2015, 2014 and 2013, respectively. The Company accounts for currency translations in accordance with ASC 830, Foreign Currency Matters Gains and losses from foreign currency transactions are included in other expense, net, in the Consolidated Statements of Earnings. Net foreign currency transaction losses totaled approximately $961,000 in 2015, $268,000 in 2014, and $279,000 in 2013. At December 31, 2015, the Company had forward exchange contracts outstanding to sell $3.0 million Canadian dollars at a price of approximately $2.3 million dollars. Additionally, the Company’s majority-owned subsidiary, Florsheim Australia, had forward exchange contracts outstanding to buy $6.6 million U.S. dollars at a price of approximately $9.3 million Australian dollars. These contracts all expire in 2016. Based on year-end exchange rates, there were no significant unrealized gains or losses on the outstanding contracts. In 2015, the Company recorded realized gains of approximately $1.4 million related to forward exchange contracts. In 2014 and 2013, there were no significant realized gains or losses related to forward exchange contracts. Basic earnings per share excludes any dilutive effects of restricted stock and options to purchase common stock. Diluted earnings per share includes any dilutive effects of restricted stock and options to purchase common stock. See Note 15. Comprehensive income includes net earnings and changes in accumulated other comprehensive loss. Comprehensive income is reported in the Consolidated Statements of Comprehensive Income. The components of accumulated other comprehensive loss as recorded on the accompanying Consolidated Balance Sheets were as follows: 2015 2014 (Dollars in thousands) Foreign currency translation adjustments $ (5,691) $ (2,894 ) Pension liability, net of tax (12,776 ) (15,136 ) Total accumulated other comprehensive loss $ (18,467) $ (18,030 ) The noncontrolling interest as recorded in the Consolidated Balance Sheets at December 31, 2015 and 2014, included foreign currency translation adjustments of approximately ($1,061,000) and ($447,000), respectively. The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the year ended December 31, 2015 (dollars in thousands): Foreign Defined Total Balance, December 31, 2013 $ (934 ) $ (8,488 ) $ (9,422 ) Other comprehensive loss before reclassifications (1,960 ) (7,079 ) (9,039 ) Amounts reclassified from accumulated other comprehensive loss 431 431 Net current period other comprehensive loss (1,960 ) (6,648 ) (8,608 ) Balance, December 31, 2014 $ (2,894 ) $ (15,136 ) $ (18,030 ) Other comprehensive (loss) income before reclassifications (2,797 ) 1,285 (1,512 ) Amounts reclassified from accumulated other comprehensive loss 1,075 1,075 Net current period other comprehensive (loss) income (2,797 ) 2,360 (437 ) Balance, December 31, 2015 $ (5,691 ) $ (12,776 ) $ (18,467 ) The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2015 and 2014 (dollars in thousands): Amounts reclassified from Affected line 2015 2014 Amortization of defined benefit pension items Prior service cost $ (112) $ (112 ) (1) Actuarial losses 1,874 818 (1) Total before tax 1,762 706 Tax benefit (687 ) (275 ) Net of tax $ 1,075 $ 431 (1) These amounts were included in the computation of net periodic pension cost. See Note 11 for additional details. At December 31, 2015, the Company had two stock-based employee compensation plans, which are described more fully in Note 17. The Company accounts for these plans under the recognition and measurement principles of ASC 718, Compensation Stock Compensation The Company had no individual customer accounts receivable balances outstanding at December 31, 2015 and 2014 that represented more than 10% of the Company’s gross accounts receivable balance. Additionally, there were no single customers with sales above 10% of the Company’s total sales in 2015, 2014 and 2013. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 “ Leases (Topic 842), In November 2015, the FASB issued ASU No. 2015-17 “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” In August 2015, the FASB issued ASU 2015-04 “ Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 3. FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurements and Disclosures Level 1 unadjusted quoted market prices in active markets for identical assets or liabilities that are publicly accessible. Level 2 quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 unobservable inputs that reflect the Company’s assumptions, consistent with reasonably available assumptions made by other market participants. The carrying amounts of all short-term financial instruments, except marketable securities and forward exchange contracts, approximate fair value due to the short-term nature of those instruments. Marketable securities are carried at amortized cost. The fair value disclosures of marketable securities are Level 2 valuations as defined by ASC 820, consisting of quoted prices for identical or similar assets in markets that are not active. See Note 4. Forward exchange contracts are carried at fair value. The fair value measurements of forward exchange contracts are based on observable market transactions of spot and forward rates, and thus represent level 2 valuations as defined by ASC 820. The Company’s contingent consideration is measured at fair value. See Note 10. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Cost and Equity Method Investments Disclosure [Text Block] | 4. INVESTMENTS Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of December 31, 2015 and 2014. The estimated market values provided are Level 2 valuations as defined by ASC 820. 2015 2014 Amortized Market Amortized Market (Dollars in thousands) Municipal bonds: Current $ 4,522 $ 4,546 $ 5,914 $ 6,006 Due from one through five years 12,395 13,057 14,398 15,204 Due from six through ten years 6,929 7,217 9,337 9,711 Due from eleven through twenty years 1,361 1,391 805 762 Total $ 25,207 $ 26,211 $ 30,454 $ 31,683 The unrealized gains and losses on investment securities at December 31, 2015 and 2014 were as follows: 2015 2014 Unrealized Unrealized Unrealized Unrealized (Dollars in thousands) Municipal bonds $ 1,014 $ (10) $ 1,279 $ (50 ) At each reporting date, the Company reviews its investments to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. To determine whether a decline in value is other-than-temporary, the Company considers all available evidence, including the issuer’s financial condition, the severity and duration of the decline in fair value, and the Company’s intent and ability to hold the investment for a reasonable period of time sufficient for any forecasted recovery. If a decline in value is deemed other-than-temporary, the Company records a reduction in the carrying value to the estimated fair value. The Company determined that no other-than-temporary impairment exists for the year ended December 31, 2015. In 2013, the Company concluded that the unrealized loss on one of its municipal bonds was other-than-temporary. Accordingly, the Company wrote the bond down to fair value and recorded an impairment loss of $200,000. This loss was recorded within other expense, net, in the 2013 Consolidated Statements of Earnings. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 5. INVENTORIES At December 31, 2015 and 2014, inventories consisted of: 2015 2014 (Dollars in thousands) Finished shoes $ 116,177 $ 87,203 LIFO reserve (18,993 ) (18,188 ) Total inventories $ 97,184 $ 69,015 Finished shoes included inventory in-transit of $38.1 million and $25.9 million as of December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, approximately 91% of the Company’s inventories were valued by the LIFO method of accounting while approximately 9% were valued by the first-in, first-out (“FIFO”) method of accounting. During 2015, there were no liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2015 purchases. During 2014, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2014 purchases. The effect of the liquidation decreased cost of goods sold by $151,000 in 2014. During 2013, there were liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years as compared to the cost of fiscal 2013 purchases. The effect of the liquidation decreased cost of goods sold by $64,000 in 2013. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6. PROPERTY, PLANT AND EQUIPMENT, NET At December 31, 2015 and 2014, property, plant and equipment consisted of: 2015 2014 (Dollars in thousands) Land and land improvements $ 3,706 $ 3,706 Buildings and improvements 26,912 26,900 Machinery and equipment 27,142 25,816 Retail fixtures and leasehold improvements 11,232 12,259 Construction in progress 24 18 Property, plant and equipment 69,016 68,699 Less: Accumulated depreciation (37,183 ) (35,005 ) Property, plant and equipment, net $ 31,833 $ 33,694 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. INTANGIBLE ASSETS Weighted December 31, 2015 Gross Accumulated Net (Dollars in thousands) Indefinite-lived intangible assets: Goodwill $ 11,112 $ $ 11,112 Trademarks 34,748 34,748 Total indefinite-lived intangible assets $ 45,860 $ $ 45,860 Amortizable intangible assets: Non-compete agreement 5 $ 200 $ (193 ) $ 7 Customer relationships 15 3,500 (1,128 ) 2,372 Total amortizable intangible assets $ 3,700 $ (1,321 ) $ 2,379 Weighted December 31, 2014 Gross Accumulated Net (Dollars in thousands) Indefinite-lived intangible assets: Goodwill $ 11,112 $ $ 11,112 Trademarks 34,748 34,748 Total indefinite-lived intangible assets $ 45,860 $ $ 45,860 Amortizable intangible assets: Non-compete agreement 5 $ 200 $ (153 ) $ 47 Customer relationships 15 3,500 (894 ) 2,606 Total amortizable intangible assets $ 3,700 $ (1,047 ) $ 2,653 The amortizable intangible assets are included within other assets in the Consolidated Balance Sheets. See Note 8. The Company performs impairment tests for goodwill and trademarks on an annual basis and more frequently if an event or changes in circumstances indicate that their carrying values may not be recoverable. Conditions that would trigger an impairment assessment include, but are not limited to, a significant adverse change in legal factors or business climate that could affect the value of the asset. The Company’s $11.1 million of goodwill resulted from the 2011 acquisition of Bogs. The Company uses a two-step process to test this goodwill for impairment. The first step is to compare the applicable reporting unit’s fair value to its carrying value. The Company has determined the applicable reporting unit is its wholesale segment. If the fair value of the wholesale segment is greater than its carrying value, there is no impairment. If the carrying value is greater than the fair value, then the second step must be completed to measure the amount of the impairment, if any. The second step calculates the implied fair value of the goodwill, which is compared to its carrying value. If the implied fair value is less than the carrying value, an impairment loss is recognized equal to the difference. To date, the Company has never recorded an impairment charge on this goodwill. The Company tests its trademarks for impairment annually by comparing the fair value of each trademark to its related carrying value. Fair value is estimated using a discounted cash flow methodology. To date, the Company has never recorded an impairment charge on these trademarks. The Company recorded amortization expense for intangible assets of approximately $273,000 in each of 2015, 2014 and 2013. Excluding the impact of any future acquisitions, the Company anticipates future amortization expense to be as follows: (Dollars in thousands) Intangible 2016 $ 240 2017 233 2018 233 2019 233 2020 233 Thereafter 1,207 Total $ 2,379 |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Noncurrent Assets Disclosure [Text Block] | 8. OTHER ASSETS Other assets included the following amounts at December 31, 2015 and 2014: 2015 2014 (Dollars in thousands) Cash surrender value of life insurance $ 14,876 $ 14,148 Intangible assets (See Note 7) 2,379 2,653 Investment in real estate 2,284 2,793 Other 1,604 1,710 Total other assets $ 21,143 $ 21,304 The Company has five life insurance policies on current and former executives. Upon death of the insured executives, the approximate death benefit the Company would receive is $16.2 million in aggregate as of December 31, 2015. On May 1, 2013, the Company purchased a 50% interest in a building in Montreal, Canada for approximately $3.2 million. The building, which is classified as an investment in real estate in the above table, serves as the Company’s Canadian office and distribution center. The purchase was accounted for as an equity-method investment under ASC 323, Investments Equity Method and Joint Ventures |
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2015 | |
Short-term Debt [Abstract] | |
Short-term Debt [Text Block] | 9. SHORT-TERM BORROWINGS At December 31, 2015, the Company had a $60 million unsecured revolving line of credit with a bank expiring November 4, 2016. The line of credit bears interest at LIBOR plus 0.75%. At December 31, 2015, outstanding borrowings were approximately $26.6 million at an interest rate of 1.18%. The highest balance during the year was $42.0 million. At December 31, 2014, outstanding borrowings were $5.4 million at an interest rate of 0.92%. |
CONTINGENT CONSIDERATION
CONTINGENT CONSIDERATION | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 10. CONTINGENT CONSIDERATION Contingent consideration is comprised of two earn-out payments that the Company is obligated to pay the former shareholders of The Combs Company (“Bogs”) related to the Company’s acquisition of Bogs in 2011. The estimate of contingent consideration was formula-driven and was based on Bogs achieving certain levels of gross margin dollars between January 1, 2011, and December 31, 2015. The first earn-out payment was due in 2013 and was paid on March 28, 2013, in the amount of $1,270,000. The second earn-out payment is due in March 2016. In accordance with ASC 805, Business Combinations As of December 31, 2015, the second earn-out payment was finalized, as it was based on actual gross margin dollars generated by Bogs through December 31, 2015. The final value of the second earn-out payment was $5.2 million. As of December 31, 2014, the Company’s estimate of the fair value of the second earn-out payment was $5.7 million. The second earn-out payment was recorded within accrued liabilities as of December 31, 2015, and other long-term liabilities as of December 31, 2014, in the Consolidated Balance Sheets. The following table summarizes the activity during 2015 and 2014 related to the second earn-out payment as recorded in the Consolidated Statements of Earnings (dollars in thousands): 2015 2014 Beginning balance $ 5,675 $ 5,064 Net (gains) losses on remeasurement of contingent consideration (458 ) 560 Interest expense 51 Ending balance $ 5,217 $ 5,675 The net (gains) losses on remeasurement of contingent consideration were recorded within selling and administrative expenses in the Consolidated Statements of Earnings. The decrease in the liability in 2015 was primarily a result of Bogs performance in the current year. Bogs generated lower gross margin dollars in 2015 than the Company had previously projected, primarily as a result of the mild start to the 2015 2016 winter. The fair value measurement of the contingent consideration was based on significant inputs not observed in the market and thus represented a level 3 valuation as defined by ASC 820. Prior to December 31, 2015, the fair value measurement was determined using a probability-weighted model which included various estimates related to Bogs future sales levels and gross margins. As of December 31, 2015, these estimates were final. |
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 11. EMPLOYEE RETIREMENT PLANS The Company has a defined benefit pension plan covering substantially all employees, as well as an unfunded supplemental pension plan for key executives. Retirement benefits are provided based on employees’ years of credited service and average earnings or stated amounts for years of service. Normal retirement age is 65 with provisions for earlier retirement. The plan also has provisions for disability and death benefits. The plan closed to new participants as of August 1, 2011. The Company’s funding policy for the defined benefit pension plan is to make contributions to the plan such that all employees’ benefits will be fully provided by the time they retire. Plan assets are stated at market value and consist primarily of equity securities and fixed income securities, mainly U.S. government and corporate obligations. The Company follows ASC 715, Compensation Retirement Benefits Plan Assets at 2015 2014 Asset Category: Equity Securities 52 % 50 % Fixed Income Securities 40 % 43 % Other 8 % 7 % Total 100 % 100 % The Company has a Retirement Plan Committee, consisting of the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, to manage the operations and administration of all benefit plans and related trusts. The committee has an investment policy for the pension plan assets that establishes target asset allocation ranges for the above listed asset classes as follows: equity securities: 20% 80%; fixed income securities: 20% 80%; and other, principally cash: 0% 20%. On a semi-annual basis, the committee reviews progress towards achieving the pension plan’s performance objectives. To develop the expected long-term rate of return on assets assumption, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. This resulted in the selection of the 7.50% long-term rate of return on assets assumption for 2015. 2015 2014 Discount rate 4.62 % 4.17 % Rate of compensation increase 4.00 % 4.00 % Defined Benefit Supplemental 2015 2014 2015 2014 (Dollars in thousands) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 50,932 $ 41,470 $ 14,841 $ 12,337 Service cost 1,345 1,042 291 221 Interest cost 2,051 1,999 614 586 Actuarial (gain) loss (3,806 ) 8,221 (1,135 ) 2,047 Benefits paid (1,845 ) (1,800 ) (350 ) (350 ) Projected benefit obligation, end of year $ 48,677 $ 50,932 $ 14,261 $ 14,841 Change in plan assets Fair value of plan assets, beginning of year 32,027 31,522 Actual return on plan assets (320 ) 1,145 Administrative expenses (150 ) (140 ) Contributions 2,633 1,300 350 350 Benefits paid (1,845 ) (1,800 ) (350 ) (350 ) Fair value of plan assets, end of year $ 32,345 $ 32,027 $ $ Funded status of plan $ (16,332) $ (18,905 ) $ (14,261) $ (14,841 ) Amounts recognized in the consolidated balance sheets consist of: Accrued liabilities other $ $ $ (405) $ (367 ) Long-term pension liability (16,332 ) (18,905 ) (13,856 ) (14,474 ) Net amount recognized $ (16,332) $ (18,905 ) $ (14,261) $ (14,841 ) Amounts recognized in accumulated other comprehensive loss consist of: Accumulated loss, net of income tax benefit of $6,631, $7,559, $1,808 and $2,431, $ 10,371 $ 11,824 $ 2,828 $ 3,803 Prior service cost, net of income tax liability of $0, $0, ($270) and ($314), respectively (423 ) (491 ) Net amount recognized $ 10,371 $ 11,824 $ 2,405 $ 3,312 The accumulated benefit obligation for the defined benefit pension plan and the supplemental pension plan was $43.7 million and $14.2 million, respectively, at December 31, 2015, and $45.3 million and $14.3 million, respectively, at December 31, 2014. 2015 2014 2013 Discount rate 4.17 % 5.03 % 4.23 % Rate of compensation increase 4.00 % 4.00 % 4.50 % Long-term rate of return on plan assets 7.50 % 7.50 % 7.75 % 2015 2014 2013 (Dollars in thousands) Benefits earned during the period $ 1,636 $ 1,263 $ 1,726 Interest cost on projected benefit obligation 2,665 2,586 2,403 Expected return on plan assets (2,364 ) (2,343 ) (2,094 ) Net amortization and deferral 1,762 706 1,702 Net pension expense $ 3,699 $ 2,212 $ 3,737 The Company expects to recognize expense of approximately $1.6 million due to the amortization of unrecognized loss and income of approximately $112,000 due to the amortization of prior service cost as components of net periodic benefit cost in 2016, which are included in accumulated other comprehensive loss at December 31, 2015. It is the Company’s intention to satisfy the minimum funding requirements and maintain at least an 80% funding percentage in its defined benefit retirement plan in future years. At this time, the Company expects that any cash contributions necessary to satisfy these requirements would not be material in 2016. Defined Supplemental (Dollars in thousands) 2016 $ 2,178 $ 405 2017 $ 2,248 $ 421 2018 $ 2,362 $ 449 2019 $ 2,509 $ 488 2020 $ 2,563 $ 528 2021 2025 $ 13,882 $ 3,684 December 31, 2015 Quoted Significant Significant Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 12,352 $ 1,027 $ $ 13,379 Preferred stocks 409 22 431 Exchange traded funds 3,375 3,375 Corporate obligations 4,503 4,503 State and municipal obligations 1,337 1,337 Pooled fixed income funds 5,423 5,423 U.S. government securities 1,103 1,103 Cash and cash equivalents 2,703 2,703 Subtotal $ 24,262 $ 7,992 $ $ 32,254 Other assets (1) 91 Total $ 32,345 (1) This category represents trust receivables that are not leveled. The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2014 by asset category within the fair value hierarchy (for further level information, see Note 3): December 31, 2014 Quoted Significant Significant Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 11,888 $ 1,139 $ $ 13,027 Preferred stocks 414 20 434 Exchange traded funds 3,030 3,030 Corporate obligations 4,762 4,762 State and municipal obligations 1,592 1,592 Pooled fixed income funds 5,893 5,893 U.S. government securities 1,131 1,131 Cash and cash equivalents 2,069 2,069 Subtotal $ 23,294 $ 8,644 $ $ 31,938 Other assets (1) 89 Total $ 32,027 (1) This category represents trust receivables that are not leveled. The Company also has a defined contribution plan covering substantially all employees. The Company contributed approximately $350,000, $302,000 and $227,000 in 2015, 2014 and 2013, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES The provision for income taxes included the following components at December 31, 2015, 2014 and 2013: 2015 2014 2013 (Dollars in thousands) Current: Federal $ 8,801 $ 7,339 $ 6,449 State 1,314 1,131 940 Foreign 501 1,649 1,273 Total 10,616 10,119 8,662 Deferred 346 1,115 1,268 Total provision $ 10,962 $ 11,234 $ 9,930 The differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate were as follows for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 3.4 2.8 2.6 Non-taxable municipal bond interest (1.0 ) (1.2 ) (1.7 ) Foreign income tax rate differences 0.4 (0.8 ) (0.9 ) Other (0.1 ) 0.4 0.2 Effective tax rate 37.7 % 36.2 % 35.2 % The foreign component of pretax net earnings was $1.3 million, $5.0 million and $4.2 million for 2015, 2014 and 2013, respectively. As of December 31, 2015, the total amount of unremitted foreign earnings was $6.9 million. A deferred tax liability has not been recorded on these unremitted earnings because the Company intends to permanently reinvest such earnings outside of the U.S. Future dividends, if any, would be paid only out of current year earnings in the year earned. If the remaining unremitted foreign earnings at December 31, 2015 were to be repatriated in the future, the related deferred tax liability would not have a material impact on the Company’s financial statements. The components of deferred taxes as of December 31, 2015 and 2014 were as follows: 2015 2014 (Dollars in thousands) Deferred tax benefits: Accounts receivable reserves $ 422 $ 442 Pension liability 11,931 13,161 Accrued liabilities 2,383 2,426 Foreign currency losses on intercompany loans 148 14,884 16,029 Deferred tax liabilities: Inventory and related reserves (3,552 ) (3,636 ) Cash value of life insurance (3,517 ) (3,451 ) Property, plant and equipment (1,420 ) (1,703 ) Intangible assets (7,753 ) (6,642 ) Prepaid expenses and other assets (249 ) (240 ) Foreign currency gains on intercompany loans (105 ) (16,491 ) (15,777 ) Net deferred income tax (liabilities) benefits $ (1,607) $ 252 The net deferred tax (liabilities) benefits are classified in the Consolidated Balance Sheets as follows: 2015 2014 (Dollars in thousands) Current deferred income tax liabilities $ (1,537) $ (1,747 ) Noncurrent deferred income tax (liabilities) benefits (70 ) 1,999 $ (1,607) $ 252 Uncertain Tax Positions The Company accounts for its uncertain tax positions in accordance with ASC 740, Income Taxes . The following table summarizes the activity related to the Company’s unrecognized tax benefits: (Dollars in thousands) Balance at December 31, 2012 $ 124 Increases related to current year tax positions Balance at December 31, 2013 $ 124 Favorable settlements of tax positions (55 ) Decreases related to prior year tax positions (69 ) Balance at December 31, 2014 $ Increases related to current year tax positions 284 Balance at December 31, 2015 $ 284 The Company had $284,000 of unrecognized tax benefits at December 31, 2015, which, if recognized, would reduce the Company’s annual effective tax rate. Included in the Consolidated Balance Sheets at December 31, 2015 was a liability for potential interest related to these positions of $108,000. The Company had no unrecognized tax benefits at December 31, 2014. At December 31, 2013, the Company had unrecognized tax benefits of $124,000, which, if recognized, would reduce the Company’s annual effective tax rate. Included in the Consolidated Balance Sheets at December 31, 2013 was a liability for potential interest related to these positions of $5,000. The Company files a U.S. federal income tax return, various U.S. state income tax returns and several foreign returns. In general, the 2011 through 2015 tax years remain subject to examination by those taxing authorities. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 13. COMMITMENTS The Company operates retail shoe stores under both short-term and long-term leases. Leases provide for a minimum rental plus percentage rentals based upon sales in excess of a specified amount. The Company also leases office space in the U.S. and its distribution facilities in Canada and overseas. Total minimum rents were $9.1 million in 2015, $9.7 million in 2014 and $9.5 million in 2013. Percentage rentals were $461,000 in 2015, $512,000 in 2014, and $430,000 in 2013. Future fixed and minimum rental commitments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015, are shown below. Renewal options exist for many long-term leases. (Dollars in thousands) Operating 2016 $ 8,504 2017 7,241 2018 6,352 2019 5,715 2020 4,212 Thereafter 6,672 Total $ 38,696 At December 31, 2015, the Company also had purchase commitments of approximately $56.8 million to purchase inventory, all of which were due in less than one year. |
STOCK REPURCHASE PROGRAM
STOCK REPURCHASE PROGRAM | 12 Months Ended |
Dec. 31, 2015 | |
Share Repurchase Program Disclosure [Abstract] | |
Share Repurchase Program Disclosure [Text Block] | 14. STOCK REPURCHASE PROGRAM In April 1998, the Company’s Board of Directors first authorized a stock repurchase program to purchase shares of its common stock in open market transactions at prevailing prices. In 2015, the Company purchased 354,741 shares at a total cost of $9.9 million through its stock repurchase program. In 2014, the Company purchased 297,576 shares at a total cost of $8.0 million through its stock repurchase program. In 2013, the Company purchased 195,050 shares at a total cost of $4.6 million through its stock repurchase program. At December 31, 2015, the Company was authorized to purchase an additional 976,158 shares under the program. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 15. EARNINGS PER SHARE The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 18,212 $ 19,020 $ 17,601 Denominator: Basic weighted average shares outstanding 10,773 10,791 10,779 Effect of dilutive securities: Employee stock-based awards 86 97 86 Diluted weighted average shares outstanding 10,859 10,888 10,865 Basic earnings per share $ 1.69 $ 1.76 $ 1.63 Diluted earnings per share $ 1.68 $ 1.75 $ 1.62 Diluted weighted average shares outstanding for 2015 exclude antidilutive stock options totaling 720,757 shares at a weighted average price of $27.59. Diluted weighted average shares outstanding for 2014 exclude antidilutive stock options totaling 656,000 shares at a weighted average price of $27.76. Diluted weighted average shares outstanding for 2013 exclude antidilutive unvested restricted stock and outstanding stock options totaling 353,000 shares at a weighted average price of $26.85. Unvested restricted stock awards provide holders with dividend rights prior to vesting, however, such rights are forfeitable if the awards do not vest. As a result, unvested restricted stock awards are not participating securities and are excluded from the computation of earnings per share. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 16. SEGMENT INFORMATION The Company has two reportable segments: North American wholesale operations (“wholesale”) and North American retail operations (“retail”). The chief operating decision maker, the Company’s Chief Executive Officer, evaluates the performance of its segments based on earnings from operations and accordingly, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the table below includes the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe, which do not meet the criteria for separate reportable segment classification. In the wholesale segment, shoes are marketed through more than 10,000 footwear, department and specialty stores, primarily in the United States and Canada. Licensing revenues are also included in the Company’s wholesale segment. The Company has licensing agreements with third parties who sell its branded apparel, accessories and specialty footwear in the United States, as well as its footwear in Mexico and certain markets overseas. In 2015, 2014 and 2013, there was no single customer with sales above 10% of the Company’s total sales. In the retail segment, the Company operated 13 Company-owned stores in principal cities and an internet business in the United States as of December 31, 2015. Sales in retail outlets are made directly to the consumer by Company employees. In addition to the sale of the Company’s brands of footwear in these retail outlets, other branded footwear and accessories are also sold. The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2015, 2014 and 2013 was as follows: Wholesale Retail Other Total (Dollars in thousands) 2015 Product sales $ 247,738 $ 22,121 $ 47,126 $ 316,985 Licensing revenues 3,632 3,632 Net sales 251,370 22,121 47,126 320,617 Depreciation 2,210 535 867 3,612 Earnings from operations 24,272 2,519 2,994 29,785 Total assets 267,265 4,372 27,360 298,997 Capital expenditures 1,329 399 753 2,481 2014 Product sales $ 240,247 $ 23,324 $ 53,735 $ 317,306 Licensing revenues 3,182 3,182 Net sales 243,429 23,324 53,735 320,488 Depreciation 2,251 553 855 3,659 Earnings from operations 22,527 3,300 4,830 30,657 Total assets 244,278 4,689 28,479 277,446 Capital expenditures 1,305 60 1,525 2,890 2013 Product sales $ 222,459 $ 23,255 $ 51,372 $ 297,086 Licensing revenues 3,198 3,198 Net sales 225,657 23,255 51,372 300,284 Depreciation 2,481 538 943 3,962 Earnings from operations 20,742 3,018 3,995 27,755 Total assets 230,509 7,412 29,612 267,533 Capital expenditures 790 34 1,875 2,699 All North American corporate office assets are included in the wholesale segment. Transactions between segments primarily consist of sales between the wholesale and retail segments. Intersegment sales are valued at the cost of inventory plus an estimated cost to ship the products. Intersegment sales have been eliminated and are excluded from net sales in the above table. Geographic Segments Financial information relating to the Company’s business by geographic area was as follows for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 (Dollars in thousands) Net Sales: United States $ 252,459 $ 244,260 $ 231,729 Canada 21,031 22,493 17,183 Europe 7,291 9,048 8,117 Australia 27,224 30,466 29,318 Asia 9,050 9,842 9,484 South Africa 3,562 4,379 4,453 Total $ 320,617 $ 320,488 $ 300,284 Long-Lived Assets: United States $ 74,658 $ 75,952 $ 77,755 Other 7,699 9,048 9,255 $ 82,357 $ 85,000 $ 87,010 Net sales attributed to geographic locations are based on the location of the assets producing the sales. Long-lived assets by geographic location consist of property, plant and equipment (net), goodwill, trademarks, investment in real estate and amortizable intangible assets. |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 17. STOCK-BASED COMPENSATION PLANS At December 31, 2015, the Company had two stock-based compensation plans: the 2011 Incentive Plan and the 2014 Incentive Plan (collectively, “the Plans”). Under the Plans, options to purchase common stock were granted to officers and key employees at exercise prices not less than the fair market value of the Company’s common stock on the date of the grant. The Company issues new common stock to satisfy stock option exercises and the issuance of restricted stock awards. Awards are no longer granted under the 2011 plan. Stock options and restricted stock awards were granted on August 25, 2015, August 26, 2014, and on December 2, 2013. Under the 2011 and 2014 Incentive Plans, stock options and restricted stock awards are valued at fair market value based on the Company’s closing stock price on the date of grant. The stock options and restricted stock awards granted in 2015, 2014 and 2013 vest ratably over four years. As of December 31, 2015, there were 321,800 shares remaining available for stock-based awards under the 2014 Incentive Plan. In accordance with ASC 718, stock-based compensation expense was recognized in the 2015, 2014 and 2013 consolidated financial statements for stock options and restricted stock awards granted since 2009. An estimate of forfeitures, based on historical data, was included in the calculation of stock-based compensation, and the estimate was adjusted quarterly to the extent that actual forfeitures differ, or are expected to materially differ, from such estimates. The effect of applying the expense recognition provisions of ASC 718 in 2015, 2014 and 2013 decreased Earnings Before Provision For Income Taxes by approximately $1,559,000, $1,465,000, and $1,283,000, respectively. As of December 31, 2015, there was $2.1 million of total unrecognized compensation cost related to non-vested stock options granted in the years 2012 through 2015 which is expected to be recognized over the weighted-average remaining vesting period of 2.8 years. As of December 31, 2015, there was $1.3 million of total unrecognized compensation cost related to non-vested restricted stock awards granted in the years 2012 through 2015 which is expected to be recognized over the weighted-average remaining vesting period of 2.8 years. The following weighted-average assumptions were used to determine compensation expense related to stock options in 2015, 2014 and 2013: 2015 2014 2013 Risk-free interest rate 1.36 % 1.45 % 1.10 % Expected dividend yield 3.12 % 2.81 % 2.53 % Expected term 4.3 years 4.3 years 4.3 years Expected volatility 21.6 % 17.8 % 16.2 % The risk-free interest rate is based on U.S. Treasury bonds with a remaining term equal to the expected term of the award. The expected dividend yield is based on the Company’s expected annual dividend as a percentage of the market value of the Company’s common stock in the year of grant. The expected term of the stock options is determined using historical experience. The expected volatility is based upon historical stock prices over the most recent period equal to the expected term of the award. The following tables summarize stock option activity under the Company’s plans: Stock Options Years ended December 31, 2015 2014 2013 Stock Options Shares Weighted Average Exercise Shares Weighted Average Exercise Shares Weighted Average Exercise Outstanding at beginning of year 1,355,416 $ 25.36 1,260,866 $ 24.41 1,265,792 $ 22.76 Granted 299,700 25.64 331,600 27.04 333,300 28.50 Exercised (279,090 ) 22.02 (218,150 ) 22.37 (219,526 ) 17.91 Forfeited or expired (24,200 ) 26.58 (18,900 ) 25.71 (118,700 ) 30.30 Outstanding at end of year 1,351,826 $ 26.09 1,355,416 $ 25.36 1,260,866 $ 24.41 Exercisable at end of year 594,906 $ 25.55 603,834 $ 23.66 581,081 $ 22.39 Weighted average fair market value of options granted $ 3.30 $ 2.93 $ 2.77 Weighted Average Aggregate Outstanding - December 31, 2015 4.0 $ 1,541,000 Exercisable - December 31, 2015 3.1 $ 1,017,000 The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on December 31, 2015 of $26.76 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. Non-vested Stock Options Non-vested Stock Options Number of Weighted Weighted Non-vested December 31, 2012 558,929 $ 23.86 $ 4.23 Granted 333,300 28.50 2.77 Vested (207,044 ) 23.83 4.42 Forfeited (5,400 ) 23.95 4.28 Non-vested December 31, 2013 679,785 $ 26.14 $ 3.46 Granted 331,600 27.04 2.93 Vested (243,303 ) 25.54 3.80 Forfeited (16,500 ) 25.98 3.44 Non-vested December 31, 2014 751,582 $ 26.74 $ 3.12 Granted 299,700 25.64 3.30 Vested (275,187 ) 26.14 3.36 Forfeited (19,175 ) 26.59 3.14 Non-vested December 31, 2015 756,920 $ 26.53 $ 3.10 The following table summarizes information about outstanding and exercisable stock options at December 31, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted Weighted Number of Weighted $23.53 to $25.86 712,026 3.8 $ 24.60 356,169 $ 23.90 $27.04 to $28.50 639,800 4.3 $ 27.76 238,737 $ 28.00 1,351,826 4.0 $ 26.09 594,906 $ 25.55 The following table summarizes stock option activity for the years ended December 31: 2015 2014 2013 (Dollars in thousands) Total intrinsic value of stock options exercised $ 1,705 $ 1,108 $ 1,506 Cash received from stock option exercises $ 6,144 $ 4,881 $ 3,932 Income tax benefit from the exercise of stock options $ 665 $ 432 $ 588 Total fair value of stock options vested $ 925 $ 923 $ 915 Restricted Stock The following table summarizes restricted stock award activity during the years ended December 31, 2013, 2014 and 2015: Non-vested Restricted Stock Shares of Weighted Non-vested December 31, 2012 42,575 $ 23.87 Issued 20,400 28.50 Vested (15,475 ) 23.85 Forfeited Non-vested December 31, 2013 47,500 25.86 Issued 24,400 27.04 Vested (17,850 ) 25.31 Forfeited Non-vested December 31, 2014 54,050 $ 26.58 Issued 21,900 25.64 Vested (20,700 ) 25.94 Forfeited Non-vested December 31, 2015 55,250 $ 26.45 At December 31, 2015, the Company expected 55,250 shares of restricted stock to vest over a weighted-average remaining contractual term of 2.8 years. These shares had an aggregate intrinsic value of $1.5 million at December 31, 2015. The aggregate intrinsic value was calculated using the market value of the Company’s stock on December 31, 2015 of $26.76 multiplied by the number of non-vested restricted shares outstanding. The income tax benefit from the vesting of restricted stock for the years ended December 31 was approximately $221,000 in 2015, $183,000 in 2014, and $177,000 in 2013. |
QUARTERLY FINANCIAL DATA (Unaud
QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 18. QUARTERLY FINANCIAL DATA (Unaudited) (In thousands, except per share amounts) 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Year Net sales $ 78,052 $ 63,934 $ 91,227 $ 87,404 $ 320,617 Gross earnings $ 28,737 $ 24,423 $ 32,610 $ 35,839 $ 121,609 Net earnings attributable to Weyco Group, Inc. $ 3,633 $ 2,040 $ 5,526 $ 7,013 $ 18,212 Net earnings per share: Basic $ 0.34 $ 0.19 $ 0.51 $ 0.65 $ 1.69 Diluted $ 0.33 $ 0.19 $ 0.51 $ 0.65 $ 1.68 2014 First Second Quarter Third Quarter Fourth Quarter Year Net sales $ 74,929 $ 62,863 $ 87,425 $ 95,271 $ 320,488 Gross earnings $ 27,364 $ 24,217 $ 32,421 $ 39,066 $ 123,068 Net earnings attributable to Weyco Group, Inc. $ 3,205 $ 2,207 $ 5,518 $ 8,090 $ 19,020 Net earnings per share: Basic $ 0.30 $ 0.20 $ 0.51 $ 0.75 $ 1.76 Diluted $ 0.29 $ 0.20 $ 0.51 $ 0.75 $ 1.75 |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | 19. VALUATION AND QUALIFYING ACCOUNTS Deducted from Assets Doubtful Accounts Returns and Allowances Total (Dollars in thousands) BALANCE, DECEMBER 31, 2012 $ 1,271 $ 1,148 $ 2,419 Add Additions charged to earnings 132 2,974 3,106 Deduct Charges for purposes for which reserves were established (170 ) (3,062 ) (3,232 ) BALANCE, DECEMBER 31, 2013 $ 1,233 $ 1,060 $ 2,293 Add Additions charged to earnings 240 3,299 3,539 Deduct Charges for purposes for which reserves were established (246 ) (3,202 ) (3,448 ) BALANCE, DECEMBER 31, 2014 $ 1,227 $ 1,157 $ 2,384 Add Additions charged to earnings 235 3,200 3,435 Deduct Charges for purposes for which reserves were established (286 ) (3,276 ) (3,562 ) BALANCE, DECEMBER 31, 2015 $ 1,176 $ 1,081 $ 2,257 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 20. SUBSEQUENT EVENTS The Company has evaluated subsequent events through March 10, 2016, the date these financial statements were issued. No significant subsequent events have occurred through this date requiring adjustment to the financial statements or disclosures. |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, and include all of the Company’s majority-owned subsidiaries. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ materially from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. At December 31, 2015 and 2014, the Company’s cash and cash equivalents included investments in money market accounts and cash deposits at various banks. The Company periodically has cash balances in excess of insured amounts. The Company has not experienced any losses on deposits in excess of insured amounts. |
Investment, Policy [Policy Text Block] | Investments All of the Company’s municipal bond investments are classified as held-to-maturity securities and reported at amortized cost pursuant to Accounting Standards Codification (“ASC”) 320, Investments Debt and Equity Securities |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable Trade accounts receivable arise from the sale of products on trade credit terms. On a quarterly basis, the Company reviews all significant accounts with past due balances, as well as the collectability of other outstanding trade accounts receivable for possible write-off. It is the Company’s policy to write-off accounts receivable against the allowance account when receivables are deemed to be uncollectible. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses in the accounts receivable balances. The Company determines the allowance based on known troubled accounts, historical experience and other evidence currently available. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at cost, which is not in excess of market value. The majority of inventories are determined on a last-in, first-out (“LIFO”) basis. Inventory costs include the cost of shoes purchased from third-party manufacturers, as well as related freight and duty costs. The Company generally takes title to product at the time of shipping. See Note 5. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment and Depreciation Property, plant and equipment are stated at cost. Plant and equipment are depreciated using primarily the straight-line method over their estimated useful lives as follows: buildings and improvements, 10 to 39 years; machinery and equipment, 3 to 5 years; furniture and fixtures, 5 to 7 years. For income tax reporting purposes, depreciation is calculated using applicable methods. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Property, plant and equipment are reviewed for impairment in accordance with ASC 360, Property, Plant and Equipment |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the estimated fair value of the underlying assets acquired and liabilities assumed in the acquisition of a business. Goodwill is not subject to amortization. Other intangible assets consist of trademarks, customer relationships, and a non-compete agreement. Intangible assets with definite lives are amortized over their estimated useful lives. Intangible assets which are not amortized are reviewed for impairment annually and whenever events or changes in circumstances indicate the carrying amounts may not be recoverable. See Note 7. |
Life Settlement Contracts, Policy [Policy Text Block] | Life Insurance Life insurance policies are recorded at the amount that could be realized under the insurance contracts as of the balance sheet date. These assets are included within other assets in the Consolidated Balance Sheets. See Note 8. |
Contingent Consideration Policy [Policy Text Block] | Contingent Consideration The Company recorded its estimate of the fair value of the contingent consideration within accrued liabilities as of December 31, 2015 and other long-term liabilities as of December 31, 2014, in the Consolidated Balance Sheets. On a quarterly basis, the Company revalues the liability and records increases or decreases in its fair value as an adjustment to earnings. Changes to the contingent consideration liability can result from adjustments to the discount rate, accretion of the discount due to the passage of time, or changes in the actual or projected future performance of Bogs. The assumptions used to determine the fair value of contingent consideration include a significant amount of judgment, and any changes in the assumptions could have a material impact on the amount of contingent consideration expense or income recorded in a given period. See Note 10. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income taxes are provided on temporary differences arising from differences in the basis of assets and liabilities for income tax and financial reporting purposes. See Note 12. |
Noncontrolling Interest Policy [Policy Text Block] | Noncontrolling Interest The Company’s noncontrolling interest is accounted for under ASC 810, Consolidation In accordance with the subscription agreement entered into in connection with the acquisition of Florsheim Australia in January 2009, the Company’s equity interest in Florsheim Australia decreases from 60% to 51% of equity issued under the subscription agreement as intercompany loans are paid in accordance with their terms. To date, the Company’s equity interest in Florsheim Australia has decreased from 60% to 55% and the noncontrolling shareholder’s interest has increased from 40% to 45%. This change is reflected in the Consolidated Statements of Equity. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue from the sale of product is recognized when title and risk of loss transfers to the customer and the customer is obligated to pay the Company. Sales to independent dealers are recorded at the time of shipment to those dealers. Sales through Company-owned retail outlets are recorded at the time of delivery to retail customers. All product sales are recorded net of estimated allowances for returns and discounts. The Company’s estimates of allowances for returns and discounts are based on such factors as specific customer situations, historical experience, and current and expected economic conditions. The Company evaluates the reserves and the estimation process and makes adjustments when appropriate. Revenue from third-party licensing agreements is recognized in the period earned. Licensing revenues were $3.6 million for 2015, and $3.2 million for each of 2014 and 2013. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Fees The Company classifies shipping and handling fees billed to customers as revenues. Shipping and handling expenses incurred by the Company are included in selling and administrative expenses in the Consolidated Statements of Earnings. Wholesale segment shipping and handling expenses totaled $1.9 million in 2015, $2.4 million in 2014, and $2.7 million in 2013. Retail segment shipping and handling expenses, which result primarily from the Company’s shipments to its U.S. internet consumers, totaled $1.2 million in 2015, $1.1 million in 2014, and $760,000 in 2013. |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales The Company’s cost of sales includes the cost of products and inbound freight and duty costs. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling and Administrative Expenses Selling and administrative expenses primarily include salaries and commissions, advertising costs, employee benefit costs, distribution costs (e.g., receiving, inspection and warehousing costs), rent and depreciation. Distribution costs included in selling and administrative expenses were $11.3 million in 2015, $11.0 million in 2014, and $10.8 million in 2013. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred. Total advertising costs were $12.8 million, $10.5 million, and $11.4 million in 2015, 2014 and 2013, respectively. All advertising expenses are included in selling and administrative expenses with the exception of co-op advertising expenses which are recorded as a reduction of net sales. Co-op advertising expenses, which are included in the above totals, reduced net sales by $4.2 million, $3.5 million, and $4.3 million in 2015, 2014 and 2013, respectively. |
Foreign Currency Translations Policy [Policy Text Block] | Foreign Currency Translations The Company accounts for currency translations in accordance with ASC 830, Foreign Currency Matters |
Foreign Currency Transactions Policy [Policy Text Block] | Foreign Currency Transactions Gains and losses from foreign currency transactions are included in other expense, net, in the Consolidated Statements of Earnings. Net foreign currency transaction losses totaled approximately $961,000 in 2015, $268,000 in 2014, and $279,000 in 2013. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial Instruments At December 31, 2015, the Company had forward exchange contracts outstanding to sell $3.0 million Canadian dollars at a price of approximately $2.3 million dollars. Additionally, the Company’s majority-owned subsidiary, Florsheim Australia, had forward exchange contracts outstanding to buy $6.6 million U.S. dollars at a price of approximately $9.3 million Australian dollars. These contracts all expire in 2016. Based on year-end exchange rates, there were no significant unrealized gains or losses on the outstanding contracts. In 2015, the Company recorded realized gains of approximately $1.4 million related to forward exchange contracts. In 2014 and 2013, there were no significant realized gains or losses related to forward exchange contracts. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share excludes any dilutive effects of restricted stock and options to purchase common stock. Diluted earnings per share includes any dilutive effects of restricted stock and options to purchase common stock. See Note 15. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income includes net earnings and changes in accumulated other comprehensive loss. Comprehensive income is reported in the Consolidated Statements of Comprehensive Income. The components of accumulated other comprehensive loss as recorded on the accompanying Consolidated Balance Sheets were as follows: 2015 2014 (Dollars in thousands) Foreign currency translation adjustments $ (5,691) $ (2,894 ) Pension liability, net of tax (12,776 ) (15,136 ) Total accumulated other comprehensive loss $ (18,467) $ (18,030 ) The noncontrolling interest as recorded in the Consolidated Balance Sheets at December 31, 2015 and 2014, included foreign currency translation adjustments of approximately ($1,061,000) and ($447,000), respectively. The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the year ended December 31, 2015 (dollars in thousands): Foreign Defined Total Balance, December 31, 2013 $ (934 ) $ (8,488 ) $ (9,422 ) Other comprehensive loss before reclassifications (1,960 ) (7,079 ) (9,039 ) Amounts reclassified from accumulated other comprehensive loss 431 431 Net current period other comprehensive loss (1,960 ) (6,648 ) (8,608 ) Balance, December 31, 2014 $ (2,894 ) $ (15,136 ) $ (18,030 ) Other comprehensive (loss) income before reclassifications (2,797 ) 1,285 (1,512 ) Amounts reclassified from accumulated other comprehensive loss 1,075 1,075 Net current period other comprehensive (loss) income (2,797 ) 2,360 (437 ) Balance, December 31, 2015 $ (5,691 ) $ (12,776 ) $ (18,467 ) The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2015 and 2014 (dollars in thousands): Amounts reclassified from Affected line 2015 2014 Amortization of defined benefit pension items Prior service cost $ (112) $ (112 ) (1) Actuarial losses 1,874 818 (1) Total before tax 1,762 706 Tax benefit (687 ) (275 ) Net of tax $ 1,075 $ 431 (1) These amounts were included in the computation of net periodic pension cost. See Note 11 for additional details. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation At December 31, 2015, the Company had two stock-based employee compensation plans, which are described more fully in Note 17. The Company accounts for these plans under the recognition and measurement principles of ASC 718, Compensation Stock Compensation |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company had no individual customer accounts receivable balances outstanding at December 31, 2015 and 2014 that represented more than 10% of the Company’s gross accounts receivable balance. Additionally, there were no single customers with sales above 10% of the Company’s total sales in 2015, 2014 and 2013. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02 “ Leases (Topic 842), In November 2015, the FASB issued ASU No. 2015-17 “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” In August 2015, the FASB issued ASU 2015-04 “ Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The components of accumulated other comprehensive loss as recorded on the accompanying Consolidated Balance Sheets were as follows: 2015 2014 (Dollars in thousands) Foreign currency translation adjustments $ (5,691) $ (2,894 ) Pension liability, net of tax (12,776 ) (15,136 ) Total accumulated other comprehensive loss $ (18,467) $ (18,030 ) |
Changes In Accumulated Other Comprehensive Loss [Table Text Block] | The following presents a tabular disclosure about changes in accumulated other comprehensive loss during the year ended December 31, 2015 (dollars in thousands): Foreign Defined Total Balance, December 31, 2013 $ (934 ) $ (8,488 ) $ (9,422 ) Other comprehensive loss before reclassifications (1,960 ) (7,079 ) (9,039 ) Amounts reclassified from accumulated other comprehensive loss 431 431 Net current period other comprehensive loss (1,960 ) (6,648 ) (8,608 ) Balance, December 31, 2014 $ (2,894 ) $ (15,136 ) $ (18,030 ) Other comprehensive (loss) income before reclassifications (2,797 ) 1,285 (1,512 ) Amounts reclassified from accumulated other comprehensive loss 1,075 1,075 Net current period other comprehensive (loss) income (2,797 ) 2,360 (437 ) Balance, December 31, 2015 $ (5,691 ) $ (12,776 ) $ (18,467 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following presents a tabular disclosure about reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2015 and 2014 (dollars in thousands): Amounts reclassified from Affected line 2015 2014 Amortization of defined benefit pension items Prior service cost $ (112) $ (112 ) (1) Actuarial losses 1,874 818 (1) Total before tax 1,762 706 Tax benefit (687 ) (275 ) Net of tax $ 1,075 $ 431 (1) These amounts were included in the computation of net periodic pension cost. See Note 11 for additional details. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Held-to-maturity Securities [Table Text Block] | Below is a summary of the amortized cost and estimated market values of the Company’s investment securities as of December 31, 2015 and 2014. The estimated market values provided are Level 2 valuations as defined by ASC 820. 2015 2014 Amortized Market Amortized Market (Dollars in thousands) Municipal bonds: Current $ 4,522 $ 4,546 $ 5,914 $ 6,006 Due from one through five years 12,395 13,057 14,398 15,204 Due from six through ten years 6,929 7,217 9,337 9,711 Due from eleven through twenty years 1,361 1,391 805 762 Total $ 25,207 $ 26,211 $ 30,454 $ 31,683 |
Unrealized Gain (Loss) on Investments [Table Text Block] | The unrealized gains and losses on investment securities at December 31, 2015 and 2014 were as follows: 2015 2014 Unrealized Unrealized Unrealized Unrealized (Dollars in thousands) Municipal bonds $ 1,014 $ (10) $ 1,279 $ (50 ) |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | At December 31, 2015 and 2014, inventories consisted of: 2015 2014 (Dollars in thousands) Finished shoes $ 116,177 $ 87,203 LIFO reserve (18,993 ) (18,188 ) Total inventories $ 97,184 $ 69,015 |
PROPERTY, PLANT AND EQUIPMENT33
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | At December 31, 2015 and 2014, property, plant and equipment consisted of: 2015 2014 (Dollars in thousands) Land and land improvements $ 3,706 $ 3,706 Buildings and improvements 26,912 26,900 Machinery and equipment 27,142 25,816 Retail fixtures and leasehold improvements 11,232 12,259 Construction in progress 24 18 Property, plant and equipment 69,016 68,699 Less: Accumulated depreciation (37,183 ) (35,005 ) Property, plant and equipment, net $ 31,833 $ 33,694 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Weighted December 31, 2015 Gross Accumulated Net (Dollars in thousands) Indefinite-lived intangible assets: Goodwill $ 11,112 $ $ 11,112 Trademarks 34,748 34,748 Total indefinite-lived intangible assets $ 45,860 $ $ 45,860 Amortizable intangible assets: Non-compete agreement 5 $ 200 $ (193 ) $ 7 Customer relationships 15 3,500 (1,128 ) 2,372 Total amortizable intangible assets $ 3,700 $ (1,321 ) $ 2,379 Weighted December 31, 2014 Gross Accumulated Net (Dollars in thousands) Indefinite-lived intangible assets: Goodwill $ 11,112 $ $ 11,112 Trademarks 34,748 34,748 Total indefinite-lived intangible assets $ 45,860 $ $ 45,860 Amortizable intangible assets: Non-compete agreement 5 $ 200 $ (153 ) $ 47 Customer relationships 15 3,500 (894 ) 2,606 Total amortizable intangible assets $ 3,700 $ (1,047 ) $ 2,653 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Excluding the impact of any future acquisitions, the Company anticipates future amortization expense to be as follows: (Dollars in thousands) Intangible 2016 $ 240 2017 233 2018 233 2019 233 2020 233 Thereafter 1,207 Total $ 2,379 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | Other assets included the following amounts at December 31, 2015 and 2014: 2015 2014 (Dollars in thousands) Cash surrender value of life insurance $ 14,876 $ 14,148 Intangible assets (See Note 7) 2,379 2,653 Investment in real estate 2,284 2,793 Other 1,604 1,710 Total other assets $ 21,143 $ 21,304 |
CONTINGENT CONSIDERATION (Table
CONTINGENT CONSIDERATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | The following table summarizes the activity during 2015 and 2014 related to the second earn-out payment as recorded in the Consolidated Statements of Earnings (dollars in thousands): 2015 2014 Beginning balance $ 5,675 $ 5,064 Net (gains) losses on remeasurement of contingent consideration (458 ) 560 Interest expense 51 Ending balance $ 5,217 $ 5,675 |
EMPLOYEE RETIREMENT PLANS (Tabl
EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Weighted Average Plan Assets Allocation [Table Text Block] | The Company’s pension plan’s weighted average asset allocation at December 31, 2015 and 2014, by asset category, was as follows: Plan Assets at 2015 2014 Asset Category: Equity Securities 52 % 50 % Fixed Income Securities 40 % 43 % Other 8 % 7 % Total 100 % 100 % |
Schedule of Assumptions Used to Determine, Net Funded Status of Plan [Table Text Block] | Assumptions used in determining the funded status at December 31, 2015 and 2014 were: 2015 2014 Discount rate 4.62 % 4.17 % Rate of compensation increase 4.00 % 4.00 % |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2015 and 2014: Defined Benefit Supplemental 2015 2014 2015 2014 (Dollars in thousands) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 50,932 $ 41,470 $ 14,841 $ 12,337 Service cost 1,345 1,042 291 221 Interest cost 2,051 1,999 614 586 Actuarial (gain) loss (3,806 ) 8,221 (1,135 ) 2,047 Benefits paid (1,845 ) (1,800 ) (350 ) (350 ) Projected benefit obligation, end of year $ 48,677 $ 50,932 $ 14,261 $ 14,841 Change in plan assets Fair value of plan assets, beginning of year 32,027 31,522 Actual return on plan assets (320 ) 1,145 Administrative expenses (150 ) (140 ) Contributions 2,633 1,300 350 350 Benefits paid (1,845 ) (1,800 ) (350 ) (350 ) Fair value of plan assets, end of year $ 32,345 $ 32,027 $ $ Funded status of plan $ (16,332) $ (18,905 ) $ (14,261) $ (14,841 ) Amounts recognized in the consolidated balance sheets consist of: Accrued liabilities other $ $ $ (405) $ (367 ) Long-term pension liability (16,332 ) (18,905 ) (13,856 ) (14,474 ) Net amount recognized $ (16,332) $ (18,905 ) $ (14,261) $ (14,841 ) Amounts recognized in accumulated other comprehensive loss consist of: Accumulated loss, net of income tax benefit of $6,631, $7,559, $1,808 and $2,431, $ 10,371 $ 11,824 $ 2,828 $ 3,803 Prior service cost, net of income tax liability of $0, $0, ($270) and ($314), respectively (423 ) (491 ) Net amount recognized $ 10,371 $ 11,824 $ 2,405 $ 3,312 |
Schedule of Assumptions Used [Table Text Block] | Assumptions used in determining net periodic pension cost for the years ended December 31, 2015, 2014 and 2013 were: 2015 2014 2013 Discount rate 4.17 % 5.03 % 4.23 % Rate of compensation increase 4.00 % 4.00 % 4.50 % Long-term rate of return on plan assets 7.50 % 7.50 % 7.75 % |
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic pension cost for the years ended December 31, 2015, 2014 and 2013, were: 2015 2014 2013 (Dollars in thousands) Benefits earned during the period $ 1,636 $ 1,263 $ 1,726 Interest cost on projected benefit obligation 2,665 2,586 2,403 Expected return on plan assets (2,364 ) (2,343 ) (2,094 ) Net amortization and deferral 1,762 706 1,702 Net pension expense $ 3,699 $ 2,212 $ 3,737 |
Schedule of Expected Benefit Payments [Table Text Block] | Projected benefit payments for the plans as of December 31, 2015 were estimated as follows: Defined Supplemental (Dollars in thousands) 2016 $ 2,178 $ 405 2017 $ 2,248 $ 421 2018 $ 2,362 $ 449 2019 $ 2,509 $ 488 2020 $ 2,563 $ 528 2021 2025 $ 13,882 $ 3,684 |
Schedule of Allocation of Plan Assets [Table Text Block] | December 31, 2015 Quoted Significant Significant Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 12,352 $ 1,027 $ $ 13,379 Preferred stocks 409 22 431 Exchange traded funds 3,375 3,375 Corporate obligations 4,503 4,503 State and municipal obligations 1,337 1,337 Pooled fixed income funds 5,423 5,423 U.S. government securities 1,103 1,103 Cash and cash equivalents 2,703 2,703 Subtotal $ 24,262 $ 7,992 $ $ 32,254 Other assets (1) 91 Total $ 32,345 (1) This category represents trust receivables that are not leveled. The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2014 by asset category within the fair value hierarchy (for further level information, see Note 3): December 31, 2014 Quoted Significant Significant Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 11,888 $ 1,139 $ $ 13,027 Preferred stocks 414 20 434 Exchange traded funds 3,030 3,030 Corporate obligations 4,762 4,762 State and municipal obligations 1,592 1,592 Pooled fixed income funds 5,893 5,893 U.S. government securities 1,131 1,131 Cash and cash equivalents 2,069 2,069 Subtotal $ 23,294 $ 8,644 $ $ 31,938 Other assets (1) 89 Total $ 32,027 (1) This category represents trust receivables that are not leveled. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes included the following components at December 31, 2015, 2014 and 2013: 2015 2014 2013 (Dollars in thousands) Current: Federal $ 8,801 $ 7,339 $ 6,449 State 1,314 1,131 940 Foreign 501 1,649 1,273 Total 10,616 10,119 8,662 Deferred 346 1,115 1,268 Total provision $ 10,962 $ 11,234 $ 9,930 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate were as follows for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 3.4 2.8 2.6 Non-taxable municipal bond interest (1.0 ) (1.2 ) (1.7 ) Foreign income tax rate differences 0.4 (0.8 ) (0.9 ) Other (0.1 ) 0.4 0.2 Effective tax rate 37.7 % 36.2 % 35.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred taxes as of December 31, 2015 and 2014 were as follows: 2015 2014 (Dollars in thousands) Deferred tax benefits: Accounts receivable reserves $ 422 $ 442 Pension liability 11,931 13,161 Accrued liabilities 2,383 2,426 Foreign currency losses on intercompany loans 148 14,884 16,029 Deferred tax liabilities: Inventory and related reserves (3,552 ) (3,636 ) Cash value of life insurance (3,517 ) (3,451 ) Property, plant and equipment (1,420 ) (1,703 ) Intangible assets (7,753 ) (6,642 ) Prepaid expenses and other assets (249 ) (240 ) Foreign currency gains on intercompany loans (105 ) (16,491 ) (15,777 ) Net deferred income tax (liabilities) benefits $ (1,607) $ 252 |
Schedule of Deferred Tax Benefit (Liabilities) [Table Text Block] | The net deferred tax (liabilities) benefits are classified in the Consolidated Balance Sheets as follows: 2015 2014 (Dollars in thousands) Current deferred income tax liabilities $ (1,537) $ (1,747 ) Noncurrent deferred income tax (liabilities) benefits (70 ) 1,999 $ (1,607) $ 252 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | The following table summarizes the activity related to the Company’s unrecognized tax benefits: (Dollars in thousands) Balance at December 31, 2012 $ 124 Increases related to current year tax positions Balance at December 31, 2013 $ 124 Favorable settlements of tax positions (55 ) Decreases related to prior year tax positions (69 ) Balance at December 31, 2014 $ Increases related to current year tax positions 284 Balance at December 31, 2015 $ 284 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future fixed and minimum rental commitments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015, are shown below. Renewal options exist for many long-term leases. (Dollars in thousands) Operating 2016 $ 8,504 2017 7,241 2018 6,352 2019 5,715 2020 4,212 Thereafter 6,672 Total $ 38,696 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 (In thousands, except per share amounts) Numerator: Net earnings attributable to Weyco Group, Inc. $ 18,212 $ 19,020 $ 17,601 Denominator: Basic weighted average shares outstanding 10,773 10,791 10,779 Effect of dilutive securities: Employee stock-based awards 86 97 86 Diluted weighted average shares outstanding 10,859 10,888 10,865 Basic earnings per share $ 1.69 $ 1.76 $ 1.63 Diluted earnings per share $ 1.68 $ 1.75 $ 1.62 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2015, 2014 and 2013 was as follows: Wholesale Retail Other Total (Dollars in thousands) 2015 Product sales $ 247,738 $ 22,121 $ 47,126 $ 316,985 Licensing revenues 3,632 3,632 Net sales 251,370 22,121 47,126 320,617 Depreciation 2,210 535 867 3,612 Earnings from operations 24,272 2,519 2,994 29,785 Total assets 267,265 4,372 27,360 298,997 Capital expenditures 1,329 399 753 2,481 2014 Product sales $ 240,247 $ 23,324 $ 53,735 $ 317,306 Licensing revenues 3,182 3,182 Net sales 243,429 23,324 53,735 320,488 Depreciation 2,251 553 855 3,659 Earnings from operations 22,527 3,300 4,830 30,657 Total assets 244,278 4,689 28,479 277,446 Capital expenditures 1,305 60 1,525 2,890 2013 Product sales $ 222,459 $ 23,255 $ 51,372 $ 297,086 Licensing revenues 3,198 3,198 Net sales 225,657 23,255 51,372 300,284 Depreciation 2,481 538 943 3,962 Earnings from operations 20,742 3,018 3,995 27,755 Total assets 230,509 7,412 29,612 267,533 Capital expenditures 790 34 1,875 2,699 |
Schedule Of Entity Wide Disclosure On Geographic Areas Net Sales And Long Lived Assets In Individual Foreign Countries By Country [Table Text Block] | Financial information relating to the Company’s business by geographic area was as follows for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 (Dollars in thousands) Net Sales: United States $ 252,459 $ 244,260 $ 231,729 Canada 21,031 22,493 17,183 Europe 7,291 9,048 8,117 Australia 27,224 30,466 29,318 Asia 9,050 9,842 9,484 South Africa 3,562 4,379 4,453 Total $ 320,617 $ 320,488 $ 300,284 Long-Lived Assets: United States $ 74,658 $ 75,952 $ 77,755 Other 7,699 9,048 9,255 $ 82,357 $ 85,000 $ 87,010 |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following weighted-average assumptions were used to determine compensation expense related to stock options in 2015, 2014 and 2013: 2015 2014 2013 Risk-free interest rate 1.36 % 1.45 % 1.10 % Expected dividend yield 3.12 % 2.81 % 2.53 % Expected term 4.3 years 4.3 years 4.3 years Expected volatility 21.6 % 17.8 % 16.2 % |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following tables summarize stock option activity under the Company’s plans: Stock Options Years ended December 31, 2015 2014 2013 Stock Options Shares Weighted Average Exercise Shares Weighted Average Exercise Shares Weighted Average Exercise Outstanding at beginning of year 1,355,416 $ 25.36 1,260,866 $ 24.41 1,265,792 $ 22.76 Granted 299,700 25.64 331,600 27.04 333,300 28.50 Exercised (279,090 ) 22.02 (218,150 ) 22.37 (219,526 ) 17.91 Forfeited or expired (24,200 ) 26.58 (18,900 ) 25.71 (118,700 ) 30.30 Outstanding at end of year 1,351,826 $ 26.09 1,355,416 $ 25.36 1,260,866 $ 24.41 Exercisable at end of year 594,906 $ 25.55 603,834 $ 23.66 581,081 $ 22.39 Weighted average fair market value of options granted $ 3.30 $ 2.93 $ 2.77 Weighted Average Aggregate Outstanding - December 31, 2015 4.0 $ 1,541,000 Exercisable - December 31, 2015 3.1 $ 1,017,000 |
Schedule of Nonvested Share Activity [Table Text Block] | The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of the Company’s stock on December 31, 2015 of $26.76 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. Non-vested Stock Options Non-vested Stock Options Number of Weighted Weighted Non-vested December 31, 2012 558,929 $ 23.86 $ 4.23 Granted 333,300 28.50 2.77 Vested (207,044 ) 23.83 4.42 Forfeited (5,400 ) 23.95 4.28 Non-vested December 31, 2013 679,785 $ 26.14 $ 3.46 Granted 331,600 27.04 2.93 Vested (243,303 ) 25.54 3.80 Forfeited (16,500 ) 25.98 3.44 Non-vested December 31, 2014 751,582 $ 26.74 $ 3.12 Granted 299,700 25.64 3.30 Vested (275,187 ) 26.14 3.36 Forfeited (19,175 ) 26.59 3.14 Non-vested December 31, 2015 756,920 $ 26.53 $ 3.10 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information about outstanding and exercisable stock options at December 31, 2015: Options Outstanding Options Exercisable Range of Exercise Prices Number of Weighted Weighted Number of Weighted $23.53 to $25.86 712,026 3.8 $ 24.60 356,169 $ 23.90 $27.04 to $28.50 639,800 4.3 $ 27.76 238,737 $ 28.00 1,351,826 4.0 $ 26.09 594,906 $ 25.55 |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | The following table summarizes stock option activity for the years ended December 31: 2015 2014 2013 (Dollars in thousands) Total intrinsic value of stock options exercised $ 1,705 $ 1,108 $ 1,506 Cash received from stock option exercises $ 6,144 $ 4,881 $ 3,932 Income tax benefit from the exercise of stock options $ 665 $ 432 $ 588 Total fair value of stock options vested $ 925 $ 923 $ 915 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes restricted stock award activity during the years ended December 31, 2013, 2014 and 2015: Non-vested Restricted Stock Shares of Weighted Non-vested December 31, 2012 42,575 $ 23.87 Issued 20,400 28.50 Vested (15,475 ) 23.85 Forfeited Non-vested December 31, 2013 47,500 25.86 Issued 24,400 27.04 Vested (17,850 ) 25.31 Forfeited Non-vested December 31, 2014 54,050 $ 26.58 Issued 21,900 25.64 Vested (20,700 ) 25.94 Forfeited Non-vested December 31, 2015 55,250 $ 26.45 |
QUARTERLY FINANCIAL DATA (Una43
QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | (In thousands, except per share amounts) 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Year Net sales $ 78,052 $ 63,934 $ 91,227 $ 87,404 $ 320,617 Gross earnings $ 28,737 $ 24,423 $ 32,610 $ 35,839 $ 121,609 Net earnings attributable to Weyco Group, Inc. $ 3,633 $ 2,040 $ 5,526 $ 7,013 $ 18,212 Net earnings per share: Basic $ 0.34 $ 0.19 $ 0.51 $ 0.65 $ 1.69 Diluted $ 0.33 $ 0.19 $ 0.51 $ 0.65 $ 1.68 2014 First Second Quarter Third Quarter Fourth Quarter Year Net sales $ 74,929 $ 62,863 $ 87,425 $ 95,271 $ 320,488 Gross earnings $ 27,364 $ 24,217 $ 32,421 $ 39,066 $ 123,068 Net earnings attributable to Weyco Group, Inc. $ 3,205 $ 2,207 $ 5,518 $ 8,090 $ 19,020 Net earnings per share: Basic $ 0.30 $ 0.20 $ 0.51 $ 0.75 $ 1.76 Diluted $ 0.29 $ 0.20 $ 0.51 $ 0.75 $ 1.75 |
VALUATION AND QUALIFYING ACCO44
VALUATION AND QUALIFYING ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Table Text Block] | Deducted from Assets Doubtful Accounts Returns and Allowances Total (Dollars in thousands) BALANCE, DECEMBER 31, 2012 $ 1,271 $ 1,148 $ 2,419 Add Additions charged to earnings 132 2,974 3,106 Deduct Charges for purposes for which reserves were established (170 ) (3,062 ) (3,232 ) BALANCE, DECEMBER 31, 2013 $ 1,233 $ 1,060 $ 2,293 Add Additions charged to earnings 240 3,299 3,539 Deduct Charges for purposes for which reserves were established (246 ) (3,202 ) (3,448 ) BALANCE, DECEMBER 31, 2014 $ 1,227 $ 1,157 $ 2,384 Add Additions charged to earnings 235 3,200 3,435 Deduct Charges for purposes for which reserves were established (286 ) (3,276 ) (3,562 ) BALANCE, DECEMBER 31, 2015 $ 1,176 $ 1,081 $ 2,257 |
SUMMARY OF SIGNIFICANT ACCOUN45
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Line Items] | |||
Foreign currency translation adjustments | $ 5,691 | $ 2,894 | $ 934 |
Pension liability, net of tax | (12,776) | (15,136) | (8,488) |
Total accumulated other comprehensive loss | $ (18,467) | $ (18,030) | $ (9,422) |
SUMMARY OF SIGNIFICANT ACCOUN46
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign Currency Translation Adjustments, Beginning balance | $ (2,894) | $ (934) |
Other comprehensive (loss) income before reclassifications, Foreign Currency Translation Adjustments | (2,797) | (1,960) |
Amounts reclassified from accumulated other comprehensive loss, Foreign Currency Translation Adjustments | 0 | 0 |
Net current period other comprehensive (loss) income, Foreign Currency Translation Adjustments | (2,797) | (1,960) |
Foreign Currency Translation Adjustments, Ending balance | (5,691) | (2,894) |
Defined Benefit Pension Items, Beginning balance | (15,136) | (8,488) |
Other comprehensive (loss) income before reclassifications, Defined Benefit Pension Items | 1,285 | (7,079) |
Amounts reclassified from accumulated other comprehensive loss, Defined Benefit Pension Items | 1,075 | 431 |
Net current period other comprehensive (loss) income, Defined Benefit Pension Items | 2,360 | (6,648) |
Defined Benefit Pension Items, Ending balance | (12,776) | (15,136) |
Beginning balance | (18,030) | (9,422) |
Other comprehensive (loss) income before reclassifications | (1,512) | (9,039) |
Amounts reclassified from accumulated other comprehensive loss | 1,075 | 431 |
Net current period other comprehensive (loss) income | (437) | (8,608) |
Ending balance | $ (18,467) | $ (18,030) |
SUMMARY OF SIGNIFICANT ACCOUN47
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of defined benefit pension items Prior service cost | [1] | $ (112) | $ (112) |
Amortization of defined benefit pension items Actuarial losses | [1] | 1,874 | 818 |
Amortization of defined benefit pension items Total before tax | 1,762 | 706 | |
Amortization of defined benefit pension items Tax benefit | (687) | (275) | |
Amortization of defined benefit pension items Net of tax | $ 1,075 | $ 431 | |
[1] | These amounts were included in the computation of net periodic pension cost. See Note 11 for additional details. |
SUMMARY OF SIGNIFICANT ACCOUN48
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) CAD in Millions, AUD in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015CAD | Dec. 31, 2015AUD | |
Accounting Policies [Line Items] | |||||
Royalty Revenue, Total | $ 3,600,000 | $ 3,200,000 | $ 3,200,000 | ||
Selling Expense | 11,300,000 | 11,000,000 | 10,800,000 | ||
Advertising Expense | 12,800,000 | 10,500,000 | 11,400,000 | ||
Cooperative Advertising Expense | 4,200,000 | 3,500,000 | 4,300,000 | ||
Net foreign currency transaction losses | $ 961,000 | $ 268,000 | 279,000 | ||
Concentration Risk, Percentage | 10.00% | 10.00% | |||
Foreign Currency Translation Adjustment Minority Interest | $ 1,061,000 | $ 447,000 | |||
Noncontrolling Interest, Description | the Companys equity interest in Florsheim Australia decreases from 60% to 51% of equity issued under the subscription agreement as intercompany loans are paid in accordance with their terms. To date, the Companys equity interest in Florsheim Australia has decreased from 60% to 55% and the noncontrolling shareholders interest has increased from 40% to 45% | ||||
Forward Exchange Contracts, Canadian [Member] | |||||
Accounting Policies [Line Items] | |||||
Investment Owned, Foreign Currency Contract, Current Value | $ 3,000,000 | CAD 2.3 | |||
Forward Exchange Contracts, Australian [Member] | |||||
Accounting Policies [Line Items] | |||||
Investment Owned, Foreign Currency Contract, Current Value | 6,600,000 | AUD 9.3 | |||
Foreign Exchange Forward [Member] | |||||
Accounting Policies [Line Items] | |||||
Gain (Loss) on Sale of Derivatives | $ 1,400,000 | ||||
Accounts Receivable [Member] | |||||
Accounting Policies [Line Items] | |||||
Concentration Risk, Customer | The Company had no individual customer accounts receivable balances outstanding at December 31, 2015 and 2014 that represented more than 10% of the Company’s gross accounts receivable balance. | ||||
Sales Revenue, Goods, Net [Member] | |||||
Accounting Policies [Line Items] | |||||
Concentration Risk, Customer | Additionally, there were no single customers with sales above 10% of the Companys total sales in 2015, 2014 and 2013 | ||||
Wholesale Segment [Member] | |||||
Accounting Policies [Line Items] | |||||
Shipping, Handling and Transportation Costs, Total | $ 1,900,000 | 2,400,000 | 2,700,000 | ||
Retail Segment [Member] | |||||
Accounting Policies [Line Items] | |||||
Shipping, Handling and Transportation Costs, Total | $ 1,200,000 | $ 1,100,000 | $ 760,000 | ||
Building and Building Improvements [Member] | Minimum [Member] | |||||
Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 10 years | ||||
Building and Building Improvements [Member] | Maximum [Member] | |||||
Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 39 years | ||||
Machinery and Equipment [Member] | Minimum [Member] | |||||
Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | ||||
Machinery and Equipment [Member] | Maximum [Member] | |||||
Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | ||||
Furniture and Fixtures [Member] | Minimum [Member] | |||||
Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 5 years | ||||
Furniture and Fixtures [Member] | Maximum [Member] | |||||
Accounting Policies [Line Items] | |||||
Property, Plant and Equipment, Estimated Useful Lives | 7 years |
INVESTMENTS (Details)
INVESTMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | $ 4,522 | $ 5,914 |
Municipal Bonds [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost, Current | 4,522 | 5,914 |
Amortized Cost, Due from one through five years | 12,395 | 14,398 |
Amortized Cost, Due from six through ten years | 6,929 | 9,337 |
Amortized Cost, Due from eleven through twenty years | 1,361 | 805 |
Amortized Cost, Total | 25,207 | 30,454 |
Market Value, Current | 4,546 | 6,006 |
Market Value, Due from one through five years | 13,057 | 15,204 |
Market Value, Due from six through ten years | 7,217 | 9,711 |
Market Value, Due from eleven through twenty years | 1,391 | 762 |
Market Value, Total | $ 26,211 | $ 31,683 |
INVESTMENTS (Details 1)
INVESTMENTS (Details 1) - Municipal Bonds [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net Investment Income [Line Items] | ||
Unrealized Gains | $ 1,014 | $ 1,279 |
Unrealized Losses | $ (10) | $ (50) |
INVESTMENTS (Details Textual)
INVESTMENTS (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Investment Income [Line Items] | |||
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | $ 200 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Finished shoes | $ 116,177 | $ 87,203 |
LIFO reserve | (18,993) | (18,188) |
Total inventories | $ 97,184 | $ 69,015 |
INVENTORIES (Details Textual)
INVENTORIES (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Inventory [Line Items] | |||
Other Inventory, in Transit, Gross | $ 25,900,000 | $ 38,100,000 | |
Percentage of LIFO Inventory | 91.00% | 91.00% | |
Percentage of FIFO Inventory | 9.00% | 9.00% | |
Decrease In Cost Of Goods Sold | $ 151,000 | $ 64,000 |
PROPERTY, PLANT AND EQUIPMENT54
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Land and land improvements | $ 3,706 | $ 3,706 |
Buildings and improvements | 26,912 | 26,900 |
Machinery and equipment | 27,142 | 25,816 |
Retail fixtures and leasehold improvements | 11,232 | 12,259 |
Construction in progress | 24 | 18 |
Property, plant and equipment | 69,016 | 68,699 |
Less: Accumulated depreciation | (37,183) | (35,005) |
Property, plant and equipment, net | $ 31,833 | $ 33,694 |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | $ 45,860 | $ 45,860 |
Accumulated Amortization | 0 | 0 |
Net | 45,860 | 45,860 |
Amortizable intangible assets: | ||
Gross Carrying Amount | 3,700 | 3,700 |
Accumulated Amortization | (1,321) | (1,047) |
Net | 2,379 | 2,653 |
Goodwill [Member] | ||
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | 11,112 | 11,112 |
Accumulated Amortization | 0 | 0 |
Net | 11,112 | 11,112 |
Trademarks [Member] | ||
Indefinite-lived intangible assets: | ||
Gross Carrying Amount | 34,748 | 34,748 |
Accumulated Amortization | 0 | 0 |
Net | $ 34,748 | $ 34,748 |
Noncompete Agreements [Member] | ||
Amortizable intangible assets: | ||
Weighted Average Life (Years) | 5 years | 5 years |
Gross Carrying Amount | $ 200 | $ 200 |
Accumulated Amortization | (193) | (153) |
Net | $ 7 | $ 47 |
Customer Relationships [Member] | ||
Amortizable intangible assets: | ||
Weighted Average Life (Years) | 15 years | 15 years |
Gross Carrying Amount | $ 3,500 | $ 3,500 |
Accumulated Amortization | (1,128) | (894) |
Net | $ 2,372 | $ 2,606 |
INTANGIBLE ASSETS (Details 1)
INTANGIBLE ASSETS (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
2,016 | $ 240 | |
2,017 | 233 | |
2,018 | 233 | |
2,019 | 233 | |
2,020 | 233 | |
Thereafter | 1,207 | |
Total | $ 2,379 | $ 2,653 |
INTANGIBLE ASSETS (Details Text
INTANGIBLE ASSETS (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of Intangible Assets | $ 273,000 | $ 273,000 | $ 273,000 | ||
Goodwill | $ 11,112,000 | $ 11,112,000 | $ 11,100,000 | $ 11,100,000 | $ 11,100,000 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets Noncurrent [Line Items] | ||
Cash surrender value of life insurance | $ 14,876 | $ 14,148 |
Intangible assets (See Note 7) | 2,379 | 2,653 |
Investment in real estate | 2,284 | 2,793 |
Other | 1,604 | 1,710 |
Total other assets | $ 21,143 | $ 21,304 |
OTHER ASSETS (Details Textual)
OTHER ASSETS (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
May. 01, 2013 | Dec. 31, 2015 | |
Other Assets Noncurrent [Line Items] | ||
Approximate Death Benefit Receive From Life Insurance Policies | $ 16.2 | |
Asset Purchase Interest Percentage | 50.00% | |
Payments to Acquire Buildings | $ 3.2 |
SHORT-TERM BORROWINGS (Details
SHORT-TERM BORROWINGS (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 42 | |
Debt Instrument, Interest Rate at Period End | 1.18% | 0.92% |
Long-term Line of Credit | $ 26.6 | $ 5.4 |
Revolving Credit Facility [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Amount, Total | $ 60 | |
Line of Credit Facility, Expiration Date | Nov. 4, 2016 | |
Line of Credit Facility, Interest Rate Description | LIBOR plus 0.75% |
CONTINGENT CONSIDERATION (Detai
CONTINGENT CONSIDERATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Beginning balance | $ 5,675 | $ 5,064 |
Net (gains) losses on remeasurement of contingent consideration | (458) | 560 |
Interest expense | 0 | 51 |
Ending balance | $ 5,217 | $ 5,675 |
CONTINGENT CONSIDERATION (Det62
CONTINGENT CONSIDERATION (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition, Contingent Consideration [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Description | Contingent consideration is comprised of two earn-out payments that the Company is obligated to pay the former shareholders of The Combs Company (Bogs) related to the Companys acquisition of Bogs in 2011. The estimate of contingent consideration was formula-driven and was based on Bogs achieving certain levels of gross margin dollars between January 1, 2011, and December 31, 2015. | ||
Payment Of Contingent Consideration | $ 0 | $ 0 | $ 1,270 |
Business Combination, Contingent Consideration, Liability | 5,217 | 5,675 | $ 5,064 |
Second Contingent Payment [Member] | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Business Combination, Contingent Consideration, Liability | $ 5,200 | $ 5,700 |
EMPLOYEE RETIREMENT PLANS (Deta
EMPLOYEE RETIREMENT PLANS (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Asset Category: | ||
Weighted Average Asset Alllocation | 100.00% | 100.00% |
Equity Securities [Member] | ||
Asset Category: | ||
Weighted Average Asset Alllocation | 52.00% | 50.00% |
Fixed Income Securities [Member] | ||
Asset Category: | ||
Weighted Average Asset Alllocation | 40.00% | 43.00% |
Other Securities [Member] | ||
Asset Category: | ||
Weighted Average Asset Alllocation | 8.00% | 7.00% |
EMPLOYEE RETIREMENT PLANS (De64
EMPLOYEE RETIREMENT PLANS (Details 1) | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.62% | 4.17% |
Rate of compensation increase | 4.00% | 4.00% |
EMPLOYEE RETIREMENT PLANS (De65
EMPLOYEE RETIREMENT PLANS (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in projected benefit obligation | |||
Service cost | $ 1,636 | $ 1,263 | $ 1,726 |
Interest cost | 2,665 | 2,586 | 2,403 |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 32,027 | ||
Fair value of plan assets, end of year | 32,345 | 32,027 | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Long-term pension liability | (30,188) | (33,379) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net amount recognized | 12,776 | 15,136 | 8,488 |
Defined Benefit Pension Plan [Member] | |||
Change in projected benefit obligation | |||
Projected benefit obligation, beginning of year | 50,932 | 41,470 | |
Service cost | 1,345 | 1,042 | |
Interest cost | 2,051 | 1,999 | |
Actuarial (gain) loss | (3,806) | 8,221 | |
Benefits paid | (1,845) | (1,800) | |
Projected benefit obligation, end of year | 48,677 | 50,932 | 41,470 |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 32,027 | 31,522 | |
Actual return on plan assets | (320) | 1,145 | |
Administrative expenses | (150) | (140) | |
Contributions | 2,633 | 1,300 | |
Benefits paid | (1,845) | (1,800) | |
Fair value of plan assets, end of year | 32,345 | 32,027 | 31,522 |
Funded status of plan | (16,332) | (18,905) | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Accrued liabilities - other | 0 | 0 | |
Long-term pension liability | (16,332) | (18,905) | |
Net amount recognized | (16,332) | (18,905) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Accumulated loss, net of income tax benefit of $6,631, $7,559, $1,808 and $2,431, respectively | 10,371 | 11,824 | |
Prior service cost, net of income tax liability of $0, $0, ($270) and ($314), respectively | 0 | 0 | |
Net amount recognized | 10,371 | 11,824 | |
Supplemental Pension Plan [Member] | |||
Change in projected benefit obligation | |||
Projected benefit obligation, beginning of year | 14,841 | 12,337 | |
Service cost | 291 | 221 | |
Interest cost | 614 | 586 | |
Actuarial (gain) loss | (1,135) | 2,047 | |
Benefits paid | (350) | (350) | |
Projected benefit obligation, end of year | 14,261 | 14,841 | 12,337 |
Change in plan assets | |||
Fair value of plan assets, beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Administrative expenses | 0 | 0 | |
Contributions | 350 | 350 | |
Benefits paid | (350) | (350) | |
Fair value of plan assets, end of year | 0 | 0 | $ 0 |
Funded status of plan | (14,261) | (14,841) | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Accrued liabilities - other | (405) | (367) | |
Long-term pension liability | (13,856) | (14,474) | |
Net amount recognized | (14,261) | (14,841) | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Accumulated loss, net of income tax benefit of $6,631, $7,559, $1,808 and $2,431, respectively | 2,828 | 3,803 | |
Prior service cost, net of income tax liability of $0, $0, ($270) and ($314), respectively | (423) | (491) | |
Net amount recognized | $ 2,405 | $ 3,312 |
EMPLOYEE RETIREMENT PLANS (De66
EMPLOYEE RETIREMENT PLANS (Details 3) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.17% | 5.03% | 4.23% |
Rate of compensation increase | 4.00% | 4.00% | 4.50% |
Long-term rate of return on plan assets | 7.50% | 7.50% | 7.75% |
EMPLOYEE RETIREMENT PLANS (De67
EMPLOYEE RETIREMENT PLANS (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefits earned during the period | $ 1,636 | $ 1,263 | $ 1,726 |
Interest cost on projected benefit obligation | 2,665 | 2,586 | 2,403 |
Expected return on plan assets | (2,364) | (2,343) | (2,094) |
Net amortization and deferral | 1,762 | 706 | 1,702 |
Net pension expense | $ 3,699 | $ 2,212 | $ 3,737 |
EMPLOYEE RETIREMENT PLANS (De68
EMPLOYEE RETIREMENT PLANS (Details 5) $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 2,178 |
2,017 | 2,248 |
2,018 | 2,362 |
2,019 | 2,509 |
2,020 | 2,563 |
2021 - 2025 | 13,882 |
Supplemental Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 405 |
2,017 | 421 |
2,018 | 449 |
2,019 | 488 |
2,020 | 528 |
2021 - 2025 | $ 3,684 |
EMPLOYEE RETIREMENT PLANS (De69
EMPLOYEE RETIREMENT PLANS (Details 6) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | $ 32,345 | $ 32,027 | |
Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | [1] | 91 | 89 |
Exchange traded funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 3,375 | 3,030 | |
Pooled Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 5,423 | 5,893 | |
US Government Agencies Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 1,103 | 1,131 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 2,703 | 2,069 | |
Subtotal [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 32,254 | 31,938 | |
Corporate Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 4,503 | 4,762 | |
State And Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 1,337 | 1,592 | |
Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 13,379 | 13,027 | |
Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 431 | 434 | |
Fair Value, Inputs, Level 1 [Member] | Exchange traded funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 3,375 | 3,030 | |
Fair Value, Inputs, Level 1 [Member] | Pooled Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 5,423 | 5,893 | |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 2,703 | 2,069 | |
Fair Value, Inputs, Level 1 [Member] | Subtotal [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 24,262 | 23,294 | |
Fair Value, Inputs, Level 1 [Member] | Corporate Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | State And Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 12,352 | 11,888 | |
Fair Value, Inputs, Level 1 [Member] | Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 409 | 414 | |
Fair Value, Inputs, Level 2 [Member] | Exchange traded funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Pooled Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 1,103 | 1,131 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Subtotal [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 7,992 | 8,644 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 4,503 | 4,762 | |
Fair Value, Inputs, Level 2 [Member] | State And Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 1,337 | 1,592 | |
Fair Value, Inputs, Level 2 [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 1,027 | 1,139 | |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 22 | 20 | |
Fair Value, Inputs, Level 3 [Member] | Exchange traded funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Pooled Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Subtotal [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Corporate Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | State And Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Pension Plan Assets, Total | $ 0 | $ 0 | |
[1] | This category represents trust receivables that are not leveled. |
EMPLOYEE RETIREMENT PLANS (De70
EMPLOYEE RETIREMENT PLANS (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | |
Defined Benefit Plan Percentage Of Minimum Fund Maintenance | 80.00% | ||
Defined Contribution Plan Employer Contribution Amount | $ 350,000 | $ 302,000 | $ 227,000 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.50% | 7.75% |
Defined Benefit Plan, Future Amortization of Unrecognized Loss | $ 1,600,000 | ||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 112,000 | ||
Pension Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 43,700,000 | $ 45,300,000 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | 6,631,000 | 7,559,000 | |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | 0 | 0 | |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 14,200,000 | 14,300,000 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Tax | 1,808,000 | 2,431,000 | |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | $ (270,000) | $ (314,000) | |
Minimum [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% | ||
Minimum [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% | ||
Minimum [Member] | Other securuties [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | ||
Maximum [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 80.00% | ||
Maximum [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 80.00% | ||
Maximum [Member] | Other securuties [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 20.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 8,801 | $ 7,339 | $ 6,449 |
State | 1,314 | 1,131 | 940 |
Foreign | 501 | 1,649 | 1,273 |
Total | 10,616 | 10,119 | 8,662 |
Deferred | 346 | 1,115 | 1,268 |
Total provision | $ 10,962 | $ 11,234 | $ 9,930 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation [Line Items] | |||
U.S. federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 3.40% | 2.80% | 2.60% |
Non-taxable municipal bond interest | (1.00%) | (1.20%) | (1.70%) |
Foreign income tax rate differences | 0.40% | (0.80%) | (0.90%) |
Other | (0.10%) | 0.40% | 0.20% |
Effective tax rate | 37.70% | 36.20% | 35.20% |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax benefits: | ||
Accounts receivable reserves | $ 422 | $ 442 |
Pension liability | 11,931 | 13,161 |
Accrued liabilities | 2,383 | 2,426 |
Foreign currency losses on intercompany loans | 148 | 0 |
Deferred Tax Assets, Net of Valuation Allowance, Total | 14,884 | 16,029 |
Deferred tax liabilities: | ||
Inventory and related reserves | (3,552) | (3,636) |
Cash value of life insurance | (3,517) | (3,451) |
Property, plant and equipment | (1,420) | (1,703) |
Intangible assets | (7,753) | (6,642) |
Prepaid expenses and other assets | (249) | (240) |
Foreign currency gains on intercompany loans | 0 | (105) |
Deferred Tax Liabilities, Gross | (16,491) | (15,777) |
Net deferred income tax (liabilities) benefits | $ (1,607) | $ 252 |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Benefit [Line Items] | ||
Current deferred income tax liabilities | $ (1,537) | $ (1,747) |
Noncurrent deferred income tax (liabilities) benefits | (70) | 1,999 |
Deferred Tax Assets, Net | $ (1,607) | $ 252 |
INCOME TAXES (Details 4)
INCOME TAXES (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | |||
Beginning Balance | $ 0 | $ 124 | $ 124 |
Increases related to current year tax positions | 284 | 0 | |
Favorable settlements of tax positions | (55) | ||
Decreases related to prior year tax positions | (69) | ||
Ending Balance | $ 284 | $ 0 | $ 124 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Taxes [Line Items] | |||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 1,300,000 | $ 5,000,000 | $ 4,200,000 | ||
Unrecognized Tax Benefits, Beginning Balance | 284,000 | 0 | 124,000 | $ 124,000 | |
Undistributed Earnings of Foreign Subsidiaries | 6,900,000 | ||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 108,000 | $ 0 | |||
Income Tax Examination, Description | In general, the 2011 through 2015 tax years remain subject to examination by those taxing authorities. | ||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | [1] | 124,000 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 5,000 | ||||
[1] | This category represents trust receivables that are not leveled. |
COMMITMENTS (Details)
COMMITMENTS (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 8,504 |
2,017 | 7,241 |
2,018 | 6,352 |
2,019 | 5,715 |
2,020 | 4,212 |
Thereafter | 6,672 |
Total | $ 38,696 |
COMMITMENTS (Details Textual)
COMMITMENTS (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Operating Leases, Rent Expense, Minimum Rentals | $ 9,100,000 | $ 9,700,000 | $ 9,500,000 |
Operating Leases, Rent Expense, Contingent Rentals | 461,000 | $ 512,000 | $ 430,000 |
Purchase Obligation, Due in Next Twelve Months | $ 56,800,000 |
STOCK REPURCHASE PROGRAM (Detai
STOCK REPURCHASE PROGRAM (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity, Class of Treasury Stock [Line Items] | |||
Payments For Repurchase Of Common Stock | $ 9,858 | $ 7,984 | $ 4,623 |
Stock Repurchased and Retired During Period, Shares | 354,741 | 297,576 | 195,050 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 976,158 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Net earnings attributable to Weyco Group, Inc. | $ 7,013 | $ 5,526 | $ 2,040 | $ 3,633 | $ 8,090 | $ 5,518 | $ 2,207 | $ 3,205 | $ 18,212 | $ 19,020 | $ 17,601 |
Denominator: | |||||||||||
Basic weighted average shares outstanding (in shares) | 10,773 | 10,791 | 10,779 | ||||||||
Effect of dilutive securities: | |||||||||||
Employee stock-based awards (in shares) | 86 | 97 | 86 | ||||||||
Diluted weighted average shares outstanding (in shares) | 10,859 | 10,888 | 10,865 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.65 | $ 0.51 | $ 0.19 | $ 0.34 | $ 0.75 | $ 0.51 | $ 0.20 | $ 0.30 | $ 1.69 | $ 1.76 | $ 1.63 |
Diluted earnings per share (in dollars per share) | $ 0.65 | $ 0.51 | $ 0.19 | $ 0.33 | $ 0.75 | $ 0.51 | $ 0.20 | $ 0.29 | $ 1.68 | $ 1.75 | $ 1.62 |
EARNINGS PER SHARE (Details Tex
EARNINGS PER SHARE (Details Textual) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 720,757 | 656,000 | 353,000 |
Weighted Average Price of Antidilutive Securities Excluded from Computation of Earnings Per Share (in dollars per share) | $ 27.59 | $ 27.76 | $ 26.85 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Product sales | $ 316,985 | $ 317,306 | $ 297,086 | ||||||||
Licensing revenues | 3,632 | 3,182 | 3,198 | ||||||||
Net sales | $ 87,404 | $ 91,227 | $ 63,934 | $ 78,052 | $ 95,271 | $ 87,425 | $ 62,863 | $ 74,929 | 320,617 | 320,488 | 300,284 |
Depreciation | 3,612 | 3,659 | 3,962 | ||||||||
Earnings from operations | 29,785 | 30,657 | 27,755 | ||||||||
Total assets | 298,997 | 298,997 | 277,446 | 267,533 | |||||||
Capital expenditures | 2,481 | 2,890 | 2,699 | ||||||||
Wholesale [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 247,738 | 240,247 | 222,459 | ||||||||
Licensing revenues | 3,632 | 3,182 | 3,198 | ||||||||
Net sales | 251,370 | 243,429 | 225,657 | ||||||||
Depreciation | 2,210 | 2,251 | 2,481 | ||||||||
Earnings from operations | 24,272 | 22,527 | 20,742 | ||||||||
Total assets | 267,265 | 267,265 | 244,278 | 230,509 | |||||||
Capital expenditures | 1,329 | 1,305 | 790 | ||||||||
Retail [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 22,121 | 23,324 | 23,255 | ||||||||
Licensing revenues | 0 | 0 | 0 | ||||||||
Net sales | 22,121 | 23,324 | 23,255 | ||||||||
Depreciation | 535 | 553 | 538 | ||||||||
Earnings from operations | 2,519 | 3,300 | 3,018 | ||||||||
Total assets | 4,372 | 4,372 | 4,689 | 7,412 | |||||||
Capital expenditures | 399 | 60 | 34 | ||||||||
Other Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product sales | 47,126 | 53,735 | 51,372 | ||||||||
Licensing revenues | 0 | 0 | 0 | ||||||||
Net sales | 47,126 | 53,735 | 51,372 | ||||||||
Depreciation | 867 | 855 | 943 | ||||||||
Earnings from operations | 2,994 | 4,830 | 3,995 | ||||||||
Total assets | $ 27,360 | 27,360 | 28,479 | 29,612 | |||||||
Capital expenditures | $ 753 | $ 1,525 | $ 1,875 |
SEGMENT INFORMATION (Details 1)
SEGMENT INFORMATION (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 87,404 | $ 91,227 | $ 63,934 | $ 78,052 | $ 95,271 | $ 87,425 | $ 62,863 | $ 74,929 | $ 320,617 | $ 320,488 | $ 300,284 |
Long-Lived Assets | 82,357 | 82,357 | 85,000 | 87,010 | |||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Long-Lived Assets | 7,699 | 7,699 | 9,048 | 9,255 | |||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 7,291 | 9,048 | 8,117 | ||||||||
Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 9,050 | 9,842 | 9,484 | ||||||||
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 252,459 | 244,260 | 231,729 | ||||||||
Long-Lived Assets | $ 74,658 | 74,658 | 75,952 | 77,755 | |||||||
Canada [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 21,031 | 22,493 | 17,183 | ||||||||
Australia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 27,224 | 30,466 | 29,318 | ||||||||
South Africa [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 3,562 | $ 4,379 | $ 4,453 |
SEGMENT INFORMATION (Details Te
SEGMENT INFORMATION (Details Textual) | 12 Months Ended |
Dec. 31, 2015 | |
Sales Revenue, Goods, Net [Member] | |
Segment Information [Line Items] | |
Segment Reporting, Disclosure of Major Customers | In 2015, 2014 and 2013, there was no single customer with sales above 10% of the Companys total sales. |
United States [Member] | |
Segment Information [Line Items] | |
Number Of Stores Description | the Company operated 13 Company-owned stores in principal cities |
STOCK-BASED COMPENSATION PLAN85
STOCK-BASED COMPENSATION PLANS (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.36% | 1.45% | 1.10% |
Expected dividend yield | 3.12% | 2.81% | 2.53% |
Expected term (in years) | 4 years 3 months 18 days | 4 years 3 months 18 days | 4 years 3 months 18 days |
Expected volatility | 21.60% | 17.80% | 16.20% |
STOCK-BASED COMPENSATION PLAN86
STOCK-BASED COMPENSATION PLANS (Details 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Term (Years), Outstanding - December 31, 2015 | 4 years | ||
Weighted Average Remaining Contractual Term (Years), Exercisable - December 31, 2015 | 3 years 1 month 6 days | ||
Aggregate Intrinsic Value, Outstanding at December 31, 2015 | $ 1,541,000 | ||
Aggregate Intrinsic Value, Exercisable at December 31, 2015 | $ 1,017,000 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding at beginning of year | 1,355,416 | 1,260,866 | 1,265,792 |
Shares, Granted | 299,700 | 331,600 | 333,300 |
Shares, Exercised | (279,090) | (218,150) | (219,526) |
Shares, Forfeited or expired | (24,200) | (18,900) | (118,700) |
Shares, Outstanding at end of year | 1,351,826 | 1,355,416 | 1,260,866 |
Shares, Exercisable at end of year | 594,906 | 603,834 | 581,081 |
Weighted average fair market value of options granted (in dollars per share) | $ 3.30 | $ 2.93 | $ 2.77 |
Weighted Average Exercise Price, Outstanding at beginning of year (in dollars per share) | 25.36 | 24.41 | 22.76 |
Weighted Average Exercise Price, Granted (in dollars per share) | 25.64 | 27.04 | 28.5 |
Weighted Average Exercise Price, Exercised (in dollars per share) | 22.02 | 22.37 | 17.91 |
Weighted Average Exercise Price, Forfeited or expired (in dollars per share) | 26.58 | 25.71 | 30.3 |
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share) | 26.09 | 25.36 | 24.41 |
Weighted Average Exercise Price, Exercisable at end of year (in dollars per share) | $ 25.55 | $ 23.66 | $ 22.39 |
STOCK-BASED COMPENSATION PLAN87
STOCK-BASED COMPENSATION PLANS (Details 2) - Non Vested Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding at beginning of year | 751,582 | 679,785 | 558,929 |
Number of Options, Granted | 299,700 | 331,600 | 333,300 |
Number of Options, Vested | (275,187) | (243,303) | (207,044) |
Number of Options, Forfeited | (19,175) | (16,500) | (5,400) |
Shares, Outstanding at end of year | 756,920 | 751,582 | 679,785 |
Weighted Average Exercise Price, Outstanding at beginning of year (in dollars per share) | $ 26.74 | $ 26.14 | $ 23.86 |
Weighted Average Exercise Price, Granted (in dollars per share) | 25.64 | 27.04 | 28.50 |
Weighted Average Exercise Price, Vested (in dollars per share) | 26.14 | 25.54 | 23.83 |
Weighted Average Exercise Price, Forfeited (in dollars per share) | 26.59 | 25.98 | 23.95 |
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share) | 26.53 | 26.74 | 26.14 |
Weighted Average Fair Value, Outstanding at beginning of year (in dollars per share) | 3.12 | 3.46 | 4.23 |
Weighted Average Fair Value, Granted (in dollars per share) | 3.30 | 2.93 | 2.77 |
Weighted Average Fair Value, Vested (in dollars per share) | 3.36 | 3.80 | 4.42 |
Weighted Average Fair Value, Forfeited (in dollars per share) | 3.14 | 3.44 | 4.28 |
Weighted Average Fair Value, Outstanding at end of the year (in dollars per share) | $ 3.10 | $ 3.12 | $ 3.46 |
STOCK-BASED COMPENSATION PLAN88
STOCK-BASED COMPENSATION PLANS (Details 3) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options Outstanding | shares | 1,351,826 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 4 years |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 26.09 |
Options Exercisable, Number Of Options Exercisable | shares | 594,906 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 25.55 |
Exercise Price Range 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 23.53 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 25.86 |
Number of Options Outstanding | shares | 712,026 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 3 years 9 months 18 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 24.60 |
Options Exercisable, Number Of Options Exercisable | shares | 356,169 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 23.90 |
Exercise Price Range 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 27.04 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 28.50 |
Number of Options Outstanding | shares | 639,800 |
Options Outstanding, Weighted Average Remaining Contractual Life (in years) | 4 years 3 months 18 days |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 27.76 |
Options Exercisable, Number Of Options Exercisable | shares | 238,737 |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 28 |
STOCK-BASED COMPENSATION PLAN89
STOCK-BASED COMPENSATION PLANS (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of stock options exercised | $ 1,705 | $ 1,108 | $ 1,506 |
Cash received from stock option exercises | 6,144 | 4,881 | 3,932 |
Income tax benefit from the exercise of stock options | 665 | 432 | 588 |
Total fair value of stock options vested | $ 925 | $ 923 | $ 915 |
STOCK-BASED COMPENSATION PLAN90
STOCK-BASED COMPENSATION PLANS (Details 5) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares of Restricted Stock, Non-vested beginning of year | 54,050 | 47,500 | 42,575 |
Shares of Restricted Stock, Issued | 21,900 | 24,400 | 20,400 |
Shares of Restricted Stock, Vested | (20,700) | (17,850) | (15,475) |
Shares of Restricted Stock, Forfeited | 0 | 0 | 0 |
Shares of Restricted Stock, Non-vested end of year | 55,250 | 54,050 | 47,500 |
Weighted Average Grant Date Fair Value, Non-vested beginning of year (in dollars per share) | $ 26.58 | $ 25.86 | $ 23.87 |
Weighted Average Grant Date Fair Value, Issued (in dollars per share) | 25.64 | 27.04 | 28.5 |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | 25.94 | 25.31 | 23.85 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share) | 0 | 0 | 0 |
Weighted Average Grant Date Fair Value, Non-vested end of year (in dollars per share) | $ 26.45 | $ 26.58 | $ 25.86 |
STOCK-BASED COMPENSATION PLAN91
STOCK-BASED COMPENSATION PLANS (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 1,559,000 | $ 1,465,000 | $ 1,283,000 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 665,000 | 432,000 | 588,000 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,300,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 9 months 18 days | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 221,000 | $ 183,000 | $ 177,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 55,250 | 54,050 | 47,500 | 42,575 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share | $ 26.76 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years 9 months 18 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 1,500,000 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 2,100,000 | |||
Share Price | $ 26.76 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years 9 months 18 days | |||
Incentive Plan 2014 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 321,800 |
QUARTERLY FINANCIAL DATA (Detai
QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information [Line Items] | |||||||||||
Net sales | $ 87,404 | $ 91,227 | $ 63,934 | $ 78,052 | $ 95,271 | $ 87,425 | $ 62,863 | $ 74,929 | $ 320,617 | $ 320,488 | $ 300,284 |
Gross earnings | 35,839 | 32,610 | 24,423 | 28,737 | 39,066 | 32,421 | 24,217 | 27,364 | 121,609 | 123,068 | 117,313 |
Net earnings attributable to Weyco Group, Inc. | $ 7,013 | $ 5,526 | $ 2,040 | $ 3,633 | $ 8,090 | $ 5,518 | $ 2,207 | $ 3,205 | $ 18,212 | $ 19,020 | $ 17,601 |
Net earnings per share: | |||||||||||
Basic (in dollars per share) | $ 0.65 | $ 0.51 | $ 0.19 | $ 0.34 | $ 0.75 | $ 0.51 | $ 0.20 | $ 0.30 | $ 1.69 | $ 1.76 | $ 1.63 |
Diluted (in dollars per share) | $ 0.65 | $ 0.51 | $ 0.19 | $ 0.33 | $ 0.75 | $ 0.51 | $ 0.20 | $ 0.29 | $ 1.68 | $ 1.75 | $ 1.62 |
VALUATION AND QUALIFYING ACCO93
VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
BEGINNING BALANCE | $ 2,384 | $ 2,293 | $ 2,419 |
Add - Additions charged to earnings | 3,435 | 3,539 | 3,106 |
Deduct - Charges for purposes for which reserves were established | (3,562) | (3,448) | (3,232) |
ENDING BALANCE | 2,257 | 2,384 | 2,293 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
BEGINNING BALANCE | 1,227 | 1,233 | 1,271 |
Add - Additions charged to earnings | 235 | 240 | 132 |
Deduct - Charges for purposes for which reserves were established | (286) | (246) | (170) |
ENDING BALANCE | 1,176 | 1,227 | 1,233 |
Sales Returns and Allowances [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
BEGINNING BALANCE | 1,157 | 1,060 | 1,148 |
Add - Additions charged to earnings | 3,200 | 3,299 | 2,974 |
Deduct - Charges for purposes for which reserves were established | (3,276) | (3,202) | (3,062) |
ENDING BALANCE | $ 1,081 | $ 1,157 | $ 1,060 |