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TR Tootsie Roll Industries

Document and Entity Information

Document and Entity Information3 Months Ended
Mar. 31, 2020shares
Document Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Transition Reportfalse
Document Period End DateMar. 31,
2020
Entity File Number1-1361
Entity Registrant NameTOOTSIE ROLL INDUSTRIES INC
Entity Incorporation, State or Country CodeVA
Entity Tax Identification Number22-1318955
Entity Address, Address Line One7401 South Cicero Avenue
Entity Address, City or TownChicago
Entity Address, State or ProvinceIL
Entity Address, Postal Zip Code60629
City Area Code773
Local Phone Number838-3400
Title of 12(b) SecurityCommon Stock, par value $0.69-4/9 per share
Trading SymbolTR
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Central Index Key0000098677
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ1
Amendment Flagfalse
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding39,769,401
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding27,037,401

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019Mar. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents $ 139,067 $ 138,960 $ 77,670
Restricted cash373 380 380
Investments77,510 100,444 81,986
Accounts receivable trade, less allowances of $1,887, $1,949 and $1,69636,006 45,044 43,868
Other receivables3,446 3,418 3,282
Inventories:
Finished goods and work-in-process46,683 35,909 40,004
Raw materials and supplies24,974 23,179 25,675
Prepaid expenses6,231 5,996 7,111
Total current assets334,290 353,330 279,976
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land21,627 21,740 21,727
Buildings122,598 122,843 121,788
Machinery and equipment414,526 416,625 401,375
Construction in progress7,669 4,427 7,349
Operating lease right-of-use assets1,388 1,580 1,370
Property, plant and equipment, gross567,808 567,215 553,609
Less - accumulated depreciation381,850 378,760 366,601
Net property, plant and equipment185,958 188,455 187,008
OTHER ASSETS:
Goodwill73,237 73,237 73,237
Trademarks175,024 175,024 175,024
Investments153,287 153,031 187,218
Split dollar officer life insurance26,042 26,042 26,042
Prepaid expenses and other assets7,555 8,056 11,469
Deferred income taxes534 689 530
Total other assets435,679 436,079 473,520
Total assets955,927 977,864 940,504
CURRENT LIABILITIES:
Accounts payable15,991 12,720 13,520
Bank loans781 747 755
Dividends payable160 5,861 176
Accrued liabilities38,424 41,611 37,302
Postretirement health care benefits598 598 580
Operating lease liabilities1,063 1,062 716
Deferred compensation16,751 16,945
Income taxes payable3,418
Total current liabilities77,186 79,544 53,049
NONCURRENT LIABILITIES:
Deferred income taxes45,755 47,295 44,553
Postretirement health care benefits13,206 13,145 11,954
Industrial development bonds7,500 7,500 7,500
Liability for uncertain tax positions3,697 4,240 3,901
Operating lease liabilities325 518 654
Deferred compensation and other liabilities56,737 65,973 74,233
Total noncurrent liabilities127,220 138,671 142,795
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Capital in excess of par value729,673 696,059 719,212
Retained earnings3,197 40,809 2,459
Accumulated other comprehensive loss(25,539)(20,245)(20,518)
Treasury stock (at cost) - 93, 90 and 90 shares, respectively(1,992)(1,992)(1,992)
Total Tootsie Roll Industries, Inc. shareholders' equity751,732 759,854 744,828
Noncontrolling interests(211)(205)(168)
Total equity751,521 759,649 744,660
Total liabilities and shareholders' equity955,927 977,864 940,504
Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value - 120,000 shares authorized; 39,769, 38,836 and 39,418, respectively, issued. Class B common stock, $.69-4/9 par value - 40,000 shares authorized; 27,037, 26,287 and 26,342, respectively, issued27,617 26,969 27,374
Class B Common Stock
TOOTSIE ROLL INDUSTRIES, INC. SHAREHOLDERS' EQUITY:
Common stock, $.69-4/9 par value - 120,000 shares authorized; 39,769, 38,836 and 39,418, respectively, issued. Class B common stock, $.69-4/9 par value - 40,000 shares authorized; 27,037, 26,287 and 26,342, respectively, issued $ 18,776 $ 18,254 $ 18,293

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019Mar. 31, 2019
Trade accounts receivable, allowances $ 1,887 $ 1,949 $ 1,696
Treasury stock, shares93,000 90,000 90,000
Common Stock
Common stock, par value (in dollars per share) $ 0.6944 $ 0.6944 $ 0.6944
Common stock, shares authorized120,000,000 120,000,000 120,000,000
Common stock, shares issued39,769,000 38,836,000 39,418,000
Class B Common Stock
Common stock, par value (in dollars per share) $ 0.6944 $ 0.6944 $ 0.6944
Common stock, shares authorized40,000,000 40,000,000 40,000,000
Common stock, shares issued27,037,000 26,287,000 26,342,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS - USD ($) shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Revenue $ 103,761 $ 101,977
Costs66,745 65,111
Gross Margin37,016 36,866
Selling, marketing and administrative expenses16,272 31,108
Earnings from operations20,744 5,758
Other income (loss), net(5,494)6,017
Earnings before income taxes15,250 11,775
Provision for income taxes3,274 2,864
Net earnings11,976 8,911
Less: net earnings (loss) attributable to noncontrolling interests(6)(44)
Net earnings attributable to Tootsie Roll Industries, Inc. $ 11,982 $ 8,955
Net earnings attributable to Tootsie Roll Industries, Inc. per share (in dollars per share) $ 0.18 $ 0.13
Average number of shares outstanding (in shares)66,875 67,814
Retained earnings at beginning of period $ 40,809 $ 33,767
Net earnings attributable to Tootsie Roll Industries, Inc. $ 11,982 $ 8,955
Dividends per share (in dollars per share)[1] $ 0.09 $ 0.09
Cash dividends $ (5,841) $ (5,757)
Stock dividends(43,753)(34,506)
Retained earnings at end of period3,197 2,459
Product
Revenue102,803 101,019
Costs66,443 64,856
Gross Margin36,360 36,163
Rental and Royalty
Revenue958 958
Costs302 255
Gross Margin $ 656 $ 703
[1]Does not include 3% stock dividend to shareholders of record on 3/3/20 and 3/5/19.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (Parenthetical)3 Months Ended
Mar. 31, 2020Mar. 31, 2019
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
Stock dividends (as a percent)3.00%3.00%

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
Net earnings $ 11,976 $ 8,911
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments(3,674)391
Pension and postretirement reclassification adjustments:
Less: reclassification adjustment for (gains) losses to net earnings(338)(381)
Unrealized gains (losses) on postretirement and pension benefits(338)(381)
Investments:
Unrealized gains (losses) for the period on investments(1,091)1,467
Unrealized gains (losses) on investments(1,091)1,467
Derivatives:
Unrealized gains (losses) for the period on derivatives(961)550
Less: reclassification adjustment for (gains) losses to net earnings253 96
Unrealized gains (losses) on derivatives(708)646
Total other comprehensive income (loss), before tax(5,811)2,123
Income tax benefit (expense) related to items of other comprehensive income517 (419)
Total comprehensive earnings6,682 10,615
Comprehensive earnings (loss) attributable to noncontrolling interests(6)(44)
Total comprehensive earnings attributable to Tootsie Roll Industries, Inc. $ 6,688 $ 10,659

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 11,976 $ 8,911
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation4,647 4,666
Deferred income taxes(1,013)149
Amortization of marketable security premiums217 353
Changes in operating assets and liabilities:
Accounts receivable8,205 5,927
Other receivables(197)(267)
Inventories(13,676)(11,100)
Prepaid expenses and other assets172 983
Accounts payable and accrued liabilities1,422 (2,770)
Income taxes payable2,983 2,930
Postretirement health care benefits(276)(150)
Deferred compensation and other liabilities121 924
Net cash provided by operating activities14,581 10,556
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(3,737)(4,683)
Purchases of trading securities(2,287)(2,360)
Sales of trading securities380 362
Purchase of available for sale securities(21,312)(20,919)
Sale and maturity of available for sale securities35,217 5,379
Net cash from (used in) investing activities8,261 (22,221)
CASH FLOWS FROM FINANCING ACTIVITIES:
Shares purchased and retired(8,809)(10,519)
Dividends paid in cash(11,703)(11,530)
Proceeds from bank loans928 941
Repayment of bank loans(880)(544)
Net cash used in financing activities(20,464)(21,652)
Effect of exchange rate changes on cash(2,278)80
Increase (Decrease) in cash and cash equivalents100 (33,237)
Cash, cash equivalents and restricted cash at beginning of year139,340 111,287
Cash, cash equivalents and restricted cash at end of year139,440 78,050
Supplemental cash flow information:
Income taxes paid794 (20)
Interest paid23 31
Stock dividend issued $ 63,402 $ 70,557

Significant Accounting Policies

Significant Accounting Policies3 Months Ended
Mar. 31, 2020
Significant Accounting Policies
Significant Accounting PoliciesNote 1 — Significant Accounting Policies ​ General Information ​ Foregoing data has been prepared from the unaudited financial records of Tootsie Roll Industries, Inc. (the Company) and in the opinion of Management all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the interim period have been reflected. Certain amounts previously reported have been reclassified to conform to the current year presentation. These consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes included in the Company’s Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”). ​ Results of operations for the period ended March 31, 2020 are not necessarily indicative of results to be expected for the year to end December 31, 2020 because of the seasonal nature of the Company’s operations. Historically, the third quarter has been the Company’s largest sales quarter due to pre-Halloween sales. ​ Due to the adverse effects of the Covid-19 pandemic on the overall economy, the Company has experienced a significant decline in customer orders and sales in second quarter 2020, and expects this trend to adversely affect net earnings in second quarter 2020 and may affect the third and fourth quarters in 2020 as well. The effects of Covid-19 are unprecedented, and therefore the Company is unable to ascertain the effects on its sales and net earnings for the balance of 2020. ​ Revenue Recognition ​ The Company’s revenues, primarily net product sales, principally result from the sale of goods, reflect the consideration to which the Company expects to be entitled generally based on customer purchase orders. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") Topic 606 which became effective January, 1, 2018. Adjustments for estimated customer cash discounts upon payment, discounts for price adjustments, product returns, allowances, and certain advertising and promotional costs, including consumer coupons, are variable consideration and are recorded as a reduction of product sales revenue in the same period the related product sales are recorded. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. A net product sale is recorded when the Company delivers the product to the customer, or in certain instances, the customer picks up the goods at the Company’s distribution center, and thereby obtains control of such product. Amounts billed and due from our customers are classified as accounts receivable trade on the balance sheet and require payment on a short-term basis. Accounts receivable trade are unsecured. Shipping and handling costs of $10,672 and $11,032 in first quarter 2020 and 2019, respectively, are included in selling, marketing and administrative expenses. A minor amount of royalty income (less than 0.2% of our consolidated net sales) is also recognized from sales-based licensing arrangements, pursuant to which revenue is recognized as the third-party licensee sales occur. Rental income (less than 1% of our consolidated net sales) is not considered revenue from contracts from customers. ​ Leases ​ The Company identifies leases by evaluating our contracts to determine if the contract conveys the right to use an identified asset for a stated period of time in exchange for consideration. The Company considers whether it can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. Leases with terms greater than 12 months are classified as either operating or finance leases at the commencement date. For these leases, we capitalize the present value of the minimum lease payments over the lease term as a right-of-use asset with an offsetting lease liability. The discount rate used to calculate the present value of the minimum lease payments is typically our incremental borrowing rate, as the rate implicit in the lease is generally not known or determinable. The lease term includes any noncancelable period for which we have the right to use the asset. Currently, all capitalized leases are classified as operating leases and the Company records rental expense on a straight-line basis over the term of the lease. ​ Recently Adopted Accounting Pronouncements ​ In June 2016, the FASB issued ASU No. 2016-13, (ASC Topic 326) which replaces the current incurred loss impairment method with a new method that reflects expected credit losses. Subsequent to the issuance of ASC Topic 326, the FASB clarified and amended guidance through several Accounting Standard Updates; hereinafter the collection of credit loss guidance is referred to as “ASC Topic 326”. Under this new guidance an entity would recognize an impairment allowance equal to its current estimate of credit losses on financial assets measured at amortized cost. The Company adopted ASU 2016-13 and related amendments (ASC Topic 326) on January 1, 2020. The adoption of this ASC did not have a material impact on the Company’s consolidated financial statements. ​ Recently Issued Accounting Pronouncements - Not Yet Adopted ​ In December 2019, the FASB issued ASU No. 2019-12 which is designed to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU No. 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years; this ASU allows for early adoption in any interim period after issuance of the update. The Company is currently assessing the impact this ASU will have on its consolidated financial statements. ​ In March 2020, the FASB issued ASU 2020-04 which provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard. ​

Average Shares Outstanding

Average Shares Outstanding3 Months Ended
Mar. 31, 2020
Average Shares Outstanding
Average Shares OutstandingNote 2 — Average Shares Outstanding ​ The average number of shares outstanding for first quarter 2020 reflects aggregate stock purchases of 260 shares for $8,809 and a 3% stock dividend of 1,942 shares distributed on April 3, 2020. The average number of shares outstanding for first quarter 2019 reflects aggregate stock purchases of 285 shares for $10,519 and a 3% stock dividend of 1,914 shares distributed on April 5, 2019.

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2020
Income Taxes
Income TaxesNote 3 — Income Taxes ​ The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. The Company remains subject to examination by U.S. federal and state and foreign tax authorities for the years 2016 through 2018. The Company’s consolidated effective income tax rate was 21.5% and 24.3% in first quarter 2020 and 2019, respectively. The lower tax rate in first quarter 2020 principally reflects lower state income tax expense. ​

Share Capital and Capital In Ex

Share Capital and Capital In Excess of Par Value3 Months Ended
Mar. 31, 2020
Share Capital and Capital In Excess of Par Value
Share Capital and Capital In Excess of Par ValueNOTE 4—Share Capital and Capital In Excess of Par Value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ ​ ​ ​ Class B ​ ​ ​ ​ ​ ​ Excess ​ ​ Common Stock ​ Common Stock ​ Treasury Stock ​ of Par ​ Shares Amount Shares Amount Shares Amount Value ​ ​ (000’s) ​ ​ ​ ​ (000’s) ​ ​ ​ ​ (000’s) ​ ​ ​ ​ ​ ​ Balance at December 31, 2019 38,836 ​ $ 26,969 26,287 ​ $ 18,254 90 ​ $ (1,992) ​ $ 696,059 ​ Issuance of 3% stock dividend 1,157 ​ ​ 803 786 ​ ​ 547 3 ​ ​ — ​ ​ 42,243 ​ Conversion of Class B common shares to common shares 36 ​ 25 (36) ​ (25) — ​ — ​ — ​ Purchase and retirement of common shares and other (260) ​ (180) — ​ — — ​ — ​ (8,629) ​ Balance at March 31, 2020 39,769 ​ $ 27,617 27,037 ​ $ 18,776 93 ​ $ (1,992) ​ $ 729,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2018 38,544 ​ $ 26,767 25,584 ​ $ 17,767 88 ​ $ (1,992) ​ $ 696,535 ​ Issuance of 3% stock dividend 1,150 ​ 798 767 ​ 532 2 ​ — ​ 32,999 ​ Conversion of Class B common shares to common shares 9 ​ 6 (9) ​ (6) — ​ — ​ — ​ Purchase and retirement of common shares and other (285) ​ (197) — ​ — — ​ — ​ (10,322) ​ Balance at March 31, 2019 39,418 ​ $ 27,374 26,342 ​ $ 18,293 90 ​ $ (1,992) ​ $ 719,212 ​ ​

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2020
Fair Value Measurements
Fair Value MeasurementsNote 5 — Fair Value Measurements ​ Current accounting guidance defines fair value as the price that would be received on the sale of an asset, or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Guidance requires disclosure of the extent to which fair value is used to measure financial assets and liabilities, the inputs utilized in calculating valuation measurements, and the effect of the measurement of significant unobservable inputs on earnings, or changes in net assets, as of the measurement date. Guidance establishes a three-level valuation hierarchy based upon the transparency of inputs utilized in the measurement and valuation of financial assets or liabilities as of the measurement date. Level 1 inputs include quoted prices for identical instruments and are the most observable. Level 2 inputs include quoted prices for similar assets and observable inputs such as interest rates, foreign currency exchange rates, commodity rates and yield curves. Level 3 inputs are not observable in the market and include Management’s own judgments about the assumptions market participants would use in pricing the asset or liability. The use of observable and unobservable inputs are reflected in the hierarchy assessment disclosed in the table below. ​ As of March 31, 2020, December 31, 2019 and March 31, 2019, the Company held certain financial assets that are required to be measured at fair value on a recurring basis. These included derivative hedging instruments related to the purchase of certain raw materials and foreign currencies, investments in trading securities and available for sale securities. The Company’s available for sale securities principally consist of corporate bonds. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table presents information about the Company’s financial assets and liabilities measured at fair value as of March 31, 2020, December 31, 2019 and March 31, 2019 and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value March 31, 2020 ​ ​ Total ​ Input Levels Used ​ ​ Fair Value ​ Level 1 ​ Level 2 ​ Level 3 Cash and cash equivalents $ 139,067 $ 139,067 $ - $ - Available for sale securities ​ ​ 162,080 ​ ​ 3,441 ​ ​ 158,639 ​ ​ - Foreign currency forward contracts ​ ​ (93) ​ ​ - ​ ​ (93) ​ ​ - Commodity futures contracts ​ ​ (480) ​ ​ (480) ​ ​ - ​ ​ - Trading securities ​ ​ 68,717 ​ ​ 41,692 ​ ​ 27,025 ​ ​ - Total assets measured at fair value ​ $ 369,291 ​ $ 183,720 ​ $ 185,571 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value December 31, 2019 ​ ​ ​ Total ​ Input Levels Used ​ ​ ​ Fair Value ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Cash and cash equivalents $ 138,960 $ 138,960 $ - $ - Available for sale securities ​ ​ 177,292 ​ ​ 3,588 ​ ​ 173,704 ​ ​ - Foreign currency forward contracts ​ ​ 14 ​ ​ - ​ ​ 14 ​ ​ - Commodity futures contracts, net ​ ​ 121 ​ ​ 121 ​ ​ - ​ ​ - Trading securities ​ ​ 76,183 ​ ​ 48,260 ​ ​ 27,923 ​ ​ - Total assets measured at fair value ​ $ 392,570 ​ $ 190,929 ​ $ 201,641 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value March 31, 2019 ​ ​ ​ Total ​ Input Levels Used ​ ​ ​ Fair Value ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Cash and cash equivalents $ 77,670 $ 77,670 $ - $ - Available for sale securities ​ ​ 199,944 ​ ​ 3,041 ​ ​ 196,903 ​ ​ - Foreign currency forward contracts ​ ​ (197) ​ ​ - ​ ​ (197) ​ ​ - Commodity futures contracts ​ ​ (151) ​ ​ (151) ​ ​ - ​ ​ - Trading securities ​ ​ 69,260 ​ ​ 42,866 ​ ​ 26,394 ​ ​ - Total assets measured at fair value ​ $ 346,526 ​ $ 123,426 ​ $ 223,100 ​ $ - ​ The fair value of the Company’s industrial revenue development bonds at March 31, 2020, December 31, 2019 and March 31, 2019 were valued using Level 2 inputs which approximates the carrying value of $7,500 for the respective periods. Interest rates on these bonds are reset weekly based on current market conditions.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging ActivitiesNote 6 — Derivative Instruments and Hedging Activities ​ From time to time, the Company uses derivative instruments, including foreign currency forward contracts and commodity futures contracts to manage its exposures to foreign exchange and commodity prices. Commodity futures contracts are intended and effective as hedges of market price risks associated with the anticipated purchase of certain raw materials (primarily sugar). Foreign currency forward contracts are intended and effective as hedges of the Company’s exposure to the variability of cash flows, primarily related to the foreign exchange rate changes of products manufactured in Canada and sold in the United States, and periodic equipment purchases from foreign suppliers denominated in a foreign currency. The Company does not engage in trading or other speculative use of derivative instruments ​ The Company recognizes all derivative instruments as either assets or liabilities at fair value in the Condensed Consolidated Statement of Financial Position. Derivative assets are recorded in other receivables and derivative liabilities are recorded in accrued liabilities. The Company uses hedge accounting for its foreign currency and commodity derivative instruments as discussed above. Derivatives that qualify for hedge accounting are designated as cash flow hedges by formally documenting the hedge relationships, including identification of the hedging instruments, the hedged items and other critical terms, as well as the Company’s risk management objectives and strategies for undertaking the hedge transaction. ​ Changes in the fair value of the Company’s cash flow hedges are recorded in accumulated other comprehensive loss, net of tax, and are reclassified to earnings in the periods in which earnings are affected by the hedged item. Substantially all amounts reported in accumulated other comprehensive loss for commodity derivatives are expected to be reclassified to cost of goods sold. Approximately $331 and $149 of this accumulated comprehensive loss is expected to be reclassified as a charge to earnings in 2020 and 2021, respectively. Approximately $(175), $47 and $35 reported in accumulated other comprehensive gain (loss) for foreign currency derivatives are expected to be reclassified to other income, net in 2020, 2021 and 2022, respectively. ​ The following table summarizes the Company’s outstanding derivative contracts and their effects on its Condensed Consolidated Statements of Financial Position at March 31, 2020, December 31, 2019 and March 31, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ Notional ​ ​ Amounts ​ Assets ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 11,342 ​ $ 117 ​ $ (210) Commodity futures contracts ​ ​ 3,955 ​ ​ 1 ​ ​ (481) Total derivatives ​ ​ ​ ​ $ 118 ​ $ (691) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Notional ​ ​ Amounts ​ Assets ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 5,533 ​ $ 14 ​ $ — Commodity futures contracts ​ ​ 7,147 ​ ​ 205 ​ ​ (84) Total derivatives ​ ​ ​ ​ $ 219 ​ $ (84) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2019 ​ ​ Notional ​ ​ Amounts ​ Assets ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 11,050 ​ $ - ​ $ (197) Commodity futures contracts ​ ​ 7,158 ​ ​ 213 ​ ​ (364) Total derivatives ​ ​ ​ ​ $ 213 ​ $ (561) ​ The effects of derivative instruments on the Company’s Condensed Consolidated Statements of Earnings and Retained Earnings and the Condensed Consolidated Statements of Comprehensive Earnings for periods ended March 31, 2020 and March 31, 2019 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Quarter Ended March 31, 2020 ​ ​ Gain (Loss) ​ ​ ​ ​ Gain (Loss) ​ on Amount Excluded ​ ​ Gain (Loss) ​ Reclassified from ​ from Effectiveness ​ ​ Recognized ​ Accumulated OCI ​ Testing Recognized ​ ​ in OCI ​ into Earnings ​ in Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ (205) ​ $ (98) ​ $ - Commodity futures contracts ​ ​ (756) ​ ​ (155) ​ ​ - Total ​ $ (961) ​ $ (253) ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Quarter Ended March 31, 2019 ​ ​ Gain (Loss) ​ ​ ​ ​ Gain (Loss) ​ on Amount Excluded ​ ​ Gain (Loss) ​ Reclassified from ​ from Effectiveness ​ ​ Recognized ​ Accumulated OCI ​ Testing Recognized ​ ​ in OCI ​ into Earnings ​ in Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 210 ​ $ - ​ $ - Commodity futures contracts ​ ​ 340 ​ ​ (96) ​ ​ - Total ​ $ 550 ​ $ (96) ​ $ - ​

Pension Plans

Pension Plans3 Months Ended
Mar. 31, 2020
Pension Plans
Pension PlansNote 7 — Pension Plans ​ Beginning in 2012, the Company received periodic notices from the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union Pension Plan (Plan), a multi-employer defined benefit pension plan for certain Company union employees, that the Plan’s actuary certified the Plan to be in “critical status”, the “Red Zone”, as defined by the Pension Protection Act (PPA) and the Pension Benefit Guaranty Corporation (PBGC); and that a plan of rehabilitation was adopted by the trustees of the Plan in 2012. During 2015, the Company received new notices that the Plan was reclassified to “critical and declining status”, as defined by the PPA and PBGC, for the plan year beginning January 1, 2015. A designation of “critical and declining status” implies that the Plan is expected to become insolvent in the next 20 years . In 2016, the Company received new notices that the Plan’s trustees adopted an updated Rehabilitation Plan effective January 1, 2016, and all annual notices through 2020 have continued to classify the Plan in the “critical and declining status” category. ​ The Company has been advised that its withdrawal liability would have been $99,800, $81,600 and $82,200 if it had withdrawn from the Plan during 2019, 2018 and 2017, respectively. Should the Company actually withdraw from the Plan at a future date, a withdrawal liability, which could be higher than the above discussed amounts, could be payable to the Plan. ​ The amended rehabilitation plan requires that employer contributions include 5% compounded annual surcharge increases each year for an unspecified period of time beginning January 2013 (in addition to the 5% interim surcharge initiated in June 2012) as well as certain plan benefit reductions. The Company’s pension expense for this Plan for first quarter 2020 and 2019 was $685 and $574, respectively ($2,961 and $2,836 for twelve months 2019 and 2018, respectively). The aforementioned expense includes surcharges of $241 and $184 for first quarter 2020 and 2019, respectively ($948 and $811 for twelve months 2019 and 2018, respectively), as required under the amended plan of rehabilitation. ​ The Company is currently unable to determine the ultimate outcome of the above discussed matter and therefore is unable to determine the effects on its consolidated financial statements, but the ultimate outcome or the effects of any modifications to the current amended rehabilitation plan could be material to its consolidated results of operations or cash flows in one or more future periods. ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Loss)3 Months Ended
Mar. 31, 2020
Accumulated Other Comprehensive Earnings (Loss)
Accumulated Other Comprehensive Earnings (Loss)Note 8 — Accumulated Other Comprehensive Earnings (Loss) ​ Accumulated Other Comprehensive Earnings (Loss) consists of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ Foreign ​ ​ ​ Foreign ​ ​ ​ Postretirement ​ Other ​ ​ Currency ​ ​ ​ Currency ​ Commodity ​ and Pension ​ Comprehensive ​ ​ Translation ​ Investments ​ Derivatives ​ Derivatives ​ Benefits ​ Earnings (Loss) Balance at December 31, 2019 $ (23,368) $ 882 $ 10 $ 92 $ 2,139 $ (20,245) Other comprehensive earnings (loss) before reclassifications ​ ​ (3,674) ​ ​ (827) ​ ​ (155) ​ ​ (574) ​ ​ - ​ ​ (5,230) Reclassifications from accumulated other comprehensive loss ​ ​ - ​ ​ - ​ ​ 74 ​ ​ 118 ​ ​ (256) ​ ​ (64) Other comprehensive earnings (loss) net of tax ​ ​ (3,674) ​ ​ (827) ​ ​ (81) ​ ​ (456) ​ ​ (256) ​ ​ (5,294) Balance at March 31, 2020 ​ $ (27,042) ​ $ 55 ​ $ (71) ​ $ (364) ​ $ 1,883 ​ $ (25,539) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2018 ​ $ (24,159) $ (1,516) $ (309) $ (444) $ 4,206 $ (22,222) Other comprehensive earnings (loss) before reclassifications ​ ​ 391 ​ ​ 1,112 ​ ​ 159 ​ ​ 258 ​ ​ - ​ ​ 1,920 Reclassifications from accumulated other comprehensive loss ​ ​ - ​ ​ - ​ ​ - ​ ​ 72 ​ ​ (288) ​ ​ (216) Other comprehensive earnings (loss) net of tax ​ ​ 391 ​ ​ 1,112 ​ ​ 159 ​ ​ 330 ​ ​ (288) ​ ​ 1,704 Balance at March 31, 2019 ​ $ (23,768) ​ $ (404) ​ $ (150) ​ $ (114) ​ $ 3,918 ​ $ (20,518) ​ The amounts reclassified from accumulated other comprehensive income (loss) consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Details about Accumulated Other ​ Quarter Ended ​ Location of (Gain) Loss Comprehensive Income Components ​ March 31, 2020 ​ March 31, 2019 ​ Recognized in Earnings Foreign currency derivatives ​ $ 98 ​ $ - ​ Other income, net Commodity derivatives ​ ​ 155 ​ ​ 96 ​ Product cost of goods sold Postretirement and pension benefits ​ ​ (338) ​ ​ (381) ​ Other income, net Total before tax ​ ​ (85) ​ ​ (285) ​ ​ Tax (expense) benefit ​ ​ 21 ​ ​ 69 ​ ​ Net of tax ​ $ (64) ​ $ (216) ​ ​ ​

Restricted Cash

Restricted Cash3 Months Ended
Mar. 31, 2020
Restricted Cash
Restricted CashNote 9 — Restricted Cash ​ Restricted cash comprises certain cash deposits of the Company’s Spanish subsidiary with international banks that are pledged as collateral for letters of credit and bank borrowings.

Bank Loans

Bank Loans3 Months Ended
Mar. 31, 2020
Bank Loans
Bank LoansNote 10 — Bank Loans ​ Bank loans consist of short term (less than 120 days ) borrowings by the Company’s Spanish subsidiary that are held by international banks. The weighted-average interest rate as of March 31, 2020 and 2019 was 3.0% and 1.9% , respectively.

Leases

Leases3 Months Ended
Mar. 31, 2020
Leases
LeasesNote 11 — Leases ​ The Company leases certain buildings, land and equipment that are classified as operating leases. These leases have remaining lease terms of up to approximately 3 years . In the first quarter of 2020 and 2019 , operating lease cost and cash paid for operating lease liabilities totaled $236 and $167 , respectively, which is classified in cash flows from operating activities. As of March 31, 2020 and March 31 2019 , operating lease right-of-use assets and operating lease liabilities were both $1,388 and $1,370 , respectively. The weighted-average remaining lease term related to these operating leases was 1.6 years and 2.1 years as of March 31, 2020 and March 31, 2019, respectively. The weighted-average discount rate related to the Company’s operating leases was 3.1% as of March 31, 2020 and 2019. Maturities of our operating lease liabilities at March 31, 2020 are as follows: $632 in 2020, $695 in 2021, $61 in 2022. ​ The Company, as lessor, rents certain commercial real estate to third party lessees. The cost and accumulated depreciation related to these leased properties were $36,368 and $10,433 , respectively, as of March 31, 2020 and were $36,371 and $9,709 , respectively, as of March 31, 2019. Terms of such leases, including renewal options, may be extended for up to sixty years , many of which provide for periodic adjustment of rent payments based on changes in consumer or other price indices. The Company recognizes lease income on a straight-line basis over the lease term. Lease income in first quarter 2020 and 2019 was $737 and $749 , respectively, and is classified in cash flows from operating activities. ​

Contingencies

Contingencies3 Months Ended
Mar. 31, 2020
Contingencies
ContingenciesNote 12 — Contingencies ​ In the ordinary course of business, the Company is, from time to time, subject to a variety of active or threatened legal proceedings and claims. While it is not possible to predict the outcome of such matters with certainty, in the Company’s opinion, both individually and in the aggregate, they are not expected to have a material effect on the Company’s financial condition, results of operations or cash flows. ​ ​

Share Capital and Capital In _2

Share Capital and Capital In Excess of Par Value (Tables)3 Months Ended
Mar. 31, 2020
Share Capital and Capital In Excess of Par Value
Schedule of changes in share capital and capital in excess of par value​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital in ​ ​ ​ ​ ​ ​ ​ Class B ​ ​ ​ ​ ​ ​ Excess ​ ​ Common Stock ​ Common Stock ​ Treasury Stock ​ of Par ​ Shares Amount Shares Amount Shares Amount Value ​ ​ (000’s) ​ ​ ​ ​ (000’s) ​ ​ ​ ​ (000’s) ​ ​ ​ ​ ​ ​ Balance at December 31, 2019 38,836 ​ $ 26,969 26,287 ​ $ 18,254 90 ​ $ (1,992) ​ $ 696,059 ​ Issuance of 3% stock dividend 1,157 ​ ​ 803 786 ​ ​ 547 3 ​ ​ — ​ ​ 42,243 ​ Conversion of Class B common shares to common shares 36 ​ 25 (36) ​ (25) — ​ — ​ — ​ Purchase and retirement of common shares and other (260) ​ (180) — ​ — — ​ — ​ (8,629) ​ Balance at March 31, 2020 39,769 ​ $ 27,617 27,037 ​ $ 18,776 93 ​ $ (1,992) ​ $ 729,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2018 38,544 ​ $ 26,767 25,584 ​ $ 17,767 88 ​ $ (1,992) ​ $ 696,535 ​ Issuance of 3% stock dividend 1,150 ​ 798 767 ​ 532 2 ​ — ​ 32,999 ​ Conversion of Class B common shares to common shares 9 ​ 6 (9) ​ (6) — ​ — ​ — ​ Purchase and retirement of common shares and other (285) ​ (197) — ​ — — ​ — ​ (10,322) ​ Balance at March 31, 2019 39,418 ​ $ 27,374 26,342 ​ $ 18,293 90 ​ $ (1,992) ​ $ 719,212 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2020
Fair Value Measurements
Schedule of financial assets and liabilities measured at fair value​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value March 31, 2020 ​ ​ Total ​ Input Levels Used ​ ​ Fair Value ​ Level 1 ​ Level 2 ​ Level 3 Cash and cash equivalents $ 139,067 $ 139,067 $ - $ - Available for sale securities ​ ​ 162,080 ​ ​ 3,441 ​ ​ 158,639 ​ ​ - Foreign currency forward contracts ​ ​ (93) ​ ​ - ​ ​ (93) ​ ​ - Commodity futures contracts ​ ​ (480) ​ ​ (480) ​ ​ - ​ ​ - Trading securities ​ ​ 68,717 ​ ​ 41,692 ​ ​ 27,025 ​ ​ - Total assets measured at fair value ​ $ 369,291 ​ $ 183,720 ​ $ 185,571 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value December 31, 2019 ​ ​ ​ Total ​ Input Levels Used ​ ​ ​ Fair Value ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Cash and cash equivalents $ 138,960 $ 138,960 $ - $ - Available for sale securities ​ ​ 177,292 ​ ​ 3,588 ​ ​ 173,704 ​ ​ - Foreign currency forward contracts ​ ​ 14 ​ ​ - ​ ​ 14 ​ ​ - Commodity futures contracts, net ​ ​ 121 ​ ​ 121 ​ ​ - ​ ​ - Trading securities ​ ​ 76,183 ​ ​ 48,260 ​ ​ 27,923 ​ ​ - Total assets measured at fair value ​ $ 392,570 ​ $ 190,929 ​ $ 201,641 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value March 31, 2019 ​ ​ ​ Total ​ Input Levels Used ​ ​ ​ Fair Value ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Cash and cash equivalents $ 77,670 $ 77,670 $ - $ - Available for sale securities ​ ​ 199,944 ​ ​ 3,041 ​ ​ 196,903 ​ ​ - Foreign currency forward contracts ​ ​ (197) ​ ​ - ​ ​ (197) ​ ​ - Commodity futures contracts ​ ​ (151) ​ ​ (151) ​ ​ - ​ ​ - Trading securities ​ ​ 69,260 ​ ​ 42,866 ​ ​ 26,394 ​ ​ - Total assets measured at fair value ​ $ 346,526 ​ $ 123,426 ​ $ 223,100 ​ $ -

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities
Summary of the Company's outstanding derivative contracts and their effects on the Consolidated Statements of Financial Position​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ Notional ​ ​ Amounts ​ Assets ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 11,342 ​ $ 117 ​ $ (210) Commodity futures contracts ​ ​ 3,955 ​ ​ 1 ​ ​ (481) Total derivatives ​ ​ ​ ​ $ 118 ​ $ (691) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ Notional ​ ​ Amounts ​ Assets ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 5,533 ​ $ 14 ​ $ — Commodity futures contracts ​ ​ 7,147 ​ ​ 205 ​ ​ (84) Total derivatives ​ ​ ​ ​ $ 219 ​ $ (84) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2019 ​ ​ Notional ​ ​ Amounts ​ Assets ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives designated as hedging instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 11,050 ​ $ - ​ $ (197) Commodity futures contracts ​ ​ 7,158 ​ ​ 213 ​ ​ (364) Total derivatives ​ ​ ​ ​ $ 213 ​ $ (561)
Effects of derivative instruments on the Consolidated Statement of Earnings and Retained Earnings, and the Condensed Consolidated Statement of Comprehensive Earnings​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Quarter Ended March 31, 2020 ​ ​ Gain (Loss) ​ ​ ​ ​ Gain (Loss) ​ on Amount Excluded ​ ​ Gain (Loss) ​ Reclassified from ​ from Effectiveness ​ ​ Recognized ​ Accumulated OCI ​ Testing Recognized ​ ​ in OCI ​ into Earnings ​ in Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ (205) ​ $ (98) ​ $ - Commodity futures contracts ​ ​ (756) ​ ​ (155) ​ ​ - Total ​ $ (961) ​ $ (253) ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Quarter Ended March 31, 2019 ​ ​ Gain (Loss) ​ ​ ​ ​ Gain (Loss) ​ on Amount Excluded ​ ​ Gain (Loss) ​ Reclassified from ​ from Effectiveness ​ ​ Recognized ​ Accumulated OCI ​ Testing Recognized ​ ​ in OCI ​ into Earnings ​ in Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency forward contracts ​ $ 210 ​ $ - ​ $ - Commodity futures contracts ​ ​ 340 ​ ​ (96) ​ ​ - Total ​ $ 550 ​ $ (96) ​ $ -

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Loss) (Tables)3 Months Ended
Mar. 31, 2020
Accumulated Other Comprehensive Earnings (Loss)
Schedule of accumulated other comprehensive earnings (loss):​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ Foreign ​ ​ ​ Foreign ​ ​ ​ Postretirement ​ Other ​ ​ Currency ​ ​ ​ Currency ​ Commodity ​ and Pension ​ Comprehensive ​ ​ Translation ​ Investments ​ Derivatives ​ Derivatives ​ Benefits ​ Earnings (Loss) Balance at December 31, 2019 $ (23,368) $ 882 $ 10 $ 92 $ 2,139 $ (20,245) Other comprehensive earnings (loss) before reclassifications ​ ​ (3,674) ​ ​ (827) ​ ​ (155) ​ ​ (574) ​ ​ - ​ ​ (5,230) Reclassifications from accumulated other comprehensive loss ​ ​ - ​ ​ - ​ ​ 74 ​ ​ 118 ​ ​ (256) ​ ​ (64) Other comprehensive earnings (loss) net of tax ​ ​ (3,674) ​ ​ (827) ​ ​ (81) ​ ​ (456) ​ ​ (256) ​ ​ (5,294) Balance at March 31, 2020 ​ $ (27,042) ​ $ 55 ​ $ (71) ​ $ (364) ​ $ 1,883 ​ $ (25,539) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at December 31, 2018 ​ $ (24,159) $ (1,516) $ (309) $ (444) $ 4,206 $ (22,222) Other comprehensive earnings (loss) before reclassifications ​ ​ 391 ​ ​ 1,112 ​ ​ 159 ​ ​ 258 ​ ​ - ​ ​ 1,920 Reclassifications from accumulated other comprehensive loss ​ ​ - ​ ​ - ​ ​ - ​ ​ 72 ​ ​ (288) ​ ​ (216) Other comprehensive earnings (loss) net of tax ​ ​ 391 ​ ​ 1,112 ​ ​ 159 ​ ​ 330 ​ ​ (288) ​ ​ 1,704 Balance at March 31, 2019 ​ $ (23,768) ​ $ (404) ​ $ (150) ​ $ (114) ​ $ 3,918 ​ $ (20,518)
Amount reclassified from accumulated other comprehensive income (loss)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Details about Accumulated Other ​ Quarter Ended ​ Location of (Gain) Loss Comprehensive Income Components ​ March 31, 2020 ​ March 31, 2019 ​ Recognized in Earnings Foreign currency derivatives ​ $ 98 ​ $ - ​ Other income, net Commodity derivatives ​ ​ 155 ​ ​ 96 ​ Product cost of goods sold Postretirement and pension benefits ​ ​ (338) ​ ​ (381) ​ Other income, net Total before tax ​ ​ (85) ​ ​ (285) ​ ​ Tax (expense) benefit ​ ​ 21 ​ ​ 69 ​ ​ Net of tax ​ $ (64) ​ $ (216) ​ ​

Significant Accounting Polici_2

Significant Accounting Policies (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019Dec. 31, 2019
Concentration of Risk
Selling, marketing and administrative expenses $ 16,272 $ 31,108
Cash and cash equivalents:
Cash and cash equivalents $ 139,067 77,670 $ 138,960
Royalty | Maximum
Concentration of Risk
Revenues (as a percent)0.20%
Rental | Maximum
Concentration of Risk
Revenues (as a percent)1.00%
Shipping and Handling
Concentration of Risk
Selling, marketing and administrative expenses $ 10,672 $ 11,032

Average Shares Outstanding (Det

Average Shares Outstanding (Details) - USD ($) shares in Thousands, $ in ThousandsApr. 03, 2020Apr. 05, 2019Mar. 31, 2020Mar. 31, 2019
Average Shares Outstanding
Stock purchases (in shares)260 285
Purchase of common shares $ 8,809 $ 10,519
Stock dividends (as a percent)3.00%3.00%
Stock dividend shares distributed1,942 1,914

Income Taxes - Effective tax ra

Income Taxes - Effective tax rate - (Details)3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Effective income tax rate differs from the statutory rate
Effective income tax rate (as a percent)21.50%24.30%

Share Capital and Capital In _3

Share Capital and Capital In Excess of Par Value (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019Dec. 31, 2019Dec. 31, 2018
Changes in share capital and capital in excess of par value
Balance at the beginning of the period $ 759,649
Purchase and retirement of common shares and other $ (8,809) $ (10,519)
Purchase and retirement of common shares and other (in shares)(260,000)(285,000)
Balance at the end of the period $ 751,521 $ 744,660
Treasury stock, shares93,000 90,000 90,000
Stock dividends (as a percent)3.00%3.00%
Treasury Stock
Changes in share capital and capital in excess of par value
Balance at the beginning of the period $ (1,992) $ (1,992)
Issuance of 3% stock dividend (in shares)3,000 2,000
Balance at the end of the period $ (1,992) $ (1,992)
Treasury stock, shares93,000 90,000 90,000 88,000
Capital in Excess of Par Value
Changes in share capital and capital in excess of par value
Balance at the beginning of the period $ 696,059 $ 696,535
Issuance of 3% stock dividend42,243 32,999
Purchase and retirement of common shares and other(8,629)(10,322)
Balance at the end of the period729,673 719,212
Class B Common Stock | Common Stock.
Changes in share capital and capital in excess of par value
Balance at the beginning of the period $ 18,254 $ 17,767
Balance at the beginning of the period (in shares)26,287,000 25,584,000
Issuance of 3% stock dividend $ 547 $ 532
Issuance of 3% stock dividend (in shares)786,000 767,000
Conversion of Class B common shares to common shares $ (25) $ (6)
Conversion of Class B common shares to common shares (in shares)(36,000)(9,000)
Balance at the end of the period $ 18,776 $ 18,293
Balance at the end of the period (in shares)27,037,000 26,342,000
Common Stock | Common Stock.
Changes in share capital and capital in excess of par value
Balance at the beginning of the period $ 26,969 $ 26,767
Balance at the beginning of the period (in shares)38,836,000 38,544,000
Issuance of 3% stock dividend $ 803 $ 798
Issuance of 3% stock dividend (in shares)1,157,000 1,150,000
Conversion of Class B common shares to common shares $ 25 $ 6
Conversion of Class B common shares to common shares (in shares)36,000 9,000
Purchase and retirement of common shares and other $ (180) $ (197)
Purchase and retirement of common shares and other (in shares)(260,000)(285,000)
Balance at the end of the period $ 27,617 $ 27,374
Balance at the end of the period (in shares)39,769,000 39,418,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019Mar. 31, 2019
Fair value measurements
Cash and cash equivalents $ 139,067 $ 138,960 $ 77,670
Fair value measured on a recurring basis
Fair value measurements
Cash and cash equivalents139,067 138,960 77,670
Available for sale securities162,080 177,292 199,944
Trading securities68,717 76,183 69,260
Total assets measured at fair value369,291 392,570 346,526
Fair value measured on a recurring basis | Foreign currency forward contracts
Fair value measurements
Derivative instruments, net(93)14 (197)
Fair value measured on a recurring basis | Commodity futures contracts
Fair value measurements
Derivative instruments, net(480)121 (151)
Fair value measured on a recurring basis | Level 1
Fair value measurements
Cash and cash equivalents139,067 138,960 77,670
Available for sale securities3,441 3,588 3,041
Trading securities41,692 48,260 42,866
Total assets measured at fair value183,720 190,929 123,426
Fair value measured on a recurring basis | Level 1 | Commodity futures contracts
Fair value measurements
Derivative instruments, net(480)121 (151)
Fair value measured on a recurring basis | Level 2
Fair value measurements
Available for sale securities158,639 173,704 196,903
Trading securities27,025 27,923 26,394
Total assets measured at fair value185,571 201,641 223,100
Fair value measured on a recurring basis | Level 2 | Foreign currency forward contracts
Fair value measurements
Derivative instruments, net $ (93) $ 14 $ (197)

Fair Value Measurements - Bonds

Fair Value Measurements - Bonds (Details) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019Mar. 31, 2019
Fair value on a recurring basis
Industrial revenue development bonds, carrying amount, approximates fair value $ 7,500 $ 7,500 $ 7,500
Cost Basis | Level 2
Fair value on a recurring basis
Industrial revenue development bonds, carrying amount, approximates fair value $ 7,500 $ 7,500 $ 7,500

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2022Dec. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019Mar. 31, 2019
Derivatives designated as hedging instruments:
Derivative contracts
Assets $ 118 $ 219 $ 213
Liabilities(691)(84)(561)
Derivatives designated as hedging instruments: | Foreign currency forward contracts
Derivative contracts
Notional Amounts11,342 5,533 11,050
Assets117 14
Liabilities(210)(197)
Derivatives designated as hedging instruments: | Commodity futures contracts
Derivative contracts
Notional Amounts3,955 7,147 7,158
Assets1 205 213
Liabilities $ (481) $ (84) $ (364)
Forecast | Foreign currency forward contracts
Derivative contracts
Loss to be reclassified $ 35 $ 47 $ (175)
Forecast | Commodity futures contracts
Derivative contracts
Gain (loss) to be reclassified $ (149) $ (331)

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - OCI (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI $ (961) $ 550
Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings(253)(96)
Foreign currency forward contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI(205)210
Foreign currency forward contracts | Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings(98)
Commodity futures contracts
Effect of derivative instruments on earnings
Gain (Loss) Recognized in OCI(756)340
Commodity futures contracts | Reclassified from Accumulated OCI into Earnings
Effect of derivative instruments on earnings
Gain (Loss) Reclassified from Accumulated OCI into Earnings $ (155) $ (96)

Pension Plans - Multi-employer

Pension Plans - Multi-employer (Details) - Multi-employer defined benefit pension plan - USD ($) $ in Thousands1 Months Ended3 Months Ended12 Months Ended
Jun. 30, 2012Mar. 31, 2020Mar. 31, 2019Dec. 31, 2019Dec. 31, 2018Dec. 31, 2017
Pension Plans
Insolvent period20 years
Estimated liability upon withdrawal from plan $ 99,800 $ 81,600 $ 82,200
Percentage of annual compounded surcharge for rehabilitation5.00%
Percentage of interim surcharge5.00%
Pension expense $ 685 $ 574 2,961 2,836
Surcharges $ 241 $ 184 $ 948 $ 811

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period $ 759,854
Balance at the end of the period751,732 $ 744,828
Foreign Currency Translation
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period(23,368)(24,159)
Other comprehensive earnings (loss) before reclassifications(3,674)391
Other comprehensive earnings (loss) net of tax(3,674)391
Balance at the end of the period(27,042)(23,768)
Investments
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period882 (1,516)
Other comprehensive earnings (loss) before reclassifications(827)1,112
Other comprehensive earnings (loss) net of tax(827)1,112
Balance at the end of the period55 (404)
Foreign Currency Derivatives
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period10 (309)
Other comprehensive earnings (loss) before reclassifications(155)159
Reclassifications from accumulated other comprehensive loss74
Other comprehensive earnings (loss) net of tax(81)159
Balance at the end of the period(71)(150)
Commodity Derivatives
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period92 (444)
Other comprehensive earnings (loss) before reclassifications(574)258
Reclassifications from accumulated other comprehensive loss118 72
Other comprehensive earnings (loss) net of tax(456)330
Balance at the end of the period(364)(114)
Postretirement and Pension Benefits
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period2,139 4,206
Reclassifications from accumulated other comprehensive loss(256)(288)
Other comprehensive earnings (loss) net of tax(256)(288)
Balance at the end of the period1,883 3,918
Accumulated Other Comprehensive Earnings ( Loss )
Accumulated other comprehensive earnings (loss), net of tax
Balance at the beginning of the period(20,245)(22,222)
Other comprehensive earnings (loss) before reclassifications(5,230)1,920
Reclassifications from accumulated other comprehensive loss(64)(216)
Other comprehensive earnings (loss) net of tax(5,294)1,704
Balance at the end of the period $ (25,539) $ (20,518)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Earnings (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net $ 5,494 $ (6,017)
Cost of goods sold66,745 65,111
Total before tax(15,250)(11,775)
Tax expense (benefit)3,274 2,864
Net of tax(11,976)(8,911)
Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Total before tax(85)(285)
Tax expense (benefit)21 69
Net of tax(64)(216)
Foreign Currency Derivatives | Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net98
Commodity Derivatives | Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Cost of goods sold $ 155 $ 96
Type of Cost, Good or Service [Extensible List]Product [Member]Product [Member]
Postretirement and Pension Benefits | Reclassified from Accumulated OCI into Earnings
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other income, net $ (338) $ (381)

Bank Loans (Details)

Bank Loans (Details) - Spanish Companies3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Bank Loans
Weighted interest rate (as a percent)3.00%1.90%
Maximum
Bank Loans
Maturity period120 days

Leases (Details)

Leases (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease cost $ 236 $ 167
Operating lease payments236 167
Operating lease right-of-use assets1,388 1,370 $ 1,580
Operating lease liabilities $ 1,388 $ 1,370
Weighted average remaining lease term1 year 7 months 6 days2 years 1 month 6 days
Weighted average discount rate3.10%3.10%
2020 $ 632
2021695
2022 $ 61
Lessor, Operating Lease, Existence of Option to Extend [true false]true
Property, plant and equipment, gross $ 567,808 $ 553,609 $ 567,215
Lease income $ 737 749
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term3 years
Commercial real estate leased to third parties
Lessee, Lease, Description [Line Items]
Property, plant and equipment, gross $ 36,368 36,371
Depreciation $ 10,433 $ 9,709
Commercial real estate leased to third parties | Maximum
Lessee, Lease, Description [Line Items]
Lessor, renewal term60 years