Weyco (WEYS) 10-K14 Mar 242023 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	000-09068
Entity Registrant Name	WEYCO GROUP, INC.
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0702200
Entity Address, Address Line One	333 W. Estabrook Boulevard
Entity Address, Address Line Two	P. O. Box 1188
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53201
City Area Code	414
Local Phone Number	908-1600
Title of 12(b) Security	Common Stock - $1.00 par value per share
Trading Symbol	WEYS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 156,202,000
Entity Common Stock, Shares Outstanding		9,507,365
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000106532
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Auditor Name	Baker Tilly US, LLP
Auditor Firm ID	23
Auditor Location	Milwaukee, Wisconsin

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF EARNINGS
Net sales	$ 318,048	$ 351,737
Cost of sales	175,165	207,344
Gross earnings	142,883	144,393
Selling and administrative expenses	101,859	104,028
Earnings from operations	41,024	40,365
Interest and dividend income	1,107	361
Interest expense	(529)	(710)
Other expense, net	(738)	(277)
Earnings before provision for income taxes	40,864	39,739
Provision for income taxes	10,676	10,199
Net earnings	$ 30,188	$ 29,540
Basic earnings per share	$ 3.19	$ 3.09
Diluted earnings per share	$ 3.17	$ 3.07

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings	$ 30,188	$ 29,540
Other comprehensive income, net of tax:
Foreign currency translation adjustments	642	(1,813)
Pension liability adjustments	2,240	6,414
Other comprehensive income	2,882	4,601
Comprehensive income	$ 33,070	$ 34,141

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS:
Cash and cash equivalents	$ 69,312	$ 16,876
Investments, at fair value		107
Marketable securities, at amortized cost	215	1,385
Accounts receivable, less allowances of $2,510 and $2,110, respectively	39,275	53,298
Income tax receivable	245	945
Inventories	74,890	127,976
Prepaid expenses and other current assets	6,172	5,870
Total current assets	190,109	206,457
Marketable securities, at amortized cost	6,354	7,123
Deferred income tax benefits	1,096	1,038
Property, plant and equipment, net	29,504	28,812
Operating lease right-of-use assets	12,520	13,428
Goodwill	12,317	12,317
Trademarks	33,168	33,618
Other assets	24,274	23,827
Total assets	309,342	326,620
LIABILITIES AND EQUITY:
Short-term borrowings		31,136
Accounts payable	8,845	14,946
Dividend payable	2,352	2,290
Operating lease liabilities	3,979	4,026
Accrued compensation and employee benefits	7,071	6,680
Sales and advertising allowances	2,533	2,254
Taxes other than income taxes	1,012	1,025
Other	3,830	5,178
Total current liabilities	29,622	67,535
Deferred income tax liabilities	11,819	8,530
Long-term pension liability	13,412	15,523
Operating lease liabilities	9,531	10,661
Other long-term liabilities	465	466
Total liabilities	64,849	102,715
Commitments and contingencies (Note 15)
Common stock, $1.00 par value, authorized 24,000,000 shares in 2023 and 2022, issued and outstanding 9,496,729 shares in 2023 and 9,584,316 shares in 2022	9,497	9,584
Capital in excess of par value	71,661	70,475
Reinvested earnings	180,646	164,039
Accumulated other comprehensive loss	(17,311)	(20,193)
Total equity	244,493	223,905
Total liabilities and equity	$ 309,342	$ 326,620

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Accounts receivable, reserves (in dollars)	$ 2,510	$ 2,110
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	24,000,000	24,000,000
Common stock, shares issued	9,496,729	9,584,316
Common stock, shares outstanding	9,496,729	9,584,316

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Common stock	Capital in excess of par value	Reinvested earnings	Accumulated Other Comprehensive Loss [Member]	Total
Balance at beginning at Dec. 31, 2021	$ 9,709	$ 68,718	$ 147,762	$ (24,794)
Net earnings			29,540		$ 29,540
Foreign currency translation adjustments				(1,813)	(1,813)
Pension liability adjustment (net of tax)				6,414	6,414
Cash dividends declared			(9,240)
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	19	262
Issuance of restricted stock	28	(28)
Share-based compensation expense		1,523
Shares purchased and retired	(172)		(4,023)
Balance at ending at Dec. 31, 2022	9,584	70,475	164,039	(20,193)	223,905
Net earnings			30,188		30,188
Foreign currency translation adjustments				642	642
Pension liability adjustment (net of tax)				2,240	2,240
Cash dividends declared			(9,413)
Common stock issued under equity incentive plans, net of shares withheld for employee taxes and strike price	57	(140)
Issuance of restricted stock	28	(28)
Restricted stock forfeited	(2)	2
Share-based compensation expense		1,352
Shares purchased and retired	(170)		(4,168)
Balance at ending at Dec. 31, 2023	$ 9,497	$ 71,661	$ 180,646	$ (17,311)	$ 244,493

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF EQUITY
Pension liability adjustment, net of tax (in dollars)	$ 787	$ 2,254
Cash dividends declared (in dollars per share)	$ 0.99	$ 0.96

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 30,188	$ 29,540
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities -
Depreciation	2,579	2,485
Amortization	271	282
Bad debt expense	519	151
Deferred income taxes	2,462	1,297
Net foreign currency transaction gains	99	43
Share-based compensation expense	1,352	1,523
Pension settlement charge		894
Pension expense	1,293	178
Impairment of trademark	450	1,150
Loss on disposal of fixed assets	59	117
Gain from fair value measurement of contingent consideration		(857)
Increase in cash surrender value of life insurance	(684)	(690)
Changes in operating assets and liabilities
Accounts receivable	13,531	(282)
Inventories	53,047	(56,963)
Prepaid expenses and other assets	(358)	(1,429)
Accounts payable	(6,074)	(4,293)
Accrued liabilities and other	(982)	(2,553)
Accrued income taxes	879	(497)
Net cash provided by (used for) operating activities	98,631	(29,904)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from maturities of marketable securities	1,960	1,719
Proceeds from sale of investment securities	107	8,049
Purchases of property, plant and equipment	(3,309)	(2,342)
Net cash (used for) provided by investing activities	(1,242)	7,426
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid	(9,286)	(6,951)
Shares purchased and retired	(4,338)	(4,195)
Net proceeds from stocks option exercised	103	293
Payment of contingent consideration	(500)
Taxes paid related to the net share settlement of equity awards	(186)	(12)
Proceeds from bank borrowings	70,060	120,608
Repayments of bank borrowings	(101,196)	(89,472)
Net cash (used for) provided by financing activities	(45,343)	20,271
Effect of exchange rate changes on cash and cash equivalents	390	(628)
Net increase (decrease) in cash and cash equivalents	52,436	(2,835)
CASH AND CASH EQUIVALENTS at beginning of year	16,876	19,711
CASH AND CASH EQUIVALENTS at end of year	69,312	16,876
SUPPLEMENTAL CASH FLOW INFORMATION:
Income taxes paid, net of refunds	7,115	9,441
Interest paid	$ 977	$ 710

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
NATURE OF OPERATIONS	Dec. 31, 2023
NATURE OF OPERATIONS
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS Weyco Group, Inc. (“we,” “our,” “us” and the “Company”) designs, markets, and distributes quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, BOGS, Rafters, and Forsake. Inventory is purchased from third-party overseas manufacturers. The majority of foreign-sourced purchases are denominated in U.S. dollars. We have two reportable segments, North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). In the wholesale segment, our products are sold to leading footwear, department, and specialty stores, as well as e-commerce retailers, primarily in the United States and Canada. We also have licensing agreements with third parties who sell our branded apparel, accessories and specialty footwear in the United States, as well as our footwear in Mexico and certain markets overseas. Licensing revenues are included in our wholesale segment. Our retail segment consists of e-commerce businesses and four brick and mortar retail stores in the United States. Retail sales are made directly to consumers on our websites, or by our employees. Our “other” operations include our wholesale and retail businesses in Australia, South Africa, and Asia Pacific (collectively, “Florsheim Australia”). As previously disclosed, we ceased operations in the Asia Pacific region in 2023, and are in the final stages of winding down this business. The majority of our operations are in the United States and our 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
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2023
Summary of Significant Accounting Policies
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation Use of Estimates Cash and Cash Equivalents Investments Investments – Debt and Equity Securities, Accounts Receivable – Inventories Property, Plant and Equipment and Depreciation Impairment of Long-Lived Assets Leases - ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may include options to renew when it is reasonably certain that we will exercise that option. As our leases generally do not provide an implicit rate, our incremental borrowing rate is used to determine the present value of lease payments. The incremental borrowing rate was a hypothetical rate based on an understanding of what we could borrow from a third-party lender, on a collateralized basis, over a similar term, and in an amount that approximates the value of the future lease payments at the lease commitment date. Operating lease costs are recognized on a straight-line basis over the lease term and are included in selling and administrative expenses. Variable lease payments that do not depend on a rate or index, payments associated with non-lease components, and short-term rentals (leases with terms less than 12 months) are expensed as incurred. See Note 7. Goodwill - Intangible Assets (excluding Goodwill) Life Insurance – Income Taxes - Revenue Recognition All revenue is recorded net of estimated allowances for returns and discounts; these revenue offsets are accrued for at the time of sale. Our estimates of allowances for returns and discounts are based on such factors as specific customer situations, historical experience, and current and expected economic conditions. We evaluate the reserves and the estimation process and adjust when appropriate. Generally, payments from customers are received within 90 days following the sale. Our contracts with customers do not have significant financing components or significant prepayment terms, and there is no non-cash consideration. We do not have unbilled revenue, and there are no contract assets and liabilities. Shipping and Handling Fees Selling and Administrative Expenses Cost of Sales Selling and Administrative Expenses - Advertising Costs - Foreign Currency Translations Foreign Currency Matters Foreign Currency Transactions - Financial Instruments – Realized gains and losses on foreign exchange contracts are related to the purchase and sale of inventory and therefore are included in our net sales or cost of sales. In 2023 and 2022, realized gains and losses on foreign exchange contracts were not material to our financial statements. Earnings Per Share Comprehensive Income – Share-Based Compensation - Compensation – Stock Compensation Concentration of Credit Risk New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Dec. 31, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	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 our assumptions, consistent with reasonably available assumptions made by other market participants. The carrying amounts of all short-term financial instruments, except marketable securities and foreign 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. Foreign exchange contracts are carried at fair value. The fair value measurements of foreign exchange contracts are based on observable market transactions of spot and forward rates, and thus represent Level 2 valuations as defined by ASC 820.

INVESTMENTS

INVESTMENTS	12 Months Ended
INVESTMENTS	Dec. 31, 2023
INVESTMENTS
INVESTMENTS	4 . INVESTMENTS Below is a summary of the amortized cost and estimated market values of our marketable securities as of December 31, 2023 and 2022. The estimated market values provided are Level 2 valuations as defined by ASC 820. 2023 2022 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Marketable securities: Current $ 215 $ 215 $ 1,385 $ 1,381 Due from one through five years 3,518 3,592 3,977 3,950 Due from six through ten years 2,836 2,830 2,347 2,455 Due from eleven through twenty years — — 799 773 Total $ 6,569 $ 6,637 $ 8,508 $ 8,559 The unrealized gains and losses on marketable securities at December 31, 2023 and 2022 were as follows: 2023 2022 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Marketable securities $ 118 $ (50) $ 145 $ (94) At each reporting date, we review our 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, we consider all available evidence, including our overall financial condition, the severity and duration of the decline in fair value, and our 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, we record a reduction in the carrying value to the estimated fair value. We reviewed our portfolio of investments as of December 31, 2023 and 2022 and determined that no other-than-temporary market value impairment exists. At December 31, 2022, we also had $0.1 million of cash invested in highly liquid taxable bond funds. These investments, which were classified as trading securities and reported at fair value, were liquidated in 2023. There were no significant gains or losses on these investments in 2023 or 2022.

INVENTORIES

INVENTORIES	12 Months Ended
INVENTORIES	Dec. 31, 2023
INVENTORIES
INVENTORIES	5 . INVENTORIES At December 31, 2023 and 2022, inventories consisted of: 2023 2022 (Dollars in thousands) Finished shoes $ 94,663 $ 151,370 LIFO reserve (19,773) (23,394) Total inventories $ 74,890 $ 127,976 Finished shoes included inventory in-transit of $16.7 million and $33.2 million at December 31, 2023 and 2022, respectively. At December 31, 2023, approximately 91% of our inventories were valued by the LIFO method of accounting while approximately 9% were valued by the FIFO method of accounting. At December 31, 2022, approximately 94% of our inventories were valued by the LIFO method of accounting while approximately 6% were valued by the FIFO method of accounting. During 2023, there were liquidations of LIFO inventory quantities carried at higher costs prevailing in prior years compared to the cost of fiscal 2023 purchases. The effect of these liquidations increased cost of sales by $2.1 million. During 2022, there were no liquidations of LIFO inventory quantities carried at lower costs prevailing in prior years compared to the cost of fiscal 2022 purchases.

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT, NET	Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
PROPERTY, PLANT AND EQUIPMENT, NET	6. PROPERTY, PLANT AND EQUIPMENT, NET At December 31, 2023 and 2022, property, plant and equipment consisted of: 2023 2022 (Dollars in thousands) Land and land improvements $ 3,843 $ 3,843 Buildings and improvements 32,204 32,204 Machinery and equipment 37,296 36,820 Retail fixtures and leasehold improvements 4,674 4,623 Construction in progress 1,972 322 Property, plant and equipment 79,989 77,812 Less: Accumulated depreciation (50,485) (49,000) Property, plant and equipment, net $ 29,504 $ 28,812

LEASES

LEASES	12 Months Ended
LEASES	Dec. 31, 2023
LEASES
LEASES	7. LEASES We lease retail shoe stores, as well as several office and distribution facilities worldwide. The leases have original lease periods expiring between 2024 and 2029. Many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of our operating lease costs were as follows: Twelve Months Ended December 31, 2023 2022 (Dollars in thousands) Operating lease costs $ 4,912 $ 5,233 Variable lease costs (1) 201 1 Total lease costs $ 5,113 $ 5,234 (1) Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts. Short-term lease costs, which were excluded from the above table, are not material to our financial statements. The following is a schedule of maturities of operating lease liabilities as of December 31, 2023: Operating Leases (Dollars in thousands) 2024 $ 4,342 2025 3,505 2026 3,090 2027 1,976 2028 946 Thereafter 377 Total lease payments 14,236 Less: imputed interest (726) Present value of lease liabilities $ 13,510 The operating lease liabilities were classified in the Consolidated Balance Sheets as follows: December 31, December 31, 2023 2022 (Dollars in thousands) Operating lease liabilities - current $ 3,979 $ 4,026 Operating lease liabilities - non-current 9,531 10,661 Total $ 13,510 $ 14,687 We determined the present value of our lease liabilities using a weighted-average discount rate of 4.33%. As of December 31, 2023, our leases had a weighted-average remaining lease term of 3.7 years. Supplemental cash flow information related to our operating leases is as follows: Twelve Months Ended December 31, 2023 2022 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 4,878 $ 4,732 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ 3,180 $ 7,941

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
INTANGIBLE ASSETS	Dec. 31, 2023
INTANGIBLE ASSETS
INTANGIBLE ASSETS	8 . INTANGIBLE ASSETS Our indefinite-lived intangible assets as recorded in the Consolidated Balance Sheets were as follows: December 31, December 31, 2023 2022 (Dollars in thousands) Indefinite-lived intangibles: Goodwill $ 12,317 $ 12,317 Trademarks 33,168 33,618 Total $ 45,485 $ 45,935 We evaluate goodwill for impairment annually as of December 31 or more frequently when an event occurs or circumstances change that indicates the carrying value may not be recoverable. In 2023 and 2022, we completed qualitative assessments noting no indicators of impairment. Accordingly, we did not record goodwill impairment charges for any of our reporting units in 2023 or 2022. We completed qualitative impairment assessments for all our trademarks, except the Forsake trademark, in 2023 and 2022, noting no indicators of impairment. For the Forsake trademark, we performed quantitative impairment tests in both 2023 and 2022, as we determined, in both years, that indicators were present that the trademark’s carrying value may not be recoverable. The impairment tests indicated that the carrying value of the Forsake trademark exceeded its fair value, primarily due to decreases in Forsake's sales projections in both years. Accordingly, we wrote down the carrying value of the Forsake trademark by $0.5 million in 2023 and by $1.2 million in 2022. The related impairment charges were recorded within selling and administrative expenses in the Consolidated Statements of Earnings. Our amortizable intangible assets, which were included within other assets in the Consolidated Balance Sheets, consisted of the following: December 31, 2023 December 31, 2022 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 $ (2,994) $ 506 $ 3,500 $ (2,761) $ 739 Total amortizable intangible assets $ 3,500 $ (2,994) $ 506 $ 3,500 $ (2,761) $ 739 Amortization expense related to the intangible assets was $0.2 million in both 2023 and 2022. Excluding the impact of any future acquisitions, we anticipate future amortization expense will be $0.2 2024

OTHER ASSETS

OTHER ASSETS	12 Months Ended
OTHER ASSETS	Dec. 31, 2023
OTHER ASSETS
OTHER ASSETS	9 . OTHER ASSETS Other assets included the following amounts at December 31, 2023 and 2022: 2023 2022 (Dollars in thousands) Cash surrender value of life insurance $ 20,568 $ 19,884 Amortizable intangible assets, net (See Note 8) 506 739 Investment in real estate 1,909 1,926 Other 1,291 1,278 Total other assets $ 24,274 $ 23,827 We have life insurance policies on five current and former executives. Upon death of the insured executives, the approximate benefit we would receive is $21.9 million in aggregate as of December 31, 2023. On May 1, 2013, we 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 our 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
SHORT-TERM BORROWINGS	Dec. 31, 2023
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS	10. SHORT-TERM BORROWINGS On September 28, 2023, we amended our line of credit agreement. The amendment (“Amended Credit Agreement”) extended the maturity of our credit facility to September 28, 2024 and has a maximum available borrowing limit of $40.0 million. Under the terms of the Amended Credit Agreement, amounts outstanding bear interest at the one-month term secured overnight financing rate (“SOFR”) plus 125 basis points. The Amended Credit Agreement is secured by a security interest in our general business assets, and contains customary representations, warranties, and covenants (including a minimum tangible net worth financial covenant) for a facility of this type. At December 31, 2023, there were no outstanding borrowings on the line of credit, and we were in compliance with all financial covenants. At December 31, 2022, outstanding borrowings on the line of credit were approximately $31.1 million at an interest rate of 5.77%.

CONTINGENT CONSIDERATION

CONTINGENT CONSIDERATION	12 Months Ended
CONTINGENT CONSIDERATION	Dec. 31, 2023
Contingent Consideration
CONTINGENT CONSIDERATION	11. CONTINGENT CONSIDERATION The purchase price of our 2021 acquisition of Forsake included potential payments of future consideration that were contingent upon the achievement of certain milestones. As part of purchase accounting, a liability of $1.3 million was recorded for the estimated fair value of the contingent consideration on the acquisition date. Thereafter, the fair value of the contingent consideration was remeasured at each reporting period. In 2022, we recorded gains of approximately $0.9 million to write-down the fair value of the contingent consideration from $1.3 million to $0.5 million. These gains were recognized within selling and administrative expenses in the Consolidated Statements of Earnings. In early 2023, we reached an agreement with the former owners of Forsake to settle the contingent consideration liability for $0.5 million, which was paid out in the first quarter of 2023.

EMPLOYEE RETIREMENT PLANS

EMPLOYEE RETIREMENT PLANS	12 Months Ended
EMPLOYEE RETIREMENT PLANS	Dec. 31, 2023
EMPLOYEE RETIREMENT PLANS
EMPLOYEE RETIREMENT PLANS	12. EMPLOYEE RETIREMENT PLANS We have a defined benefit pension plan which was frozen effective December 31, 2016. No benefits have been accrued under the plan subsequent to that date. We also have 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. Our 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 fair value and consist primarily of equity securities and fixed income securities, mainly U.S. government and corporate obligations. We follow ASC 715, Compensation – Retirement Benefits, Our pension plan’s weighted average asset allocation at December 31, 2023 and 2022, by asset category, was as follows: Plan Assets at December 31, 2023 2022 Asset Category: Equity Securities 58 % 57 % Fixed Income Securities 28 % 31 % Other 14 % 12 % Total 100 % 100 % We have a Retirement Plan Committee, consisting of our 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, we 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 6.75% as the long-term rate of return on assets assumptions for both 2023 and 2022. The following discount rates were used to determine the funded status of the pension plans as of December 31, 2023 and 2022: Defined Benefit Pension Plan Supplemental Pension Plan 2023 2022 2023 2022 Discount rate for determining funded status 5.15 % 5.41 % 5.16 % 5.44 % 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, 2023 and 2022: Defined Benefit Pension Plan Supplemental Pension Plan 2023 2022 2023 2022 (Dollars in thousands) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 39,609 $ 52,507 $ 12,372 $ 20,343 Service cost 467 445 — — Interest cost 2,052 1,243 580 511 Plan settlement — — — (4,276) Actuarial loss (gain) 916 (12,028) (1,001) (3,864) Benefits paid (2,633) (2,558) (342) (342) Projected benefit obligation, end of year $ 40,411 $ 39,609 $ 11,609 $ 12,372 Change in plan assets Fair value of plan assets, beginning of year $ 35,927 $ 44,582 $ — $ — Actual return on plan assets 5,214 (5,652) — — Administrative expenses (467) (445) — — Contributions — — — 4,618 Plan settlement — — — (4,276) Benefits paid (2,633) (2,558) — (342) Fair value of plan assets, end of year $ 38,041 $ 35,927 $ — $ — Funded status of plan $ (2,370) $ (3,682) $ (11,609) $ (12,372) Amounts recognized in the consolidated balance sheets consist of: Accrued liabilities - other $ — $ — $ (567) $ (531) Long-term pension liability (2,370) (3,682) (11,042) (11,841) Net amount recognized $ (2,370) $ (3,682) $ (11,609) $ (12,372) Amounts recognized in accumulated other comprehensive loss consist of: Accumulated loss, net of income tax benefit of $2,863, $3,382, $410, and $672, respectively $ 8,150 $ 9,629 $ 1,168 $ 1,914 Prior service cost, net of income tax benefit of $0, $0, $13 and $19, respectively — — 39 54 Net amount recognized $ 8,150 $ 9,629 $ 1,207 $ 1,968 As noted above, benefit accruals under the pension plan were frozen, effective December 31, 2016. Therefore, the accumulated benefit obligation of the defined benefit pension plan and supplemental pension plan were equal to the respective plans’ projected benefit obligations, as shown in the above table, at December 31, 2023 and 2022. In December 2022, in accordance with the terms of the supplemental pension plan, we made a lump-sum benefit payment of $4.3 million to a former executive of the Company using cash on hand. A pension settlement charge of $0.9 million was recorded in 2022 as a result of this payment. This charge was recorded within “other expense, net” in the Consolidated Statements of Earnings. Assumptions used in determining pension expense for the years ended December 31, 2023 and 2022 were: Defined Benefit Pension Plan Supplemental Pension Plan 2023 2022 2023 2022 Discount rate for projected benefit obligation 5.41 % 2.83 % 5.44 % 2.86 % Discount rate for determining interest cost 5.35 % 2.39 % 5.37 % 2.54 % Long-term rate of return on plan assets 6.75 % 6.75 % — — The components of pension expense for the years ended December 31, 2023 and 2022, were: 2023 2022 (Dollars in thousands) Service cost $ 467 $ 445 Interest cost 2,632 1,754 Expected return on plan assets (2,301) (2,896) Pension settlement charge — 894 Net amortization and deferral 495 875 Pension expense $ 1,293 $ 1,072 The components of pension expense other than the service cost component were included in “other expense, net” in the Consolidated Statements of Earnings. It is our intention to satisfy the minimum funding requirements and maintain at least an 80% funding percentage in our defined benefit retirement plan in future years. At this time, we expect that any cash contributions necessary to satisfy these requirements in 2024 would not be material. Projected benefit payments for the plans at December 31, 2023, were estimated as follows: Defined Benefit Supplemental Pension Plan Pension Plan (Dollars in thousands) 2024 $ 3,205 $ 568 2025 $ 3,120 $ 628 2026 $ 3,069 $ 677 2027 $ 3,075 $ 730 2028 $ 3,042 $ 882 2029 - 2033 $ 14,161 $ 4,653 The following table summarizes the fair value of pension plan assets at December 31, 2023, by asset category within the fair value hierarchy (for further level information, see Note 3): December 31, 2023 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 16,693 $ - $ - $ 16,693 Preferred stocks 202 - - 202 Exchange traded funds 5,129 - - 5,129 Corporate obligations - 4,160 - 4,160 Pooled fixed income funds 5,793 - - 5,793 U.S. government securities - 772 - 772 Cash and cash equivalents 5,292 - - 5,292 Total $ 33,109 $ 4,932 $ - $ 38,041 The following table summarizes the fair value of pension plan assets at December 31, 2022, by asset category within the fair value hierarchy (for further level information, see Note 3): December 31, 2022 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 14,170 $ 1,567 $ — $ 15,737 Preferred stocks 235 3 — 238 Exchange traded funds 4,656 — — 4,656 Corporate obligations — 4,778 — 4,778 State and municipal obligations — 250 — 250 Pooled fixed income funds 5,541 — — 5,541 U.S. government securities — 158 — 158 Cash and cash equivalents 4,488 — — 4,488 Subtotal $ 29,090 $ 6,756 $ — $ 35,846 Other assets (1) 81 Total $ 35,927 (1) We also have a defined contribution plan covering substantially all employees. We contributed $1.0 million to this plan in both 2023 and 2022, respectively.

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME	12 Months Ended
COMPREHENSIVE INCOME	Dec. 31, 2023
COMPREHENSIVE INCOME
COMPREHENSIVE INCOME	13. COMPREHENSIVE INCOME The components of accumulated other comprehensive loss as recorded in the Consolidated Balance Sheets were as follows: December 31, December 31, 2023 2022 (Dollars in thousands) Foreign currency translation adjustments $ (7,954) $ (8,596) Pension liability, net of tax (9,357) (11,597) Total accumulated other comprehensive loss $ (17,311) $ (20,193) The following table shows changes in accumulated other comprehensive loss during the years ended December 31, 2023 and 2022 (dollars in thousands): Foreign Currency Translation Defined Benefit Adjustments Pension Items Total Balance, December 31, 2021 $ (6,783) $ (18,011) $ (24,794) Other comprehensive (loss) income before reclassifications (1,813) 5,767 3,954 Amounts reclassified from accumulated other comprehensive loss — 647 647 Net current period other comprehensive (loss) income (1,813) 6,414 4,601 Balance, December 31, 2022 $ (8,596) $ (11,597) $ (20,193) Other comprehensive income before reclassifications 642 1,874 2,516 Amounts reclassified from accumulated other comprehensive loss — 366 366 Net current period other comprehensive income 642 2,240 2,882 Balance, December 31, 2023 $ (7,954) $ (9,357) $ (17,311) The following table shows reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2023 and 2022 (dollars in thousands): Amounts reclassified from accumulated other comprehensive loss for the year Affected line item in the ended December 31, statement where net earnings 2023 2022 is presented Amortization of defined benefit pension items Prior service cost $ 20 (1) $ 6 (1) Other expense, net Actuarial losses 475 (1) 869 (1) Other expense, net Total before tax 495 875 Tax benefit (129) (228) Net of tax $ 366 $ 647 (1) These amounts were included in the computation of pension expense. See Note 12 for additional details.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	14. INCOME TAXES The provision for income taxes included the following components for the years ended December 31, 2023 and 2022: 2023 2022 (Dollars in thousands) Current: Federal $ 5,859 $ 6,263 State 1,839 1,934 Foreign 516 705 Total 8,214 8,902 Deferred 2,462 1,297 Total provision $ 10,676 $ 10,199 The differences between the U.S. federal statutory income tax rate and our effective tax rate were as follows for the years ended December 31, 2023 and 2022: 2023 2022 U.S. federal statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 4.1 2.9 Foreign income tax rate differences 0.3 0.7 Other 0.7 1.1 Effective tax rate 26.1 % 25.7 % The foreign component of pretax earnings was $2.8 million and $4.6 million in 2023 and 2022, respectively. The components of deferred taxes at December 31, 2023 and 2022 were as follows: 2023 2022 (Dollars in thousands) Deferred income tax assets: Accounts receivable reserves $ 385 $ 284 Pension liability 3,635 4,174 Accrued liabilities 1,724 1,874 Operating lease liabilities 4,024 3,871 Foreign currency losses on intercompany loans 58 54 9,826 10,257 Deferred income tax liabilities: Inventory and related reserves (5,024) (2,998) Cash value of life insurance (682) (615) Property, plant and equipment (1,297) (1,162) Intangible assets (9,639) (9,112) Prepaid expenses and other assets (352) (367) Operating lease right-of-use assets (3,555) (3,495) (20,549) (17,749) Net deferred income tax liabilities $ (10,723) $ (7,492) The net deferred income tax liabilities are classified in the Consolidated Balance Sheets as follows: 2023 2022 (Dollars in thousands) Non-current deferred income tax benefits $ 1,096 $ 1,038 Non-current deferred income tax liabilities (11,819) (8,530) Net deferred income tax liabilities $ (10,723) $ (7,492) Uncertain Tax Positions We account for our uncertain tax positions in accordance with ASC 740, Income Taxes . The following table summarizes the activity related to our unrecognized tax benefits: 2023 2022 (Dollars in thousands) Unrecognized tax benefits balance at January 1, $ 305 $ 155 Increases related to current year tax positions 366 228 Decreases due to lapsing of statute of limitations (63) (78) Unrecognized tax benefits balance at December 31, $ 608 $ 305 The unrecognized tax benefits at December 31, 2023 and 2022, each include $30,000 of interest related to such positions. The unrecognized tax benefits, if ultimately recognized, would reduce our annual effective tax rate. The liabilities for potential interest are included in the Consolidated Balance Sheets at December 31, 2023 and 2022. We file a U.S. federal income tax return, various U.S. state income tax returns and several foreign returns. In general, the 2019 through 2022 tax years remain subject to examination by those taxing authorities.

COMMITMENTS

COMMITMENTS	12 Months Ended
COMMITMENTS	Dec. 31, 2023
COMMITMENTS
COMMITMENTS	15. COMMITMENTS At December 31, 2023, we had commitments to purchase $41.2 million of inventory, all of which were due in less than one year.

SHARE REPURCHASE PROGRAM

SHARE REPURCHASE PROGRAM	12 Months Ended
SHARE REPURCHASE PROGRAM	Dec. 31, 2023
SHARE REPURCHASE PROGRAM
SHARE REPURCHASE PROGRAM	16. SHARE REPURCHASE PROGRAM In 1998, our share repurchase program was established. On several occasions since the program’s inception, our Board of Directors increased the number of shares authorized for repurchase under the program. In total, 8.5 million shares have been authorized for repurchase. In 2023, we purchased 170,422 shares at a total cost of $4.3 million through our share repurchase program. In 2022, we purchased 171,397 shares at a total cost of $4.2 million through our share repurchase program. As of December 31, 2023, there were 868,757 authorized shares remaining under the program.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
EARNINGS PER SHARE	Dec. 31, 2023
EARNINGS PER SHARE
EARNINGS PER SHARE	17. EARNINGS PER SHARE The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2023 and 2022: 2023 2022 (In thousands, except per share amounts) Numerator: Net earnings $ 30,188 $ 29,540 Denominator: Basic weighted average shares outstanding 9,449 9,555 Effect of dilutive securities: Employee share-based awards 86 69 Diluted weighted average shares outstanding 9,535 9,624 Basic earnings per share $ 3.19 $ 3.09 Diluted earnings per share $ 3.17 $ 3.07 Diluted weighted average shares outstanding for 2023 exclude anti-dilutive share-based awards totaling 618,000 shares at a weighted average price of $28.95. Diluted weighted average shares outstanding for 2022 exclude anti-dilutive share-based awards totaling 916,000 shares at a weighted average price of $27.27. 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
SEGMENT INFORMATION	Dec. 31, 2023
SEGMENT INFORMATION
SEGMENT INFORMATION	18. SEGMENT INFORMATION We have two reportable segments: North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). Our Chief Executive Officer evaluates the performance of our segments based on earnings from operations. Therefore, interest income or expense, other income or expense, and income taxes are not allocated to the segments. As of December 31, 2023, the “other” category in the table below included our wholesale and retail operations in Australia, South Africa, and Asia Pacific, which do not meet the criteria for separate reportable segment classification. We ceased operations in the Asia Pacific region in 2023, and are in the final stages of winding down this business. 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 our wholesale segment. We have licensing agreements with third parties who sell our branded apparel, accessories, and specialty footwear in the United States, as well as our footwear in Mexico and certain markets overseas. In 2023 and 2022, there was no single customer with sales of 10% or more of our total sales. In the Retail segment, we operate e-commerce businesses and four brick and mortar retail stores in the United States. Retail sales are made directly to consumers on our websites, or by our employees. Retail stores sell our branded footwear, primarily Florsheim, and accessories. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2023 and 2022 was as follows: Wholesale Retail Other Total (Dollars in thousands) 2023 Product sales $ 247,896 $ 38,012 $ 29,636 $ 315,544 Licensing revenues 2,504 — — 2,504 Net sales 250,400 38,012 29,636 318,048 Depreciation 1,942 7 630 2,579 Earnings from operations 33,288 6,752 984 41,024 Total assets 276,626 4,594 28,122 309,342 Capital expenditures 2,544 — 765 3,309 2022 Product sales $ 281,138 $ 36,694 $ 31,808 $ 349,640 Licensing revenues 2,097 — — 2,097 Net sales 283,235 36,694 31,808 351,737 Depreciation 1,969 4 512 2,485 Earnings from operations 32,641 6,058 1,666 40,365 Total assets 292,262 5,460 28,898 326,620 Capital expenditures 882 12 1,448 2,342 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 our business by geographic area was as follows for the years ended December 31, 2023 and 2022: 2023 2022 (Dollars in thousands) Net Sales United States $ 266,515 $ 292,441 Canada 21,897 27,488 Australia 23,012 25,196 Asia 4,143 3,472 South Africa 2,481 3,140 Total $ 318,048 $ 351,737 Long-Lived Assets United States $ 75,274 $ 76,530 Other 14,650 14,310 $ 89,924 $ 90,840 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), operating lease ROU assets, goodwill, trademarks, investment in real estate and amortizable intangible assets.

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS	12 Months Ended
SHARE-BASED COMPENSATION PLANS	Dec. 31, 2023
SHARE-BASED COMPENSATION PLANS
SHARE-BASED COMPENSATION PLANS	19. SHARE-BASED COMPENSATION PLAN At December 31, 2023 we had one share-based compensation plan, entitled the 2017 Incentive Plan (hereinafter, “the Plan”). Under the Plan, options to purchase common stock are granted to officers and key employees at exercise prices not less than the fair market value of our Company’s common stock on the date of the grant. We also grant restricted stock awards under the Plan. We issue new common stock to satisfy stock option exercises as well as the issuance of restricted stock awards. Stock options and restricted stock awards were granted in both 2023 and 2022. 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. Stock options granted in 2023 and 2022 vest ratably over five years and expire 10 years from the grant date. Restricted stock granted in 2023 and 2022 vests ratably over four years. As of December 31, 2023, there were approximately 92,000 shares remaining available for share-based awards under the Plan. Stock option exercises can be net share settled such that we withhold shares with value equivalent to the exercise price of the stock option awards plus the employees’ minimum statutory obligation for the applicable income and other employment taxes. The net share settlement has the effect of share repurchases by the Company as they reduce the number of shares that would have otherwise been issued. In 2023, approximately 430,000 shares were withheld, and were based on the value of the stock on the exercise dates. Total payments made by the Company for the employees’ tax obligations to the taxing authorities were $186,000 in 2023 and $12,000 in 2022; such payments are generally reflected as a financing activity within the consolidated statements of cash flows. In accordance with ASC 718, share-based compensation expense of approximately $1.4 million and $1.5 million was recognized in 2023 and 2022, respectively, for stock options and restricted stock awards granted since 2017. An estimate of forfeitures, based on historical data, was included in the calculation of share-based compensation. At December 31, 2023, there was $2.1 million of total unrecognized compensation cost related to non-vested stock options granted in the years 2019 through 2023 which is expected to be recognized over the weighted-average remaining vesting period of 3.7 years. At December 31, 2022, there was $1.8 million of total unrecognized compensation cost related to non-vested stock options granted in the years 2018 through 2022 which was expected to be recognized over the weighted-average remaining vesting period of 3.7 years. The following weighted-average assumptions were used to determine compensation expense related to stock options in 2023 and 2022: 2023 2022 Risk-free interest rate 4.31 % 3.08 % Expected dividend yield 3.88 % 3.33 % Expected term 8.0 8.0 Expected volatility 31.0 % 28.5 % 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 our expected annual dividend as a percentage of the market value of our 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 our stock option activity during the years ended December 31, 2023 and 2022: Stock Options Years ended December 31, 2023 2022 Weighted Average Weighted Average Stock Options Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 1,345,369 $ 25.83 1,279,833 $ 25.44 Granted 149,200 25.79 143,500 28.83 Exercised (487,331) 25.02 (60,914) 24.96 Forfeited or expired (40,021) 26.31 (17,050) 24.79 Outstanding at end of year 967,217 $ 26.22 1,345,369 $ 25.83 Exercisable at end of year 524,829 $ 27.30 891,733 $ 26.36 Weighted average fair market value of options granted $ 6.63 $ 6.78 Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding - December 31, 2023 6.7 $ 5,649,000 Exercisable - December 31, 2023 5.4 $ 2,804,000 The aggregate intrinsic value of outstanding and exercisable stock options is defined as the difference between the market value of our Company’s common stock on December 29, 2023 of $31.36 and the exercise price multiplied by the number of in-the-money outstanding and exercisable stock options. Non-vested Stock Options Weighted Average Weighted Average Number of Options Exercise Price Fair Value Non-vested - December 31, 2021 511,311 $ 23.63 $ 3.64 Granted 143,500 28.83 6.78 Vested (189,375) 25.08 3.87 Forfeited (11,800) 23.20 3.65 Non-vested - December 31, 2022 453,636 $ 24.76 $ 4.55 Granted 149,200 25.79 6.63 Vested (147,128) 25.26 4.44 Forfeited (13,320) 25.24 4.91 Non-vested - December 31, 2023 442,388 $ 24.93 $ 5.28 The following table summarizes information about outstanding and exercisable stock options at December 31, 2023: Options Outstanding Options Exercisable Weighted Average Number of Remaining Weighted Number of Weighted Options Contractual Life Average Options Average Range of Exercise Prices Outstanding (in Years) Exercise Price Exercisable Exercise Price $18.00 134,760 6.7 $ 18.00 74,260 $ 18.00 $23.38 to $25.79 432,695 7.8 $ 24.43 160,415 $ 23.65 $27.94 to $37.22 399,762 5.7 $ 30.92 290,154 $ 31.70 967,217 6.7 $ 26.22 524,829 $ 27.30 The following table summarizes our stock option activity for the years ended December 31: 2023 2022 (Dollars in thousands) Total intrinsic value of stock options exercised $ 1,537 $ 251 Net proceeds from stock option exercises $ 103 $ 293 Income tax benefit from the exercise of stock options $ 400 $ 65 Total fair value of stock options vested $ 653 $ 734 Restricted Stock The following table summarizes our restricted stock award activity during the years ended December 31, 2022 and 2023: Shares of Restricted Weighted Average Stock Grant Date Fair Value Non-vested - December 31, 2021 78,470 $ 23.11 Issued 27,620 28.83 Vested (34,282) 24.46 Forfeited — — Non-vested - December 31, 2022 71,808 $ 24.67 Issued 27,700 25.79 Vested (28,243) 23.60 Forfeited (2,175) 25.13 Non-vested - December 31, 2023 69,090 $ 25.54 At December 31, 2023, we expected 69,090 shares of restricted stock to vest over a weighted-average remaining contractual term of 2.7 years. These shares had an aggregate intrinsic value of $2.2 million at December 31, 2023. The aggregate intrinsic value was calculated using the market value of our Company’s common stock on December 29, 2023 of $31.36 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 $188,000 in 2023 and $247,000 in 2022.

VALUATION AND QUALIFYING ACCOUN

VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
VALUATION AND QUALIFYING ACCOUNTS	Dec. 31, 2023
VALUATION AND QUALIFYING ACCOUNTS
VALUATION AND QUALIFYING ACCOUNTS	20. VALUATION AND QUALIFYING ACCOUNTS Deducted from Assets Doubtful Returns and Accounts Allowances Total (Dollars in thousands) BALANCE, DECEMBER 31, 2021 $ 1,307 $ 760 $ 2,067 Add - Additions charged to earnings 151 5,584 5,735 Deduct - Charges for purposes for which reserves were established (348) (5,344) (5,692) BALANCE, DECEMBER 31, 2022 $ 1,110 $ 1,000 $ 2,110 Add - Additions charged to earnings 519 5,115 5,634 Deduct - Charges for purposes for which reserves were established (136) (5,098) (5,234) BALANCE, DECEMBER 31, 2023 $ 1,493 $ 1,017 $ 2,510

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents
Investments	Investments Investments – Debt and Equity Securities,
Accounts Receivable	Accounts Receivable –
Inventories	Inventories
Property, Plant and Equipment and Depreciation	Property, Plant and Equipment and Depreciation
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
Leases	Leases - ROU assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date for leases exceeding 12 months. Minimum lease payments include only the fixed lease component of the agreement, as well as any variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Lease terms may include options to renew when it is reasonably certain that we will exercise that option. As our leases generally do not provide an implicit rate, our incremental borrowing rate is used to determine the present value of lease payments. The incremental borrowing rate was a hypothetical rate based on an understanding of what we could borrow from a third-party lender, on a collateralized basis, over a similar term, and in an amount that approximates the value of the future lease payments at the lease commitment date. Operating lease costs are recognized on a straight-line basis over the lease term and are included in selling and administrative expenses. Variable lease payments that do not depend on a rate or index, payments associated with non-lease components, and short-term rentals (leases with terms less than 12 months) are expensed as incurred. See Note 7.
Goodwill	Goodwill -
Intangible Assets (excluding Goodwill)	Intangible Assets (excluding Goodwill)
Life Insurance	Life Insurance –
Income Taxes	Income Taxes -
Revenue Recognition	Revenue Recognition All revenue is recorded net of estimated allowances for returns and discounts; these revenue offsets are accrued for at the time of sale. Our estimates of allowances for returns and discounts are based on such factors as specific customer situations, historical experience, and current and expected economic conditions. We evaluate the reserves and the estimation process and adjust when appropriate. Generally, payments from customers are received within 90 days following the sale. Our contracts with customers do not have significant financing components or significant prepayment terms, and there is no non-cash consideration. We do not have unbilled revenue, and there are no contract assets and liabilities.
Shipping and Handling Fees	Shipping and Handling Fees Selling and Administrative Expenses
Cost of Sales	Cost of Sales
Selling and Administrative Expenses	Selling and Administrative Expenses -
Advertising Costs	Advertising Costs -
Foreign Currency Translations	Foreign Currency Translations Foreign Currency Matters
Foreign Currency Transactions	Foreign Currency Transactions -
Financial Instruments	Financial Instruments – Realized gains and losses on foreign exchange contracts are related to the purchase and sale of inventory and therefore are included in our net sales or cost of sales. In 2023 and 2022, realized gains and losses on foreign exchange contracts were not material to our financial statements.
Earnings Per Share	Earnings Per Share
Comprehensive Income	Comprehensive Income –
Share-Based Compensation	Share-Based Compensation - Compensation – Stock Compensation
Concentration of Credit Risk	Concentration of Credit Risk
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses: Measurements of Credit Losses on Financial Instruments Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
INVESTMENTS (Tables)	Dec. 31, 2023
INVESTMENTS
Schedule of marketable securities	2023 2022 Amortized Market Amortized Market Cost Value Cost Value (Dollars in thousands) Marketable securities: Current $ 215 $ 215 $ 1,385 $ 1,381 Due from one through five years 3,518 3,592 3,977 3,950 Due from six through ten years 2,836 2,830 2,347 2,455 Due from eleven through twenty years — — 799 773 Total $ 6,569 $ 6,637 $ 8,508 $ 8,559
Schedule of unrealized gains and losses on marketable securities	2023 2022 Unrealized Unrealized Unrealized Unrealized Gains Losses Gains Losses (Dollars in thousands) Marketable securities $ 118 $ (50) $ 145 $ (94)

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
INVENTORIES (Tables)	Dec. 31, 2023
INVENTORIES
Schedule of Inventory	2023 2022 (Dollars in thousands) Finished shoes $ 94,663 $ 151,370 LIFO reserve (19,773) (23,394) Total inventories $ 74,890 $ 127,976

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	Dec. 31, 2023
PROPERTY, PLANT AND EQUIPMENT, NET
Schedule of Property, Plant and Equipment	2023 2022 (Dollars in thousands) Land and land improvements $ 3,843 $ 3,843 Buildings and improvements 32,204 32,204 Machinery and equipment 37,296 36,820 Retail fixtures and leasehold improvements 4,674 4,623 Construction in progress 1,972 322 Property, plant and equipment 79,989 77,812 Less: Accumulated depreciation (50,485) (49,000) Property, plant and equipment, net $ 29,504 $ 28,812

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Dec. 31, 2023
LEASES
Schedule of operating lease costs	Twelve Months Ended December 31, 2023 2022 (Dollars in thousands) Operating lease costs $ 4,912 $ 5,233 Variable lease costs (1) 201 1 Total lease costs $ 5,113 $ 5,234 (1) Variable lease costs primarily include percentage rentals based upon sales in excess of specified amounts.
Schedule of maturities of operating lease liabilities	Operating Leases (Dollars in thousands) 2024 $ 4,342 2025 3,505 2026 3,090 2027 1,976 2028 946 Thereafter 377 Total lease payments 14,236 Less: imputed interest (726) Present value of lease liabilities $ 13,510
Schedule of supplemental information	December 31, December 31, 2023 2022 (Dollars in thousands) Operating lease liabilities - current $ 3,979 $ 4,026 Operating lease liabilities - non-current 9,531 10,661 Total $ 13,510 $ 14,687 Twelve Months Ended December 31, 2023 2022 (Dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 4,878 $ 4,732 Right-of-use assets obtained in exchange for new lease liabilities (noncash) $ 3,180 $ 7,941

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
INTANGIBLE ASSETS (Tables)	Dec. 31, 2023
INTANGIBLE ASSETS
Schedule of indefinite-lived intangible assets	December 31, December 31, 2023 2022 (Dollars in thousands) Indefinite-lived intangibles: Goodwill $ 12,317 $ 12,317 Trademarks 33,168 33,618 Total $ 45,485 $ 45,935
Schedule of company's amortizable intangible assets	December 31, 2023 December 31, 2022 Weighted Gross Gross Average Carrying Accumulated Carrying Accumulated Life (Years) Amount Amortization Net Amount Amortization Net (Dollars in thousands) (Dollars in thousands) Amortizable intangible assets Customer relationships 15 $ 3,500 $ (2,994) $ 506 $ 3,500 $ (2,761) $ 739 Total amortizable intangible assets $ 3,500 $ (2,994) $ 506 $ 3,500 $ (2,761) $ 739

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
OTHER ASSETS (Tables)	Dec. 31, 2023
OTHER ASSETS
Schedule of other assets	Other assets included the following amounts at December 31, 2023 and 2022: 2023 2022 (Dollars in thousands) Cash surrender value of life insurance $ 20,568 $ 19,884 Amortizable intangible assets, net (See Note 8) 506 739 Investment in real estate 1,909 1,926 Other 1,291 1,278 Total other assets $ 24,274 $ 23,827

EMPLOYEE RETIREMENT PLANS (Tabl

EMPLOYEE RETIREMENT PLANS (Tables)	12 Months Ended
EMPLOYEE RETIREMENT PLANS (Tables)	Dec. 31, 2023
EMPLOYEE RETIREMENT PLANS
Schedule of pension plan weighted average assets allocation	Our pension plan’s weighted average asset allocation at December 31, 2023 and 2022, by asset category, was as follows: Plan Assets at December 31, 2023 2022 Asset Category: Equity Securities 58 % 57 % Fixed Income Securities 28 % 31 % Other 14 % 12 % Total 100 % 100 %
Schedule of funded status of pension plans	The following discount rates were used to determine the funded status of the pension plans as of December 31, 2023 and 2022: Defined Benefit Pension Plan Supplemental Pension Plan 2023 2022 2023 2022 Discount rate for determining funded status 5.15 % 5.41 % 5.16 % 5.44 %
Schedule of change in benefit obligation and plan assets	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, 2023 and 2022: Defined Benefit Pension Plan Supplemental Pension Plan 2023 2022 2023 2022 (Dollars in thousands) Change in projected benefit obligation Projected benefit obligation, beginning of year $ 39,609 $ 52,507 $ 12,372 $ 20,343 Service cost 467 445 — — Interest cost 2,052 1,243 580 511 Plan settlement — — — (4,276) Actuarial loss (gain) 916 (12,028) (1,001) (3,864) Benefits paid (2,633) (2,558) (342) (342) Projected benefit obligation, end of year $ 40,411 $ 39,609 $ 11,609 $ 12,372 Change in plan assets Fair value of plan assets, beginning of year $ 35,927 $ 44,582 $ — $ — Actual return on plan assets 5,214 (5,652) — — Administrative expenses (467) (445) — — Contributions — — — 4,618 Plan settlement — — — (4,276) Benefits paid (2,633) (2,558) — (342) Fair value of plan assets, end of year $ 38,041 $ 35,927 $ — $ — Funded status of plan $ (2,370) $ (3,682) $ (11,609) $ (12,372) Amounts recognized in the consolidated balance sheets consist of: Accrued liabilities - other $ — $ — $ (567) $ (531) Long-term pension liability (2,370) (3,682) (11,042) (11,841) Net amount recognized $ (2,370) $ (3,682) $ (11,609) $ (12,372) Amounts recognized in accumulated other comprehensive loss consist of: Accumulated loss, net of income tax benefit of $2,863, $3,382, $410, and $672, respectively $ 8,150 $ 9,629 $ 1,168 $ 1,914 Prior service cost, net of income tax benefit of $0, $0, $13 and $19, respectively — — 39 54 Net amount recognized $ 8,150 $ 9,629 $ 1,207 $ 1,968
Schedule of net periodic pension cost	Assumptions used in determining pension expense for the years ended December 31, 2023 and 2022 were: Defined Benefit Pension Plan Supplemental Pension Plan 2023 2022 2023 2022 Discount rate for projected benefit obligation 5.41 % 2.83 % 5.44 % 2.86 % Discount rate for determining interest cost 5.35 % 2.39 % 5.37 % 2.54 % Long-term rate of return on plan assets 6.75 % 6.75 % — —
Schedule of company's pension expense	The components of pension expense for the years ended December 31, 2023 and 2022, were: 2023 2022 (Dollars in thousands) Service cost $ 467 $ 445 Interest cost 2,632 1,754 Expected return on plan assets (2,301) (2,896) Pension settlement charge — 894 Net amortization and deferral 495 875 Pension expense $ 1,293 $ 1,072
Schedule of projected benefit payments for the plans	Projected benefit payments for the plans at December 31, 2023, were estimated as follows: Defined Benefit Supplemental Pension Plan Pension Plan (Dollars in thousands) 2024 $ 3,205 $ 568 2025 $ 3,120 $ 628 2026 $ 3,069 $ 677 2027 $ 3,075 $ 730 2028 $ 3,042 $ 882 2029 - 2033 $ 14,161 $ 4,653
Schedule of fair value hierarchy	The following table summarizes the fair value of pension plan assets at December 31, 2023, by asset category within the fair value hierarchy (for further level information, see Note 3): December 31, 2023 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 16,693 $ - $ - $ 16,693 Preferred stocks 202 - - 202 Exchange traded funds 5,129 - - 5,129 Corporate obligations - 4,160 - 4,160 Pooled fixed income funds 5,793 - - 5,793 U.S. government securities - 772 - 772 Cash and cash equivalents 5,292 - - 5,292 Total $ 33,109 $ 4,932 $ - $ 38,041 The following table summarizes the fair value of pension plan assets at December 31, 2022, by asset category within the fair value hierarchy (for further level information, see Note 3): December 31, 2022 Quoted Prices Significant Significant in Active Markets Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total (Dollars in thousands) Common stocks $ 14,170 $ 1,567 $ — $ 15,737 Preferred stocks 235 3 — 238 Exchange traded funds 4,656 — — 4,656 Corporate obligations — 4,778 — 4,778 State and municipal obligations — 250 — 250 Pooled fixed income funds 5,541 — — 5,541 U.S. government securities — 158 — 158 Cash and cash equivalents 4,488 — — 4,488 Subtotal $ 29,090 $ 6,756 $ — $ 35,846 Other assets (1) 81 Total $ 35,927 (1)

COMPREHENSIVE INCOME (Tables)

COMPREHENSIVE INCOME (Tables)	12 Months Ended
COMPREHENSIVE INCOME (Tables)	Dec. 31, 2023
COMPREHENSIVE INCOME
Schedule of accumulated other comprehensive loss	December 31, December 31, 2023 2022 (Dollars in thousands) Foreign currency translation adjustments $ (7,954) $ (8,596) Pension liability, net of tax (9,357) (11,597) Total accumulated other comprehensive loss $ (17,311) $ (20,193)
Schedule of changes in accumulated other comprehensive loss	The following table shows changes in accumulated other comprehensive loss during the years ended December 31, 2023 and 2022 (dollars in thousands): Foreign Currency Translation Defined Benefit Adjustments Pension Items Total Balance, December 31, 2021 $ (6,783) $ (18,011) $ (24,794) Other comprehensive (loss) income before reclassifications (1,813) 5,767 3,954 Amounts reclassified from accumulated other comprehensive loss — 647 647 Net current period other comprehensive (loss) income (1,813) 6,414 4,601 Balance, December 31, 2022 $ (8,596) $ (11,597) $ (20,193) Other comprehensive income before reclassifications 642 1,874 2,516 Amounts reclassified from accumulated other comprehensive loss — 366 366 Net current period other comprehensive income 642 2,240 2,882 Balance, December 31, 2023 $ (7,954) $ (9,357) $ (17,311)
Schedule of reclassification adjustments out of accumulated other comprehensive loss	The following table shows reclassification adjustments out of accumulated other comprehensive loss during the years ended December 31, 2023 and 2022 (dollars in thousands): Amounts reclassified from accumulated other comprehensive loss for the year Affected line item in the ended December 31, statement where net earnings 2023 2022 is presented Amortization of defined benefit pension items Prior service cost $ 20 (1) $ 6 (1) Other expense, net Actuarial losses 475 (1) 869 (1) Other expense, net Total before tax 495 875 Tax benefit (129) (228) Net of tax $ 366 $ 647 (1) These amounts were included in the computation of pension expense. See Note 12 for additional details.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2023
INCOME TAXES
Schedule of provision for income tax	2023 2022 (Dollars in thousands) Current: Federal $ 5,859 $ 6,263 State 1,839 1,934 Foreign 516 705 Total 8,214 8,902 Deferred 2,462 1,297 Total provision $ 10,676 $ 10,199
Schedule of effective tax rate	2023 2022 U.S. federal statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 4.1 2.9 Foreign income tax rate differences 0.3 0.7 Other 0.7 1.1 Effective tax rate 26.1 % 25.7 %
Schedule of components of deferred taxes	2023 2022 (Dollars in thousands) Deferred income tax assets: Accounts receivable reserves $ 385 $ 284 Pension liability 3,635 4,174 Accrued liabilities 1,724 1,874 Operating lease liabilities 4,024 3,871 Foreign currency losses on intercompany loans 58 54 9,826 10,257 Deferred income tax liabilities: Inventory and related reserves (5,024) (2,998) Cash value of life insurance (682) (615) Property, plant and equipment (1,297) (1,162) Intangible assets (9,639) (9,112) Prepaid expenses and other assets (352) (367) Operating lease right-of-use assets (3,555) (3,495) (20,549) (17,749) Net deferred income tax liabilities $ (10,723) $ (7,492)
Schedule of net deferred tax liabilities	2023 2022 (Dollars in thousands) Non-current deferred income tax benefits $ 1,096 $ 1,038 Non-current deferred income tax liabilities (11,819) (8,530) Net deferred income tax liabilities $ (10,723) $ (7,492)
Summary of unrecognized tax benefits	2023 2022 (Dollars in thousands) Unrecognized tax benefits balance at January 1, $ 305 $ 155 Increases related to current year tax positions 366 228 Decreases due to lapsing of statute of limitations (63) (78) Unrecognized tax benefits balance at December 31, $ 608 $ 305

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
EARNINGS PER SHARE (Tables)	Dec. 31, 2023
EARNINGS PER SHARE
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computations of basic and diluted earnings per share for the years ended December 31, 2023 and 2022: 2023 2022 (In thousands, except per share amounts) Numerator: Net earnings $ 30,188 $ 29,540 Denominator: Basic weighted average shares outstanding 9,449 9,555 Effect of dilutive securities: Employee share-based awards 86 69 Diluted weighted average shares outstanding 9,535 9,624 Basic earnings per share $ 3.19 $ 3.09 Diluted earnings per share $ 3.17 $ 3.07

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
SEGMENT INFORMATION (Tables)	Dec. 31, 2023
SEGMENT INFORMATION
Schedule of segment reporting information	The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2023 and 2022 was as follows: Wholesale Retail Other Total (Dollars in thousands) 2023 Product sales $ 247,896 $ 38,012 $ 29,636 $ 315,544 Licensing revenues 2,504 — — 2,504 Net sales 250,400 38,012 29,636 318,048 Depreciation 1,942 7 630 2,579 Earnings from operations 33,288 6,752 984 41,024 Total assets 276,626 4,594 28,122 309,342 Capital expenditures 2,544 — 765 3,309 2022 Product sales $ 281,138 $ 36,694 $ 31,808 $ 349,640 Licensing revenues 2,097 — — 2,097 Net sales 283,235 36,694 31,808 351,737 Depreciation 1,969 4 512 2,485 Earnings from operations 32,641 6,058 1,666 40,365 Total assets 292,262 5,460 28,898 326,620 Capital expenditures 882 12 1,448 2,342
Schedule of Company's business by geographic area	Financial information relating to our business by geographic area was as follows for the years ended December 31, 2023 and 2022: 2023 2022 (Dollars in thousands) Net Sales United States $ 266,515 $ 292,441 Canada 21,897 27,488 Australia 23,012 25,196 Asia 4,143 3,472 South Africa 2,481 3,140 Total $ 318,048 $ 351,737 Long-Lived Assets United States $ 75,274 $ 76,530 Other 14,650 14,310 $ 89,924 $ 90,840

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS (Tables)	12 Months Ended
SHARE-BASED COMPENSATION PLANS (Tables)	Dec. 31, 2023
SHARE-BASED COMPENSATION PLANS
Schedule of weighted average stock options assumptions	The following weighted-average assumptions were used to determine compensation expense related to stock options in 2023 and 2022: 2023 2022 Risk-free interest rate 4.31 % 3.08 % Expected dividend yield 3.88 % 3.33 % Expected term 8.0 8.0 Expected volatility 31.0 % 28.5 %
Schedule of stock option activity	The following tables summarize our stock option activity during the years ended December 31, 2023 and 2022: Stock Options Years ended December 31, 2023 2022 Weighted Average Weighted Average Stock Options Shares Exercise Price Shares Exercise Price Outstanding at beginning of year 1,345,369 $ 25.83 1,279,833 $ 25.44 Granted 149,200 25.79 143,500 28.83 Exercised (487,331) 25.02 (60,914) 24.96 Forfeited or expired (40,021) 26.31 (17,050) 24.79 Outstanding at end of year 967,217 $ 26.22 1,345,369 $ 25.83 Exercisable at end of year 524,829 $ 27.30 891,733 $ 26.36 Weighted average fair market value of options granted $ 6.63 $ 6.78 Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value Outstanding - December 31, 2023 6.7 $ 5,649,000 Exercisable - December 31, 2023 5.4 $ 2,804,000
Schedule of non-vested stock options	Weighted Average Weighted Average Number of Options Exercise Price Fair Value Non-vested - December 31, 2021 511,311 $ 23.63 $ 3.64 Granted 143,500 28.83 6.78 Vested (189,375) 25.08 3.87 Forfeited (11,800) 23.20 3.65 Non-vested - December 31, 2022 453,636 $ 24.76 $ 4.55 Granted 149,200 25.79 6.63 Vested (147,128) 25.26 4.44 Forfeited (13,320) 25.24 4.91 Non-vested - December 31, 2023 442,388 $ 24.93 $ 5.28
Summary of outstanding and exercisable stock options	The following table summarizes information about outstanding and exercisable stock options at December 31, 2023: Options Outstanding Options Exercisable Weighted Average Number of Remaining Weighted Number of Weighted Options Contractual Life Average Options Average Range of Exercise Prices Outstanding (in Years) Exercise Price Exercisable Exercise Price $18.00 134,760 6.7 $ 18.00 74,260 $ 18.00 $23.38 to $25.79 432,695 7.8 $ 24.43 160,415 $ 23.65 $27.94 to $37.22 399,762 5.7 $ 30.92 290,154 $ 31.70 967,217 6.7 $ 26.22 524,829 $ 27.30
Schedule of stock option exercise activity	The following table summarizes our stock option activity for the years ended December 31: 2023 2022 (Dollars in thousands) Total intrinsic value of stock options exercised $ 1,537 $ 251 Net proceeds from stock option exercises $ 103 $ 293 Income tax benefit from the exercise of stock options $ 400 $ 65 Total fair value of stock options vested $ 653 $ 734
Schedule of restricted stock award activity	The following table summarizes our restricted stock award activity during the years ended December 31, 2022 and 2023: Shares of Restricted Weighted Average Stock Grant Date Fair Value Non-vested - December 31, 2021 78,470 $ 23.11 Issued 27,620 28.83 Vested (34,282) 24.46 Forfeited — — Non-vested - December 31, 2022 71,808 $ 24.67 Issued 27,700 25.79 Vested (28,243) 23.60 Forfeited (2,175) 25.13 Non-vested - December 31, 2023 69,090 $ 25.54

VALUATION AND QUALIFYING ACCO_2

VALUATION AND QUALIFYING ACCOUNTS (Tables)	12 Months Ended
VALUATION AND QUALIFYING ACCOUNTS (Tables)	Dec. 31, 2023
VALUATION AND QUALIFYING ACCOUNTS
Schedule of valuation and qualifying accounts	Deducted from Assets Doubtful Returns and Accounts Allowances Total (Dollars in thousands) BALANCE, DECEMBER 31, 2021 $ 1,307 $ 760 $ 2,067 Add - Additions charged to earnings 151 5,584 5,735 Deduct - Charges for purposes for which reserves were established (348) (5,344) (5,692) BALANCE, DECEMBER 31, 2022 $ 1,110 $ 1,000 $ 2,110 Add - Additions charged to earnings 519 5,115 5,634 Deduct - Charges for purposes for which reserves were established (136) (5,098) (5,234) BALANCE, DECEMBER 31, 2023 $ 1,493 $ 1,017 $ 2,510

NATURE OF OPERATIONS (Details)

NATURE OF OPERATIONS (Details)	12 Months Ended
NATURE OF OPERATIONS (Details)	Dec. 31, 2023 segment item
NATURE OF OPERATIONS
Number of reportable segments \| segment	2
Number of brick and mortar stores \| item	4

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) customer	Dec. 31, 2022 USD ($) customer	Dec. 31, 2023 AUD ($) customer
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment of trademark	$ 450	$ 1,150
Distribution costs	21,900	22,800
Advertising costs	12,800	13,400
Forsake
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment of trademark	500	1,200
Florsheim Australia Pty Ltd
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Foreign exchange contracts outstanding	600		$ 0.9
Licensing revenues
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue from Contract with Customer, Including Assessed Tax	$ 2,500	$ 2,100
Customer Concentration Risk \| Accounts receivable \| One Customer
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of customers \| customer	1	1	1
Concentration risk percentage	18%	13%
Customer Concentration Risk \| Revenue
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of customers \| customer	0	0	0
Building and building improvements \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property plant and equipment, useful life	10 years		10 years
Building and building improvements \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property plant and equipment, useful life	39 years		39 years
Machinery and equipment \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property plant and equipment, useful life	3 years		3 years
Machinery and equipment \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property plant and equipment, useful life	15 years		15 years
Furniture and fixtures \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property plant and equipment, useful life	5 years		5 years
Furniture and fixtures \| Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property plant and equipment, useful life	15 years		15 years

INVESTMENTS - Marketable Securi

INVESTMENTS - Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INVESTMENTS
Amortized Cost, Current	$ 215	$ 1,385
Amortized Cost, Due from one through five years	3,518	3,977
Amortized Cost, Due from six through ten years	2,836	2,347
Amortized Cost, Due from eleven through twenty years		799
Amortized Cost, Total	6,569	8,508
Market Value, Current	215	1,381
Market Value, Due from one through five years	3,592	3,950
Market Value, Due from six through ten years	2,830	2,455
Market Value, Due from eleven through twenty years		773
Market Value, Total	$ 6,637	$ 8,559

INVESTMENTS - Unrealized gains

INVESTMENTS - Unrealized gains and losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INVESTMENTS
Unrealized Gains	$ 118	$ 145
Unrealized Losses	$ (50)	$ (94)

INVESTMENTS - Investments, at f

INVESTMENTS - Investments, at fair value (Details) $ in Thousands	Dec. 31, 2022 USD ($)
INVESTMENTS
Investments, at fair value	$ 107

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INVENTORIES
Finished shoes	$ 94,663	$ 151,370
LIFO reserve	(19,773)	(23,394)
Total inventories	$ 74,890	$ 127,976

INVENTORIES - Additional Inform

INVENTORIES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INVENTORIES
Inventory in-transit	$ 16.7	$ 33.2
Percentage of Inventory valued by the LIFO method of accounting	91%	94%
Percentage of Inventory valued by the FIFO method of accounting	9%	6%
Increase in cost of sales	$ 2.1

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT, NET
Land and land improvements	$ 3,843	$ 3,843
Buildings and improvements	32,204	32,204
Machinery and equipment	37,296	36,820
Retail fixtures and leasehold improvements	4,674	4,623
Construction in progress	1,972	322
Property, plant and equipment	79,989	77,812
Less: Accumulated depreciation	(50,485)	(49,000)
Property, plant and equipment, net	$ 29,504	$ 28,812

LEASES - Operating lease costs

LEASES - Operating lease costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LEASES
Operating lease costs	$ 4,912	$ 5,233
Variable lease costs	201	1
Total lease costs	$ 5,113	$ 5,234

LEASES - Maturities of operatin

LEASES - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
LEASES
2024	$ 4,342
2025	3,505
2026	3,090
2027	1,976
2028	946
Thereafter	377
Total lease payments	14,236
Less imputed interest	(726)
Present value of lease liabilities	$ 13,510	$ 14,687

LEASES - Operating lease liabil

LEASES - Operating lease liabilities classification (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
LEASES
Operating lease liabilities - current	$ 3,979	$ 4,026
Operating lease liabilities - non-current	9,531	10,661
Total	$ 13,510	$ 14,687

LEASES - Additional Information

LEASES - Additional Information (Details)	Dec. 31, 2023
LEASES
Weighted-average discount rate (percent)	4.33%
Weighted-average remaining lease term	3 years 8 months 12 days

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
LEASES
Cash paid for amounts included in the measurement of lease liabilities	$ 4,878	$ 4,732
Right-of-use assets obtained in exchange for new lease liabilities (noncash)	$ 3,180	$ 7,941

INTANGIBLE ASSETS - Indefinite-

INTANGIBLE ASSETS - Indefinite-lived intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Indefinite-lived intangibles:
Goodwill	$ 12,317	$ 12,317
Trademarks	33,168	33,618
Total	$ 45,485	$ 45,935

INTANGIBLE ASSETS - Amortizable

INTANGIBLE ASSETS - Amortizable intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortizable intangible assets
Gross Carrying Amount	$ 3,500	$ 3,500
Accumulated Amortization	(2,994)	(2,761)
Net	$ 506	739
Customer relationships
Amortizable intangible assets
Weighted Average Life (Years)	15 years
Gross Carrying Amount	$ 3,500	3,500
Accumulated Amortization	(2,994)	(2,761)
Net	$ 506	$ 739

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INTANGIBLE ASSETS
Impairment of trademark	$ 450	$ 1,150
Amortization of intangible assets	200	200
2024	200
2025	200
2026	100
Forsake
INTANGIBLE ASSETS
Impairment of trademark	$ 500	$ 1,200

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OTHER ASSETS
Cash surrender value of life insurance	$ 20,568	$ 19,884
Amortizable intangible assets, net	506	739
Investment in real estate	1,909	1,926
Other	1,291	1,278
Total other assets	$ 24,274	$ 23,827

OTHER ASSETS - Additional Infor

OTHER ASSETS - Additional Information (Details) $ in Millions		12 Months Ended
	May 01, 2013 USD ($)	Dec. 31, 2023 USD ($) employee
OTHER ASSETS
Number of current and former executives with life insurance policies \| employee		5
Approximate death benefit from life insurance policies		$ 21.9
Percentage of building interest purchased	50%
Payments to acquire buildings	$ 3.2

SHORT-TERM BORROWINGS (Details)

SHORT-TERM BORROWINGS (Details) - USD ($) $ in Thousands		12 Months Ended
SHORT-TERM BORROWINGS (Details) - USD ($) $ in Thousands	Sep. 28, 2023	Dec. 31, 2023	Dec. 31, 2022
Short-Term Borrowings
Short-term borrowings			$ 31,136
Line of credit facility
Short-Term Borrowings
Line of credit facility, expiration date	Sep. 28, 2024
Line of credit facility on general corporate assets	$ 40,000
Short-term borrowings		$ 0	$ 31,100
Interest rate (in percent)			5.77%
Line of credit facility \| Secured overnight financing rate (SOFR)
Short-Term Borrowings
Spread on variable rate		1.25%

CONTINGENT CONSIDERATION (Detai

CONTINGENT CONSIDERATION (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
CONTINGENT CONSIDERATION (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Jun. 07, 2021
CONTINGENT CONSIDERATION
Net gains from revaluation of contingent consideration			$ 857
Payment of contingent consolidation		$ 500
Forsake
CONTINGENT CONSIDERATION
Contingent consideration liability			500	$ 1,300
Payment of contingent consolidation	$ 500
Forsake \| Selling, general and administrative expenses
CONTINGENT CONSIDERATION
Net gains from revaluation of contingent consideration			$ 900

EMPLOYEE RETIREMENT PLANS - Sch

EMPLOYEE RETIREMENT PLANS - Schedule of weighted average asset allocation (Details)	Dec. 31, 2023	Dec. 31, 2022
Asset Category:
Weighted Average Asset Allocation	100%	100%
Equity Securities
Asset Category:
Weighted Average Asset Allocation	58%	57%
Fixed Income Securities
Asset Category:
Weighted Average Asset Allocation	28%	31%
Other
Asset Category:
Weighted Average Asset Allocation	14%	12%

EMPLOYEE RETIREMENT PLANS - Add

EMPLOYEE RETIREMENT PLANS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Retirement Plans
Weighted Average Asset Allocation	100%	100%
Long-term rate of return on plan assets	6.75%
Minimum funding requirements - funding percentage in defined benefit retirement plan	80%
Defined contribution plan employer contribution amount		$ 1
Defined Benefit Pension Plan
Employee Retirement Plans
Accumulated loss, income tax benefit	$ 2,863,000	3,382,000
Prior service cost, income tax benefit	0	0
Supplemental Pension Plan
Employee Retirement Plans
Accumulated loss, income tax benefit	410,000	672,000
Prior service cost, income tax benefit	13,000	$ 19,000
Lump-sum benefit payment	4,300,000
Pension settlement charge	$ 900,000
Equity Securities \| Minimum
Employee Retirement Plans
Weighted Average Asset Allocation	20%
Equity Securities \| Maximum
Employee Retirement Plans
Weighted Average Asset Allocation	80%
Fixed Income Securities \| Minimum
Employee Retirement Plans
Weighted Average Asset Allocation	20%
Fixed Income Securities \| Maximum
Employee Retirement Plans
Weighted Average Asset Allocation	80%
Other \| Minimum
Employee Retirement Plans
Weighted Average Asset Allocation	0%
Other \| Maximum
Employee Retirement Plans
Weighted Average Asset Allocation	20%

EMPLOYEE RETIREMENT PLANS - S_2

EMPLOYEE RETIREMENT PLANS - Schedule of funded status (Details)	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Pension Plan
Employee Retirement Plans
Discount rate for determining funded status	5.15%	5.41%
Supplemental Pension Plan
Employee Retirement Plans
Discount rate for determining funded status	5.16%	5.44%

EMPLOYEE RETIREMENT PLANS - S_3

EMPLOYEE RETIREMENT PLANS - Schedule of change in benefit obligation and plan assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in projected benefit obligation
Service cost	$ 467	$ 445
Interest cost	2,632	1,754
Amounts recognized in the consolidated balance sheets consist of:
Long-term pension liability	(13,412)	(15,523)
Amounts recognized in accumulated other comprehensive loss consist of:
Net amount recognized	9,357	11,597	$ 18,011
Defined Benefit Pension Plan
Change in projected benefit obligation
Projected benefit obligation, beginning of year	39,609	52,507
Service cost	467	445
Interest cost	2,052	1,243
Actuarial gain	916	(12,028)
Benefits paid	(2,633)	(2,558)
Projected benefit obligation, end of year	40,411	39,609
Change in plan assets
Actual return on plan assets	5,214	(5,652)
Administrative expenses	(467)	(445)
Benefits paid	(2,633)	(2,558)
Funded status of plan	(2,370)	(3,682)
Amounts recognized in the consolidated balance sheets consist of:
Long-term pension liability	(2,370)	(3,682)
Net amount recognized	(2,370)	(3,682)
Amounts recognized in accumulated other comprehensive loss consist of:
Accumulated loss, net of income tax benefit of $0,000, $3,382, $000, and $672, respectively	8,150	9,629
Net amount recognized	8,150	9,629
Supplemental Pension Plan
Change in projected benefit obligation
Projected benefit obligation, beginning of year	12,372	20,343
Interest cost	580	511
Plan settlement		(4,276)
Actuarial gain	(1,001)	(3,864)
Benefits paid	(342)	(342)
Projected benefit obligation, end of year	11,609	12,372
Change in plan assets
Contributions		4,618
Benefits paid		(342)
Funded status of plan	(11,609)	(12,372)
Amounts recognized in the consolidated balance sheets consist of:
Accrued liabilities - other	(567)	(531)
Long-term pension liability	(11,042)	(11,841)
Net amount recognized	(11,609)	(12,372)
Amounts recognized in accumulated other comprehensive loss consist of:
Accumulated loss, net of income tax benefit of $0,000, $3,382, $000, and $672, respectively	1,168	1,914
Prior service cost net of income tax benefit of $0, $0, $00 and $19, respectively	39	54
Net amount recognized	1,207	1,968
Plan Assets
Change in plan assets
Fair value of plan assets, beginning of year	35,927
Fair value of plan assets, end of year		35,927
Plan Assets \| Defined Benefit Pension Plan
Change in plan assets
Fair value of plan assets, beginning of year	35,927	44,582
Fair value of plan assets, end of year	$ 38,041	$ 35,927

EMPLOYEE RETIREMENT PLANS - S_4

EMPLOYEE RETIREMENT PLANS - Schedule of net periodic pension cost (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Retirement Plans
Long-term rate of return on plan assets	6.75%
Defined Benefit Pension Plan
Employee Retirement Plans
Discount rate for projected benefit obligation	5.41%	2.83%
Discount rate for determining interest cost	5.35%	2.39%
Long-term rate of return on plan assets	6.75%	6.75%
Supplemental Pension Plan
Employee Retirement Plans
Discount rate for projected benefit obligation	5.44%	2.86%
Discount rate for determining interest cost	5.37%	2.54%

EMPLOYEE RETIREMENT PLANS (Deta

EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
EMPLOYEE RETIREMENT PLANS
Service cost	$ 467	$ 445
Interest cost	2,632	1,754
Expected return on plan assets	(2,301)	(2,896)
Pension settlement charge		894
Net amortization and deferral	495	875
Pension expense	$ 1,293	$ 1,072
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues

EMPLOYEE RETIREMENT PLANS - S_5

EMPLOYEE RETIREMENT PLANS - Schedule of Projected benefit payments for the plans (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Defined Benefit Pension Plan
Employee Retirement Plans
2024	$ 3,205
2025	3,120
2026	3,069
2027	3,075
2028	3,042
2029 - 2033	14,161
Supplemental Pension Plan
Employee Retirement Plans
2024	568
2025	628
2026	677
2027	730
2028	882
2029 - 2033	$ 4,653

EMPLOYEE RETIREMENT PLANS - S_6

EMPLOYEE RETIREMENT PLANS - Schedule of fair value hierarchy (Details) - Plan Assets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		$ 35,927
Subtotal
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	$ 38,041	35,846
Common Stock
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	16,693	15,737
Preferred stocks
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	202	238
Exchange traded funds
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	5,129	4,656
Corporate obligations
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	4,160	4,778
State and municipal obligations
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		250
Fixed Income Funds
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	5,793	5,541
US Government Agencies Debt Securities
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	772	158
Cash and cash equivalents
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	5,292	4,488
Other assets
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		81
Fair Value, Inputs, Level 1 \| Subtotal
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	33,109	29,090
Fair Value, Inputs, Level 1 \| Common Stock
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	16,693	14,170
Fair Value, Inputs, Level 1 \| Preferred stocks
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	202	235
Fair Value, Inputs, Level 1 \| Exchange traded funds
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	5,129	4,656
Fair Value, Inputs, Level 1 \| Corporate obligations
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 1 \| State and municipal obligations
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 1 \| Fixed Income Funds
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	5,793	5,541
Fair Value, Inputs, Level 1 \| US Government Agencies Debt Securities
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 1 \| Cash and cash equivalents
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	5,292	4,488
Fair Value, Inputs, Level 2 \| Subtotal
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	4,932	6,756
Fair Value, Inputs, Level 2 \| Common Stock
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		1,567
Fair Value, Inputs, Level 2 \| Preferred stocks
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		3
Fair Value, Inputs, Level 2 \| Exchange traded funds
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 2 \| Corporate obligations
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	4,160	4,778
Fair Value, Inputs, Level 2 \| State and municipal obligations
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		250
Fair Value, Inputs, Level 2 \| Fixed Income Funds
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 2 \| US Government Agencies Debt Securities
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	772	158
Fair Value, Inputs, Level 2 \| Cash and cash equivalents
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 3 \| Subtotal
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| Common Stock
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| Preferred stocks
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| Exchange traded funds
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| Corporate obligations
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| State and municipal obligations
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total		0
Fair Value, Inputs, Level 3 \| Fixed Income Funds
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| US Government Agencies Debt Securities
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	0	0
Fair Value, Inputs, Level 3 \| Cash and cash equivalents
Employee Retirement Plans
Fair Value of Pension Plan Assets, Total	$ 0	$ 0

COMPREHENSIVE INCOME - Accumula

COMPREHENSIVE INCOME - Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
COMPREHENSIVE INCOME
Foreign currency translation adjustments	$ (7,954)	$ (8,596)	$ (6,783)
Pension liability, net of tax	(9,357)	(11,597)	(18,011)
Total accumulated other comprehensive loss	$ (17,311)	$ (20,193)	$ (24,794)

COMPREHENSIVE INCOME - Changes

COMPREHENSIVE INCOME - Changes in accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
COMPREHENSIVE INCOME
Foreign Currency Translation Adjustments, Beginning balance	$ (8,596)	$ (6,783)
Foreign Currency Translation Adjustments, Other comprehensive income (loss) before reclassifications	642	(1,813)
Foreign Currency Translation Adjustments, Net current period other comprehensive (loss) income	642	(1,813)
Foreign Currency Translation Adjustments, Ending balance	(7,954)	(8,596)
Defined Benefit Pension Items, Beginning balance	(11,597)	(18,011)
Defined Benefit Pension Items, Other comprehensive (loss) income before reclassifications	1,874	5,767
Defined Benefit Pension Items, Amounts reclassified from accumulated other comprehensive loss	366	647
Defined Benefit Pension Items, Net current period other comprehensive (loss) income	2,240	6,414
Defined Benefit Pension Items, Ending balance	(9,357)	(11,597)
Beginning balance	(20,193)	(24,794)
Other comprehensive loss before reclassifications	2,516	3,954
Amounts reclassified from accumulated other comprehensive loss	366	647
Net current period other comprehensive income	2,882	4,601
Ending balance	$ (17,311)	$ (20,193)

COMPREHENSIVE INCOME - Reclassi

COMPREHENSIVE INCOME - Reclassification adjustments out of accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Amortization of defined benefit pension items
Prior service cost	$ 20	$ 6
Actuarial losses	475	869
Total before tax	495	875
Tax benefit	(129)	(228)
Net of tax	$ 366	$ 647

INCOME TAXES - Provision for in

INCOME TAXES - Provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 5,859	$ 6,263
State	1,839	1,934
Foreign	516	705
Total	8,214	8,902
Deferred	2,462	1,297
Total provision	$ 10,676	$ 10,199

INCOME TAXES - Effective tax ra

INCOME TAXES - Effective tax rate (Details)	12 Months Ended
INCOME TAXES - Effective tax rate (Details)	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
U.S. federal statutory income tax rate	21%	21%
State income taxes, net of federal tax benefit	4.10%	2.90%
Foreign income tax rate differences	0.30%	0.70%
Other	0.70%	1.10%
Effective tax rate	26.10%	25.70%

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	12 Months Ended
INCOME TAXES - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Foreign component of pretax earnings	$ 2,800,000	$ 4,600,000
Unrecognized tax benefits	$ 30,000	$ 30,000

INCOME TAXES - Components of de

INCOME TAXES - Components of deferred taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Accounts receivable reserves	$ 385	$ 284
Pension liability	3,635	4,174
Accrued liabilities	1,724	1,874
Operating lease liabilities	4,024	3,871
Foreign currency losses on intercompany loans	58	54
Total Deferred income tax assets	9,826	10,257
Deferred income tax liabilities:
Inventory and related reserves	(5,024)	(2,998)
Cash value of life insurance	(682)	(615)
Property, plant and equipment	(1,297)	(1,162)
Intangible assets	(9,639)	(9,112)
Operating lease right-of-use assets	(3,555)	(3,495)
Prepaid expenses and other assets	(352)	(367)
Deferred tax liabilities, gross	(20,549)	(17,749)
Net deferred income tax liabilities	$ (10,723)	$ (7,492)

INCOME TAXES - Net deferred tax

INCOME TAXES - Net deferred tax liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Non-current deferred income tax benefits	$ 1,096	$ 1,038
Non-current deferred income tax liabilities	(11,819)	(8,530)
Net deferred income tax liabilities	$ (10,723)	$ (7,492)

INCOME TAXES - Unrecognized tax

INCOME TAXES - Unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Unrecognized tax benefits balance at January 1,	$ 305	$ 155
Increases related to current year tax positions	366	228
Decreases due to lapsing of statute of limitations	(63)	(78)
Unrecognized tax benefits balance at December 31,	$ 608	$ 305

COMMITMENTS (Details)

COMMITMENTS (Details) $ in Millions	Dec. 31, 2023 USD ($)
COMMITMENTS
Purchase of inventory	$ 41.2

SHARE REPURCHASE PROGRAM (Detai

SHARE REPURCHASE PROGRAM (Details) - USD ($) $ in Thousands	12 Months Ended
SHARE REPURCHASE PROGRAM (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
SHARE REPURCHASE PROGRAM
Stock repurchase program, number of shares authorized to be repurchased	8,500,000
Stock repurchased and retired during period, shares	170,422	171,397
Payments for repurchase of common stock	$ 4,338	$ 4,195
Stock repurchase program, remaining number of shares authorized to be repurchased	868,757

EARNINGS PER SHARE - Basic and

EARNINGS PER SHARE - Basic and diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net earnings	$ 30,188	$ 29,540
Denominator:
Basic weighted average shares outstanding	9,449	9,555
Effect of dilutive securities:
Employee share-based awards	86	69
Diluted weighted average shares outstanding	9,535	9,624
Basic earnings per share	$ 3.19	$ 3.09
Diluted earnings per share	$ 3.17	$ 3.07

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
EARNINGS PER SHARE
Anti-dilutive share-based awards (in shares)	618,000	916,000
Weighted average price of anti-dilutive share-based awards (in dollars per share)	$ 28.95	$ 27.27

SEGMENT INFORMATION - Additiona

SEGMENT INFORMATION - Additional Information (Details)	12 Months Ended
SEGMENT INFORMATION - Additional Information (Details)	Dec. 31, 2023 segment customer item store	Dec. 31, 2022 customer
SEGMENT INFORMATION
Number of reportable segments \| segment	2
Number of brick and mortar stores \| item	4
Retail
SEGMENT INFORMATION
Number of brick and mortar stores \| store	4
Revenue \| Customer Concentration Risk
SEGMENT INFORMATION
Number of customers \| customer	0	0

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of segment data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEGMENT INFORMATION
Net sales	$ 318,048	$ 351,737
Depreciation	2,579	2,485
Earnings from operations	41,024	40,365
Assets	309,342	326,620
Capital expenditures	3,309	2,342
Product sales
SEGMENT INFORMATION
Net sales	315,544	349,640
Licensing revenues
SEGMENT INFORMATION
Net sales	2,504	2,097
Wholesale
SEGMENT INFORMATION
Net sales	250,400	283,235
Depreciation	1,942	1,969
Earnings from operations	33,288	32,641
Assets	276,626	292,262
Capital expenditures	2,544	882
Wholesale \| Product sales
SEGMENT INFORMATION
Net sales	247,896	281,138
Wholesale \| Licensing revenues
SEGMENT INFORMATION
Net sales	2,504	2,097
Retail
SEGMENT INFORMATION
Net sales	38,012	36,694
Depreciation	7	4
Earnings from operations	6,752	6,058
Assets	4,594	5,460
Capital expenditures		12
Retail \| Product sales
SEGMENT INFORMATION
Net sales	38,012	36,694
Other
SEGMENT INFORMATION
Net sales	29,636	31,808
Depreciation	630	512
Earnings from operations	984	1,666
Assets	28,122	28,898
Capital expenditures	765	1,448
Other \| Product sales
SEGMENT INFORMATION
Net sales	$ 29,636	$ 31,808

SEGMENT INFORMATION - Geographi

SEGMENT INFORMATION - Geographic Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEGMENT INFORMATION
Net Sales	$ 318,048	$ 351,737
Long-Lived Assets	89,924	90,840
United States
SEGMENT INFORMATION
Net Sales	266,515	292,441
Long-Lived Assets	75,274	76,530
Canada
SEGMENT INFORMATION
Net Sales	21,897	27,488
Australia
SEGMENT INFORMATION
Net Sales	23,012	25,196
Asia
SEGMENT INFORMATION
Net Sales	4,143	3,472
South Africa
SEGMENT INFORMATION
Net Sales	2,481	3,140
Other
SEGMENT INFORMATION
Long-Lived Assets	$ 14,650	$ 14,310

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS - Additional information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) plan $ / shares shares	Dec. 31, 2022 USD ($)
Share-Based Compensation Plans
Number of share-based compensation plans \| plan	1
Taxes paid related to the net share settlement of equity awards	$ 186,000	$ 12,000
Incentive plan 2017
Share-Based Compensation Plans
Shares remaining available \| shares	92,000
Share-based compensation expense	$ 1,400,000	1,500,000
Income tax benefit from the exercise of stock options	$ 400,000	$ 65,000
Incentive plan 2017 \| Restricted stock
Share-Based Compensation Plans
Stock options granted in vest	4 years	4 years
Outstanding and exercisable stock options \| $ / shares	$ 31.36
Shares expected to vest \| shares	69,090
Weighted-average remaining contractual term	2 years 8 months 12 days
Income tax benefit from the exercise of stock options	$ 188,000	$ 247,000
Incentive plan 2017 \| Employee Stock Option
Share-Based Compensation Plans
Stock options granted in vest	5 years	5 years
Stock options granted in expire	10 years	10 years
Share Price \| $ / shares	$ 31.36
Unrecognized compensation cost	$ 2,100,000	$ 1,800,000
Weighted-average remaining vesting period	3 years 8 months 12 days	3 years 8 months 12 days
Shares paid for tax withholding for share based compensation \| shares	430,000
Taxes paid related to the net share settlement of equity awards	$ 186,000	$ 12,000

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS - Stock options weighted-average assumptions (Details) - Incentive Plan 2017	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Plans
Risk-free interest rate	4.31%	3.08%
Expected dividend yield	3.88%	3.33%
Expected term	8 years	8 years
Expected volatility	31%	28.50%

SHARE-BASED COMPENSATION PLAN_4

SHARE-BASED COMPENSATION PLANS - Company's stock option activity (Details) - Incentive Plan 2017 - Employee Stock Option - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Plans
Shares, Outstanding at beginning of period	1,345,369	1,279,833
Shares, Granted	149,200	143,500
Shares, Exercised	(487,331)	(60,914)
Shares, Forfeited or expired	(40,021)	(17,050)
Shares, Outstanding at end of period	967,217	1,345,369
Shares, Exercisable at end of period	524,829	891,733
Weighted Average Exercise Price, Outstanding at beginning of period (in dollars per share)	$ 25.83	$ 25.44
Weighted Average Exercise Price, Granted (in dollars per share)	25.79	28.83
Weighted Average Exercise Price, Exercised (in dollars per share)	25.02	24.96
Weighted Average Exercise Price, Forfeited or expired (in dollars per share)	26.31	24.79
Weighted Average Exercise Price, Outstanding at end of period (in dollars per share)	26.22	25.83
Weighted Average Exercise Price, Exercisable at end of period (in dollars per share)	$ 27.30	26.36
Weighted Average Remaining Contractual Term (Years), Outstanding	6 years 8 months 12 days
Weighted Average Remaining Contractual Term (Years), Exercisable, Outstanding	5 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding	$ 5,649,000
Aggregate Intrinsic Value, Exercisable	$ 2,804,000
Fair market value of options granted (in dollars per share)	$ 6.63	$ 6.78

SHARE-BASED COMPENSATION PLAN_5

SHARE-BASED COMPENSATION PLANS - Company's restricted stock award activities (Details) - Incentive Plan 2017 - Restricted stock - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Plans
Shares of Restricted Stock, Non-vested beginning of period	71,808	78,470
Shares of Restricted Stock, Issued	27,700	27,620
Shares of Restricted Stock, Vested	(28,243)	(34,282)
Shares of Restricted Stock, Forfeited	(2,175)
Shares of Restricted Stock, Non-vested end of period	69,090	71,808
Weighted Average Grant Date Fair Value, Non-vested beginning of period (in dollars per share)	$ 24.67	$ 23.11
Weighted Average Grant Date Fair Value, Issued (in dollars per share)	25.79	28.83
Weighted Average Grant Date Fair Value, Vested (in dollars per share)	23.60	24.46
Weighted Average Grant Date Fair Value, Forfeited (in dollars per share)	25.13
Weighted Average Grant Date Fair Value, Non-vested end of period (in dollars per share)	$ 25.54	$ 24.67
Aggregate intrinsic value	$ 2.2

SHARE-BASED COMPENSATION PLAN_6

SHARE-BASED COMPENSATION PLANS - Non Vested Stock Options (Details) - Incentive Plan 2017 - Non vested stock options - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Plans
Number of Options, Outstanding at beginning of year	453,636	511,311
Number of Options, Granted	149,200	143,500
Number of Options, Vested	(147,128)	(189,375)
Number of Options, Forfeited	(13,320)	(11,800)
Number of Options, Outstanding at end of year	442,388	453,636
Weighted Average Exercise Price, Outstanding at beginning of year (in dollars per share)	$ 24.76	$ 23.63
Weighted Average Exercise Price, Granted (in dollars per share)	25.79	28.83
Weighted Average Exercise Price, Vested (in dollars per share)	25.26	25.08
Weighted Average Exercise Price, Forfeited (in dollars per share)	25.24	23.20
Weighted Average Exercise Price, Outstanding at end of year (in dollars per share)	24.93	24.76
Weighted Average Fair Value, Outstanding at beginning of year (in dollars per share)	4.55	3.64
Fair market value of options granted (in dollars per share)	6.63	6.78
Weighted Average Fair Value, Vested (in dollars per share)	4.44	3.87
Weighted Average Fair Value, Forfeited (in dollars per share)	4.91	3.65
Weighted Average Fair Value, Outstanding at end of the year (in dollars per share)	$ 5.28	$ 4.55

SHARE-BASED COMPENSATION PLANS-

SHARE-BASED COMPENSATION PLANS- Summary of outstanding and exercisable stock options (Details) - Incentive Plan 2017	12 Months Ended
	Dec. 31, 2023 $ / shares shares
SHARE-BASED COMPENSATION PLANS
Options Outstanding, Number of Options Outstanding \| shares	967,217
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	6 years 8 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 26.22
Options Exercisable, Number Of Options Exercisable \| shares	524,829
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 27.30
Exercise price range $18.00
SHARE-BASED COMPENSATION PLANS
Exercise Prices, Lower Range Limit (in dollars per share)	$ 18
Options Outstanding, Number of Options Outstanding \| shares	134,760
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	6 years 8 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 18
Options Exercisable, Number Of Options Exercisable \| shares	74,260
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 18
Exercise price range from $25.51 to $25.86
SHARE-BASED COMPENSATION PLANS
Exercise Prices, Lower Range Limit (in dollars per share)	23.38
Exercise Prices, Upper Range Limit (in dollars per share)	$ 25.79
Options Outstanding, Number of Options Outstanding \| shares	432,695
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	7 years 9 months 18 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 24.43
Options Exercisable, Number Of Options Exercisable \| shares	160,415
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 23.65
Exercise price range from $27.04 to $37.22
SHARE-BASED COMPENSATION PLANS
Exercise Prices, Lower Range Limit (in dollars per share)	27.94
Exercise Prices, Upper Range Limit (in dollars per share)	$ 37.22
Options Outstanding, Number of Options Outstanding \| shares	399,762
Options Outstanding, Weighted Average Remaining Contractual Life (in Years)	5 years 8 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 30.92
Options Exercisable, Number Of Options Exercisable \| shares	290,154
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 31.70

SHARE-BASED COMPENSATION PLAN_7

SHARE-BASED COMPENSATION PLANS- Company's stock option exercise activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Plans
Net proceeds from stock option exercises	$ 103	$ 293
Incentive Plan 2017
Share-Based Compensation Plans
Total intrinsic value of stock options exercised	1,537	251
Net proceeds from stock option exercises	103	293
Income tax benefit from the exercise of stock options	400	65
Total fair value of stock options vested	$ 653	$ 734

VALUATION AND QUALIFYING ACCO_3

VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Valuation and Qualifying Accounts
BEGINNING BALANCE	$ 2,110	$ 2,067
Add - Additions charged to earnings	5,634	5,735
Deduct - Charges for purposes for which reserves were established	(5,234)	(5,692)
ENDING BALANCE	2,510	2,110
Doubtful Accounts
Valuation and Qualifying Accounts
BEGINNING BALANCE	1,110	1,307
Add - Additions charged to earnings	519	151
Deduct - Charges for purposes for which reserves were established	(136)	(348)
ENDING BALANCE	1,493	1,110
Returns and Allowances
Valuation and Qualifying Accounts
BEGINNING BALANCE	1,000	760
Add - Additions charged to earnings	5,115	5,584
Deduct - Charges for purposes for which reserves were established	(5,098)	(5,344)
ENDING BALANCE	$ 1,017	$ 1,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 30,188	$ 29,540

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false