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EMPLOYEE BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS 401(k) Plans. The Company has established 401(k) plans covering all U.S. employees after certain eligibility requirements are met. Amounts charged to operations for employer contributions related to the plans totaled $2,836, $2,810, and $2,517 for 2024, 2023, and 2022, respectively. Post-Employment Benefits. The Company sponsors life insurance coverage as well as medical benefits, including prescription drug coverage, to certain retired employees and their spouses. In 2014, the Company made a change to the plan to terminate post-employment health care and life insurance benefits for retirees and employees, except for a specified grandfathered group. As of December 31, 2024 the total current and non-current benefit obligations are immaterial. Share-Based Compensation Plans. As of December 31, 2024, the Company was authorized to issue 40,000,000 shares of Common Stock and had a treasury share balance of 1,930,459 at December 31, 2024. The Company had two active share-based compensation plans, the 2014 Equity Incentive Plan as amended (the “2014 Plan”) and the 2014 Non-Employee Director Equity Incentive Plan (the “Directors’ Plan”), both of which expired in April 2024. At the Company’s annual meeting in May 2024, the stockholders of the Company approved a new equity-based compensation plan, the 2024 Equity Incentive Plan (the “2024 Plan”), which initially authorized 1,319,320 shares for issuance, subject to the adjustment and add-back provision of the 2024 Plan. Similar to prior plans, the 2024 Plan provides for the awarding of stock options, stock appreciation rights, shares of restricted stock, RSUs and other stock-based awards for executive officers and other employees, as well as for non-employee directors and certain consultants and advisors. The 2024 Plan provides that vesting occurs pursuant to the time period specified in the particular award agreement approved for that issuance of RSUs. As of December 31, 2024, 1,323,614 shares remain available for issuance under the 2024 Plan. Compensation expense related to RSU awards is based on the market price of the stock on the date the Board of Directors communicates the approved award and is amortized over the vesting period of the restricted stock award. The Consolidated Statements of Income for 2024, 2023, and 2022 reflect total share-based compensation costs and director fees for awarded grants of $4,016, $5,425, and $3,487, respectively, related to these plans. For long-term incentive awards to be granted in the form of RSUs in 2025 based on 2024 results, the Human Resources and Compensation Committee (“HRCC”) of the Company’s Board of Directors determined that the grants would have performance conditions that would be based on the same performance metrics as the Short-Term Incentive Plan (the “STI Plan”). The performance metrics are adjusted operating income, adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”), and adjusted EPS. Because the 2024 performance metrics were not met, there was no amortization of the estimated dollar pool of RSUs to be awarded based on 2024 results, as such there was no share-based compensation costs for grants to be awarded on the Consolidated Statement of Income for the year ended December 31, 2024. The Consolidated Statements of Income for 2023 and 2022 reflect share-based compensation costs for grants to be awarded of $5,187, and $2,018, respectively. RSUs. The following table presents the summary of unvested RSUs under the Company’s share-based compensation plans for 2024, 2023, and 2022:
| Year Ended December 31, |  |  |  |  |  |  |
| 2024 |  | 2023 |  | 2022 |  |  |
| Units |  | Weighted Average Grant-Date Fair Value |  | Units |  | Weighted Average Grant-Date Fair Value |  | Units |  | Weighted Average Grant-Date Fair Value |  |  |  |  |  |  |
Unvested balance at beginning of year | 226,410 |  |  | $ | 77.56 |  |  | 179,538 |  |  | $ | 65.11 |  |  | 167,994 |  |  | $ | 61.07 |  |  |  |  |  |  |  |
Granted | 115,411 |  |  | 84.90 |  |  | 71,728 |  |  | 96.87 |  |  | 69,492 |  |  | 78.08 |  |  |  |  |  |  |  |
Forfeited | (16,872) |  |  | 86.88 |  |  | (2,264) |  |  | 81.76 |  |  | (28,542) |  |  | 61.11 |  |  |  |  |  |  |  |
Vested | (81,942) |  |  | 66.04 |  |  | (22,592) |  |  | 39.47 |  |  | (29,406) |  |  | 76.59 |  |  |  |  |  |  |  |
Unvested balance at end of year | 243,007 |  |  | $ | 84.29 |  |  | 226,410 |  |  | $ | 77.56 |  |  | 179,538 |  |  | $ | 65.11 |  |  |  |  |  |  |  |
During 2024, 2023, and 2022, the total grant date fair value of RSU awards vested was $5,411, $892, and $2,252, respectively. As of December 31, 2024, there was $3,085 of total estimated unrecognized compensation costs (net of estimated forfeitures) related to granted RSU awards. These costs are expected to be recognized over a weighted average period of approximately 1.2 years. Upon their vesting, the Company purchased restricted stock and RSUs from employees to cover associated withholding taxes. Total treasury stock purchases added 25,521 shares for $2,185 in 2024; 8,437 shares for $801 in 2023; and 9,031 shares for $715 in 2022. Annual Cash Incentive Plan. Pursuant to the STI Plan, short-term incentive compensation is dependent on the achievement of certain performance metrics, which are established by the HRCC. The degree of achievement of each financial performance metric for each plan year is calculated in accordance with the STI Plan. These calculations are approved by the HRCC, which may adjust results to eliminate unusual items. For 2024, 2023, and 2022, the financial performance metrics were adjusted operating income, adjusted EBITDA, and adjusted EPS. The HRCC also approves the amount of short-term incentive compensation paid for the plan year to officers and employees eligible to participate under the STI Plan. Additionally, certain employees within the Branded Spirits segment participate in incentive plans that are based on performance metrics, including the number of depleted cases and gross profit. Amounts expensed under the STI Plan totaled $13,443, and $13,370 for 2023, and 2022, respectively. There were no amounts expensed under the STI Plan for 2024. Deferred Compensation Plan. The Company established an unfunded Executive Deferred Compensation Plan (the “EDC Plan”) effective as of June 30, 2018, with a purpose to attract and retain highly-compensated key employees by providing participants with an opportunity to defer receipt of a portion of their salary, bonus, and other specified compensation. The Company’s obligations under this plan will change in conjunction with the performance of the participants’ investments, along with contributions to and withdrawals from the plan. Realized and unrealized gains (losses) on the EDC plan investments were insignificant and were included as a component of operating income in the Company’s Consolidated Statements of Income, because the Company’s deferred compensation investments consist of mutual funds that are considered trading securities. Plan investments are classified as Level 1 in the fair value hierarchy since the investments trade with sufficient frequency and volume to enable the Company to obtain pricing information on an ongoing basis. The current portion of the EDC Plan deferrals is comprised of estimated amounts to be paid within one year depending on timing of planned disbursements. At December 31, 2024 and 2023, the EDC Plan investments were $3,653 and $2,916, respectively, which were recorded in other assets on the Company’s Consolidated Balance Sheets. The EDC Plan current liabilities were $1,520 and $74 at December 31, 2024 and 2023, respectively, and were included in accrued expenses and other on the Company’s Consolidated Balance Sheets. The EDC Plan non-current liabilities were $2,132 and $3,314 as of December 31, 2024 and 2023, respectively, which were recorded in Other non-current liabilities on the Company’s Consolidated Balance Sheets.

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