XML 113 R38.htm IDEA: XBRL DOCUMENT v2.4.1.9

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes included the following components at December 31, 2014, 2013 and 2012:

		2014				2013				2012
		(Dollars in thousands)
Current:
Federal		$	7,339			$	6,449			$	6,985
State			1,131				940				928
Foreign			1,649				1,273				972
Total			10,119				8,662				8,885
Deferred			1,115				1,268				1,648
Total provision		$	11,234			$	9,930			$	10,533

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate were as follows for the years ended December 31, 2014, 2013 and 2012:

		2014				2013				2012
U.S. federal statutory income tax rate			35.0	%			35.0	%			35.0	%
State income taxes, net of federal tax benefit			2.8				2.6				2.3
Non-taxable municipal bond interest			(1.2	)			(1.7	)			(1.9	)
Foreign income tax rate differences			(0.8	)			(0.9	)			(2.2	)
Other			0.4				0.2				0.9
Effective tax rate			36.2	%			35.2	%			34.1	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred taxes as of December 31, 2014 and 2013 were as follows:

		2014				2013
		(Dollars in thousands)
Deferred tax benefits:
Accounts receivable reserves		$	442			$	440
Pension liability			13,161				8,691
Accrued liabilities			2,426				2,164
			16,029				11,295
Deferred tax liabilities:
Inventory and related reserves			(3,636	)			(2,601	)
Cash value of life insurance			(3,451	)			(3,240	)
Property, plant and equipment			(1,703	)			(1,757	)
Intangible assets			(6,642	)			(5,948	)
Prepaid expenses and other assets			(240	)			(264	)
Foreign currency gains on intercompany loans			(105	)			(327	)
			(15,777	)			(14,137	)
Net deferred income tax benefits (liabilities)		$	252			$	(2,842	)

Schedule of Deferred Tax Benefit (Liabilities) [Table Text Block]

The net deferred tax benefits (liabilities) are classified in the Consolidated Balance Sheets as follows:

		2014				2013
		(Dollars in thousands)
Current deferred income tax liabilities		$	(1,747	)		$	(849	)
Noncurrent deferred income tax benefits (liabilities)			1,999				(1,993	)
		$	252			$	(2,842	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

(Dollars in thousands)
Balance at December 31, 2011		$	—
Increases related to current year tax positions			124
Balance at December 31, 2012		$	124
Increases related to current year tax positions			—
Balance at December 31, 2013		$	124
Favorable settlements of tax positions			(55	)
Decreases related to prior year tax positions			(69	)
Balance at December 31, 2014		$	—

X

- Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 55

-Paragraph 217

-URI http://asc.fasb.org/extlink&oid=32707879&loc=d3e36027-109320



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15A

-URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of deferred tax benefits (liabilities).

+ References

No definition available.

+ Details

Name:	weys_ScheduleOfDeferredTaxBenefitLiabilitiesTableTextBlock
Namespace Prefix:	weys_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration