XML 57 R37.htm IDEA: XBRL DOCUMENT v3.7.0.1

EMPLOYEE RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule of Weighted Average Plan Assets Allocation [Table Text Block]

The Company’s pension plan’s weighted average asset allocation at December 31, 2016 and 2015, by asset category, was as follows:

		Plan Assets at December 31,
		2016				2015
Asset Category:
Equity Securities			54	%			52	%
Fixed Income Securities			38	%			40	%
Other			8	%			8	%
Total			100	%			100	%

Schedule of Assumptions Used to Determine, Net Funded Status of Plan [Table Text Block]

Assumptions used in determining the funded status at December 31, 2016 and 2015 were:

		2016				2015
Discount rate			4.35	%			4.62	%
Rate of compensation increase			4.00	%			4.00	%

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

The following is a reconciliation of the change in benefit obligation and plan assets of both the defined benefit pension plan and the unfunded supplemental pension plan for the years ended December 31, 2016 and 2015:

		Defined Benefit Pension Plan								Supplemental Pension Plan
		2016				2015				2016				2015
		(Dollars in thousands)
Change in projected benefit obligation
Projected benefit obligation, beginning of year		$	48,677			$	50,932			$	14,261			$	14,841
Service cost			1,328				1,345				310				291
Interest cost			1,833				2,051				616				614
Plan curtailment			(5,098	)			—				(919	)			—
Actuarial loss (gain)			2,282				(3,806	)			1,527				(1,135	)
Benefits paid			(3,943	)			(1,845	)			(386	)			(350	)
Projected benefit obligation, end of year		$	45,079			$	48,677			$	15,409			$	14,261
Change in plan assets
Fair value of plan assets, beginning of year			32,345				32,027				—				—
Actual return on plan assets			1,791				(320	)			—				—
Administrative expenses			(315	)			(150	)			—				—
Contributions			2,400				2,633				386				350
Benefits paid			(3,943	)			(1,845	)			(386	)			(350	)
Fair value of plan assets, end of year		$	32,278			$	32,345			$	—			$	—
Funded status of plan		$	(12,801	)		$	(16,332	)		$	(15,409	)		$	(14,261	)
Amounts recognized in the consolidated balance sheets consist of:
Accrued liabilities – other		$	—			$	—			$	(409	)		$	(405	)
Long-term pension liability			(12,801	)			(16,332	)			(15,000	)			(13,856	)
Net amount recognized		$	(12,801	)		$	(16,332	)		$	(15,409	)		$	(14,261	)
Amounts recognized in accumulated other comprehensive loss consist of:
Accumulated loss, net of income tax benefit of $5,373, $6,631, $1,802 and $1,808, respectively		$	8,403			$	10,371			$	2,820			$	2,828
Prior service cost, net of income tax liability of $0, $0, ($91) and ($270), respectively			—				—				(143	)			(423	)
Net amount recognized		$	8,403			$	10,371			$	2,677			$	2,405

Schedule of Assumptions Used [Table Text Block]

Assumptions used in determining net periodic pension cost for the years ended December 31, 2016, 2015 and 2014 were:

		Defined Benefit Pension Plan												Supplemental Pension Plan
		2016				2015				2014				2016				2015				2014
Discount rate for determining projected benefit obligation			4.60	%			4.17	%			5.03	%			4.67	%			4.17	%			5.03	%
Discount rate in effect for determining service cost			4.81	%			4.17	%			5.03	%			4.84	%			4.17	%			5.03	%
Discount rate in effect for determining interest cost			3.93	%			4.17	%			5.03	%			4.18	%			4.17	%			5.03	%
Rate of compensation increase			4.00	%			4.00	%			4.00	%			4.00	%			4.00	%			4.00	%
Long-term rate of return on plan assets			7.50	%			7.50	%			7.50	%			—				—				—

Schedule of Net Benefit Costs [Table Text Block]

The components of net pension expense for the years ended December 31, 2016, 2015 and 2014, were:

		2016				2015				2014
		(Dollars in thousands)
Benefits earned during the period		$	1,638			$	1,636			$	1,263
Interest cost on projected benefit obligation(1)			2,449				2,665				2,586
Expected return on plan assets			(2,430	)			(2,364	)			(2,343	)
Net amortization and deferral			1,527				1,762				706
Net pension expense		$	3,184			$	3,699			$	2,212

(1) The decrease in interest cost in 2016 was primarily due to the adoption of the spot-rate approach, as described above.

Schedule of Expected Benefit Payments [Table Text Block]

Projected benefit payments for the plans as of December 31, 2016, were estimated as follows:

		Defined Benefit Pension Plan				Supplemental Pension Plan
		(Dollars in thousands)
2017		$	2,308			$	409
2018		$	2,390			$	423
2019		$	2,530			$	470
2020		$	2,554			$	504
2021		$	2,572			$	536
2022 – 2026		$	13,183			$	4,035

Schedule of Allocation of Plan Assets [Table Text Block]

The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2016, by asset category within the fair value hierarchy (for further level information, see Note 3):

		December 31, 2016
		Quoted Prices in Active Markets Level 1				Significant Observable Inputs Level 2				Significant Unobservable Inputs Level 3				Total
		(Dollars in thousands)
Common stocks		$	12,656			$	970			$	—			$	13,626
Preferred stocks			227				17				—				244
Exchange traded funds			3,742				—				—				3,742
Corporate obligations			—				5,113				—				5,113
State and municipal obligations			—				1,538				—				1,538
Pooled fixed income funds			4,345				—				—				4,345
U.S. government securities			—				1,061				—				1,061
Cash and cash equivalents			2,519				—				—				2,519
Subtotal		$	23,489			$	8,699			$	—			$	32,188
Other assets(1)															90
Total														$	32,278

(1) This category represents trust receivables that are not leveled.

The following table summarizes the fair value of the Company’s pension plan assets as of December 31, 2015, by asset category within the fair value hierarchy (for further level information, see Note 3):  

		December 31, 2015
		Quoted Prices in Active Markets				Significant Observable Inputs				Significant Unobservable Inputs
		Level 1				Level 2				Level 3				Total
		(Dollars in thousands)
Common stocks		$	12,352			$	1,027			$	—			$	13,379
Preferred stocks			409				22				—				431
Exchange traded funds			3,375				—				—				3,375
Corporate obligations			—				4,503				—				4,503
State and municipal obligations			—				1,337				—				1,337
Pooled fixed income funds			5,423				—				—				5,423
U.S. government securities			—				1,103				—				1,103
Cash and cash equivalents			2,703				—				—				2,703
Subtotal		$	24,262			$	7,992			$	—			$	32,254
Other assets(1)															91
Total														$	32,345

(1) This category represents trust receivables that are not leveled.

X

- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(b)(c)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

+ Details

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

X

- References

No definition available.

+ Details

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

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(5)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

+ Details

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

X

- Definition

Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

+ Details

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

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

+ Details

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

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e1928-114920

+ Details

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

X

- Definition

Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

+ References

No definition available.

+ Details

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

X

- Definition

Tabular disclosure of the major categories of weighted average plan assets of pension plans and/or other employee benefit plans.

+ References

No definition available.

+ Details

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