XML 51 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1

EMPLOYEE RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016, by asset category, was as follows:

		Plan Assets at December 31,
		2017				2016
Asset Category:
Equity Securities			55	%			54	%
Fixed Income Securities			39	%			38	%
Other			6	%			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, 2017 and 2016 were:

		2017				2016
Discount rate			3.71	%			4.35	%
Rate of compensation increase			—				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, 2017 and 2016:

		Defined Benefit Pension Plan								Supplemental Pension Plan
		2017				2016				2017				2016
		(Dollars in thousands)
Change in projected benefit obligation
Projected benefit obligation, beginning of year		$	45,079			$	48,677			$	15,409			$	14,261
Service cost			378				1,328				185				310
Interest cost			1,616				1,833				591				616
Plan curtailment			—				(5,098	)			—				(919	)
Actuarial loss			4,423				2,282				1,519				1,527
Benefits paid			(2,121	)			(3,943	)			(528	)			(386	)
Projected benefit obligation, end of year		$	49,375			$	45,079			$	17,176			$	15,409
Change in plan assets
Fair value of plan assets, beginning of year			32,278				32,345				—				—
Actual return on plan assets			4,590				1,791				—				—
Administrative expenses			(378	)			(315	)			—				—
Contributions			4,000				2,400				528				386
Benefits paid			(2,121	)			(3,943	)			(528	)			(386	)
Fair value of plan assets, end of year		$	38,369			$	32,278			$	—			$	—
Funded status of plan		$	(11,006	)		$	(12,801	)		$	(17,176	)		$	(15,409	)
Amounts recognized in the consolidated balance sheets consist of:
Accrued liabilities – other		$	—			$	—			$	(416	)		$	(409	)
Long-term pension liability			(11,006	)			(12,801	)			(16,760	)			(15,000	)
Net amount recognized		$	(11,006	)		$	(12,801	)		$	(17,176	)		$	(15,409	)
Amounts recognized in accumulated other comprehensive loss consist of:
Accumulated loss, net of income tax benefit of $5,904, $5,373, $2,166 and $1,802, respectively		$	9,916			$	8,403			$	3,854			$	2,820
Prior service cost, net of income tax liability of $0, $0, ($75) and ($91), respectively			—				—				(97	)			(143	)
Net amount recognized		$	9,916			$	8,403			$	3,757			$	2,677

Schedule of Assumptions Used [Table Text Block]

Assumptions used in determining net periodic pension cost for the years ended December 31, 2017, 2016 and 2015 were:

		Defined Benefit Pension Plan												Supplemental Pension Plan
		2017				2016				2015				2017				2016				2015
Discount rate for determining projected benefit obligation			4.33	%			4.60	%			4.17	%			4.41	%			4.67	%			4.17	%
Discount rate in effect for determining service cost			—				4.81	%			4.17	%			4.62	%			4.84	%			4.17	%
Discount rate in effect for determining interest cost			3.63	%			3.93	%			4.17	%			3.92	%			4.18	%			4.17	%
Rate of compensation increase			—				4.00	%			4.00	%			—				4.00	%			4.00	%
Long-term rate of return on plan assets			7.00	%			7.50	%			7.50	%			—				—				—

Schedule of Net Benefit Costs [Table Text Block]

The components of net periodic pension cost for the years ended December 31, 2017, 2016 and 2015, were:

		2017				2016				2015
		(Dollars in thousands)
Service cost		$	563			$	1,638			$	1,636
Interest cost			2,207				2,449				2,665
Expected return on plan assets			(2,301	)			(2,430	)			(2,364	)
Net amortization and deferral			526				1,527				1,762
Net periodic pension cost(1)		$	995			$	3,184			$	3,699

(1) The decrease in net periodic pension cost in 2017 was a result of freezing benefit accruals under the plan, effective December 31, 2016.

Schedule of Expected Benefit Payments [Table Text Block]

Projected benefit payments for the plans as of December 31, 2017, were estimated as follows:

		Defined Benefit Pension Plan				Supplemental Pension Plan
		(Dollars in thousands)
2018		$	2,512			$	416
2019		$	2,651			$	450
2020		$	2,678			$	485
2021		$	2,695			$	520
2022		$	2,686			$	566
2023 – 2027		$	13,901			$	4,383

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, 2017, by asset category within the fair value hierarchy (for further level information, see Note 3):

		December 31, 2017
		Quoted Prices in Active Markets Level 1				Significant Observable Inputs Level 2				Significant Unobservable Inputs Level 3				Total
		(Dollars in thousands)
Common stocks		$	13,855			$	1,628			$	—			$	15,483
Preferred stocks			290				57				—				347
Exchange traded funds			5,546				—				—				5,546
Corporate obligations			—				5,867				—				5,867
State and municipal obligations			—				1,313				—				1,313
Pooled fixed income funds			6,895				—				—				6,895
U.S. government securities			—				381				—				381
Cash and cash equivalents			2,444				—				—				2,444
Subtotal		$	29,030			$	9,246			$	—			$	38,276
Other assets(1)															93
Total														$	38,369

(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, 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.

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=82843861&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=82843861&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=82843861&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=82843861&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=82843861&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