XML 49 R37.htm IDEA: XBRL DOCUMENT v3.19.1

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

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

The provision for income taxes included the following components for the years ended December 31, 2018 and 2017:

		2018				2017
		(Dollars in thousands)
Current:
Federal		$	3,358			$	3,904
State			1,048				499
Foreign			749				633
Total			5,155				5,036
Deferred			643				2,187
Total provision		$	5,798			$	7,223

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, 2018 and 2017:

		2018				2017
U.S. federal statutory income tax rate			21.0	%			35.0	%
State income taxes, net of federal tax benefit			3.6				2.9
Non-taxable municipal bond interest			(0.5	)			(0.9	)
Foreign income tax rate differences			0.8				0.1
Impact of tax rate change on deferred taxes			-				(5.8	)
Share-based compensation			(2.5	)			0.3
Other			0.1				(1.4	)
Effective tax rate			22.5	%			30.2	%

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

The components of deferred taxes at December 31, 2018, and 2017 were as follows:

		2018				2017
		(Dollars in thousands)
Deferred income tax assets:
Accounts receivable reserves		$	192			$	199
Pension liability			6,122				7,307
Accrued liabilities			1,779				1,975
Carryfoward losses			637				250
Foreign currency losses on intercompany loans			81				(46	)
			8,811				9,685
Deferred income tax liabilities:
Inventory and related reserves			(2,832	)			(2,989	)
Cash value of life insurance			(382	)			(337	)
Property, plant and equipment			(1,145	)			(1,373	)
Intangible assets			(6,702	)			(6,125	)
Prepaid expenses and other assets			(197	)			(180	)
			(11,258	)			(11,004	)
Net deferred income tax liabilities		$	(2,447	)		$	(1,319	)

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

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

		2018				2017
		(Dollars in thousands)
Non-current deferred income tax benefits		$	1,277			$	750
Non-current deferred income tax liabilities			(3,724	)			(2,069	)
Net deferred income tax liabilities		$	(2,447	)		$	(1,319	)

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

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

		2018				2017
		(Dollars in thousands)
Unrecognized tax benefits balance at January 1,		$	412			$	275
Increases related to current year tax positions			399				144
Decreases due to settlements of tax positions			-				(7	)
Decreases due to lapsing of statute of limitations			(39	)			-
Unrecognized tax benefits balance at December 31,		$	772			$	412

X

- References

No definition available.

+ 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=109238393&loc=d3e36027-109320

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&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