v3.26.3
Employee Retirement Plans
 9 Months Ended
Sep. 30, 2026
Employee Retirement Plans  
Employee Retirement Plans

8.    Employee Retirement Plans

The components of pension expense were as follows:

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Three Months Ended September 30, 

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Nine Months Ended September 30, 

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2026

  ​ ​ ​

2025

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2026

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2025

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(Dollars in thousands)

Service cost

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$

48

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$

30

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$

144

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$

147

Interest cost

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568

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589

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1,702

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1,858

Expected return on plan assets

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(653)

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(642)

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(1,959)

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(1,898)

Net amortization and deferral

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19

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1

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59

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111

Pension (benefit) expense

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$

(18)

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$

(22)

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$

(54)

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$

218

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The components of pension expense other than the service cost component are included in “other income (expense), net” in the Condensed Consolidated Statements of Earnings.

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On June 22, 2026, our Board of Directors authorized the termination of the Weyco Group, Inc. Pension Plan, as amended and restated (the “Plan”), effective as of August 31, 2026, subject to review by the Pension Benefit Guaranty Corporation under its standard termination procedures. The Board also approved the termination of the Weyco Group, Inc. Pension Trust in connection with the termination of the Plan.

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We do not expect to make additional cash contributions to the Plan upon termination, given its overfunded status as of December 31, 2025. However, the actual required contributions will depend on the nature and timing of participant settlements, as well as prevailing market conditions.