Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | GORMAN RUPP CO | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 21,002,893 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 42682 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $101,186 | $91,626 | $300,058 | $287,034 |
Cost of products sold | 76,701 | 69,796 | 227,868 | 215,789 |
Gross profit | 24,485 | 21,830 | 72,190 | 71,245 |
Selling, general and administrative expenses | 12,448 | 11,727 | 38,379 | 34,420 |
Operating income | 12,037 | 10,103 | 33,811 | 36,825 |
Other income | 135 | 161 | 407 | 665 |
Other expense | -205 | -123 | -528 | -380 |
Income before income taxes | 11,967 | 10,141 | 33,690 | 37,110 |
Income taxes | 4,021 | 3,435 | 10,758 | 12,595 |
Net income | $7,946 | $6,706 | $22,932 | $24,515 |
Earnings per share (in Dollars per share) | $0.38 | $0.32 | $1.09 | $1.17 |
Cash dividends paid per share (in Dollars per share) | $0.10 | $0.10 | $0.30 | $0.29 |
Average shares outstanding (in Shares) | 21,002,893 | 20,996,828 | 20,998,915 | 20,992,886 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $7,946 | $6,706 | $22,932 | $24,515 |
Cumulative translation adjustments | 680 | 726 | -879 | 489 |
Pension and postretirement medical liability adjustments, net of tax | 455 | 453 | 3,033 | 1,351 |
Total adjustments | 1,135 | 1,179 | 2,154 | 1,840 |
Comprehensive income | $9,081 | $7,885 | $25,086 | $26,355 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Uaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents | $33,563 | $20,119 |
Short-term investments | 252 | 254 |
Accounts receivable - net | 64,492 | 58,712 |
Inventories - net | 81,147 | 90,898 |
Deferred income taxes and other current assets | 9,195 | 5,692 |
Total current assets | 188,649 | 175,675 |
Property, plant and equipment | 244,545 | 242,780 |
Less accumulated depreciation | 125,692 | 119,714 |
Property, plant and equipment - net | 118,853 | 123,066 |
Other assets | 6,248 | 4,156 |
Goodwill and other intangible assets - net | 31,911 | 32,286 |
Total assets | 345,661 | 335,183 |
Current liabilities: | ||
Accounts payable | 14,554 | 14,897 |
Short-term debt | 9,000 | 22,000 |
Payroll and related liabilities | 13,845 | 10,646 |
Commissions payable | 6,407 | 7,568 |
Accrued expenses | 15,558 | 9,710 |
Total current liabilities | 59,364 | 64,821 |
Pension benefits | 3,993 | 7,517 |
Postretirement benefits | 22,942 | 22,399 |
Deferred and other income taxes | 5,665 | 5,727 |
Total liabilities | 91,964 | 100,464 |
Shareholders' equity | ||
Common shares, without par value: Authorized - 35,000,000 shares Outstanding - 21,002,893 shares in 2013 and 20,996,893 shares in 2012 (after deducting treasury shares of 636,603 in 2013 and 642,603 in 2012) at stated capital amount | 5,131 | 5,130 |
Additional paid-in capital | 2,856 | 2,693 |
Retained earnings | 259,838 | 243,178 |
Accumulated other comprehensive loss | -14,128 | -16,282 |
Total shareholders' equity | 253,697 | 234,719 |
Total liabilities and shareholders' equity | $345,661 | $335,183 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Uaudited) (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common shares - authorized | 35,000,000 | 35,000,000 |
Common shares - shares outstanding net of treasury shares | 21,002,893 | 20,996,893 |
Common shares - net of treasury shares of | 636,603 | 642,603 |
Common shares, par value (in Dollars per share) | $0 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ||
Net income | $22,932 | $24,515 |
Adjustments to reconcile net income attributable to net cash provided by operating activities: | ||
Depreciation and amortization | 10,183 | 8,927 |
Pension expense, including 2013 non-cash settlement loss | 5,914 | 3,011 |
Contributions to pension plan | -4,200 | -4,200 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -5,779 | -2,062 |
Inventories | 8,764 | -7,118 |
Accounts payable | -343 | -4,492 |
Commissions payable | -1,160 | -2,084 |
Other | 1,403 | 4,168 |
Net cash provided by operating activities | 37,714 | 20,665 |
Cash flows from investing activities: | ||
Capital additions | -5,122 | -14,165 |
Acquisition net of cash acquired | -4,812 | |
Change in short-term investments | 2 | 806 |
Net cash used for investing activities | -5,120 | -18,171 |
Cash flows from financing activities: | ||
Cash dividends | -6,300 | -6,088 |
Payments to bank for borrowings | -13,000 | -2,000 |
Net cash used for financing activities | -19,300 | -8,088 |
Effect of exchange rate changes on cash | 150 | 232 |
Net increase in cash and cash equivalents | 13,444 | -5,362 |
Cash and cash equivalents: | ||
Beginning of year | 20,119 | 20,142 |
September 30, | $33,563 | $14,780 |
Note_A_Basis_Of_Presentation_O
Note A - Basis Of Presentation Of Financial Statements | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | |
Basis of Accounting [Text Block] | NOTE A - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management of The Gorman-Rupp Company (the “Company” or “Gorman-Rupp”), all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of results that may be expected for the year ending December 31, 2013. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, from which related information herein has been derived. |
Note_B_Inventories
Note B - Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | NOTE B - INVENTORIES | ||||||||
Inventories are stated at the lower of cost or market. The costs for approximately 74% of inventories at September 30, 2013 and 73% of inventories at December 31, 2012 are determined using the last-in, first-out (LIFO) method, with the remainder generally determined using the first-in, first-out (FIFO) method applied on a consistent basis. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time. Interim LIFO calculations are based on management’s estimate of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. | |||||||||
The major components of inventories are as follows (net of LIFO reserves of $55.6 million and $53.2 million at September 30, 2013 and December 31, 2012, respectively): | |||||||||
(Thousands of dollars) | September 30, | December 31, | |||||||
2013 | 2012 | ||||||||
Raw materials and in-process | $ | 19,036 | $ | 23,967 | |||||
Finished parts | 45,903 | 52,607 | |||||||
Finished products | 16,208 | 14,324 | |||||||
Total inventories | $ | 81,147 | $ | 90,898 | |||||
Note_C_Product_Warranties
Note C - Product Warranties | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Product Warranties Disclosures [Abstract] | |||||||||
Product Warranty Disclosure [Text Block] | NOTE C - PRODUCT WARRANTIES | ||||||||
A liability is established for estimated future warranty and service claims based on historical claims experience and specific product failures. The Company expenses warranty costs directly to cost of products sold. Changes in the Company’s product warranty liability are: | |||||||||
(Thousands of dollars) | September 30, | ||||||||
2013 | 2012 | ||||||||
Balance at beginning of year | $ | 1,133 | $ | 1,228 | |||||
Provision | 1,023 | 1,059 | |||||||
Claims | (995 | ) | (1,117 | ) | |||||
Balance at end of period | $ | 1,161 | $ | 1,170 | |||||
Note_D_Pension_And_Other_Postr
Note D - Pension And Other Postretirement Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE D - PENSION AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||||
The Company sponsors a defined benefit pension plan (“Plan”) covering certain domestic employees. Benefits are based on each covered employee’s years of service and compensation. The Plan is funded in conformity with the funding requirements of applicable U.S. regulations. The Plan was closed to new participants effective January 1, 2008. Employees hired after this date participate in an enhanced 401(k) plan instead of the defined benefit pension plan. | |||||||||||||||||
Additionally, the Company sponsors defined contribution pension plans available to all domestic employees and all Canadian employees. | |||||||||||||||||
The Company also sponsors a non-contributory defined benefit health care plan that provides health benefits to certain domestic and Canadian retirees and their spouses. The Company funds the cost of these benefits as incurred. | |||||||||||||||||
Due to continuing lump-sum retirement payments, the Company recorded a GAAP-required $490,000 non-cash pension settlement charge during the third quarter of 2013 relating to its defined benefit pension plan. The Company has recorded $3.5 million in non-cash pension settlement charges during the first nine months of 2013. These required charges were driven by exceeding the actuarial payments threshold relating to retirees electing to receive lump-sum distributions during 2013. | |||||||||||||||||
The following tables present the components of net periodic benefit cost: | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
(Thousands of dollars) | Three Months Ended | Three Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 748 | $ | 797 | $ | 288 | $ | 288 | |||||||||
Interest cost | 734 | 700 | 182 | 218 | |||||||||||||
Expected return on plan assets | (1,229 | ) | (1,148 | ) | - | - | |||||||||||
Recognized actuarial loss (gain) | 478 | 611 | (181 | ) | (161 | ) | |||||||||||
Settlement loss | 490 | - | - | - | |||||||||||||
Net periodic benefit cost | $ | 1,221 | $ | 960 | $ | 289 | $ | 345 | |||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
(Thousands of dollars) | Nine Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 2,408 | $ | 2,391 | $ | 865 | $ | 866 | |||||||||
Interest cost | 2,097 | 2,102 | 545 | 653 | |||||||||||||
Expected return on plan assets | (3,828 | ) | (3,443 | ) | - | - | |||||||||||
Recognized actuarial loss (gain) | 1,622 | 1,831 | (542 | ) | (485 | ) | |||||||||||
Settlement loss | 3,477 | - | - | - | |||||||||||||
Net periodic benefit cost | $ | 5,776 | $ | 2,881 | $ | 868 | $ | 1,034 | |||||||||
Note_E_Accumulated_Other_Compr
Note E - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | NOTE E – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
The following table summarizes reclassifications out of accumulated other comprehensive income (loss) as reflected in the unaudited condensed consolidated statements of income: | |||||||||||||||||
(Thousands of dollars) | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Pension and other postretirement benefits: | |||||||||||||||||
Recognized actuarial loss (a) | $ | 297 | $ | 450 | $ | 1,080 | $ | 1,346 | |||||||||
Settlement loss (b) | 324 | - | 2,298 | - | |||||||||||||
Settlement loss (c) | 166 | - | 1,179 | - | |||||||||||||
Total before income tax | $ | 787 | $ | 450 | $ | 4,557 | $ | 1,346 | |||||||||
Income tax | (332 | ) | 3 | (1,524 | ) | 5 | |||||||||||
Net of income tax | $ | 455 | $ | 453 | $ | 3,033 | $ | 1,351 | |||||||||
(a) | The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note D for additional details. | ||||||||||||||||
(b) | This portion of the settlement loss is included in Cost of products sold on the Statements of Income. | ||||||||||||||||
(c) | This portion of the settlement loss in included in Selling, general & administrative expenses on the Statements of Income. | ||||||||||||||||
The following table summarizes changes in accumulated balances for each component of other comprehensive income (loss) as reflected in the unaudited condensed consolidated balance sheets: | |||||||||||||||||
(Thousands of dollars) | Currency | Pension and | Accumulated | ||||||||||||||
Translation | Other | Other | |||||||||||||||
Adjustments | Postretirement | Comprehensive | |||||||||||||||
Benefits | Income (Loss) | ||||||||||||||||
Balance at January 1, 2013 | $ | 319 | $ | (16,601 | ) | $ | (16,282 | ) | |||||||||
Current period credit (charge) | (879 | ) | 4,557 | 3,678 | |||||||||||||
Income tax expense | - | (1,524 | ) | (1,524 | ) | ||||||||||||
Balance at September 30, 2013 | $ | (560 | ) | $ | (13,568 | ) | $ | (14,128 | ) | ||||||||
(Thousands of dollars) | Currency | Pension and | Accumulated | ||||||||||||||
Translation | Other | Other | |||||||||||||||
Adjustments | Postretirement | Comprehensive | |||||||||||||||
Benefits | Income (Loss) | ||||||||||||||||
Balance at January 1, 2012 | $ | (118 | ) | $ | (15,926 | ) | $ | (16,044 | ) | ||||||||
Current period credit (charge) | 489 | 1,346 | 1,835 | ||||||||||||||
Income tax expense | 5 | 5 | |||||||||||||||
Balance at September 30, 2012 | $ | 371 | $ | (14,575 | ) | $ | (14,204 | ) | |||||||||
Note_B_Inventories_Tables
Note B - Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | (Thousands of dollars) | September 30, | December 31, | ||||||
2013 | 2012 | ||||||||
Raw materials and in-process | $ | 19,036 | $ | 23,967 | |||||
Finished parts | 45,903 | 52,607 | |||||||
Finished products | 16,208 | 14,324 | |||||||
Total inventories | $ | 81,147 | $ | 90,898 |
Note_C_Product_Warranties_Tabl
Note C - Product Warranties (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Product Warranties Disclosures [Abstract] | |||||||||
Schedule of Product Warranty Liability [Table Text Block] | (Thousands of dollars) | September 30, | |||||||
2013 | 2012 | ||||||||
Balance at beginning of year | $ | 1,133 | $ | 1,228 | |||||
Provision | 1,023 | 1,059 | |||||||
Claims | (995 | ) | (1,117 | ) | |||||
Balance at end of period | $ | 1,161 | $ | 1,170 |
Note_D_Pension_And_Other_Postr1
Note D - Pension And Other Postretirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | Pension Benefits | Postretirement Benefits | |||||||||||||||
(Thousands of dollars) | Three Months Ended | Three Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 748 | $ | 797 | $ | 288 | $ | 288 | |||||||||
Interest cost | 734 | 700 | 182 | 218 | |||||||||||||
Expected return on plan assets | (1,229 | ) | (1,148 | ) | - | - | |||||||||||
Recognized actuarial loss (gain) | 478 | 611 | (181 | ) | (161 | ) | |||||||||||
Settlement loss | 490 | - | - | - | |||||||||||||
Net periodic benefit cost | $ | 1,221 | $ | 960 | $ | 289 | $ | 345 | |||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
(Thousands of dollars) | Nine Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | 2,408 | $ | 2,391 | $ | 865 | $ | 866 | |||||||||
Interest cost | 2,097 | 2,102 | 545 | 653 | |||||||||||||
Expected return on plan assets | (3,828 | ) | (3,443 | ) | - | - | |||||||||||
Recognized actuarial loss (gain) | 1,622 | 1,831 | (542 | ) | (485 | ) | |||||||||||
Settlement loss | 3,477 | - | - | - | |||||||||||||
Net periodic benefit cost | $ | 5,776 | $ | 2,881 | $ | 868 | $ | 1,034 |
Note_E_Accumulated_Other_Compr1
Note E - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Comprehensive Income (Loss) [Table Text Block] | (Thousands of dollars) | Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Pension and other postretirement benefits: | |||||||||||||||||
Recognized actuarial loss (a) | $ | 297 | $ | 450 | $ | 1,080 | $ | 1,346 | |||||||||
Settlement loss (b) | 324 | - | 2,298 | - | |||||||||||||
Settlement loss (c) | 166 | - | 1,179 | - | |||||||||||||
Total before income tax | $ | 787 | $ | 450 | $ | 4,557 | $ | 1,346 | |||||||||
Income tax | (332 | ) | 3 | (1,524 | ) | 5 | |||||||||||
Net of income tax | $ | 455 | $ | 453 | $ | 3,033 | $ | 1,351 | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (Thousands of dollars) | Currency | Pension and | Accumulated | |||||||||||||
Translation | Other | Other | |||||||||||||||
Adjustments | Postretirement | Comprehensive | |||||||||||||||
Benefits | Income (Loss) | ||||||||||||||||
Balance at January 1, 2013 | $ | 319 | $ | (16,601 | ) | $ | (16,282 | ) | |||||||||
Current period credit (charge) | (879 | ) | 4,557 | 3,678 | |||||||||||||
Income tax expense | - | (1,524 | ) | (1,524 | ) | ||||||||||||
Balance at September 30, 2013 | $ | (560 | ) | $ | (13,568 | ) | $ | (14,128 | ) | ||||||||
(Thousands of dollars) | Currency | Pension and | Accumulated | ||||||||||||||
Translation | Other | Other | |||||||||||||||
Adjustments | Postretirement | Comprehensive | |||||||||||||||
Benefits | Income (Loss) | ||||||||||||||||
Balance at January 1, 2012 | $ | (118 | ) | $ | (15,926 | ) | $ | (16,044 | ) | ||||||||
Current period credit (charge) | 489 | 1,346 | 1,835 | ||||||||||||||
Income tax expense | 5 | 5 | |||||||||||||||
Balance at September 30, 2012 | $ | 371 | $ | (14,575 | ) | $ | (14,204 | ) |
Note_B_Inventories_Details
Note B - Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Percentage of LIFO Inventory | 74.00% | 73.00% |
Inventory, LIFO Reserve (in Dollars) | $55.60 | $53.20 |
Note_B_Inventories_Details_Maj
Note B - Inventories (Details) - Major Components of Inventories (Net of LIFO Reserves): (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Major Components of Inventories (Net of LIFO Reserves): [Abstract] | ||
Raw materials and in-process | $19,036 | $23,967 |
Finished parts | 45,903 | 52,607 |
Finished products | 16,208 | 14,324 |
Total inventories | $81,147 | $90,898 |
Note_C_Product_Warranties_Deta
Note C - Product Warranties (Details) - Product Warranties (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Product Warranties [Abstract] | ||
Balance at beginning of year | $1,133 | $1,228 |
Provision | 1,023 | 1,059 |
Claims | -995 | -1,117 |
Balance at end of period | $1,161 | $1,170 |
Note_D_Pension_And_Other_Postr2
Note D - Pension And Other Postretirement Benefits (Details) (USD $) | 9 Months Ended | 3 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
GAAP Required Non-Cash Pension Settlement Charge [Member] | ||
Note D - Pension And Other Postretirement Benefits (Details) [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $3,500,000 | $490,000 |
Note_D_Pension_And_Other_Postr3
Note D - Pension And Other Postretirement Benefits (Details) - Components of Pension Cost (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plan, Defined Benefit [Member] | ||||
Note D - Pension And Other Postretirement Benefits (Details) - Components of Pension Cost [Line Items] | ||||
Service cost | $748 | $797 | $2,408 | $2,391 |
Interest cost | 734 | 700 | 2,097 | 2,102 |
Expected return on plan assets | -1,229 | -1,148 | -3,828 | -3,443 |
Recognized actuarial loss (gain) | 478 | 611 | 1,622 | 1,831 |
Settlement loss | 490 | 3,477 | ||
Net periodic benefit cost | 1,221 | 960 | 5,776 | 2,881 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||
Note D - Pension And Other Postretirement Benefits (Details) - Components of Pension Cost [Line Items] | ||||
Service cost | 288 | 288 | 865 | 866 |
Interest cost | 182 | 218 | 545 | 653 |
Recognized actuarial loss (gain) | -181 | -161 | -542 | -485 |
Net periodic benefit cost | $289 | $345 | $868 | $1,034 |
Note_E_Accumulated_Other_Compr2
Note E - Accumulated Other Comprehensive Income (Loss) (Details) - Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Note E - Accumulated Other Comprehensive Income (Loss) (Details) - Accumulated Other Comprehensive Income [Line Items] | ||||||||
Recognized actuarial loss (a) | $297 | [1] | $450 | [1] | $1,080 | [1] | $1,346 | |
Total before income tax | 787 | 450 | 4,557 | 1,346 | ||||
Income tax | -332 | 3 | -1,524 | 5 | ||||
Net of income tax | 455 | 453 | 3,033 | 1,351 | ||||
Cost Of Goods Sold [Member] | ||||||||
Note E - Accumulated Other Comprehensive Income (Loss) (Details) - Accumulated Other Comprehensive Income [Line Items] | ||||||||
Settlement loss | 324 | [2] | [2] | 2,298 | [2] | [2] | ||
Selling And General And Administrative Expenses [Member] | ||||||||
Note E - Accumulated Other Comprehensive Income (Loss) (Details) - Accumulated Other Comprehensive Income [Line Items] | ||||||||
Settlement loss | $166 | [3] | [3] | $1,179 | [3] | [3] | ||
[1] | The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note D for additional details. | |||||||
[2] | This portion of the settlement loss is included in Cost of products sold on the Statements of Income. | |||||||
[3] | This portion of the settlement loss in included in Selling, general & administrative expenses on the Statements of Income. |
Note_E_Accumulated_Other_Compr3
Note E - Accumulated Other Comprehensive Income (Loss) (Details) - Components of Accumulated Other Comprehensive Loss as Reported in the Consolidated Balance Sheet (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | ($16,282) | |||
Current period credit (charge) | 455 | 453 | 3,033 | 1,351 |
Income tax expense | 332 | -3 | 1,524 | -5 |
Balance | -14,128 | -14,128 | ||
Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 319 | -118 | ||
Current period credit (charge) | -879 | 489 | ||
Balance | -560 | 371 | -560 | 371 |
Pension and OPEB Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | -16,601 | -15,926 | ||
Current period credit (charge) | 4,557 | 1,346 | ||
Income tax expense | -1,524 | 5 | ||
Balance | -13,568 | -14,575 | -13,568 | -14,575 |
Accumulated Other Comprehensive Income Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | -16,282 | -16,044 | ||
Current period credit (charge) | 3,678 | 1,835 | ||
Income tax expense | -1,524 | 5 | ||
Balance | ($14,128) | ($14,204) | ($14,128) | ($14,204) |