Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 25, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'GORMAN RUPP CO | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 26,260,543 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000042682 | ' |
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-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | $109,728 | $106,415 | $219,792 | $198,872 |
Cost of products sold | 82,824 | 79,934 | 165,334 | 151,167 |
Gross profit | 26,904 | 26,481 | 54,458 | 47,705 |
Selling, general and administrative expenses | 13,483 | 12,964 | 26,344 | 25,931 |
Operating income | 13,421 | 13,517 | 28,114 | 21,774 |
Other income | 184 | 153 | 357 | 272 |
Other expense | -377 | -174 | -411 | -323 |
Income before income taxes | 13,228 | 13,496 | 28,060 | 21,723 |
Income taxes | 4,368 | 4,328 | 9,246 | 6,737 |
Net income | $8,860 | $9,168 | $18,814 | $14,986 |
Earnings per share (in Dollars per share) | $0.34 | $0.35 | $0.72 | $0.57 |
Cash dividends paid per share (in Dollars per share) | $0.09 | $0.08 | $0.18 | $0.16 |
Average shares outstanding (in Shares) | 26,253,043 | 26,245,543 | 26,253,043 | 26,245,543 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $8,860 | $9,168 | $18,814 | $14,986 |
Cumulative translation adjustments | 207 | -726 | -149 | -1,559 |
Pension and postretirement medical liability adjustments, net of tax | 37 | 1,369 | 211 | 2,578 |
Other comprehensive income | 244 | 643 | 62 | 1,019 |
Total comprehensive income | $9,104 | $9,811 | $18,876 | $16,005 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $29,446 | $31,123 |
Short-term investments | 255 | 253 |
Accounts receivable - net | 75,864 | 59,374 |
Inventories - net | 88,376 | 89,946 |
Deferred income taxes and other current assets | 11,317 | 8,593 |
Total current assets | 205,258 | 189,289 |
Property, plant and equipment | 261,923 | 253,758 |
Less accumulated depreciation | 129,113 | 122,569 |
Property, plant and equipment - net | 132,810 | 131,189 |
Other assets | 6,396 | 3,657 |
Goodwill and other intangible assets - net | 41,170 | 31,503 |
Total assets | 385,634 | 355,638 |
Current liabilities: | ' | ' |
Accounts payable | 20,252 | 17,882 |
Short-term debt | 22,667 | 9,000 |
Payroll and related liabilities | 12,029 | 11,020 |
Commissions payable | 6,709 | 6,081 |
Deferred revenue | 5,366 | 7,190 |
Accrued expenses | 9,001 | 9,587 |
Total current liabilities | 76,024 | 60,760 |
Postretirement benefits | 18,988 | 18,393 |
Deferred and other income taxes | 12,331 | 12,345 |
Total liabilities | 107,343 | 91,498 |
Common shares, without par value: | ' | ' |
Authorized - 35,000,000 shares, Outstanding - 26,253,043 shares in 2014 and in 2013 (after deducting treasury shares of / FONT>795,753 in 2014 and in 2013) at stated capital amount | 5,131 | 5,131 |
Additional paid-in capital | 2,822 | 2,822 |
Retained earnings | 278,737 | 264,648 |
Accumulated other comprehensive loss | -8,399 | -8,461 |
Total shareholders' equity | 278,291 | 264,140 |
Total liabilities and shareholders' equity | $385,634 | $355,638 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Common sharP5s - authorizP5d | 35,000,000 | 35,000,000 |
Common sharP5s - sharP5s outstanding after deducting trP5asury sharP5s | 26,253,043 | 26,253,043 |
TrP5asury sharP5s | 795,753 | 795,753 |
Common sharP5s, par valuP5 (in Dollars per share) | $0 | $0 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $18,814 | $14,986 |
Adjustments to reconcile net income attributable to net cash provided (used) by operating activities: | ' | ' |
Depreciation and amortization | 7,048 | 6,805 |
Pension expense, including 2013 non-cash settlement loss | 1,437 | 4,641 |
Contributions to pension plan | -1,200 | -3,600 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -13,660 | -11,656 |
Inventories | 3,396 | 5,222 |
Accounts payable | 1,650 | 2,138 |
Commissions payable | 628 | -820 |
Other | -6,128 | 3,372 |
Net cash provided by operating activities | 11,985 | 21,088 |
Cash flows from investing activities: | ' | ' |
Capital additions | -5,586 | -3,399 |
Acquisition, net of cash acquired | -16,280 | ' |
Change in short-term investments | -2 | 3 |
Net cash used for investing activities | -21,868 | -3,396 |
Cash flows from financing activities: | ' | ' |
Cash dividends | -4,726 | -4,199 |
Proceeds from bank borrowings | 18,000 | ' |
Payments to bank for borrowings | -4,333 | -7,000 |
Net cash provided by (used for) financing activities | 8,941 | -11,199 |
Effect of exchange rate changes on cash | -735 | 239 |
Net (decrease) increase in cash and cash equivalents | -1,677 | 6,732 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 31,123 | 20,119 |
End of period | $29,446 | $26,851 |
Note_A_Basis_of_Presentation_o
Note A - Basis of Presentation of Financial Statements | 6 Months Ended |
Jun. 30, 2014 | |
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 Gorman-Rupp Company (the “Company” or “Gorman-Rupp”) and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of results that may be expected for the year ending December 31, 2014. 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, 2013, from which related information herein has been derived. |
Note_B_Recently_Issued_Account
Note B - Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
NOTE B – RECENTLY ISSUED ACCOUNTING STANDARDS | |
In May 2014, the Financial Accounting Standards Board issued ASU 2014-09, "Revenue from Contracts with Customers," which supersedes most current revenue recognition guidance, including industry-specific guidance, and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and is to be applied retrospectively, with early application not permitted. The Company is currently assessing the impact of implementing this guidance on the Company's financial position, results of operations, and cash flows. The Company does not expect the adoption of ASU 2014-09 will have a material impact on its consolidated financial statements. |
Note_C_Inventories
Note C - Inventories | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
NOTE C - INVENTORIES | |||||||||
Inventories are stated at the lower of cost or market. The costs for approximately 72% of inventories at June 30, 2014 and 76% of inventories at December 31, 2013 are determined using the last-in, first-out (LIFO) method, with the remainder 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 $57.4 million and $55.3 million at June 30, 2014 and December 31, 2013, respectively): | |||||||||
(Thousands of dollars) | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Raw materials and in-process | $ | 18,498 | $ | 26,877 | |||||
Finished parts | 42,069 | 46,491 | |||||||
Finished products | 27,809 | 16,578 | |||||||
Total inventories | $ | 88,376 | $ | 89,946 | |||||
Note_D_Product_Warranties
Note D - Product Warranties | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Product Warranty Disclosure [Text Block] | ' | ||||||||
NOTE D - 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) | June 30, | ||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 1,170 | $ | 1,133 | |||||
Provision | 811 | 676 | |||||||
Claims | (862 | ) | (644 | ) | |||||
Balance at end of period | $ | 1,119 | $ | 1,165 | |||||
Note_E_Pension_and_Other_Postr
Note E - Pension and Other Postretirement Benefits | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||||||
NOTE E - 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, in eligible locations, participate in an enhanced 401(k) plan instead of the defined benefit pension plan. Employees hired prior to this date continue to accrue benefits. | |||||||||||||||||
Additionally, the Company sponsors defined contribution pension plans made available to all domestic and 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. | |||||||||||||||||
The following tables present the components of net periodic benefit cost: | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
(Thousands of dollars) | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 726 | $ | 811 | $ | 226 | $ | 289 | |||||||||
Interest cost | 728 | 697 | 212 | 181 | |||||||||||||
Expected return on plan assets | (1,170 | ) | (1,306 | ) | - | - | |||||||||||
Recognized actuarial loss (gain) | 457 | 532 | (380 | ) | (180 | ) | |||||||||||
Settlement loss | - | 1,601 | - | - | |||||||||||||
Net periodic benefit cost | $ | 741 | $ | 2,335 | $ | 58 | $ | 290 | |||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
(Thousands of dollars) | Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 1,452 | $ | 1,660 | $ | 453 | $ | 577 | |||||||||
Interest cost | 1,448 | 1,363 | 424 | 363 | |||||||||||||
Expected return on plan assets | (2,378 | ) | (2,599 | ) | - | - | |||||||||||
Recognized actuarial loss (gain) | 915 | 1,144 | (577 | ) | (361 | ) | |||||||||||
Settlement loss | - | 2,987 | - | - | |||||||||||||
Net periodic benefit cost | $ | 1,437 | $ | 4,555 | $ | 300 | $ | 579 | |||||||||
Note_F_Accumulated_Other_Compr
Note F - Accumulated Other Comprehensive Income (Loss) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss [Text Block] | ' | ||||||||||||||||
NOTE F – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
The following table summarizes reclassifications out of accumulated other comprehensive income (loss): | |||||||||||||||||
(Thousands of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Pension and other postretirement benefits: | |||||||||||||||||
Recognized actuarial loss (a) | $ | 77 | $ | 352 | $ | 338 | $ | 783 | |||||||||
Settlement loss (b) | - | 1,058 | - | 1,974 | |||||||||||||
Settlement loss (c) | - | 543 | - | 1,013 | |||||||||||||
Total before income tax | 77 | 1,953 | 338 | 3,770 | |||||||||||||
Income tax | (40 | ) | (584 | ) | (127 | ) | (1,192 | ) | |||||||||
Net of income tax | $ | 37 | $ | 1,369 | $ | 211 | $ | 2,578 | |||||||||
(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 tables summarize changes in accumulated balances for each component of other comprehensive income (loss): | |||||||||||||||||
(Thousands of dollars) | Currency Translation Adjustments | Pension and Other Postretirement Benefits | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Balance at January 1, 2014 | $ | (1,062 | ) | $ | (7,399 | ) | $ | (8,461 | ) | ||||||||
Current period credit (charge) | (149 | ) | 338 | 187 | |||||||||||||
Income tax expense | - | (127 | ) | (127 | ) | ||||||||||||
Balance at June 30, 2014 | $ | (1,211 | ) | $ | (7,188 | ) | $ | (8,399 | ) | ||||||||
(Thousands of dollars) | Currency Translation Adjustments | Pension and Other Postretirement Benefits | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Balance at January 1, 2013 | $ | 319 | $ | (16,601 | ) | $ | (16,282 | ) | |||||||||
Current period credit (charge) | (1,558 | ) | 3,770 | 2,212 | |||||||||||||
Income tax expense | - | (1,192 | ) | (1,192 | ) | ||||||||||||
Balance at June 30, 2013 | $ | (1,239 | ) | $ | (14,023 | ) | $ | (15,262 | ) | ||||||||
Note_G_Acquisition
Note G - Acquisition | 6 Months Ended |
Jun. 30, 2014 | |
Business Combinations [Abstract] | ' |
Business Combination Disclosure [Text Block] | ' |
NOTE G – ACQUISITION | |
In June 2014, the Company’s wholly-owned subsidiary, National Pump Company, acquired substantially all of the assets and certain liabilities of Bayou City Pump, Inc. (“BCP”). Founded in 1973, BCP is a leading manufacturer of and service provider for highly-reliable and energy-efficient vertical turbine pumping systems primarily for the inland and coastal marine liquid petroleum and chemical transportation market. BCP has steadily expanded its product designs and service capabilities in recent years to become a significant market share provider in North American marine transportation. BCP also has developed and manufactures a specialty sludge pumping system for use in a variety of industrial applications. During 2013, BCP had approximately $16 million in revenue from sales of its products and services through its Houston, Texas headquarters and its service facility location in Baton Rouge, Louisiana. BCP's strong customer relationships and long history will help expand sales in targeted niche markets complementary to National Pump Company's significant and growing vertical turbine products leadership position. In addition, its Houston, Texas base will provide additional capacity and machining capabilities in combination with National Pump's existing location acquired late in 2012, which together will assist The Gorman-Rupp Company in expanding its growing Gulf Coast operations. | |
The results of operations of the acquired business have been included in Gorman-Rupp’s consolidated results since the effective date of the transaction. The company financed the all-cash acquisition through a short-term unsecured bank loan of $18.0 million. Supplemental pro forma information has not been provided as the acquisition did not have a material impact on the Company’s consolidated results of operations. |
Note_C_Inventories_Tables
Note C - Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
(Thousands of dollars) | June 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Raw materials and in-process | $ | 18,498 | $ | 26,877 | |||||
Finished parts | 42,069 | 46,491 | |||||||
Finished products | 27,809 | 16,578 | |||||||
Total inventories | $ | 88,376 | $ | 89,946 |
Note_D_Product_Warranties_Tabl
Note D - Product Warranties (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Product Warranties Disclosures [Abstract] | ' | ||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||
(Thousands of dollars) | June 30, | ||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 1,170 | $ | 1,133 | |||||
Provision | 811 | 676 | |||||||
Claims | (862 | ) | (644 | ) | |||||
Balance at end of period | $ | 1,119 | $ | 1,165 |
Note_E_Pension_and_Other_Postr1
Note E - Pension and Other Postretirement Benefits (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | ' | ||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
(Thousands of dollars) | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 726 | $ | 811 | $ | 226 | $ | 289 | |||||||||
Interest cost | 728 | 697 | 212 | 181 | |||||||||||||
Expected return on plan assets | (1,170 | ) | (1,306 | ) | - | - | |||||||||||
Recognized actuarial loss (gain) | 457 | 532 | (380 | ) | (180 | ) | |||||||||||
Settlement loss | - | 1,601 | - | - | |||||||||||||
Net periodic benefit cost | $ | 741 | $ | 2,335 | $ | 58 | $ | 290 | |||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||
(Thousands of dollars) | Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 1,452 | $ | 1,660 | $ | 453 | $ | 577 | |||||||||
Interest cost | 1,448 | 1,363 | 424 | 363 | |||||||||||||
Expected return on plan assets | (2,378 | ) | (2,599 | ) | - | - | |||||||||||
Recognized actuarial loss (gain) | 915 | 1,144 | (577 | ) | (361 | ) | |||||||||||
Settlement loss | - | 2,987 | - | - | |||||||||||||
Net periodic benefit cost | $ | 1,437 | $ | 4,555 | $ | 300 | $ | 579 |
Note_F_Accumulated_Other_Compr1
Note F - Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||
(Thousands of dollars) | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Pension and other postretirement benefits: | |||||||||||||||||
Recognized actuarial loss (a) | $ | 77 | $ | 352 | $ | 338 | $ | 783 | |||||||||
Settlement loss (b) | - | 1,058 | - | 1,974 | |||||||||||||
Settlement loss (c) | - | 543 | - | 1,013 | |||||||||||||
Total before income tax | 77 | 1,953 | 338 | 3,770 | |||||||||||||
Income tax | (40 | ) | (584 | ) | (127 | ) | (1,192 | ) | |||||||||
Net of income tax | $ | 37 | $ | 1,369 | $ | 211 | $ | 2,578 | |||||||||
Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
(Thousands of dollars) | Currency Translation Adjustments | Pension and Other Postretirement Benefits | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Balance at January 1, 2014 | $ | (1,062 | ) | $ | (7,399 | ) | $ | (8,461 | ) | ||||||||
Current period credit (charge) | (149 | ) | 338 | 187 | |||||||||||||
Income tax expense | - | (127 | ) | (127 | ) | ||||||||||||
Balance at June 30, 2014 | $ | (1,211 | ) | $ | (7,188 | ) | $ | (8,399 | ) | ||||||||
(Thousands of dollars) | Currency Translation Adjustments | Pension and Other Postretirement Benefits | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Balance at January 1, 2013 | $ | 319 | $ | (16,601 | ) | $ | (16,282 | ) | |||||||||
Current period credit (charge) | (1,558 | ) | 3,770 | 2,212 | |||||||||||||
Income tax expense | - | (1,192 | ) | (1,192 | ) | ||||||||||||
Balance at June 30, 2013 | $ | (1,239 | ) | $ | (14,023 | ) | $ | (15,262 | ) |
Note_C_Inventories_Details
Note C - Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Percentage of LIFO Inventory | 72.00% | 76.00% |
Inventory, LIFO Reserve | $57.40 | $55.30 |
Note_C_Inventories_Details_Com
Note C - Inventories (Details) - Components of Inventories (Net of LIFO Reserves) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Inventories (Net of LIFO Reserves) [Abstract] | ' | ' |
Raw materials and in-process | $18,498 | $26,877 |
Finished parts | 42,069 | 46,491 |
Finished products | 27,809 | 16,578 |
Total inventories | $88,376 | $89,946 |
Note_D_Product_Warranties_Deta
Note D - Product Warranties (Details) - Product Warranties (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Product Warranties [Abstract] | ' | ' |
Balance at beginning of year | $1,170 | $1,133 |
Provision | 811 | 676 |
Claims | -862 | -644 |
Balance at end of period | $1,119 | $1,165 |
Note_E_Pension_and_Other_Postr2
Note E - Pension and Other Postretirement Benefits (Details) - Net Periodic Pension Benefit Cost (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Plan [Member] | ' | ' | ' | ' |
Note E - Pension and Other Postretirement Benefits (Details) - Net Periodic Pension Benefit Cost [Line Items] | ' | ' | ' | ' |
Service cost | $726 | $811 | $1,452 | $1,660 |
Interest cost | 728 | 697 | 1,448 | 1,363 |
Expected return on plan assets | -1,170 | -1,306 | -2,378 | -2,599 |
Recognized actuarial loss (gain) | 457 | 532 | 915 | 1,144 |
Settlement loss | ' | 1,601 | ' | 2,987 |
Net periodic benefit cost | 741 | 2,335 | 1,437 | 4,555 |
Postretirement Health Coverage [Member] | ' | ' | ' | ' |
Note E - Pension and Other Postretirement Benefits (Details) - Net Periodic Pension Benefit Cost [Line Items] | ' | ' | ' | ' |
Service cost | 226 | 289 | 453 | 577 |
Interest cost | 212 | 181 | 424 | 363 |
Recognized actuarial loss (gain) | -380 | -180 | -577 | -361 |
Net periodic benefit cost | $58 | $290 | $300 | $579 |
Note_F_Accumulated_Other_Compr2
Note F - Accumulated Other Comprehensive Income (Loss) (Details) - Reclassifications out of Accumulated Other Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ||||
Settlement loss (b) | ($82,824) | ($79,934) | ($165,334) | ($151,167) | ||||
Settlement loss (c) | -13,483 | -12,964 | -26,344 | -25,931 | ||||
Total before income tax | 13,228 | 13,496 | 28,060 | 21,723 | ||||
Income tax | -4,368 | -4,328 | -9,246 | -6,737 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' | ||||
Recognized actuarial loss (a) | 77 | [1] | 352 | [1] | 338 | [1] | 783 | [1] |
Settlement loss (b) | ' | [2] | 1,058 | [2] | ' | [2] | 1,974 | [2] |
Settlement loss (c) | ' | [3] | 543 | [3] | ' | [3] | 1,013 | [3] |
Total before income tax | 77 | 1,953 | 338 | 3,770 | ||||
Income tax | -40 | -584 | -127 | -1,192 | ||||
Net of income tax | $37 | $1,369 | $211 | $2,578 | ||||
[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_F_Accumulated_Other_Compr3
Note F - Accumulated Other Comprehensive Income (Loss) (Details) - Components of Accumulated Other Comprehensive Loss as Reported in the Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Currency Translation Adjustments [Member] | Currency Translation Adjustments [Member] | Pension And OPEB Adjustments [Member] | Pension And OPEB Adjustments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||
Note F - Accumulated Other Comprehensive Income (Loss) (Details) - Components of Accumulated Other Comprehensive Loss as Reported in the Consolidated Balance Sheets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | ($8,399) | ($8,461) | ($1,062) | $319 | ($7,399) | ($16,601) | ($8,461) | ($16,282) |
Current period credit (charge) | ' | ' | -149 | -1,558 | 338 | 3,770 | 187 | 2,212 |
Income tax benefit (charge) | ' | ' | ' | ' | -127 | -1,192 | -127 | -1,192 |
Balance | ($8,399) | ($8,461) | ($1,211) | ($1,239) | ($7,188) | ($14,023) | ($8,399) | ($15,262) |
Note_G_Acquisition_Details
Note G - Acquisition (Details) (Bayou City Pump, Inc. [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Loans Payable [Member] | |
Note G - Acquisition (Details) [Line Items] | ' | ' |
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | ' | $16 |
Debt Instrument, Face Amount | $18 | ' |