Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 01, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | GORMAN RUPP CO | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 26,260,543 | ||
Entity Public Float | $590,791,176 | ||
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 | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | $434,925 | $391,665 | $375,691 |
Cost of products sold | 327,366 | 298,010 | 285,540 |
Gross profit | 107,559 | 93,655 | 90,151 |
Selling, general and administrative expenses | 54,254 | 51,734 | 47,968 |
Operating income | 53,305 | 41,921 | 42,183 |
Other income | 940 | 3,050 | 907 |
Other expense | -511 | -694 | -643 |
Income before income taxes | 53,734 | 44,277 | 42,447 |
Income taxes | 17,593 | 14,173 | 14,244 |
Net income | $36,141 | $30,104 | $28,203 |
Earnings per share (in Dollars per share) | $1.38 | $1.15 | $1.07 |
Average number of shares outstanding (in Shares) | 26,256,824 | 26,249,324 | 26,242,366 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $36,141 | $30,104 | $28,203 |
Cumulative translation adjustments | -3,276 | -1,381 | 437 |
Pension and postretirement medical liability adjustments, net of tax | -5,589 | 9,202 | -675 |
Total adjustments | -8,865 | 7,821 | -238 |
Comprehensive income | $27,276 | $37,925 | $27,965 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $24,491 | $31,123 |
Accounts receivable, net | 70,734 | 59,374 |
Inventories, net: | ||
Raw materials and in-process | 16,217 | 26,877 |
Finished parts | 42,414 | 46,491 |
Finished products | 36,129 | 16,578 |
94,760 | 89,946 | |
Deferred income taxes | 4,694 | 3,803 |
Prepaid and other | 6,030 | 5,043 |
Total current assets | 200,709 | 189,289 |
Property, plant, and equipment | ||
Land | 3,562 | 3,048 |
Buildings | 100,943 | 96,775 |
Machinery and equipment | 162,155 | 153,935 |
266,660 | 253,758 | |
Accumulated depreciation | 132,696 | 122,569 |
Property, plant and equipment - net | 133,964 | 131,189 |
Deferred income taxes and other | 6,313 | 3,657 |
Goodwill and other intangible assets - net | 39,918 | 31,503 |
380,904 | 355,638 | |
Current Liabilities: | ||
Accounts payable | 17,908 | 17,882 |
Short-term debt | 12,000 | 9,000 |
Payroll and employee related liabilities | 11,355 | 11,020 |
Commissions payable | 9,448 | 6,081 |
Deferred revenue | 4,166 | 7,190 |
Accrued expenses | 9,469 | 9,587 |
Total current liabilities | 64,346 | 60,760 |
Pension benefits | 4,496 | |
Postretirement benefits | 21,297 | 18,393 |
Deferred and other income taxes | 8,798 | 12,345 |
Total liabilities | 98,937 | 91,498 |
Common Shares, without par value: | ||
Authorized - 35,000,000 shares; | 5,133 | 5,131 |
Additional paid-in capital | 3,059 | 2,822 |
Retained earnings | 291,101 | 264,648 |
Accumulated other comprehensive loss | -17,326 | -8,461 |
Total equity | 281,967 | 264,140 |
$380,904 | $355,638 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Common Stock Authorized | 35,000,000 | 35,000,000 |
Common Stock Par Value (in Dollars per share) | $0 | $0 |
Common Stock Outstanding | 26,260,543 | 26,253,043 |
Treasury Shares | 788,253 | 795,753 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands | |||||
Balances at Dec. 31, 2011 | $5,128 | $2,544 | $223,136 | ($16,044) | $214,764 |
Net income | 28,203 | 28,203 | |||
Other comprehensive loss | -238 | -238 | |||
Issuance of treasury shares | 2 | 149 | 27 | 178 | |
Cash dividends - a share | -8,188 | -8,188 | |||
Balances at Dec. 31, 2012 | 5,130 | 2,693 | 243,178 | -16,282 | 234,719 |
Net income | 30,104 | 30,104 | |||
Other comprehensive loss | 7,821 | 7,821 | |||
Issuance of treasury shares | 1 | 129 | 28 | 158 | |
Cash dividends - a share | -8,662 | -8,662 | |||
Balances at Dec. 31, 2013 | 5,131 | 2,822 | 264,648 | -8,461 | 264,140 |
Net income | 36,141 | 36,141 | |||
Other comprehensive loss | -8,865 | -8,865 | |||
Issuance of treasury shares | 2 | 237 | 27 | 266 | |
Cash dividends - a share | -9,715 | -9,715 | |||
Balances at Dec. 31, 2014 | $5,133 | $3,059 | $291,101 | ($17,326) | $281,967 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Issuanc | 7,500 | 7,500 | 7,500 |
Cash dividP5nds - pP5r sharP5 amount | $0.37 | $0.33 | $0.28 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $36,141 | $30,104 | $28,203 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 14,615 | 13,588 | 12,066 |
Pension expense | 2,708 | 7,164 | 6,946 |
Contributions to pension plan | -2,500 | -4,200 | -7,200 |
Deferred income taxes | -1,367 | 241 | 2,193 |
Gain on sale of property, plant and equipment | -343 | -2,535 | |
Changes in operating assets and liabilities, net of effect of acquisitions: | |||
Accounts receivable - net | -8,529 | -662 | 710 |
Inventories - net | -2,987 | -48 | -8,583 |
Accounts payable | -693 | 2,985 | -1,911 |
Commissions payable | 3,367 | -1,487 | -189 |
Deferred revenue | -3,024 | 7,112 | |
Accrued expenses | -3,700 | 6,947 | 4,727 |
Benefit obligations and other | -4,685 | -8,823 | -4,329 |
Net cash provided by operating activities | 29,003 | 50,386 | 32,633 |
Cash flows from investing activities: | |||
Capital additions - net | -13,275 | -21,015 | -16,373 |
Proceeds from sale of property, plant and equipment | 681 | 2,905 | |
(Purchases) redemptions of short-term investments | -3 | 1 | 805 |
Payments for acquisitions, net of cash acquired | -16,667 | -20,823 | |
Net cash used for investing activities | -29,264 | -18,109 | -36,391 |
Cash flows from financing activities: | |||
Cash dividends | -9,715 | -8,662 | -8,188 |
Proceeds from bank borrowings | 18,000 | 6,000 | 17,000 |
Payments to bank for borrowings | -15,000 | -19,000 | -5,000 |
Net cash (used for) provided by financing activities | -6,715 | -21,662 | 3,812 |
Effect of exchange rate changes on cash | 344 | 389 | -77 |
Net (decrease) increase in cash and cash equivalents | -6,632 | 11,004 | -23 |
Cash and cash equivalents: | |||
Beginning of year | 31,123 | 20,119 | 20,142 |
End of year | $24,491 | $31,123 | $20,119 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Significant Accounting Policies [Text Block] | Note A – Summary of Significant Accounting Policies | ||||||||||||
General Information and Basis of Presentation | |||||||||||||
The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications. | |||||||||||||
The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Earnings per share are calculated based on the weighted-average number of common shares outstanding. | |||||||||||||
Cash Equivalents and Short-Term Investments | |||||||||||||
The Company considers highly liquid instruments with maturities of 90 days or less to be cash equivalents. The Company periodically makes short-term investments for which cost approximates fair value. Short-term investments at December 31, 2014 and 2013 consist primarily of certificates of deposit and are classified as prepaid and other on the consolidated balance sheets. | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | |||||||||||||
Accounts receivable are stated at the historical carrying amount net of allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses from the failure of its customers to make required payments for products delivered. The Company estimates this allowance based on knowledge of the financial condition of customers, review of historical receivables and reserve trends and other relevant information. | |||||||||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost or market. The costs for approximately 75% of inventories at December 31, 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 method (FIFO). Cost components include materials, inbound freight costs, labor and allocations of fixed and variable overheads on an absorption costing basis. | |||||||||||||
Long-Lived Assets | |||||||||||||
Property, plant and equipment are stated on the basis of cost. Repairs and maintenance costs are expensed as incurred. Depreciation for property, plant and equipment and amortization for finite-lived intangible assets are computed by the straight-line method over the estimated useful lives of the assets and are included in cost of products sold and selling, general and administrative expenses based on the use of the assets. Depreciation expense was $13.2 million, $12.4 million and $11.2 million during 2014, 2013 and 2012, respectively. | |||||||||||||
Depreciation of property, plant and equipment is determined based on the following lives: | |||||||||||||
(in years) | |||||||||||||
Buildings | 20-50 | ||||||||||||
Machinery and equipment | 15-May | ||||||||||||
Software | 5-Mar | ||||||||||||
Amortization of finite-lived intangible assets is determined based on the following lives: | |||||||||||||
(in years) | |||||||||||||
Technology and drawings | 13-20 | ||||||||||||
Customer relationships | 15-Sep | ||||||||||||
Other intangibles | 18-Feb | ||||||||||||
Long-lived assets, except goodwill and indefinite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recovered through future net cash flows generated by the assets. Impairment losses may be recorded when the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts based on the excess of the carrying amounts over the estimated fair value of the assets. | |||||||||||||
Goodwill and Indefinite-Lived Intangible Assets | |||||||||||||
Goodwill and other indefinite-lived intangible assets are not amortized but are reviewed annually for impairment as of October 1 or whenever events or changes in circumstances indicate there may be a possible permanent loss of value using either a quantitative or qualitative analysis. The Company uses a market-based approach to estimate the fair value of our reporting units and performed a quantitative analysis using a discounted cash flow model and other valuation techniques, but may elect to perform a qualitative analysis. | |||||||||||||
For 2014, the Company used a quantitative analysis for substantially all of its goodwill impairment testing under which the fair value for each reporting unit was estimated using a discounted cash flow model, which considered forecasted cash flows discounted at an estimated weighted-average cost of capital. The forecasted cash flows were based on the Company’s long-term operating plan and a terminal value was used to estimate the cash flows beyond the period covered by the operating plan. The weighted-average cost of capital is an estimate of the overall after-tax rate of return required by equity and debt market holders of a business enterprise. These analyses require the exercise of significant judgments, including judgments about appropriate discount rates, perpetual growth rates and the timing of expected future cash flows. Sensitivity analyses were performed around these assumptions in order to assess the reasonableness of the assumptions and the resulting estimated fair values. For 2014, based on the quantitative analysis, the fair values of the Company’s reporting units continue to exceed the respective carrying amounts. | |||||||||||||
A qualitative analysis may be performed by assessing certain trends and factors, including projected market outlook and growth rates, forecasted and actual sales and operating profit margins, discount rates, industry data and other relevant qualitative factors. These trends and factors are compared to, and based on, the assumptions used in the most recent quantitative assessment. | |||||||||||||
Indefinite-lived intangible assets primarily consist of trademarks and trade names. The fair value of these assets is determined using a royalty relief methodology similar to that employed when the associated assets were acquired, but using updated estimates of future sales, cash flows and profitability. For 2014 and 2013, the fair value of indefinite lived intangible assets exceeded their carrying value. | |||||||||||||
For additional information about goodwill and other intangible assets, see Note H. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company’s revenues from product sales are recognized when all of the following criteria are met: persuasive evidence of a sale arrangement exists, the price is fixed or determinable, product delivery has occurred or services have been rendered, there are no further obligations to customers and collectability is probable. Product delivery occurs when the risks and rewards of ownership and title pass, which normally occurs upon shipment to the customer. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
The Company generally does not require collateral from its customers and has a very good collection history. There were no sales to a single customer that exceeded 10% of total net sales for the years ended December 31, 2014, 2013 or 2012. | |||||||||||||
Shipping and Handling Costs | |||||||||||||
The Company classifies all amounts billed to customers for shipping and handling as revenue and reflects related shipping and handling costs in cost of products sold. | |||||||||||||
Advertising | |||||||||||||
The Company expenses all advertising costs as incurred, which for the years ended December 31, 2014, 2013 and 2012 totaled $3.5 million, $3.4 million and $3.5 million, respectively. | |||||||||||||
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: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 1,170 | $ | 1,133 | $ | 1,228 | |||||||
Provision | 1,607 | 1,220 | 1,394 | ||||||||||
Claims | (1,611 | ) | (1,183 | ) | (1,489 | ) | |||||||
Balance at end of year | $ | 1,166 | $ | 1,170 | $ | 1,133 | |||||||
Foreign Currency Translation | |||||||||||||
Assets and liabilities of the Company’s operations outside the United States which are accounted for in a functional currency other than U.S. dollars are translated into U.S. dollars using year-end exchange rates. Revenues and expenses are translated at weighted-average exchange rates effective during the year. Foreign currency translation gains and losses are included as a component of accumulated other comprehensive loss within equity. | |||||||||||||
Gains and losses resulting from foreign currency transactions, the amounts of which are not material, are included in net income. | |||||||||||||
Fair Value | |||||||||||||
The carrying value of cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximates their fair value. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Reclassification | |||||||||||||
Certain amounts for 2013 have been reclassified to conform to the 2014 presentation. | |||||||||||||
New Accounting Pronouncements | |||||||||||||
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 currently does not expect the adoption of ASU 2014-09 to have a material impact on its consolidated financial statements. |
Note_2_Allowance_for_Doubtful_
Note 2 - Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Allowance for Credit Losses [Text Block] | Note B – Allowance for Doubtful Accounts |
The allowance for doubtful accounts was $474,000 and $498,000 at December 31, 2014 and 2013, respectively. |
Note_3_Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2014 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note C – Inventories |
Inventories are stated at the lower of cost or market. Replacement cost approximates current cost and the excess over LIFO cost is approximately $57.9 million and $55.3 million at December 31, 2014 and 2013, respectively. Allowances for excess and obsolete inventory totaled $4.6 million and $3.8 million at December 31, 2014 and 2013, respectively. |
Note_4_Financing_Arrangements
Note 4 - Financing Arrangements | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | Note D – Financing Arrangements | |||||||||||||||||||||||||||
On May 30, 2014, the Company borrowed $18.0 million under an unsecured bank loan agreement to finance the asset acquisition of Bayou City Pump, Inc. The loan bears interest at LIBOR plus 0.75%, adjustable and payable monthly, and, with annual renewal, matures in August 2015. At December 31, 2014, $12.0 million was outstanding on the loan. | ||||||||||||||||||||||||||||
On December 6, 2013, the Company borrowed $6.0 million in a promissory note for the purchase of equipment. The loan bears interest at LIBOR plus 0.75%, adjustable and payable monthly, and was paid in full at December 31, 2014. | ||||||||||||||||||||||||||||
On December 17, 2012, the Company borrowed $17.0 million under an unsecured bank loan agreement to finance the asset acquisition of American Turbine. The loan bears interest at LIBOR plus 0.75%, adjustable and payable monthly, and, with annual renewal, matures in August 2015. During 2014, the remaining balance of $3.0 million was paid in full. | ||||||||||||||||||||||||||||
The Company may borrow up to $20.0 million with interest at LIBOR plus 0.75% or at alternative rates as selected by the Company under an unsecured bank line of credit which matures in August 2015. At December 31, 2014 and 2013, $20.0 million was available for borrowing. | ||||||||||||||||||||||||||||
The Company also has a $10.0 million unsecured bank line of credit with interest at LIBOR plus 0.75% payable monthly which matures in May 2015. At December 31, 2014 and 2013, $6.0 million was available for borrowing after deducting $4.0 million in outstanding letters of credit. | ||||||||||||||||||||||||||||
The financing arrangements described above contain nominal restrictive covenants, including limits on additional borrowings and maintenance of certain operating and financial ratios. At December 31, 2014 and 2013, the Company was in compliance with all requirements. | ||||||||||||||||||||||||||||
Interest expense, which approximates interest paid, was $134,000, $146,000 and $122,000 in 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
The Company has operating leases for certain offices, manufacturing facilities, land, office equipment and automobiles. Rental expense relating to operating leases was $1.1 million in 2014, 2013 and 2012. | ||||||||||||||||||||||||||||
The future minimum lease payments due under these operating leases as of December 31, 2014 are: | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
$ | 871 | $ | 648 | $ | 332 | $ | 223 | $ | 3 | $ | 11 | $ | 2,088 | |||||||||||||||
Note_5_Accumulated_Other_Compr
Note 5 - Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||
Accumulated Other Comprehensive Loss [Text Block] | Note E – Accumulated Other Comprehensive Loss | ||||||||||||
The reclassifications out of accumulated other comprehensive loss as reported in the Consolidated Statements of Income are: | |||||||||||||
Pension and other post retirement benefits: | 2014 | 2013 | 2012 | ||||||||||
Recognized actuarial loss (a) | $ | 483 | $ | 1,357 | $ | 1,794 | |||||||
Settlement loss (b) | - | 2,756 | 1,940 | ||||||||||
Settlement loss (c) | - | 1,413 | 995 | ||||||||||
Total before income tax | 483 | 5,526 | 4,729 | ||||||||||
Income tax | (177 | ) | (2,006 | ) | (1,494 | ) | |||||||
Net of income tax | $ | 306 | $ | 3,520 | $ | 3,235 | |||||||
(a) | The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note G for additional details. | ||||||||||||
(b) | This portion of the settlement loss is included in cost of products sold in the Consolidated Statements of Income. | ||||||||||||
(c) | This portion of the settlement loss is included in selling, general and administrative expenses in the Consolidated Statements of Income. | ||||||||||||
The components of accumulated other comprehensive loss as reported in the Consolidated Balance Sheets are: | |||||||||||||
Currency Translation Adjustments | Pension and OPEB Adjustments | Accumulated Other Comprehensive (Loss) Income | |||||||||||
Balance at January 1, 2012 | $ | (118 | ) | $ | (15,926 | ) | $ | (16,044 | ) | ||||
Reclassifications adjustments | - | 4,729 | |||||||||||
Current period credit (charge) | 437 | (5,716 | ) | (550 | ) | ||||||||
Income tax benefit | - | 312 | 312 | ||||||||||
Balance at December 31, 2012 | 319 | (16,601 | ) | (16,282 | ) | ||||||||
Reclassifications adjustments | - | 5,526 | |||||||||||
Current period (charge) credit | (1,381 | ) | 8,925 | 13,070 | |||||||||
Income tax charge | - | (5,249 | ) | (5,249 | ) | ||||||||
Balance at December 31, 2013 | (1,062 | ) | (7,399 | ) | (8,461 | ) | |||||||
Reclassifications adjustments | - | 483 | 483 | ||||||||||
Current period charge | (3,276 | ) | (9,294 | ) | (12,087 | ) | |||||||
Income tax benefit | - | 3,222 | 3,222 | ||||||||||
Balance at December 31, 2014 | $ | (4,338 | ) | $ | (12,988 | ) | $ | (17,326 | ) | ||||
Note_6_Income_Taxes
Note 6 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | Note F – Income Taxes | ||||||||||||
The components of income before income taxes are: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 49,692 | $ | 40,374 | $ | 40,019 | |||||||
Foreign countries | 4,042 | 3,903 | 2,428 | ||||||||||
Total | $ | 53,734 | $ | 44,277 | $ | 42,447 | |||||||
The components of income tax expense are: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current Expense: | |||||||||||||
Federal | $ | 16,638 | $ | 12,159 | $ | 11,542 | |||||||
Foreign | 946 | 792 | (324 | ) | |||||||||
State and local | 1,376 | 981 | 1,021 | ||||||||||
18,960 | 13,932 | 12,239 | |||||||||||
Deferred (benefit) expense: | |||||||||||||
Federal | (1,181 | ) | 108 | 2,109 | |||||||||
Foreign | (114 | ) | (38 | ) | (189 | ) | |||||||
State and local | (72 | ) | 171 | 85 | |||||||||
(1,367 | ) | 241 | 2,005 | ||||||||||
Income tax expense | $ | 17,593 | $ | 14,173 | $ | 14,244 | |||||||
The reconciliation between income tax expense and the amount computed by applying the statutory federal income tax rate of 35% to income before income taxes is: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income taxes at statutory rate | $ | 18,807 | $ | 15,497 | $ | 14,856 | |||||||
State and local income taxes, net of federal tax benefit | 674 | 587 | 719 | ||||||||||
Research and development tax credits | (371 | ) | (740 | ) | - | ||||||||
Domestic production activities deduction | (1,324 | ) | (952 | ) | (980 | ) | |||||||
Lower foreign taxes differential | (583 | ) | (612 | ) | (528 | ) | |||||||
Uncertain tax positions | 53 | 94 | (236 | ) | |||||||||
Valuation allowance | 174 | 162 | - | ||||||||||
Other | 163 | 137 | 413 | ||||||||||
Income tax expense | $ | 17,593 | $ | 14,173 | $ | 14,244 | |||||||
The Company made income tax payments of $19.4 million, $13.2 million and $12.0 million in 2014, 2013 and 2012, respectively. | |||||||||||||
Deferred income tax assets and liabilities consist of: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Inventories | $ | 1,030 | $ | 1,688 | |||||||||
Accrued liabilities | 2,538 | 2,341 | |||||||||||
Postretirement health benefits obligation | 7,602 | 6,545 | |||||||||||
Pension | 1,649 | — | |||||||||||
Deferred revenue | 1,267 | — | |||||||||||
Other | 550 | 101 | |||||||||||
Total deferred tax assets | 14,636 | 10,675 | |||||||||||
Valuation allowance | (336 | ) | (162 | ) | |||||||||
Net deferred tax assets | 14,300 | 10,513 | |||||||||||
Deferred tax liabilities | |||||||||||||
Depreciation and amortization | (17,711 | ) | (16,858 | ) | |||||||||
Pension | — | (1,634 | ) | ||||||||||
Total deferred tax liabilities | (17,711 | ) | (18,492 | ) | |||||||||
Net deferred tax liabilities | $ | (3,411 | ) | $ | (7,979 | ) | |||||||
The Company has a valuation allowance as of December 31, 2014 of $336,000 against certain of its deferred tax assets. The comparable amount of valuation allowance at December 31, 2013 was $162,000. ASC 740 requires that a valuation allowance be recorded against deferred tax assets when it is more likely than not that some or all of a Company’s deferred tax assets will not be realized based on available positive and negative evidence. | |||||||||||||
At December 31, 2014, total unrecognized tax benefits were $576,000. Of the total, $452,000 of unrecognized tax benefits, if ultimately recognized, would reduce the Company’s annual effective tax rate. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 516 | $ | 421 | $ | 1,423 | |||||||
Additions based on tax positions related to the current year | 158 | 189 | 68 | ||||||||||
Reduction for tax positions of prior years | — | — | (1 | ) | |||||||||
Reductions due to lapse of applicable statute of limitations | (98 | ) | (46 | ) | (131 | ) | |||||||
Settlements | — | (48 | ) | (938 | ) | ||||||||
Balance at end of year | $ | 576 | $ | 516 | $ | 421 | |||||||
The Company is subject to income taxes in the U.S. federal and various state, local and foreign jurisdictions. Income tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2011. The Company has $55,000 of unrecognized tax benefits recorded for periods which the relevant statutes of limitations expire in the next 12 months. | |||||||||||||
The Company has state tax credit carryforwards of $545,000 and $343,000 as of December 31, 2014 and 2013, respectively, set to expire between 2018 and 2025. | |||||||||||||
The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense for all periods presented. The Company accrued approximately $99,000, $85,000 and $91,000 for the payment of interest and penalties at December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
The Company has not provided an estimate for any U.S. or additional foreign taxes on undistributed earnings of foreign subsidiaries that might be payable if these earnings were repatriated since the Company considers these amounts to be permanently invested. It is not practicable to estimate the additional income taxes and applicable withholding taxes that would be payable on remittance of such earnings. | |||||||||||||
In September 2013, the Internal Revenue Service issued final regulations governing the income tax treatment of acquisitions, dispositions, and repairs of tangible property. Taxpayers are required to follow the new regulations in taxable years beginning on or after January 1, 2014. The impact of the regulations is not material to the Company’s consolidated financial statements. |
Note_7_Pensions_and_Other_Post
Note 7 - Pensions and Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note G – Pensions 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. Total contributions for the plans in 2014, 2013 and 2012 were $1.6 million, $1.3 million and $1.2 million, respectively. | |||||||||||||||||||||||||
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. For measurement purposes, and based on maximum benefits as defined by the plan, a zero percent annual rate of increase in the per capita cost of covered health care benefits for retirees age 65 and over was assumed for 2014 and is expected to remain constant going forward. A 5% rate of increase for retirees under age 65 was assumed. | |||||||||||||||||||||||||
The Company recognizes the obligations associated with its defined benefit pension plan and defined benefit health care plan in its consolidated financial statements. The following table presents the plans’ funded status as of the measurement date reconciled with amounts recognized in the Company’s consolidated balance sheets: | |||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||
Plan | Plan | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 65,454 | $ | 57,632 | $ | 22,813 | $ | 19,794 | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 70,635 | $ | 81,148 | $ | 19,794 | $ | 23,794 | |||||||||||||||||
Service cost | 2,904 | 3,144 | 907 | 1,153 | |||||||||||||||||||||
Interest cost | 2,896 | 2,851 | 845 | 724 | |||||||||||||||||||||
Settlement cost | - | 191 | - | - | |||||||||||||||||||||
Benefits paid | (3,584 | ) | (11,371 | ) | (1,736 | ) | (1,370 | ) | |||||||||||||||||
Effect of foreign exchange | - | - | (49 | ) | (68 | ) | |||||||||||||||||||
Actuarial loss (gain) | 7,219 | (5,328 | ) | 3,052 | (4,439 | ) | |||||||||||||||||||
Benefit obligation at end of year | $ | 80,069 | $ | 70,635 | $ | 22,813 | $ | 19,794 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 70,889 | $ | 73,631 | $ | - | $ | - | |||||||||||||||||
Actual return on plan assets | 5,768 | 4,429 | - | - | |||||||||||||||||||||
Employer contributions | 2,500 | 4,200 | 1,736 | 1,370 | |||||||||||||||||||||
Benefits paid | (3,584 | ) | (11,371 | ) | (1,736 | ) | (1,370 | ) | |||||||||||||||||
Fair value of plan assets at end of year | 75,573 | 70,889 | - | - | |||||||||||||||||||||
Funded status at end of year | $ | (4,496 | ) | $ | 254 | $ | (22,813 | ) | $ | (19,794 | ) | ||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||||||
Noncurrent assets | $ | - | $ | 254 | $ | - | $ | - | |||||||||||||||||
Total assets | $ | - | $ | 254 | $ | - | $ | - | |||||||||||||||||
Current liabilities | $ | - | $ | - | $ | (1,516 | ) | $ | (1,401 | ) | |||||||||||||||
Noncurrent liabilities | (4,496 | ) | - | (21,297 | ) | (18,393 | ) | ||||||||||||||||||
Total liabilities | $ | (4,496 | ) | $ | - | $ | (22,813 | ) | $ | (19,794 | ) | ||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 28,836 | $ | 24,295 | $ | (7,601 | ) | $ | (11,871 | ) | |||||||||||||||
Deferred tax (benefit) expense | (11,162 | ) | (9,496 | ) | 2,915 | 4,471 | |||||||||||||||||||
After tax actuarial loss (gain) | $ | 17,674 | $ | 14,799 | $ | (4,686 | ) | $ | (7,400 | ) | |||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Pension Plan | |||||||||||||||||||||||||
Service cost | $ | 2,904 | $ | 3,144 | $ | 3,188 | |||||||||||||||||||
Interest cost | 2,895 | 2,851 | 2,803 | ||||||||||||||||||||||
Expected return on plan assets | (4,755 | ) | (5,080 | ) | (4,591 | ) | |||||||||||||||||||
Recognized actuarial loss | 1,664 | 2,080 | 2,441 | ||||||||||||||||||||||
Settlement loss | - | 4,169 | 2,935 | ||||||||||||||||||||||
Net periodic benefit cost | $ | 2,708 | $ | 7,164 | $ | 6,776 | |||||||||||||||||||
Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: | |||||||||||||||||||||||||
Net loss (gain) | $ | 4,541 | $ | (10,734 | ) | $ | 1,371 | ||||||||||||||||||
Total expense (income) recognized in net periodic benefit cost and other comprehensive income | $ | 7,249 | $ | (3,570 | ) | $ | 8,147 | ||||||||||||||||||
Postretirement Plan | |||||||||||||||||||||||||
Service cost | $ | 907 | $ | 1,153 | $ | 1,156 | |||||||||||||||||||
Interest cost | 845 | 724 | 871 | ||||||||||||||||||||||
Recognized actuarial gain | (1,181 | ) | (723 | ) | (647 | ) | |||||||||||||||||||
Net periodic benefit cost | $ | 571 | $ | 1,154 | $ | 1,380 | |||||||||||||||||||
Other changes in post retirement plan assets and benefit obligations recognized in other comprehensive loss: | |||||||||||||||||||||||||
Net loss (gain) | $ | 4,233 | $ | (3,717 | ) | $ | (384 | ) | |||||||||||||||||
Total expense (income) recognized in net periodic benefit cost and other comprehensive income | $ | 4,804 | $ | (2,563 | ) | $ | 996 | ||||||||||||||||||
During 2013 and 2012, the Company recorded settlement losses relating to retirees that received lump-sum distributions from the Company’s defined benefit pension plan totaling $4.2 million and $2.9 million, respectively. These charges were the result of lump-sum payments to retirees which exceeded the plan’s actuarial service and interest cost thresholds in each of 2013 and 2012. The cost threshold was not exceeded in 2014. | |||||||||||||||||||||||||
The prior service cost is amortized on a straight-line basis over the average estimated remaining service period of active participants. The unrecognized actuarial gain or loss in excess of the greater of 10% of the benefit obligation or the market value of plan assets is also amortized on a straight-line basis over the average estimated remaining service period of active participants. | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||
Discount rate | 3.45 | % | 4.3 | % | 3.6 | % | 4.5 | % | |||||||||||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | — | — | |||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: | |||||||||||||||||||||||||
Discount rate | 4.3 | % | 4.3 | % | 4.5 | % | 3.2 | % | |||||||||||||||||
Expected long term rate of return on plan assets | 7 | % | 7 | % | — | — | |||||||||||||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | — | — | |||||||||||||||||||
To enhance the Company’s efforts to mitigate the impact of the defined benefit pension plan on its financial statements, the Company has moved towards a liability driven investing model to more closely align assets with liabilities based on when the liabilities are expected to come due. Currently, based on 2014 funding levels, equities may comprise between 14% to 34% of the Plan’s market value. Fixed income investments may comprise between 60% to 80% of the Plan’s market value. Alternative investments may comprise between 0% to 12% of the Plan’s market value. Cash and cash equivalents (including all senior debt securities with less than one year to maturity) may comprise between 0% to 10% of the Plan’s market value. | |||||||||||||||||||||||||
Financial instruments included in pension plan assets are categorized into a fair value hierarchy of three levels, based on the degree of subjectivity inherent in the valuation methodology. Level 1 assets are based on unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets. Level 2 assets are valued at inputs other than quoted prices in active markets for identical assets that are observable either directly or indirectly for substantially the full term of the assets. Level 3 assets are valued based on unobservable inputs for the asset (i.e., supported by little or no market activity). These inputs include management’s own assessments about the assumptions that market participants would use in pricing assets (including assumptions about risk). The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measure in its entirety. All of the Plan’s assets are in level 1 or level 2 within the fair value hierarchy and the following table sets forth by asset class the Plan’s fair value of assets. | |||||||||||||||||||||||||
Plan fair value asset allocation by category: | |||||||||||||||||||||||||
2014 | $ | % | |||||||||||||||||||||||
Level 1 | |||||||||||||||||||||||||
Equity | $ | 17,819 | 23 | % | |||||||||||||||||||||
Fixed Income | 2,169 | 3 | % | ||||||||||||||||||||||
Mutual Funds | 3,598 | 5 | % | ||||||||||||||||||||||
Money Fund and Cash | 1,901 | 3 | % | ||||||||||||||||||||||
Total Level 1 | 25,487 | 34 | % | ||||||||||||||||||||||
Level 2 | |||||||||||||||||||||||||
Fixed Income | 47,716 | 63 | % | ||||||||||||||||||||||
Money Fund | 2,362 | 3 | % | ||||||||||||||||||||||
Total Level 2 | 50,078 | 66 | % | ||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||
Total Level 3 | — | — | |||||||||||||||||||||||
Total fair value Plan assets | $ | 75,565 | 100 | % | |||||||||||||||||||||
2013 | $ | % | |||||||||||||||||||||||
Level 1 | |||||||||||||||||||||||||
Equity | $ | 21,795 | 23 | % | |||||||||||||||||||||
Fixed Income | 919 | 3 | % | ||||||||||||||||||||||
Mutual Funds | 5,031 | 5 | % | ||||||||||||||||||||||
Money Fund and Cash | 2,133 | 3 | % | ||||||||||||||||||||||
Total Level 1 | 29,878 | 34 | % | ||||||||||||||||||||||
Level 2 | |||||||||||||||||||||||||
Fixed Income | 35,540 | 63 | % | ||||||||||||||||||||||
Money Fund | 5,471 | 3 | % | ||||||||||||||||||||||
Total Level 2 | 41,011 | 66 | % | ||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||
Total Level 3 | — | — | |||||||||||||||||||||||
Total fair value Plan assets | $ | 70,889 | 100 | % | |||||||||||||||||||||
Contributions | |||||||||||||||||||||||||
Although not required to make pension contributions in 2015, the Company may elect to contribute $2.0 million to $4.0 million to its pension plan in 2015. | |||||||||||||||||||||||||
Expected future benefit payments | |||||||||||||||||||||||||
The following benefit payments are expected to be paid as follows based on actuarial calculations: | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||
Pension | $ | 5,095 | $ | 5,319 | $ | 7,044 | $ | 6,089 | $ | 6,366 | $ | 30,780 | |||||||||||||
Postretirement | 1,543 | 1,576 | 1,612 | 1,695 | 1,781 | 8,957 | |||||||||||||||||||
A one percentage point increase in the assumed health care trend rate would increase postretirement expense by approximately $201,000, changing the benefit obligation by approximately $2.2 million; while a one percentage point decrease in the assumed health care trend rate would decrease postretirement expense by approximately $185,000, changing the benefit obligation by approximately $1.9 million. The assumed trend rates for healthcare costs are a 5% increase per year for retirees prior to the age 65 and 0% for retirees post age 65. | |||||||||||||||||||||||||
A one percentage point change in the assumed rate of return on the defined benefit pension plan assets is estimated to have an approximate $679,000 effect on pension expense. Additionally, a one percentage point increase in the discount rate is estimated to have a $1.4 million decrease in pension expense, while a one percentage point decrease in the discount rate is estimated to have a $1.6 million increase in pension expense. |
Note_8_Goodwill_and_Other_Inta
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Note H – Goodwill and Other Intangible Assets | ||||||||||||||||
Changes in the carrying value of goodwill during the years ended December 31, 2014 and 2013 are as follows: | |||||||||||||||||
Goodwill | |||||||||||||||||
Balance at January 1, 2013 | $ | 17,452 | |||||||||||||||
Acquisition | 999 | ||||||||||||||||
Foreign currency | (405 | ) | |||||||||||||||
Balance at December 31, 2013 | 18,046 | ||||||||||||||||
Acquisition | 4,725 | ||||||||||||||||
Foreign currency | (156 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 22,615 | |||||||||||||||
The major components of goodwill and other intangible assets are: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Historical | Accumulated | Historical Cost | Accumulated | ||||||||||||||
Cost | Amortization | Amortization | |||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||
Customer relationships | $ | 12,175 | $ | 3,372 | $ | 8,170 | $ | 2,403 | |||||||||
Technology & drawings | 6,620 | 2,035 | 5,790 | 1,685 | |||||||||||||
Other intangibles | 1,544 | 1,517 | 1,568 | 1,505 | |||||||||||||
Total finite-lived intangible assets | 20,339 | 6,924 | 15,528 | 5,593 | |||||||||||||
Goodwill | 22,615 | - | 18,046 | - | |||||||||||||
Trade names & trademarks | 3,888 | - | 3,522 | - | |||||||||||||
Total | $ | 46,842 | $ | 6,924 | $ | 37,096 | $ | 5,593 | |||||||||
Amortization of intangible assets in 2014, 2013 and 2012 was $1.4 million, $1.2 million and $869,000, respectively. Amortization of these intangible assets for 2015 through 2019 is expected to approximate $1.2 million per year. |
Note_9_Business_Segment_Inform
Note 9 - Business Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Note I – Business Segment Information | ||||||||||||||||||||||||
The Company operates in one business segment comprising the design, manufacture and sale of pumps and pump systems. The Company’s products are used in water, wastewater, construction, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilation and air conditioning (HVAC), military and other liquid-handling applications. | |||||||||||||||||||||||||
The pumps and pump systems are marketed in the United States and worldwide through a network of more than 1,000 distributors, through manufacturers’ representatives (for sales to many original equipment manufacturers), through third-party distributor catalogs and by direct sales. International sales are made primarily through foreign distributors and representatives. | |||||||||||||||||||||||||
The Company sells to nearly 150 countries around the world. Company sales, determined by customer location were: | |||||||||||||||||||||||||
2014 | % | 2013 | % | 2012 | % | ||||||||||||||||||||
United States | $ | 298,338 | 69 | $ | 257,038 | 66 | $ | 239,153 | 64 | ||||||||||||||||
Foreign countries | 136,587 | 31 | 134,627 | 34 | 136,538 | 36 | |||||||||||||||||||
Total | $ | 434,925 | 100 | $ | 391,665 | 100 | $ | 375,691 | 100 | ||||||||||||||||
Net sales from external customers by product category are: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Pumps and pump systems | $ | 379,626 | $ | 336,779 | $ | 318,235 | |||||||||||||||||||
Repairs of pumps and pump systems and other | 55,299 | 54,886 | 57,456 | ||||||||||||||||||||||
Total | $ | 434,925 | $ | 391,665 | $ | 375,691 | |||||||||||||||||||
As of December 31, 2014 and 2013, 95% and 96% of the Company’s long-lived assets were located in the United States, respectively. |
Note_10_Acquisitions
Note 10 - Acquisitions | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Note J – Acquisitions |
In June 2014, the Company, through its 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. 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 Company recognized customer relationships of $4.1 million, technology and drawings of $830,000, tradenames and trademarks of $370,000 and goodwill of $4.7 million related to the asset aquisition of Bayou City Pump, Inc. | |
The results of operations of the acquired business have been included in Gorman-Rupp’s consolidated results since June 2014. 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. | |
In December 2012, the Company’s wholly owned subsidiary, National Pump Company, acquired substantially all of the assets and certain liabilities of American Turbine. Founded in 1975, American Turbine is a group of companies that collectively are a leading manufacturer and distributor of energy-efficient vertical turbine and submersible pumps primarily serving agricultural, municipal and industrial markets, both domestically and globally. | |
In September 2012, the Company’s wholly owned subsidiary, Gorman-Rupp Africa Proprietary Limited (“GR Africa”), purchased the business of Pumptron (Proprietary) Limited (“Pumptron”) through internally generated cash flows. Prior to its acquisition, Pumptron was an international value-added distributor for Gorman-Rupp for over 25 years. Founded in 1986, Pumptron is a leading provider of water-related pumping solutions primarily serving the construction, mining, agricultural and municipal markets in South Africa and increasingly throughout other sub-Sahara African countries. Pumptron is headquartered in Johannesburg with operating locations in Cape Town and Durban, all in South Africa. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Consolidation, Policy [Policy Text Block] | General Information and Basis of Presentation | ||||||||||||
The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications. | |||||||||||||
The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Earnings per share are calculated based on the weighted-average number of common shares outstanding. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents and Short-Term Investments | ||||||||||||
The Company considers highly liquid instruments with maturities of 90 days or less to be cash equivalents. The Company periodically makes short-term investments for which cost approximates fair value. Short-term investments at December 31, 2014 and 2013 consist primarily of certificates of deposit and are classified as prepaid and other on the consolidated balance sheets. | |||||||||||||
Receivables, Policy [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts | ||||||||||||
Accounts receivable are stated at the historical carrying amount net of allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts for estimated losses from the failure of its customers to make required payments for products delivered. The Company estimates this allowance based on knowledge of the financial condition of customers, review of historical receivables and reserve trends and other relevant information. | |||||||||||||
Inventory, Policy [Policy Text Block] | Inventories | ||||||||||||
Inventories are stated at the lower of cost or market. The costs for approximately 75% of inventories at December 31, 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 method (FIFO). Cost components include materials, inbound freight costs, labor and allocations of fixed and variable overheads on an absorption costing basis. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Long-Lived Assets | ||||||||||||
Property, plant and equipment are stated on the basis of cost. Repairs and maintenance costs are expensed as incurred. Depreciation for property, plant and equipment and amortization for finite-lived intangible assets are computed by the straight-line method over the estimated useful lives of the assets and are included in cost of products sold and selling, general and administrative expenses based on the use of the assets. Depreciation expense was $13.2 million, $12.4 million and $11.2 million during 2014, 2013 and 2012, respectively. | |||||||||||||
Depreciation of property, plant and equipment is determined based on the following lives: | |||||||||||||
(in years) | |||||||||||||
Buildings | 20-50 | ||||||||||||
Machinery and equipment | 15-May | ||||||||||||
Software | 5-Mar | ||||||||||||
Amortization of finite-lived intangible assets is determined based on the following lives: | |||||||||||||
(in years) | |||||||||||||
Technology and drawings | 13-20 | ||||||||||||
Customer relationships | 15-Sep | ||||||||||||
Other intangibles | 18-Feb | ||||||||||||
Long-lived assets, except goodwill and indefinite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recovered through future net cash flows generated by the assets. Impairment losses may be recorded when the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts based on the excess of the carrying amounts over the estimated fair value of the assets. | |||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Indefinite-Lived Intangible Assets | ||||||||||||
Goodwill and other indefinite-lived intangible assets are not amortized but are reviewed annually for impairment as of October 1 or whenever events or changes in circumstances indicate there may be a possible permanent loss of value using either a quantitative or qualitative analysis. The Company uses a market-based approach to estimate the fair value of our reporting units and performed a quantitative analysis using a discounted cash flow model and other valuation techniques, but may elect to perform a qualitative analysis. | |||||||||||||
For 2014, the Company used a quantitative analysis for substantially all of its goodwill impairment testing under which the fair value for each reporting unit was estimated using a discounted cash flow model, which considered forecasted cash flows discounted at an estimated weighted-average cost of capital. The forecasted cash flows were based on the Company’s long-term operating plan and a terminal value was used to estimate the cash flows beyond the period covered by the operating plan. The weighted-average cost of capital is an estimate of the overall after-tax rate of return required by equity and debt market holders of a business enterprise. These analyses require the exercise of significant judgments, including judgments about appropriate discount rates, perpetual growth rates and the timing of expected future cash flows. Sensitivity analyses were performed around these assumptions in order to assess the reasonableness of the assumptions and the resulting estimated fair values. For 2014, based on the quantitative analysis, the fair values of the Company’s reporting units continue to exceed the respective carrying amounts. | |||||||||||||
A qualitative analysis may be performed by assessing certain trends and factors, including projected market outlook and growth rates, forecasted and actual sales and operating profit margins, discount rates, industry data and other relevant qualitative factors. These trends and factors are compared to, and based on, the assumptions used in the most recent quantitative assessment. | |||||||||||||
Indefinite-lived intangible assets primarily consist of trademarks and trade names. The fair value of these assets is determined using a royalty relief methodology similar to that employed when the associated assets were acquired, but using updated estimates of future sales, cash flows and profitability. For 2014 and 2013, the fair value of indefinite lived intangible assets exceeded their carrying value. | |||||||||||||
For additional information about goodwill and other intangible assets, see Note H. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | ||||||||||||
The Company’s revenues from product sales are recognized when all of the following criteria are met: persuasive evidence of a sale arrangement exists, the price is fixed or determinable, product delivery has occurred or services have been rendered, there are no further obligations to customers and collectability is probable. Product delivery occurs when the risks and rewards of ownership and title pass, which normally occurs upon shipment to the customer. | |||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk | ||||||||||||
The Company generally does not require collateral from its customers and has a very good collection history. There were no sales to a single customer that exceeded 10% of total net sales for the years ended December 31, 2014, 2013 or 2012. | |||||||||||||
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs | ||||||||||||
The Company classifies all amounts billed to customers for shipping and handling as revenue and reflects related shipping and handling costs in cost of products sold. | |||||||||||||
Advertising Costs, Policy [Policy Text Block] | Advertising | ||||||||||||
The Company expenses all advertising costs as incurred, which for the years ended December 31, 2014, 2013 and 2012 totaled $3.5 million, $3.4 million and $3.5 million, respectively. | |||||||||||||
Standard Product Warranty, Policy [Policy Text Block] | 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: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 1,170 | $ | 1,133 | $ | 1,228 | |||||||
Provision | 1,607 | 1,220 | 1,394 | ||||||||||
Claims | (1,611 | ) | (1,183 | ) | (1,489 | ) | |||||||
Balance at end of year | $ | 1,166 | $ | 1,170 | $ | 1,133 | |||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation | ||||||||||||
Assets and liabilities of the Company’s operations outside the United States which are accounted for in a functional currency other than U.S. dollars are translated into U.S. dollars using year-end exchange rates. Revenues and expenses are translated at weighted-average exchange rates effective during the year. Foreign currency translation gains and losses are included as a component of accumulated other comprehensive loss within equity. | |||||||||||||
Gains and losses resulting from foreign currency transactions, the amounts of which are not material, are included in net income. | |||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value | ||||||||||||
The carrying value of cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximates their fair value. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Reclassification, Policy [Policy Text Block] | Reclassification | ||||||||||||
Certain amounts for 2013 have been reclassified to conform to the 2014 presentation. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements | ||||||||||||
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 currently does not expect the adoption of ASU 2014-09 to have a material impact on its consolidated financial statements. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Property, Plant and Equipment [Table Text Block] | (in years) | ||||||||||||
Buildings | 20-50 | ||||||||||||
Machinery and equipment | 15-May | ||||||||||||
Software | 5-Mar | ||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (in years) | ||||||||||||
Technology and drawings | 13-20 | ||||||||||||
Customer relationships | 15-Sep | ||||||||||||
Other intangibles | 18-Feb | ||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 1,170 | $ | 1,133 | $ | 1,228 | |||||||
Provision | 1,607 | 1,220 | 1,394 | ||||||||||
Claims | (1,611 | ) | (1,183 | ) | (1,489 | ) | |||||||
Balance at end of year | $ | 1,166 | $ | 1,170 | $ | 1,133 | |||||||
Note_4_Financing_Arrangements_
Note 4 - Financing Arrangements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
$ | 871 | $ | 648 | $ | 332 | $ | 223 | $ | 3 | $ | 11 | $ | 2,088 |
Note_5_Accumulated_Other_Compr1
Note 5 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | |||||||||||||
Pension and other post retirement benefits: | 2014 | 2013 | 2012 | ||||||||||
Recognized actuarial loss (a) | $ | 483 | $ | 1,357 | $ | 1,794 | |||||||
Settlement loss (b) | - | 2,756 | 1,940 | ||||||||||
Settlement loss (c) | - | 1,413 | 995 | ||||||||||
Total before income tax | 483 | 5,526 | 4,729 | ||||||||||
Income tax | (177 | ) | (2,006 | ) | (1,494 | ) | |||||||
Net of income tax | $ | 306 | $ | 3,520 | $ | 3,235 | |||||||
Comprehensive Income (Loss) [Table Text Block] | Currency Translation Adjustments | Pension and OPEB Adjustments | Accumulated Other Comprehensive (Loss) Income | ||||||||||
Balance at January 1, 2012 | $ | (118 | ) | $ | (15,926 | ) | $ | (16,044 | ) | ||||
Reclassifications adjustments | - | 4,729 | |||||||||||
Current period credit (charge) | 437 | (5,716 | ) | (550 | ) | ||||||||
Income tax benefit | - | 312 | 312 | ||||||||||
Balance at December 31, 2012 | 319 | (16,601 | ) | (16,282 | ) | ||||||||
Reclassifications adjustments | - | 5,526 | |||||||||||
Current period (charge) credit | (1,381 | ) | 8,925 | 13,070 | |||||||||
Income tax charge | - | (5,249 | ) | (5,249 | ) | ||||||||
Balance at December 31, 2013 | (1,062 | ) | (7,399 | ) | (8,461 | ) | |||||||
Reclassifications adjustments | - | 483 | 483 | ||||||||||
Current period charge | (3,276 | ) | (9,294 | ) | (12,087 | ) | |||||||
Income tax benefit | - | 3,222 | 3,222 | ||||||||||
Balance at December 31, 2014 | $ | (4,338 | ) | $ | (12,988 | ) | $ | (17,326 | ) |
Note_6_Income_Taxes_Tables
Note 6 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 49,692 | $ | 40,374 | $ | 40,019 | |||||||
Foreign countries | 4,042 | 3,903 | 2,428 | ||||||||||
Total | $ | 53,734 | $ | 44,277 | $ | 42,447 | |||||||
2014 | 2013 | 2012 | |||||||||||
Current Expense: | |||||||||||||
Federal | $ | 16,638 | $ | 12,159 | $ | 11,542 | |||||||
Foreign | 946 | 792 | (324 | ) | |||||||||
State and local | 1,376 | 981 | 1,021 | ||||||||||
18,960 | 13,932 | 12,239 | |||||||||||
Deferred (benefit) expense: | |||||||||||||
Federal | (1,181 | ) | 108 | 2,109 | |||||||||
Foreign | (114 | ) | (38 | ) | (189 | ) | |||||||
State and local | (72 | ) | 171 | 85 | |||||||||
(1,367 | ) | 241 | 2,005 | ||||||||||
Income tax expense | $ | 17,593 | $ | 14,173 | $ | 14,244 | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income taxes at statutory rate | $ | 18,807 | $ | 15,497 | $ | 14,856 | |||||||
State and local income taxes, net of federal tax benefit | 674 | 587 | 719 | ||||||||||
Research and development tax credits | (371 | ) | (740 | ) | - | ||||||||
Domestic production activities deduction | (1,324 | ) | (952 | ) | (980 | ) | |||||||
Lower foreign taxes differential | (583 | ) | (612 | ) | (528 | ) | |||||||
Uncertain tax positions | 53 | 94 | (236 | ) | |||||||||
Valuation allowance | 174 | 162 | - | ||||||||||
Other | 163 | 137 | 413 | ||||||||||
Income tax expense | $ | 17,593 | $ | 14,173 | $ | 14,244 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Inventories | $ | 1,030 | $ | 1,688 | |||||||||
Accrued liabilities | 2,538 | 2,341 | |||||||||||
Postretirement health benefits obligation | 7,602 | 6,545 | |||||||||||
Pension | 1,649 | — | |||||||||||
Deferred revenue | 1,267 | — | |||||||||||
Other | 550 | 101 | |||||||||||
Total deferred tax assets | 14,636 | 10,675 | |||||||||||
Valuation allowance | (336 | ) | (162 | ) | |||||||||
Net deferred tax assets | 14,300 | 10,513 | |||||||||||
Deferred tax liabilities | |||||||||||||
Depreciation and amortization | (17,711 | ) | (16,858 | ) | |||||||||
Pension | — | (1,634 | ) | ||||||||||
Total deferred tax liabilities | (17,711 | ) | (18,492 | ) | |||||||||
Net deferred tax liabilities | $ | (3,411 | ) | $ | (7,979 | ) | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 516 | $ | 421 | $ | 1,423 | |||||||
Additions based on tax positions related to the current year | 158 | 189 | 68 | ||||||||||
Reduction for tax positions of prior years | — | — | (1 | ) | |||||||||
Reductions due to lapse of applicable statute of limitations | (98 | ) | (46 | ) | (131 | ) | |||||||
Settlements | — | (48 | ) | (938 | ) | ||||||||
Balance at end of year | $ | 576 | $ | 516 | $ | 421 | |||||||
Note_7_Pensions_and_Other_Post1
Note 7 - Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | |||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||
Plan | Plan | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 65,454 | $ | 57,632 | $ | 22,813 | $ | 19,794 | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 70,635 | $ | 81,148 | $ | 19,794 | $ | 23,794 | |||||||||||||||||
Service cost | 2,904 | 3,144 | 907 | 1,153 | |||||||||||||||||||||
Interest cost | 2,896 | 2,851 | 845 | 724 | |||||||||||||||||||||
Settlement cost | - | 191 | - | - | |||||||||||||||||||||
Benefits paid | (3,584 | ) | (11,371 | ) | (1,736 | ) | (1,370 | ) | |||||||||||||||||
Effect of foreign exchange | - | - | (49 | ) | (68 | ) | |||||||||||||||||||
Actuarial loss (gain) | 7,219 | (5,328 | ) | 3,052 | (4,439 | ) | |||||||||||||||||||
Benefit obligation at end of year | $ | 80,069 | $ | 70,635 | $ | 22,813 | $ | 19,794 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 70,889 | $ | 73,631 | $ | - | $ | - | |||||||||||||||||
Actual return on plan assets | 5,768 | 4,429 | - | - | |||||||||||||||||||||
Employer contributions | 2,500 | 4,200 | 1,736 | 1,370 | |||||||||||||||||||||
Benefits paid | (3,584 | ) | (11,371 | ) | (1,736 | ) | (1,370 | ) | |||||||||||||||||
Fair value of plan assets at end of year | 75,573 | 70,889 | - | - | |||||||||||||||||||||
Funded status at end of year | $ | (4,496 | ) | $ | 254 | $ | (22,813 | ) | $ | (19,794 | ) | ||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||||||
Noncurrent assets | $ | - | $ | 254 | $ | - | $ | - | |||||||||||||||||
Total assets | $ | - | $ | 254 | $ | - | $ | - | |||||||||||||||||
Current liabilities | $ | - | $ | - | $ | (1,516 | ) | $ | (1,401 | ) | |||||||||||||||
Noncurrent liabilities | (4,496 | ) | - | (21,297 | ) | (18,393 | ) | ||||||||||||||||||
Total liabilities | $ | (4,496 | ) | $ | - | $ | (22,813 | ) | $ | (19,794 | ) | ||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||||||||||
Net actuarial loss (gain) | $ | 28,836 | $ | 24,295 | $ | (7,601 | ) | $ | (11,871 | ) | |||||||||||||||
Deferred tax (benefit) expense | (11,162 | ) | (9,496 | ) | 2,915 | 4,471 | |||||||||||||||||||
After tax actuarial loss (gain) | $ | 17,674 | $ | 14,799 | $ | (4,686 | ) | $ | (7,400 | ) | |||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | |||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Pension Plan | |||||||||||||||||||||||||
Service cost | $ | 2,904 | $ | 3,144 | $ | 3,188 | |||||||||||||||||||
Interest cost | 2,895 | 2,851 | 2,803 | ||||||||||||||||||||||
Expected return on plan assets | (4,755 | ) | (5,080 | ) | (4,591 | ) | |||||||||||||||||||
Recognized actuarial loss | 1,664 | 2,080 | 2,441 | ||||||||||||||||||||||
Settlement loss | - | 4,169 | 2,935 | ||||||||||||||||||||||
Net periodic benefit cost | $ | 2,708 | $ | 7,164 | $ | 6,776 | |||||||||||||||||||
Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: | |||||||||||||||||||||||||
Net loss (gain) | $ | 4,541 | $ | (10,734 | ) | $ | 1,371 | ||||||||||||||||||
Total expense (income) recognized in net periodic benefit cost and other comprehensive income | $ | 7,249 | $ | (3,570 | ) | $ | 8,147 | ||||||||||||||||||
Postretirement Plan | |||||||||||||||||||||||||
Service cost | $ | 907 | $ | 1,153 | $ | 1,156 | |||||||||||||||||||
Interest cost | 845 | 724 | 871 | ||||||||||||||||||||||
Recognized actuarial gain | (1,181 | ) | (723 | ) | (647 | ) | |||||||||||||||||||
Net periodic benefit cost | $ | 571 | $ | 1,154 | $ | 1,380 | |||||||||||||||||||
Other changes in post retirement plan assets and benefit obligations recognized in other comprehensive loss: | |||||||||||||||||||||||||
Net loss (gain) | $ | 4,233 | $ | (3,717 | ) | $ | (384 | ) | |||||||||||||||||
Total expense (income) recognized in net periodic benefit cost and other comprehensive income | $ | 4,804 | $ | (2,563 | ) | $ | 996 | ||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||
Discount rate | 3.45 | % | 4.3 | % | 3.6 | % | 4.5 | % | |||||||||||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | — | — | |||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: | |||||||||||||||||||||||||
Discount rate | 4.3 | % | 4.3 | % | 4.5 | % | 3.2 | % | |||||||||||||||||
Expected long term rate of return on plan assets | 7 | % | 7 | % | — | — | |||||||||||||||||||
Rate of compensation increase | 3.5 | % | 3.5 | % | — | — | |||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | |||||||||||||||||||||||||
2014 | $ | % | |||||||||||||||||||||||
Level 1 | |||||||||||||||||||||||||
Equity | $ | 17,819 | 23 | % | |||||||||||||||||||||
Fixed Income | 2,169 | 3 | % | ||||||||||||||||||||||
Mutual Funds | 3,598 | 5 | % | ||||||||||||||||||||||
Money Fund and Cash | 1,901 | 3 | % | ||||||||||||||||||||||
Total Level 1 | 25,487 | 34 | % | ||||||||||||||||||||||
Level 2 | |||||||||||||||||||||||||
Fixed Income | 47,716 | 63 | % | ||||||||||||||||||||||
Money Fund | 2,362 | 3 | % | ||||||||||||||||||||||
Total Level 2 | 50,078 | 66 | % | ||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||
Total Level 3 | — | — | |||||||||||||||||||||||
Total fair value Plan assets | $ | 75,565 | 100 | % | |||||||||||||||||||||
2013 | $ | % | |||||||||||||||||||||||
Level 1 | |||||||||||||||||||||||||
Equity | $ | 21,795 | 23 | % | |||||||||||||||||||||
Fixed Income | 919 | 3 | % | ||||||||||||||||||||||
Mutual Funds | 5,031 | 5 | % | ||||||||||||||||||||||
Money Fund and Cash | 2,133 | 3 | % | ||||||||||||||||||||||
Total Level 1 | 29,878 | 34 | % | ||||||||||||||||||||||
Level 2 | |||||||||||||||||||||||||
Fixed Income | 35,540 | 63 | % | ||||||||||||||||||||||
Money Fund | 5,471 | 3 | % | ||||||||||||||||||||||
Total Level 2 | 41,011 | 66 | % | ||||||||||||||||||||||
Level 3 | |||||||||||||||||||||||||
Total Level 3 | — | — | |||||||||||||||||||||||
Total fair value Plan assets | $ | 70,889 | 100 | % | |||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||
Pension | $ | 5,095 | $ | 5,319 | $ | 7,044 | $ | 6,089 | $ | 6,366 | $ | 30,780 | |||||||||||||
Postretirement | 1,543 | 1,576 | 1,612 | 1,695 | 1,781 | 8,957 |
Note_8_Goodwill_and_Other_Inta1
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Goodwill [Table Text Block] | |||||||||||||||||
Goodwill | |||||||||||||||||
Balance at January 1, 2013 | $ | 17,452 | |||||||||||||||
Acquisition | 999 | ||||||||||||||||
Foreign currency | (405 | ) | |||||||||||||||
Balance at December 31, 2013 | 18,046 | ||||||||||||||||
Acquisition | 4,725 | ||||||||||||||||
Foreign currency | (156 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 22,615 | |||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Historical | Accumulated | Historical Cost | Accumulated | ||||||||||||||
Cost | Amortization | Amortization | |||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||
Customer relationships | $ | 12,175 | $ | 3,372 | $ | 8,170 | $ | 2,403 | |||||||||
Technology & drawings | 6,620 | 2,035 | 5,790 | 1,685 | |||||||||||||
Other intangibles | 1,544 | 1,517 | 1,568 | 1,505 | |||||||||||||
Total finite-lived intangible assets | 20,339 | 6,924 | 15,528 | 5,593 | |||||||||||||
Goodwill | 22,615 | - | 18,046 | - | |||||||||||||
Trade names & trademarks | 3,888 | - | 3,522 | - | |||||||||||||
Total | $ | 46,842 | $ | 6,924 | $ | 37,096 | $ | 5,593 | |||||||||
Note_9_Business_Segment_Inform1
Note 9 - Business Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | |||||||||||||||||||||||||
2014 | % | 2013 | % | 2012 | % | ||||||||||||||||||||
United States | $ | 298,338 | 69 | $ | 257,038 | 66 | $ | 239,153 | 64 | ||||||||||||||||
Foreign countries | 136,587 | 31 | 134,627 | 34 | 136,538 | 36 | |||||||||||||||||||
Total | $ | 434,925 | 100 | $ | 391,665 | 100 | $ | 375,691 | 100 | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Pumps and pump systems | $ | 379,626 | $ | 336,779 | $ | 318,235 | |||||||||||||||||||
Repairs of pumps and pump systems and other | 55,299 | 54,886 | 57,456 | ||||||||||||||||||||||
Total | $ | 434,925 | $ | 391,665 | $ | 375,691 | |||||||||||||||||||
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Percentage of LIFO Inventory | 75.00% | 76.00% | |
Depreciation | $13.20 | $12.40 | $11.20 |
Advertising Expense | $3.50 | $3.40 | $3.50 |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies (Details) - Property, Plant and Equipment Useful Lives | 12 Months Ended |
Dec. 31, 2014 | |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 20 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 50 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 5 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 15 years |
Software Development [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 3 years |
Software Development [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 5 years |
Note_1_Summary_of_Significant_4
Note 1 - Summary of Significant Accounting Policies (Details) - Amortization of Intangible Assets Lives | 12 Months Ended |
Dec. 31, 2014 | |
Technology And Drawings [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite Lived Intangible Assets Useful Life | 13 years |
Technology And Drawings [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite Lived Intangible Assets Useful Life | 20 years |
Customer Relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite Lived Intangible Assets Useful Life | 9 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite Lived Intangible Assets Useful Life | 15 years |
Other Intangible Assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite Lived Intangible Assets Useful Life | 2 years |
Other Intangible Assets [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite Lived Intangible Assets Useful Life | 18 years |
Note_1_Summary_of_Significant_5
Note 1 - Summary of Significant Accounting Policies (Details) - Product Warranties (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Product Warranties [Abstract] | |||
Balance at beginning of year | $1,170 | $1,133 | $1,228 |
Provision | 1,607 | 1,220 | 1,394 |
Claims | -1,611 | -1,183 | -1,489 |
Balance at end of year | $1,166 | $1,170 | $1,133 |
Note_2_Allowance_for_Doubtful_1
Note 2 - Allowance for Doubtful Accounts (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure Text Block Supplement [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $474,000 | $498,000 |
Note_3_Inventories_Details
Note 3 - Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Excess of Replacement or Current Costs over Stated LIFO Value | $57.90 | $55.30 |
Inventory Valuation Reserves | $4.60 | $3.80 |
Note_4_Financing_Arrangements_1
Note 4 - Financing Arrangements (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 30-May-14 | Dec. 17, 2013 | Dec. 06, 2013 | Dec. 17, 2012 | |
Note 4 - Financing Arrangements (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $20,000,000 | ||||||
Long-term Line of Credit | 20 | 20,000,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 6 | 6,000,000 | |||||
Interest Expense, Debt | 134,000 | 146,000 | 122,000 | ||||
Operating Leases, Rent Expense | 1,100,000 | 1,100,000 | 1,100,000 | ||||
Bank Line Of Credit Maturing August 2015 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Note 4 - Financing Arrangements (Details) [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | 0.75% | |||||
Bank Line Of Credit Maturing August 2015 [Member] | |||||||
Note 4 - Financing Arrangements (Details) [Line Items] | |||||||
Unsecured Debt | 18,000,000 | 17,000,000 | |||||
Notes Payable to Bank | 12,000,000 | ||||||
Repayments of Unsecured Debt | 3,000,000 | ||||||
Promissory Note [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Note 4 - Financing Arrangements (Details) [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||
Promissory Note [Member] | |||||||
Note 4 - Financing Arrangements (Details) [Line Items] | |||||||
Notes Payable | 6,000,000 | ||||||
Bank Line Of Credit Maturing May 2014 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Note 4 - Financing Arrangements (Details) [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||
Bank Line Of Credit Maturing May 2014 [Member] | |||||||
Note 4 - Financing Arrangements (Details) [Line Items] | |||||||
Unsecured Debt | 10,000,000 | ||||||
Bank Line Of Credit Maturing May 2012 [Member] | |||||||
Note 4 - Financing Arrangements (Details) [Line Items] | |||||||
Letters of Credit Outstanding, Amount | $4,000,000 | ||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||
Note 4 - Financing Arrangements (Details) [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Note_4_Financing_Arrangements_2
Note 4 - Financing Arrangements (Details) - Future Minimum Lease Payments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments [Abstract] | |
$871 | |
648 | |
332 | |
223 | |
3 | |
11 | |
$2,088 |
Note_5_Accumulated_Other_Compr2
Note 5 - Accumulated Other Comprehensive Loss (Details) - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||||
Settlement loss (b) | ($327,366) | ($298,010) | ($285,540) | |||
Settlement loss (c) | -54,254 | -51,734 | -47,968 | |||
Total before income tax | 53,734 | 44,277 | 42,447 | |||
Income tax | -17,593 | -14,173 | -14,244 | |||
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) | 483 | [1] | 1,357 | [1] | 1,794 | [1] |
Settlement loss (b) | [2] | 2,756 | [2] | 1,940 | [2] | |
Settlement loss (c) | [3] | 1,413 | [3] | 995 | [3] | |
Total before income tax | 483 | 5,526 | 4,729 | |||
Income tax | -177 | -2,006 | -1,494 | |||
Net of income tax | $306 | $3,520 | $3,235 | |||
[1] | The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note G for additional details. | |||||
[2] | This portion of the settlement loss is included in cost of products sold in the Consolidated Statements of Income. | |||||
[3] | This portion of the settlement loss is included in selling, general and administrative expenses in the Consolidated Statements of Income. |
Note_5_Accumulated_Other_Compr3
Note 5 - Accumulated Other Comprehensive Loss (Details) - Components of Accumulated Other Comprehensive Income (Loss) as Reported in the Consolidated Balance Sheets (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 5 - Accumulated Other Comprehensive Loss (Details) - Components of Accumulated Other Comprehensive Income (Loss) as Reported in the Consolidated Balance Sheets [Line Items] | ||||
Ending balance | ($17,326) | ($8,461) | ||
Currency Translation Adjustments [Member] | ||||
Note 5 - Accumulated Other Comprehensive Loss (Details) - Components of Accumulated Other Comprehensive Income (Loss) as Reported in the Consolidated Balance Sheets [Line Items] | ||||
Ending balance | -4,338 | -1,062 | 319 | -118 |
Current period credit (charge) | -3,276 | -1,381 | 437 | |
Pension And OPEB Adjustments [Member] | ||||
Note 5 - Accumulated Other Comprehensive Loss (Details) - Components of Accumulated Other Comprehensive Income (Loss) as Reported in the Consolidated Balance Sheets [Line Items] | ||||
Ending balance | -12,988 | -7,399 | -16,601 | -15,926 |
Reclassifications adjustments | 483 | 5,526 | 4,729 | |
Current period credit (charge) | -9,294 | 8,925 | -5,716 | |
Income tax benefit (charge) | 3,222 | -5,249 | 312 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Note 5 - Accumulated Other Comprehensive Loss (Details) - Components of Accumulated Other Comprehensive Income (Loss) as Reported in the Consolidated Balance Sheets [Line Items] | ||||
Ending balance | -17,326 | -8,461 | -16,282 | -16,044 |
Reclassifications adjustments | 483 | |||
Current period credit (charge) | -12,087 | 13,070 | -550 | |
Income tax benefit (charge) | $3,222 | ($5,249) | $312 |
Note_6_Income_Taxes_Details
Note 6 - Income Taxes (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Income Taxes Paid | $19,400,000 | $13,200,000 | $12,000,000 | |
Deferred Tax Assets, Valuation Allowance | 336,000 | 162,000 | ||
Unrecognized Tax Benefits | 576,000 | 516,000 | 421,000 | 1,423,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 452,000 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 55,000 | |||
Tax Credit Carryforward, Amount | 545,000 | 343,000 | ||
Income Tax Examination, Penalties and Interest Accrued | $99,000 | $85,000 | $91,000 |
Note_6_Income_Taxes_Details_Co
Note 6 - Income Taxes (Details) - Components of Income Tax Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 6 - Income Taxes (Details) - Components of Income Tax Expense [Line Items] | |||
Income before taxes | $53,734 | $44,277 | $42,447 |
Current Expense: | |||
Federal | 16,638 | 12,159 | 11,542 |
Foreign | 946 | 792 | -324 |
State and local | 1,376 | 981 | 1,021 |
18,960 | 13,932 | 12,239 | |
Deferred (benefit) expense: | |||
Federal | -1,181 | 108 | 2,109 |
Foreign | -114 | -38 | -189 |
State and local | -72 | 171 | 85 |
-1,367 | 241 | 2,193 | |
Income tax expense | 17,593 | 14,173 | 14,244 |
UNITED STATES | |||
Note 6 - Income Taxes (Details) - Components of Income Tax Expense [Line Items] | |||
Income before taxes | 49,692 | 40,374 | 40,019 |
Foreign Countries [Member] | |||
Note 6 - Income Taxes (Details) - Components of Income Tax Expense [Line Items] | |||
Income before taxes | $4,042 | $3,903 | $2,428 |
Note_6_Income_Taxes_Details_Re
Note 6 - Income Taxes (Details) - Reconciliation of Income Tax Expense By Applying The Statutory Federal Rate (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Income Tax Expense By Applying The Statutory Federal Rate [Abstract] | |||
Income taxes at statutory rate | $18,807 | $15,497 | $14,856 |
State and local income taxes, net of federal tax benefit | 674 | 587 | 719 |
Research and development tax credits | -371 | -740 | |
Domestic production activities deduction | -1,324 | -952 | -980 |
Lower foreign taxes differential | -583 | -612 | -528 |
Uncertain tax positions | 53 | 94 | -236 |
Valuation allowance | 174 | 162 | |
Other | 163 | 137 | 413 |
Income tax expense | $17,593 | $14,173 | $14,244 |
Note_6_Income_Taxes_Details_De
Note 6 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Inventories | $1,030,000 | $1,688,000 |
Accrued liabilities | 2,538,000 | 2,341,000 |
Postretirement health benefits obligation | 7,602,000 | 6,545,000 |
Pension | 1,649,000 | |
Deferred revenue | 1,267,000 | |
Other | 550,000 | 101,000 |
Total deferred tax assets | 14,636,000 | 10,675,000 |
Valuation allowance | -336,000 | -162,000 |
Net deferred tax assets | 14,300,000 | 10,513,000 |
Deferred tax liabilities | ||
Depreciation and amortization | -17,711,000 | -16,858,000 |
Pension | -1,634,000 | |
Total deferred tax liabilities | -17,711,000 | -18,492,000 |
Net deferred tax liabilities | ($3,411,000) | ($7,979,000) |
Note_6_Income_Taxes_Details_Re1
Note 6 - Income Taxes (Details) - Reconciliation of the Beginning and Ending Amount Of Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of the Beginning and Ending Amount Of Unrecognized Tax Benefits [Abstract] | |||
Balance at beginning of year | $516,000 | $421,000 | $1,423,000 |
Additions based on tax positions related to the current year | 158,000 | 189,000 | 68,000 |
Reduction for tax positions of prior years | -1,000 | ||
Reductions due to lapse of applicable statute of limitations | -98,000 | -46,000 | -131,000 |
Settlements | -48,000 | -938,000 | |
Balance at end of year | $576,000 | $516,000 | $421,000 |
Note_7_Pensions_and_Other_Post2
Note 7 - Pensions and Other Postretirement Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $4,200,000 | $2,900,000 | |
Unrecognized Actuarial Gain (Loss) in Excess of Benefit Obligation, Percentage | 10.00% | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 201,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 2,200,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | 185,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 1,900,000 | ||
Equity Securities [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 14.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 34.00% | ||
Fixed Income Securities [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 60.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 80.00% | ||
Alternative Investments [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 12.00% | ||
Cash and Cash Equivalents [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum | 0.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 10.00% | ||
Retirees Age 65 And Over [Member] | Postretirement Health Coverage [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 0.00% | ||
Retirees Under Age 65 [Member] | Postretirement Health Coverage [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | ||
One Percentage Point Change in Assumed Rate of Return [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Benefit Plan Effect On Pension Expense | 679,000 | ||
One Percentage Point Increase in Discount Rate [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Benefit Plan Effect On Pension Expense | 1,400,000 | ||
One Percentage Point Decrease in Discount Rate [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Benefit Plan Effect On Pension Expense | 1,600,000 | ||
Minimum [Member] | Pension Plan [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 2,000,000 | ||
Maximum [Member] | Pension Plan [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 4,000,000 | ||
Pension Plan [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $1,600,000 | $1,300,000 | $1,200,000 |
Note_7_Pensions_and_Other_Post3
Note 7 - Pensions and Other Postretirement Benefits (Details) - Amounts Recognized in the Company's Consolidated Balance Sheets (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in plan assets: | |||
Fair value of plan assets at end of year | $75,565 | $70,889 | |
Amounts recognized in the Consolidated Balance Sheets consist of: | |||
Noncurrent liabilities | 4,496 | ||
Pension Plan [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Amounts Recognized in the Company's Consolidated Balance Sheets [Line Items] | |||
Accumulated benefit obligation at end of year | 65,454 | 57,632 | |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 70,635 | 81,148 | |
Benefit obligation at end of year | 80,069 | 70,635 | 81,148 |
Service cost | 2,904 | 3,144 | 3,188 |
Interest cost | 2,896 | 2,851 | 2,803 |
Settlement cost | 191 | ||
Benefits paid | -3,584 | -11,371 | |
Actuarial loss (gain) | 7,219 | -5,328 | -2,441 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 70,889 | 73,631 | |
Fair value of plan assets at end of year | 75,573 | 70,889 | 73,631 |
Funded status at end of year | -4,496 | 254 | |
Actual return on plan assets | 5,768 | 4,429 | |
Employer contributions | 2,500 | 4,200 | |
Benefits paid | -3,584 | -11,371 | |
Amounts recognized in the Consolidated Balance Sheets consist of: | |||
Noncurrent assets | 254 | ||
Total assets | 254 | ||
Noncurrent liabilities | -4,496 | ||
Total liabilities | -4,496 | ||
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net actuarial loss (gain) | 28,836 | 24,295 | |
Deferred tax (benefit) expense | -11,162 | -9,496 | |
After tax actuarial loss (gain) | 17,674 | 14,799 | |
Postretirement Benefits [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Amounts Recognized in the Company's Consolidated Balance Sheets [Line Items] | |||
Accumulated benefit obligation at end of year | 22,813 | 19,794 | |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 19,794 | 23,794 | |
Benefit obligation at end of year | 22,813 | 19,794 | 23,794 |
Service cost | 907 | 1,153 | 1,156 |
Interest cost | 845 | 724 | 871 |
Benefits paid | -1,736 | -1,370 | |
Effect of foreign exchange | -49 | -68 | |
Actuarial loss (gain) | 3,052 | -4,439 | 647 |
Change in plan assets: | |||
Funded status at end of year | -22,813 | -19,794 | |
Employer contributions | 1,736 | 1,370 | |
Benefits paid | -1,736 | -1,370 | |
Amounts recognized in the Consolidated Balance Sheets consist of: | |||
Current liabilities | -1,516 | -1,401 | |
Noncurrent liabilities | -21,297 | -18,393 | |
Total liabilities | -22,813 | -19,794 | |
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Net actuarial loss (gain) | -7,601 | -11,871 | |
Deferred tax (benefit) expense | 2,915 | 4,471 | |
After tax actuarial loss (gain) | ($4,686) | ($7,400) |
Note_7_Pensions_and_Other_Post4
Note 7 - Pensions and Other Postretirement Benefits (Details) - Components of Net Periodic Benefit Cost (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Components of Net Periodic Benefit Cost [Line Items] | |||
Service cost | $2,904 | $3,144 | $3,188 |
Interest cost | 2,896 | 2,851 | 2,803 |
Expected return on plan assets | -4,755 | -5,080 | -4,591 |
Recognized actuarial loss (gain) | -7,219 | 5,328 | 2,441 |
Settlement loss | 4,169 | 2,935 | |
Net periodic benefit cost | 2,708 | 7,164 | 6,776 |
Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: | |||
Net loss (gain) | 4,541 | -10,734 | 1,371 |
Total expense (income) recognized in net periodic benefit cost and other comprehensive income | 7,249 | -3,570 | 8,147 |
Postretirement Benefits [Member] | |||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Components of Net Periodic Benefit Cost [Line Items] | |||
Service cost | 907 | 1,153 | 1,156 |
Interest cost | 845 | 724 | 871 |
Recognized actuarial loss (gain) | -3,052 | 4,439 | -647 |
Net periodic benefit cost | 571 | 1,154 | 1,380 |
Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: | |||
Net loss (gain) | 4,233 | -3,717 | -384 |
Total expense (income) recognized in net periodic benefit cost and other comprehensive income | $4,804 | ($2,563) | $996 |
Note_7_Pensions_and_Other_Post5
Note 7 - Pensions and Other Postretirement Benefits (Details) - Assumptions Used | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plan [Member] | ||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Assumptions Used [Line Items] | ||
Discount rate | 3.45% | 4.30% |
Rate of compensation increase | 3.50% | 3.50% |
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: | ||
Discount rate | 4.30% | 4.30% |
Expected long term rate of return on plan assets | 7.00% | 7.00% |
Rate of compensation increase | 3.50% | 3.50% |
Postretirement Benefits [Member] | ||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Assumptions Used [Line Items] | ||
Discount rate | 3.60% | 4.50% |
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: | ||
Discount rate | 4.50% | 3.20% |
Note_7_Pensions_and_Other_Post6
Note 7 - Pensions and Other Postretirement Benefits (Details) - Allocation of Plan Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Allocation of Plan Assets [Line Items] | ||
Plan Fair Value Assets | $75,565 | $70,889 |
Plan Fair Value Assets, Percentage | 100.00% | 100.00% |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Allocation of Plan Assets [Line Items] | ||
Plan Fair Value Assets | 17,819 | 21,795 |
Plan Fair Value Assets, Percentage | 23.00% | 23.00% |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Allocation of Plan Assets [Line Items] | ||
Plan Fair Value Assets | 2,169 | 919 |
Plan Fair Value Assets, Percentage | 3.00% | 3.00% |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Allocation of Plan Assets [Line Items] | ||
Plan Fair Value Assets | 47,716 | 35,540 |
Plan Fair Value Assets, Percentage | 63.00% | 63.00% |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Allocation of Plan Assets [Line Items] | ||
Plan Fair Value Assets | 3,598 | 5,031 |
Plan Fair Value Assets, Percentage | 5.00% | 5.00% |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Allocation of Plan Assets [Line Items] | ||
Plan Fair Value Assets | 1,901 | 2,133 |
Plan Fair Value Assets, Percentage | 3.00% | 3.00% |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Allocation of Plan Assets [Line Items] | ||
Plan Fair Value Assets | 2,362 | 5,471 |
Plan Fair Value Assets, Percentage | 3.00% | 3.00% |
Fair Value, Inputs, Level 1 [Member] | ||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Allocation of Plan Assets [Line Items] | ||
Plan Fair Value Assets | 25,487 | 29,878 |
Plan Fair Value Assets, Percentage | 34.00% | 34.00% |
Fair Value, Inputs, Level 2 [Member] | ||
Note 7 - Pensions and Other Postretirement Benefits (Details) - Allocation of Plan Assets [Line Items] | ||
Plan Fair Value Assets | $50,078 | $41,011 |
Plan Fair Value Assets, Percentage | 66.00% | 66.00% |
Note_7_Pensions_and_Other_Post7
Note 7 - Pensions and Other Postretirement Benefits (Details) - Expected Future Benefit Payments (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension Plan [Member] | |
Note 7 - Pensions and Other Postretirement Benefits (Details) - Expected Future Benefit Payments [Line Items] | |
Defined Benefit Plan Expected Future Benefit Payments, Year One | $5,095 |
Defined Benefit Plan Expected Future Benefit Payments, Year Two | 5,319 |
Defined Benefit Plan Expected Future Benefit Payments, Year Three | 7,044 |
Defined Benefit Plan Expected Future Benefit Payments, Year Four | 6,089 |
Defined Benefit Plan Expected Future Benefit Payments, Year Five | 6,366 |
Defined Benefit Plan Expected Future Benefit Payments, Thereafter | 30,780 |
Postretirement Benefits [Member] | |
Note 7 - Pensions and Other Postretirement Benefits (Details) - Expected Future Benefit Payments [Line Items] | |
Defined Benefit Plan Expected Future Benefit Payments, Year One | 1,543 |
Defined Benefit Plan Expected Future Benefit Payments, Year Two | 1,576 |
Defined Benefit Plan Expected Future Benefit Payments, Year Three | 1,612 |
Defined Benefit Plan Expected Future Benefit Payments, Year Four | 1,695 |
Defined Benefit Plan Expected Future Benefit Payments, Year Five | 1,781 |
Defined Benefit Plan Expected Future Benefit Payments, Thereafter | $8,957 |
Note_8_Goodwill_and_Other_Inta2
Note 8 - Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $1,400,000 | $1,200,000 | $869,000 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,200,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,200,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1,200,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,200,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $1,200,000 |
Note_8_Goodwill_and_Other_Inta3
Note 8 - Goodwill and Other Intangible Assets (Details) - Changes in Carrying Value of Goodwill (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Changes in Carrying Value of Goodwill [Abstract] | ||
Balance | $18,046 | $17,452 |
Acquisition | 4,725 | 999 |
Foreign currency | -156 | -405 |
Balance | $22,615 | $18,046 |
Note_8_Goodwill_and_Other_Inta4
Note 8 - Goodwill and Other Intangible Assets (Details) - Major Components of Goodwill and Other Intangible Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Note 8 - Goodwill and Other Intangible Assets (Details) - Major Components of Goodwill and Other Intangible Assets [Line Items] | |||
Historical Cost | $20,339 | $15,528 | |
Accumulated Amortization | 6,924 | 5,593 | |
Goodwill | 22,615 | 18,046 | 17,452 |
Total | 46,842 | 37,096 | |
Total | 6,924 | 5,593 | |
Trademarks and Trade Names [Member] | |||
Note 8 - Goodwill and Other Intangible Assets (Details) - Major Components of Goodwill and Other Intangible Assets [Line Items] | |||
Trade names & trademarks | 3,888 | 3,522 | |
Customer Relationships [Member] | |||
Note 8 - Goodwill and Other Intangible Assets (Details) - Major Components of Goodwill and Other Intangible Assets [Line Items] | |||
Historical Cost | 12,175 | 8,170 | |
Accumulated Amortization | 3,372 | 2,403 | |
Total | 3,372 | 2,403 | |
Technology And Drawings [Member] | |||
Note 8 - Goodwill and Other Intangible Assets (Details) - Major Components of Goodwill and Other Intangible Assets [Line Items] | |||
Historical Cost | 6,620 | 5,790 | |
Accumulated Amortization | 2,035 | 1,685 | |
Total | 2,035 | 1,685 | |
Other Intangible Assets [Member] | |||
Note 8 - Goodwill and Other Intangible Assets (Details) - Major Components of Goodwill and Other Intangible Assets [Line Items] | |||
Historical Cost | 1,544 | 1,568 | |
Accumulated Amortization | 1,517 | 1,505 | |
Total | 1,517 | 1,505 | |
Goodwill [Member] | |||
Note 8 - Goodwill and Other Intangible Assets (Details) - Major Components of Goodwill and Other Intangible Assets [Line Items] | |||
Goodwill | $22,615 | $18,046 |
Note_9_Business_Segment_Inform2
Note 9 - Business Segment Information (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 9 - Business Segment Information (Details) [Line Items] | ||
Number of Reportable Segments | 1 | |
Number of Countries in which Entity Operates | 150 | |
UNITED STATES | ||
Note 9 - Business Segment Information (Details) [Line Items] | ||
Long Lived Assets, Percent | 95.00% | 96.00% |
Note_9_Business_Segment_Inform3
Note 9 - Business Segment Information (Details) - Components of Customer Sales Determined Based on the Location of Customers (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 9 - Business Segment Information (Details) - Components of Customer Sales Determined Based on the Location of Customers [Line Items] | |||
Revenues | $434,925 | $391,665 | $375,691 |
Revenues, Percent | 100.00% | 100.00% | 100.00% |
UNITED STATES | |||
Note 9 - Business Segment Information (Details) - Components of Customer Sales Determined Based on the Location of Customers [Line Items] | |||
Revenues | 298,338 | 257,038 | 239,153 |
Revenues, Percent | 69.00% | 66.00% | 64.00% |
Foreign Countries [Member] | |||
Note 9 - Business Segment Information (Details) - Components of Customer Sales Determined Based on the Location of Customers [Line Items] | |||
Revenues | $136,587 | $134,627 | $136,538 |
Revenues, Percent | 31.00% | 34.00% | 36.00% |
Note_9_Business_Segment_Inform4
Note 9 - Business Segment Information (Details) - Net Sales from External Customers by Product Category (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Sales Revenue, Net | $434,925 | $391,665 | $375,691 |
Pumps And Pump Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Net | 379,626 | 336,779 | 318,235 |
Repairs And Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales Revenue, Net | $55,299 | $54,886 | $57,456 |
Note_10_Acquisitions_Details
Note 10 - Acquisitions (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 |
Note 10 - Acquisitions (Details) [Line Items] | ||||
Goodwill | $22,615,000 | $18,046,000 | $17,452,000 | |
Trademarks and Trade Names [Member] | Bayou City Pump, Inc. [Member] | ||||
Note 10 - Acquisitions (Details) [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 370,000 | |||
Customer Relationships [Member] | Bayou City Pump, Inc. [Member] | ||||
Note 10 - Acquisitions (Details) [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,100,000 | |||
Technology-Based Intangible Assets [Member] | Bayou City Pump, Inc. [Member] | ||||
Note 10 - Acquisitions (Details) [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 830,000 | |||
Bayou City Pump, Inc. [Member] | ||||
Note 10 - Acquisitions (Details) [Line Items] | ||||
Goodwill | $4,700,000 |