The Gorman-Rupp Company (GRC) 10-K 11 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Jan. 01, 2016	Jun. 30, 2015
Entity Registrant Name	GORMAN RUPP CO
Entity Central Index Key	42,682
Trading Symbol	grc
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		26,083,623
Entity Public Float			$ 468,847,646
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net sales	$ 406,150	$ 434,925	$ 391,665
Cost of products sold	313,570	327,366	298,010
Gross profit	92,580	107,559	93,655
Selling, general and administrative expenses	56,189	54,254	51,734
Operating income	36,391	53,305	41,921
Other income	1,157	940	3,050
Other expense	(282)	(511)	(694)
Income before income taxes	37,266	53,734	44,277
Income tax	12,157	17,593	14,173
Net income	$ 25,109	$ 36,141	$ 30,104
Earnings per share (in dollars per share)	$ 0.96	$ 1.38	$ 1.15
Average number of shares outstanding (in shares)	26,192,072	26,256,824	26,249,324

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net income	$ 25,109	$ 36,141	$ 30,104
Cumulative translation adjustments	(4,719)	(3,276)	(1,381)
Pension and postretirement medical liability adjustments, net of tax	(370)	(5,589)	9,202
Other comprehensive (loss) income	(5,089)	(8,865)	7,821
Comprehensive income	$ 20,020	$ 27,276	$ 37,925

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 23,724	$ 24,491
Accounts receivable – net	76,758	70,734
Inventories – net	$ 82,818	94,760
Deferred income taxes		4,694
Prepaid and other	$ 6,091	6,030
Total current assets	189,391	200,709
Property, plant and equipment:
Land	3,736	3,562
Buildings	104,128	100,943
Machinery and equipment	163,875	162,155
Total	271,739	266,660
Accumulated depreciation	(141,852)	(132,696)
Property, plant and equipment – net	129,887	133,964
Other assets	3,860	6,313
Goodwill and other intangible assets – net	41,063	39,918
Total assets	364,201	380,904
Current liabilities:
Accounts payable	$ 14,529	17,908
Short-term debt		12,000
Payroll and employee related liabilities	$ 10,871	11,355
Commissions payable	7,950	9,448
Deferred revenue	1,741	4,166
Accrued expenses	8,369	9,469
Total current liabilities	43,460	64,346
Noncurrent liabilities	9,309	4,496
Postretirement benefits	20,784	21,297
Deferred and other income taxes	3,627	8,798
Total liabilities	77,180	98,937
Equity:
Outstanding – 26,083,623 shares at December 31, 2015 and 26,260,543 shares at December 31, 2014 (after deducting treasury shares of 965,173 and 788,253 in 2014, respectively), at stated capital amount	$ 5,095	5,133
Additional paid-in capital		3,059
Retained earnings	$ 304,341	291,101
Accumulated other comprehensive loss	(22,415)	(17,326)
Total equity	287,021	281,967
Liabilities and equity	$ 364,201	$ 380,904

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Authorized (in shares)	35,000,000	35,000,000
Par value (in dollars per share)	$ 0	$ 0
Outstanding (in shares)	26,083,623	26,260,543
Treasury shares (in shares)	965,173	788,253

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Dec. 31, 2012	26,245,543
Balances at Dec. 31, 2012	$ 5,130	$ 2,693	$ 243,178	$ (16,282)	$ 234,719
Net income			$ 30,104		30,104
Other comprehensive income				$ 7,821	7,821
Issuance of treasury shares (in shares)	7,500
Issuance of treasury shares	$ 1	$ 129	$ 28		158
Cash dividends - $0.330 a share			(8,662)		(8,662)
Balances (in shares) at Dec. 31, 2013	26,253,043
Balances at Dec. 31, 2013	$ 5,131	$ 2,822	264,648	$ (8,461)	264,140
Issuance of treasury shares (in shares)	7,500
Net income			$ 36,141		36,141
Other comprehensive income				$ (8,865)	(8,865)
Issuance of treasury shares (in shares)	7,500
Issuance of treasury shares	$ 2	$ 237	$ 27		266
Cash dividends - $0.330 a share			(9,715)		(9,715)
Balances (in shares) at Dec. 31, 2014	26,260,543
Balances at Dec. 31, 2014	$ 5,133	$ 3,059	291,101	$ (17,326)	281,967
Issuance of treasury shares (in shares)	7,500
Net income			$ 25,109		25,109
Other comprehensive income				$ (5,089)	(5,089)
Issuance of treasury shares (in shares)	7,500
Issuance of treasury shares	$ 2	$ 184	$ 26		212
Cash dividends - $0.330 a share			(10,599)		(10,599)
Balances (in shares) at Dec. 31, 2015	26,083,623
Balances at Dec. 31, 2015	$ 5,095		304,341	$ (22,415)	287,021
Issuance of treasury shares (in shares)	7,500
Treasury shares repurchased (in shares)	(184,420)
Treasury shares repurchased	$ (40)	$ (3,243)	$ (1,296)		$ (4,579)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net income	$ 25,109	$ 36,141	$ 30,104
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,282	14,615	13,588
Pension expense	7,657	2,708	7,164
Contributions to pension plan	(4,000)	(2,500)	(4,200)
Deferred income taxes	(563)	(1,367)	241
Gain on sale of property, plant and equipment	(88)	(343)	(2,535)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable – net	(4,750)	(8,529)	(662)
Inventories – net	12,576	(2,987)	(48)
Accounts payable	(4,123)	(693)	2,985
Commissions payable	(1,498)	3,367	(1,487)
Deferred revenue	(2,425)	(3,024)	7,112
Accrued expenses	(2,436)	(3,700)	6,947
Benefit obligations and other	(58)	(4,685)	(8,823)
Net cash provided by operating activities	40,683	29,003	50,386
Cash flows from investing activities:
Capital additions – net	(8,260)	(13,278)	(21,014)
Proceeds from sale of property, plant and equipment	466	681	$ 2,905
Payments for acquisitions, net of cash acquired	(3,386)	(16,667)
Net cash used for investing activities	(11,180)	(29,264)	$ (18,109)
Cash flows from financing activities:
Cash dividends	(10,599)	$ (9,715)	$ (8,662)
Treasury shares repurchased	(4,579)
Proceeds from bank borrowings		$ 18,000	$ 6,000
Payments to bank for borrowings	(13,912)	(15,000)	(19,000)
Net cash used for financing activities	(29,090)	(6,715)	(21,662)
Effect of exchange rate changes on cash	(1,180)	344	389
Net (decrease) increase in cash and cash equivalents	(767)	(6,632)	11,004
Cash and cash equivalents:
Beginning of year	24,491	31,123	20,119
End of period	$ 23,724	$ 24,491	$ 31,123

Note A - Summary of Significant

Note A - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note A – Summa r y of Significant Accounting P olicies General Info r mation and Basis of P r esentation 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 Equ i v alents and Sho r t- T e r m I n v estments 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, 2015 and 2014 consist primarily of certificates of deposit, and are classified as prepaid and other on the Consolidated Balance Sheets. Accounts Rece i v a ble and All o w ance 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. I n v ento r ies Inventories are stated at the lower of cost or market. The costs for approximately 73% of inventories at December 31, 2015 and 75% of inventories at December 31, 2014 are determined using the last-in, first-out (LIFO) method, with the remainder determined using the first-in, first-out (FIFO) method. Cost components include materials, inbound freight costs, labor and allocations of fixed and variable overheads on an absorption costing basis. Long-L i v ed 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 using 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 $13.8 million, $13.2 million and $12.4 million during 2015, 2014 and 2013, respectively. Depreciation of property, plant and equipment is determined based on the following lives: Buildings (in years) 20 - 50 Machinery and equipment (in years) 5 - 15 Software (in years) 3 - 5 Amortization of finite-lived intangible assets is determined based on the following lives: Technology and drawings (in years) 13 - 20 Customer relationships (in years) 9 - 15 Other intangibles (in years) 2 - 18 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-L i v ed Intan g ible 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 performs a quantitative analysis using a discounted cash flow model and other valuation techniques, but may elect to perform a qualitative analysis when deemed appropriate. For 2015, 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 2015, based on the quantitative analysis, the fair values of the Company’s reporting units continue to exceed the respective carrying amounts. See Note J for additional information. 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 2015 and 2014, the fair value of indefinite lived intangible assets exceeded their carrying value. For additional information about goodwill and other intangible assets, see Note H. R e v e n ue Rec o gnition 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 C r edit 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, 2015, 2014 or 2013. 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. Ad v e r tising The Company expenses all advertising costs as incurred, which for the years ended December 31, 2015, 2014 and 2013 totaled $3.2 million, $3.5 million, and $3.4 million, respectively. P r oduct W a r ranties 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: 2015 2014 2013 Balance at beginning of year $ 1,166 $ 1,170 $ 1,133 Provision 1,732 1,607 1,220 Claims (1,518 ) (1,611 ) (1,183 ) Balance at end of year $ 1,380 $ 1,166 $ 1,170 F o r eign Cu r r ency T ranslation 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 other income and expense. F air V alue 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 2014 and 2014 have been reclassified to conform to the 2015 presentation. N e w Accounting P r onouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial statements. In November 2015 the FASB issued ASU 2015-17, “ Income T a x es ( T opic 740): Balance Sheet Classification of Defe r red T a x es In May 2014, the FASB issued ASU 2014-09, “ Re v enue from Cont r acts with Customers ( T opic 606),

Note B - Allowance for Doubtful

Note B - Allowance for Doubtful Accounts	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Allowance for Credit Losses [Text Block]	Note B – All o w ance for Doubtful Accounts The allowance for doubtful accounts was $917,000 and $474,000 at December 31, 2015 and 2014, respectively.

Note C - Inventories

Note C - Inventories	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note C – I n v ento r ies Inventories are stated at the lower of cost or market. Replacement cost approximates current cost and the excess over LIFO cost is approximately $59.1 million and $57.9 million at December 31, 2015 and 2014, respectively. Some inventory quantities were reduced during 2015, resulting in liquidation of some LIFO quantities carried at lower costs from earlier years versus current year costs. The related effect increased net income by $363,000. Allowances for excess and obsolete inventory totaled $5.0 million and $4.6 million at December 31, 2015 and 2014, respectively. I n v ento r ies-net 2015 2014 Raw materials and in-process $ 25,652 $ 16,217 Finished parts 46,270 42,414 Finished products 10,896 36,129 Total net inventories $ 82,818 $ 94,760

Note D - Financing Arrangements

Note D - Financing Arrangements	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Debt Disclosure [Text Block]	Note D – Financing A r ran g ements In May 2014, the Company borrowed $18.0 million under an unsecured bank loan agreement to finance the acquisition of Bayou City Pump, Inc. The loan bore interest at LIBOR plus 0.75%, adjustable and payable monthly with annual renewal. At December 31, 2015, there was no balance outstanding on the loan. 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 November 2017. At December 31, 2015 and 2014, $19.99 million and $20.0 million, respectively, were available for borrowing after deducting $6,000 in outstanding letters of credit in 2015. The Company also has an $8.0 million unsecured bank line of credit with interest at LIBOR plus 0.75% payable monthly which matures in May 2016. At December 31, 2015 and 2014, $3.9 million and $6.0 million, respectively, was available for borrowing after deducting $4.1 million and $4.0 million in outstanding letters of credit, respectively. The Company also has a $3.0 million bank guarantee with interest at 1.75% in an agreement dated June 2015. At December 31, 2015, $600,000 was available for borrowing after deducting $2.4 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, 2015 and 2014, the Company was in compliance with all requirements. Interest expense, which approximates interest paid, was $122,000, $134,000 and $146,000 in 2015, 2014 and 2013, respectively. The Company has operating leases for certain offices, manufacturing facilities, land, office equipment and automobiles. Rental expense relating to operating leases was $1.0 million in 2015 and $1.1 million in 2014 and 2013. The future minimum lease payments due under these operating leases as of December 31, 2015 are: 2016 2017 2018 2019 2020 The r eafter T otal $ 838 $ 551 $ 416 $ 168 $ 44 $ 10 $ 2,027

Note E - Accumulated Other Comp

Note E - Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Accumulated Other Comprehensive Loss [Text Block]	Note E – Accu m ulated Other Comp r ehens i v e Loss The reclassifications out of accumulated other comprehensive loss as reported in the Consolidated Statement of Income are: P ension and other post r eti r ement benefits: 2015 2014 2013 Recognized actuarial loss (a) $ 1,581 $ 483 $ 1,357 Settlement loss (b) 2,584 – 2,756 Settlement loss © 1,199 – 1,413 Total before income tax 5,364 483 5,526 Income tax (1,749 ) (177 ) (2,006 ) Net of income tax $ 3,615 $ 306 $ 3,520 (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 Pension and Accumulated Balance at January 1, 2013 $ 319 (16,601 ) (16,282 ) Reclassifications adjustments — 5,526 5,526 Current period credit (charge) (1,381 ) 8,925 7,544 Income tax benefit — (5,249 ) (5,249 ) Balance at December 31, 2013 (1,062 ) (7,399 ) (8,461 ) Reclassifications adjustments — 483 483 Current period (charge) credit (3,276 ) (9,294 ) (12,570 ) Income tax charge — 3,222 3,222 Balance at December 31, 2014 (4,338 ) $ (12,988 ) $ (17,326 ) Reclassifications adjustments — 5,364 5,364 Current period charge (4,719 ) (6,038 ) (10,757 ) Income tax benefit — 304 304 Balance at December 31, 201 5 $ (9,037 ) (13,358 ) (22,415 )

Note F - Income Taxes

Note F - Income Taxes	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note F – Income Taxes The components of income before income taxes are: 2015 2014 2013 United States $ 35,391 $ 49,692 $ 40,374 Foreign countries 1,875 4,042 3,903 Total $ 37,266 $ 53,734 $ 44,277 The components of income tax expense are: 2015 2014 2013 Current expense: Federal $ 11,465 $ 16,638 $ 12,159 Foreign 292 946 792 ) State and local 963 1,376 981 12,720 18,960 13,932 Deferred (benefit) expense: Federal (443 ) (1,181 ) 108 Foreign (112 ) (114 ) (38 ) State and local (8 ) (72 ) 171 (563 ) (1,367 ) 241 Income tax expense $ 12,157 $ 17,593 $ 14,173 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: 2015 2014 2013 Income taxes at statutory rate $ 13,043 $ 18,807 $ 15,497 State and local income taxes, net of federal tax benefit 680 674 587 Research and development tax credits (380 ) (371 ) (740 ) Domestic production activities deduction (964 ) (1,324 ) (952 ) Lower foreign taxes differential (476 ) (583 ) (612 ) Uncertain tax positions 26 53 94 Valuation allowance (59 ) 174 162 Other 287 163 137 Income tax expense $ 12,157 $ 17,593 $ 14,173 The Company made income tax payments of $13.5 million, $19.4 million and $13.2 million in 2015, 2014 and 2013, respectively. Deferred income tax assets and liabilities consist of: 2015 2014 2013 Deferred tax assets: Inventories 1,664 $ 1,030 $ 1,688 Accrued liabilities 2,450 2,538 2,341 Postretirement health benefits obligation 7,547 7,602 6,545 Pension 3,443 1,649 — Deferred revenue - 1,267 — Other 292 550 101 Total deferred tax assets 15,396 14,636 10,675 Valuation allowance (277 ) (336 ) (162 ) Net deferred tax assets 15,119 14,300 10,513 Deferred tax liabilities: Depreciation and amortization (18,059 ) (17,711 ) (16,858 ) Pension - — (1,634 ) Total deferred tax liabilities (18,059 ) (17,711 ) (18,492 ) Net deferred tax liabilities (2,940 ) $ (3,411 ) $ (7,979 ) The Company has a valuation allowance as of December 31, 2015 of $277,000 against certain of its deferred tax assets. The comparable amount of valuation allowance at December 31, 2014 was $336,000. 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, 2015, total unrecognized tax benefits were $567,000. Of the total, $447,000 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: 2015 201 4 2013 Balance at beginning of year $ 576 $ 516 $ 421 Additions based on tax positions related to the current year 113 158 189 Reductions due to lapse of applicable statute of limitations (101 ) (98 ) (46 ) Settlements (21 ) — (48 ) Balance at end of year $ 567 $ 576 $ 516 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 $56,000 of unrecognized tax benefits recorded for periods which the relevant statutes of limitations expire in the next 12 months. The Company is currently under examination by the Internal Revenue Service for its tax year ending December 31, 2013. Any adjustment from this examination is not expected to have a material impact on the consolidated financial position or results of operations of the Company. Management anticipates this examination will be resolved within the next 12 months. The Company has state tax credit carryforwards of $533,000 and $545,000 as of December 31, 2015 and 2014, 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 $116,000 and $99,000 for the payment of interest and penalties at December 31, 2015 and 2014, respectively. The Company did not provide taxes with respect to $19.8 million of undistributed earnings at December 31, 2015, since the earnings are considered by the Company to be permanently reinvested. In an unanticipated future event where these earnings are distributed or deemed distributed in a taxable transaction, the Company may be subject to United States income tax and foreign withholding taxes, the net tax liability of which is estimated to be $1.4 million. 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 impact of the regulations is not material to the Company’s consolidated financial statements.

Note G - Pension and Other Post

Note G - Pension and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
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 to the plans in 2015 and 2014 were $1.6 million and were $1.3 million in 2013. 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 2015 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 Plan Postretirement Plan 2015 2014 2015 2014 Accumulated benefit obligation at end of year $ 63,830 $ 65,454 $ 22,430 $ 22,813 Change in projected benefit obligation: Benefit obligation at beginning of year $ 80,069 $ 70,635 $ 22,813 $ 19,794 Service cost 3,064 2,904 1,194 907 Interest cost 2,640 2,895 790 845 Settlement 1,431 — — — Benefits paid (10,069 ) (3,584 ) (1,094 ) (1,736 ) Effect of foreign exchange — — (94 ) (49 ) Actuarial loss (gain) 465 7,219 (1,179 ) 3,052 Benefit obligation at end of year $ 77,600 $ 80,069 $ 22,430 $ 22,813 Change in plan assets: Plan assets at beginning of year $ 75,573 $ 70,889 $ — $ — Actual return on plan assets (1,213 ) 5,768 — — Employer contributions 4,000 2,500 1,094 1,736 Benefits paid (10,069 ) (3,584 ) (1,094 ) (1,736 ) Plan assets at end of year 68,291 75,573 — — Funded status at end of year $ (9,309 ) $ (4,496 ) $ (22,430 ) $ (22,813 ) Amounts recognized in the Consolidated Balance Sheets consist of: Current liabilities $ — $ — $ (1,646 ) $ (1,516 ) Noncurrent liabilities (9,309 ) (4,496 ) (20,784 ) (21,297 ) Total liabilities $ (9,309 ) $ (4,496 ) $ (22,430 ) $ (22,813 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss (gain) $ 29,992 $ 28,836 $ (8,082 ) $ (7,601 ) Deferred tax (benefit) expense (11,590 ) (11,162 ) 3,038 2,915 After tax actuarial loss (gain) $ 18,402 $ 17,674 $ (5,044 ) $ (4,686 ) Components of net periodic benefit cost: 2015 2014 2013 Pension Plan Service cost $ 3,064 $ 2,904 $ 3,144 Interest cost 2,640 2,895 2,851 Expected return on plan assets (4,060 ) (4,755 ) (5,080 ) Recognized actuarial loss 2,230 1,664 2,080 Settlement loss 3,783 — 4,169 Net periodic benefit cost $ 7,657 $ 2,708 $ 7,164 Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ 1,156 $ 4,541 $ (10,734 ) Total expense (income) recognized in net periodic benefit cost and other comprehensive income $ 8,813 $ 7,249 $ (3,570 ) Postretirement Plan Service cost $ 1,194 $ 907 $ 1,153 Interest cost 790 845 724 Recognized actuarial gain (649 ) (1,181 ) (723 ) Net periodic benefit cost $ 1,335 $ 571 $ 1,154 Other changes in post retirement plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ (529 ) $ 4,233 $ (3,717 ) Total expense (income) recognized in net periodic benefit cost and other comprehensive income $ 806 $ 4,804 $ (2,563 ) During 2015 and 2013, the Company recorded settlement losses relating to retirees that received lump-sum distributions from the Company’s defined benefit pension plan totaling $3.8 million and $4.2 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 2015 and 2013. 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. Pension Postretirement 2015 2014 2015 2014 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.70 % 3.45 % 3.90 % 3.60 % 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 3.67 % 4.30 % 3.60 % 4.50 % Expected long-term rate of return on plan assets 6.00 % 7.00 % — — Rate of compensation increase 3.50 % 3.50 % — — To enhance the Company’s efforts to mitigate the impact of the defined benefit pension plan on its financial statements, the Company has recently 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 2015 funding levels, equities may comprise between 14% and 34% of the Plan’s market value. Fixed income investments may comprise between 60% and 80% of the Plan’s market value. Alternative investments may comprise between 0% and 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% and 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: 2015 $ % Level 1 Equity $ 16,908 25 % Fixed Income 1,468 2 % Mutual Funds 3,476 5 % Money Fund and Cash 1,011 1 % Total Level 1 22,863 33 % Level 2 Fixed Income 41,984 62 % Money Fund 3,428 5 % Total Level 2 45,412 67 % Level 3 Total Level 3 — — Total fair value of Plan assets $ 68,275 100 % 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 of Plan assets $ 75,565 100 % Contributions The Company may contribute $2 million to $6 million to its pension plan in 2016. Expected futu r e benefit p a yments The following benefit payments are expected to be paid as follows based on actuarial calculations: 2016 2017 2018 2019 2020 Thereafter Pension $ 5,524 $ 7,498 $ 7,544 $ 6,055 $ 7,205 $ 29,274 Postretirement 1,678 1,677 1,651 1,656 1,666 8,757 A one percentage point increase in the assumed health care trend rate would increase postretirement expense by approximately $274,000, changing the benefit obligation by approximately $2.1 million; while a one percentage point decrease in the assumed health care trend rate would decrease postretirement expense by approximately $232,000, changing the benefit obligation by approximately $1.8 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 $677,000 effect on pension expense. Additionally, a one percentage point increase in the discount rate is estimated to have a $1.6 million decrease in pension expense, while a one percentage point decrease in the discount rate is estimated to have a $1.9 million increase in pension expense.

Note H - Goodwill and Other Int

Note H - Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note H – Goodwill and Other Intan g ible Assets Changes in the carrying value of goodwill during the years ended December 31, 2015 and 2014 are as follows: Goodwill Balance at January 1, 2014 $ 18,046 Acquisition 4,725 Foreign currency (156 ) Balance at December 31, 2014 22,615 Acquisition 2,428 Foreign currency (484 ) Balance at December 31, 2015 $ 24,559 The major components of goodwill and other intangible assets are: 2015 2014 Historical Accumulated Historical Accumulated Finite-lived intangible assets: Customer relationships $ 12,706 $ 4,430 $ 12,175 $ 3,372 Technology & drawings 6,745 2,412 6,620 2,035 Other intangibles 2,406 1,577 1,544 1,517 Total finite-lived intangible assets 21,857 8,419 20,339 6,924 Goodwill 24,559 — 22,615 — Trade names & trademarks 3,066 — 3,888 — Total $ 49,482 $ 8,419 $ 46,842 $ 6,924 Amortization of intangible assets in 2015, 2014 and 2013 was $1.5 million, $1.4 million and $1.2 million, respectively. Amortization of these intangible assets for 2016 through 2020 is expected to approximate $1.5 million per year.

Note I - Business Segment Infor

Note I - Business Segment Information	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note I – Business S e gment Info r mation 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 more than 150 countries around the world. The components of customer sales, determined based on the location of customers are: 2015 % 2014 % 2013 % United States $ 269,628 66 $ 298,338 69 $ 257,038 66 Foreign countries 136,522 34 136,587 31 134,627 34 Total $ 406,150 100 $ 434,925 100 $ 391,665 100 Net sales from external customers by product category are: 201 5 2014 2013 Pumps and pump systems $ 352,652 $ 379,626 $ 336,779 Repairs of pumps and pump systems and other 53,498 55,299 54,886 Total $ 406,150 $ 434,925 $ 391,665 As of December 31, 2015 and 2014, 94% and 95% of the Company’s long-lived assets were located in the United States, respectively.

Note J - Acquisition

Note J - Acquisition	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note J – Acquisitions As of August 2015, the Company’s subsidiary, Gorman-Rupp Europe B.V., acquired substantially all of the assets and certain liabilities of Hydro+ SA (Hydro) and Hydro+ Rental SPRL (Hydro Rental), subsequently renamed Gorman-Rupp Rental SPRL, based near Namur, Belgium.The Company assumed $1.9 million in bank debt, which was subsequently paid off in 2015. Hydro has been the Company’s Belgian pump and pump systems distributor since 1998, and in 2011 formed Hydro Rental to expand pump and pump system rentals in the same region. Hydro’s principal products are centrifugal pumps supplied by the Company, and Hydro has begun converting some of these pumps into packaged pump station systems tailored for its European market. As of the acquisition date, combined annual revenues of the Hydro companies were expected to be $4 million U.S. dollars. The Company recognized customer relationships of $748,000, technology and drawings of $130,000, tradenames and trademarks of $70,000 and goodwill of $2.4 million related to the asset acquisition of Hydro and Hydro Rental. The results of operations of the acquired businesses have been included in Gorman-Rupp’s consolidated results since August 2015. 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 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 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. 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 acquisition 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. Goodwill relating to the National Pump Company reporting unit comprising recent acquisitions (NPC) represents 4.5% of the Company’s December 31, 2015 total assets. Our annual impairment analysis performed as of October 1, 2015 concluded that NPC’s fair value was within 10% of its carrying value. If recently depressed U.S. agricultural conditions continue for an extended time, this market’s related growth and profitability assumptions may reduce NPC’s indicated fair value to require a potential future impairment charge.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	General Info r mation and Basis of P r esentation 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 Equ i v alents and Sho r t- T e r m I n v estments 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, 2015 and 2014 consist primarily of certificates of deposit, and are classified as prepaid and other on the Consolidated Balance Sheets.
Receivables, Policy [Policy Text Block]	Accounts Rece i v a ble and All o w ance 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]	I n v ento r ies Inventories are stated at the lower of cost or market. The costs for approximately 73% of inventories at December 31, 2015 and 75% of inventories at December 31, 2014 are determined using the last-in, first-out (LIFO) method, with the remainder determined using the first-in, first-out (FIFO) method. 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-L i v ed 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 using 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 $13.8 million, $13.2 million and $12.4 million during 2015, 2014 and 2013, respectively. Depreciation of property, plant and equipment is determined based on the following lives: Buildings (in years) 20 - 50 Machinery and equipment (in years) 5 - 15 Software (in years) 3 - 5 Amortization of finite-lived intangible assets is determined based on the following lives: Technology and drawings (in years) 13 - 20 Customer relationships (in years) 9 - 15 Other intangibles (in years) 2 - 18 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-L i v ed Intan g ible 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 performs a quantitative analysis using a discounted cash flow model and other valuation techniques, but may elect to perform a qualitative analysis when deemed appropriate. For 2015, 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 2015, based on the quantitative analysis, the fair values of the Company’s reporting units continue to exceed the respective carrying amounts. See Note J for additional information. 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 2015 and 2014, 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]	R e v e n ue Rec o gnition 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 C r edit 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, 2015, 2014 or 2013.
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]	Ad v e r tising The Company expenses all advertising costs as incurred, which for the years ended December 31, 2015, 2014 and 2013 totaled $3.2 million, $3.5 million, and $3.4 million, respectively.
Standard Product Warranty, Policy [Policy Text Block]	P r oduct W a r ranties 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: 2015 2014 2013 Balance at beginning of year $ 1,166 $ 1,170 $ 1,133 Provision 1,732 1,607 1,220 Claims (1,518 ) (1,611 ) (1,183 ) Balance at end of year $ 1,380 $ 1,166 $ 1,170
Foreign Currency Transactions and Translations Policy [Policy Text Block]	F o r eign Cu r r ency T ranslation 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 other income and expense.
Fair Value of Financial Instruments, Policy [Policy Text Block]	F air V alue 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 2014 and 2014 have been reclassified to conform to the 2015 presentation.
New Accounting Pronouncements, Policy [Policy Text Block]	N e w Accounting P r onouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial statements. In November 2015 the FASB issued ASU 2015-17, “ Income T a x es ( T opic 740): Balance Sheet Classification of Defe r red T a x es In May 2014, the FASB issued ASU 2014-09, “ Re v enue from Cont r acts with Customers ( T opic 606),

Note A - Summary of Significa19

Note A - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Property, Plant and Equipment [Table Text Block]	Buildings (in years) 20 - 50 Machinery and equipment (in years) 5 - 15 Software (in years) 3 - 5
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Technology and drawings (in years) 13 - 20 Customer relationships (in years) 9 - 15 Other intangibles (in years) 2 - 18
Schedule of Product Warranty Liability [Table Text Block]	2015 2014 2013 Balance at beginning of year $ 1,166 $ 1,170 $ 1,133 Provision 1,732 1,607 1,220 Claims (1,518 ) (1,611 ) (1,183 ) Balance at end of year $ 1,380 $ 1,166 $ 1,170

Note C - Inventories (Tables)

Note C - Inventories (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	I n v ento r ies-net 2015 2014 Raw materials and in-process $ 25,652 $ 16,217 Finished parts 46,270 42,414 Finished products 10,896 36,129 Total net inventories $ 82,818 $ 94,760

Note D - Financing Arrangemen21

Note D - Financing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	2016 2017 2018 2019 2020 The r eafter T otal $ 838 $ 551 $ 416 $ 168 $ 44 $ 10 $ 2,027

Note E - Accumulated Other Co22

Note E - Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	P ension and other post r eti r ement benefits: 2015 2014 2013 Recognized actuarial loss (a) $ 1,581 $ 483 $ 1,357 Settlement loss (b) 2,584 – 2,756 Settlement loss © 1,199 – 1,413 Total before income tax 5,364 483 5,526 Income tax (1,749 ) (177 ) (2,006 ) Net of income tax $ 3,615 $ 306 $ 3,520
Comprehensive Income (Loss) [Table Text Block]	Currency Pension and Accumulated Balance at January 1, 2013 $ 319 (16,601 ) (16,282 ) Reclassifications adjustments — 5,526 5,526 Current period credit (charge) (1,381 ) 8,925 7,544 Income tax benefit — (5,249 ) (5,249 ) Balance at December 31, 2013 (1,062 ) (7,399 ) (8,461 ) Reclassifications adjustments — 483 483 Current period (charge) credit (3,276 ) (9,294 ) (12,570 ) Income tax charge — 3,222 3,222 Balance at December 31, 2014 (4,338 ) $ (12,988 ) $ (17,326 ) Reclassifications adjustments — 5,364 5,364 Current period charge (4,719 ) (6,038 ) (10,757 ) Income tax benefit — 304 304 Balance at December 31, 201 5 $ (9,037 ) (13,358 ) (22,415 )

Note F - Income Taxes (Tables)

Note F - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2015 2014 2013 United States $ 35,391 $ 49,692 $ 40,374 Foreign countries 1,875 4,042 3,903 Total $ 37,266 $ 53,734 $ 44,277 2015 2014 2013 Current expense: Federal $ 11,465 $ 16,638 $ 12,159 Foreign 292 946 792 ) State and local 963 1,376 981 12,720 18,960 13,932 Deferred (benefit) expense: Federal (443 ) (1,181 ) 108 Foreign (112 ) (114 ) (38 ) State and local (8 ) (72 ) 171 (563 ) (1,367 ) 241 Income tax expense $ 12,157 $ 17,593 $ 14,173
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2015 2014 2013 Income taxes at statutory rate $ 13,043 $ 18,807 $ 15,497 State and local income taxes, net of federal tax benefit 680 674 587 Research and development tax credits (380 ) (371 ) (740 ) Domestic production activities deduction (964 ) (1,324 ) (952 ) Lower foreign taxes differential (476 ) (583 ) (612 ) Uncertain tax positions 26 53 94 Valuation allowance (59 ) 174 162 Other 287 163 137 Income tax expense $ 12,157 $ 17,593 $ 14,173
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2015 2014 2013 Deferred tax assets: Inventories 1,664 $ 1,030 $ 1,688 Accrued liabilities 2,450 2,538 2,341 Postretirement health benefits obligation 7,547 7,602 6,545 Pension 3,443 1,649 — Deferred revenue - 1,267 — Other 292 550 101 Total deferred tax assets 15,396 14,636 10,675 Valuation allowance (277 ) (336 ) (162 ) Net deferred tax assets 15,119 14,300 10,513 Deferred tax liabilities: Depreciation and amortization (18,059 ) (17,711 ) (16,858 ) Pension - — (1,634 ) Total deferred tax liabilities (18,059 ) (17,711 ) (18,492 ) Net deferred tax liabilities (2,940 ) $ (3,411 ) $ (7,979 )
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	2015 201 4 2013 Balance at beginning of year $ 576 $ 516 $ 421 Additions based on tax positions related to the current year 113 158 189 Reductions due to lapse of applicable statute of limitations (101 ) (98 ) (46 ) Settlements (21 ) — (48 ) Balance at end of year $ 567 $ 576 $ 516

Note G - Pension and Other Po24

Note G - Pension and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Changes in Projected Benefit Obligations [Table Text Block]	Pension Plan Postretirement Plan 2015 2014 2015 2014 Accumulated benefit obligation at end of year $ 63,830 $ 65,454 $ 22,430 $ 22,813 Change in projected benefit obligation: Benefit obligation at beginning of year $ 80,069 $ 70,635 $ 22,813 $ 19,794 Service cost 3,064 2,904 1,194 907 Interest cost 2,640 2,895 790 845 Settlement 1,431 — — — Benefits paid (10,069 ) (3,584 ) (1,094 ) (1,736 ) Effect of foreign exchange — — (94 ) (49 ) Actuarial loss (gain) 465 7,219 (1,179 ) 3,052 Benefit obligation at end of year $ 77,600 $ 80,069 $ 22,430 $ 22,813 Change in plan assets: Plan assets at beginning of year $ 75,573 $ 70,889 $ — $ — Actual return on plan assets (1,213 ) 5,768 — — Employer contributions 4,000 2,500 1,094 1,736 Benefits paid (10,069 ) (3,584 ) (1,094 ) (1,736 ) Plan assets at end of year 68,291 75,573 — — Funded status at end of year $ (9,309 ) $ (4,496 ) $ (22,430 ) $ (22,813 ) Amounts recognized in the Consolidated Balance Sheets consist of: Current liabilities $ — $ — $ (1,646 ) $ (1,516 ) Noncurrent liabilities (9,309 ) (4,496 ) (20,784 ) (21,297 ) Total liabilities $ (9,309 ) $ (4,496 ) $ (22,430 ) $ (22,813 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss (gain) $ 29,992 $ 28,836 $ (8,082 ) $ (7,601 ) Deferred tax (benefit) expense (11,590 ) (11,162 ) 3,038 2,915 After tax actuarial loss (gain) $ 18,402 $ 17,674 $ (5,044 ) $ (4,686 )
Schedule of Costs of Retirement Plans [Table Text Block]	2015 2014 2013 Pension Plan Service cost $ 3,064 $ 2,904 $ 3,144 Interest cost 2,640 2,895 2,851 Expected return on plan assets (4,060 ) (4,755 ) (5,080 ) Recognized actuarial loss 2,230 1,664 2,080 Settlement loss 3,783 — 4,169 Net periodic benefit cost $ 7,657 $ 2,708 $ 7,164 Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ 1,156 $ 4,541 $ (10,734 ) Total expense (income) recognized in net periodic benefit cost and other comprehensive income $ 8,813 $ 7,249 $ (3,570 ) Postretirement Plan Service cost $ 1,194 $ 907 $ 1,153 Interest cost 790 845 724 Recognized actuarial gain (649 ) (1,181 ) (723 ) Net periodic benefit cost $ 1,335 $ 571 $ 1,154 Other changes in post retirement plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ (529 ) $ 4,233 $ (3,717 ) Total expense (income) recognized in net periodic benefit cost and other comprehensive income $ 806 $ 4,804 $ (2,563 )
Schedule of Assumptions Used [Table Text Block]	Pension Postretirement 2015 2014 2015 2014 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.70 % 3.45 % 3.90 % 3.60 % 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 3.67 % 4.30 % 3.60 % 4.50 % Expected long-term rate of return on plan assets 6.00 % 7.00 % — — Rate of compensation increase 3.50 % 3.50 % — —
Schedule of Allocation of Plan Assets [Table Text Block]	2015 $ % Level 1 Equity $ 16,908 25 % Fixed Income 1,468 2 % Mutual Funds 3,476 5 % Money Fund and Cash 1,011 1 % Total Level 1 22,863 33 % Level 2 Fixed Income 41,984 62 % Money Fund 3,428 5 % Total Level 2 45,412 67 % Level 3 Total Level 3 — — Total fair value of Plan assets $ 68,275 100 % 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 of Plan assets $ 75,565 100 %
Schedule of Expected Benefit Payments [Table Text Block]	2016 2017 2018 2019 2020 Thereafter Pension $ 5,524 $ 7,498 $ 7,544 $ 6,055 $ 7,205 $ 29,274 Postretirement 1,678 1,677 1,651 1,656 1,666 8,757

Note H - Goodwill and Other I25

Note H - Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Goodwill [Table Text Block]	Goodwill Balance at January 1, 2014 $ 18,046 Acquisition 4,725 Foreign currency (156 ) Balance at December 31, 2014 22,615 Acquisition 2,428 Foreign currency (484 ) Balance at December 31, 2015 $ 24,559
Schedule of Intangible Assets and Goodwill [Table Text Block]	2015 2014 Historical Accumulated Historical Accumulated Finite-lived intangible assets: Customer relationships $ 12,706 $ 4,430 $ 12,175 $ 3,372 Technology & drawings 6,745 2,412 6,620 2,035 Other intangibles 2,406 1,577 1,544 1,517 Total finite-lived intangible assets 21,857 8,419 20,339 6,924 Goodwill 24,559 — 22,615 — Trade names & trademarks 3,066 — 3,888 — Total $ 49,482 $ 8,419 $ 46,842 $ 6,924

Note I - Business Segment Inf26

Note I - Business Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	2015 % 2014 % 2013 % United States $ 269,628 66 $ 298,338 69 $ 257,038 66 Foreign countries 136,522 34 136,587 31 134,627 34 Total $ 406,150 100 $ 434,925 100 $ 391,665 100
Schedule of Segment Reporting Information, by Segment [Table Text Block]	201 5 2014 2013 Pumps and pump systems $ 352,652 $ 379,626 $ 336,779 Repairs of pumps and pump systems and other 53,498 55,299 54,886 Total $ 406,150 $ 434,925 $ 391,665

Note A - Summary of Significa27

Note A - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Percentage of LIFO Inventory	73.00%	75.00%
Depreciation	$ 13.8	$ 13.2	$ 12.4
Advertising Expense	$ 3.2	$ 3.5	$ 3.4

Note A - Property, Plant and Eq

Note A - Property, Plant and Equipment Useful Lives (Details)	12 Months Ended
	Dec. 31, 2015
Building [Member] | Minimum [Member]
Lives	20 years
Building [Member] | Maximum [Member]
Lives	50 years
Machinery and Equipment [Member] | Minimum [Member]
Lives	5 years
Machinery and Equipment [Member] | Maximum [Member]
Lives	15 years
Software Development [Member] | Minimum [Member]
Lives	3 years
Software Development [Member] | Maximum [Member]
Lives	5 years

Note A - Amortization of Intang

Note A - Amortization of Intangible Assets Lives (Details)	12 Months Ended
	Dec. 31, 2015
Technology and Drawings [Member] | Minimum [Member]
Intangible assets lives	13 years
Technology and Drawings [Member] | Maximum [Member]
Intangible assets lives	20 years
Customer Relationships [Member] | Minimum [Member]
Intangible assets lives	9 years
Customer Relationships [Member] | Maximum [Member]
Intangible assets lives	15 years
Other Intangible Assets [Member] | Minimum [Member]
Intangible assets lives	2 years
Other Intangible Assets [Member] | Maximum [Member]
Intangible assets lives	18 years

Note A - Product Warranties (De

Note A - Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Balance at beginning of year	$ 1,166	$ 1,170	$ 1,133
Provision	1,732	1,607	1,220
Claims	(1,518)	(1,611)	(1,183)
Balance at end of year	$ 1,380	$ 1,166	$ 1,170

Note B - Allowance for Doubtf31

Note B - Allowance for Doubtful Accounts (Details Textual) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts Receivable	$ 917,000	$ 474,000

Note C - Inventories (Details T

Note C - Inventories (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Excess of Replacement or Current Costs over Stated LIFO Value	$ 59,100,000	$ 57,900,000
Inventory, LIFO Reserve, Effect on Income, Net	(363,000)
Inventory Valuation Reserves	$ 5,000,000	$ 4,600,000

Note C - Inventories - Inventor

Note C - Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Raw materials and in-process	$ 25,652	$ 16,217
Finished parts	46,270	42,414
Finished products	10,896	36,129
Total net inventories	$ 82,818	$ 94,760

Note D - Financing Arrangemen34

Note D - Financing Arrangements (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	May. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jun. 30, 2015
Bank Line of Credit Maturing August 2015 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Bank Line of Credit Maturing August 2015 [Member]
Unsecured Debt	$ 18,000,000	$ 0
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit Maturing November 2017 [Member]
Debt Instrument, Basis Spread on Variable Rate		0.75%
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit Maturing May 2016 [Member]
Debt Instrument, Basis Spread on Variable Rate		0.75%
Line of Credit Maturing November 2017 [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 20,000,000
Line of Credit Facility, Remaining Borrowing Capacity		19,990,000	$ 20,000,000
Long-term Line of Credit		6,000
Line of Credit Maturing May 2016 [Member]
Line of Credit Facility, Maximum Borrowing Capacity		8,000,000
Line of Credit Facility, Remaining Borrowing Capacity		3,900,000	6,000,000
Letters of Credit Outstanding, Amount		4,100,000	4,000,000
Bank Guarantee [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 3,000,000
Line of Credit Facility, Remaining Borrowing Capacity		600,000
Letters of Credit Outstanding, Amount		2,400,000
Line of Credit Facility, Interest Rate at Period End					1.75%
Operating Leases, Rent Expense		1,000,000	1,100,000	$ 1,100,000
Interest Expense, Debt		$ 122,000	$ 134,000	$ 146,000

Note D - Future Minimum Lease P

Note D - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2015USD ($)
Label 0	$ 838
Label 0	551
Label 0	416
Label 0	168
Label 0	44
Label 0	10
Label 0	$ 2,027

Note E - Accumulated Other Co36

Note E - Accumulated Other Comprehensive Income (Loss) - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Cost of Sales [Member]
Settlement loss	[1]	$ 2,584		$ 2,756
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Recognized actuarial loss (a)	[2]	1,581	$ 483	1,357
Total before income tax		5,364	483	5,526
Income tax		(1,749)	(177)	(2,006)
Net of income tax		3,615	$ 306	3,520
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI Attributable to Parent [Member] | General and Administrative Expense [Member]
Settlement loss	[3]	1,199		1,413
Total before income tax		(37,266)	$ (53,734)	(44,277)
Income tax		$ 12,157	$ 17,593	$ 14,173
[1]	This portion of the settlement loss is included in cost of products sold in the Consolidated Statements of Income.
[2]	The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note G for additional details.
[3]	This portion of the settlement loss is included in selling, general and administrative expenses in the Consolidated Statements of Income.

Note E - Accumulated Other Co37

Note E - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) as Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Currency Translation Adjustments [Member]
Balance	$ (4,338)	$ (1,062)	$ 319
Reclassifications adjustments
Current period credit (charge)	$ (4,719)	$ (3,276)	$ (1,381)
Income tax benefit
Balance	$ (9,037)	$ (4,338)	$ (1,062)
Pension And O P E B Adjustments [Member]
Balance	(12,988)	(7,399)	(16,601)
Reclassifications adjustments	5,364	483	5,526
Current period credit (charge)	(6,038)	(9,294)	8,925
Income tax benefit	304	3,222	(5,249)
Balance	(13,358)	(12,988)	(7,399)
Accumulated Other Comprehensive Income Loss [Member]
Balance	(17,326)	(8,461)	(16,282)
Reclassifications adjustments	5,364	483	5,526
Current period credit (charge)	(10,757)	(12,570)	7,544
Income tax benefit	304	3,222	(5,249)
Balance	(22,415)	(17,326)	$ (8,461)
Balance	(17,326)
Balance	$ (22,415)	$ (17,326)

Note F - Income Taxes (Details

Note F - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%
Income Taxes Paid	$ 13,500,000	$ 19,400,000	$ 13,200,000
Deferred Tax Assets, Valuation Allowance	277,000	336,000	162,000
Unrecognized Tax Benefits	567,000	576,000	$ 516,000	$ 421,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	447,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	56,000
Tax Credit Carryforward, Amount	533,000	545,000
Income Tax Examination, Penalties and Interest Accrued	116,000	$ 99,000
Undistributed Earnings of Foreign Subsidiaries	19,800,000
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries	$ 1,400,000

Note F - Components of Income T

Note F - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
UNITED STATES
United States	$ 35,391	$ 49,692	$ 40,374
Foreign Countries [Member]
United States	1,875	4,042	3,903
United States	37,266	53,734	44,277
Current expense:
Federal	11,465	16,638	12,159
Foreign	292	946	792
State and local	963	1,376	981
Total current	12,720	18,960	13,932
Deferred (benefit) expense:
Federal	(443)	(1,181)	108
Foreign	(112)	(114)	(38)
State and local	(8)	(72)	171
Total deferred	(563)	(1,367)	241
Income tax expense	$ 12,157	$ 17,593	$ 14,173

Note F - Reconciliation of Inco

Note F - Reconciliation of Income Tax Expense By Applying The Statutory Federal Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income taxes at statutory rate	$ 13,043	$ 18,807	$ 15,497
State and local income taxes, net of federal tax benefit	680	674	587
Research and development tax credits	(380)	(371)	(740)
Domestic production activities deduction	(964)	(1,324)	(952)
Lower foreign taxes differential	(476)	(583)	(612)
Uncertain tax positions	26	53	94
Valuation allowance	(59)	174	162
Other	287	163	137
Income tax expense	$ 12,157	$ 17,593	$ 14,173

Note F - Deferred Tax Assets an

Note F - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Inventories	$ 1,664,000	$ 1,030,000	$ 1,688,000
Accrued liabilities	2,450,000	2,538,000	2,341,000
Postretirement health benefits obligation	7,547,000	7,602,000	$ 6,545,000
Pension	$ 3,443,000	1,649,000
Deferred revenue		1,267,000
Other	$ 292,000	550,000	$ 101,000
Total deferred tax assets	15,396,000	14,636,000	10,675,000
Valuation allowance	(277,000)	(336,000)	(162,000)
Net deferred tax assets	15,119,000	14,300,000	10,513,000
Deferred tax liabilities:
Depreciation and amortization	$ (18,059,000)	$ (17,711,000)	(16,858,000)
Pension			(1,634,000)
Total deferred tax liabilities	$ (18,059,000)	$ (17,711,000)	(18,492,000)
Net deferred tax liabilities	$ (2,940,000)	$ (3,411,000)	$ (7,979,000)

Note F - Reconciliation of the

Note F - Reconciliation of the Beginning and Ending Amount Of Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Balance at beginning of year	$ 576,000	$ 516,000	$ 421,000
Additions based on tax positions related to the current year	113,000	158,000	189,000
Reductions due to lapse of applicable statute of limitations	(101,000)	$ (98,000)	(46,000)
Settlements	(21,000)		(48,000)
Balance at end of year	$ 567,000	$ 576,000	$ 516,000

Note G - Pension and Other Po43

Note G - Pension and Other Postretirement Benefits (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension Plan [Member] | Minimum [Member]
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	$ 2,000,000
Pension Plan [Member] | Maximum [Member]
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year	6,000,000
Pension Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 1,600,000	$ 1,600,000	$ 1,300,000
Postretirement Health Coverage [Member] | Retirees Age65 And Over [Member]
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	0.00%
Postretirement Health Coverage [Member] | Retirees Under Age65 [Member]
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	5.00%
One Percentage Point Change in Assumed Rate of Return [Member]
Defined Benefit Plan Effect On Pension Expense	$ 677,000
One Percentage Point Increase in Discount Rate [Member]
Defined Benefit Plan Effect On Pension Expense	1,600,000
One Percentage Point Decrease in Discount Rate [Member]
Defined Benefit Plan Effect On Pension Expense	$ 1,900,000
Equity Securities [Member]
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]
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]
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]
Defined Benefit Plan, Target Plan Asset Allocations Range Minimum	0.00%
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum	10.00%
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements	$ 3,800,000		$ 4,200,000
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	$ 274,000
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation	2,100,000
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components	232,000
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation	$ 1,800,000

Note G - Amounts Recognized in

Note G - Amounts Recognized in the Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension Plan [Member]
Accumulated benefit obligation at end of year	$ 63,830	$ 65,454
Change in projected benefit obligation:
Benefit obligation at beginning of year	80,069	70,635
Service cost	3,064	2,904	$ 3,144
Interest cost	2,640	$ 2,895	2,851
Settlement	1,431
Benefits paid	$ (10,069)	$ (3,584)
Effect of foreign exchange
Actuarial loss (gain)	$ 465	$ 7,219
Benefit obligation at end of year	77,600	80,069	70,635
Change in plan assets:
Plan assets at beginning of year	75,573	70,889
Actual return on plan assets	(1,213)	5,768
Employer contributions	4,000	2,500
Benefits paid	(10,069)	(3,584)
Plan assets at end of year	68,291	75,573	70,889
Funded status at end of year	$ (9,309)	$ (4,496)
Amounts recognized in the Consolidated Balance Sheets consist of:
Current liabilities
Noncurrent liabilities	$ (9,309)	$ (4,496)
Total liabilities	(9,309)	(4,496)
Net actuarial loss (gain)	29,992	28,836
Deferred tax (benefit) expense	(11,590)	(11,162)
After tax actuarial loss (gain)	18,402	17,674
Postretirement Plan [Member]
Accumulated benefit obligation at end of year	22,430	22,813
Change in projected benefit obligation:
Benefit obligation at beginning of year	22,813	19,794
Service cost	1,194	907	1,153
Interest cost	$ 790	$ 845	724
Settlement
Benefits paid	$ (1,094)	$ (1,736)
Effect of foreign exchange	(94)	(49)
Actuarial loss (gain)	(1,179)	3,052
Benefit obligation at end of year	$ 22,430	$ 22,813	$ 19,794
Change in plan assets:
Plan assets at beginning of year
Actual return on plan assets
Employer contributions	$ 1,094	$ 1,736
Benefits paid	$ (1,094)	$ (1,736)
Plan assets at end of year
Funded status at end of year	$ (22,430)	$ (22,813)
Amounts recognized in the Consolidated Balance Sheets consist of:
Current liabilities	(1,646)	(1,516)
Noncurrent liabilities	(20,784)	(21,297)
Total liabilities	(22,430)	(22,813)
Net actuarial loss (gain)	(8,082)	(7,601)
Deferred tax (benefit) expense	3,038	2,915
After tax actuarial loss (gain)	(5,044)	(4,686)
Plan assets at beginning of year	75,565
Plan assets at end of year	68,275	75,565
Noncurrent liabilities	$ 9,309	$ 4,496

Note G - Components of Net Peri

Note G - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pension Plan [Member]
Service cost	$ 3,064	$ 2,904	$ 3,144
Interest cost	2,640	2,895	2,851
Expected return on plan assets	(4,060)	(4,755)	(5,080)
Recognized actuarial loss	2,230	$ 1,664	2,080
Settlement loss	3,783		4,169
Net periodic benefit cost	7,657	$ 2,708	7,164
Net loss (gain)	1,156	4,541	(10,734)
Total expense (income) recognized in net periodic benefit cost and other comprehensive income	8,813	7,249	(3,570)
Postretirement Plan [Member]
Service cost	1,194	907	1,153
Interest cost	790	845	724
Recognized actuarial loss	(649)	(1,181)	(723)
Net periodic benefit cost	1,335	571	1,154
Net loss (gain)	(529)	4,233	(3,717)
Total expense (income) recognized in net periodic benefit cost and other comprehensive income	$ 806	$ 4,804	$ (2,563)

Note G - Assumptions Used (Deta

Note G - Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Pension Plan [Member]
Discount rate	3.70%	3.45%
Rate of compensation increase	3.50%	3.50%
Discount rate	3.67%	4.30%
Expected long-term rate of return on plan assets	6.00%	7.00%
Rate of compensation increase	3.50%	3.50%
Postretirement Plan [Member]
Discount rate	3.90%	3.60%
Rate of compensation increase
Discount rate	3.60%	4.50%
Expected long-term rate of return on plan assets
Rate of compensation increase

Note G - Allocation of Plan Ass

Note G - Allocation of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 16,908	$ 17,819
Plan Fair Value Assets, Percentage	25.00%	23.00%
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 1,468	$ 2,169
Plan Fair Value Assets, Percentage	2.00%	3.00%
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	$ 41,984	$ 47,716
Plan Fair Value Assets, Percentage	62.00%	63.00%
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 3,476	$ 3,598
Plan Fair Value Assets, Percentage	5.00%	5.00%
Cash [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 1,011	$ 1,901
Plan Fair Value Assets, Percentage	1.00%	3.00%
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	$ 3,428	$ 2,362
Plan Fair Value Assets, Percentage	5.00%	3.00%
Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 22,863	$ 25,487
Plan Fair Value Assets, Percentage	33.00%	34.00%
Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	$ 45,412	$ 50,078
Plan Fair Value Assets, Percentage	67.00%	66.00%
Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets
Plan Fair Value Assets, Percentage
Plan Fair Value Assets	$ 68,275	$ 75,565
Plan Fair Value Assets, Percentage	100.00%	100.00%

Note G - Expected Future Benefi

Note G - Expected Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2015USD ($)
Pension Plan [Member]
2,016	$ 5,524
2,017	7,498
2,018	7,544
2,019	6,055
2,020	7,205
Thereafter	29,274
Postretirement Plan [Member]
2,016	1,678
2,017	1,677
2,018	1,651
2,019	1,656
2,020	1,666
Thereafter	$ 8,757

Note H - Goodwill and Other I49

Note H - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets, Amortization Expense, Year Two	$ 1.5
Finite-Lived Intangible Assets, Amortization Expense, Year Three	1.5
Finite-Lived Intangible Assets, Amortization Expense, Year Four	1.5
Finite-Lived Intangible Assets, Amortization Expense, Year Five	1.5
Amortization of Intangible Assets	1.5	$ 1.4	$ 1.2
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 1.5

Note H - Changes in Carrying Va

Note H - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Balance	$ 22,615	$ 18,046
Acquisition	2,428	4,725
Foreign currency	(484)	(156)
Balance	$ 24,559	$ 22,615

Note H - Major Components of Go

Note H - Major Components of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Customer Relationships [Member]
Customer relationships	$ 12,706	$ 12,175
Customer relationships	4,430	3,372
Technology and Drawings [Member]
Customer relationships	6,745	6,620
Customer relationships	2,412	2,035
Other Intangible Assets [Member]
Customer relationships	2,406	1,544
Customer relationships	1,577	1,517
Trademarks and Trade Names [Member]
Trade names & trademarks	3,066	3,888
Customer relationships	21,857	20,339
Customer relationships	8,419	6,924
Goodwill	24,559	22,615
Total	$ 49,482	$ 46,842

Note I - Business Segment Inf52

Note I - Business Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
UNITED STATES
Long Lived Assets, Percent	94.00%	95.00%
Number of Reportable Segments	1
Number of Countries in which Entity Operates	150

Note I - Components of Customer

Note I - Components of Customer Sales Determined Based on the Location of Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
UNITED STATES
Revenues	$ 269,628	$ 298,338	$ 257,038
Revenues, Percent	66.00%	69.00%	66.00%
Foreign Countries [Member]
Revenues	$ 136,522	$ 136,587	$ 134,627
Revenues, Percent	34.00%	31.00%	34.00%
Revenues	$ 406,150	$ 434,925	$ 391,665
Revenues, Percent	100.00%	100.00%	100.00%

Note I - Net Sales from Externa

Note I - Net Sales from External Customers by Product Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Pumps and Pump Systems [Member]
Revenues	$ 352,652	$ 379,626	$ 336,779
Repairs and Other [Member]
Revenues	53,498	55,299	54,886
Revenues	$ 406,150	$ 434,925	$ 391,665

Note J - Acquisition (Details T

Note J - Acquisition (Details Textual) - USD ($)	1 Months Ended
	Aug. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Hydro Companies [Member] | Customer Relationships [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 748,000
Hydro Companies [Member] | Technology and Drawings [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	130,000
Hydro Companies [Member] | Trademarks and Trade Names [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets	70,000
Hydro Companies [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	1,900,000
Approximate Annual Revenues	4,000,000
Goodwill	$ 2,400,000
Bayou City Pump Inc [Member] | Customer Relationships [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				$ 4,100,000
Bayou City Pump Inc [Member] | Technology and Drawings [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles				830,000
Bayou City Pump Inc [Member] | Trademarks and Trade Names [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets				370,000
Bayou City Pump Inc [Member]
Goodwill				$ 4,700,000
National Pump Company [Member]
Reporting Unit, Goodwill as Percentage of Total Assets		4.50%
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount		10.00%
Goodwill		$ 24,559,000	$ 22,615,000		$ 18,046,000