The Gorman-Rupp Company (GRC) 10-K 23 Feb 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Jan. 31, 2018	Jun. 30, 2017
Document Information [Line Items]
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)		26,106,623
Entity Public Float			$ 450,494
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net sales	$ 379,389	$ 382,071	$ 406,150
Cost of products sold	280,644	290,046	313,570
Gross profit	98,745	92,025	92,580
Selling, general and administrative expenses	56,789	54,528	56,189
Impairment of goodwill and other intangible assets	4,098	1,800
Operating income	37,858	35,697	36,391
Other income, net	1,520	785	875
Income before income taxes	39,378	36,482	37,266
Income taxes	12,823	11,599	12,157
Net income	$ 26,555	$ 24,883	$ 25,109
Earnings per share (in dollars per share)	$ 1.02	$ 0.95	$ 0.96
Average number of shares outstanding (in shares)	26,100,865	26,087,721	26,192,072

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income	$ 26,555	$ 24,883	$ 25,109
Cumulative translation adjustments	3,521	215	(4,719)
Pension and postretirement medical liability adjustments, net of tax	4,435	1,735	(370)
Other comprehensive income (loss)	7,956	1,950	(5,089)
Comprehensive income	$ 34,511	$ 26,833	$ 20,020

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 79,680	$ 57,604
Accounts receivable, net	67,369	71,424
Inventories, net	74,967	69,049
Prepaid and other	5,918	5,823
Total current assets	227,934	203,900
Property, plant and equipment, net	117,071	122,067
Other assets	7,779	7,769
Prepaid pension assets	4,313	6,211
Goodwill and other intangible assets, net	37,918	42,871
Total assets	395,015	382,818
Current liabilities:
Accounts payable	15,798	16,306
Payroll and employee related liabilities	12,027	11,336
Commissions payable	7,589	11,163
Deferred revenue	460	1,361
Accrued expenses	9,822	9,186
Total current liabilities	45,696	49,352
Postretirement benefits	15,737	20,709
Other long-term liabilities	8,087	9,869
Total liabilities	69,520	79,930
Equity:
Common shares, without par value: Authorized – 35,000,000 shares; Outstanding – 26,106,623 shares at December 31, 2017 and 26,093,123 shares at December 31, 2016 (after deducting treasury shares of 942,173 and 955,673, respectively), at stated capital amounts	5,100	5,097
Additional paid-in capital	526	215
Retained earnings	332,378	318,041
Accumulated other comprehensive loss	(12,509)	(20,465)
Total equity	325,495	302,888
Total liabilities and equity	$ 395,015	$ 382,818

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - shares	Dec. 31, 2017	Dec. 31, 2016
Common shares outstanding (in shares)	26,106,623	26,093,123
Common shares authorized (in shares)	35,000,000	35,000,000
Treasury shares (in shares)	942,173	955,673

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income	$ 26,555	$ 24,883	$ 25,109
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,053	15,529	15,282
Pension expense	6,368	3,431	7,657
Contributions to pension plan	(2,000)	(16,000)	(4,000)
Deferred income tax (benefit) charge	(6,140)	3,511	(563)
Gain on sale of property, plant and equipment	153	(607)	(88)
Impairment of goodwill and other intangible assets	4,098	1,800
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	5,473	5,273	(4,750)
Inventories, net	(4,305)	13,904	12,576
Accounts payable	(1,268)	1,393	(4,123)
Commissions payable	(3,849)	3,300	(1,498)
Deferred revenue	(902)	(380)	(2,425)
Accrued expenses and other	3,958	(7,996)	(2,436)
Income taxes	7,950	64	815
Benefit obligations	(7,879)	5,329	(873)
Net cash provided by operating activities	43,265	53,434	40,683
Cash flows from investing activities:
Capital additions	(7,754)	(6,877)	(8,260)
Proceeds from sale of property, plant and equipment	320	1,379	466
Purchase of short-term investments, net	(2,976)
Payments for acquisitions, net of cash acquired		(2,968)	(3,386)
Net cash used for investing activities	(10,410)	(8,466)	(11,180)
Cash flows from financing activities:
Cash dividends	(12,268)	(11,218)	(10,599)
Treasury shares repurchased			(4,579)
Proceeds from bank borrowings
Payments to banks for borrowings			(13,912)
Net cash used for financing activities	(12,268)	(11,218)	(29,090)
Effect of exchange rate changes on cash	1,489	130	(1,180)
Net increase (decrease) in cash and cash equivalents	22,076	33,880	(767)
Cash and cash equivalents:
Beginning of year	57,604	23,724	24,491
End of period	$ 79,680	$ 57,604	$ 23,724

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, 2014	26,260,543
Balance at Dec. 31, 2014	$ 5,133	$ 3,059	$ 291,101	$ (17,326)	$ 281,967
Net income			25,109		25,109
Other comprehensive loss				(5,089)	(5,089)
Issuance of treasury shares (in shares)	7,500
Issuance of treasury shares	$ 2	184	26		212
Treasury shares repurchased (in shares)	(184,420)
Treasury shares repurchased	$ (40)	(3,243)	(1,296)		(4,579)
Cash dividends			(10,599)		(10,599)
Balances (in shares) at Dec. 31, 2015	26,083,623
Balance at Dec. 31, 2015	$ 5,095		304,341	(22,415)	287,021
Net income			24,883		24,883
Other comprehensive loss				1,950	1,950
Issuance of treasury shares (in shares)	9,500
Issuance of treasury shares	$ 2	215	35		252
Cash dividends			(11,218)		(11,218)
Balances (in shares) at Dec. 31, 2016	26,093,123
Balance at Dec. 31, 2016	$ 5,097	215	318,041	(20,465)	302,888
Net income			26,555		26,555
Other comprehensive loss				7,956	7,956
Issuance of treasury shares (in shares)	13,500
Issuance of treasury shares	$ 3	311	50		364
Cash dividends			(12,268)		(12,268)
Balances (in shares) at Dec. 31, 2017	26,106,623
Balance at Dec. 31, 2017	$ 5,100	$ 526	$ 332,378	$ (12,509)	$ 325,495

Consolidated Statements of Equ8

Consolidated Statements of Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retained Earnings [Member]
Cash dividends, amount per share (in dollars per share)	$ 0.47	$ 0.43	$ 0.405

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 1 – Summary of Significant Accounting Policies General Information and Basis of Presentation The Gorman-Rupp Company is a leading designer, manufacturer and international marketer o f 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 balanc es 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 to be cash equivalents. The Company periodically makes short-term investments for which cost approximates fair value. Short-term investments at December 31, 2017 2016 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 72% December 31, 2017 December 31, 2016 first first first Property, plant and equipment 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 assets is computed using the straight-line method over the estimated useful lives of the assets and is included in cost of products sold and selling, general and administrative expenses based on the use of the assets. Depreciation expense was $13.5 2017 $13.8 2016 2015. Depreciat ion of property, plant and equipment is determined based on the following lives: Buildings 20 - 50 years Machinery and equipment 5 - 15 years Software 3 - 5 years Property, plant and equipment consist of the following: 201 7 201 6 Land $ 4,187 $ 4,099 Buildings 106,437 104,952 Machinery and equipment 170,615 165,157 281,239 274,208 Less accumulated depreciation (164,168 ) (152,141 ) Property, plant and equipment, net $ 117,071 $ 122,067 Property, plant and equipment are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount may not may Goodwill and Identifiable Int angible Assets Goodwill Goodwill represents the excess of the cost of acquired businesses over the fair value of tangible assets and identifiable intangible assets purchased and liabilities assumed. Goodwill is reviewed annually for impairment as of October 1 may may may In 2017 2016, $0.9 $1.8 no 2017 2016 no 2015. 8, Identifiable intangible assets The Company ’s primary identifiable intangible assets include customer relationships, technology and drawings, and trade names and trademarks. Identifiable intangible assets with finite lives are amortized and those identifiable intangible assets with indefinite lives are not Technology and drawings 13 - 20 years Customer relationships 9 - 15 years Other intangibles 2 - 18 years Identifiable intangible assets that are subject to amortization are eva luated for impairment whenever events or changes in circumstances indicate the carrying amount may not may 2017 2016 not may not 2017, 360. $3.2 I dentifiable intangible assets not 2017 2016, For additional information about goodwill and other intangible assets, see Note 8, 10, 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 Income Taxes Income tax expense includes United States, state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial reporting and the tax basis of exis ting assets and liabilities and for loss carryforwards. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not On December 22, 2017, U.S. Tax Cuts and Jobs Act (the “Tax Act”) was enacted. The Tax Act significantly revises U.S. corporate income tax regulations by, among other things, lowering corporate income tax rates, implementing the territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. For further discussion of the currently estimated impact of the Tax Act on the Company, see the disclosure under the heading Outlook within Item 7 10 6 Pension and Other Postretirement Benefits The Company sponsors a defined benefit pensi on plan covering certain domestic employees. Additionally, the Company sponsors defined contribution pension plans made available to all domestic and Canadian employees. The Company also sponsors a non-contributory defined benefit postretirement health care plan that provides health benefits to certain domestic and Canadian retirees and their spouses. The Company funds the cost of these benefits as incurred. The determination of the Company ’s obligation and expense for pension and other postretirement benefits is dependent on its selection of certain assumptions used by actuaries in calculating such amounts, which are described in Note 7, Concentration of Credit Risk The Company generally does not no 10% December 31, 2017, 2016 2015. 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, 2017, 2016 2015 $3.1 $2.8 $3.2 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: 201 7 201 6 201 5 Balance at beginning of year $ 1,435 $ 1,380 $ 1,166 Provision 1,377 1,991 1,732 Claims (1,714 ) (1,936 ) (1,518 ) Balance at end of year $ 1,098 $ 1,435 $ 1,380 Stock-based compensation The Company grants performance-based shares pursuant to The Gorman-Rupp Company 2015 Performance-based shares vest and are awarded at the end of a three $0.4 December 31, 2017. No December 31, 2016 2015. 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 other expense. Fair Value The carrying value of cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximates fair value based on the short-term nature of these instruments. The Company does not 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 accompany ing notes. Actual results could differ from those estimates. New Accounting Pronouncements The Company considers the applicability and impact of all ASU s. ASUs not not In March 2017, No. 2017 07, 715 December 15, 2017 2017 07 6 2017 07 first 2018 not I n January 2017, No. 2017 04, 350 December 15, 2019 three September 30, 2017. 2017 04 2017 04 8 In February 2016, 2016 02, Leases (Topic 842 one December 15, 2018 not 2016 02 not In May 2014, 2014 09, 606 2014 09. January 1, 2018 not

Note 2 - Allowance for Doubtful

Note 2 - Allowance for Doubtful Accounts	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Allowance for Credit Losses [Text Block]	Note 2 – Allowance for Doubtful Accounts The allowance for doubtful accounts was $ 0.7 $1.0 December 31, 2017 2016,

Note 3 - Inventories

Note 3 - Inventories	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 3 – Inventories Inventories are stated at the lower of cost or market. Replacement cost approximates current cost and the excess over LIFO cost is approximately $ 59.7 $58.4 December 31, 2017 2016, 2017, $0.5 $4.9 $4.5 December 31, 2017 2016, Inventories , net 201 7 201 6 Raw materials and in-process $ 17,528 $ 17,986 Finished parts 48,247 43,423 Finished products 9,192 7,640 Total net inventories $ 74,967 $ 69,049

Note 4 - Financing Arrangements

Note 4 - Financing Arrangements	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 4 – Financing Arrangements The Company may 20.0 0.75% February 2020. 0.1% December 31, 2017 2016, $18.3 $20.0 $1.7 The Company also has an $8.0 0.75% May 201 8. December 31, 2017 2016, $2.7 $3.2 $5.3 $4.8 The Company also has a $3.0 1.75% in an agreement dated June 2016. December 31, 2017 2016, $0.8 $0.6 $2.2 $2.4 The financing arrangements described ab ove contain standard restrictive covenants, including limits on additional borrowings and maintenance of certain operating and financial ratios. At December 31, 2017 2016, Interest expense, which a pproximates interest paid, was $17,000, $20,000 $122,000 2017, 2016 2015, The Company has operating leases for certain offices, manufacturing facilities, land, office equipment and automobiles. Rental expense relating to operatin g leases was $0.9 $1.1 $1.0 2017, 2016 2015, The future minimum lease payments due under these operating leases as of December 31, 2017 201 8 201 9 20 20 202 1 202 2 Thereafter Total $ 825 $ 489 $ 188 $ 33 $ 13 $ 9 $ 1,557

Note 5 - Accumulated Other Comp

Note 5 - Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	Note 5 – Accumulated Other Comprehensive Loss The reclassifications out of accumulated other comprehensive loss as reported in the Consolidated Statement s of Income are: Pension and other postretirement benefits: 201 7 201 6 201 5 Recognized actuarial loss (a) $ 1,093 $ 1,402 $ 1,581 Settlement loss (b) 2,628 - 2,584 Settlement loss (c) 1,403 - 1,199 Total before income tax 5,124 1,402 5,364 Income tax (1,670 ) (446 ) (1,749 ) Net of income tax $ 3,454 $ 956 $ 3,615 (a) The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note 7, (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 Consolid ated Balance Sheets are: Currency Translation Adjustments Pension and OPEB Adjustments Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2014 $ (4,338 ) $ (12,988 ) $ (17,326 ) Reclassification adjustments - 5,364 5,364 Current period charge (4,719 ) (6,038 ) (10,757 ) Income tax benefit - 304 304 Balance at December 31, 2015 (9,057 ) (13,358 ) (22,415 ) Reclassification adjustments - 1,402 1,402 Current period benefit 215 1,357 1,572 Income tax charge - (1,024 ) (1,024 ) Balance at December 31, 2016 (8,842 ) (11,623 ) (20,465 ) Reclassification adjustments 5,124 5,124 Current period benefit 3,521 1,479 5,000 Income tax charge (2,168 ) (2,168 ) Balance at December 31, 2017 $ (5,321 ) $ (7,188 ) $ (12,509 )

Note 6 - Income Taxes

Note 6 - Income Taxes	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 6 – Income Taxes The components of income before income taxes are: 2017 2016 2015 United States $ 33,277 $ 33,101 $ 35,391 Foreign countries 6,101 3,381 1,875 Total $ 39,378 $ 36,482 $ 37,266 The components of income tax expense are: 2017 2016 2015 Current expense: Federal $ 16,489 $ 6,960 $ 11,465 Foreign 1,243 547 292 State and local 1,231 581 963 18,963 8,088 12,720 Deferred expense (benefit): Federal (5,968 ) 3,429 (443 ) Foreign 51 (184 ) (112 ) State and local (223 ) 266 (8 ) (6,140 ) 3,511 (563 ) Income tax expense $ 12,823 $ 11,599 $ 12,157 The reconciliation between income tax expense and the amount compute d by applying the statutory federal income tax rate of 35% 2017 2016 2015 Income taxes at statutory rate $ 13,782 $ 12,769 $ 13,043 State and local income taxes, net of federal tax benefit 555 576 680 Research and development tax credits (295 ) (371 ) (380 ) Domestic production activities deduction (1,191 ) (822 ) (964 ) Lower foreign taxes differential (842 ) (820 ) (476 ) Uncertain tax positions 346 (93 ) 26 Valuation allowance 100 - (59 ) Federal tax reform – deferred rate change (1,624 ) - - Deemed mandatory repatriation 1,370 - - Foreign withholding tax 600 - - Other 22 360 287 Income tax expense $ 12,823 $ 11,599 $ 12,157 The Company made income tax payments of $13.5 $7.8 $13.5 2017, 2016, 2015, Deferred income tax assets and liabilities consist of: 2017 2016 2015 Deferred tax assets: Inventories $ 1,131 $ 721 $ 1,664 Accrued liabilities 1,872 3,139 2,450 Postretirement health benefits obligation 3,844 7,449 7,547 Pension - - 3,443 Other 583 879 292 Total deferred tax assets 7,430 12,188 15,396 Valuation allowance (459 ) (277 ) (277 ) Net deferred tax assets 6,971 11,911 15,119 Deferred tax liabilities: Depreciation and amortization (8,715 ) (16,119 ) (18,059 ) Pension (997 ) (3,017 ) - Foreign withholding tax (600 ) - - Total deferred tax liabilities (10,312 ) (19,136 ) (18,059 ) Net def erred tax liabilities $ (3,341 ) $ (7,225 ) $ (2,940 ) The Company has state tax credit carryforwards of $644,000 $518,000 December 31, 2017 2016, 2018 2022. The Compa ny has a valuation allowance of $459,000 December 31, 2017 $277,000 December 31, 2016 740 not not Total unrecognized tax benefits were $797,000 $492,000 December 31, 2017 2016, unrecognized tax benefits that, if ultimately recognized, would reduce the Company’s annual effective tax rate were $674,000 $397,000 December 31, 2017 2016, A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2017 2016 2015 Balance at beginning of year $ 492 $ 567 $ 576 Additions based on tax positions related to the current year 239 101 113 Additions based on tax positions related to prior years 165 - - Reductions due to l apse of applicable statute of limitations (99 ) (108 ) (101 ) Settlements - (68 ) (21 ) Balance at end of year $ 797 $ 492 $ 567 The Company is subject to income taxes in the U.S. federal and various state, local and foreign jurisdictions. Income tax reg ulations 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 2013. $56,000 12 The Company recognizes interest and pen alties related to unrecognized tax benefits in income tax expense for all periods presented. The Company accrued approximately $168,000, $98,000 $116,000 December 31, 2017, 2016 2015, On December 22, 2017, 118 118” 740 not 118 no one The Company recorded $0. 4 fourth 2017 $1.4 one one $1.6 35% 21%. $0.6 may 2018.

Note 7 - Pensions and Other Pos

Note 7 - Pensions and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	Note 7 – 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. 401 Additionally, the Company sponsors defined contribution pension plans made available to all domestic and Canadian employees. Total contributions to the plans were $1.9 2017 $1.6 2016 2015. The Company also sponsors a non-contributory defined benefit postretirement 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 65 2017 5% 65 65 2017 65 The Company recognizes the obligations associated with its defined benefit pension plan and defined benefit postretirement 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 201 7 201 6 201 7 201 6 Accumulated benefit obligation at end of year $ 63,173 $ 64,033 $ 17,367 $ 22,340 Change in projected benefit obligation: Benefit obligation at beginning of year $ 77,107 $ 77,600 $ 22,340 $ 22,430 Service cost 2,727 2,837 1,249 1,192 Interest cost 2,537 2,643 814 842 Plan Changes - - (6,646 ) - Settlement 1,398 - - - Benefits paid (12,066 ) (5,510 ) (2,278 ) (1,637 ) Effect of foreign exchange - - 24 7 Actuarial loss (gain) 4,786 (463 ) 1,864 (494 ) Benefit obligation at end of year $ 76,489 $ 77,107 $ 17,367 $ 22,340 Change in plan assets: Plan assets at beginning of year $ 83,318 $ 68,291 $ - $ - Actual return on plan assets 7,550 4,537 - - Emplo yer contributions 2,000 16,000 2,278 1,637 Benefits paid (12,066 ) (5,510 ) (2,278 ) (1,637 ) Plan assets at end of year 80,802 83,318 - - Funded status at end of year $ 4,313 $ 6,211 $ (17,367 ) $ (22,340 ) Pension Plan Postretirement Plan 2017 2016 2017 2016 Amounts recognized in the Consolidated Balance Sheets consist of: Noncurrent assets $ 4,313 $ 6,211 $ - $ - Current liabilities - - (1,630 ) (1,631 ) Noncurrent liabilities - - (15,737 ) (20,709 ) Total assets (liabilities) $ 4,313 $ 6,211 $ (17,367 ) $ (22,340 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss (gain) $ 24,571 $ 27,041 $ (5,377 ) $ (7,890 ) Prior Service Cost - - (6,646 ) - Deferred tax (benefit) expense (9,223 ) (10,506 ) 3,683 2,978 After tax actuarial loss (gain) $ 15,348 $ 16,535 $ (8,340 ) $ (4,912 ) Components of net periodic benefit cost: 2017 2016 2015 Pension Plan Service cost $ 2,727 $ 2,837 $ 3,064 Interest cost 2,537 2,643 2,640 Expected return on plan assets (4,697 ) (4,150 ) (4,060 ) Recognized actuarial loss 1,770 2,101 2,230 Settlement loss 4,031 - 3,783 Net periodic benefit cost $ 6,368 $ 3,431 $ 7,657 Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: Net (gain) loss $ (2,470 ) $ (2,952 ) $ 1,156 Total expense (income) recognized in net periodic benefit cost and other comprehensive income $ 3,898 $ 479 $ 8,813 Postretirement Plan Service cost $ 1,249 $ 1,192 $ 1,194 Interest cost 814 842 790 Recognized actuarial gain (677 ) (699 ) (649 ) Net periodic benefit cost $ 1,386 $ 1,335 $ 1,335 Other changes in po stretirement plan assets and benefit obligations recognized in other comprehensive loss: Net (gain) loss $ (4,105 ) $ 205 $ (529 ) Total (benefit) expense recognized in net periodic benefit cost and other comprehensive income $ (2,719 ) $ 1,540 $ 806 During 2017 2015, $4.0 $3.8 No 2016. The prior service cost is amortized on a straight-line basis over the average estimated remaining service p eriod of active participants. The unrecognized actuarial gain or loss in excess of the greater of 10% Pension Plan Postretirement Plan 201 7 201 6 201 7 201 6 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.27 % 3.60 % 3.39 % 3.77 % Rate of compensation inc rease 3.50 % 3.50 % – – Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 3.27 % 3.70 % 3.77 % 3.90 % Expected long-term rate of return on plan assets 6.00 % 6.00 % – – Rate of c ompensation 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, in 2014 2017 may 7% 27% may 70% 90% may 0% 6% one may 0% 10% Financial instruments included in pension plan assets are categorized into a fair value hierarchy of three 1 ctive markets that are accessible to the reporting entity at the measurement date for identical assets. Level 2 3 no All of the Plan ’s assets in the following table sets forth by asset class the Plan’s fair value of assets. Plan fair value asset allocation by category: 201 7 % Level 1 : Equity $ 14,637 18 % Fixed income 12,573 16 % Mutual funds 857 1 % Money funds and cash 6,173 8 % Total Level 1 34,240 43 % Level 2 : Fixed income 46,556 57 % Money funds Total Level 2 46,556 57 % Level 3: Equity 6 - Total Level 3 6 - Total fair value of Plan assets $ 80,802 100 % 2016 % Level 1: Equity $ 19,752 24 % Fixed income 11,805 14 % Mutual funds - - Money f unds and cash 11,134 13 % Total Level 1 42,691 51 % Level 2: Fixed income 40,597 49 % Money fund s - - Total Level 2 40,597 49 % Level 3: Equity 30 - Total Level 3 30 - Total fair value of Plan assets $ 83,318 100 % Contributions The Company expects to contribute $2 2018. Expected future benefit payments The following benefit payments are expected to be paid as follows based on actu arial calculations: 201 8 201 9 20 20 202 1 202 2 Thereafter Pension $ 4,274 $ 4,251 $ 5,427 $ 5,046 $ 5,964 $ 26,953 Postretirement 1,657 1,519 1,373 1,215 1,157 5,960 A one 271,000, $1.6 one $233,000, $1.4 5% 65 0% 65. 5% 65 65 A one estimated to have an approximate $783,000 one $1.2 one $1.4

Note 8 - Goodwill and Other Int

Note 8 - Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 8 – Goodwill and Other Intangible Assets The major components of goodwill and other intangible assets are: 201 7 201 6 Historical Cost Accumulated Amortization Historical C ost Accumulated Amortization Finite-lived intangible assets: Customer relationships $ 7,966 $ 4,791 $ 11,885 $ 4,650 Technology and drawings 6,758 3,121 6,741 2,804 Other intangibles 1,866 1,021 1,723 942 Total finite-lived intangible ass ets 16,590 8,933 20,349 8,396 Goodwill 27,551 - 28,030 - Trade names and trademarks 2,710 - 2,888 - Total $ 46,851 $ 8,933 $ 51,267 $ 8,396 Amortization of intangible assets was $1.6 $1.7 $1.5 2017, 2016 2015, 2018 2022 $1.0 Changes in the carrying value of goodwill during the years ended December 31, 2017 2016 Goodwill Balance at December 31, 2015 $ 24,559 Acquisitions 5,187 Impairment (1,800 ) Foreign currency 84 Balance at December 31, 201 6 28,030 Acquisitions - Impairment (925 ) Foreign currency 446 Balance at December 31, 201 7 $ 27,551 The decreasing demand for barge pumps for the marine transportation market, driven by low oil prices and overcapacity of inland barges, has continued to negatively affect the Bayou City Pump Company (“Bayou”) reporting unit, leading management to reconsider its estimates for future profitability of this reporting unit prior to the October 1 2017 350. $0.9 For 201 7, October 1 The resul t of this goodwill impairment test indicated that no October 1, 2017 7%. 50 50 may 3% December 31, 2017 For 201 7, October 1. fourth 2017, not not no December 31, 2017. Other indefinite- lived intangible assets primarily consist of trademarks and trade names. The fair value of these assets is also tested annually for impairment as of October 1, may 2017 2016 Finite -lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not 2017 2016 not may not 2017, 360. $3.2

Note 9 - Business Segment Infor

Note 9 - Business Segment Information	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 9 – Business Segment Information The Company operates in one iness 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 broad network of distributors, through manufacturers’ representatives (for sales to many original equipment manufacturers), through third The Company sells to approximately 150 201 7 % 201 6 % 201 5 % United States $ 241,746 64 $ 250,872 66 $ 269,628 66 Foreign countries 137,643 36 131,199 34 136,522 34 Total $ 379,389 100 $ 382,071 100 $ 406,150 100 Net sales from external customers by product category are: 201 7 201 6 201 5 Pumps and pump systems $ 322,201 $ 328,973 $ 352,652 Repairs of pumps and pump systems and other 57,188 53,098 53,498 Total $ 379,389 $ 382,071 $ 406,150 As of December 31, 2017 2016, 89% 92%

Note 10 - Acquisitions

Note 10 - Acquisitions	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 10 – Acquisitions In October 2016, 3 $5.2 The results of operations of Morrison have been included in Gorman-Rupp’s consolidated results since October 2016. In August 2015, $1.9 2015. The Company recognized customer relationships of $748,000, $130,000, f $70,000 $2.4 The results of operations of both Hydro companies have been included in Gorman-Rupp’s consolidated results since August 2015.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
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 o f 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 balanc es 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 to be cash equivalents. The Company periodically makes short-term investments for which cost approximates fair value. Short-term investments at December 31, 2017 2016
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 72% December 31, 2017 December 31, 2016 first first first
Property, Plant and Equipment, Policy [Policy Text Block]	Property, plant and equipment 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 assets is computed using the straight-line method over the estimated useful lives of the assets and is included in cost of products sold and selling, general and administrative expenses based on the use of the assets. Depreciation expense was $13.5 2017 $13.8 2016 2015. Depreciat ion of property, plant and equipment is determined based on the following lives: Buildings 20 - 50 years Machinery and equipment 5 - 15 years Software 3 - 5 years Property, plant and equipment consist of the following: 201 7 201 6 Land $ 4,187 $ 4,099 Buildings 106,437 104,952 Machinery and equipment 170,615 165,157 281,239 274,208 Less accumulated depreciation (164,168 ) (152,141 ) Property, plant and equipment, net $ 117,071 $ 122,067 Property, plant and equipment are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount may not may
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill and Identifiable Int angible Assets Goodwill Goodwill represents the excess of the cost of acquired businesses over the fair value of tangible assets and identifiable intangible assets purchased and liabilities assumed. Goodwill is reviewed annually for impairment as of October 1 may may may In 2017 2016, $0.9 $1.8 no 2017 2016 no 2015. 8, Identifiable intangible assets The Company ’s primary identifiable intangible assets include customer relationships, technology and drawings, and trade names and trademarks. Identifiable intangible assets with finite lives are amortized and those identifiable intangible assets with indefinite lives are not Technology and drawings 13 - 20 years Customer relationships 9 - 15 years Other intangibles 2 - 18 years Identifiable intangible assets that are subject to amortization are eva luated for impairment whenever events or changes in circumstances indicate the carrying amount may not may 2017 2016 not may not 2017, 360. $3.2 I dentifiable intangible assets not 2017 2016, For additional information about goodwill and other intangible assets, see Note 8, 10,
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
Income Tax, Policy [Policy Text Block]	Income Taxes Income tax expense includes United States, state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial reporting and the tax basis of exis ting assets and liabilities and for loss carryforwards. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not On December 22, 2017, U.S. Tax Cuts and Jobs Act (the “Tax Act”) was enacted. The Tax Act significantly revises U.S. corporate income tax regulations by, among other things, lowering corporate income tax rates, implementing the territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. For further discussion of the currently estimated impact of the Tax Act on the Company, see the disclosure under the heading Outlook within Item 7 10 6
Pension and Other Postretirement Plans, Policy [Policy Text Block]	Pension and Other Postretirement Benefits The Company sponsors a defined benefit pensi on plan covering certain domestic employees. Additionally, the Company sponsors defined contribution pension plans made available to all domestic and Canadian employees. The Company also sponsors a non-contributory defined benefit postretirement health care plan that provides health benefits to certain domestic and Canadian retirees and their spouses. The Company funds the cost of these benefits as incurred. The determination of the Company ’s obligation and expense for pension and other postretirement benefits is dependent on its selection of certain assumptions used by actuaries in calculating such amounts, which are described in Note 7,
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk The Company generally does not no 10% December 31, 2017, 2016 2015.
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, 2017, 2016 2015 $3.1 $2.8 $3.2
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: 201 7 201 6 201 5 Balance at beginning of year $ 1,435 $ 1,380 $ 1,166 Provision 1,377 1,991 1,732 Claims (1,714 ) (1,936 ) (1,518 ) Balance at end of year $ 1,098 $ 1,435 $ 1,380
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-based compensation The Company grants performance-based shares pursuant to The Gorman-Rupp Company 2015 Performance-based shares vest and are awarded at the end of a three $0.4 December 31, 2017. No December 31, 2016 2015.
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 other expense.
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 fair value based on the short-term nature of these instruments. The Company does not
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 accompany ing notes. Actual results could differ from those estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements The Company considers the applicability and impact of all ASU s. ASUs not not In March 2017, No. 2017 07, 715 December 15, 2017 2017 07 6 2017 07 first 2018 not I n January 2017, No. 2017 04, 350 December 15, 2019 three September 30, 2017. 2017 04 2017 04 8 In February 2016, 2016 02, Leases (Topic 842 one December 15, 2018 not 2016 02 not In May 2014, 2014 09, 606 2014 09. January 1, 2018 not

Note 1 - Summary of Significa20

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Property, Plant and Equipment, Useful Lives [Table Text Block]	Buildings 20 - 50 years Machinery and equipment 5 - 15 years Software 3 - 5 years
Property, Plant and Equipment [Table Text Block]	201 7 201 6 Land $ 4,187 $ 4,099 Buildings 106,437 104,952 Machinery and equipment 170,615 165,157 281,239 274,208 Less accumulated depreciation (164,168 ) (152,141 ) Property, plant and equipment, net $ 117,071 $ 122,067
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Technology and drawings 13 - 20 years Customer relationships 9 - 15 years Other intangibles 2 - 18 years
Schedule of Product Warranty Liability [Table Text Block]	201 7 201 6 201 5 Balance at beginning of year $ 1,435 $ 1,380 $ 1,166 Provision 1,377 1,991 1,732 Claims (1,714 ) (1,936 ) (1,518 ) Balance at end of year $ 1,098 $ 1,435 $ 1,380

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventories , net 201 7 201 6 Raw materials and in-process $ 17,528 $ 17,986 Finished parts 48,247 43,423 Finished products 9,192 7,640 Total net inventories $ 74,967 $ 69,049

Note 4 - Financing Arrangemen22

Note 4 - Financing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	201 8 201 9 20 20 202 1 202 2 Thereafter Total $ 825 $ 489 $ 188 $ 33 $ 13 $ 9 $ 1,557

Note 5 - Accumulated Other Co23

Note 5 - Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Pension and other postretirement benefits: 201 7 201 6 201 5 Recognized actuarial loss (a) $ 1,093 $ 1,402 $ 1,581 Settlement loss (b) 2,628 - 2,584 Settlement loss (c) 1,403 - 1,199 Total before income tax 5,124 1,402 5,364 Income tax (1,670 ) (446 ) (1,749 ) Net of income tax $ 3,454 $ 956 $ 3,615
Comprehensive Income (Loss) [Table Text Block]	Currency Translation Adjustments Pension and OPEB Adjustments Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2014 $ (4,338 ) $ (12,988 ) $ (17,326 ) Reclassification adjustments - 5,364 5,364 Current period charge (4,719 ) (6,038 ) (10,757 ) Income tax benefit - 304 304 Balance at December 31, 2015 (9,057 ) (13,358 ) (22,415 ) Reclassification adjustments - 1,402 1,402 Current period benefit 215 1,357 1,572 Income tax charge - (1,024 ) (1,024 ) Balance at December 31, 2016 (8,842 ) (11,623 ) (20,465 ) Reclassification adjustments 5,124 5,124 Current period benefit 3,521 1,479 5,000 Income tax charge (2,168 ) (2,168 ) Balance at December 31, 2017 $ (5,321 ) $ (7,188 ) $ (12,509 )

Note 6 - Income Taxes (Tables)

Note 6 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2017 2016 2015 United States $ 33,277 $ 33,101 $ 35,391 Foreign countries 6,101 3,381 1,875 Total $ 39,378 $ 36,482 $ 37,266 2017 2016 2015 Current expense: Federal $ 16,489 $ 6,960 $ 11,465 Foreign 1,243 547 292 State and local 1,231 581 963 18,963 8,088 12,720 Deferred expense (benefit): Federal (5,968 ) 3,429 (443 ) Foreign 51 (184 ) (112 ) State and local (223 ) 266 (8 ) (6,140 ) 3,511 (563 ) Income tax expense $ 12,823 $ 11,599 $ 12,157
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2017 2016 2015 Income taxes at statutory rate $ 13,782 $ 12,769 $ 13,043 State and local income taxes, net of federal tax benefit 555 576 680 Research and development tax credits (295 ) (371 ) (380 ) Domestic production activities deduction (1,191 ) (822 ) (964 ) Lower foreign taxes differential (842 ) (820 ) (476 ) Uncertain tax positions 346 (93 ) 26 Valuation allowance 100 - (59 ) Federal tax reform – deferred rate change (1,624 ) - - Deemed mandatory repatriation 1,370 - - Foreign withholding tax 600 - - Other 22 360 287 Income tax expense $ 12,823 $ 11,599 $ 12,157
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2017 2016 2015 Deferred tax assets: Inventories $ 1,131 $ 721 $ 1,664 Accrued liabilities 1,872 3,139 2,450 Postretirement health benefits obligation 3,844 7,449 7,547 Pension - - 3,443 Other 583 879 292 Total deferred tax assets 7,430 12,188 15,396 Valuation allowance (459 ) (277 ) (277 ) Net deferred tax assets 6,971 11,911 15,119 Deferred tax liabilities: Depreciation and amortization (8,715 ) (16,119 ) (18,059 ) Pension (997 ) (3,017 ) - Foreign withholding tax (600 ) - - Total deferred tax liabilities (10,312 ) (19,136 ) (18,059 ) Net def erred tax liabilities $ (3,341 ) $ (7,225 ) $ (2,940 )
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	2017 2016 2015 Balance at beginning of year $ 492 $ 567 $ 576 Additions based on tax positions related to the current year 239 101 113 Additions based on tax positions related to prior years 165 - - Reductions due to l apse of applicable statute of limitations (99 ) (108 ) (101 ) Settlements - (68 ) (21 ) Balance at end of year $ 797 $ 492 $ 567

Note 7 - Pensions and Other P25

Note 7 - Pensions and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Changes in Projected Benefit Obligations [Table Text Block]	Pension Plan Postretirement Plan 201 7 201 6 201 7 201 6 Accumulated benefit obligation at end of year $ 63,173 $ 64,033 $ 17,367 $ 22,340 Change in projected benefit obligation: Benefit obligation at beginning of year $ 77,107 $ 77,600 $ 22,340 $ 22,430 Service cost 2,727 2,837 1,249 1,192 Interest cost 2,537 2,643 814 842 Plan Changes - - (6,646 ) - Settlement 1,398 - - - Benefits paid (12,066 ) (5,510 ) (2,278 ) (1,637 ) Effect of foreign exchange - - 24 7 Actuarial loss (gain) 4,786 (463 ) 1,864 (494 ) Benefit obligation at end of year $ 76,489 $ 77,107 $ 17,367 $ 22,340 Change in plan assets: Plan assets at beginning of year $ 83,318 $ 68,291 $ - $ - Actual return on plan assets 7,550 4,537 - - Emplo yer contributions 2,000 16,000 2,278 1,637 Benefits paid (12,066 ) (5,510 ) (2,278 ) (1,637 ) Plan assets at end of year 80,802 83,318 - - Funded status at end of year $ 4,313 $ 6,211 $ (17,367 ) $ (22,340 ) Pension Plan Postretirement Plan 2017 2016 2017 2016 Amounts recognized in the Consolidated Balance Sheets consist of: Noncurrent assets $ 4,313 $ 6,211 $ - $ - Current liabilities - - (1,630 ) (1,631 ) Noncurrent liabilities - - (15,737 ) (20,709 ) Total assets (liabilities) $ 4,313 $ 6,211 $ (17,367 ) $ (22,340 ) Amounts recognized in accumulated other comprehensive loss consist of: Net actuarial loss (gain) $ 24,571 $ 27,041 $ (5,377 ) $ (7,890 ) Prior Service Cost - - (6,646 ) - Deferred tax (benefit) expense (9,223 ) (10,506 ) 3,683 2,978 After tax actuarial loss (gain) $ 15,348 $ 16,535 $ (8,340 ) $ (4,912 )
Schedule of Costs of Retirement Plans [Table Text Block]	Components of net periodic benefit cost: 2017 2016 2015 Pension Plan Service cost $ 2,727 $ 2,837 $ 3,064 Interest cost 2,537 2,643 2,640 Expected return on plan assets (4,697 ) (4,150 ) (4,060 ) Recognized actuarial loss 1,770 2,101 2,230 Settlement loss 4,031 - 3,783 Net periodic benefit cost $ 6,368 $ 3,431 $ 7,657 Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: Net (gain) loss $ (2,470 ) $ (2,952 ) $ 1,156 Total expense (income) recognized in net periodic benefit cost and other comprehensive income $ 3,898 $ 479 $ 8,813 Postretirement Plan Service cost $ 1,249 $ 1,192 $ 1,194 Interest cost 814 842 790 Recognized actuarial gain (677 ) (699 ) (649 ) Net periodic benefit cost $ 1,386 $ 1,335 $ 1,335 Other changes in po stretirement plan assets and benefit obligations recognized in other comprehensive loss: Net (gain) loss $ (4,105 ) $ 205 $ (529 ) Total (benefit) expense recognized in net periodic benefit cost and other comprehensive income $ (2,719 ) $ 1,540 $ 806
Schedule of Assumptions Used [Table Text Block]	Pension Plan Postretirement Plan 201 7 201 6 201 7 201 6 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.27 % 3.60 % 3.39 % 3.77 % Rate of compensation inc rease 3.50 % 3.50 % – – Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 3.27 % 3.70 % 3.77 % 3.90 % Expected long-term rate of return on plan assets 6.00 % 6.00 % – – Rate of c ompensation Increase 3.50 % 3.50 % – –
Schedule of Allocation of Plan Assets [Table Text Block]	201 7 % Level 1 : Equity $ 14,637 18 % Fixed income 12,573 16 % Mutual funds 857 1 % Money funds and cash 6,173 8 % Total Level 1 34,240 43 % Level 2 : Fixed income 46,556 57 % Money funds Total Level 2 46,556 57 % Level 3: Equity 6 - Total Level 3 6 - Total fair value of Plan assets $ 80,802 100 % 2016 % Level 1: Equity $ 19,752 24 % Fixed income 11,805 14 % Mutual funds - - Money f unds and cash 11,134 13 % Total Level 1 42,691 51 % Level 2: Fixed income 40,597 49 % Money fund s - - Total Level 2 40,597 49 % Level 3: Equity 30 - Total Level 3 30 - Total fair value of Plan assets $ 83,318 100 %
Schedule of Expected Benefit Payments [Table Text Block]	201 8 201 9 20 20 202 1 202 2 Thereafter Pension $ 4,274 $ 4,251 $ 5,427 $ 5,046 $ 5,964 $ 26,953 Postretirement 1,657 1,519 1,373 1,215 1,157 5,960

Note 8 - Goodwill and Other I26

Note 8 - Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	201 7 201 6 Historical Cost Accumulated Amortization Historical C ost Accumulated Amortization Finite-lived intangible assets: Customer relationships $ 7,966 $ 4,791 $ 11,885 $ 4,650 Technology and drawings 6,758 3,121 6,741 2,804 Other intangibles 1,866 1,021 1,723 942 Total finite-lived intangible ass ets 16,590 8,933 20,349 8,396 Goodwill 27,551 - 28,030 - Trade names and trademarks 2,710 - 2,888 - Total $ 46,851 $ 8,933 $ 51,267 $ 8,396
Schedule of Goodwill [Table Text Block]	Goodwill Balance at December 31, 2015 $ 24,559 Acquisitions 5,187 Impairment (1,800 ) Foreign currency 84 Balance at December 31, 201 6 28,030 Acquisitions - Impairment (925 ) Foreign currency 446 Balance at December 31, 201 7 $ 27,551

Note 9 - Business Segment Inf27

Note 9 - Business Segment Information (Tables)	12 Months Ended
	Dec. 31, 2017
Notes Tables
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	201 7 % 201 6 % 201 5 % United States $ 241,746 64 $ 250,872 66 $ 269,628 66 Foreign countries 137,643 36 131,199 34 136,522 34 Total $ 379,389 100 $ 382,071 100 $ 406,150 100
Schedule of Segment Reporting Information, by Segment [Table Text Block]	201 7 201 6 201 5 Pumps and pump systems $ 322,201 $ 328,973 $ 352,652 Repairs of pumps and pump systems and other 57,188 53,098 53,498 Total $ 379,389 $ 382,071 $ 406,150

Note 1 - Summary of Significa28

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Percentage of LIFO Inventory	72.00%	72.00%
Depreciation	$ 13,500	$ 13,800	$ 13,800
Goodwill, Impairment Loss	925	1,800	0
Advertising Expense	3,100	2,800	3,200
Allocated Share-based Compensation Expense	$ 400	0	$ 0
2015 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Customer Relationships [Member]
Impairment of Intangible Assets, Finite-lived	$ 3,200
Other Segments [Member]
Goodwill, Impairment Loss	0	0
Bayou City Pump Inc [Member]
Goodwill, Impairment Loss	$ 900	$ 1,800

Note 1 - Summary of Significa29

Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Details)	12 Months Ended
	Dec. 31, 2017
Building [Member] | Minimum [Member]
Lives (Year)	20 years
Building [Member] | Maximum [Member]
Lives (Year)	50 years
Machinery and Equipment [Member] | Minimum [Member]
Lives (Year)	5 years
Machinery and Equipment [Member] | Maximum [Member]
Lives (Year)	15 years
Software Development [Member] | Minimum [Member]
Lives (Year)	3 years
Software Development [Member] | Maximum [Member]
Lives (Year)	5 years

Note 1 - Summary of Significa30

Note 1 - Summary of Significant Accounting Policies - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, plant and equipment, gross	$ 281,239	$ 274,208
Less accumulated depreciation	(164,168)	(152,141)
Property, plant and equipment, net	117,071	122,067
Land [Member]
Property, plant and equipment, gross	4,187	4,099
Building [Member]
Property, plant and equipment, gross	106,437	104,952
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 170,615	$ 165,157

Note 1 - Summary of Significa31

Note 1 - Summary of Significant Accounting Policies - Amortization of Intangible Assets Lives (Details)	12 Months Ended
	Dec. 31, 2017
Technology and Drawings [Member] | Minimum [Member]
Intangible assets lives (Year)	13 years
Technology and Drawings [Member] | Maximum [Member]
Intangible assets lives (Year)	20 years
Customer Relationships [Member] | Minimum [Member]
Intangible assets lives (Year)	9 years
Customer Relationships [Member] | Maximum [Member]
Intangible assets lives (Year)	15 years
Other Intangible Assets [Member] | Minimum [Member]
Intangible assets lives (Year)	2 years
Other Intangible Assets [Member] | Maximum [Member]
Intangible assets lives (Year)	18 years

Note 1 - Summary of Significa32

Note 1 - Summary of Significant Accounting Policies - Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Balance at beginning of year	$ 1,435	$ 1,380	$ 1,166
Provision	1,377	1,991	1,732
Claims	(1,714)	(1,936)	(1,518)
Balance at end of year	$ 1,098	$ 1,435	$ 1,380

Note 2 - Allowance for Doubtf33

Note 2 - Allowance for Doubtful Accounts (Details Textual) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Allowance for Doubtful Accounts Receivable	$ 0.7	$ 1

Note 3 - Inventories (Details T

Note 3 - Inventories (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Excess of Replacement or Current Costs over Stated LIFO Value	$ 59.7	$ 58.4
Inventory, LIFO Reserve, Effect on Income, Net	0.5
Inventory Valuation Reserves	$ 4.9	$ 4.5

Note 3 - Inventories - Inventor

Note 3 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Raw materials and in-process	$ 17,528	$ 17,986
Finished parts	48,247	43,423
Finished products	9,192	7,640
Total net inventories	$ 74,967	$ 69,049

Note 4 - Financing Arrangemen36

Note 4 - Financing Arrangements (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016
Interest Expense, Debt	$ 17,000	$ 20,000	$ 122,000
Operating Leases, Rent Expense	900,000	1,100,000	$ 1,000,000
Line of Credit Maturing February 2020 [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.10%
Line of Credit Facility, Remaining Borrowing Capacity	$ 18,300,000	20,000,000
Letters of Credit Outstanding, Amount	$ 1,700,000
Line of Credit Maturing February 2020 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Line of Credit Maturing May 2018 [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 8,000,000
Line of Credit Facility, Remaining Borrowing Capacity	2,700,000	3,200,000
Letters of Credit Outstanding, Amount	$ 5,300,000	4,800,000
Line of Credit Maturing May 2018 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Bank Guarantee [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 3,000,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 800,000	600,000
Letters of Credit Outstanding, Amount	$ 2,200,000	$ 2,400,000
Line of Credit Facility, Interest Rate at Period End				1.75%

Note 4 - Financing Arrangemen37

Note 4 - Financing Arrangements - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 825
2,019	489
2,020	188
2,021	33
2,022	13
Therafter	9
Total due	$ 1,557

Note 5 - Accumulated Other Co38

Note 5 - Accumulated Other Comprehensive Loss - Reclassification Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total before income tax		$ (39,378)	$ (36,482)	$ (37,266)
Income tax		12,823	11,599	12,157
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Recognized actuarial loss	[1]	1,093	1,402	1,581
Total before income tax		5,124	1,402	5,364
Income tax		(1,670)	(446)	(1,749)
Net of income tax		3,454	956	3,615
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Cost of Sales [Member]
Settlement loss	[2]	2,628		2,584
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Selling, General and Administrative Expenses [Member]
Settlement loss	[3]	$ 1,403		$ 1,199
[1]	The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note 7, Pensions and Other Postretirement Benefits.
[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 Co39

Note 5 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss as Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Balance	$ 302,888	$ 287,021	$ 281,967
Balance	325,495	302,888	287,021
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(8,842)	(9,057)	(4,338)
Reclassification adjustments
Current period benefit (charge)	3,521	215	(4,719)
Income tax benefit
Balance	(5,321)	(8,842)	(9,057)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(11,623)	(13,358)	(12,988)
Reclassification adjustments	5,124	1,402	5,364
Current period benefit (charge)	1,479	1,357	(6,038)
Income tax benefit	(2,168)	(1,024)	304
Balance	(7,188)	(11,623)	(13,358)
AOCI Attributable to Parent [Member]
Balance	(20,465)	(22,415)	(17,326)
Reclassification adjustments	5,124	1,402	5,364
Current period benefit (charge)	5,000	1,572	(10,757)
Income tax benefit	(2,168)	(1,024)	304
Balance	$ (12,509)	$ (20,465)	$ (22,415)

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			35.00%
Income Taxes Paid			$ 13,500,000	$ 7,800,000	$ 13,500,000
Tax Credit Carryforward, Amount	$ 644,000		644,000	518,000
Deferred Tax Assets, Valuation Allowance	459,000		459,000	277,000	277,000
Unrecognized Tax Benefits	797,000		797,000	492,000	567,000	$ 576,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	674,000		674,000	397,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	56,000		56,000
Income Tax Examination, Penalties and Interest Accrued	168,000		168,000	98,000	116,000
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	400,000		(1,600,000)
Accrued Income Taxes, Noncurrent	$ 1,400,000		1,400,000
Effective Income Tax Rate Reconciliation, Foreign Withholding Tax, Amount			$ 600,000
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%

Note 6 - Income Taxes - Compone

Note 6 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
United States	$ 39,378	$ 36,482	$ 37,266
Current expense:
Federal	16,489	6,960	11,465
Foreign	1,243	547	292
State and local	1,231	581	963
Total current	18,963	8,088	12,720
Deferred expense (benefit):
Federal	(5,968)	3,429	(443)
Foreign	51	(184)	(112)
State and local	(223)	266	(8)
Total deferred	(6,140)	3,511	(563)
Income tax expense	12,823	11,599	12,157
UNITED STATES
United States	33,277	33,101	35,391
Foreign Countries [Member]
United States	$ 6,101	$ 3,381	$ 1,875

Note 6 - Income Taxes - Reconci

Note 6 - Income Taxes - Reconciliation of Income Tax Expense By Applying the Statutory Federal Rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income taxes at statutory rate	$ 13,782,000	$ 12,769,000	$ 13,043,000
State and local income taxes, net of federal tax benefit	555,000	576,000	680,000
Research and development tax credits	(295,000)	(371,000)	(380,000)
Domestic production activities deduction	(1,191,000)	(822,000)	(964,000)
Lower foreign taxes differential	(842,000)	(820,000)	(476,000)
Uncertain tax positions	346,000	(93,000)	26,000
Valuation allowance	100,000		(59,000)
Federal tax reform – deferred rate change	(1,624,000)
Deemed mandatory repatriation	1,370,000
Effective Income Tax Rate Reconciliation, Foreign Withholding Tax, Amount	600,000
Other	22,000	360,000	287,000
Income tax	$ 12,823,000	$ 11,599,000	$ 12,157,000

Note 6 - Income Taxes - Deferre

Note 6 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Inventories	$ 1,131,000	$ 721,000	$ 1,664,000
Accrued liabilities	1,872,000	3,139,000	2,450,000
Postretirement health benefits obligation	3,844,000	7,449,000	7,547,000
Pension			3,443,000
Other	583,000	879,000	292,000
Total deferred tax assets	7,430,000	12,188,000	15,396,000
Valuation allowance	(459,000)	(277,000)	(277,000)
Net deferred tax assets	6,971,000	11,911,000	15,119,000
Deferred tax liabilities:
Depreciation and amortization	(8,715,000)	(16,119,000)	(18,059,000)
Pension	(997,000)	(3,017,000)
Foreign withholding tax	(600,000)
Total deferred tax liabilities	(10,312,000)	(19,136,000)	(18,059,000)
Net deferred tax liabilities	$ (3,341,000)	$ (7,225,000)	$ (2,940,000)

Note 6 - Income Taxes - Recon44

Note 6 - Income Taxes - Reconciliation of the Beginning and Ending Amount Of Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Balance at beginning of year	$ 492,000	$ 567,000	$ 576,000
Additions based on tax positions related to the current year	239,000	101,000	113,000
Additions based on tax positions related to prior years	165,000
Reductions due to lapse of applicable statute of limitations	(99,000)	(108,000)	(101,000)
Settlements		(68,000)	(21,000)
Balance at end of year	$ 797,000	$ 492,000	$ 567,000

Note 7 - Pensions and Other P45

Note 7 - Pensions and Other Postretirement Benefits (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	$ 4,000,000	$ 0	$ 3,800,000
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	$ 271,000
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation	1,600,000
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components	233,000
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation	$ 1,400,000
Minimum [Member] | Equity Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	7.00%
Minimum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	70.00%
Minimum [Member] | Alternative Investments [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Minimum [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Maximum [Member] | Equity Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	27.00%
Maximum [Member] | Fixed Income Securities [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	90.00%
Maximum [Member] | Alternative Investments [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	6.00%
Maximum [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	10.00%
One Percentage Point Change in Assumed Rate of Return [Member]
Defined Benefit Plan Effect On Pension Expense	$ 783,000
One Percentage Point Increase in Discount Rate [Member]
Defined Benefit Plan Effect On Pension Expense	1,200,000
One Percentage Point Decrease in Discount Rate [Member]
Defined Benefit Plan Effect On Pension Expense	1,400,000
Pension Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	1,900,000	$ 1,600,000	$ 1,600,000
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 2,000,000
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%

Note 7 - Pensions and Other P46

Note 7 - Pensions and Other Postretirement Benefits - Amounts Recognized in the Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Change in plan assets:
Plan assets at beginning of year	$ 83,318
Plan assets at end of year	80,802	$ 83,318
Noncurrent assets	4,313	6,211
Pension Plan [Member]
Accumulated benefit obligation at end of year	63,173	64,033
Benefit obligation at beginning of year	77,107	77,600
Service cost	2,727	2,837	$ 3,064
Interest cost	2,537	2,643	2,640
Plan Changes
Settlement	1,398
Benefits paid	(12,066)	(5,510)
Effect of foreign exchange
Actuarial loss (gain)	4,786	(463)
Benefit obligation at end of year	76,489	77,107	77,600
Change in plan assets:
Plan assets at beginning of year	83,318	68,291
Actual return on plan assets	7,550	4,537
Employer contributions	2,000	16,000
Benefits paid	(12,066)	(5,510)
Plan assets at end of year	80,802	83,318	68,291
Funded status at end of year	4,313	6,211
Noncurrent assets	4,313	6,211
Current liabilities
Noncurrent liabilities
Total assets (liabilities)	4,313	6,211
Net actuarial loss (gain)	24,571	27,041
Prior Service Cost
Deferred tax (benefit) expense	(9,223)	(10,506)
After tax actuarial loss (gain)	15,348	16,535
Postretirement Plan [Member]
Accumulated benefit obligation at end of year	17,367	22,340
Benefit obligation at beginning of year	22,340	22,430
Service cost	1,249	1,192	1,194
Interest cost	814	842	790
Plan Changes	(6,646)
Settlement
Benefits paid	(2,278)	(1,637)
Effect of foreign exchange	24	7
Actuarial loss (gain)	1,864	(494)
Benefit obligation at end of year	17,367	22,340	22,430
Change in plan assets:
Plan assets at beginning of year
Actual return on plan assets
Employer contributions	2,278	1,637
Benefits paid	(2,278)	(1,637)
Plan assets at end of year
Funded status at end of year	(17,367)	(22,340)
Noncurrent assets
Current liabilities	(1,630)	(1,631)
Noncurrent liabilities	(15,737)	(20,709)
Total assets (liabilities)	(17,367)	(22,340)
Net actuarial loss (gain)	(5,377)	(7,890)
Prior Service Cost	(6,646)
Deferred tax (benefit) expense	3,683	2,978
After tax actuarial loss (gain)	$ (8,340)	$ (4,912)

Note 7 - Pensions and Other P47

Note 7 - Pensions and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Pension Plan [Member]
Service cost	$ 2,727	$ 2,837	$ 3,064
Interest cost	2,537	2,643	2,640
Expected return on plan assets	(4,697)	(4,150)	(4,060)
Recognized actuarial loss	1,770	2,101	2,230
Settlement loss	4,031		3,783
Net periodic benefit cost	6,368	3,431	7,657
Net (gain) loss	(2,470)	(2,952)	1,156
Total expense (income) recognized in net periodic benefit cost and other comprehensive income	3,898	479	8,813
Service cost	2,727	2,837	3,064
Interest cost	2,537	2,643	2,640
Recognized actuarial gain	1,770	2,101	2,230
Postretirement Plan [Member]
Service cost	1,249	1,192	1,194
Interest cost	814	842	790
Recognized actuarial loss	(677)	(699)	(649)
Net periodic benefit cost	1,386	1,335	1,335
Net (gain) loss	(4,105)	205	(529)
Total expense (income) recognized in net periodic benefit cost and other comprehensive income	(2,719)	1,540	806
Service cost	1,249	1,192	1,194
Interest cost	814	842	790
Recognized actuarial gain	$ (677)	$ (699)	$ (649)

Note 7 - Pensions and Other P48

Note 7 - Pensions and Other Postretirement Benefits - Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Pension Plan [Member]
Discount rate	3.27%	3.60%
Rate of compensation increase	3.50%	3.50%
Discount rate	3.27%	3.70%
Expected long-term rate of return on plan assets	6.00%	6.00%
Rate of compensation Increase	3.50%	3.50%
Postretirement Plan [Member]
Discount rate	3.39%	3.77%
Rate of compensation increase
Discount rate	3.77%	3.90%
Expected long-term rate of return on plan assets
Rate of compensation Increase

Note 7 - Pensions and Other P49

Note 7 - Pensions and Other Postretirement Benefits - Allocation of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Plan Fair Value Assets	$ 80,802	$ 83,318
Plan Fair Value Assets, Percentage	100.00%	100.00%
Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 34,240	$ 42,691
Plan Fair Value Assets, Percentage	43.00%	51.00%
Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	$ 46,556	$ 40,597
Plan Fair Value Assets, Percentage	57.00%	49.00%
Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets	$ 6	$ 30
Plan Fair Value Assets, Percentage
Equity Securities [Member]
Plan Fair Value Assets, Percentage
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 14,637	$ 19,752
Plan Fair Value Assets, Percentage	18.00%	24.00%
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets	$ 6	$ 30
Plan Fair Value Assets, Percentage
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 12,573	$ 11,805
Plan Fair Value Assets, Percentage	16.00%	14.00%
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	$ 46,556	$ 40,597
Plan Fair Value Assets, Percentage	57.00%	49.00%
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 857
Plan Fair Value Assets, Percentage	1.00%
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 6,173	$ 11,134
Plan Fair Value Assets, Percentage	8.00%	13.00%
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets
Plan Fair Value Assets, Percentage

Note 7 - Pensions and Other P50

Note 7 - Pensions and Other Postretirement Benefits - Expected Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2017USD ($)
Pension Plan [Member]
2,018	$ 4,274
2,019	4,251
2,020	5,427
2,021	5,046
2,022	5,964
Thereafter	26,953
Postretirement Plan [Member]
2,018	1,657
2,019	1,519
2,020	1,373
2,021	1,215
2,022	1,157
Thereafter	$ 5,960

Note 8 - Goodwill and Other I51

Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Amortization of Intangible Assets	$ 1,600	$ 1,700	$ 1,500
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	1,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	1,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	1,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	1,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	1,000
Goodwill, Impairment Loss	925	1,800	$ 0
Customer Relationships [Member]
Impairment of Intangible Assets, Finite-lived	3,200
Bayou City Pump Inc [Member]
Goodwill, Impairment Loss	900	$ 1,800
National Reporting Unit [Member]
Goodwill, Impairment Loss	$ 0
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	7.00%
Reporting Unit, Percentage of Parent Company Total Assets	3.00%

Note 8 - Goodwill and Other I52

Note 8 - Goodwill and Other Intangible Assets - Major Components of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Intangible assets, cost	$ 16,590	$ 20,349
Intangible assets, accumulated amortization	8,933	8,396
Goodwill	27,551	28,030	$ 24,559
Intangible assets, including goodwill, cost	46,851	51,267
Trademarks and Trade Names [Member]
Trade names and trademarks	2,710	2,888
Customer Relationships [Member]
Intangible assets, cost	7,966	11,885
Intangible assets, accumulated amortization	4,791	4,650
Technology and Drawings [Member]
Intangible assets, cost	6,758	6,741
Intangible assets, accumulated amortization	3,121	2,804
Other Intangible Assets [Member]
Intangible assets, cost	1,866	1,723
Intangible assets, accumulated amortization	$ 1,021	$ 942

Note 8 - Goodwill and Other I53

Note 8 - Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Balance	$ 28,030	$ 24,559
Acquisitions		5,187
Impairment	(925)	(1,800)	$ 0
Foreign currency	446	84
Balance	$ 27,551	$ 28,030	$ 24,559

Note 9 - Business Segment Inf54

Note 9 - Business Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Number of Reportable Segments	1
Number of Countries in which Entity Operates	150
UNITED STATES
Long Lived Assets, Percent	89.00%	92.00%

Note 9 - Business Segment Inf55

Note 9 - Business Segment Information - Components of Customer Sales Determined Based on the Location of Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues	$ 379,389	$ 382,071	$ 406,150
Revenues, Percent	100.00%	100.00%	100.00%
UNITED STATES
Revenues	$ 241,746	$ 250,872	$ 269,628
Revenues, Percent	64.00%	66.00%	66.00%
Foreign Countries [Member]
Revenues	$ 137,643	$ 131,199	$ 136,522
Revenues, Percent	36.00%	34.00%	34.00%

Note 9 - Business Segment Inf56

Note 9 - Business Segment Information - Net Sales from External Customers by Product Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues	$ 379,389	$ 382,071	$ 406,150
Pumps and Pump Systems [Member]
Revenues	322,201	328,973	352,652
Repairs and Other [Member]
Revenues	$ 57,188	$ 53,098	$ 53,498

Note 10 - Acquisitions (Details

Note 10 - Acquisitions (Details Textual) - USD ($)	1 Months Ended
	Aug. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Oct. 31, 2016	Dec. 31, 2015
Goodwill		$ 27,551,000	$ 28,030,000		$ 24,559,000
Morrison Pump Company [Member]
Goodwill				$ 5,200,000
Hydro Companies [Member]
Goodwill	$ 2,400,000
Business Combination, Consideration Transferred, Liabilities Incurred	1,900,000
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] | 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