The Gorman-Rupp Company (GRC) 10-Q 1 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
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
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues	$ 96,604	$ 92,603
Cost of products sold	70,398	70,351
Gross profit	26,206	22,252
Selling, general and administrative expenses	14,356	13,594
Operating income	11,850	8,658
Other income (expense), net	806	(1,338)
Income before income taxes	12,656	7,320
Income taxes	3,039	2,255
Net income	$ 9,617	$ 5,065
Earnings per share (in dollars per share)	$ 0.37	$ 0.19
Cash dividends per share (in dollars per share)	$ 0.125	$ 0.115
Average number of shares outstanding (in shares)	26,106,623	26,093,123

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income	$ 9,617	$ 5,065
Cumulative translation adjustments	189	547
Pension and postretirement medical liability adjustments, net of tax	510	1,276
Other comprehensive income	699	1,823
Comprehensive income	$ 10,316	$ 6,888

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 88,389	$ 79,680
Accounts receivable, net	65,038	67,369
Inventories, net	79,132	74,967
Prepaid and other	5,868	5,918
Total current assets	238,427	227,934
Property, plant and equipment, net	116,053	117,071
Other assets	8,728	7,779
Prepaid pension assets	4,218	4,313
Goodwill and other intangible assets, net	37,690	37,918
Total assets	405,116	395,015
Current liabilities:
Accounts payable	16,348	15,798
Payroll and employee related liabilities	11,185	12,027
Commissions payable	8,000	7,589
Deferred revenue and customer deposits	4,967	4,098
Accrued expenses	8,763	6,184
Total current liabilities	49,263	45,696
Postretirement benefits	15,499	15,737
Other long-term liabilities	7,806	8,087
Total liabilities	72,568	69,520
Equity:
Common shares, without par value: Authorized – 35,000,000 shares; Outstanding – 26,106,623 shares at March 31, 2018 and December 31, 2017 (after deducting treasury shares of 942,173, respectively), at stated capital amounts	5,100	5,100
Additional paid-in capital	526	526
Retained earnings	338,732	332,378
Accumulated other comprehensive loss	(11,810)	(12,509)
Total equity	332,548	325,495
Total liabilities and equity	$ 405,116	$ 395,015

Consolidated Balance Sheets (C5

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - shares	Mar. 31, 2018	Dec. 31, 2017
Common shares authorized (in shares)	35,000,000	35,000,000
Common shares outstanding (in shares)	26,106,623	26,106,623
Treasury shares (in shares)	942,173	942,173

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 9,617	$ 5,065
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,600	3,754
Pension expense	879	2,394
Changes in operating assets and liabilities:
Accounts receivable, net	2,658	(5,905)
Inventories, net	(3,892)	1,323
Accounts payable	359	436
Commissions payable	354	(1,242)
Deferred revenue and customer deposits	869	147
Income taxes	3,014	2,929
Accrued expenses and other	(1,493)	717
Benefit obligations	(1,443)	(2,018)
Net cash provided by operating activities	14,522	7,600
Cash used for investing activities, capital additions	(2,033)	(1,950)
Cash used for financing activities:
Cash dividends	(3,263)	(3,001)
Other	371
Net cash used for financing activities	(3,634)	(3,001)
Effect of exchange rate changes on cash	(146)	198
Net increase in cash and cash equivalents	8,709	2,847
Cash and cash equivalents:
Beginning of period	79,680	57,604
End of period	$ 88,389	$ 60,451

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation of Financial Statements	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Basis of Accounting [Text Block]	NOTE 1 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10 not three March 31, 2018 not may December 31, 2018. 10 December 31, 2017, Certain prior year amounts have been reclassified to conform to the first 2018

Note 2 - Recently Issued Accoun

Note 2 - Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 2 - RECENTLY ISSUED ACCOUNTING STANDARDS The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Adopted Accounting Standards In March 2017, No. 2017 07, 715 December 15, 2017. 2017 07 January 1, 2018 first 2018 $59,000 first 2017 $1.7 first 2017 $1.1 $0.6 $1.7 first 2017 $1.7 In May 2014, 2014 09, 606 2014 09. January 1, 2018, 606 3 Recently Issued Accounting Standards Not In February 2018, No. 2018 02, 220 December 2017. December 15, 2018 not 2018 02 In February 2016, 2016 02, 842 one 2016 02. December 15, 2018 not 2016 02 not

Note 3 - Revenue

Note 3 - Revenue	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 3 Adoption of AS U 2014 09, Revenue from Contracts with Customers (Topic 606 On January 1, 2018, 2014 09 not December 31, 2017. January 1, 2018 606, not 605. 2014 09, not January 1, 2018. Disaggregation of Revenue The following tables disaggregate total net sales by major product category and geographic location: Product Category March 31, 2018 March 31, 2017 Pumps and pump systems $ 80,484 $ 77,556 Repair parts for pumps and pump systems and other 16,120 15,047 Total net sales $ 96,604 $ 92,603 Geographic Location March 31, 2018 March 31, 2017 United States $ 64,434 $ 59,172 Foreign countries 32,170 33,431 Total net sales $ 96,604 $ 92,603 International sales represented approximately 33% 36% first 2018 2017, No one 5% first 2018 2017. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to a customer, and is the unit of account in ASC Topic 606. not All of the Company's performance obligations, and associated revenue, are generally transferred to customers at a point in time, with the exception of certain highly customized pump products, which are transferred to the customer over time. Revenue from performance obligations transferred to the customer over time and recognized in the first 2018 $0.1 2014 09. On March 31, 2018, $127.3 one Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the consolidated balance sheets. For certain highly customized pump products, revenue is recognized over time before the customer is invoiced, resulting in contract assets. Sometimes the Company receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These contract assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. The beginning and ending balances of the Company’s contract assets and liabilities for the first 2018 2017 Beginning balances at December 31, 2017 Ending balances at March 31, 2018 Contract assets $ - $ 126 Contract liabilities $ 4,098 $ 4,967 Revenue recognized for the first 2018 $1.5

Note 4 - Inventories

Note 4 - Inventories	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 4 - INVENTORIES Inventories are stated at the lower of cost or market. The costs for approximately 70% March 31, 2018 72% December 31, 2017 first first first $60.5 $59.7 March 31, 2018 December 31, 2017, Allowances for excess and obsolete inventory totaled $5.2 $4.9 March 31, 2018 December 31, 2017, The major components of net inventories are as follows: March 3 1 , 201 8 December 31, 201 7 Raw materials and in-process $ 19,798 $ 17,528 Finished parts 50,927 48,247 Finished products 8,407 9,192 Total net inventories $ 79,132 $ 74,967

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 5 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consist of the following: March 3 1 , 201 8 December 31, 201 7 Land $ 4,212 $ 4,187 Buildings 106,724 106,437 Machinery and equipment 172,563 170,615 Le 283,499 281,239 Less accumulated depreciation (167,446 ) (164,168 ) Property, plant and equipment, net $ 116,053 $ 117,071

Note 6 - Product Warranties

Note 6 - Product Warranties	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	NOTE 6 - 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: March 3 1 , 201 8 201 7 Balance at beginning of year $ 1,098 $ 1,435 Provision 378 606 Claims (415 ) (530 ) Balance at end of period $ 1,061 $ 1,511

Note 7 - Pension and Other Post

Note 7 - Pension and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	NOTE 7 - PENSION AND OTHER POSTRETIREMENT BENEFITS The Company sponsors a defined benefit pension plan (the “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. The Company funds the cost of these benefits as incurred. 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 Company adopted ASU 2017 07 January 1, 2018 2. The following tables present the components of net periodic benefit cost: Pension Benefits Postretirement Benefits Three Months Ended March 3 1 , Three Months Ended March 3 1 , 201 8 2017 201 8 2017 Service cost $ 693 $ 752 $ 194 $ 312 Interest cost 606 668 141 203 Expected return on plan assets (1,204 ) (1,196 ) - - Amortization of prior service cost - - (283 ) - Recognized actuarial loss (gain) 397 490 (103 ) (168 ) Settlement loss 387 1,680 - - Net periodic benefit cost $ 879 $ 2,394 $ (51 ) $ 347

Note 8 - Accumulated Other Comp

Note 8 - Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	NOTE 8 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes reclassifications out of accumulated other comprehensive income (loss): Three Months Ended 2018 2017 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 294 $ 322 Settlement loss (b) 387 1,680 Total before income tax $ 681 $ 2,002 Income tax (171 ) (726 ) Net of income tax $ 510 $ 1,276 (a) The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note 7 (b) The settlement loss is included in other income (expense), net on the consolidated statements of income. The following tables summarize changes in balances for each component of accumulated other comprehensive income (loss): Currency Pension and Accumulated Balance at December 31, 2017 $ (5,321 ) $ (7,188 ) $ (12,509 ) Reclassification adjustments - 681 681 Current period credit 189 - 189 Income tax expense - (171 ) (171 ) Balance at March 31, 2018 $ (5,132 ) $ (6,678 ) $ (11,810 ) Currency Pension and Accumulated Balance at December 31, 2016 $ (8,842 ) $ (11,623 ) $ (20,465 ) Reclassification adjustments - 2,002 2,002 Current period credit 547 14 561 Income tax expense - (740 ) (740 ) Balance at March 31, 2017 $ (8,295 ) $ (10,347 ) $ (18,642 )

Note 9 - Income Taxes

Note 9 - Income Taxes	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 9 The Tax Act enacted in December 2017 21% 24.0% first 2018 30.8% first 2017 There have been no fourth 2017 may 2018. fourth 2017 no fourth 2018. The Company is evaluating certain aspects of the Tax Act, including the deferred tax effects of the global intangible low-taxed income (“GILTI”) provision of the Tax Act. Under U.S. GAAP, the Company is allowed to make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI resulting from those items in the year the tax is incurred. As of March 31, 2018, not no fourth 2018,

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Product Category March 31, 2018 March 31, 2017 Pumps and pump systems $ 80,484 $ 77,556 Repair parts for pumps and pump systems and other 16,120 15,047 Total net sales $ 96,604 $ 92,603 Geographic Location March 31, 2018 March 31, 2017 United States $ 64,434 $ 59,172 Foreign countries 32,170 33,431 Total net sales $ 96,604 $ 92,603
Contract with Customer, Asset and Liability [Table Text Block]	Beginning balances at December 31, 2017 Ending balances at March 31, 2018 Contract assets $ - $ 126 Contract liabilities $ 4,098 $ 4,967

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 3 1 , 201 8 December 31, 201 7 Raw materials and in-process $ 19,798 $ 17,528 Finished parts 50,927 48,247 Finished products 8,407 9,192 Total net inventories $ 79,132 $ 74,967

Note 5 - Property, Plant and 18

Note 5 - Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 3 1 , 201 8 December 31, 201 7 Land $ 4,212 $ 4,187 Buildings 106,724 106,437 Machinery and equipment 172,563 170,615 Le 283,499 281,239 Less accumulated depreciation (167,446 ) (164,168 ) Property, plant and equipment, net $ 116,053 $ 117,071

Note 6 - Product Warranties (Ta

Note 6 - Product Warranties (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	March 3 1 , 201 8 201 7 Balance at beginning of year $ 1,098 $ 1,435 Provision 378 606 Claims (415 ) (530 ) Balance at end of period $ 1,061 $ 1,511

Note 7 - Pension and Other Po20

Note 7 - Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Costs of Retirement Plans [Table Text Block]	Pension Benefits Postretirement Benefits Three Months Ended March 3 1 , Three Months Ended March 3 1 , 201 8 2017 201 8 2017 Service cost $ 693 $ 752 $ 194 $ 312 Interest cost 606 668 141 203 Expected return on plan assets (1,204 ) (1,196 ) - - Amortization of prior service cost - - (283 ) - Recognized actuarial loss (gain) 397 490 (103 ) (168 ) Settlement loss 387 1,680 - - Net periodic benefit cost $ 879 $ 2,394 $ (51 ) $ 347

Note 8 - Accumulated Other Co21

Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Three Months Ended 2018 2017 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 294 $ 322 Settlement loss (b) 387 1,680 Total before income tax $ 681 $ 2,002 Income tax (171 ) (726 ) Net of income tax $ 510 $ 1,276
Comprehensive Income (Loss) [Table Text Block]	Currency Pension and Accumulated Balance at December 31, 2017 $ (5,321 ) $ (7,188 ) $ (12,509 ) Reclassification adjustments - 681 681 Current period credit 189 - 189 Income tax expense - (171 ) (171 ) Balance at March 31, 2018 $ (5,132 ) $ (6,678 ) $ (11,810 ) Currency Pension and Accumulated Balance at December 31, 2016 $ (8,842 ) $ (11,623 ) $ (20,465 ) Reclassification adjustments - 2,002 2,002 Current period credit 547 14 561 Income tax expense - (740 ) (740 ) Balance at March 31, 2017 $ (8,295 ) $ (10,347 ) $ (18,642 )

Note 2 - Recently Issued Acco22

Note 2 - Recently Issued Accounting Standards (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Income (Loss), Total	$ 11,850,000	$ 8,658,000
Cost of Goods and Services Sold, Total	70,398,000	70,351,000
Selling, General and Administrative Expense, Total	14,356,000	13,594,000
Other Nonoperating Income (Expense), Total	806,000	(1,338,000)
Accounting Standards Update 2017-07 [Member]
Operating Income (Loss), Total	(59,000)	1,700,000
Cost of Goods and Services Sold, Total		(1,100,000)
Selling, General and Administrative Expense, Total		(600,000)
Other Nonoperating Income (Expense), Total		$ (1,700,000)
Reclassification of Pension Settlement Charge from Operating Income [Member] | Three Months Ended March 31, 2017 [Member]
Prior Period Reclassification Adjustment	$ 1,700,000

Note 3 - Revenue (Details Textu

Note 3 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Remaining Performance Obligation, Amount Greater than What Has Been Recorded Prior to Adoption of New Standard	$ 0.1
Revenue, Remaining Performance Obligation, Amount	127.3
Contract with Customer, Liability, Revenue Recognized	$ 1.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Foreign Countries [Member]
Percentage Revenue By Location	33.00%	36.00%
Each Foreign Country [Member]
Percentage Revenue By Location		5.00%
Revenue Threshold, Percentage	5.00%

Note 3 - Revenue - Disaggregati

Note 3 - Revenue - Disaggregation of Revenue by Major Categories and Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues	$ 96,604	$ 92,603
UNITED STATES
Revenues	64,434	59,172
Foreign Countries [Member]
Revenues	32,170	33,431
Pumps and Pump Systems [Member]
Revenues	80,484	77,556
Repair Parts for Pumps and Pump Systems and Other [Member]
Revenues	$ 16,120	$ 15,047

Note 3 - Revenue - Contract Ass

Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Contract assets	$ 126
Contract liabilities	$ 4,967	$ 4,098

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Percentage of LIFO Inventory	70.00%	72.00%
Inventory, LIFO Reserve	$ 60.5	$ 59.7
Inventory Valuation Reserves, Ending Balance	$ 5.2	$ 4.9

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Raw materials and in-process	$ 19,798	$ 17,528
Finished parts	50,927	48,247
Finished products	8,407	9,192
Total net inventories	$ 79,132	$ 74,967

Note 5 - Property, Plant and 28

Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Property, plant and equipment, gross	$ 283,499	$ 281,239
Less accumulated depreciation	(167,446)	(164,168)
Property, plant and equipment, net	116,053	117,071
Land [Member]
Property, plant and equipment, gross	4,212	4,187
Building [Member]
Property, plant and equipment, gross	106,724	106,437
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 172,563	$ 170,615

Note 6 - Product Warranties - P

Note 6 - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Balance at beginning of year	$ 1,098	$ 1,435
Provision	378	606
Claims	(415)	(530)
Balance at end of period	$ 1,061	$ 1,511

Note 7 - Pension and Other Po30

Note 7 - Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Pension Plan [Member]
Service cost	$ 693	$ 752
Interest cost	606	668
Expected return on plan assets	(1,204)	(1,196)
Amortization of prior service cost
Recognized actuarial loss (gain)	397	490
Settlement loss	387	1,680
Net periodic benefit cost	879	2,394
Postretirement Plan [Member]
Service cost	194	312
Interest cost	141	203
Expected return on plan assets
Amortization of prior service cost	(283)
Recognized actuarial loss (gain)	(103)	(168)
Settlement loss
Net periodic benefit cost	$ (51)	$ 347

Note 8 - Accumulated Other Co31

Note 8 - Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Total before income tax		$ (12,656)	$ (7,320)
Income tax		3,039	2,255
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Recognized actuarial loss	[1]	294	322
Total before income tax		681	2,002
Income tax		(171)	(726)
Net of income tax		510	1,276
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Cost of Sales [Member]
Settlement loss	[2]	$ 387	$ 1,680
[1]	The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note 7 for additional details.
[2]	The settlement loss is included in other income (expense), net on the condensed consolidated statements of income.

Note 8 - Accumulated Other Co32

Note 8 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) as Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Balance	$ 325,495
Balance	332,548
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(5,321)	$ (8,842)
Reclassification adjustments
Current period credit	189	547
Income tax expense
Balance	(5,132)	(8,295)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(7,188)	(11,623)
Reclassification adjustments	681	2,002
Current period credit		14
Income tax expense	(171)	(740)
Balance	(6,678)	(10,347)
AOCI Attributable to Parent [Member]
Balance	(12,509)	(20,465)
Reclassification adjustments	681	2,002
Current period credit	189	561
Income tax expense	(171)	(740)
Balance	$ (11,810)	$ (18,642)

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Effective Income Tax Rate Reconciliation, Percent, Total	24.00%	30.80%