The Gorman-Rupp Company (GRC) 10-Q 31 Jul 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 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)		26,117,045
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net sales	$ 111,827	$ 97,872	$ 208,431	$ 190,475
Cost of products sold	81,962	70,627	152,360	140,978
Gross profit	29,865	27,245	56,071	49,497
Selling, general and administrative expenses	14,872	14,084	29,228	27,678
Operating income	14,993	13,161	26,843	21,819
Other income (expense), net	(2,407)	(1,354)	(1,601)	(2,692)
Income before income taxes	12,586	11,807	25,242	19,127
Income taxes	2,413	3,959	5,452	6,214
Net income	$ 10,173	$ 7,848	$ 19,790	$ 12,913
Earnings per share (in dollars per share)	$ 0.39	$ 0.30	$ 0.76	$ 0.49
Cash dividends per share (in dollars per share)	$ 0.125	$ 0.115	$ 0.25	$ 0.23
Average number of shares outstanding (in shares)	26,107,670	26,096,881	26,107,149	26,095,013

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 10,173	$ 7,848	$ 19,790	$ 12,913
Cumulative translation adjustments	(1,855)	1,317	(1,666)	1,864
Pension and postretirement medical liability adjustments, net of tax	1,921	1,280	2,431	2,556
Other comprehensive income	66	2,597	765	4,420
Comprehensive income	$ 10,239	$ 10,445	$ 20,555	$ 17,333

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 83,721	$ 79,680
Accounts receivable, net	74,058	67,369
Inventories, net	79,418	74,967
Prepaid and other	5,297	5,918
Total current assets	242,494	227,934
Property, plant and equipment, net	115,426	117,071
Other assets	7,574	7,779
Prepaid pension assets	8,087	4,313
Goodwill and other intangible assets, net	36,966	37,918
Total assets	410,547	395,015
Current liabilities:
Accounts payable	16,446	15,798
Payroll and employee related liabilities	14,585	12,027
Commissions payable	8,514	7,589
Deferred revenue and customer deposits	3,332	4,098
Accrued expenses	5,308	6,184
Total current liabilities	48,185	45,696
Postretirement benefits	15,190	15,737
Other long-term liabilities	7,605	8,087
Total liabilities	70,980	69,520
Equity:
Common shares, without par value: Authorized - 35,000,000 shares; Outstanding – 26,108,045 shares at June 30, 2018 and 26,106,623 shares at December 31, 2017 (after deducting treasury shares of 940,751 and 942,173, respectively), at stated capital amounts	5,100	5,100
Additional paid-in capital	564	526
Retained earnings	345,647	332,378
Accumulated other comprehensive loss	(11,744)	(12,509)
Total equity	339,567	325,495
Total liabilities and equity	$ 410,547	$ 395,015

Consolidated Balance Sheets (C5

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - shares	Jun. 30, 2018	Dec. 31, 2017
Common shares, authorized (in shares)	35,000,000	35,000,000
Common shares, outstanding (in shares)	26,108,045	26,106,623
Treasury shares (in shares)	940,751	942,173

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 19,790	$ 12,913
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,210	7,433
Pension expense	3,660	4,696
Contributions to pension plan	(4,000)	(2,000)
Changes in operating assets and liabilities:
Accounts receivable, net	(7,254)	(649)
Inventories, net	(5,214)	3,227
Accounts payable	966	461
Commissions payable	1,025	(3,642)
Income taxes	(3,839)	3,227
Accrued expenses and other	(2,886)	(2,687)
Benefit obligations	4,879	1,008
Net cash provided by operating activities	14,337	23,987
Cash used for investing activities:
Capital additions	(5,479)	(3,345)
Proceeds (purchases) of short-term investments, net	2,969	(5,999)
Net cash used for investing activities	(2,510)	(9,344)
Cash used for financing activities:
Cash dividends	(6,527)	(6,002)
Other	459
Net cash used for financing activities	(6,986)	(6,002)
Effect of exchange rate changes on cash	(800)	729
Net increase in cash and cash equivalents	4,041	9,370
Cash and cash equivalents:
Beginning of period	79,680	57,604
End of period	$ 83,721	$ 66,974

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation of Financial Statements	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Basis of Accounting [Text Block]	NOTE 1 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 six June 30, 2018 not may December 31, 2018. 10 December 31, 2017, Certain prior year amounts have been reclassified to conform to the three six June 30, 2018 no

Note 2 - Recently Issued Accoun

Note 2 - Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	NOTE 2 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 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	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 3 Adoption of ASU 2014 09, 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 Three Months Ended Six Months Ended 2018 2017 2018 2017 Pumps and pump systems $ 97,784 $ 84,020 $ 178,611 $ 161,485 Repair parts for pumps and pump systems and other 14,043 13,852 29,820 28,990 Total net sales $ 111,827 $ 97,872 $ 208,431 $ 190,475 Geographic Location Three Months Ended Six Months Ended 2018 2017 2018 2017 United States $ 71,519 $ 63,456 $ 135,952 $ 122,628 Foreign countries 40,308 34,416 72,479 67,847 Total net sales $ 111,827 $ 97,872 $ 208,431 $ 190,475 International sales represented approximately 36% 35% second 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 second 2018 $0.5 2014 09. On June 30, 2018, $128.9 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 as a component of Other Assets and Deferred Revenue and customer deposits, respectively, 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 as of June 30, 2018 Beginning balances at December 31, 2017 Ending balances at June 30, 2018 Contract assets $ - $ 586 Contract liabilities $ 4,098 $ 3,332 Revenue recognized for the six June 30, 2018 December 31, 2017 $3.3

Note 4 - Inventories

Note 4 - Inventories	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 4 Inventories are stated at the lower of cost or net realizable value. The costs for approximately 71% June 30, 2018 72% December 31, 2017 first first first $61.4 $59.7 June 30, 2018 December 31, 2017, Allowances for excess and obsolete inventory totaled $5.2 $4.9 June 30, 2018 December 31, 2017, The major components of net inventories are as follows: June 30, 2018 December 31, 2017 Raw materials and in-process $ 21,531 $ 17,528 Finished parts 49,211 48,247 Finished products 8,676 9,192 Total net inventories $ 79,418 $ 74,967

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 5 Property, plant and equipment, net consist of the following: June 30, 2018 December 31, 2017 Land $ 4,141 $ 4,187 Buildings 106,366 106,437 Machinery and equipment 175,053 170,615 285,560 281,239 Less accumulated depreciation (170,134 ) (164,168 ) Property, plant and equipment, net $ 115,426 $ 117,071

Note 6 - Product Warranties

Note 6 - Product Warranties	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	NOTE 6 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: June 3 0 , 2018 2017 Balance at beginning of year $ 1,098 $ 1,435 Provision 586 815 Claims (686 ) (1,012 ) Balance at end of period $ 998 $ 1,238

Note 7 - Pension and Other Post

Note 7 - Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	NOTE 7 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 $4.0 first six 2018 not 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 following tables present the components of net periodic benefit costs: Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended 2018 2017 2018 2017 Service cost $ 602 $ 671 $ 194 $ 312 Interest cost 632 650 141 204 Expected return on plan assets (1,103 ) (1,191 ) - - Amortization of prior service cost - - (282 ) - Recognized actuarial loss (gain) 421 459 (104 ) (169 ) Settlement loss 2,229 1,713 - - Net periodic benefit cost $ 2,781 $ 2,302 $ (51 ) $ 347 Pension Benefits Postretirement Benefits Six Months Ended June 3 0 , Six Months Ended June 3 0 , 2018 2017 2018 2017 Service cost $ 1,295 $ 1,422 $ 388 $ 624 Interest cost 1,238 1,319 282 407 Expected return on plan assets (2,307 ) (2,387 ) - - Amortization of prior service cost - - (565 ) - Recognized actuarial loss (gain) 818 949 (207 ) (337 ) Settlement loss 2,616 3,393 - - Net periodic benefit cost $ 3,660 $ 4,696 $ (102 ) $ 694 During the three six June 30, 2018, $2.2 $2.6 The Company adopted ASU 2017 07 January 1, 2018 2. The following table summarizes the amounts reclassified into other income (expense), net for the three six June 30, 2017: Three Six Months ended June 30, 201 7 201 7 Cost of products sold $ (1,100 ) $ (2,157 ) Selling, general and administrative expenses (567 ) (1,187 ) Total amount reclassified $ (1,667 ) $ (3,344 )

Note 8 - Accumulated Other Comp

Note 8 - Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	NOTE 8 The following table summarizes reclassifications out of accumulated other comprehensive income (loss): Three Months Ended Six Months Ended 2018 2017 2018 2017 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 317 $ 290 $ 611 $ 612 Settlement loss (b) 2,229 1,713 2,616 3,393 Total before income tax $ 2,546 $ 2,003 $ 3,227 $ 4,005 Income tax (625 ) (723 ) (796 ) (1,449 ) Net of income tax $ 1,921 $ 1,280 $ 2,431 $ 2,556 (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 - 3,227 3,227 Current period credit (1,666 ) - (1,666 ) Income tax expense - (796 ) (796 ) Balance at June 30, 2018 $ (6,987 ) $ (4,757 ) $ (11,744 ) Currency Pension and Accumulated Balance at December 31, 2016 $ (8,842 ) $ (11,623 ) $ (20,465 ) Reclassification adjustments - 4,005 4,005 Current period credit 1,864 - 1,864 Income tax expense - (1,449 ) (1,449 ) Balance at June 30, 2017 $ (6,978 ) $ (9,067 ) $ (16,045 )

Note 9 - Income Taxes

Note 9 - Income Taxes	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 9 The Tax Act enacted in December 2017 21% 19.2% 21.6% second first six 2018, 33.5% 32.5% second first six 2017, During the second 2018, $0.2 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 June 30, 2018, not no fourth 2018,

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Product Category Three Months Ended Six Months Ended 2018 2017 2018 2017 Pumps and pump systems $ 97,784 $ 84,020 $ 178,611 $ 161,485 Repair parts for pumps and pump systems and other 14,043 13,852 29,820 28,990 Total net sales $ 111,827 $ 97,872 $ 208,431 $ 190,475 Geographic Location Three Months Ended Six Months Ended 2018 2017 2018 2017 United States $ 71,519 $ 63,456 $ 135,952 $ 122,628 Foreign countries 40,308 34,416 72,479 67,847 Total net sales $ 111,827 $ 97,872 $ 208,431 $ 190,475
Contract with Customer, Asset and Liability [Table Text Block]	Beginning balances at December 31, 2017 Ending balances at June 30, 2018 Contract assets $ - $ 586 Contract liabilities $ 4,098 $ 3,332

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2018 December 31, 2017 Raw materials and in-process $ 21,531 $ 17,528 Finished parts 49,211 48,247 Finished products 8,676 9,192 Total net inventories $ 79,418 $ 74,967

Note 5 - Property, Plant and 18

Note 5 - Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, 2018 December 31, 2017 Land $ 4,141 $ 4,187 Buildings 106,366 106,437 Machinery and equipment 175,053 170,615 285,560 281,239 Less accumulated depreciation (170,134 ) (164,168 ) Property, plant and equipment, net $ 115,426 $ 117,071

Note 6 - Product Warranties (Ta

Note 6 - Product Warranties (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	June 3 0 , 2018 2017 Balance at beginning of year $ 1,098 $ 1,435 Provision 586 815 Claims (686 ) (1,012 ) Balance at end of period $ 998 $ 1,238

Note 7 - Pension and Other Po20

Note 7 - Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Costs of Retirement Plans [Table Text Block]	Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended 2018 2017 2018 2017 Service cost $ 602 $ 671 $ 194 $ 312 Interest cost 632 650 141 204 Expected return on plan assets (1,103 ) (1,191 ) - - Amortization of prior service cost - - (282 ) - Recognized actuarial loss (gain) 421 459 (104 ) (169 ) Settlement loss 2,229 1,713 - - Net periodic benefit cost $ 2,781 $ 2,302 $ (51 ) $ 347 Pension Benefits Postretirement Benefits Six Months Ended June 3 0 , Six Months Ended June 3 0 , 2018 2017 2018 2017 Service cost $ 1,295 $ 1,422 $ 388 $ 624 Interest cost 1,238 1,319 282 407 Expected return on plan assets (2,307 ) (2,387 ) - - Amortization of prior service cost - - (565 ) - Recognized actuarial loss (gain) 818 949 (207 ) (337 ) Settlement loss 2,616 3,393 - - Net periodic benefit cost $ 3,660 $ 4,696 $ (102 ) $ 694
Schedule of the Reclassification of Retirement Benefits [Table Text Block]	Three Six Months ended June 30, 201 7 201 7 Cost of products sold $ (1,100 ) $ (2,157 ) Selling, general and administrative expenses (567 ) (1,187 ) Total amount reclassified $ (1,667 ) $ (3,344 )

Note 8 - Accumulated Other Co21

Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Three Months Ended Six Months Ended 2018 2017 2018 2017 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 317 $ 290 $ 611 $ 612 Settlement loss (b) 2,229 1,713 2,616 3,393 Total before income tax $ 2,546 $ 2,003 $ 3,227 $ 4,005 Income tax (625 ) (723 ) (796 ) (1,449 ) Net of income tax $ 1,921 $ 1,280 $ 2,431 $ 2,556
Comprehensive Income (Loss) [Table Text Block]	Currency Pension and Accumulated Balance at December 31, 2017 $ (5,321 ) $ (7,188 ) $ (12,509 ) Reclassification adjustments - 3,227 3,227 Current period credit (1,666 ) - (1,666 ) Income tax expense - (796 ) (796 ) Balance at June 30, 2018 $ (6,987 ) $ (4,757 ) $ (11,744 ) Currency Pension and Accumulated Balance at December 31, 2016 $ (8,842 ) $ (11,623 ) $ (20,465 ) Reclassification adjustments - 4,005 4,005 Current period credit 1,864 - 1,864 Income tax expense - (1,449 ) (1,449 ) Balance at June 30, 2017 $ (6,978 ) $ (9,067 ) $ (16,045 )

Note 3 - Revenue (Details Textu

Note 3 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018
Revenue, Remaining Performance Obligation, Amount Greater than What Has Been Recorded Prior to Adoption of New Standard	$ 0.5		$ 0.5
Revenue, Remaining Performance Obligation, Amount	$ 128.9		$ 128.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year		1 year
Contract with Customer, Liability, Revenue Recognized			$ 3.3
Foreign Countries [Member]
Percentage Revenue By Location	36.00%	35.00%

Note 3 - Revenue - Disaggregati

Note 3 - Revenue - Disaggregation of Revenue by Major Categories and Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net sales	$ 111,827	$ 97,872	$ 208,431	$ 190,475
UNITED STATES
Net sales	71,519	63,456	135,952	122,628
Foreign Countries [Member]
Net sales	40,308	34,416	72,479	67,847
Pumps and Pump Systems [Member]
Net sales	97,784	84,020	178,611	161,485
Repair Parts for Pumps and Pump Systems and Other [Member]
Net sales	$ 14,043	$ 13,852	$ 29,820	$ 28,990

Note 3 - Revenue - Contract Ass

Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Contract assets	$ 586
Contract liabilities	$ 3,332	$ 4,098

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Percentage of LIFO Inventory	71.00%	72.00%
Inventory, LIFO Reserve	$ 61.4	$ 59.7
Inventory Valuation Reserves, Ending Balance	$ 5.2	$ 4.9

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Raw materials and in-process	$ 21,531	$ 17,528
Finished parts	49,211	48,247
Finished products	8,676	9,192
Total net inventories	$ 79,418	$ 74,967

Note 5 - Property, Plant and 27

Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property, plant and equipment, gross	$ 285,560	$ 281,239
Less accumulated depreciation	(170,134)	(164,168)
Property, plant and equipment, net	115,426	117,071
Land [Member]
Property, plant and equipment, gross	4,141	4,187
Building [Member]
Property, plant and equipment, gross	106,366	106,437
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 175,053	$ 170,615

Note 6 - Product Warranties - P

Note 6 - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Balance at beginning of year	$ 1,098	$ 1,435
Provision	586	815
Claims	(686)	(1,012)
Balance at end of period	$ 998	$ 1,238

Note 7 - Pension and Other Po29

Note 7 - Pension and Other Postretirement Benefits (Details Textual) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 4
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	$ (2.2)	$ (2.6)

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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Pension Plan [Member]
Service cost	$ 602	$ 671	$ 1,295	$ 1,422
Interest cost	632	650	1,238	1,319
Expected return on plan assets	(1,103)	(1,191)	(2,307)	(2,387)
Amortization of prior service cost
Recognized actuarial loss (gain)	421	459	818	949
Settlement loss	2,229	1,713	2,616	3,393
Net periodic benefit cost	2,781	2,302	3,660	4,696
Amortization of prior service cost
Postretirement Plan [Member]
Service cost	194	312	388	624
Interest cost	141	204	282	407
Expected return on plan assets
Amortization of prior service cost	(282)		(565)
Recognized actuarial loss (gain)	(104)	(169)	(207)	(337)
Settlement loss
Net periodic benefit cost	(51)	347	(102)	694
Amortization of prior service cost	$ (282)		$ (565)

Note 7 - Pension and Other Po31

Note 7 - Pension and Other Postretirement Benefits - Summary of Reclassification (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Cost of products sold	$ (81,962)	$ (70,627)	$ (152,360)	$ (140,978)
Selling, general and administrative expenses	(14,872)	(14,084)	(29,228)	(27,678)
Total amount reclassified	$ (2,407)	(1,354)	$ (1,601)	(2,692)
Accounting Standards Update 2017-07 [Member]
Cost of products sold		(1,100)		(2,157)
Selling, general and administrative expenses		(567)		(1,187)
Total amount reclassified		$ (1,667)		$ (3,344)

Note 8 - Accumulated Other Co32

Note 8 - Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Total before income tax		$ (12,586)	$ (11,807)	$ (25,242)	$ (19,127)
Income tax		2,413	3,959	5,452	6,214
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Recognized actuarial loss	[1]	317	290	611	612
Total before income tax		2,546	2,003	3,227	4,005
Income tax		(625)	(723)	(796)	(1,449)
Net of income tax		1,921	1,280	2,431	2,556
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Cost of Sales [Member]
Settlement loss	[2]	$ 2,229	$ 1,713	$ 2,616	$ 3,393
[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 consolidated statements of income.

Note 8 - Accumulated Other Co33

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	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Balance	$ 325,495
Balance	339,567
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(5,321)	$ (8,842)
Reclassification adjustments
Current period credit	(1,666)	1,864
Income tax expense
Balance	(6,987)	(6,978)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(7,188)	(11,623)
Reclassification adjustments	3,227	4,005
Current period credit
Income tax expense	(796)	(1,449)
Balance	(4,757)	(9,067)
AOCI Attributable to Parent [Member]
Balance	(12,509)	(20,465)
Reclassification adjustments	3,227	4,005
Current period credit	(1,666)	1,864
Income tax expense	(796)	(1,449)
Balance	$ (11,744)	$ (16,045)

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Effective Income Tax Rate Reconciliation, Percent, Total	19.20%	33.50%	21.60%	32.50%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 0.2