The Gorman-Rupp Company (GRC) 10-Q 30 Oct 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 26, 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 Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		26,117,045
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net sales	$ 102,893	$ 93,976	$ 311,324	$ 284,451
Cost of products sold	75,566	67,518	227,926	208,496
Gross profit	27,327	26,458	83,398	75,955
Selling, general and administrative expenses	14,207	14,122	43,435	41,800
Impairment of goodwill and other intangible assets		4,098		4,098
Operating income	13,120	8,238	39,963	30,057
Other income (expense), net	532	(281)	(1,069)	(2,973)
Income before income taxes	13,652	7,957	38,894	27,084
Income taxes	2,951	2,255	8,403	8,469
Net income	$ 10,701	$ 5,702	$ 30,491	$ 18,615
Earnings per share (in dollars per share)	$ 0.41	$ 0.22	$ 1.17	$ 0.71
Cash dividends per share (in dollars per share)	$ 0.125	$ 0.115	$ 0.375	$ 0.345
Average number of shares outstanding (in shares)	26,117,045	26,106,623	26,110,484	26,098,925

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income	$ 10,701	$ 5,702	$ 30,491	$ 18,615
Cumulative translation adjustments	118	1,255	(1,549)	3,119
Pension and postretirement medical liability adjustments, net of tax	308	472	2,739	3,028
Other comprehensive income	426	1,727	1,190	6,147
Comprehensive income	$ 11,127	$ 7,429	$ 31,681	$ 24,762

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 101,381	$ 79,680
Accounts receivable, net	72,662	67,369
Inventories, net	82,044	74,967
Prepaid and other	5,501	5,918
Total current assets	261,588	227,934
Property, plant and equipment, net	113,466	117,071
Other assets	4,261	7,779
Prepaid pension assets	7,954	4,313
Goodwill and other intangible assets, net	36,542	37,918
Total assets	423,811	395,015
Current liabilities:
Accounts payable	17,298	15,798
Payroll and employee related liabilities	16,885	12,027
Commissions payable	10,532	7,589
Deferred revenue and customer deposits	3,887	4,098
Accrued expenses	5,441	6,184
Total current liabilities	54,043	45,696
Postretirement benefits	14,341	15,737
Other long-term liabilities	7,688	8,087
Total liabilities	76,072	69,520
Equity:
Common shares, without par value: Authorized - 35,000,000 shares; Outstanding – 26,117,045 shares at September 30, 2018 and 26,106,623 shares at December 31, 2017 (after deducting treasury shares of 931,751 and 942,173, respectively), at stated capital amounts	5,102	5,100
Additional paid-in capital	840	526
Retained earnings	353,116	332,378
Accumulated other comprehensive loss	(11,319)	(12,509)
Total equity	347,739	325,495
Total liabilities and equity	$ 423,811	$ 395,015

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - shares	Sep. 30, 2018	Dec. 31, 2017
Common shares, authorized (in shares)	35,000,000	35,000,000
Common shares, outstanding (in shares)	26,117,045	26,106,623
Treasury shares (in shares)	931,751	942,173

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 30,491	$ 18,615
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,884	11,406
Pension expense	4,301	5,696
Contributions to pension plan	(4,000)	(2,000)
Impairment of goodwill and other intangible assets		4,098
Changes in operating assets and liabilities:
Accounts receivable, net	(5,962)	4,570
Inventories, net	(7,811)	(3,377)
Accounts payable	1,857	(278)
Commissions payable	3,062	(4,593)
Income taxes	(2,738)	909
Accrued expenses and other	481	(4,975)
Benefit obligations	5,980	3,341
Net cash provided by operating activities	36,545	33,412
Cash used for investing activities:
Capital additions	(7,647)	(4,840)
Proceeds from sale of property, plant and equipment	791	294
Proceeds (purchases) of short-term investments, net	2,968	(2,975)
Net cash used for investing activities	(3,888)	(7,521)
Cash used for financing activities:
Cash dividends	(9,791)	(9,004)
Other	459
Net cash used for financing activities	(10,250)	(9,004)
Effect of exchange rate changes on cash	(706)	1,467
Net increase in cash and cash equivalents	21,701	18,354
Cash and cash equivalents:
Beginning of period	79,680	57,604
End of period	$ 101,381	$ 75,958

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation of Financial Statements	9 Months Ended
	Sep. 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 nine September 30, 2018 not may December 31, 2018. 10 December 31, 2017, Certain prior year amounts have been reclassified to conform to the three nine September 30, 2018 no

Note 2 - Recently Issued Accoun

Note 2 - Recently Issued Accounting Standards	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 Nine Months Ended 2018 2017 2018 2017 Pumps and pump systems $ 89,835 $ 79,946 $ 268,485 $ 241,357 Repair parts for pumps and pump systems and other 13,058 14,030 42,839 43,094 Total net sales $ 102,893 $ 93,976 $ 311,324 $ 284,451 Geographic Location Three Months Ended Nine Months Ended 2018 2017 2018 2017 United States $ 65,285 $ 58,819 $ 201,237 $ 181,447 Foreign countries 37,608 35,157 110,087 103,004 Total net sales $ 102,893 $ 93,976 $ 311,324 $ 284,451 International sales represented approximately 37% third 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 third first nine 2018 $0.4 $1.0 2014 09. On September 30, 2018, $122.4 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 September 30, 2018 Beginning balances at December 31, 2017 Ending balances at September 30, 2018 Contract assets $ - $ 962 Contract liabilities $ 4,098 $ 3,887 Revenue recognized for the nine September 30, 2018 December 31, 2017 $3.4

Note 4 - Inventories

Note 4 - Inventories	9 Months Ended
	Sep. 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% September 30, 2018 72% December 31, 2017 first first first $62.9 $59.7 September 30, 2018 December 31, 2017, Allowances for excess and obsolete inventory totaled $5.2 $4.9 September 30, 2018 December 31, 2017, The major components of net inventories are as follows: September 30, 2018 December 31, 2017 Raw materials and in-process $ 22,039 $ 17,528 Finished parts 50,525 48,247 Finished products 9,480 9,192 Total net inventories $ 82,044 $ 74,967

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 5 Property, plant and equipment, net consist of the following: September 30, 2018 December 31, 2017 Land $ 3,879 $ 4,187 Buildings 106,393 106,437 Machinery and equipment 176,517 170,615 286,789 281,239 Less accumulated depreciation (173,323 ) (164,168 ) Property, plant and equipment, net $ 113,466 $ 117,071

Note 6 - Product Warranties

Note 6 - Product Warranties	9 Months Ended
	Sep. 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: September 30, 2018 2017 Balance at beginning of year $ 1,098 $ 1,435 Provision 803 1,058 Claims (904 ) (1,360 ) Balance at end of period $ 997 $ 1,133

Note 7 - Pension and Other Post

Note 7 - Pension and Other Postretirement Benefits	9 Months Ended
	Sep. 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 nine 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 $ 562 $ 655 $ 194 $ 312 Interest cost 644 599 141 203 Expected return on plan assets (1,073 ) (1,138 ) - - Amortization of prior service cost - - (283 ) - Recognized actuarial loss (gain) 388 436 (103 ) (168 ) Settlement loss 120 448 - - Net periodic benefit cost $ 641 $ 1,000 $ (51 ) $ 347 Pension Benefits Postretirement Benefits Nine Months Ended Nine Months Ended 2018 2017 2018 2017 Service cost $ 1,857 $ 2,078 $ 582 $ 937 Interest cost 1,882 1,918 422 610 Expected return on plan assets (3,380 ) (3,525 ) - - Amortization of prior service cost - - (847 ) - Recognized actuarial loss (gain) 1,206 1,384 (310 ) (505 ) Settlement loss 2,736 3,841 - - Net periodic benefit cost $ 4,301 $ 5,696 $ (153 ) $ 1,042 During the three nine September 30, 2018, $0.1 $2.7 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 nine September 30, 2017: Three Nine Months ended September 30, 2017 2017 Cost of products sold $ (259 ) $ (2,416 ) Selling, general and administrative expenses (120 ) (1,307 ) Total amount reclassified $ (379 ) $ (3,723 )

Note 8 - Accumulated Other Comp

Note 8 - Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 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 Nine Months Ended 2018 2017 2018 2017 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 285 $ 267 $ 896 $ 879 Settlement loss (b) 120 448 2,736 3,841 Total before income tax $ 405 $ 715 $ 3,632 $ 4,720 Income tax (97 ) (243 ) (893 ) (1,692 ) Net of income tax $ 308 $ 472 $ 2,739 $ 3,028 (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 - 3,632 3,632 Current period charge (1,549 ) - (1,549 ) Income tax expense - (893 ) (893 ) Balance at September 30, 2018 $ (6,870 ) $ (4,449 ) $ (11,319 ) Currency Pension and Accumulated Balance at December 31, 2016 $ (8,842 ) $ (11,623 ) $ (20,465 ) Reclassification adjustments - 4,720 4,720 Current period benefit 3,119 54 3,173 Income tax expense - (1,746 ) (1,746 ) Balance at September 30, 2017 $ (5,723 ) $ (8,595 ) $ (14,318 )

Note 9 - Income Taxes

Note 9 - Income Taxes	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 9 The Tax Act enacted in December 2017 21% 21.6% third first nine 2018 28.3% 31.3% third first nine 2017, During the third first nine 2018, $0.2 $48,000, 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 September 30, 2018, not no fourth 2018,

Note 10 - Subsequent Events

Note 10 - Subsequent Events	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 10 On October 25, 2018, $2.00 $52 December 10, 2018 November 15, 2018

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Product Category Three Months Ended Nine Months Ended 2018 2017 2018 2017 Pumps and pump systems $ 89,835 $ 79,946 $ 268,485 $ 241,357 Repair parts for pumps and pump systems and other 13,058 14,030 42,839 43,094 Total net sales $ 102,893 $ 93,976 $ 311,324 $ 284,451 Geographic Location Three Months Ended Nine Months Ended 2018 2017 2018 2017 United States $ 65,285 $ 58,819 $ 201,237 $ 181,447 Foreign countries 37,608 35,157 110,087 103,004 Total net sales $ 102,893 $ 93,976 $ 311,324 $ 284,451
Contract with Customer, Asset and Liability [Table Text Block]	Beginning balances at December 31, 2017 Ending balances at September 30, 2018 Contract assets $ - $ 962 Contract liabilities $ 4,098 $ 3,887

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, 2018 December 31, 2017 Raw materials and in-process $ 22,039 $ 17,528 Finished parts 50,525 48,247 Finished products 9,480 9,192 Total net inventories $ 82,044 $ 74,967

Note 5 - Property, Plant and _2

Note 5 - Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30, 2018 December 31, 2017 Land $ 3,879 $ 4,187 Buildings 106,393 106,437 Machinery and equipment 176,517 170,615 286,789 281,239 Less accumulated depreciation (173,323 ) (164,168 ) Property, plant and equipment, net $ 113,466 $ 117,071

Note 6 - Product Warranties (Ta

Note 6 - Product Warranties (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	September 30, 2018 2017 Balance at beginning of year $ 1,098 $ 1,435 Provision 803 1,058 Claims (904 ) (1,360 ) Balance at end of period $ 997 $ 1,133

Note 7 - Pension and Other Po_2

Note 7 - Pension and Other Postretirement Benefits (Tables)	9 Months Ended
	Sep. 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 $ 562 $ 655 $ 194 $ 312 Interest cost 644 599 141 203 Expected return on plan assets (1,073 ) (1,138 ) - - Amortization of prior service cost - - (283 ) - Recognized actuarial loss (gain) 388 436 (103 ) (168 ) Settlement loss 120 448 - - Net periodic benefit cost $ 641 $ 1,000 $ (51 ) $ 347 Pension Benefits Postretirement Benefits Nine Months Ended Nine Months Ended 2018 2017 2018 2017 Service cost $ 1,857 $ 2,078 $ 582 $ 937 Interest cost 1,882 1,918 422 610 Expected return on plan assets (3,380 ) (3,525 ) - - Amortization of prior service cost - - (847 ) - Recognized actuarial loss (gain) 1,206 1,384 (310 ) (505 ) Settlement loss 2,736 3,841 - - Net periodic benefit cost $ 4,301 $ 5,696 $ (153 ) $ 1,042
Schedule of the Reclassification of Retirement Benefits [Table Text Block]	Three Nine Months ended September 30, 2017 2017 Cost of products sold $ (259 ) $ (2,416 ) Selling, general and administrative expenses (120 ) (1,307 ) Total amount reclassified $ (379 ) $ (3,723 )

Note 8 - Accumulated Other Co_2

Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Three Months Ended Nine Months Ended 2018 2017 2018 2017 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 285 $ 267 $ 896 $ 879 Settlement loss (b) 120 448 2,736 3,841 Total before income tax $ 405 $ 715 $ 3,632 $ 4,720 Income tax (97 ) (243 ) (893 ) (1,692 ) Net of income tax $ 308 $ 472 $ 2,739 $ 3,028
Comprehensive Income (Loss) [Table Text Block]	Currency Pension and Accumulated Balance at December 31, 2017 $ (5,321 ) $ (7,188 ) $ (12,509 ) Reclassification adjustments - 3,632 3,632 Current period charge (1,549 ) - (1,549 ) Income tax expense - (893 ) (893 ) Balance at September 30, 2018 $ (6,870 ) $ (4,449 ) $ (11,319 ) Currency Pension and Accumulated Balance at December 31, 2016 $ (8,842 ) $ (11,623 ) $ (20,465 ) Reclassification adjustments - 4,720 4,720 Current period benefit 3,119 54 3,173 Income tax expense - (1,746 ) (1,746 ) Balance at September 30, 2017 $ (5,723 ) $ (8,595 ) $ (14,318 )

Note 3 - Revenue (Details Textu

Note 3 - Revenue (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018
Revenue, Remaining Performance Obligation, Amount Greater than What Has Been Recorded Prior to Adoption of New Standard	$ 0.4		$ 1
Revenue, Remaining Performance Obligation, Amount	$ 122.4		$ 122.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year		1 year
Contract with Customer, Liability, Revenue Recognized			$ 3.4
Foreign Countries [Member]
Percentage Revenue By Location	37.00%	37.00%

Note 3 - Revenue - Disaggregati

Note 3 - Revenue - Disaggregation of Revenue by Major Categories and Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net sales	$ 102,893	$ 93,976	$ 311,324	$ 284,451
UNITED STATES
Net sales	65,285	58,819	201,237	181,447
Foreign Countries [Member]
Net sales	37,608	35,157	110,087	103,004
Pumps and Pump Systems [Member]
Net sales	89,835	79,946	268,485	241,357
Repair Parts for Pumps and Pump Systems and Other [Member]
Net sales	$ 13,058	$ 14,030	$ 42,839	$ 43,094

Note 3 - Revenue - Contract Ass

Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Contract assets	$ 962
Contract liabilities	$ 3,887	$ 4,098

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Percentage of LIFO Inventory	71.00%	72.00%
Inventory, LIFO Reserve	$ 62.9	$ 59.7
Inventory Valuation Reserves, Ending Balance	$ 5.2	$ 4.9

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Raw materials and in-process	$ 22,039	$ 17,528
Finished parts	50,525	48,247
Finished products	9,480	9,192
Total net inventories	$ 82,044	$ 74,967

Note 5 - Property, Plant and _3

Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Property, plant and equipment, gross	$ 286,789	$ 281,239
Less accumulated depreciation	(173,323)	(164,168)
Property, plant and equipment, net	113,466	117,071
Land [Member]
Property, plant and equipment, gross	3,879	4,187
Building [Member]
Property, plant and equipment, gross	106,393	106,437
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 176,517	$ 170,615

Note 6 - Product Warranties - P

Note 6 - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Balance at beginning of year	$ 1,098	$ 1,435
Provision	803	1,058
Claims	(904)	(1,360)
Balance at end of period	$ 997	$ 1,133

Note 7 - Pension and Other Po_3

Note 7 - Pension and Other Postretirement Benefits (Details Textual) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Defined Contribution Plan, Employer Discretionary Contribution Amount		$ 4
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	$ (0.1)	$ (2.7)

Note 7 - Pension and Other Po_4

Note 7 - Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Pension Plan [Member]
Service cost	$ 562	$ 655	$ 1,857	$ 2,078
Interest cost	644	599	1,882	1,918
Expected return on plan assets	(1,073)	(1,138)	(3,380)	(3,525)
Amortization of prior service cost
Recognized actuarial loss (gain)	388	436	1,206	1,384
Settlement loss	120	448	2,736	3,841
Net periodic benefit cost	641	1,000	4,301	5,696
Amortization of prior service cost
Postretirement Plan [Member]
Service cost	194	312	582	937
Interest cost	141	203	422	610
Expected return on plan assets
Amortization of prior service cost	(283)		(847)
Recognized actuarial loss (gain)	(103)	(168)	(310)	(505)
Settlement loss
Net periodic benefit cost	(51)	347	(153)	1,042
Amortization of prior service cost	$ (283)		$ (847)

Note 7 - Pension and Other Po_5

Note 7 - Pension and Other Postretirement Benefits - Summary of Reclassification (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Cost of products sold	$ (75,566)	$ (67,518)	$ (227,926)	$ (208,496)
Selling, general and administrative expenses	(14,207)	(14,122)	(43,435)	(41,800)
Total amount reclassified	$ 532	(281)	$ (1,069)	(2,973)
Accounting Standards Update 2017-07 [Member]
Cost of products sold		(259)		(2,416)
Selling, general and administrative expenses		(120)		(1,307)
Total amount reclassified		$ (379)		$ (3,723)

Note 8 - Accumulated Other Co_3

Note 8 - Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Total before income tax		$ (13,652)	$ (7,957)	$ (38,894)	$ (27,084)
Income tax		2,951	2,255	8,403	8,469
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Recognized actuarial loss	[1]	285	267	896	879
Total before income tax		405	715	3,632	4,720
Income tax		(97)	(243)	(893)	(1,692)
Net of income tax		308	472	2,739	3,028
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Cost of Sales [Member]
Settlement loss	[2]	$ 120	$ 448	$ 2,736	$ 3,841
[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 Co_4

Note 8 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Loss) Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Balance	$ 325,495
Balance	347,739
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(5,321)	$ (8,842)
Reclassification adjustments
Current period charge	(1,549)	3,119
Income tax expense
Balance	(6,870)	(5,723)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(7,188)	(11,623)
Reclassification adjustments	3,632	4,720
Current period charge		54
Income tax expense	(893)	(1,746)
Balance	(4,449)	(8,595)
AOCI Attributable to Parent [Member]
Balance	(12,509)	(20,465)
Reclassification adjustments	3,632	4,720
Current period charge	(1,549)	3,173
Income tax expense	(893)	(1,746)
Balance	$ (11,319)	$ (14,318)

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Effective Income Tax Rate Reconciliation, Percent, Total	21.60%	28.30%	21.60%	31.30%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 200,000		$ 48,000

Note 10 - Subsequent Events (De

Note 10 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ / shares in Units, $ in Millions	Oct. 25, 2018USD ($)$ / shares
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 2
Dividends, Common Stock, Total | $	$ 52
Dividends Payable, Date to be Paid	Dec. 10, 2018
Dividends Payable, Date of Record	Nov. 15, 2018