The Gorman-Rupp Company (GRC) 10-K 4 Mar 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Feb. 28, 2019	Jun. 29, 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 Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		26,117,045
Entity Public Float			$ 646,999
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Shell Company	false

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net sales	$ 414,334	$ 379,389	$ 382,071
Cost of products sold	304,413	278,181	289,543
Gross profit	109,921	101,208	92,528
Selling, general and administrative expenses	59,282	55,474	54,294
Impairment of goodwill and other intangible assets		4,098	1,800
Operating income	50,639	41,636	36,434
Other (expense) income, net	(323)	(2,258)	48
Income before income taxes	50,316	39,378	36,482
Income taxes	10,337	12,823	11,599
Net income	$ 39,979	$ 26,555	$ 24,883
Earnings per share (in dollars per share)	$ 1.53	$ 1.02	$ 0.95
Average number of shares outstanding (in shares)	26,112,138	26,100,865	26,087,721

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income	$ 39,979	$ 26,555	$ 24,883
Cumulative translation adjustments	(2,922)	3,521	215
Pension and postretirement medical liability adjustments, net of tax	(5,922)	4,435	1,735
Other comprehensive (loss) income	(8,844)	7,956	1,950
Comprehensive income	$ 31,135	$ 34,511	$ 26,833

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 46,458	$ 79,680
Accounts receivable, net	67,714	67,369
Inventories, net	87,387	74,967
Prepaid and other	7,127	5,918
Total current assets	208,686	227,934
Property, plant and equipment, net	113,493	117,071
Other assets	5,101	7,779
Prepaid pension assets	4,817	4,313
Goodwill and other intangible assets, net	36,185	37,918
Total assets	368,282	395,015
Current liabilities:
Accounts payable	16,678	15,798
Payroll and employee related liabilities	12,651	12,027
Commissions payable	9,222	7,589
Deferred revenue and customer deposits	5,232	460
Accrued expenses	4,682	9,822
Total current liabilities	48,465	45,696
Postretirement benefits	21,853	15,737
Other long-term liabilities	4,832	8,087
Total liabilities	75,150	69,520
Equity:
Common shares, without par value: Authorized - 35,000,000 shares; Outstanding – 26,117,045 shares at December 31, 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	2,539	526
Retained earnings	308,914	332,378
Accumulated other comprehensive loss	(23,423)	(12,509)
Total equity	293,132	325,495
Total liabilities and equity	$ 368,282	$ 395,015

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - shares	Dec. 31, 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 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 39,979	$ 26,555	$ 24,883
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,484	15,053	15,529
Pension expense	4,909	6,368	3,431
Contributions to pension plan	(4,000)	(2,000)	(16,000)
Deferred income tax charge (benefit)	337	(6,140)	3,511
Gain on sale of property, plant and equipment	(44)	153	(607)
Stock based compensation	1,674	743	252
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	(1,196)	5,473	5,273
Inventories, net	(13,601)	(4,305)	13,904
Accounts payable	1,299	(1,268)	1,393
Commissions payable	1,737	(3,849)	3,300
Deferred revenue	741	(902)	(380)
Accrued expenses and other	1,928	3,215	(8,248)
Income taxes	(6,599)	7,950	64
Benefit obligations	(438)	(7,879)	5,329
Net cash provided by operating activities	41,210	43,265	53,434
Cash flows from investing activities:
Capital additions	(10,947)	(7,754)	(6,877)
Proceeds from sale of property, plant and equipment	512	320	1,379
Proceeds from (Purchase of) short-term investments, net	2,967	(2,976)
Payments for acquisitions, net of cash acquired			(2,968)
Net cash used for investing activities	(7,468)	(10,410)	(8,466)
Cash flows from financing activities:
Regular cash dividends	(13,317)	(12,268)	(11,218)
Special cash dividend	(52,234)
Net cash used for financing activities	(65,551)	(12,268)	(11,218)
Effect of exchange rate changes on cash	(1,413)	1,489	130
Net (decrease) increase in cash and cash equivalents	(33,222)	22,076	33,880
Cash and cash equivalents:
Beginning of year	79,680	57,604	23,724
End of period	$ 46,458	$ 79,680	$ 57,604

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, 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 income				1,950	1,950
Stock based compensation (in shares)	9,500
Stock based compensation	$ 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 income				7,956	7,956
Stock based compensation (in shares)	13,500
Stock based compensation	$ 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
Net income			39,979		39,979
Other comprehensive income				(8,844)	(8,844)
Stock based compensation (in shares)	10,422
Stock based compensation	$ 2	2,013	38		2,053
Cash dividends			(65,551)		(65,551)
Reclassification of stranded income tax effects in accumulated other comprehensive income			2,070	(2,070)
Balances (in shares) at Dec. 31, 2018	26,117,045
Balance at Dec. 31, 2018	$ 5,102	$ 2,539	$ 308,914	$ (23,423)	$ 293,132

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parentheticals) - Retained Earnings [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash dividends, amount per share (in dollars per share)	$ 2.51	$ 0.47	$ 0.43
Special dividends, amount per share (in dollars per share)	$ 2

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 1 – Summary of Significant Accounting Policies General Inform ation and Basis of Presentation The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications. The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Earnings per share are calculated based on the weighted-average number of Common Shares outstanding. Certain prior year amounts have been reclassified to conform with current year presentation and reflect the adoption of certain accounting standard updates. These reclassifications had no Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates. Cash Equivalents and Short-Term Investments The Company considers highly liquid instruments with maturities of 90 December 31, 2018 2017 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 LIFO inventories are stated at the lower of cost or market and all other inventories are stated at the lower of cost or net realizable value. The costs for approximately 73% December 31, 2018 72% December 31, 2017 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 $13.3 2018, $13.5 2017 $13.8 2016. Depreciation of property, plant and equipment is determined based on the following lives: Buildings (years) 20 - 50 Machinery and equipment (years) 5 - 15 Software (years) 3 - 5 Property, plant and equipment consist of the following: 2018 2017 Land $ 3,869 $ 4,187 Buildings 106,940 106,437 Machinery and equipment 177,668 170,615 288,477 281,239 Less accumulated depreciation (174,984 ) (164,168 ) Property, plant and equipment, net $ 113,493 $ 117,071 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 2018. 9 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 (years) 13 - 20 Customer relationships (years) 9 - 15 Other intangibles (years) 2 - 18 Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount may not may 2018, 2017 2016 not may not 2017, 360, $3.2 2017. Identifiable intangible assets not 2018, 2017 2016, For additional information about goodwill and other intangible assets, see Note 9 11 Revenue Recognition The Company recognizes revenue when it transfers control of promised goods or services to its customers in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. For additional information about revenue, Note 3, Income Taxes Income tax expense includes United States federal, 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 existing 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, 7 10 7 Pension and Other Postretirement Benefits The Company sponsors a defined benefit pension 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 8, Concentration of Credit Risk The Company generally does not no 10% December 31, 2018, 2017 2016. 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, 2018, 2017 2016 $3.0 $3.1 $2.8 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: 2018 2017 2016 Balance at beginning of year $ 1,098 $ 1,435 $ 1,380 Provision 1,689 1,377 1,991 Claims (1,407 ) (1,714 ) (1,936 ) Balance at end of year $ 1,380 $ 1,098 $ 1,435 Stock-based compensation The Company awards shares pursuant to The Gorman-Rupp Company 2015 may three $1.3 $0.4 December 31, 2018 2017, 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 Fair Value The carrying value of Cash and cash equivalents, Accounts receivable and Accounts payable approximates fair value based on the short-term nature of these instruments. The Company does not New Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). ASUs not not In March 2017, No. 2017 07, 715 December 15, 2017. 2017 07 January 1, 2018 8 In May 2014, 2014 09, 606 2014 09. January 1, 2018, 2014 09 3 In February 2018, No. 2018 02, 220 December 2017. December 15, 2018 December 2018 $ 2.1 December 2018. In February 2016, 2016 02, 842 one 2016 02. December 15, 2018 January 1, 2019. not 2016 02 not

Note 2 - Allowance for Doubtful

Note 2 - Allowance for Doubtful Accounts	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Allowance for Credit Losses [Text Block]	Note 2 – A llowance for Doubtful Accounts The allowance for doubtful accounts was $ 0.7 December 31, 2018 2017.

Note 3 - Revenue

Note 3 - Revenue	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 3 – Revenue 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 2018 2017 2016 Pumps and pump systems $ 357,882 $ 322,201 $ 328,973 Repair parts for pumps and pump systems and other 56,452 57,188 53,098 Total net sales $ 414,334 $ 379,389 $ 382,071 Geographic Location 2018 2017 2016 United States $ 271,820 $ 241,746 $ 250,872 Foreign countries 142,514 137,643 131,199 Total net sales $ 414,334 $ 379,389 $ 382,071 International sales represented approximately 34% 2018, 36% 2017 34% 2016, Performance Obligations A performance obligation is a promise in a contract to transfer a distinct product or service to a customer, and is the unit of account in ASC 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 2018 $2.0 2014 09. The Company offers standard warranties for its products to ensure that its products comply with agreed-upon specifications in its contracts. For standard warranties, these do not Shipping and handling activities related to products sold to customers, whether performed before or after the customer obtains control of the products, are generally accounted for as activities to fulfill the promise to transfer the products and not On December 31, 2018, $113.7 one Contract Estimates Accounting for long-term contracts involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, the Company estimates the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognizes that profit as performance obligations are satisfied. Contract estimates are based on various assumptions to project the outcome of future events that could span longer than one As a significant change in 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 December 31, 2017 December 31, 2018, Beginning balances at December 31, 2017 Ending balances at Decem ber 3 1 , 2018 Contract assets $ - $ 1,953 Contract liabilities $ 4,098 $ 5,232 Revenue recognized for the year ended December 31, 2018 December 31, 2017 $2.4

Note 4 - Inventories

Note 4 - Inventories	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 4 – Inventories LIFO inventories are stated at the lower of cost or market and all other inventories are stated at the lower of cost or net realizable value. Replacement cost approximates current cost and the excess over LIFO cost is approximately $63.7 $59.7 December 31, 2018 2017, 2018 2017, $0.2 2018 $0.5 2017. $5.3 $4.9 December 31, 2018 2017, Inventories are comprised of the following: Inventories, net 2018 2017 Raw materials and in-process $ 21,773 $ 17,528 Finished parts 54,209 48,247 Finished products 11,405 9,192 Total net inventories $ 87,387 $ 74,967

Note 5 - Financing Arrangements

Note 5 - Financing Arrangements	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5 – Financing Arrangements The Company may $20.0 0.75% February 2020. 0.1% December 31, 2018 2017, $19.7 $18.3 $0.3 $1.7 The Company also has an $8.0 0.75% May 2021. December 31, 2018 2017, $2.4 $2.7 $5.6 $5.3 The Company also has a $3.0 1.75% June 2016. December 31, 2018 2017, $1.0 $0.8 $2.0 $2.2 The financing arrangements described above contain standard restrictive covenants, including limits on additional borrowings and maintenance of certain operating and financial ratios. At December 31, 2018 2017, Interest expense, which approximates interest paid, was $1,000, $17,000 $20,000 2018, 2017 2016, The Company has operating leases for certain offices, manufacturing facilities, land, office equipment and automobiles. Rental expense relating to operating leases was $1.0 $0.9 $1.1 2018, 2017 2016, The future minimum lease payments due under these operating leases as of December 31, 2018 2019 2020 2021 2022 2023 Thereafter Total $ 702 $ 411 $ 260 $ 124 $ 75 $ 10 $ 1,582

Note 6 - Accumulated Other Comp

Note 6 - Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	Note 6 – Accumulated Other Comprehensive Loss The reclassifications out of Accumulated other comprehensive loss as reported in the Consolidated Statements of Income are: 2018 2017 2016 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 1,164 $ 1,093 $ 1,402 Settlement loss (b) 2,852 4,031 - Total before income tax 4,016 5,124 1,402 Income tax (823 ) (1,670 ) (446 ) Net of income tax $ 3,193 $ 3,454 $ 956 (a) The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note 8 (b) The settlement loss is included in Other (expense) income, net in the Consolidated Statements of Income. The components of accumulated other comprehensive loss as reported in the Consolidated Balance Sheets are: Currency Translation Adjustments Pension and OPEB Adjustments Accumulated Other Comprehensive (Loss) Income 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 ) Reclassification of stranded income tax effects in accumulated other comprehensive income - (2,070 ) (2,070 ) Reclassification adjustments - 4,016 4,016 Current period charge (2,922 ) (9,644 ) (12,566 ) Income tax charge - (294 ) (294 ) Balance at December 31, 2018 $ (8,243 ) $ (15,180 ) $ (23,423 )

Note 7 - Income Taxes

Note 7 - Income Taxes	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 7 – Income Taxes On December 22, 2017, 21% 20.5% 2018 32.6% 2017 31.8% 2016, As part of the Tax Act, U.S. companies are required to pay a tax on historical earnings generated offshore that have not 21%. 2018, $48,000 $1,370,000 fourth 2017 December 31, 2018, In January 2018, The components of Income before income taxes are: 2018 2017 2016 United States $ 45,271 $ 33,277 $ 33,101 Foreign countries 5,045 6,101 3,381 Total $ 50,316 $ 39,378 $ 36,482 The components of income tax expense are: 2018 2017 2016 Current expense: Federal $ 7,779 $ 16,489 $ 6,960 Foreign 1,179 1,243 547 State and local 1,042 1,231 581 10,000 18,963 8,088 Deferred expense (benefit): Federal 405 (5,968 ) 3,429 Foreign (125 ) 51 (184 ) State and local 57 (223 ) 266 337 (6,140 ) 3,511 Income tax expense $ 10,337 $ 12,823 $ 11,599 The reconciliation between income tax expense and the amount computed by applying the statutory federal income tax rate of 21% 2018 2017 2016 Income taxes at statutory rate $ 10,566 $ 13,782 $ 12,769 State and local income taxes, net of federal tax benefit 832 555 576 Tax credits (506 ) (295 ) (371 ) Domestic production activities deduction - (1,191 ) (822 ) Lower foreign taxes differential (5 ) (842 ) (820 ) Uncertain tax positions 172 346 (93 ) Valuation allowance 37 100 - Federal tax reform – deferred rate change (581 ) (1,624 ) - Deemed mandatory repatriation (48 ) 1,370 - Foreign withholding tax - 600 - Other (130 ) 22 360 Income tax expense $ 10,337 $ 12,823 $ 11,599 The Company made income tax payments of $14.7 $13.5 $7.8 2018, 2017, 2016, Deferred income tax assets and liabilities consist of: 2018 2017 Deferred tax assets: Inventories $ 1,161 $ 1,131 Accrued liabilities 2,306 1,872 Postretirement health benefits obligation 5,350 3,844 Other 840 583 Total deferred tax assets 9,657 7,430 Valuation allowance (496 ) (459 ) Net deferred tax assets 9,161 6,971 Deferred tax liabilities: Depreciation and amortization (9,351 ) (8,715 ) Pension (1,113 ) (997 ) Foreign withholding tax (600 ) (600 ) Total deferred tax liabilities (11,064 ) (10,312 ) Net deferred tax liabilities $ (1,903 ) $ (3,341 ) The Company has state tax credit carryforwards of $599,000 $644,000 December 31, 2018 2017, 2019 2023. The Company has a valuation allowance of $496,000 December 31, 2018 $459,000 December 31, 2017 740, not not Total unrecognized tax benefits were $951,000 $797,000 December 31, 2018 2017, $794,000 $674,000 December 31, 2018 2017, A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2018 2017 2016 Balance at beginning of year $ 797 $ 492 $ 567 Additions based on tax positions related to the current year 268 239 101 Additions based on tax positions related to prior years - 165 - Reductions due to lapse of applicable statute of limitations (114 ) (99 ) (108 ) Settlements - - (68 ) Balance at end of year $ 951 $ 797 $ 492 The Company is subject to income taxes in the U.S. federal and various state, local and foreign jurisdictions. Income tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no 2014. $55,000 12 The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense for all periods presented. The Company accrued approximately $224,000, $168,000 $98,000 December 31, 2018, 2017 2016,

Note 8 - Pensions and Other Pos

Note 8 - Pensions and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	Note 8 – 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 $2.2 2018, $1.9 2017 $1.6 2016. The Company also sponsors a non-contributory defined benefit postretirement health care plan that provides health benefits to certain domestic and Canadian retirees and eligible spouses and dependent children. The Company funds the cost of these benefits as incurred. For measurement purposes, and based on maximum benefits as defined by the plan, a 5% December 31, 2018, zero December 31, 2017 2018 2017 65 December 31, 2017. 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, December 31, Pension Plan Postretirement Plan 201 8 201 7 201 8 201 7 Accumulated benefit obligation at end of year $ 56,408 $ 63,173 $ 23,679 $ 17,367 Change in projected benefit obligation: Benefit obligation at beginning of year $ 76,489 $ 77,107 $ 17,367 $ 22,340 Service cost 2,408 2,727 775 1,249 Interest cost 2,552 2,537 561 814 Plan Changes - - - (6,646 ) Settlement 990 1,398 - - Benefits paid (8,504 ) (12,066 ) (2,536 ) (2,278 ) Effect of foreign exchange - - (42 ) 24 Actuarial (gain) loss (6,357 ) 4,786 7,554 1,864 Benefit obligation at end of year $ 67,578 $ 76,489 $ 23,679 $ 17,367 Change in plan assets: Plan assets at beginning of year $ 80,802 $ 83,318 $ - $ - Actual return on plan assets (3,903 ) 7,550 - - Employer contributions 4,000 2,000 2,536 2,278 Benefits paid (8,504 ) (12,066 ) (2,536 ) (2,278 ) Plan assets at end of year 72,395 80,802 - - Funded status at end of year $ 4,817 $ 4,313 $ (23,679 ) $ (17,367 ) Pension Plan Postretirement Plan 201 8 201 7 201 8 201 7 Amounts recognized in the Consolidated Balance Sheets consist of: Noncurrent assets $ 4,817 $ 4,313 $ - $ - Current liabilities - - (1,826 ) (1,630 ) Noncurrent liabilities - - (21,853 ) (15,737 ) Total assets (liabilities) $ 4,817 $ 4,313 $ (23,679 ) $ (17,367 ) Amounts recognized in Accumulated other comprehensive loss consist of: Net actuarial loss (gain) $ 23,158 $ 24,571 $ 2,596 $ (5,377 ) Prior Service Cost - - (5,508 ) (6,646 ) Deferred tax (benefit) expense (5,798 ) (9,223 ) 732 3,683 After tax actuarial loss (gain) $ 17,360 $ 15,348 $ (2,180 ) $ (8,340 ) Components of net periodic benefit cost: 2018 2017 2016 Pension Plan Service cost $ 2,408 $ 2,727 $ 2,837 Interest cost 2,552 2,537 2,643 Expected return on plan assets (4,481 ) (4,697 ) (4,150 ) Recognized actuarial loss 1,577 1,770 2,101 Settlement loss 2,852 4,031 - Net periodic benefit cost $ 4,908 $ 6,368 $ 3,431 Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: Net gain $ (1,413 ) $ (2,470 ) $ (2,952 ) Total expense recognized in net periodic benefit cost and other comprehensive income $ 3,495 $ 3,898 $ 479 Postretirement Plan Service cost $ 775 $ 1,249 $ 1,192 Interest cost 561 814 842 Prior service cost recognition (1,128 ) - - Recognized actuarial gain (413 ) (677 ) (699 ) Net periodic benefit (credit) cost $ (205 ) $ 1,386 $ 1,335 Other changes in postretirement plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ 9,096 $ (4,105 ) $ 205 Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income $ 8,891 $ (2,719 ) $ 1,540 During 2018 2017, $2.9 $4.0 No 2016. The prior service cost is amortized on a straight-line basis over the average estimated remaining service period of active participants. The unrecognized actuarial gain or loss in excess of the greater of 10% Pension Plan Postretirement Plan 201 8 201 7 201 8 201 7 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.94 % 3.27 % 4.13 % 3.39 % Rate of compensation increase 3.50 % 3.50 % – – Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 3.76 % 3.27 % 3.39 % 3.77 % Expected long-term rate of return on plan assets 6.00 % 6.00 % – – Rate of compensation Increase 3.50 % 3.50 % – – To enhance the Company’s efforts to mitigate the impact of the defined benefit pension plan on its financial statements, in 2014 2018 may 8% 28% may 70% 90% may 0% 4% one may 0% 10% Financial instruments included in pension plan assets are categorized into a fair value hierarchy of three 1 2 3 no The Company adopted ASU 2017 07 January 1, 2018 1. The following table summarizes the amounts reclassified into Other (expense) income, net for years ended December 31, 2017 2016: 2017 2016 Cost of products sold $ 2,463 $ 503 Selling, general and administrative expenses 1,315 234 Total amount reclassified $ 3,778 $ 737 The following table sets forth by asset class the Plan’s fair value of assets. Plan fair value asset allocation by category: 2018 $ % Level 1 : Equity $ 10,144 14 % Fixed income 9,768 14 % Mutual funds 1,777 2 % Money funds and cash 6,370 9 % Total Level 1 28,059 39 % Level 2 : Fixed income 44,333 61 % Money funds - Total Level 2 44,333 61 % Level 3: Equity 3 - Total Level 3 3 - Total fair value of Plan assets $ 72,395 100 % 2017 $ % 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 % Contributions The Company does not 2019 Expected future benefit payments The following benefit payments are expected to be paid as follows based on actuarial calculations: 2019 2020 2021 2022 2023 Thereafter Pension $ 3,740 $ 4,092 $ 4,603 $ 4,538 $ 4,472 $ 25,172 Postretirement 1,863 1,725 1,549 1,475 $ 1,495 $ 8,301 A one $179,000 $1.9 one $152,000, $1.8 5% December 31, 2018, zero A one $747,000 one $1.4 one $1.6

Note 9 - Goodwill and Other Int

Note 9 - Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 9 – Goodwill and Other Intangible Assets The major components of Goodwill and other intangible assets are: 2018 2017 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Finite-lived intangible assets: Customer relationships $ 7,833 $ 5,514 $ 7,966 $ 4,791 Technology and drawings 6,752 3,417 6,758 3,121 Other intangibles 1,838 1,172 1,866 1,021 Total finite-lived intangible assets 16,423 10,103 16,590 8,933 Goodwill 27,234 - 27,551 - Trade names and trademarks 2,631 - 2,710 - Total $ 46,288 $ 10,103 $ 46,851 $ 8,933 Amortization of intangible assets was $1.2 $1.6 $1.7 2018, 2017 2016, 2019 2023 $ 800,000 Changes in the carrying value of goodwill during the years ended December 31, 2018 2017 Goodwill Balance at December 31, 2016 $ 28,030 Acquisitions - Impairment (925 ) Foreign currency 446 Balance at December 31, 2017 27,551 Acquisitions - Impairment - Foreign currency (317 ) Balance at December 31, 2018 $ 27,234 For 2018, October 1 The result of this goodwill impairment test indicated that no October 1, 2018 9%. 50 50 4% December 31, 2018 For 2018, October 1. fourth 2018, not not no December 31, 2018. During the third 2017, October 1 2017. 350, $0.9 third 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 2018 2017 Finite-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not 2018 2017 2017 not may not 2017, 360. $3.2

Note 10 - Business Segment Info

Note 10 - Business Segment Information	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 10 – Business Segment Information The Company operates in one 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 145 2018 % 2017 % 2016 % United States $ 271,820 66 $ 241,746 64 $ 250,872 66 Foreign countries 142,514 34 137,643 36 131,199 34 Total $ 414,334 100 $ 379,389 100 $ 382,071 100 Net sales from external customers by product category are: 2018 2017 2016 Pumps and pump systems $ 357,882 $ 322,201 $ 328,973 Repairs of pumps and pump systems and other 56,452 57,188 53,098 Total $ 414,334 $ 379,389 $ 382,071 As of December 31, 2018 2017, 89

Note 11 - Acquisitions

Note 11 - Acquisitions	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 1 1 – 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.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	General Inform ation and Basis of Presentation The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications. The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Earnings per share are calculated based on the weighted-average number of Common Shares outstanding. Certain prior year amounts have been reclassified to conform with current year presentation and reflect the adoption of certain accounting standard updates. These reclassifications had no
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents and Short-Term Investments The Company considers highly liquid instruments with maturities of 90 December 31, 2018 2017
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 LIFO inventories are stated at the lower of cost or market and all other inventories are stated at the lower of cost or net realizable value. The costs for approximately 73% December 31, 2018 72% December 31, 2017 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 $13.3 2018, $13.5 2017 $13.8 2016. Depreciation of property, plant and equipment is determined based on the following lives: Buildings (years) 20 - 50 Machinery and equipment (years) 5 - 15 Software (years) 3 - 5 Property, plant and equipment consist of the following: 2018 2017 Land $ 3,869 $ 4,187 Buildings 106,940 106,437 Machinery and equipment 177,668 170,615 288,477 281,239 Less accumulated depreciation (174,984 ) (164,168 ) Property, plant and equipment, net $ 113,493 $ 117,071 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 2018. 9 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 (years) 13 - 20 Customer relationships (years) 9 - 15 Other intangibles (years) 2 - 18 Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount may not may 2018, 2017 2016 not may not 2017, 360, $3.2 2017. Identifiable intangible assets not 2018, 2017 2016, For additional information about goodwill and other intangible assets, see Note 9 11
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition The Company recognizes revenue when it transfers control of promised goods or services to its customers in an amount that reflects the consideration to which it expects to be entitled to in exchange for those goods or services. For additional information about revenue, Note 3,
Income Tax, Policy [Policy Text Block]	Income Taxes Income tax expense includes United States federal, 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 existing 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, 7 10 7
Pension and Other Postretirement Plans, Policy [Policy Text Block]	Pension and Other Postretirement Benefits The Company sponsors a defined benefit pension 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 8,
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk The Company generally does not no 10% December 31, 2018, 2017 2016.
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, 2018, 2017 2016 $3.0 $3.1 $2.8
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: 2018 2017 2016 Balance at beginning of year $ 1,098 $ 1,435 $ 1,380 Provision 1,689 1,377 1,991 Claims (1,407 ) (1,714 ) (1,936 ) Balance at end of year $ 1,380 $ 1,098 $ 1,435
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-based compensation The Company awards shares pursuant to The Gorman-Rupp Company 2015 may three $1.3 $0.4 December 31, 2018 2017,
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
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value The carrying value of Cash and cash equivalents, Accounts receivable and Accounts payable approximates fair value based on the short-term nature of these instruments. The Company does not
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”). ASUs not not In March 2017, No. 2017 07, 715 December 15, 2017. 2017 07 January 1, 2018 8 In May 2014, 2014 09, 606 2014 09. January 1, 2018, 2014 09 3 In February 2018, No. 2018 02, 220 December 2017. December 15, 2018 December 2018 $2.1 December 2018. In February 2016, 2016 02, 842 one 2016 02. December 15, 2018 January 1, 2019. not 2016 02 not

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Property, Plant and Equipment, Useful Lives [Table Text Block]	Buildings (years) 20 - 50 Machinery and equipment (years) 5 - 15 Software (years) 3 - 5
Property, Plant and Equipment [Table Text Block]	2018 2017 Land $ 3,869 $ 4,187 Buildings 106,940 106,437 Machinery and equipment 177,668 170,615 288,477 281,239 Less accumulated depreciation (174,984 ) (164,168 ) Property, plant and equipment, net $ 113,493 $ 117,071
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Technology and drawings (years) 13 - 20 Customer relationships (years) 9 - 15 Other intangibles (years) 2 - 18
Schedule of Product Warranty Liability [Table Text Block]	2018 2017 2016 Balance at beginning of year $ 1,098 $ 1,435 $ 1,380 Provision 1,689 1,377 1,991 Claims (1,407 ) (1,714 ) (1,936 ) Balance at end of year $ 1,380 $ 1,098 $ 1,435

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Product Category 2018 2017 2016 Pumps and pump systems $ 357,882 $ 322,201 $ 328,973 Repair parts for pumps and pump systems and other 56,452 57,188 53,098 Total net sales $ 414,334 $ 379,389 $ 382,071 Geographic Location 2018 2017 2016 United States $ 271,820 $ 241,746 $ 250,872 Foreign countries 142,514 137,643 131,199 Total net sales $ 414,334 $ 379,389 $ 382,071
Contract with Customer, Asset and Liability [Table Text Block]	Beginning balances at December 31, 2017 Ending balances at Decem ber 3 1 , 2018 Contract assets $ - $ 1,953 Contract liabilities $ 4,098 $ 5,232

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventories, net 2018 2017 Raw materials and in-process $ 21,773 $ 17,528 Finished parts 54,209 48,247 Finished products 11,405 9,192 Total net inventories $ 87,387 $ 74,967

Note 5 - Financing Arrangemen_2

Note 5 - Financing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	2019 2020 2021 2022 2023 Thereafter Total $ 702 $ 411 $ 260 $ 124 $ 75 $ 10 $ 1,582

Note 6 - Accumulated Other Co_2

Note 6 - Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	2018 2017 2016 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 1,164 $ 1,093 $ 1,402 Settlement loss (b) 2,852 4,031 - Total before income tax 4,016 5,124 1,402 Income tax (823 ) (1,670 ) (446 ) Net of income tax $ 3,193 $ 3,454 $ 956
Comprehensive Income (Loss) [Table Text Block]	Currency Translation Adjustments Pension and OPEB Adjustments Accumulated Other Comprehensive (Loss) Income 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 ) Reclassification of stranded income tax effects in accumulated other comprehensive income - (2,070 ) (2,070 ) Reclassification adjustments - 4,016 4,016 Current period charge (2,922 ) (9,644 ) (12,566 ) Income tax charge - (294 ) (294 ) Balance at December 31, 2018 $ (8,243 ) $ (15,180 ) $ (23,423 )

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2018 2017 2016 United States $ 45,271 $ 33,277 $ 33,101 Foreign countries 5,045 6,101 3,381 Total $ 50,316 $ 39,378 $ 36,482 2018 2017 2016 Current expense: Federal $ 7,779 $ 16,489 $ 6,960 Foreign 1,179 1,243 547 State and local 1,042 1,231 581 10,000 18,963 8,088 Deferred expense (benefit): Federal 405 (5,968 ) 3,429 Foreign (125 ) 51 (184 ) State and local 57 (223 ) 266 337 (6,140 ) 3,511 Income tax expense $ 10,337 $ 12,823 $ 11,599
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2018 2017 2016 Income taxes at statutory rate $ 10,566 $ 13,782 $ 12,769 State and local income taxes, net of federal tax benefit 832 555 576 Tax credits (506 ) (295 ) (371 ) Domestic production activities deduction - (1,191 ) (822 ) Lower foreign taxes differential (5 ) (842 ) (820 ) Uncertain tax positions 172 346 (93 ) Valuation allowance 37 100 - Federal tax reform – deferred rate change (581 ) (1,624 ) - Deemed mandatory repatriation (48 ) 1,370 - Foreign withholding tax - 600 - Other (130 ) 22 360 Income tax expense $ 10,337 $ 12,823 $ 11,599
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2018 2017 Deferred tax assets: Inventories $ 1,161 $ 1,131 Accrued liabilities 2,306 1,872 Postretirement health benefits obligation 5,350 3,844 Other 840 583 Total deferred tax assets 9,657 7,430 Valuation allowance (496 ) (459 ) Net deferred tax assets 9,161 6,971 Deferred tax liabilities: Depreciation and amortization (9,351 ) (8,715 ) Pension (1,113 ) (997 ) Foreign withholding tax (600 ) (600 ) Total deferred tax liabilities (11,064 ) (10,312 ) Net deferred tax liabilities $ (1,903 ) $ (3,341 )
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	2018 2017 2016 Balance at beginning of year $ 797 $ 492 $ 567 Additions based on tax positions related to the current year 268 239 101 Additions based on tax positions related to prior years - 165 - Reductions due to lapse of applicable statute of limitations (114 ) (99 ) (108 ) Settlements - - (68 ) Balance at end of year $ 951 $ 797 $ 492

Note 8 - Pensions and Other P_2

Note 8 - Pensions and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Changes in Projected Benefit Obligations [Table Text Block]	Pension Plan Postretirement Plan 201 8 201 7 201 8 201 7 Accumulated benefit obligation at end of year $ 56,408 $ 63,173 $ 23,679 $ 17,367 Change in projected benefit obligation: Benefit obligation at beginning of year $ 76,489 $ 77,107 $ 17,367 $ 22,340 Service cost 2,408 2,727 775 1,249 Interest cost 2,552 2,537 561 814 Plan Changes - - - (6,646 ) Settlement 990 1,398 - - Benefits paid (8,504 ) (12,066 ) (2,536 ) (2,278 ) Effect of foreign exchange - - (42 ) 24 Actuarial (gain) loss (6,357 ) 4,786 7,554 1,864 Benefit obligation at end of year $ 67,578 $ 76,489 $ 23,679 $ 17,367 Change in plan assets: Plan assets at beginning of year $ 80,802 $ 83,318 $ - $ - Actual return on plan assets (3,903 ) 7,550 - - Employer contributions 4,000 2,000 2,536 2,278 Benefits paid (8,504 ) (12,066 ) (2,536 ) (2,278 ) Plan assets at end of year 72,395 80,802 - - Funded status at end of year $ 4,817 $ 4,313 $ (23,679 ) $ (17,367 ) Pension Plan Postretirement Plan 201 8 201 7 201 8 201 7 Amounts recognized in the Consolidated Balance Sheets consist of: Noncurrent assets $ 4,817 $ 4,313 $ - $ - Current liabilities - - (1,826 ) (1,630 ) Noncurrent liabilities - - (21,853 ) (15,737 ) Total assets (liabilities) $ 4,817 $ 4,313 $ (23,679 ) $ (17,367 ) Amounts recognized in Accumulated other comprehensive loss consist of: Net actuarial loss (gain) $ 23,158 $ 24,571 $ 2,596 $ (5,377 ) Prior Service Cost - - (5,508 ) (6,646 ) Deferred tax (benefit) expense (5,798 ) (9,223 ) 732 3,683 After tax actuarial loss (gain) $ 17,360 $ 15,348 $ (2,180 ) $ (8,340 )
Schedule of Costs of Retirement Plans [Table Text Block]	Components of net periodic benefit cost: 2018 2017 2016 Pension Plan Service cost $ 2,408 $ 2,727 $ 2,837 Interest cost 2,552 2,537 2,643 Expected return on plan assets (4,481 ) (4,697 ) (4,150 ) Recognized actuarial loss 1,577 1,770 2,101 Settlement loss 2,852 4,031 - Net periodic benefit cost $ 4,908 $ 6,368 $ 3,431 Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: Net gain $ (1,413 ) $ (2,470 ) $ (2,952 ) Total expense recognized in net periodic benefit cost and other comprehensive income $ 3,495 $ 3,898 $ 479 Postretirement Plan Service cost $ 775 $ 1,249 $ 1,192 Interest cost 561 814 842 Prior service cost recognition (1,128 ) - - Recognized actuarial gain (413 ) (677 ) (699 ) Net periodic benefit (credit) cost $ (205 ) $ 1,386 $ 1,335 Other changes in postretirement plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ 9,096 $ (4,105 ) $ 205 Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income $ 8,891 $ (2,719 ) $ 1,540
Schedule of Assumptions Used [Table Text Block]	Pension Plan Postretirement Plan 201 8 201 7 201 8 201 7 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 3.94 % 3.27 % 4.13 % 3.39 % Rate of compensation increase 3.50 % 3.50 % – – Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31: Discount rate 3.76 % 3.27 % 3.39 % 3.77 % Expected long-term rate of return on plan assets 6.00 % 6.00 % – – Rate of compensation Increase 3.50 % 3.50 % – –
Schedule of the Reclassification of Retirement Benefits [Table Text Block]	2017 2016 Cost of products sold $ 2,463 $ 503 Selling, general and administrative expenses 1,315 234 Total amount reclassified $ 3,778 $ 737
Schedule of Allocation of Plan Assets [Table Text Block]	2018 $ % Level 1 : Equity $ 10,144 14 % Fixed income 9,768 14 % Mutual funds 1,777 2 % Money funds and cash 6,370 9 % Total Level 1 28,059 39 % Level 2 : Fixed income 44,333 61 % Money funds - Total Level 2 44,333 61 % Level 3: Equity 3 - Total Level 3 3 - Total fair value of Plan assets $ 72,395 100 % 2017 $ % 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 %
Schedule of Expected Benefit Payments [Table Text Block]	2019 2020 2021 2022 2023 Thereafter Pension $ 3,740 $ 4,092 $ 4,603 $ 4,538 $ 4,472 $ 25,172 Postretirement 1,863 1,725 1,549 1,475 $ 1,495 $ 8,301

Note 9 - Goodwill and Other I_2

Note 9 - Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	2018 2017 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Finite-lived intangible assets: Customer relationships $ 7,833 $ 5,514 $ 7,966 $ 4,791 Technology and drawings 6,752 3,417 6,758 3,121 Other intangibles 1,838 1,172 1,866 1,021 Total finite-lived intangible assets 16,423 10,103 16,590 8,933 Goodwill 27,234 - 27,551 - Trade names and trademarks 2,631 - 2,710 - Total $ 46,288 $ 10,103 $ 46,851 $ 8,933
Schedule of Goodwill [Table Text Block]	Goodwill Balance at December 31, 2016 $ 28,030 Acquisitions - Impairment (925 ) Foreign currency 446 Balance at December 31, 2017 27,551 Acquisitions - Impairment - Foreign currency (317 ) Balance at December 31, 2018 $ 27,234

Note 10 - Business Segment In_2

Note 10 - Business Segment Information (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	2018 % 2017 % 2016 % United States $ 271,820 66 $ 241,746 64 $ 250,872 66 Foreign countries 142,514 34 137,643 36 131,199 34 Total $ 414,334 100 $ 379,389 100 $ 382,071 100
Schedule of Segment Reporting Information, by Segment [Table Text Block]	2018 2017 2016 Pumps and pump systems $ 357,882 $ 322,201 $ 328,973 Repairs of pumps and pump systems and other 56,452 57,188 53,098 Total $ 414,334 $ 379,389 $ 382,071

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual)	3 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Percentage of LIFO Inventory		73.00%	72.00%
Depreciation, Total		$ 13,300,000	$ 13,500,000	$ 13,800,000
Goodwill, Impairment Loss		0	925,000
Advertising Expense		3,000,000	3,100,000	$ 2,800,000
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect
AOCI Attributable to Parent [Member]
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect		(2,070,000)
Retained Earnings [Member]
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect		2,070,000
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member]
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect		(2,100,000)
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member]
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect		2,100,000
Performance Shares [Member]
Allocated Share-based Compensation Expense, Total		$ 1,300,000	$ 400,000
2015 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Number of Major Customers		0	0	0
Customer Relationships [Member]
Impairment of Intangible Assets, Finite-lived			$ 3,200,000
Other Segments [Member]
Goodwill, Impairment Loss			0	$ 0
Bayou City Pump Inc [Member]
Goodwill, Impairment Loss	$ 900,000		$ 900,000	$ 1,800,000

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Details)	12 Months Ended
	Dec. 31, 2018
Building [Member] | Minimum [Member]
Property, plant and equipment lives (Year)	20 years
Building [Member] | Maximum [Member]
Property, plant and equipment lives (Year)	50 years
Machinery and Equipment [Member] | Minimum [Member]
Property, plant and equipment lives (Year)	5 years
Machinery and Equipment [Member] | Maximum [Member]
Property, plant and equipment lives (Year)	15 years
Software Development [Member] | Minimum [Member]
Property, plant and equipment lives (Year)	3 years
Software Development [Member] | Maximum [Member]
Property, plant and equipment lives (Year)	5 years

Note 1 - Summary of Significa_5

Note 1 - Summary of Significant Accounting Policies - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Property, plant and equipment, gross	$ 288,477	$ 281,239
Less accumulated depreciation	(174,984)	(164,168)
Property, plant and equipment, net	113,493	117,071
Land [Member]
Property, plant and equipment, gross	3,869	4,187
Building [Member]
Property, plant and equipment, gross	106,940	106,437
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 177,668	$ 170,615

Note 1 - Summary of Significa_6

Note 1 - Summary of Significant Accounting Policies - Amortization of Intangible Assets Lives (Details)	12 Months Ended
	Dec. 31, 2018
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 Significa_7

Note 1 - Summary of Significant Accounting Policies - Product Warranties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Balance at beginning of year	$ 1,098	$ 1,435	$ 1,380
Provision	1,689	1,377	1,991
Claims	(1,407)	(1,714)	(1,936)
Balance at end of year	$ 1,380	$ 1,098	$ 1,435

Note 2 - Allowance for Doubtf_2

Note 2 - Allowance for Doubtful Accounts (Details Textual) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Allowance for Doubtful Accounts Receivable, Ending Balance	$ 0.7	$ 0.7

Note 3 - Revenue 1 (Details Tex

Note 3 - Revenue 1 (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Percentage Revenue By Location	100.00%	100.00%	100.00%
Revenue, Remaining Performance Obligation, Amount Greater than What Has Been Recorded Prior to Adoption of New Standard	$ 2
Revenue, Remaining Performance Obligation, Amount	113.7
Contract with Customer, Liability, Revenue Recognized	$ 2.4
Foreign Countries [Member]
Percentage Revenue By Location	34.00%	36.00%	34.00%

Note 3 - Revenue 2 (Details Tex

Note 3 - Revenue 2 (Details Textual)	Dec. 31, 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

Note 3 - Revenue - Disaggregati

Note 3 - Revenue - Disaggregation of Revenue by Major Categories and Geographic Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net sales	$ 414,334	$ 379,389	$ 382,071
UNITED STATES
Net sales	271,820	241,746	250,872
Foreign Countries [Member]
Net sales	142,514	137,643	131,199
Pumps and Pump Systems [Member]
Net sales	357,882	322,201	328,973
Repair Parts for Pumps and Pump Systems and Other [Member]
Net sales	$ 56,452	$ 57,188	$ 53,098

Note 3 - Revenue - Contract Ass

Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Contract assets	$ 1,953
Contract liabilities	$ 5,232	$ 4,098

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Inventory, LIFO Reserve	$ 63.7	$ 59.7
Inventory, LIFO Reserve, Effect on Income, Net, Total	0.2	0.5
Inventory Valuation Reserves, Ending Balance	$ 5.3	$ 4.9

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Raw materials and in-process	$ 21,773	$ 17,528
Finished parts	54,209	48,247
Finished products	11,405	9,192
Total net inventories	$ 87,387	$ 74,967

Note 5 - Financing Arrangemen_3

Note 5 - Financing Arrangements (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2016
Interest Expense, Debt, Total	$ 1,000	$ 17,000	$ 20,000
Operating Leases, Rent Expense, Total	1,000,000	900,000	$ 1,100,000
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	$ 19,700,000	18,300,000
Letters of Credit Outstanding, Amount	$ 300,000	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 2021 [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 8,000,000
Line of Credit Facility, Remaining Borrowing Capacity	2,400,000	2,700,000
Letters of Credit Outstanding, Amount	$ 5,600,000	5,300,000
Line of Credit Maturing May 2021 [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	$ 1,000,000	800,000
Letters of Credit Outstanding, Amount	$ 2,000,000	$ 2,200,000
Line of Credit Facility, Interest Rate at Period End				1.75%

Note 5 - Financing Arrangemen_4

Note 5 - Financing Arrangements - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
2,019	$ 702
2,020	411
2,021	260
2,022	124
2,023	75
Therafter	10
Total due	$ 1,582

Note 6 - Accumulated Other Co_3

Note 6 - Accumulated Other Comprehensive Loss - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Settlement loss		$ (2,900,000)	$ (4,000,000)	$ 0
Total before income tax		(50,316,000)	(39,378,000)	(36,482,000)
Income tax		10,337,000	12,823,000	11,599,000
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Recognized actuarial loss	[1]	1,164,000	1,093,000	1,402,000
Settlement loss	[2]	2,852,000	4,031,000
Total before income tax		4,016,000	5,124,000	1,402,000
Income tax		(823,000)	(1,670,000)	(446,000)
Net of income tax		$ 3,193,000	$ 3,454,000	$ 956,000
[1]	The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note 8 to the Consolidated Financial Statements, Pensions and Other Postretirement Benefits.
[2]	The settlement loss is included in Other (expense) income, net in the Consolidated Statements of Income.

Note 6 - Accumulated Other Co_4

Note 6 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Income (Loss) Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Balance	$ 325,495	$ 302,888	$ 287,021
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect
Balance	293,132	325,495	302,888
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(5,321)	(8,842)	(9,057)
Reclassification adjustments
Current period charge (benefit)	(2,922)	3,521	215
Income tax charge
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect
Balance	(8,243)	(5,321)	(8,842)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(7,188)	(11,623)	(13,358)
Reclassification adjustments	4,016	5,124	1,402
Current period charge (benefit)	(9,644)	1,479	1,357
Income tax charge	(294)	(2,168)	(1,024)
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	(2,070)
Balance	(15,180)	(7,188)	(11,623)
AOCI Attributable to Parent [Member]
Balance	(12,509)	(20,465)	(22,415)
Reclassification adjustments	4,016	5,124	1,402
Current period charge (benefit)	(12,566)	5,000	1,572
Income tax charge	(294)	(2,168)	(1,024)
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	(2,070)
Balance	$ (23,423)	$ (12,509)	$ (20,465)

Note 7 - Income Taxes (Details

Note 7 - 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
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%
Effective Income Tax Rate Reconciliation, Percent, Total		20.50%	32.60%	31.80%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 1,370,000	$ (48,000)
Income Taxes Paid		14,700,000	$ 13,500,000	$ 7,800,000
Tax Credit Carryforward, Amount	644,000	599,000	644,000
Deferred Tax Assets, Valuation Allowance, Total	459,000	496,000	459,000
Unrecognized Tax Benefits, Ending Balance	797,000	951,000	797,000	492,000	$ 567,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	674,000	794,000	674,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit		55,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 168,000	$ 224,000	$ 168,000	$ 98,000

Note 7 - Income Taxes - Compone

Note 7 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
United States	$ 50,316	$ 39,378	$ 36,482
Current expense:
Federal	7,779	16,489	6,960
Foreign	1,179	1,243	547
State and local	1,042	1,231	581
Total current	10,000	18,963	8,088
Deferred expense (benefit):
Federal	405	(5,968)	3,429
Foreign	(125)	51	(184)
State and local	57	(223)	266
Total deferred	337	(6,140)	3,511
Income tax expense	10,337	12,823	11,599
UNITED STATES
United States	45,271	33,277	33,101
Foreign Countries [Member]
United States	$ 5,045	$ 6,101	$ 3,381

Note 7 - Income Taxes - Reconci

Note 7 - Income Taxes - Reconciliation of Income Tax Expense By Applying the Statutory Federal Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income taxes at statutory rate	$ 10,566	$ 13,782	$ 12,769
State and local income taxes, net of federal tax benefit	832	555	576
Tax credits	(506)	(295)	(371)
Domestic production activities deduction		(1,191)	(822)
Lower foreign taxes differential	(5)	(842)	(820)
Uncertain tax positions	172	346	(93)
Valuation allowance	37	100
Federal tax reform – deferred rate change	(581)	(1,624)
Deemed mandatory repatriation	(48)	1,370
Foreign withholding tax		600
Other	(130)	22	360
Income tax expense	$ 10,337	$ 12,823	$ 11,599

Note 7 - Income Taxes - Deferre

Note 7 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Inventories	$ 1,161,000	$ 1,131,000
Accrued liabilities	2,306,000	1,872,000
Postretirement health benefits obligation	5,350,000	3,844,000
Other	840,000	583,000
Total deferred tax assets	9,657,000	7,430,000
Valuation allowance	(496,000)	(459,000)
Net deferred tax assets	9,161,000	6,971,000
Deferred tax liabilities:
Depreciation and amortization	(9,351,000)	(8,715,000)
Pension	(1,113,000)	(997,000)
Foreign withholding tax	(600,000)	(600,000)
Total deferred tax liabilities	(11,064,000)	(10,312,000)
Net deferred tax liabilities	$ (1,903,000)	$ (3,341,000)

Note 7 - Income Taxes - Recon_2

Note 7 - Income Taxes - Reconciliation of the Beginning and Ending Amount Of Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Balance at beginning of year	$ 797,000	$ 492,000	$ 567,000
Additions based on tax positions related to the current year	268,000	239,000	101,000
Additions based on tax positions related to prior years		165,000
Reductions due to lapse of applicable statute of limitations	(114,000)	(99,000)	(108,000)
Settlements			(68,000)
Balance at end of year	$ 951,000	$ 797,000	$ 492,000

Note 8 - Pensions and Other P_3

Note 8 - Pensions and Other Postretirement Benefits (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	$ 2,900,000	$ 4,000,000	$ 0
Unrecognized Actuarial Gain (Loss) in Excess of Benefit Obligation, Percentage	10.00%
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 0
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components	179,000
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation	1,900,000
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components	152,000
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation	1,800,000
One Percentage Point Change in Assumed Rate of Return [Member]
Defined Benefit Plan Effect On Pension Expense	747,000
One Percentage Point Increase in Discount Rate [Member]
Defined Benefit Plan Effect On Pension Expense	1,400,000
One Percentage Point Decrease in Discount Rate [Member]
Defined Benefit Plan Effect On Pension Expense	$ 1,600,000
Defined Benefit Plan, Equity Securities [Member] | Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	8.00%
Defined Benefit Plan, Equity Securities [Member] | Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	28.00%
Fixed Income Securities [Member] | Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	70.00%
Fixed Income Securities [Member] | Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	90.00%
Alternative Investments [Member] | Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Alternative Investments [Member] | Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	4.00%
Cash and Cash Equivalents [Member] | Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Cash and Cash Equivalents [Member] | Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	10.00%
Pension Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount		1,900,000	1,600,000
Pension Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 2,200,000
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	$ (2,852,000)	$ (4,031,000)
Postretirement Health Coverage [Member]
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	5.00%	0.00%

Note 8 - Pensions and Other P_4

Note 8 - Pensions and Other Postretirement Benefits - Amounts Recognized in the Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Change in plan assets:
Plan assets at beginning of year	$ 80,802
Plan assets at end of year	72,395	$ 80,802
Noncurrent assets	4,817	4,313
Pension Plan [Member]
Accumulated benefit obligation at end of year	56,408	63,173
Benefit obligation at beginning of year	76,489	77,107
Service cost	2,408	2,727	$ 2,837
Interest cost	2,552	2,537	2,643
Plan Changes
Settlement	990	1,398
Benefits paid	(8,504)	(12,066)
Effect of foreign exchange
Actuarial (gain) loss	(6,357)	4,786
Benefit obligation at end of year	67,578	76,489	77,107
Change in plan assets:
Plan assets at beginning of year	80,802	83,318
Actual return on plan assets	(3,903)	7,550
Employer contributions	4,000	2,000
Benefits paid	(8,504)	(12,066)
Plan assets at end of year	72,395	80,802	83,318
Funded status at end of year	4,817	4,313
Noncurrent assets	4,817	4,313
Current liabilities
Noncurrent liabilities
Total assets (liabilities)	4,817	4,313
Net actuarial loss (gain)	23,158	24,571
Prior Service Cost
Deferred tax (benefit) expense	(5,798)	(9,223)
After tax actuarial loss (gain)	17,360	15,348
Postretirement Plan [Member]
Accumulated benefit obligation at end of year	23,679	17,367
Benefit obligation at beginning of year	17,367	22,340
Service cost	775	1,249	1,192
Interest cost	561	814	842
Plan Changes		(6,646)
Settlement
Benefits paid	(2,536)	(2,278)
Effect of foreign exchange	(42)	24
Actuarial (gain) loss	7,554	1,864
Benefit obligation at end of year	23,679	17,367	22,340
Change in plan assets:
Plan assets at beginning of year
Actual return on plan assets
Employer contributions	2,536	2,278
Benefits paid	(2,536)	(2,278)
Plan assets at end of year
Funded status at end of year	(23,679)	(17,367)
Noncurrent assets
Current liabilities	(1,826)	(1,630)
Noncurrent liabilities	(21,853)	(15,737)
Total assets (liabilities)	(23,679)	(17,367)
Net actuarial loss (gain)	2,596	(5,377)
Prior Service Cost	(5,508)	(6,646)
Deferred tax (benefit) expense	732	3,683
After tax actuarial loss (gain)	$ (2,180)	$ (8,340)

Note 8 - Pensions and Other P_5

Note 8 - Pensions and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Settlement loss	$ (2,900,000)	$ (4,000,000)	$ 0
Pension Plan [Member]
Service cost	2,408,000	2,727,000	2,837,000
Interest cost	2,552,000	2,537,000	2,643,000
Expected return on plan assets	(4,481,000)	(4,697,000)	(4,150,000)
Recognized actuarial (gain) loss	1,577,000	1,770,000	2,101,000
Settlement loss	2,852,000	4,031,000
Net periodic benefit (credit) cost	4,908,000	6,368,000	3,431,000
Net loss (gain)	(1,413,000)	(2,470,000)	(2,952,000)
Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income	3,495,000	3,898,000	479,000
Service cost	2,408,000	2,727,000	2,837,000
Interest cost	2,552,000	2,537,000	2,643,000
Recognized actuarial (gain) loss	1,577,000	1,770,000	2,101,000
Postretirement Plan [Member]
Service cost	775,000	1,249,000	1,192,000
Interest cost	561,000	814,000	842,000
Recognized actuarial (gain) loss	(413,000)	(677,000)	(699,000)
Net periodic benefit (credit) cost	(205,000)	1,386,000	1,335,000
Net loss (gain)	9,096,000	(4,105,000)	205,000
Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income	8,891,000	(2,719,000)	1,540,000
Service cost	775,000	1,249,000	1,192,000
Interest cost	561,000	814,000	842,000
Prior service cost recognition	(1,128,000)
Recognized actuarial (gain) loss	$ (413,000)	$ (677,000)	$ (699,000)

Note 8 - Pensions and Other P_6

Note 8 - Pensions and Other Postretirement Benefits - Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Pension Plan [Member]
Discount rate	3.94%	3.27%
Rate of compensation increase	3.50%	3.50%
Discount rate	3.76%	3.27%
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	4.13%	3.39%
Rate of compensation increase
Discount rate	3.39%	3.77%
Expected long-term rate of return on plan assets
Rate of compensation Increase

Note 8 - Pensions and Other P_7

Note 8 - Pensions and Other Postretirement Benefits - Summary of Reclassification (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cost of products sold	$ (304,413)	$ (278,181)	$ (289,543)
Selling, general and administrative expenses	(59,282)	(55,474)	(54,294)
Total amount reclassified	$ (323)	(2,258)	48
Accounting Standards Update 2017-07 [Member]
Cost of products sold		2,463	503
Selling, general and administrative expenses		1,315	234
Total amount reclassified		$ 3,778	$ 737

Note 8 - Pensions and Other P_8

Note 8 - Pensions and Other Postretirement Benefits - Allocation of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Plan Fair Value Assets	$ 72,395	$ 80,802
Plan Fair Value Assets, Percentage	100.00%	100.00%
Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 28,059	$ 34,240
Plan Fair Value Assets, Percentage	39.00%	43.00%
Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	$ 44,333	$ 46,556
Plan Fair Value Assets, Percentage	61.00%	57.00%
Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets	$ 3	$ 6
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	$ 10,144	$ 14,637
Plan Fair Value Assets, Percentage	14.00%	18.00%
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets	$ 3	$ 6
Plan Fair Value Assets, Percentage
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 9,768	$ 12,573
Plan Fair Value Assets, Percentage	14.00%	16.00%
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	$ 44,333	$ 46,556
Plan Fair Value Assets, Percentage	61.00%	57.00%
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 1,777	$ 857
Plan Fair Value Assets, Percentage	2.00%	1.00%
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	$ 6,370	$ 6,173
Plan Fair Value Assets, Percentage	9.00%	8.00%
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets
Plan Fair Value Assets, Percentage

Note 8 - Pensions and Other P_9

Note 8 - Pensions and Other Postretirement Benefits - Expected Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Pension Plan [Member]
2,019	$ 3,740
2,020	4,092
2,021	4,603
2,022	4,538
2,023	4,472
Thereafter	25,172
Postretirement Plan [Member]
2,019	1,863
2,020	1,725
2,021	1,549
2,022	1,475
2,023	1,495
Thereafter	$ 8,301

Note 9 - Goodwill and Other I_3

Note 9 - Goodwill and Other Intangible Assets (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Amortization of Intangible Assets, Total		$ 1,200,000	$ 1,600,000	$ 1,700,000
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months		800,000
Goodwill, Impairment Loss		0	925,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two		800,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three		800,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four		800,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five		800,000
Customer Relationships [Member]
Impairment of Intangible Assets, Finite-lived			3,200,000
National Reporting Unit [Member]
Goodwill, Impairment Loss		$ 0
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount		9.00%
Reporting Unit, Percentage of Parent Company Total Assets		4.00%
Bayou City Pump Inc [Member]
Goodwill, Impairment Loss	$ 900,000		$ 900,000	$ 1,800,000

Note 9 - Goodwill and Other I_4

Note 9 - Goodwill and Other Intangible Assets - Major Components of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Intangible assets, cost	$ 16,423	$ 16,590
Intangible assets, accumulated amortization	10,103	8,933
Goodwill, Ending Balance	27,234	27,551	$ 28,030
Intangible assets, including goodwill, cost	46,288	46,851
Trademarks and Trade Names [Member]
Trade names and trademarks	2,631	2,710
Customer Relationships [Member]
Intangible assets, cost	7,833	7,966
Intangible assets, accumulated amortization	5,514	4,791
Technology and Drawings [Member]
Intangible assets, cost	6,752	6,758
Intangible assets, accumulated amortization	3,417	3,121
Other Intangible Assets [Member]
Intangible assets, cost	1,838	1,866
Intangible assets, accumulated amortization	$ 1,172	$ 1,021

Note 9 - Goodwill and Other I_5

Note 9 - Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Balance	$ 27,551	$ 28,030
Acquisitions
Impairment	0	(925)
Foreign currency	(317)	446
Balance	$ 27,234	$ 27,551

Note 10 - Business Segment In_3

Note 10 - Business Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Number of Reportable Segments	1
Number of Countries in which Entity Operates	145
UNITED STATES
Long Lived Assets, Percent	89.00%	89.00%

Note 10 - Business Segment In_4

Note 10 - Business Segment Information - Components of Customer Sales Determined Based on the Location of Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net sales	$ 414,334	$ 379,389	$ 382,071
Net sales, Percent	100.00%	100.00%	100.00%
UNITED STATES
Net sales	$ 271,820	$ 241,746	$ 250,872
Net sales, Percent	66.00%	64.00%	66.00%
Foreign Countries [Member]
Net sales	$ 142,514	$ 137,643	$ 131,199
Net sales, Percent	34.00%	36.00%	34.00%

Note 10 - Business Segment In_5

Note 10 - Business Segment Information - Net Sales from External Customers by Product Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net sales	$ 414,334	$ 379,389	$ 382,071
Pumps and Pump Systems [Member]
Net sales	357,882	322,201	328,973
Repairs and Other [Member]
Net sales	$ 56,452	$ 57,188	$ 53,098

Note 11 - Acquisitions (Details

Note 11 - Acquisitions (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Oct. 31, 2016
Goodwill, Ending Balance	$ 27,234	$ 27,551	$ 28,030
Morrison Pump Company [Member]
Goodwill, Ending Balance				$ 5,200