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 |