The Gorman-Rupp Company (GRC) 10-K 2 Mar 20 2019 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Feb. 29, 2020	Jun. 28, 2019
Document Information [Line Items]
Entity Registrant Name	GORMAN RUPP CO
Entity Central Index Key	0000042682
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 Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		26,067,502
Entity Public Float			$ 615,589
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Common Stock

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net sales	$ 398,179	$ 414,334	$ 379,389
Cost of products sold	295,504	304,413	278,181
Gross profit	102,675	109,921	101,208
Selling, general and administrative expenses	58,835	59,282	55,474
Impairment of goodwill and other intangible assets			4,098
Operating income	43,840	50,639	41,636
Other (expense) income, net	1,326	(323)	(2,258)
Income before income taxes	45,166	50,316	39,378
Income taxes	9,351	10,337	12,823
Net income	$ 35,815	$ 39,979	$ 26,555
Earnings per share (in dollars per share)	$ 1.37	$ 1.53	$ 1.02
Average number of shares outstanding (in shares)	26,127,168	26,112,138	26,100,865

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net income	$ 35,815	$ 39,979	$ 26,555
Cumulative translation adjustments	88	(2,922)	3,521
Pension and postretirement medical liability adjustments, net of tax	(5,202)	(5,922)	4,435
Other comprehensive (loss) income	(5,114)	(8,844)	7,956
Comprehensive income	$ 30,701	$ 31,135	$ 34,511

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 80,555	$ 46,458
Accounts receivable, net	65,433	67,714
Inventories, net	75,997	87,387
Prepaid and other	5,680	7,127
Total current assets	227,665	208,686
Property, plant and equipment, net	111,779	113,493
Other assets	8,320	5,101
Prepaid pension assets		4,817
Goodwill and other intangible assets, net	34,996	36,185
Total assets	382,760	368,282
Current liabilities:
Accounts payable	16,030	16,678
Payroll and employee related liabilities	12,172	12,651
Commissions payable	7,034	9,222
Deferred revenue and customer deposits	4,911	5,232
Accrued expenses	5,348	4,682
Total current liabilities	45,495	48,465
Pension benefits	1,040
Postretirement benefits	24,453	21,853
Other long-term liabilities	3,894	4,832
Total liabilities	74,882	75,150
Equity:
Common shares, without par value: Authorized - 35,000,000 shares; Outstanding – 26,067,502 shares at December 31, 2019 and 26,117,045 shares at December 31, 2018 (after deducting treasury shares of 981,294 and 931,751, respectively), at stated capital amounts	5,091	5,102
Additional paid-in capital	1,147	2,539
Retained earnings	330,177	308,914
Accumulated other comprehensive loss	(28,537)	(23,423)
Total equity	307,878	293,132
Total liabilities and equity	$ 382,760	$ 368,282

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands	Dec. 31, 2019	Dec. 31, 2018
Common shares, authorized (in shares)	35,000,000	35,000,000
Common shares, outstanding (in shares)	26,067,502	26,117,045
Treasury shares (in shares)	981,294	931,751
Common shares, par value (in dollars per share)	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 35,815	$ 39,979	$ 26,555
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,749	14,484	15,053
Pension expense	2,823	4,909	6,368
Contributions to pension plan		(4,000)	(2,000)
Deferred income tax charge (benefit)	(1,198)	337	(6,140)
(Gain) loss on sale of property, plant and equipment	(53)	(44)	153
Stock based compensation	1,025	1,674	743
Impairment of goodwill and other intangible assets			4,098
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	2,218	(1,196)	5,473
Inventories, net	11,452	(13,601)	(4,305)
Accounts payable	(601)	1,299	(1,268)
Commissions payable	(2,140)	1,737	(3,849)
Deferred revenue and customer deposits	(321)	741	(902)
Accrued expenses and other	153	1,928	3,215
Income taxes	(697)	(6,599)	7,950
Benefit obligations	(51)	(438)	(7,879)
Net cash provided by operating activities	62,174	41,210	43,265
Cash flows from investing activities:
Capital additions	(10,912)	(10,947)	(7,754)
Proceeds from sale of property, plant and equipment	69	512	320
(Purchase of) Proceeds from short-term investments, net	(4)	2,967	(2,976)
Net cash used for investing activities	(10,847)	(7,468)	(10,410)
Cash flows from financing activities:
Regular cash dividends	(14,370)	(13,317)	(12,268)
Special cash dividend		(52,234)
Treasury share repurchases	(2,610)
Other	(383)
Net cash used for financing activities	(17,363)	(65,551)	(12,268)
Effect of exchange rate changes on cash	133	(1,413)	1,489
Net increase (decrease) in cash and cash equivalents	34,097	(33,222)	22,076
Cash and cash equivalents:
Beginning of year	46,458	79,680	57,604
End of period	$ 80,555	$ 46,458	$ 79,680

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, 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 (loss)				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 (loss)				(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
Net income			35,815		35,815
Other comprehensive income (loss)				(5,114)	(5,114)
Stock based compensation (in shares)	19,836
Stock based compensation	$ 4	948	73		1,025
Cash dividends			(14,370)		(14,370)
Treasury share repurchases (in shares)	(69,379)
Treasury share repurchases	$ (15)	(2,340)	(255)		(2,610)
Balances (in shares) at Dec. 31, 2019	26,067,502
Balance at Dec. 31, 2019	$ 5,091	$ 1,147	$ 330,177	$ (28,537)	$ 307,878

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Retained Earnings [Member]
Cash dividends, amount per share (in dollars per share)	$ 0.55		$ 0.47
Cash dividends, amount per share (in dollars per share)		$ 2.51
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, 2019
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. 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, 2019 2018 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 72% December 31, 2019 73% December 31, 2018 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 $12.6 2019, $13.3 2018 $13.5 2017. Depreciation of property, plant and equipment is determined based on the following lives: Years Buildings 20 - 50 Machinery and equipment 5 - 15 Software 3 - 5 Property, plant and equipment consist of the following: 2019 2018 Land $ 4,998 $ 3,869 Buildings 110,162 106,940 Machinery and equipment 182,922 177,668 298,082 288,477 Less accumulated depreciation (186,303 ) (174,984 ) Property, plant and equipment, net $ 111,779 $ 113,493 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, $0.9 no 2017. No 2019 2018. 10 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 Years Technology and drawings 13 - 20 Customer relationships 9 - 15 Other intangibles 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 2019, 2018 2017 not may not 2017, 360, $3.2 2017. Identifiable intangible assets not 2019, 2018 2017, For additional information about goodwill and other intangible assets, see Note 10 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, see 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 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 9, Concentration of Credit Risk The Company generally does not no 10% December 31, 2019, 2018 2017. 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, 2019, 2018 2017 $3.0 $3.0 $3.1 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: 2019 2018 2017 Balance at beginning of year $ 1,380 $ 1,098 $ 1,435 Provision 1,747 1,689 1,377 Claims (1,689 ) (1,407 ) (1,714 ) Balance at end of year $ 1,438 $ 1,380 $ 1,098 Stock-based compensation The Company awards shares pursuant to The Gorman-Rupp Company 2015 may three $0.7 $1.3 $0.4 December 31, 2019, 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 Standard Updates (“ASUs”). ASUs not not In June 2016, 2016 13, 326 2016 13 2016 13 December 15, 2019, November 2019, 2019 11, 326, 2019 11 not 2016 13 November 2019 2019 11. 2016 13. 326 January 1, 2020. not In December 2019, 2019 12, 2019 12 December 15, 2020, not 2019 12 Recently Adopted Accounting Standards In February 2016, 2016 02, 842 one 2016 02. 842 January 1, 2019. 6

Note 2 - Allowance for Doubtful

Note 2 - Allowance for Doubtful Accounts	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Allowance for Credit Losses [Text Block]	Note 2 – A llowance for Doubtful Accounts The allowance for doubtful accounts was $0.5 December 31, 2019 $0.7 December 31, 2018.

Note 3 - Revenue

Note 3 - Revenue	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 3 Disaggregation of Revenue The following tables disaggregate total net sales by major product category and geographic location: Product Category 2019 2018 2017 Pumps and pump systems $ 341,304 $ 357,882 $ 322,201 Repair parts for pumps and pump systems and other 56,875 56,452 57,188 Total net sales $ 398,179 $ 414,334 $ 379,389 Geographic Location 2019 2018 2017 United States $ 275,290 $ 271,820 $ 241,746 Foreign countries 122,889 142,514 137,643 Total net sales $ 398,179 $ 414,334 $ 379,389 International sales represented approximately 31% 2019, 34% 2018 36% 2017, 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. 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, 2019, $105.0 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 Company’s contract assets and liabilities as of December 31, 2019 2018 December 31, 201 9 December 31, 201 8 Contract assets $ 393 $ 1,953 Contract liabilities 4,911 5,232 Revenue recognized for the year ended December 31, 2019 December 31, 2018 $4.4

Note 4 - Inventories

Note 4 - Inventories	12 Months Ended
	Dec. 31, 2019
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 $62.5 $63.7 December 31, 2019 2018, 2019 2018, $2.0 2019 $0.2 2018. $5.9 $5.3 December 31, 2019 2018, Inventories are comprised of the following: Inventories, net December 31, 201 9 December 31, 2018 Raw materials and in-process $ 16,474 $ 21,773 Finished parts 47,317 54,209 Finished products 12,206 11,405 Total net inventories $ 75,997 $ 87,387

Note 5 - Credit Facilities

Note 5 - Credit Facilities	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5 – Credit Facilities The Company may $20.0 0.75% February 2022. 0.1% December 31, 2019 2018, $19.9 $19.7 $0.1 $0.3 The Company also has an $8.0 0.75% May 2021. December 31, 2019 2018, $3.6 $2.4 $4.4 $5.6 The Company also has a $3.0 1.75% June 2016. December 31, 2019 2018, $1.0 $1.0 $2.0 $2.0 The credit facilities described above contain standard restrictive covenants, including limits on additional borrowings and maintenance of certain operating and financial ratios. At December 31, 2019 2018, Interest expense, which approximates interest paid, was $1,000, $1,000 $17,000 2019, 2018 2017,

Note 6 - Leases

Note 6 - Leases	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	N ote 6 – L eases On January 1, 2019, 2016 02 January 1, 2019 ( 2019 not not not 2016 02, not January 1, 2019. $1.6 January 1, 2019. The Company is currently a lessee under a number of operating leases and two none 1 5 5 1 not not Supplemental information related to leases and the Company’s Consolidated Financial Statements is as follows: Year Ended December 31, 2019 Components of lease costs: Operating lease costs $ 370 Short-term lease costs 527 Finance lease costs 98 Total lease costs $ 995 December 31 , 2019 Weighted average remaining lease term (years): Operating leases 2.9 Finance leases 4.3 Weighted average discount rate: Operating leases 3.25 % Finance leases 3.25 % December 31 , 2019 Operating Leases Financing Leases Total Leases Other assets - right-of-use assets $ 1,260 $ 550 $ 1,810 Lease liabilities included in: Accrued expenses - current portion of lease liabilities $ 520 $ 120 $ 640 Other long-term liabilities - non-current portion of lease liabilities 730 440 1,170 Total lease liabilities $ 1,250 $ 560 $ 1,810 Maturities of lease liabilities are as follows: December 3 1 , 2019 December 31, 2018 2019 $ 712 $ 702 2020 524 411 2021 360 260 2022 241 124 2023 46 75 Thereafter 9 10 Total lease payments 1,892 $ 1,582 Less: Interest (82 ) Present value of lease liabilities $ 1,810

Note 7 - Accumulated Other Comp

Note 7 - Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	Note 7 – Accum ulated Other Comprehensive Loss The reclassifications out of Accumulated other comprehensive loss as reported in the Consolidated Statements of Income are: Pension and other postretirement benefits: 201 9 201 8 201 7 Recognized actuarial loss (a) $ 1,753 $ 1,164 $ 1,093 Settlement loss (b) - 2,852 4,031 Total before income tax 1,753 4,016 5,124 Income tax (363 ) (823 ) (1,670 ) Net of income tax $ 1,390 $ 3,193 $ 3,454 (a) The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note 9 (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, 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, 201 8 (8,243 ) (15,180 ) (23,423 ) Reclassification adjustments - 1,753 1,753 Current period benefit (charge) 88 (8,521 ) (8,433 ) Income tax benefit - 1,566 1,566 Balance at December 31, 201 9 $ (8,155 ) $ (20,382 ) $ (28,537 )

Note 8 - Income Taxes

Note 8 - Income Taxes	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8 – Income Taxes On December 22, 2017, 21% 35% 20.7% 2019 20.5% 2018 32.6% 2017 In January 2018, The components of Income before income taxes are: 2019 2018 2017 United States $ 41,234 $ 45,271 $ 33,277 Foreign countries 3,932 5,045 6,101 Total $ 45,166 $ 50,316 $ 39,378 The components of income tax expense are: 2019 2018 2017 Current expense: Federal $ 8,204 $ 7,779 $ 16,489 Foreign 1,140 1,179 1,243 State and local 1,205 1,042 1,231 10,549 10,000 18,963 Deferred expense (benefit): Federal (720 ) 405 (5,968 ) Foreign (379 ) (125 ) 51 State and local (99 ) 57 (223 ) (1,198 ) 337 (6,140 ) Income tax expense $ 9,351 $ 10,337 $ 12,823 The reconciliation between income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes is: 201 9 201 8 201 7 Income taxes at statutory rate $ 9,485 $ 10,566 $ 13,782 State and local income taxes, net of federal tax benefit 803 832 555 Tax credits (898 ) (506 ) (295 ) Domestic production activities deduction - - (1,191 ) Lower foreign taxes differential (65 ) (5 ) (842 ) Uncertain tax positions 164 172 346 Valuation allowance 71 37 100 Federal tax reform – deferred rate change - (581 ) (1,624 ) Deemed mandatory repatriation - (48 ) 1,370 Foreign withholding tax - - 600 Other (209 ) (130 ) 22 Income tax expense $ 9,351 $ 10,337 $ 12,823 The Company made income tax payments of $9.1 $14.7 $13.5 2019, 2018, 2017, Deferred income tax assets and liabilities consist of: 2019 2018 Deferred tax assets: Inventories $ 1,391 $ 1,161 Accrued liabilities 2,095 2,306 Postretirement health benefits obligation 5,884 5,350 Pension 240 - Lease liabilities 361 - Other 1,360 840 Total deferred tax assets 11,331 9,657 Valuation allowance (567 ) (496 ) Net deferred tax assets 10,764 9,161 Deferred tax liabilities: Depreciation and amortization (9,446 ) (9,351 ) Leases – right of use assets (361 ) - Pension - (1,113 ) Foreign withholding tax (100 ) (600 ) Total deferred tax liabilities (9,907 ) (11,064 ) Net deferred tax assets (liabilities) $ 857 $ (1,903 ) The Company has state tax credit carryforwards of $0.7 $0.6 December 31, 2019 2018, 2020 2024. The Company has a valuation allowance of $0.6 December 31, 2019 $0.5 December 31, 2018 740, not not Total unrecognized tax benefits were $1.1 $1.0 December 31, 2019 2018, $0.9 $0.8 December 31, 2019 2018, A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 201 9 201 8 201 7 Balance at beginning of year $ 951 $ 797 $ 492 Additions based on tax positions related to the current year 372 268 239 Additions based on tax positions related to prior years - - 165 Reductions due to lapse of applicable statute of limitations (193 ) (114 ) (99 ) Balance at end of year $ 1,130 $ 951 $ 797 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 2015. $57,000 12 The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense for all periods presented. The Company accrued approximately $0.3 $0.2 $0.2 December 31, 2019, 2018 2017,

Note 9 - Pensions and Other Pos

Note 9 - Pensions and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	Note 9 – 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 $2.3 2019, $2.2 2018 $1.9 2017. 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, 2019, zero December 31, 2018 2019 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 9 201 8 201 9 201 8 Accumulated benefit obligation at end of year $ 66,900 $ 56,408 $ 26,055 $ 23,679 Change in projected benefit obligation: Benefit obligation at beginning of year $ 67,578 $ 76,489 $ 23,679 $ 17,367 Service cost 2,204 2,408 1,083 775 Interest cost 2,454 2,552 941 561 Settlement - 990 - - Benefits paid (3,735 ) (8,504 ) (2,311 ) (2,536 ) Effect of foreign exchange - - 16 (42 ) Actuarial (gain) loss 12,824 (6,357 ) 2,647 7,554 Benefit obligation at end of year $ 81,325 $ 67,578 $ 26,055 $ 23,679 Change in plan assets: Plan assets at beginning of year $ 72,395 $ 80,802 $ - $ - Actual return on plan assets 11,625 (3,903 ) - - Employer contributions - 4,000 2,311 2,536 Benefits paid (3,735 ) (8,504 ) (2,311 ) (2,536 ) Plan assets at end of year 80,285 72,395 - - Funded status at end of year $ (1,040 ) $ 4,817 $ (26,055 ) $ (23,679 ) Pension Plan Postretirement Plan 201 9 201 8 201 9 201 8 Amounts recognized in the Consolidated Balance Sheets consist of: Noncurrent assets $ - $ 4,817 $ - $ - Current liabilities - - (1,602 ) (1,826 ) Noncurrent liabilities (1,040 ) - (24,453 ) (21,853 ) Total assets (liabilities) $ (1,040 ) $ 4,817 $ (26,055 ) $ (23,679 ) Amounts recognized in Accumulated other comprehensive loss consist of: Net actuarial loss $ 26,192 $ 23,158 $ 5,205 $ 2,596 Prior Service Cost - - (4,383 ) (5,508 ) Deferred tax (benefit) expense (6,499 ) (5,798 ) (132 ) 732 After tax actuarial loss (gain) $ 19,693 $ 17,360 $ 690 $ (2,180 ) Components of net periodic benefit cost: 201 9 2018 2017 Pension Plan Service cost $ 2,204 $ 2,408 $ 2,727 Interest cost 2,454 2,552 2,537 Expected return on plan assets (3,561 ) (4,481 ) (4,697 ) Recognized actuarial loss 1,726 1,577 1,770 Settlement loss - 2,852 4,031 Net periodic benefit cost $ 2,823 $ 4,908 $ 6,368 Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ 3,034 $ (1,413 ) $ (2,470 ) Total expense recognized in net periodic benefit cost and other comprehensive income $ 5,857 $ 3,495 $ 3,898 Postretirement Plan Service cost $ 1,083 $ 775 $ 1,249 Interest cost 941 561 814 Prior service cost recognition (1,129 ) (1,128 ) - Recognized actuarial loss (gain) 27 (413 ) (677 ) Net periodic benefit (credit) cost $ 922 $ (205 ) $ 1,386 Other changes in postretirement plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ 3,749 $ 9,096 $ (4,105 ) Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income $ 4,671 $ 8,891 $ (2,719 ) The components of net periodic benefit cost other than the service cost component are included in Other income (expense), net in the Consolidated Statements of Income. No 2019. 2018 2017, $2.9 $4.0 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 9 201 8 201 9 201 8 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 2.83 % 3.94 % 3.08 % 4.13 % 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 3.94 % 3.76 % 4.13 % 3.39 % Expected long-term rate of return on plan assets 5.37 % 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 2019 may 8% 28% may 70% 90% may 0% 4% one may 0% and10% Financial instruments included in pension plan assets are categorized into a fair value hierarchy of three 1 2 3 no The following tables set forth by asset class the Plan’s fair value of assets for the years ended December 31, 2019 2018: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets at December 31, 2019 Equity $ 12,986 $ - $ - $ 12,986 Fixed income 11,671 46,145 - 57,816 Mutual funds 1,992 - - 1,992 Money funds and cash 3,103 4,388 7,491 Total fair value of Plan assets $ 29,752 $ 50,533 - $ 80,285 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservab l e Inputs (Level 3) Plan Assets at December 31, 2018 Equity $ 10,144 $ - $ 3 $ 10,147 Fixed income 9,768 44,333 - 54,101 Mutual funds 1,777 - - 1,777 Money funds and cash 6,370 - - 6,370 Total fair value of Plan assets $ 28,059 $ 44,333 $ 3 $ 72,395 Contributions The Company expects to contribute up to $2 2020. Expected future benefit payments The following benefit payments are expected to be paid as follows based on actuarial calculations: 2020 2021 2022 2023 2024 Thereafter Pension $ 12,283 $ 5,146 $ 5,662 $ 5,125 $ 5,881 $ 27,567 Postretirement 1,627 1,515 1,478 1,509 1,544, 8,495 A one $0.3 $2.3 one $0.2 $2.1 5% December 31, 2019, zero A one $0.7 one $1.3 one $1.5

Note 10 - Goodwill and Other In

Note 10 - Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 10 – Goodwill and Other Intangible Assets The major components of Goodwill and other intangible assets are: 201 9 201 8 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Finite-lived intangible assets: Customer relationships $ 7,832 $ 6,301 $ 7,833 $ 5,514 Technology and drawings 6,749 3,712 6,752 3,417 Other intangibles 2,292 1,151 1,838 1,172 Total finite-lived intangible assets 16,873 11,164 16,423 10,103 Goodwill 27,215 - 27,234 - Trade names and trademarks 2,072 - 2,631 - Total $ 46,160 $ 11,164 $ 46,288 $ 10,103 Amortization of intangible assets was $1.2 $1.2 $1.6 2019, 2018 2017, 2020 2024 $0.7 Changes in the carrying value of goodwill during the years ended December 31, 2019 2018 Goodwill Balance at December 31, 2017 27,551 Acquisitions - Impairment - Foreign currency (317 ) Balance at December 31, 2018 27,234 Acquisitions - Impairment - Foreign currency (19 ) Balance at December 31, 201 9 $ 27,215 For 2019, October 1 The result of this goodwill impairment test indicated that no October 1, 2019 18%. 100 100 4% December 31, 2019 For 2019, October 1. fourth 2019, not not no December 31, 2019. 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 2019 2018 Finite-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not 2019 2018 not may not

Note 11 - Business Segment Info

Note 11 - Business Segment Information	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 1 1 – 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 140 Product Category 2019 2018 2017 Pumps and pump systems $ 341,304 $ 357,882 $ 322,201 Repair parts for pumps and pump systems and other 56,875 56,452 57,188 Total net sales $ 398,179 $ 414,334 $ 379,389 Geographic Location 2019 2018 2017 United States $ 275,290 $ 271,820 $ 241,746 Foreign countries 122,889 142,514 137,643 Total net sales $ 398,179 $ 414,334 $ 379,389 As of December 31, 2019 2018, 87%

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
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.
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, 2019 2018
Receivable [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 72% December 31, 2019 73% December 31, 2018 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 $12.6 2019, $13.3 2018 $13.5 2017. Depreciation of property, plant and equipment is determined based on the following lives: Years Buildings 20 - 50 Machinery and equipment 5 - 15 Software 3 - 5 Property, plant and equipment consist of the following: 2019 2018 Land $ 4,998 $ 3,869 Buildings 110,162 106,940 Machinery and equipment 182,922 177,668 298,082 288,477 Less accumulated depreciation (186,303 ) (174,984 ) Property, plant and equipment, net $ 111,779 $ 113,493 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, $0.9 no 2017. No 2019 2018. 10 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 Years Technology and drawings 13 - 20 Customer relationships 9 - 15 Other intangibles 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 2019, 2018 2017 not may not 2017, 360, $3.2 2017. Identifiable intangible assets not 2019, 2018 2017, For additional information about goodwill and other intangible assets, see Note 10
Revenue from Contract with Customer [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, see 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
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 9,
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk The Company generally does not no 10% December 31, 2019, 2018 2017.
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 Cost [Policy Text Block]	Advertising The Company expenses all advertising costs as incurred, which for the years ended December 31, 2019, 2018 2017 $3.0 $3.0 $3.1
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: 2019 2018 2017 Balance at beginning of year $ 1,380 $ 1,098 $ 1,435 Provision 1,747 1,689 1,377 Claims (1,689 ) (1,407 ) (1,714 ) Balance at end of year $ 1,438 $ 1,380 $ 1,098
Share-based Payment Arrangement [Policy Text Block]	Stock-based compensation The Company awards shares pursuant to The Gorman-Rupp Company 2015 may three $0.7 $1.3 $0.4 December 31, 2019, 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 Standard Updates (“ASUs”). ASUs not not In June 2016, 2016 13, 326 2016 13 2016 13 December 15, 2019, November 2019, 2019 11, 326, 2019 11 not 2016 13 November 2019 2019 11. 2016 13. 326 January 1, 2020. not In December 2019, 2019 12, 2019 12 December 15, 2020, not 2019 12 Recently Adopted Accounting Standards In February 2016, 2016 02, 842 one 2016 02. 842 January 1, 2019. 6

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Property, Plant and Equipment, Useful Lives [Table Text Block]	Years Buildings 20 - 50 Machinery and equipment 5 - 15 Software 3 - 5
Property, Plant and Equipment [Table Text Block]	2019 2018 Land $ 4,998 $ 3,869 Buildings 110,162 106,940 Machinery and equipment 182,922 177,668 298,082 288,477 Less accumulated depreciation (186,303 ) (174,984 ) Property, plant and equipment, net $ 111,779 $ 113,493
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Years Technology and drawings 13 - 20 Customer relationships 9 - 15 Other intangibles 2 - 18
Schedule of Product Warranty Liability [Table Text Block]	2019 2018 2017 Balance at beginning of year $ 1,380 $ 1,098 $ 1,435 Provision 1,747 1,689 1,377 Claims (1,689 ) (1,407 ) (1,714 ) Balance at end of year $ 1,438 $ 1,380 $ 1,098

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Disaggregation of Revenue [Table Text Block]	Product Category 2019 2018 2017 Pumps and pump systems $ 341,304 $ 357,882 $ 322,201 Repair parts for pumps and pump systems and other 56,875 56,452 57,188 Total net sales $ 398,179 $ 414,334 $ 379,389 Geographic Location 2019 2018 2017 United States $ 275,290 $ 271,820 $ 241,746 Foreign countries 122,889 142,514 137,643 Total net sales $ 398,179 $ 414,334 $ 379,389
Contract with Customer, Asset and Liability [Table Text Block]	December 31, 201 9 December 31, 201 8 Contract assets $ 393 $ 1,953 Contract liabilities 4,911 5,232

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventories, net December 31, 201 9 December 31, 2018 Raw materials and in-process $ 16,474 $ 21,773 Finished parts 47,317 54,209 Finished products 12,206 11,405 Total net inventories $ 75,997 $ 87,387

Note 6 - Leases (Tables)

Note 6 - Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Lease, Cost [Table Text Block]	Year Ended December 31, 2019 Components of lease costs: Operating lease costs $ 370 Short-term lease costs 527 Finance lease costs 98 Total lease costs $ 995
Schedule of Lessee, Leases, Weighted Average Remaining Term and Discount Rate [Table Text Block]	December 31 , 2019 Weighted average remaining lease term (years): Operating leases 2.9 Finance leases 4.3 Weighted average discount rate: Operating leases 3.25 % Finance leases 3.25 %
Schedule of Components of Lease Assets and Liabilities [Table Text Block]	December 31 , 2019 Operating Leases Financing Leases Total Leases Other assets - right-of-use assets $ 1,260 $ 550 $ 1,810 Lease liabilities included in: Accrued expenses - current portion of lease liabilities $ 520 $ 120 $ 640 Other long-term liabilities - non-current portion of lease liabilities 730 440 1,170 Total lease liabilities $ 1,250 $ 560 $ 1,810
Lessee, Lease Liability, Maturity [Table Text Block]	December 3 1 , 2019 December 31, 2018 2019 $ 712 $ 702 2020 524 411 2021 360 260 2022 241 124 2023 46 75 Thereafter 9 10 Total lease payments 1,892 $ 1,582 Less: Interest (82 ) Present value of lease liabilities $ 1,810

Note 7 - Accumulated Other Co_2

Note 7 - Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Pension and other postretirement benefits: 201 9 201 8 201 7 Recognized actuarial loss (a) $ 1,753 $ 1,164 $ 1,093 Settlement loss (b) - 2,852 4,031 Total before income tax 1,753 4,016 5,124 Income tax (363 ) (823 ) (1,670 ) Net of income tax $ 1,390 $ 3,193 $ 3,454
Comprehensive Income (Loss) [Table Text Block]	Currency Translation Adjustments Pension and OPEB Adjustments Accumulated Other Comprehensive (Loss) Income 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, 201 8 (8,243 ) (15,180 ) (23,423 ) Reclassification adjustments - 1,753 1,753 Current period benefit (charge) 88 (8,521 ) (8,433 ) Income tax benefit - 1,566 1,566 Balance at December 31, 201 9 $ (8,155 ) $ (20,382 ) $ (28,537 )

Note 8 - Income Taxes (Tables)

Note 8 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2019 2018 2017 United States $ 41,234 $ 45,271 $ 33,277 Foreign countries 3,932 5,045 6,101 Total $ 45,166 $ 50,316 $ 39,378 2019 2018 2017 Current expense: Federal $ 8,204 $ 7,779 $ 16,489 Foreign 1,140 1,179 1,243 State and local 1,205 1,042 1,231 10,549 10,000 18,963 Deferred expense (benefit): Federal (720 ) 405 (5,968 ) Foreign (379 ) (125 ) 51 State and local (99 ) 57 (223 ) (1,198 ) 337 (6,140 ) Income tax expense $ 9,351 $ 10,337 $ 12,823
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	201 9 201 8 201 7 Income taxes at statutory rate $ 9,485 $ 10,566 $ 13,782 State and local income taxes, net of federal tax benefit 803 832 555 Tax credits (898 ) (506 ) (295 ) Domestic production activities deduction - - (1,191 ) Lower foreign taxes differential (65 ) (5 ) (842 ) Uncertain tax positions 164 172 346 Valuation allowance 71 37 100 Federal tax reform – deferred rate change - (581 ) (1,624 ) Deemed mandatory repatriation - (48 ) 1,370 Foreign withholding tax - - 600 Other (209 ) (130 ) 22 Income tax expense $ 9,351 $ 10,337 $ 12,823
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2019 2018 Deferred tax assets: Inventories $ 1,391 $ 1,161 Accrued liabilities 2,095 2,306 Postretirement health benefits obligation 5,884 5,350 Pension 240 - Lease liabilities 361 - Other 1,360 840 Total deferred tax assets 11,331 9,657 Valuation allowance (567 ) (496 ) Net deferred tax assets 10,764 9,161 Deferred tax liabilities: Depreciation and amortization (9,446 ) (9,351 ) Leases – right of use assets (361 ) - Pension - (1,113 ) Foreign withholding tax (100 ) (600 ) Total deferred tax liabilities (9,907 ) (11,064 ) Net deferred tax assets (liabilities) $ 857 $ (1,903 )
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	201 9 201 8 201 7 Balance at beginning of year $ 951 $ 797 $ 492 Additions based on tax positions related to the current year 372 268 239 Additions based on tax positions related to prior years - - 165 Reductions due to lapse of applicable statute of limitations (193 ) (114 ) (99 ) Balance at end of year $ 1,130 $ 951 $ 797

Note 9 - Pensions and Other P_2

Note 9 - Pensions and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Schedule of Changes in Projected Benefit Obligations [Table Text Block]	Pension Plan Postretirement Plan 201 9 201 8 201 9 201 8 Accumulated benefit obligation at end of year $ 66,900 $ 56,408 $ 26,055 $ 23,679 Change in projected benefit obligation: Benefit obligation at beginning of year $ 67,578 $ 76,489 $ 23,679 $ 17,367 Service cost 2,204 2,408 1,083 775 Interest cost 2,454 2,552 941 561 Settlement - 990 - - Benefits paid (3,735 ) (8,504 ) (2,311 ) (2,536 ) Effect of foreign exchange - - 16 (42 ) Actuarial (gain) loss 12,824 (6,357 ) 2,647 7,554 Benefit obligation at end of year $ 81,325 $ 67,578 $ 26,055 $ 23,679 Change in plan assets: Plan assets at beginning of year $ 72,395 $ 80,802 $ - $ - Actual return on plan assets 11,625 (3,903 ) - - Employer contributions - 4,000 2,311 2,536 Benefits paid (3,735 ) (8,504 ) (2,311 ) (2,536 ) Plan assets at end of year 80,285 72,395 - - Funded status at end of year $ (1,040 ) $ 4,817 $ (26,055 ) $ (23,679 ) Pension Plan Postretirement Plan 201 9 201 8 201 9 201 8 Amounts recognized in the Consolidated Balance Sheets consist of: Noncurrent assets $ - $ 4,817 $ - $ - Current liabilities - - (1,602 ) (1,826 ) Noncurrent liabilities (1,040 ) - (24,453 ) (21,853 ) Total assets (liabilities) $ (1,040 ) $ 4,817 $ (26,055 ) $ (23,679 ) Amounts recognized in Accumulated other comprehensive loss consist of: Net actuarial loss $ 26,192 $ 23,158 $ 5,205 $ 2,596 Prior Service Cost - - (4,383 ) (5,508 ) Deferred tax (benefit) expense (6,499 ) (5,798 ) (132 ) 732 After tax actuarial loss (gain) $ 19,693 $ 17,360 $ 690 $ (2,180 )
Schedule of Costs of Retirement Plans [Table Text Block]	Components of net periodic benefit cost: 201 9 2018 2017 Pension Plan Service cost $ 2,204 $ 2,408 $ 2,727 Interest cost 2,454 2,552 2,537 Expected return on plan assets (3,561 ) (4,481 ) (4,697 ) Recognized actuarial loss 1,726 1,577 1,770 Settlement loss - 2,852 4,031 Net periodic benefit cost $ 2,823 $ 4,908 $ 6,368 Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ 3,034 $ (1,413 ) $ (2,470 ) Total expense recognized in net periodic benefit cost and other comprehensive income $ 5,857 $ 3,495 $ 3,898 Postretirement Plan Service cost $ 1,083 $ 775 $ 1,249 Interest cost 941 561 814 Prior service cost recognition (1,129 ) (1,128 ) - Recognized actuarial loss (gain) 27 (413 ) (677 ) Net periodic benefit (credit) cost $ 922 $ (205 ) $ 1,386 Other changes in postretirement plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ 3,749 $ 9,096 $ (4,105 ) Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income $ 4,671 $ 8,891 $ (2,719 )
Defined Benefit Plan, Assumptions [Table Text Block]	Pension Plan Postretirement Plan 201 9 201 8 201 9 201 8 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 2.83 % 3.94 % 3.08 % 4.13 % 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 3.94 % 3.76 % 4.13 % 3.39 % Expected long-term rate of return on plan assets 5.37 % 6.00 % – – Rate of compensation increase 3.50 % 3.50 % – –
Schedule of Allocation of Plan Assets [Table Text Block]	Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Plan Assets at December 31, 2019 Equity $ 12,986 $ - $ - $ 12,986 Fixed income 11,671 46,145 - 57,816 Mutual funds 1,992 - - 1,992 Money funds and cash 3,103 4,388 7,491 Total fair value of Plan assets $ 29,752 $ 50,533 - $ 80,285 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservab l e Inputs (Level 3) Plan Assets at December 31, 2018 Equity $ 10,144 $ - $ 3 $ 10,147 Fixed income 9,768 44,333 - 54,101 Mutual funds 1,777 - - 1,777 Money funds and cash 6,370 - - 6,370 Total fair value of Plan assets $ 28,059 $ 44,333 $ 3 $ 72,395
Schedule of Expected Benefit Payments [Table Text Block]	2020 2021 2022 2023 2024 Thereafter Pension $ 12,283 $ 5,146 $ 5,662 $ 5,125 $ 5,881 $ 27,567 Postretirement 1,627 1,515 1,478 1,509 1,544, 8,495

Note 10 - Goodwill and Other _2

Note 10 - Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	201 9 201 8 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Finite-lived intangible assets: Customer relationships $ 7,832 $ 6,301 $ 7,833 $ 5,514 Technology and drawings 6,749 3,712 6,752 3,417 Other intangibles 2,292 1,151 1,838 1,172 Total finite-lived intangible assets 16,873 11,164 16,423 10,103 Goodwill 27,215 - 27,234 - Trade names and trademarks 2,072 - 2,631 - Total $ 46,160 $ 11,164 $ 46,288 $ 10,103
Schedule of Goodwill [Table Text Block]	Goodwill Balance at December 31, 2017 27,551 Acquisitions - Impairment - Foreign currency (317 ) Balance at December 31, 2018 27,234 Acquisitions - Impairment - Foreign currency (19 ) Balance at December 31, 201 9 $ 27,215

Note 11 - Business Segment In_2

Note 11 - Business Segment Information (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Product Category 2019 2018 2017 Pumps and pump systems $ 341,304 $ 357,882 $ 322,201 Repair parts for pumps and pump systems and other 56,875 56,452 57,188 Total net sales $ 398,179 $ 414,334 $ 379,389
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	Geographic Location 2019 2018 2017 United States $ 275,290 $ 271,820 $ 241,746 Foreign countries 122,889 142,514 137,643 Total net sales $ 398,179 $ 414,334 $ 379,389

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Percentage of LIFO Inventory		72.00%	73.00%
Depreciation, Total		$ 12,600	$ 13,300	$ 13,500
Goodwill, Impairment Loss		0	0
Advertising Expense		3,000	3,000	3,100
Performance Shares [Member]
Share-based Payment Arrangement, Expense		$ 700	$ 1,300	$ 400
2015 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Number of Major Customers		0	0	0
Customer Relationships [Member]
Impairment of Intangible Assets, Finite-lived				$ 3,200
Other Segments [Member]
Goodwill, Impairment Loss				0
Bayou City Pump Inc [Member]
Goodwill, Impairment Loss	$ 900			$ 900

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, 2019
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, 2019	Dec. 31, 2018
Property, plant and equipment, gross	$ 298,082	$ 288,477
Less accumulated depreciation	(186,303)	(174,984)
Property, plant and equipment, net	111,779	113,493
Land [Member]
Property, plant and equipment, gross	4,998	3,869
Building [Member]
Property, plant and equipment, gross	110,162	106,940
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 182,922	$ 177,668

Note 1 - Summary of Significa_6

Note 1 - Summary of Significant Accounting Policies - Amortization of Intangible Assets Lives (Details)	12 Months Ended
	Dec. 31, 2019
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, 2019	Dec. 31, 2018	Dec. 31, 2017
Balance at beginning of year	$ 1,380	$ 1,098	$ 1,435
Provision	1,747	1,689	1,377
Claims	(1,689)	(1,407)	(1,714)
Balance at end of year	$ 1,438	$ 1,380	$ 1,098

Note 2 - Allowance for Doubtf_2

Note 2 - Allowance for Doubtful Accounts (Details Textual) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 0.5	$ 0.7

Note 3 - Revenue 1 (Details Tex

Note 3 - Revenue 1 (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Contract with Customer, Liability, Revenue Recognized	$ 4.4
Non-US [Member]
Percentage Revenue By Location	31.00%	34.00%	36.00%

Note 3 - Revenue 2 (Details Tex

Note 3 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 $ in Millions	Dec. 31, 2019USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 105
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, 2019	Dec. 31, 2018	Dec. 31, 2017
Net sales	$ 398,179	$ 414,334	$ 379,389
UNITED STATES
Net sales	275,290	271,820	241,746
Non-US [Member]
Net sales	122,889	142,514	137,643
Pumps and Pump Systems [Member]
Net sales	341,304	357,882	322,201
Repair Parts for Pumps and Pump Systems and Other [Member]
Net sales	$ 56,875	$ 56,452	$ 57,188

Note 3 - Revenue - Contract Ass

Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Contract assets	$ 393	$ 1,953
Contract liabilities	$ 4,911	$ 5,232

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Inventory, LIFO Reserve	$ 62.5	$ 63.7
Inventory, LIFO Reserve, Effect on Income, Net, Total	2	0.2
Inventory Valuation Reserves, Ending Balance	$ 5.9	$ 5.3

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Raw materials and in-process	$ 16,474	$ 21,773
Finished parts	47,317	54,209
Finished products	12,206	11,405
Total net inventories	$ 75,997	$ 87,387

Note 5 - Credit Facilities (Det

Note 5 - Credit Facilities (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2016
Interest Expense, Debt, Total	$ 1,000	$ 1,000	$ 17,000
Line of Credit Maturing February 2022 [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	$ 19,900,000	19,700,000
Letters of Credit Outstanding, Amount	$ 100,000	300,000
Line of Credit Maturing February 2022 [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	3,600,000	2,400,000
Letters of Credit Outstanding, Amount	$ 4,400,000	5,600,000
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	1,000,000
Letters of Credit Outstanding, Amount	$ 2,000,000	$ 2,000,000
Line of Credit Facility, Interest Rate at Period End				1.75%

Note 6 - Leases (Details Textua

Note 6 - Leases (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019
Operating Lease, Right-of-Use Asset	$ 1,260
Lessee, Operating Lease, Renewal Term	5 years
Minimum [Member]
Lessee, Remaining Lease Term	1 year
Maximum [Member]
Lessee, Remaining Lease Term	5 years
Accrued Expenses and Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Total	$ 1,250	$ 1,600
Other Assets [Member]
Operating Lease, Right-of-Use Asset		$ 1,600

Note 6 - Leases - Supplement In

Note 6 - Leases - Supplement Information Related to Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Operating lease costs	$ 370
Short-term lease costs	527
Finance lease costs	98
Total lease costs	$ 995

Note 6 - Leases - Weighted Aver

Note 6 - Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2019
Operating leases (Year)	2 years 328 days
Finance leases (Year)	4 years 109 days
Operating leases	3.25%
Finance leases	3.25%

Note 6 - Leases - Lease Assets

Note 6 - Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Other assets - right-of-use assets, operating leases	$ 1,260
Other assets - right-of-use assets, financing leases	550
Other assets - right-of-use assets, total	1,810
Present value of lease liabilities	1,810
Accrued Expenses [Member]
Accrued expenses - current portion of lease liabilities, operating leases	520
Accrued expenses - current portion of lease liabilities, financing leases	120
Accrued expenses - current portion of lease liabilities, total	640
Other Noncurrent Liabilities [Member]
Other long-term liabilities - non-current portion of lease liabilities, operating leases	730
Other long-term liabilities - non-current portion of lease liabilities, financing leases	440
Other long-term liabilities - non-current portion of lease liabilities, total	1,170
Accrued Expenses and Other Noncurrent Liabilities [Member]
Total lease liabilities, operating leases	1,250	$ 1,600
Total lease liabilities, financing leases	560
Present value of lease liabilities	$ 1,810

Note 6 - Leases - Maturities of

Note 6 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
2019	$ 712	$ 702
2020	524	411
2021	360	260
2022	241	124
2023	46	75
Thereafter	9	10
Total lease payments	1,892	1,582
Less: Interest	(82)
Present value of lease liabilities	$ 1,810

Note 7 - Accumulated Other Co_3

Note 7 - Accumulated Other Comprehensive Loss - Reclassification Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Settlement loss		$ 0	$ (2,900)	$ (4,000)
Total before income tax		(45,166)	(50,316)	(39,378)
Income tax		9,351	10,337	12,823
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Recognized actuarial loss	[1]	1,753	1,164	1,093
Settlement loss	[2]		2,852	4,031
Total before income tax		1,753	4,016	5,124
Income tax		(363)	(823)	(1,670)
Net of income tax		$ 1,390	$ 3,193	$ 3,454
[1]	The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note 9 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 7 - Accumulated Other Co_4

Note 7 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Loss Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Balance	$ 293,132	$ 325,495	$ 302,888
Reclassification of stranded income tax effects in accumulated other comprehensive income
Balance	307,878	293,132	325,495
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(8,243)	(5,321)	(8,842)
Reclassification adjustments
Current period benefit (charge)	88	(2,922)	3,521
Income tax charge
Reclassification of stranded income tax effects in accumulated other comprehensive income
Reclassification adjustments
Income tax benefit
Balance	(8,155)	(8,243)	(5,321)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(15,180)	(7,188)	(11,623)
Reclassification adjustments	1,753	4,016	5,124
Current period benefit (charge)	(8,521)	(9,644)	1,479
Income tax charge	1,566	(294)	(2,168)
Reclassification of stranded income tax effects in accumulated other comprehensive income		(2,070)
Reclassification adjustments	1,753	4,016	5,124
Income tax benefit	1,566	(294)	(2,168)
Balance	(20,382)	(15,180)	(7,188)
AOCI Attributable to Parent [Member]
Balance	(23,423)	(12,509)	(20,465)
Reclassification adjustments	1,753	4,016	5,124
Current period benefit (charge)	(8,433)	(12,566)	5,000
Income tax charge	1,566	(294)	(2,168)
Reclassification of stranded income tax effects in accumulated other comprehensive income		(2,070)
Reclassification adjustments	1,753	4,016	5,124
Income tax benefit	1,566	(294)	(2,168)
Balance	$ (28,537)	$ (23,423)	$ (12,509)

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	Dec. 22, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	21.00%
Effective Income Tax Rate Reconciliation, Percent, Total		20.70%	20.50%	32.60%
Income Taxes Paid		$ 9,100,000	$ 14,700,000	$ 13,500,000
Tax Credit Carryforward, Amount		700,000	600,000
Deferred Tax Assets, Valuation Allowance, Total		567,000	496,000
Unrecognized Tax Benefits, Ending Balance		1,130,000	951,000	797,000	$ 492,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate		900,000	800,000
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit		57,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total		$ 300,000	$ 200,000	$ 200,000

Note 8 - Income Taxes - Compone

Note 8 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
United States	$ 45,166	$ 50,316	$ 39,378
Current expense:
Federal	8,204	7,779	16,489
Foreign	1,140	1,179	1,243
State and local	1,205	1,042	1,231
Total current	10,549	10,000	18,963
Deferred expense (benefit):
Federal	(720)	405	(5,968)
Foreign	(379)	(125)	51
State and local	(99)	57	(223)
Total deferred	(1,198)	337	(6,140)
Income tax expense	9,351	10,337	12,823
UNITED STATES
United States	41,234	45,271	33,277
Foreign Countries [Member]
United States	$ 3,932	$ 5,045	$ 6,101

Note 8 - Income Taxes - Reconci

Note 8 - Income Taxes - Reconciliation of Income Tax Expense By Applying the Statutory Federal Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income taxes at statutory rate	$ 9,485	$ 10,566	$ 13,782
State and local income taxes, net of federal tax benefit	803	832	555
Tax credits	(898)	(506)	(295)
Domestic production activities deduction			(1,191)
Lower foreign taxes differential	(65)	(5)	(842)
Uncertain tax positions	164	172	346
Valuation allowance	71	37	100
Federal tax reform – deferred rate change		(581)	(1,624)
Deemed mandatory repatriation		(48)	1,370
Foreign withholding tax			600
Other	(209)	(130)	22
Income tax expense	$ 9,351	$ 10,337	$ 12,823

Note 8 - Income Taxes - Deferre

Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Inventories	$ 1,391	$ 1,161
Accrued liabilities	2,095	2,306
Postretirement health benefits obligation	5,884	5,350
Pension	240
Lease liabilities	361
Other	1,360	840
Total deferred tax assets	11,331	9,657
Valuation allowance	(567)	(496)
Net deferred tax assets	10,764	9,161
Deferred tax liabilities:
Depreciation and amortization	(9,446)	(9,351)
Leases – right of use assets	(361)
Pension		(1,113)
Foreign withholding tax	(100)	(600)
Total deferred tax liabilities	(9,907)	(11,064)
Net deferred tax assets (liabilities)	$ 857
Net deferred tax assets (liabilities)		$ (1,903)

Note 8 - Income Taxes - Recon_2

Note 8 - Income Taxes - Reconciliation of the Beginning and Ending Amount Of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Balance at beginning of year	$ 951	$ 797	$ 492
Additions based on tax positions related to the current year	372	268	239
Additions based on tax positions related to prior years			165
Reductions due to lapse of applicable statute of limitations	(193)	(114)	(99)
Balance at end of year	$ 1,130	$ 951	$ 797

Note 9 - Pensions and Other P_3

Note 9 - Pensions and Other Postretirement Benefits (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	$ 0	$ 2,900	$ 4,000
Unrecognized Actuarial Gain (Loss) in Excess of Benefit Obligation, Percentage	10.00%
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 2,000
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components	300
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation	2,300
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components	200
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation	2,100
One Percentage Point Change in Assumed Rate of Return [Member]
Defined Benefit Plan Effect On Pension Expense	700
One Percentage Point Increase in Discount Rate [Member]
Defined Benefit Plan Effect On Pension Expense	1,300
One Percentage Point Decrease in Discount Rate [Member]
Defined Benefit Plan Effect On Pension Expense	$ 1,500
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
Pension Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 2,300	2,200
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement		$ (2,852)	$ (4,031)
Postretirement Health Coverage [Member]
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	5.00%	0.00%

Note 9 - Pensions and Other P_4

Note 9 - Pensions and Other Postretirement Benefits - Amounts Recognized in the Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Change in plan assets:
Plan assets at beginning of year	$ 72,395
Plan assets at end of year	80,285	$ 72,395
Noncurrent assets		4,817
Pension Plan [Member]
Accumulated benefit obligation at end of year	66,900	56,408
Benefit obligation at beginning of year	67,578	76,489
Service cost	2,204	2,408	$ 2,727
Interest cost	2,454	2,552	2,537
Settlement		990
Benefits paid	(3,735)	(8,504)
Effect of foreign exchange
Actuarial (gain) loss	12,824	(6,357)
Benefit obligation at end of year	81,325	67,578	76,489
Change in plan assets:
Plan assets at beginning of year	72,395	80,802
Actual return on plan assets	11,625	(3,903)
Employer contributions		4,000
Benefits paid	(3,735)	(8,504)
Plan assets at end of year	80,285	72,395	80,802
Funded status at end of year	(1,040)	4,817
Noncurrent assets		4,817
Current liabilities
Noncurrent liabilities	(1,040)
Total assets (liabilities)	(1,040)	4,817
Net actuarial loss	26,192	23,158
Prior Service Cost
Deferred tax (benefit) expense	(6,499)	(5,798)
After tax actuarial loss (gain)	19,693	17,360
Postretirement Plan [Member]
Accumulated benefit obligation at end of year	26,055	23,679
Benefit obligation at beginning of year	23,679	17,367
Service cost	1,083	775	1,249
Interest cost	941	561	814
Settlement
Benefits paid	(2,311)	(2,536)
Effect of foreign exchange	16	(42)
Actuarial (gain) loss	2,647	7,554
Benefit obligation at end of year	26,055	23,679	17,367
Change in plan assets:
Plan assets at beginning of year
Actual return on plan assets
Employer contributions	2,311	2,536
Benefits paid	(2,311)	(2,536)
Plan assets at end of year
Funded status at end of year	(26,055)	(23,679)
Noncurrent assets
Current liabilities	(1,602)	(1,826)
Noncurrent liabilities	(24,453)	(21,853)
Total assets (liabilities)	(26,055)	(23,679)
Net actuarial loss	5,205	2,596
Prior Service Cost	(4,383)	(5,508)
Deferred tax (benefit) expense	(132)	732
After tax actuarial loss (gain)	$ 690	$ (2,180)

Note 9 - Pensions and Other P_5

Note 9 - Pensions and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Recognized actuarial (gain) loss	$ 27	$ (413)	$ (677)
Settlement loss	0	(2,900)	(4,000)
Net loss (gain)	3,749	9,096	(4,105)
Recognized actuarial loss (gain)	27	(413)	(677)
Pension Plan [Member]
Service cost	2,204	2,408	2,727
Interest cost	2,454	2,552	2,537
Expected return on plan assets	(3,561)	(4,481)	(4,697)
Recognized actuarial (gain) loss	1,726	1,577	1,770
Settlement loss		2,852	4,031
Net periodic benefit (credit) cost	2,823	4,908	6,368
Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income	5,857	3,495	3,898
Service cost	2,204	2,408	2,727
Interest cost	2,454	2,552	2,537
Recognized actuarial loss (gain)	1,726	1,577	1,770
Postretirement Plan [Member]
Service cost	1,083	775	1,249
Interest cost	941	561	814
Net periodic benefit (credit) cost	922	(205)	1,386
Net loss (gain)	3,034	(1,413)	(2,470)
Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income	4,671	8,891	(2,719)
Service cost	1,083	775	1,249
Interest cost	941	561	814
Prior service cost recognition	$ (1,129)	$ (1,128)

Note 9 - Pensions and Other P_6

Note 9 - Pensions and Other Postretirement Benefits - Assumptions Used (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Pension Plan [Member]
Discount rate	2.83%	3.94%
Rate of compensation increase	3.50%	3.50%
Discount rate	3.94%	3.76%
Expected long-term rate of return on plan assets	5.37%	6.00%
Rate of compensation increase	3.50%	3.50%
Postretirement Plan [Member]
Discount rate	3.08%	4.13%
Rate of compensation increase
Discount rate	4.13%	3.39%
Expected long-term rate of return on plan assets
Rate of compensation increase

Note 9 - Pensions and Other P_7

Note 9 - Pensions and Other Postretirement Benefits - Allocation of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Plan Fair Value Assets	$ 80,285	$ 72,395
Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	29,752	28,059
Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	50,533	44,333
Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets		3
Equity Securities [Member]
Plan Fair Value Assets	12,986	10,147
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	12,986	10,144
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets		3
Fixed Income Securities [Member]
Plan Fair Value Assets	57,816	54,101
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	11,671	9,768
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	46,145	44,333
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets
Mutual Funds [Member]
Plan Fair Value Assets	1,992	1,777
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	1,992	1,777
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets
Cash and Cash Equivalents [Member]
Plan Fair Value Assets	7,491	6,370
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	3,103	6,370
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	4,388
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets

Note 9 - Pensions and Other P_8

Note 9 - Pensions and Other Postretirement Benefits - Expected Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2019USD ($)
Pension Plan [Member]
2020, pension	$ 12,283
2021, pension	5,146
2022, pension	5,662
2023, pension	5,125
2024, pension	5,881
Thereafter, pension	27,567
Postretirement Plan [Member]
2020, pension	1,627
2021, pension	1,515
2022, pension	1,478
2023, pension	1,509
2024, pension	1,544
Thereafter, pension	$ 8,495

Note 10 - Goodwill and Other _3

Note 10 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Amortization of Intangible Assets, Total		$ 1,200	$ 1,200	$ 1,600
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months		700
Finite-Lived Intangible Assets, Amortization Expense, Year Two		700
Finite-Lived Intangible Assets, Amortization Expense, Year Three		700
Finite-Lived Intangible Assets, Amortization Expense, Year Four		700
Finite-Lived Intangible Assets, Amortization Expense, Year Five		700
Goodwill, Impairment Loss		0	$ 0
National Reporting Unit [Member]
Goodwill, Impairment Loss		$ 0
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount		18.00%
Reporting Unit, Percentage of Parent Company Total Assets		4.00%
Bayou City Pump Inc [Member]
Goodwill, Impairment Loss	$ 900			$ 900

Note 10 - Goodwill and Other _4

Note 10 - Goodwill and Other Intangible Assets - Major Components of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Intangible assets, cost	$ 16,873	$ 16,423
Intangible assets, accumulated amortization	11,164	10,103
Goodwill	27,215	27,234	$ 27,551
Intangible assets, including goodwill, cost	46,160	46,288
Trademarks and Trade Names [Member]
Trade names and trademarks	2,072	2,631
Customer Relationships [Member]
Intangible assets, cost	7,832	7,833
Intangible assets, accumulated amortization	6,301	5,514
Technology and Drawings [Member]
Intangible assets, cost	6,749	6,752
Intangible assets, accumulated amortization	3,712	3,417
Other Intangible Assets [Member]
Intangible assets, cost	2,292	1,838
Intangible assets, accumulated amortization	$ 1,151	$ 1,172

Note 10 - Goodwill and Other _5

Note 10 - Goodwill and Other Intangible Assets - Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance	$ 27,234	$ 27,551
Acquisitions
Impairment	0	0
Foreign currency	(19)	(317)
Balance	$ 27,215	$ 27,234

Note 11 - Business Segment In_3

Note 11 - Business Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Number of Reportable Segments	1
Number of Countries in which Entity Operates	140
UNITED STATES
Long Lived Assets, Percent	87.00%	87.00%

Note 11 - Business Segment In_4

Note 11 - Business Segment Information - Net Sales from External Customers by Product Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net sales	$ 398,179	$ 414,334	$ 379,389
Pumps and Pump Systems [Member]
Net sales	341,304	357,882	322,201
Repairs and Other [Member]
Net sales	$ 56,875	$ 56,452	$ 57,188

Note 11 - Business Segment In_5

Note 11 - Business Segment Information - Components of Customer Sales Determined Based on the Location of Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net sales	$ 398,179	$ 414,334	$ 379,389
UNITED STATES
Net sales	275,290	271,820	241,746
Foreign Countries [Member]
Net sales	$ 122,889	$ 142,514	$ 137,643