The Gorman-Rupp Company (GRC) 10-Q 27 Jul 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 27, 2020
Document Information [Line Items]
Entity Central Index Key	0000042682
Entity Registrant Name	GORMAN RUPP CO
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	1-6747
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-0253990
Entity Address, Address Line One	600 South Airport Road
Entity Address, City or Town	Mansfield
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44903
City Area Code	419
Local Phone Number	755-1011
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	GRC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,101,992

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net sales	$ 85,814	$ 108,330	$ 177,485	$ 205,189
Cost of products sold	63,965	80,138	132,188	153,684
Gross profit	21,849	28,192	45,297	51,505
Selling, general and administrative expenses	12,852	14,988	27,723	29,351
Operating income	8,997	13,204	17,574	22,154
Other income (expense), net	(1,930)	231	(3,617)	523
Income before income taxes	7,067	13,435	13,957	22,677
Income taxes	1,433	2,955	2,837	4,975
Net income	$ 5,634	$ 10,480	$ 11,120	$ 17,702
Earnings per share (in dollars per share)	$ 0.22	$ 0.4	$ 0.43	$ 0.68
Cash dividends per share (in dollars per share)	$ 0.145	$ 0.135	$ 0.29	$ 0.27
Average number of shares outstanding (in shares)	26,091,492	26,124,216	26,083,056	26,121,568

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income	$ 5,634	$ 10,480	$ 11,120	$ 17,702
Other comprehensive income, net of tax:
Cumulative translation adjustments	1,114	583	(1,247)	431
Pension and postretirement medical liability adjustments	2,012	378	3,591	694
Other comprehensive income	3,126	961	2,344	1,125
Comprehensive income	$ 8,760	$ 11,441	$ 13,464	$ 18,827

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 85,785	$ 80,555
Accounts receivable, net	60,391	65,433
Inventories, net	82,694	75,997
Prepaid and other	5,314	5,680
Total current assets	234,184	227,665
Property, plant and equipment, net	109,157	111,779
Other assets	8,977	8,320
Prepaid pension assets	471	0
Goodwill and other intangible assets, net	34,133	34,996
Total assets	386,922	382,760
Current liabilities:
Accounts payable	16,708	16,030
Payroll and employee related liabilities	12,910	12,172
Commissions payable	6,560	7,034
Deferred revenue and customer deposits	3,807	4,911
Accrued expenses	5,781	5,348
Total current liabilities	45,766	45,495
Pension benefits	0	1,040
Postretirement benefits	24,494	24,453
Other long-term liabilities	3,338	3,894
Total liabilities	73,598	74,882
Equity:
Common shares, without par value: Authorized – 35,000,000 shares; Outstanding – 26,091,492 shares at June 30, 2020 and 26,067,502 shares at December 31, 2019 (after deducting treasury shares of 957,304 and 981,294, respectively), at stated capital amounts	5,096	5,091
Additional paid-in capital	598	1,147
Retained earnings	333,823	330,177
Accumulated other comprehensive loss	(26,193)	(28,537)
Total equity	313,324	307,878
Total liabilities and equity	$ 386,922	$ 382,760

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Jun. 30, 2020	Dec. 31, 2019
Common shares, authorized (in shares)	35,000,000	35,000,000
Common shares, outstanding (in shares)	26,091,492	26,067,502
Treasury shares (in shares)	957,304	981,294
Common shares, par value (in dollars per share)	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 11,120	$ 17,702
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,325	7,095
Pension expense	5,006	1,411
Stock based compensation	(95)	474
Contributions to pension plan	(2,000)	0
Changes in operating assets and liabilities:
Accounts receivable, net	4,652	(7,707)
Inventories, net	(7,257)	8,765
Accounts payable	721	(2,396)
Commissions payable	(468)	(836)
Deferred revenue and customer deposits	(1,104)	2,028
Income taxes	994	1,577
Accrued expenses and other	(799)	(900)
Benefit obligations	(21)	(725)
Net cash provided by operating activities	17,074	26,488
Capital additions	(3,457)	(3,464)
Proceeds (purchases) of short-term investments, net	0	(2)
Net cash used for investing activities	(3,457)	(3,466)
Cash used for financing activities:
Cash dividends	(7,562)	(7,053)
Treasury share repurchases	(361)	0
Other	(285)	(452)
Net cash used for financing activities	(8,208)	(7,505)
Effect of exchange rate changes on cash	(179)	190
Net increase in cash and cash equivalents	5,230	15,707
Cash and cash equivalents:
Beginning of period	80,555	46,458
End of period	$ 85,785	$ 62,165

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - 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, 2018	26,117,045
Balance at Dec. 31, 2018	$ 5,102	$ 2,539	$ 308,914	$ (23,423)	$ 293,132
Net income			7,222		7,222
Other comprehensive income (loss)				164	164
Stock based compensation (in shares)	6,647,000
Stock based compensation	$ 1	(81)	35		(45)
Cash dividends			(3,526)		(3,526)
Balances (in shares) at Mar. 31, 2019	26,123,692
Balance at Mar. 31, 2019	$ 5,103	2,458	312,645	(23,259)	296,947
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					17,702
Other comprehensive income (loss)					1,125
Balances (in shares) at Jun. 30, 2019	26,124,393
Balance at Jun. 30, 2019	$ 5,104	2,943	319,600	(22,298)	305,349
Balances (in shares) at Mar. 31, 2019	26,123,692
Balance at Mar. 31, 2019	$ 5,103	2,458	312,645	(23,259)	296,947
Net income			10,480		10,480
Other comprehensive income (loss)				961	961
Stock based compensation (in shares)	701,000
Stock based compensation	$ 1	485	2		488
Cash dividends			(3,527)		(3,527)
Balances (in shares) at Jun. 30, 2019	26,124,393
Balance at Jun. 30, 2019	$ 5,104	2,943	319,600	(22,298)	305,349
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
Net income			5,486		5,486
Other comprehensive income (loss)				(782)	(782)
Stock based compensation (in shares)	23,990
Stock based compensation	$ 5	(547)	88		(454)
Cash dividends			(3,780)		(3,780)
Balances (in shares) at Mar. 31, 2020	26,091,492
Balance at Mar. 31, 2020	$ 5,096	600	331,971	(29,319)	308,348
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
Net income					11,120
Other comprehensive income (loss)					2,344
Balances (in shares) at Jun. 30, 2020	26,091,492
Balance at Jun. 30, 2020	$ 5,096	598	333,823	(26,193)	313,324
Balances (in shares) at Mar. 31, 2020	26,091,492
Balance at Mar. 31, 2020	$ 5,096	600	331,971	(29,319)	308,348
Net income			5,634		5,634
Other comprehensive income (loss)				3,126	3,126
Stock based compensation		(2)			(2)
Cash dividends			(3,782)		(3,782)
Balances (in shares) at Jun. 30, 2020	26,091,492
Balance at Jun. 30, 2020	$ 5,096	$ 598	$ 333,823	$ (26,193)	$ 313,324

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Retained Earnings [Member]
Cash dividends, amount per share (in dollars per share)	$ 0.145	$ 0.145	$ 0.135	$ 0.135
Cash dividends, amount per share (in dollars per share)	$ 0.145		$ 0.135

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation of Financial Statements	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Basis of Accounting [Text Block]	NOTE 1 The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10 not six June 30, 2020 not may December 31, 2020. 10 December 31, 2019, COVID- 19 In March 2020, 19” 19 not July 27, 2020, 10 may

Note 2 - Recently Issued Accoun

Note 2 - Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE 2 The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not In December 2019, 2019 12, 2019 12 December 15, 2020, not 2019 12 In August 2018, 2018 14, 715 20 December 15, 2020, not 2019 12 Recently Adopted Accounting Standards 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

Note 3 - Revenue

Note 3 - Revenue	6 Months Ended
	Jun. 30, 2020
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 Three Months Ended Six Months Ended 2020 2019 2020 2019 Pumps and pump systems $ 75,356 $ 92,167 $ 153,654 $ 174,688 Repair parts for pumps and pump systems and other 10,458 16,163 23,831 30,501 Total net sales $ 85,814 $ 108,330 $ 177,485 $ 205,189 Geographic Location Three Months Ended Six Months Ended 2020 2019 2020 2019 United States $ 59,653 $ 74,784 $ 125,020 $ 142,485 Foreign countries 26,161 33,546 52,465 62,704 Total net sales $ 85,814 $ 108,330 $ 177,485 $ 205,189 International sales represented approximately 31 second 2020 2019, Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to a customer, and is the unit of account in ASC Topic 606. not All of the Company's performance obligations, and associated revenue, are generally transferred to customers at a point in time, with the exception of certain highly customized pump products, which are transferred to the customer over time. The Company’s method for recognizing revenue over time is the percentage of completion method, whereby progress towards completion is measured by applying an input measure based on costs incurred to date relative to total estimated costs at completion. 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 June 30, 2020, 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) in 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 in 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 June 30, 2020 December 31, 2019 June 3 0 , 2020 December 31 , 201 9 Contract assets $ - $ 393 Contract liabilities $ 3,807 $ 4,911 Revenue recognized for the six June 30, 2020 2019

Note 4 - Inventories

Note 4 - Inventories	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 4 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 million and $62.5 million at June 30, 2020 December 31, 2019, June 30, 2020 December 31, 2019. Inventories are comprised of the following: Inventories, net: June 3 0 , 2020 December 31, 2019 Raw materials and in-process $ 19,843 $ 16,474 Finished parts 50,587 47,317 Finished products 12,264 12,206 Total net inventories $ 82,694 $ 75,997

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 5 Property, plant and equipment, net consist of the following: June 3 0 , 2020 December 31, 2019 Land $ 5,612 $ 4,998 Buildings 110,679 110,162 Machinery and equipment 184,285 182,922 300,576 298,082 Less accumulated depreciation (191,419 ) (186,303 ) Property, plant and equipment, net $ 109,157 $ 111,779

Note 6 - Product Warranties

Note 6 - Product Warranties	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	NOTE 6 A liability is established for estimated future warranty and service claims based on historical claims experience and specific product failures. The Company expenses warranty costs directly to Cost of products sold. Changes in the Company’s product warranties liability are: June 3 0, 2020 2019 Balance at beginning of year $ 1,438 $ 1,380 Provision 528 948 Claims (628 ) (822 ) Balance at end of period $ 1,338 $ 1,506

Note 7 - Pension and Other Post

Note 7 - Pension and Other Postretirement Benefits	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Retirement Benefits [Text Block]	NOTE 7 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. The Company funds the cost of these benefits as incurred. The Company also sponsors a non-contributory defined benefit postretirement health care plan that provides health benefits to certain domestic and Canadian retirees and eligible spouses and dependent children. The Company funds the cost of these benefits as incurred. The following tables present the components of net periodic benefit costs: Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended 20 20 201 9 20 20 201 9 Service cost $ 659 $ 535 $ 343 $ 270 Interest cost 555 581 194 236 Expected return on plan assets (958 ) (836 ) - - Amortization of prior service cost - - (282 ) (282 ) Recognized actuarial loss 621 472 77 7 Settlement loss 1,904 - - - Net periodic benefit cost (a) $ 2,781 $ 752 $ 332 $ 231 Pension Benefits Postretirement Benefits Six Months Ended Six Months Ended 20 20 201 9 20 20 201 9 Service cost $ 1,342 $ 1,102 $ 686 $ 541 Interest cost 1,091 1,227 389 471 Expected return on plan assets (1,943 ) (1,781 ) - - Amortization of prior service cost - - (564 ) (564 ) Recognized actuarial loss 1,134 863 153 14 Settlement loss 3,382 - - - Net periodic benefit cost (a) $ 5,006 $ 1,411 $ 664 $ 462 (a) 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. During the second six June 30, 2020,

Note 8 - Accumulated Other Comp

Note 8 - Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2020
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	NOTE 8 The reclassifications out of Accumulated other comprehensive income (loss) as reported in the Consolidated Statements of Income are: Three Months Ended Six Months Ended 2020 2019 2020 2019 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 698 $ 479 $ 1,287 $ 877 Settlement loss (a) 1,904 - 3,382 - Total before income tax $ 2,602 $ 479 $ 4,669 $ 877 Income tax (590 ) (101 ) (1,078 ) (183 ) Net of income tax $ 2,012 $ 378 $ 3,591 $ 694 (a) The recognized actuarial loss and the settlement loss are included in Other income (expense), net in the Consolidated Statements of Income. The components of Accumulated other comprehensive income (loss) as reported in the Consolidated Balance Sheets are: Currency Pension and Accumulated Balance at December 31, 2019 $ (8,155 ) $ (20,382 ) $ (28,537 ) Reclassification adjustments - 4,669 4,669 Current period charge (1,247 ) - (1,247 ) Income tax benefit (charge) - (1,078 ) (1,078 ) Balance at June 30, 2020 $ (9,402 ) $ (16,791 ) $ (26,193 ) Currency Pension and Accumulated Balance at December 31, 2018 $ (8,243 ) $ (15,180 ) $ (23,423 ) Reclassification adjustments - 877 877 Current period charge 431 - 431 Income tax benefit (charge) - (183 ) (183 ) Balance at June 30, 2019 $ (7,812 ) $ (14,486 ) $ (22,298 )

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Product Category Three Months Ended Six Months Ended 2020 2019 2020 2019 Pumps and pump systems $ 75,356 $ 92,167 $ 153,654 $ 174,688 Repair parts for pumps and pump systems and other 10,458 16,163 23,831 30,501 Total net sales $ 85,814 $ 108,330 $ 177,485 $ 205,189 Geographic Location Three Months Ended Six Months Ended 2020 2019 2020 2019 United States $ 59,653 $ 74,784 $ 125,020 $ 142,485 Foreign countries 26,161 33,546 52,465 62,704 Total net sales $ 85,814 $ 108,330 $ 177,485 $ 205,189
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	June 3 0 , 2020 December 31 , 201 9 Contract assets $ - $ 393 Contract liabilities $ 3,807 $ 4,911

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventories, net: June 3 0 , 2020 December 31, 2019 Raw materials and in-process $ 19,843 $ 16,474 Finished parts 50,587 47,317 Finished products 12,264 12,206 Total net inventories $ 82,694 $ 75,997

Note 5 - Property, Plant and _2

Note 5 - Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 3 0 , 2020 December 31, 2019 Land $ 5,612 $ 4,998 Buildings 110,679 110,162 Machinery and equipment 184,285 182,922 300,576 298,082 Less accumulated depreciation (191,419 ) (186,303 ) Property, plant and equipment, net $ 109,157 $ 111,779

Note 6 - Product Warranties (Ta

Note 6 - Product Warranties (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	June 3 0, 2020 2019 Balance at beginning of year $ 1,438 $ 1,380 Provision 528 948 Claims (628 ) (822 ) Balance at end of period $ 1,338 $ 1,506

Note 7 - Pension and Other Po_2

Note 7 - Pension and Other Postretirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Schedule of Costs of Retirement Plans [Table Text Block]	Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended 20 20 201 9 20 20 201 9 Service cost $ 659 $ 535 $ 343 $ 270 Interest cost 555 581 194 236 Expected return on plan assets (958 ) (836 ) - - Amortization of prior service cost - - (282 ) (282 ) Recognized actuarial loss 621 472 77 7 Settlement loss 1,904 - - - Net periodic benefit cost (a) $ 2,781 $ 752 $ 332 $ 231 Pension Benefits Postretirement Benefits Six Months Ended Six Months Ended 20 20 201 9 20 20 201 9 Service cost $ 1,342 $ 1,102 $ 686 $ 541 Interest cost 1,091 1,227 389 471 Expected return on plan assets (1,943 ) (1,781 ) - - Amortization of prior service cost - - (564 ) (564 ) Recognized actuarial loss 1,134 863 153 14 Settlement loss 3,382 - - - Net periodic benefit cost (a) $ 5,006 $ 1,411 $ 664 $ 462

Note 8 - Accumulated Other Co_2

Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2020
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Three Months Ended Six Months Ended 2020 2019 2020 2019 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 698 $ 479 $ 1,287 $ 877 Settlement loss (a) 1,904 - 3,382 - Total before income tax $ 2,602 $ 479 $ 4,669 $ 877 Income tax (590 ) (101 ) (1,078 ) (183 ) Net of income tax $ 2,012 $ 378 $ 3,591 $ 694
Comprehensive Income (Loss) [Table Text Block]	Currency Pension and Accumulated Balance at December 31, 2019 $ (8,155 ) $ (20,382 ) $ (28,537 ) Reclassification adjustments - 4,669 4,669 Current period charge (1,247 ) - (1,247 ) Income tax benefit (charge) - (1,078 ) (1,078 ) Balance at June 30, 2020 $ (9,402 ) $ (16,791 ) $ (26,193 ) Currency Pension and Accumulated Balance at December 31, 2018 $ (8,243 ) $ (15,180 ) $ (23,423 ) Reclassification adjustments - 877 877 Current period charge 431 - 431 Income tax benefit (charge) - (183 ) (183 ) Balance at June 30, 2019 $ (7,812 ) $ (14,486 ) $ (22,298 )

Note 3 - Revenue 1 (Details Tex

Note 3 - Revenue 1 (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Contract with Customer, Liability, Revenue Recognized			$ 3.8	$ 4.9
Non-US [Member]
Percentage Revenue By Location	31.00%	31.00%

Note 3 - Revenue 2 (Details Tex

Note 3 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 $ in Millions	Jun. 30, 2020USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 110.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year

Note 3 - Revenue - Disaggregati

Note 3 - Revenue - Disaggregation of Revenue by Major Categories and Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net sales	$ 85,814	$ 108,330	$ 177,485	$ 205,189
UNITED STATES
Net sales	59,653	74,784	125,020	142,485
Non-US [Member]
Net sales	26,161	33,546	52,465	62,704
Pumps and Pump Systems [Member]
Net sales	75,356	92,167	153,654	174,688
Repair Parts for Pumps and Pump Systems and Other [Member]
Net sales	$ 10,458	$ 16,163	$ 23,831	$ 30,501

Note 3 - Revenue - Contract Ass

Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Contract assets	$ 0	$ 393
Contract liabilities	$ 3,807	$ 4,911

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventory, LIFO Reserve	$ 63.7	$ 62.5
Inventory Valuation Reserves, Ending Balance	$ 5.9	$ 5.9

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Raw materials and in-process	$ 19,843	$ 16,474
Finished parts	50,587	47,317
Finished products	12,264	12,206
Total net inventories	$ 82,694	$ 75,997

Note 5 - Property, Plant and _3

Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property, plant and equipment, gross	$ 300,576	$ 298,082
Less accumulated depreciation	(191,419)	(186,303)
Property, plant and equipment, net	109,157	111,779
Land [Member]
Property, plant and equipment, gross	5,612	4,998
Building [Member]
Property, plant and equipment, gross	110,679	110,162
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 184,285	$ 182,922

Note 6 - Product Warranties - P

Note 6 - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Balance at beginning of year	$ 1,438	$ 1,380
Provision	528	948
Claims	(628)	(822)
Balance at end of period	$ 1,338	$ 1,506

Note 7 - Pension and Other Po_3

Note 7 - Pension and Other Postretirement Benefits (Details Textual) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Defined Benefit Plan Effect On Pension Expense	$ 1.9	$ 3.4

Note 7 - Pension and Other Po_4

Note 7 - Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Pension Plan [Member]
Service cost		$ 659	$ 535	$ 1,342	$ 1,102
Interest cost		555	581	1,091	1,227
Expected return on plan assets		(958)	(836)	(1,943)	(1,781)
Amortization of prior service cost		0	0	0	0
Recognized actuarial loss		621	472	1,134	863
Settlement loss		1,904	0	3,382	0
Net periodic benefit cost (gain)	[1]	2,781	752	5,006	1,411
Postemployment Retirement Benefits [Member]
Service cost		343	270	686	541
Interest cost		194	236	389	471
Expected return on plan assets		0	0	0	0
Amortization of prior service cost		(282)	(282)	(564)	(564)
Recognized actuarial loss		77	7	153	14
Settlement loss		0	0	0	0
Net periodic benefit cost (gain)	[1]	$ 332	$ 231	$ 664	$ 462
[1]	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.

Note 8 - Accumulated Other Co_3

Note 8 - Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Total before income tax		$ (7,067)	$ (13,435)	$ (13,957)	$ (22,677)
Income tax		1,433	2,955	2,837	4,975
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Recognized actuarial loss	[1]	698	479	1,287	877
Settlement loss	[1]	1,904	0	3,382	0
Total before income tax		2,602	479	4,669	877
Income tax		(590)	(101)	(1,078)	(183)
Net of income tax		$ 2,012	$ 378	$ 3,591	$ 694
[1]	The recognized actuarial loss and the settlement loss are included in Other income (expense), net in the Consolidated Statements of Income.

Note 8 - Accumulated Other Co_4

Note 8 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Loss Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Balance	$ 307,878	$ 293,132
Balance	313,324	305,349
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(8,155)	(8,243)
Reclassification adjustments	0	0
Current period benefit (charge)	(1,247)	431
Income tax benefit (charge)	0	0
Balance	(9,402)	(7,812)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(20,382)	(15,180)
Reclassification adjustments	4,669	877
Current period benefit (charge)	0	0
Income tax benefit (charge)	(1,078)	(183)
Balance	(16,791)	(14,486)
AOCI Attributable to Parent [Member]
Balance	(28,537)	(23,423)
Reclassification adjustments	4,669	877
Current period benefit (charge)	(1,247)	431
Income tax benefit (charge)	(1,078)	(183)
Balance	$ (26,193)	$ (22,298)