Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 26, 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 | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net sales | $ 88,982 | $ 99,298 | $ 266,467 | $ 304,487 |
Cost of products sold | 66,011 | 73,506 | 198,199 | 227,190 |
Gross profit | 22,971 | 25,792 | 68,268 | 77,297 |
Selling, general and administrative expenses | 13,228 | 14,154 | 40,951 | 43,505 |
Operating income | 9,743 | 11,638 | 27,317 | 33,792 |
Other income (expense), net | (744) | 269 | (4,361) | 792 |
Income before income taxes | 8,999 | 11,907 | 22,956 | 34,584 |
Income taxes | 1,738 | 2,132 | 4,575 | 7,107 |
Net income | $ 7,261 | $ 9,775 | $ 18,381 | $ 27,477 |
Earnings per share (in dollars per share) | $ 0.28 | $ 0.37 | $ 0.70 | $ 1.05 |
Cash dividends per share (in dollars per share) | $ 0.145 | $ 0.135 | $ 0.435 | $ 0.405 |
Average number of shares outstanding (in shares) | 26,101,992 | 26,133,393 | 26,089,414 | 26,125,553 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 7,261 | $ 9,775 | $ 18,381 | $ 27,477 |
Other comprehensive income, net of tax: | ||||
Cumulative translation adjustments | 1,644 | (1,611) | 397 | (1,180) |
Pension and postretirement medical liability adjustments | 1,242 | 340 | 4,833 | 1,034 |
Other comprehensive (loss) income | 2,886 | (1,271) | 5,230 | (146) |
Comprehensive income | $ 10,147 | $ 8,504 | $ 23,611 | $ 27,331 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 93,665 | $ 80,555 |
Accounts receivable, net | 59,890 | 65,433 |
Inventories, net | 82,504 | 75,997 |
Prepaid and other | 5,388 | 5,680 |
Total current assets | 241,447 | 227,665 |
Property, plant and equipment, net | 109,401 | 111,779 |
Other assets | 8,497 | 8,320 |
Prepaid pension assets | 337 | 0 |
Goodwill and other intangible assets, net | 33,740 | 34,996 |
Total assets | 393,422 | 382,760 |
Current liabilities: | ||
Accounts payable | 14,060 | 16,030 |
Payroll and employee related liabilities | 15,298 | 12,172 |
Commissions payable | 6,065 | 7,034 |
Deferred revenue and customer deposits | 4,087 | 4,911 |
Accrued expenses | 6,498 | 5,348 |
Total current liabilities | 46,008 | 45,495 |
Pension benefits | 0 | 1,040 |
Postretirement benefits | 24,556 | 24,453 |
Other long-term liabilities | 3,227 | 3,894 |
Total liabilities | 73,791 | 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 | 5,099 | 5,091 |
Additional paid-in capital | 502 | 1,147 |
Retained earnings | 337,337 | 330,177 |
Accumulated other comprehensive loss | (23,307) | (28,537) |
Total equity | 319,631 | 307,878 |
Total liabilities and equity | $ 393,422 | $ 382,760 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Common shares, authorized (in shares) | 35,000,000 | 35,000,000 |
Common shares, outstanding (in shares) | 26,101,992 | 26,067,502 |
Treasury shares (in shares) | 946,804 | 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 | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 18,381 | $ 27,477 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 9,649 | 10,563 |
Pension expense | 6,670 | 2,117 |
Contributions to pension plan | (2,000) | 0 |
Stock based compensation | (191) | 426 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 5,543 | 3,733 |
Inventories, net | (6,355) | 13,291 |
Accounts payable | (2,209) | (1,008) |
Commissions payable | (1,013) | (2,575) |
Deferred revenue and customer deposits | (825) | 1,208 |
Income taxes | 1,237 | 3,175 |
Accrued expenses and other | 135 | (1,454) |
Benefit obligations | 2,406 | 1,394 |
Net cash provided by operating activities | 31,428 | 58,347 |
Cash used for investing activities, capital additions | (6,021) | (7,985) |
Cash used for financing activities: | ||
Cash dividends | (11,348) | (10,581) |
Treasury share repurchases | (361) | 0 |
Other | (243) | (482) |
Net cash used for financing activities | (11,952) | (11,063) |
Effect of exchange rate changes on cash | (345) | (55) |
Net increase in cash and cash equivalents | 13,110 | 39,244 |
Cash and cash equivalents: | ||
Beginning of period | 80,555 | 46,458 |
End of period | $ 93,665 | $ 85,702 |
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 | ||||
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 | 27,477 | ||||
Other comprehensive income (loss) | (146) | ||||
Balances (in shares) at Sep. 30, 2019 | 26,133,393 | ||||
Balance at Sep. 30, 2019 | $ 5,106 | 2,895 | 325,880 | (23,569) | 310,312 |
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 | ||||
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 |
Net income | 9,775 | 9,775 | |||
Other comprehensive income (loss) | (1,271) | (1,271) | |||
Stock based compensation (in shares) | 9,000 | ||||
Stock based compensation | $ 2 | (48) | 33 | (13) | |
Cash dividends | (3,528) | (3,528) | |||
Balances (in shares) at Sep. 30, 2019 | 26,133,393 | ||||
Balance at Sep. 30, 2019 | $ 5,106 | 2,895 | 325,880 | (23,569) | 310,312 |
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 | 18,381 | ||||
Other comprehensive income (loss) | 5,230 | ||||
Balances (in shares) at Sep. 30, 2020 | 26,101,992 | ||||
Balance at Sep. 30, 2020 | $ 5,099 | 502 | 337,337 | (23,307) | 319,631 |
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 |
Net income | 7,261 | 7,261 | |||
Other comprehensive income (loss) | 2,886 | 2,886 | |||
Stock based compensation (in shares) | 10,500 | ||||
Stock based compensation | $ 3 | (96) | 39 | (54) | |
Cash dividends | (3,786) | (3,786) | |||
Balances (in shares) at Sep. 30, 2020 | 26,101,992 | ||||
Balance at Sep. 30, 2020 | $ 5,099 | $ 502 | $ 337,337 | $ (23,307) | $ 319,631 |
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 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation of Financial Statements | 9 Months Ended |
Sep. 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 three nine September 30, 2020 not may December 31, 2020. 10 December 31, 2019, COVID- 19 In March 2020, 19” 19 not October 26, 2020, 10 may |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Standards | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Pumps and pump systems $ 77,035 $ 86,114 $ 230,581 $ 260,913 Repair parts for pumps and pump systems and other 11,947 13,184 35,886 43,574 Total net sales $ 88,982 $ 99,298 $ 266,467 $ 304,487 Geographic Location Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 63,292 $ 69,491 $ 188,312 $ 211,976 Foreign countries 25,690 29,807 78,155 92,511 Total net sales $ 88,982 $ 99,298 $ 266,467 $ 304,487 International sales represented approximately 29% of total net sales for the third 2020 third 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 September 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 September 30, 2020 December 31, 2019 September 3 0 , 2020 December 31 , 201 9 Contract assets $ - $ 393 Contract liabilities $ 4,087 $ 4,911 Revenue recognized for the nine September 30, 2020 2019 |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Sep. 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 $63.8 million and $62.5 million at September 30, 2020 December 31, 2019, September 30, 2020 December 31, 2019. Inventories are comprised of the following: Inventories, net: September 3 0 , 2020 December 31, 2019 Raw materials and in-process $ 18,377 $ 16,474 Finished parts 51,411 47,317 Finished products 12,716 12,206 Total net inventories $ 82,504 $ 75,997 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 Property, plant and equipment, net consist of the following: September 3 0 , 2020 December 31, 2019 Land $ 5,692 $ 4,998 Buildings 111,204 110,162 Machinery and equipment 184,347 182,922 301,243 298,082 Less accumulated depreciation (191,842 ) (186,303 ) Property, plant and equipment, net $ 109,401 $ 111,779 |
Note 6 - Product Warranties
Note 6 - Product Warranties | 9 Months Ended |
Sep. 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: September 3 0 , 2020 2019 Balance at beginning of year $ 1,438 $ 1,380 Provision 925 1,350 Claims (965 ) (1,254 ) Balance at end of period $ 1,398 $ 1,476 |
Note 7 - Pension and Other Post
Note 7 - Pension and Other Postretirement Benefits | 9 Months Ended |
Sep. 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 September 3 0 , Three Months Ended September 3 0 , 20 20 201 9 20 20 201 9 Service cost $ 688 $ 551 $ 343 $ 271 Interest cost 431 614 194 235 Expected return on plan assets (984 ) (890 ) - - Amortization of prior service cost - - (282 ) (282 ) Recognized actuarial loss 538 431 77 7 Settlement loss 991 - - - Net periodic benefit cost (a) $ 1,664 $ 706 $ 332 $ 231 Pension Benefits Postretirement Benefits Nine Months Ended September 3 0 , Nine Months Ended September 3 0 , 20 20 201 9 20 20 201 9 Service cost $ 2,029 $ 1,653 $ 1,029 $ 812 Interest cost 1,522 1,841 584 706 Expected return on plan assets (2,928 ) (2,671 ) - - Amortization of prior service cost - - (847 ) (846 ) Recognized actuarial loss 1,673 1,294 230 21 Settlement loss 4,373 - - - Net periodic benefit cost (a) $ 6,669 $ 2,117 $ 996 $ 693 (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 three nine September 30, 2020, |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 615 $ 438 $ 1,903 $ 1,315 Settlement loss (a) 991 - 4,373 - Total before income tax $ 1,606 $ 438 $ 6,276 $ 1,315 Income tax (364 ) (98 ) (1,443 ) (281 ) Net of income tax $ 1,242 $ 340 $ 4,833 $ 1,034 (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 - 6,276 6,276 Current period charge 397 - 397 Income tax benefit (charge) - (1,443 ) (1,443 ) Balance at September 30, 2020 $ (7,758 ) $ (15,549 ) $ (23,307 ) Currency Pension and Accumulated Balance at December 31, 2018 $ (8,243 ) $ (15,180 ) $ (23,423 ) Reclassification adjustments - 1,315 1,315 Current period charge (1,180 ) - (1,180 ) Income tax benefit (charge) - (281 ) (281 ) Balance at September 30, 2019 $ (9,423 ) $ (14,146 ) $ (23,569 ) |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Product Category Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Pumps and pump systems $ 77,035 $ 86,114 $ 230,581 $ 260,913 Repair parts for pumps and pump systems and other 11,947 13,184 35,886 43,574 Total net sales $ 88,982 $ 99,298 $ 266,467 $ 304,487 Geographic Location Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 63,292 $ 69,491 $ 188,312 $ 211,976 Foreign countries 25,690 29,807 78,155 92,511 Total net sales $ 88,982 $ 99,298 $ 266,467 $ 304,487 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | September 3 0 , 2020 December 31 , 201 9 Contract assets $ - $ 393 Contract liabilities $ 4,087 $ 4,911 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories, net: September 3 0 , 2020 December 31, 2019 Raw materials and in-process $ 18,377 $ 16,474 Finished parts 51,411 47,317 Finished products 12,716 12,206 Total net inventories $ 82,504 $ 75,997 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 3 0 , 2020 December 31, 2019 Land $ 5,692 $ 4,998 Buildings 111,204 110,162 Machinery and equipment 184,347 182,922 301,243 298,082 Less accumulated depreciation (191,842 ) (186,303 ) Property, plant and equipment, net $ 109,401 $ 111,779 |
Note 6 - Product Warranties (Ta
Note 6 - Product Warranties (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | September 3 0 , 2020 2019 Balance at beginning of year $ 1,438 $ 1,380 Provision 925 1,350 Claims (965 ) (1,254 ) Balance at end of period $ 1,398 $ 1,476 |
Note 7 - Pension and Other Po_2
Note 7 - Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Costs of Retirement Plans [Table Text Block] | Pension Benefits Postretirement Benefits Three Months Ended September 3 0 , Three Months Ended September 3 0 , 20 20 201 9 20 20 201 9 Service cost $ 688 $ 551 $ 343 $ 271 Interest cost 431 614 194 235 Expected return on plan assets (984 ) (890 ) - - Amortization of prior service cost - - (282 ) (282 ) Recognized actuarial loss 538 431 77 7 Settlement loss 991 - - - Net periodic benefit cost (a) $ 1,664 $ 706 $ 332 $ 231 Pension Benefits Postretirement Benefits Nine Months Ended September 3 0 , Nine Months Ended September 3 0 , 20 20 201 9 20 20 201 9 Service cost $ 2,029 $ 1,653 $ 1,029 $ 812 Interest cost 1,522 1,841 584 706 Expected return on plan assets (2,928 ) (2,671 ) - - Amortization of prior service cost - - (847 ) (846 ) Recognized actuarial loss 1,673 1,294 230 21 Settlement loss 4,373 - - - Net periodic benefit cost (a) $ 6,669 $ 2,117 $ 996 $ 693 |
Note 8 - Accumulated Other Co_2
Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 615 $ 438 $ 1,903 $ 1,315 Settlement loss (a) 991 - 4,373 - Total before income tax $ 1,606 $ 438 $ 6,276 $ 1,315 Income tax (364 ) (98 ) (1,443 ) (281 ) Net of income tax $ 1,242 $ 340 $ 4,833 $ 1,034 |
Comprehensive Income (Loss) [Table Text Block] | Currency Pension and Accumulated Balance at December 31, 2019 $ (8,155 ) $ (20,382 ) $ (28,537 ) Reclassification adjustments - 6,276 6,276 Current period charge 397 - 397 Income tax benefit (charge) - (1,443 ) (1,443 ) Balance at September 30, 2020 $ (7,758 ) $ (15,549 ) $ (23,307 ) Currency Pension and Accumulated Balance at December 31, 2018 $ (8,243 ) $ (15,180 ) $ (23,423 ) Reclassification adjustments - 1,315 1,315 Current period charge (1,180 ) - (1,180 ) Income tax benefit (charge) - (281 ) (281 ) Balance at September 30, 2019 $ (9,423 ) $ (14,146 ) $ (23,569 ) |
Note 3 - Revenue 1 (Details Tex
Note 3 - Revenue 1 (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Contract with Customer, Liability, Revenue Recognized | $ 4.4 | $ 4.4 | ||
Non-US [Member] | ||||
Percentage Revenue By Location | 29.00% | 30.00% |
Note 3 - Revenue 2 (Details Tex
Note 3 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 |
Revenue, Remaining Performance Obligation, Amount | $ 102 | |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net sales | $ 88,982 | $ 99,298 | $ 266,467 | $ 304,487 |
UNITED STATES | ||||
Net sales | 63,292 | 69,491 | 188,312 | 211,976 |
Non-US [Member] | ||||
Net sales | 25,690 | 29,807 | 78,155 | 92,511 |
Pumps and Pump Systems [Member] | ||||
Net sales | 77,035 | 86,114 | 230,581 | 260,913 |
Repair Parts for Pumps and Pump Systems and Other [Member] | ||||
Net sales | $ 11,947 | $ 13,184 | $ 35,886 | $ 43,574 |
Note 3 - Revenue - Contract Ass
Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Contract assets | $ 0 | $ 393 |
Contract liabilities | $ 4,087 | $ 4,911 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory, LIFO Reserve | $ 63.8 | $ 62.5 |
Inventory Valuation Reserves, Ending Balance | $ 6.1 | $ 5.9 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Raw materials and in-process | $ 18,377 | $ 16,474 |
Finished parts | 51,411 | 47,317 |
Finished products | 12,716 | 12,206 |
Total net inventories | $ 82,504 | $ 75,997 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 301,243 | $ 298,082 |
Less accumulated depreciation | (191,842) | (186,303) |
Property, plant and equipment, net | 109,401 | 111,779 |
Land [Member] | ||
Property, plant and equipment, gross | 5,692 | 4,998 |
Building [Member] | ||
Property, plant and equipment, gross | 111,204 | 110,162 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 184,347 | $ 182,922 |
Note 6 - Product Warranties - P
Note 6 - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Balance at beginning of year | $ 1,438 | $ 1,380 |
Provision | 925 | 1,350 |
Claims | (965) | (1,254) |
Balance at end of period | $ 1,398 | $ 1,476 |
Note 7 - Pension and Other Po_3
Note 7 - Pension and Other Postretirement Benefits (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Defined Benefit Plan Effect On Pension Expense | $ 1 | $ 4.4 |
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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Pension Plan [Member] | |||||
Service cost | $ 688 | $ 551 | $ 2,029 | $ 1,653 | |
Interest cost | 431 | 614 | 1,522 | 1,841 | |
Expected return on plan assets | (984) | (890) | (2,928) | (2,671) | |
Amortization of prior service cost | 0 | 0 | 0 | 0 | |
Recognized actuarial loss | 538 | 431 | 1,673 | 1,294 | |
Settlement loss | 991 | 0 | 4,373 | 0 | |
Net periodic benefit cost (gain) | [1] | 1,664 | 706 | 6,669 | 2,117 |
Postemployment Retirement Benefits [Member] | |||||
Service cost | 343 | 271 | 1,029 | 812 | |
Interest cost | 194 | 235 | 584 | 706 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization of prior service cost | (282) | (282) | (847) | (846) | |
Recognized actuarial loss | 77 | 7 | 230 | 21 | |
Settlement loss | 0 | 0 | 0 | 0 | |
Net periodic benefit cost (gain) | [1] | $ 332 | $ 231 | $ 996 | $ 693 |
[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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Total before income tax | $ (8,999) | $ (11,907) | $ (22,956) | $ (34,584) | |
Income tax | 1,738 | 2,132 | 4,575 | 7,107 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Recognized actuarial loss | [1] | 615 | 438 | 1,903 | 1,315 |
Settlement loss | [1] | 991 | 0 | 4,373 | 0 |
Total before income tax | 1,606 | 438 | 6,276 | 1,315 | |
Income tax | (364) | (98) | (1,443) | (281) | |
Net of income tax | $ 1,242 | $ 340 | $ 4,833 | $ 1,034 | |
[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 | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Balance | $ 307,878 | $ 293,132 |
Balance | 319,631 | 310,312 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (8,155) | (8,243) |
Reclassification adjustments | 0 | 0 |
Current period benefit (charge) | 397 | (1,180) |
Income tax benefit (charge) | 0 | 0 |
Balance | (7,758) | (9,423) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (20,382) | (15,180) |
Reclassification adjustments | 6,276 | 1,315 |
Current period benefit (charge) | 0 | 0 |
Income tax benefit (charge) | (1,443) | (281) |
Balance | (15,549) | (14,146) |
AOCI Attributable to Parent [Member] | ||
Balance | (28,537) | (23,423) |
Reclassification adjustments | 6,276 | 1,315 |
Current period benefit (charge) | 397 | (1,180) |
Income tax benefit (charge) | (1,443) | (281) |
Balance | $ (23,307) | $ (23,569) |