The Gorman-Rupp Company (GRC) 10-K 1 Mar 21 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 28, 2021	Jun. 30, 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	FY
Document Fiscal Year Focus	2020
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 621,510,000
Entity Common Stock, Shares Outstanding		26,109,185

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 348,967	$ 398,179	$ 414,334
Cost of products sold	259,412	295,504	304,413
Gross profit	89,555	102,675	109,921
Selling, general and administrative expenses	53,802	58,835	59,282
Operating income	35,753	43,840	50,639
Other (expense) income, net	(4,507)	1,326	(323)
Income before income taxes	31,246	45,166	50,316
Income taxes	6,058	9,351	10,337
Net income	$ 25,188	$ 35,815	$ 39,979
Earnings per share (in dollars per share)	$ 0.97	$ 1.37	$ 1.53
Average number of shares outstanding (in shares)	26,092,576	26,127,168	26,112,138

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income	$ 25,188	$ 35,815	$ 39,979
Cumulative translation adjustments	3,111	88	(2,922)
Pension and postretirement medical liability adjustments, net of tax	(4,951)	(5,202)	(5,922)
Other comprehensive (loss)	(1,840)	(5,114)	(8,844)
Comprehensive income	$ 23,348	$ 30,701	$ 31,135

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 108,203	$ 80,555
Accounts receivable, net	50,763	65,433
Inventories, net	82,686	75,997
Prepaid and other	5,169	5,680
Total current assets	246,821	227,665
Property, plant and equipment, net	108,666	111,779
Other assets	4,795	8,320
Goodwill and other intangible assets, net	34,175	34,996
Total assets	394,457	382,760
Current liabilities:
Accounts payable	9,466	16,030
Payroll and employee related liabilities	10,825	12,172
Commissions payable	5,624	7,034
Deferred revenue and customer deposits	8,004	4,911
Accrued expenses	4,582	5,348
Total current liabilities	38,501	45,495
Pension benefits	9,232	1,040
Postretirement benefits	28,250	24,453
Other long-term liabilities	2,961	3,894
Total liabilities	78,944	74,882
Equity:
Common shares, without par value: Authorized – 35,000,000 shares; Outstanding – 26,101,992 shares at December 31, 2020 and 26,067,502 shares at December 31, 2019 (after deducting treasury shares of 946,804 and 981,294, respectively), at stated capital amounts	5,099	5,091
Additional paid-in capital	693	1,147
Retained earnings	340,098	330,177
Accumulated other comprehensive (loss)	(30,377)	(28,537)
Total equity	315,513	307,878
Total liabilities and equity	$ 394,457	$ 382,760

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands	Dec. 31, 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 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 25,188	$ 35,815	$ 39,979
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,692	13,749	14,484
Pension expense	7,489	2,823	4,909
Contributions to pension plan	(2,000)	0	(4,000)
Deferred income tax charge (benefit)	544	(1,198)	337
Stock based compensation	42	1,025	1,674
Other	11	(53)	(44)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net	15,247	2,218	(1,196)
Inventories, net	(5,310)	11,452	(13,601)
Accounts payable	(6,845)	(601)	1,299
Commissions payable	(1,565)	(2,140)	1,737
Deferred revenue and customer deposits	2,953	(321)	741
Accrued expenses and other	5,162	102	1,490
Income taxes	(2,446)	(697)	(6,599)
Net cash provided by operating activities	51,162	62,174	41,210
Cash flows from investing activities:
Capital additions	(7,999)	(10,912)	(10,947)
(Purchase of) Proceeds from short-term investments, net	(4)	(4)	2,967
Other	299	69	512
Net cash used for investing activities	(7,704)	(10,847)	(7,468)
Cash flows from financing activities:
Regular cash dividends	(15,394)	(14,370)	(13,317)
Special cash dividend	0	0	(52,234)
Treasury share repurchases	(361)	(2,610)	0
Other	(381)	(383)	0
Net cash used for financing activities	(16,136)	(17,363)	(65,551)
Effect of exchange rate changes on cash	326	133	(1,413)
Net increase (decrease) in cash and cash equivalents	27,648	34,097	(33,222)
Cash and cash equivalents:
Beginning of year	80,555	46,458	79,680
End of period	$ 108,203	$ 80,555	$ 46,458

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, 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)
Reclassification of stranded income tax effects in accumulated other comprehensive income			2,070	(2,070)	0
Stock based compensation and other (in shares)	10,422
Stock based compensation and other	$ 2	2,013	38		2,053
Cash dividends			(65,551)		(65,551)
Stock based compensation	2	2,013	38		2,053
Cash dividends			(65,551)		(65,551)
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)
Stock based compensation and other (in shares)	19,836
Stock based compensation and other	$ 4	948	73		1,025
Cash dividends			(14,370)		(14,370)
Other comprehensive loss				(5,114)	(5,114)
Stock based compensation	$ 4	948	73		1,025
Treasury share repurchases (in shares)	(69,379)
Treasury share repurchases	$ (15)	(2,340)	(255)		(2,610)
Cash dividends			(14,370)		(14,370)
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			25,188		25,188
Other comprehensive income (loss)					(1,840)
Stock based compensation and other (in shares)	45,338
Stock based compensation and other		(135)			42
Cash dividends			(15,394)		(15,394)
Other comprehensive loss				(1,840)	(1,840)
Stock based compensation		(135)			42
Treasury share repurchases (in shares)	(10,848)
Treasury share repurchases	$ (2)	(319)	(40)		(361)
Cash dividends			(15,394)		(15,394)
Balances (in shares) at Dec. 31, 2020	26,101,992
Balance at Dec. 31, 2020	$ 5,099	$ 693	$ 340,098	$ (30,377)	$ 315,513

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retained Earnings [Member]
Cash dividends, amount per share (in dollars per share)	$ 0.59	$ 0.55
Cash dividends, amount per share (in dollars per share)	$ 0.59	$ 0.55
Cash dividends, amount per share (in dollars per share)			$ 2.51
Special dividends, amount per share (in dollars per share)			2
Cash dividends, amount per share (in dollars per share)			$ 2.51

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 1 – Summary of Significant Accounting Policies General Inform ation and Basis of Presentation The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications. The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Earnings per share are calculated based on the weighted-average number of common shares outstanding. Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no COVID- 19 In March 2020, 19” 19 not December 31, 2020, 10 may 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, 2020 2019 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 expected 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, current economic conditions in the company’s major markets and geographies, 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 71% and 72% of inventories at December 31, 2020 2019, 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 $11.4 million, $12.6 million, and $13.3 million for 2020, 2019, 2018, 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: 2020 2019 Land $ 5,805 $ 4,998 Buildings 111,876 110,162 Machinery and equipment 184,362 182,922 302,043 298,082 Less accumulated depreciation (193,377 ) (186,303 ) Property, plant and equipment, net $ 108,666 $ 111,779 Property, plant and equipment are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount may not may not may not 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 No impairment charges were recognized in any of the Company’s reporting units in 2020, 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 not may not Identifiable intangible assets not 2020, 2019 2018, 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. 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 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. 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 The Company accounts for the global intangible low-taxed income (“GILTI”) tax in the period in which it is incurred. 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 10% December 31, 2020, 2019 2018. 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, 2020, 2019 2018 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: 2020 2019 2018 Balance at beginning of year $ 1,438 $ 1,380 $ 1,098 Provision 1,350 1,747 1,689 Claims (1,427 ) (1,689 ) (1,407 ) Balance at end of year $ 1,361 $ 1,438 $ 1,380 Stock-based compensation The Company awards shares pursuant to The Gorman-Rupp Company 2015 may three December 31, 2020 December 31, 2019 2018, 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 December 2019, 2019 12, 2019 12 December 15, 2020, not 2019 12 Recently Adopted Accounting Standards In June 2016, 2016 13, 326 2016 13 November 2019, 2019 11, 326, 2016 13. 326 January 1, 2020. not In August 2018, 2018 14, 715 20 December 31, 2020. 9

Note 2 - Allowance for Doubtful

Note 2 - Allowance for Doubtful Accounts	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Allowance for Credit Losses [Text Block]	Note 2 – A llowance for Doubtful Accounts The allowance for doubtful accounts was $0.4 million at December 31, 2020 December 31, 2019.

Note 3 - Revenue

Note 3 - Revenue	12 Months Ended
	Dec. 31, 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 2020 2019 2018 Pumps and pump systems $ 300,906 $ 341,304 $ 357,882 Repair parts for pumps and pump systems and other 48,061 56,875 56,452 Total net sales $ 348,967 $ 398,179 $ 414,334 Geographic Location 2020 2019 2018 United States $ 246,913 $ 275,290 $ 271,820 Foreign countries 102,054 122,889 142,514 Total net sales $ 348,967 $ 398,179 $ 414,334 International sales represented approximately 29% of total net sales for 2020, 2019 2018, On December 31, 2020, one The Company’s contract assets and liabilities as of December 31, 2020 2019 December 31, 2020 December 31, 2019 Contract assets $ - $ 393 Contract liabilities 8,004 4,911 Revenue recognized for the year ended December 31, 2020 December 31, 2019 December 31, 2019 December 31, 2018

Note 4 - Inventories

Note 4 - Inventories	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 4 – Inventories LIFO inventories are stated at the lower of cost or market and all other inventories are stated at the lower of cost or net realizable value. Replacement cost approximates current cost and the excess over LIFO cost is approximately $63.5 million and $62.5 million at December 31, 2020 2019, 2019, 2019. December 31, 2020 2019. Inventories are comprised of the following: Inventories, net December 31, 2020 December 31, 20 19 Raw materials and in-process $ 18,152 $ 16,474 Finished parts 51,701 47,317 Finished products 12,833 12,206 Total net inventories $ 82,686 $ 75,997

Note 5 - Credit Facilities

Note 5 - Credit Facilities	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	Note 5 – Credit Facilities The Company may February 2023. December 31, 2020 2019, The Company also has an $8.0 million unsecured bank line of credit with interest at LIBOR plus 0.75% payable monthly which matures in May 2021. December 31, 2020 2019, The Company also has a $3.0 million bank guarantee with interest at 1.75% in an agreement dated June 2016. December 31, 2020 2019, 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, 2020 2019, Interest expense, which approximates interest paid, was $18,000, $1,000 and $1,000 in 2020, 2019 2018,

Note 6 - Leases

Note 6 - Leases	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	N ote 6 – L eases The Company is currently a lessee under a number of operating leases and two none 1 not not Supplemental information related to leases and the Company’s Consolidated Financial Statements is as follows: 2020 2019 Components of lease costs: Operating lease costs $ 431 $ 370 Short-term lease costs 336 527 Finance lease costs 144 98 Total lease costs $ 911 $ 995 December 31, 2020 December 31, 2019 Weighted average remaining lease term (years): Operating leases 2.1 2.9 Finance leases 3.3 4.3 Weighted average discount rate: Operating leases 3.25 % 3.25 % Finance leases 3.25 % 3.25 % December 31, 2020 Operating Leases Financing Leases Total Leases Other assets - right-of-use assets $ 1,250 $ 420 $ 1,670 Lease liabilities included in: Accrued expenses - current portion of lease liabilities $ 580 $ 130 $ 710 Other long-term liabilities - non-current portion of lease liabilities 650 310 960 Total lease liabilities $ 1,230 $ 440 $ 1,670 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 , 2020 2021 $ 752 2022 547 2023 348 2024 86 2025 11 Thereafter 6 Total lease payments $ 1,750 Less: Interest (80 ) Present value of lease liabilities $ 1,670 December 3 1 , 2019 2020 $ 712 2021 524 2022 360 2023 241 2024 46 Thereafter 9 Total lease payments $ 1,892 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, 2020
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: 2020 201 9 201 8 Recognized actuarial loss (a) $ 2,466 $ 1,753 $ 1,164 Settlement loss (b) 4,583 - 2,852 Total before income tax 7,049 1,753 4,016 Income tax (1,368 ) (363 ) (823 ) Net of income tax $ 5,681 $ 1,390 $ 3,193 (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, 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 ) Reclassification adjustments - 7,049 7,049 Current period benefit (charge) 3,111 (13,510 ) (10,399 ) Income tax benefit - 1,510 1,510 Balance at December 31, 2020 $ (5,044 ) $ (25,333 ) $ (30,377 )

Note 8 - Income Taxes

Note 8 - Income Taxes	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8 – Income Taxes The components of Income before income taxes are: 2020 2019 2018 United States $ 28,493 $ 41,234 $ 45,271 Foreign countries 2,753 3,932 5,045 Total $ 31,246 $ 45,166 $ 50,316 The components of income tax expense are: 2020 2019 2018 Current expense: Federal $ 4,058 $ 8,204 $ 7,779 Foreign 353 1,140 1,179 State and local 1,103 1,205 1,042 $ 5,514 $ 10,549 $ 10,000 Deferred expense (benefit): Federal $ 728 $ (720 ) $ 405 Foreign (349 ) (379 ) (125 ) State and local 165 (99 ) 57 544 (1,198 ) 337 Income tax expense $ 6,058 $ 9,351 $ 10,337 The reconciliation between income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes is: 2020 201 9 201 8 Income taxes at statutory rate $ 6,562 $ 9,485 $ 10,566 State and local income taxes, net of federal tax benefit 711 803 832 Tax credits (808 ) (898 ) (506 ) Uncertain tax positions 42 164 172 Valuation allowance - 71 37 Federal tax reform – deferred rate change - - (581 ) Deemed mandatory repatriation - - (48 ) Other (449 ) (274 ) (135 ) Income tax expense $ 6,058 $ 9,351 $ 10,337 The Company made income tax payments of $6.2 million, $9.1 million, and $14.7 million in 2020, 2019, 2018, Deferred income tax assets and liabilities consist of: 2020 2019 Deferred tax assets: Inventories $ 646 $ 1,391 Accrued liabilities 1,484 2,095 Postretirement health benefits obligation 6,815 5,884 Pension 1,688 240 Lease liabilities 390 361 Other 1,434 1,360 Total deferred tax assets 12,457 11,331 Valuation allowance (567 ) (567 ) Net deferred tax assets 11,890 10,764 Deferred tax liabilities: Depreciation and amortization (9,536 ) (9,446 ) Leases – right of use assets (388 ) (361 ) Foreign withholding tax (100 ) (100 ) Total deferred tax liabilities (10,024 ) (9,907 ) Net deferred tax assets $ 1,866 $ 857 The Company had state tax credit carryforwards of $0.7 million as of December 31, 2020 2019 2021 2035. The Company had valuation allowances of $0.6 million as of December 31, 2020 2019 740, not not Total unrecognized tax benefits were $0.9 million and $1.1 million at December 31, 2020 2019, December 31, 2020 2019, A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2020 201 9 201 8 Balance at beginning of year $ 1,130 $ 951 $ 797 Additions based on tax positions related to the current year 177 372 268 Reductions due to lapse of applicable statute of limitations (139 ) (193 ) (114 ) Settlements (290 ) - - Balance at end of year $ 878 $ 1,130 $ 951 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 2016. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense for all periods presented. The Company accrued approximately $0.2 million, $0.3 million and $0.2 million for the payment of interest and penalties at December 31, 2020, 2019 2018,

Note 9 - Pensions and Other Pos

Note 9 - Pensions and Other Postretirement Benefits	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Retirement Benefits [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 million for 2020 2019 2018. 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% annual rate of increase in the per capita cost of covered health care benefits for all retirees was assumed in estimating the projected postretirement benefit obligation at December 31, 2020, December 31, 2019 2020 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 2020 201 9 2020 201 9 Accumulated benefit obligation at end of year $ 69,554 $ 66,900 $ 29,848 $ 26,055 Change in projected benefit obligation: Benefit obligation at beginning of year $ 81,325 $ 67,578 $ 26,055 $ 23,679 Service cost 2,709 2,204 1,372 1,083 Interest cost 1,937 2,454 778 941 Settlement 1,854 - - - Benefits paid (12,872 ) (3,735 ) (1,305 ) (2,311 ) Effect of foreign exchange - 9 16 Actual expenses (150 ) - - - Actuarial loss 11,496 12,824 2,939 2,647 Benefit obligation at end of year $ 86,299 $ 81,325 $ 29,848 $ 26,055 Change in plan assets: Plan assets at beginning of year $ 80,285 $ 72,395 $ - $ - Actual return on plan assets 7,804 11,625 - - Employer contributions 2,000 - 1,305 2,311 Benefits paid (12,872 ) (3,735 ) (1,305 ) (2,311 ) Actual expenses (150 ) - - - Plan assets at end of year $ 77,067 $ 80,285 $ - $ - Funded status at end of year $ (9,232 ) $ (1,040 ) $ (29,848 ) $ (26,055 ) Pension Plan Postretirement Plan 20 20 201 9 2020 201 9 Amounts recognized in the Consolidated Balance Sheets consist of: Current liabilities $ - $ - $ (1,598 ) $ (1,602 ) Noncurrent liabilities (9,232 ) (1,040 ) (28,250 ) (24,453 ) Total assets (liabilities) $ (9,232 ) $ (1,040 ) $ (29,848 ) $ (26,055 ) Amounts recognized in Accumulated other comprehensive loss consist of: Net actuarial loss $ 28,896 $ 26,192 $ 7,834 $ 5,205 Prior Service Cost - - (3,255 ) (4,383 ) Deferred tax (benefit) expense (7,130 ) (6,499 ) (1,012 ) (132 ) After tax actuarial loss (gain) $ 21,766 $ 19,693 $ 3,567 $ 690 Components of net periodic benefit cost: 2020 2019 2018 Pension Plan Service cost $ 2,709 $ 2,204 $ 2,408 Interest cost 1,937 2,454 2,552 Expected return on plan assets (3,900 ) (3,561 ) (4,481 ) Recognized actuarial loss 2,160 1,726 1,577 Settlement loss 4,583 - 2,852 Net periodic benefit cost $ 7,489 $ 2,823 $ 4,908 Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) 2,704 $ 3,034 $ (1,413 ) Total expense recognized in net periodic benefit cost and other comprehensive income $ 10,193 $ 5,857 $ 3,495 Postretirement Plan Service cost $ 1,372 $ 1,083 $ 775 Interest cost 778 941 561 Prior service cost recognition (1,129 ) (1,129 ) (1,128 ) Recognized actuarial loss (gain) 306 27 (413 ) Net periodic benefit (credit) cost $ 1,327 $ 922 $ (205 ) Other changes in postretirement plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ 3,762 $ 3,749 $ 9,096 Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income $ 5,089 $ 4,671 $ 8,891 The change in the benefit obligations for the pension and postretirement plans for 2019 2020 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 2020 2018 2019. 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% of the benefit obligation or the market value of plan assets is also amortized on a straight-line basis over the average estimated remaining service period of active participants. Pension Plan Postretirement Plan 2020 201 9 2020 201 9 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 1.97 % 2.83 % 2.25 % 3.08 % 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 2.40 % 3.94 % 3.08 % 4.13 % Expected long-term rate of return on plan assets 5.36 % 5.37 % – – 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 2020 may may may one may 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, 2020 2019: 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, 20 20 Equity $ 12,619 $ - $ 20 $ 12,639 Fixed income 9,582 45,463 - 55,045 Mutual funds 2,108 - - 2,108 Money funds and cash 2,089 5,186 - 7,275 Total fair value of Plan assets $ 26,398 $ 50,649 $ 20 $ 77,067 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, 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 Contributions The Company expects to contribute up to $2.0 million to its defined benefit pension plan in 2021. Expected future benefit payments The following benefit payments are expected to be paid as follows based on actuarial calculations: 2021 2022 2023 2024 2025 Thereafter Pension $ 12,540 $ 5,233 $ 3,829 $ 4,942 $ 5,059 $ 27,198 Postretirement 1,616 1,548 1,495 1,525 1,510 8,898 For measurement purposes, and based on maximum benefits as defined by the plan, a 5% December 31, 2020 2019 A one one one

Note 10 - Goodwill and Other In

Note 10 - Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2020
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: 2020 201 9 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Finite-lived intangible assets: Customer relationships $ 7,876 $ 6,991 $ 7,832 $ 6,301 Technology and drawings 6,761 4,015 6,749 3,712 Other intangibles 2,307 1,521 2,292 1,151 Total finite-lived intangible assets 16,944 12,527 16,873 11,164 Goodwill 27,537 - 27,215 - Trade names and trademarks 2,221 - 2,072 - Total $ 46,702 $ 12,527 $ 46,160 $ 11,164 Amortization of intangible assets was $1.3 million, $1.2 million and $1.2 million in 2020, 2019 2018, 2021 2025 Changes in the carrying value of goodwill during the years ended December 31, 2020 2019 Goodwill Balance at December 31, 2018 $ 27,234 Acquisitions - Impairment - Foreign currency (19 ) Balance at December 31, 2019 $ 27,215 Acquisitions - Impairment - Foreign currency 322 Balances at December 31, 2020 $ 27,537 For 2020, October 1 The result of this goodwill impairment test indicated that no impairment existed at National. The Company’s annual impairment analysis performed as of October 1, 2020 100 100 December 31, 2020 For 2020, October 1. fourth 2020, not not no December 31, 2020. 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 2020 2019 Finite-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not 2020 2019 not may not

Note 11 - Business Segment Info

Note 11 - Business Segment Information	12 Months Ended
	Dec. 31, 2020
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 130 countries around the world. The following tables disaggregate total net sales by major product category and geographic location: Product Category 2020 2019 2018 Pumps and pump systems $ 300,906 $ 341,304 $ 357,882 Repair parts for pumps and pump systems and other 48,061 56,875 56,452 Total net sales $ 348,967 $ 398,179 $ 414,334 Geographic Location 2020 2019 2018 United States $ 246,913 $ 275,290 $ 271,820 Foreign countries 102,054 122,889 142,514 Total net sales $ 348,967 $ 398,179 $ 414,334 As of December 31, 2020 2019, 87%

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	General Inform ation and Basis of Presentation The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications. The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Earnings per share are calculated based on the weighted-average number of common shares outstanding. Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no
COVID-19 Impact [Policy Text Block]	COVID- 19 In March 2020, 19” 19 not December 31, 2020, 10 may
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, 2020 2019
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 expected 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, current economic conditions in the company’s major markets and geographies, 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 71% and 72% of inventories at December 31, 2020 2019, 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 $11.4 million, $12.6 million, and $13.3 million for 2020, 2019, 2018, 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: 2020 2019 Land $ 5,805 $ 4,998 Buildings 111,876 110,162 Machinery and equipment 184,362 182,922 302,043 298,082 Less accumulated depreciation (193,377 ) (186,303 ) Property, plant and equipment, net $ 108,666 $ 111,779 Property, plant and equipment are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount may not may not may not
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 No impairment charges were recognized in any of the Company’s reporting units in 2020, 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 not may not Identifiable intangible assets not 2020, 2019 2018, 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. 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 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.
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 The Company accounts for the global intangible low-taxed income (“GILTI”) tax in the period in which it is incurred.
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 10% December 31, 2020, 2019 2018.
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, 2020, 2019 2018
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: 2020 2019 2018 Balance at beginning of year $ 1,438 $ 1,380 $ 1,098 Provision 1,350 1,747 1,689 Claims (1,427 ) (1,689 ) (1,407 ) Balance at end of year $ 1,361 $ 1,438 $ 1,380
Share-based Payment Arrangement [Policy Text Block]	Stock-based compensation The Company awards shares pursuant to The Gorman-Rupp Company 2015 may three December 31, 2020 December 31, 2019 2018,
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 December 2019, 2019 12, 2019 12 December 15, 2020, not 2019 12 Recently Adopted Accounting Standards In June 2016, 2016 13, 326 2016 13 November 2019, 2019 11, 326, 2016 13. 326 January 1, 2020. not In August 2018, 2018 14, 715 20 December 31, 2020. 9

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
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]	2020 2019 Land $ 5,805 $ 4,998 Buildings 111,876 110,162 Machinery and equipment 184,362 182,922 302,043 298,082 Less accumulated depreciation (193,377 ) (186,303 ) Property, plant and equipment, net $ 108,666 $ 111,779
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]	2020 2019 2018 Balance at beginning of year $ 1,438 $ 1,380 $ 1,098 Provision 1,350 1,747 1,689 Claims (1,427 ) (1,689 ) (1,407 ) Balance at end of year $ 1,361 $ 1,438 $ 1,380

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Product Category 2020 2019 2018 Pumps and pump systems $ 300,906 $ 341,304 $ 357,882 Repair parts for pumps and pump systems and other 48,061 56,875 56,452 Total net sales $ 348,967 $ 398,179 $ 414,334 Geographic Location 2020 2019 2018 United States $ 246,913 $ 275,290 $ 271,820 Foreign countries 102,054 122,889 142,514 Total net sales $ 348,967 $ 398,179 $ 414,334
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	December 31, 2020 December 31, 2019 Contract assets $ - $ 393 Contract liabilities 8,004 4,911

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventories, net December 31, 2020 December 31, 20 19 Raw materials and in-process $ 18,152 $ 16,474 Finished parts 51,701 47,317 Finished products 12,833 12,206 Total net inventories $ 82,686 $ 75,997

Note 6 - Leases (Tables)

Note 6 - Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Lease, Cost [Table Text Block]	2020 2019 Components of lease costs: Operating lease costs $ 431 $ 370 Short-term lease costs 336 527 Finance lease costs 144 98 Total lease costs $ 911 $ 995
Schedule of Lessee, Leases, Weighted Average Remaining Term and Discount Rate [Table Text Block]	December 31, 2020 December 31, 2019 Weighted average remaining lease term (years): Operating leases 2.1 2.9 Finance leases 3.3 4.3 Weighted average discount rate: Operating leases 3.25 % 3.25 % Finance leases 3.25 % 3.25 %
Schedule of Components of Lease Assets and Liabilities [Table Text Block]	December 31, 2020 Operating Leases Financing Leases Total Leases Other assets - right-of-use assets $ 1,250 $ 420 $ 1,670 Lease liabilities included in: Accrued expenses - current portion of lease liabilities $ 580 $ 130 $ 710 Other long-term liabilities - non-current portion of lease liabilities 650 310 960 Total lease liabilities $ 1,230 $ 440 $ 1,670 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 , 2020 2021 $ 752 2022 547 2023 348 2024 86 2025 11 Thereafter 6 Total lease payments $ 1,750 Less: Interest (80 ) Present value of lease liabilities $ 1,670 December 3 1 , 2019 2020 $ 712 2021 524 2022 360 2023 241 2024 46 Thereafter 9 Total lease payments $ 1,892 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, 2020
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Pension and other postretirement benefits: 2020 201 9 201 8 Recognized actuarial loss (a) $ 2,466 $ 1,753 $ 1,164 Settlement loss (b) 4,583 - 2,852 Total before income tax 7,049 1,753 4,016 Income tax (1,368 ) (363 ) (823 ) Net of income tax $ 5,681 $ 1,390 $ 3,193
Comprehensive Income (Loss) [Table Text Block]	Currency Translation Adjustments Pension and OPEB Adjustments Accumulated Other Comprehensive (Loss) Income 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 ) Reclassification adjustments - 7,049 7,049 Current period benefit (charge) 3,111 (13,510 ) (10,399 ) Income tax benefit - 1,510 1,510 Balance at December 31, 2020 $ (5,044 ) $ (25,333 ) $ (30,377 )

Note 8 - Income Taxes (Tables)

Note 8 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	2020 2019 2018 United States $ 28,493 $ 41,234 $ 45,271 Foreign countries 2,753 3,932 5,045 Total $ 31,246 $ 45,166 $ 50,316 2020 2019 2018 Current expense: Federal $ 4,058 $ 8,204 $ 7,779 Foreign 353 1,140 1,179 State and local 1,103 1,205 1,042 $ 5,514 $ 10,549 $ 10,000 Deferred expense (benefit): Federal $ 728 $ (720 ) $ 405 Foreign (349 ) (379 ) (125 ) State and local 165 (99 ) 57 544 (1,198 ) 337 Income tax expense $ 6,058 $ 9,351 $ 10,337
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2020 201 9 201 8 Income taxes at statutory rate $ 6,562 $ 9,485 $ 10,566 State and local income taxes, net of federal tax benefit 711 803 832 Tax credits (808 ) (898 ) (506 ) Uncertain tax positions 42 164 172 Valuation allowance - 71 37 Federal tax reform – deferred rate change - - (581 ) Deemed mandatory repatriation - - (48 ) Other (449 ) (274 ) (135 ) Income tax expense $ 6,058 $ 9,351 $ 10,337
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2020 2019 Deferred tax assets: Inventories $ 646 $ 1,391 Accrued liabilities 1,484 2,095 Postretirement health benefits obligation 6,815 5,884 Pension 1,688 240 Lease liabilities 390 361 Other 1,434 1,360 Total deferred tax assets 12,457 11,331 Valuation allowance (567 ) (567 ) Net deferred tax assets 11,890 10,764 Deferred tax liabilities: Depreciation and amortization (9,536 ) (9,446 ) Leases – right of use assets (388 ) (361 ) Foreign withholding tax (100 ) (100 ) Total deferred tax liabilities (10,024 ) (9,907 ) Net deferred tax assets $ 1,866 $ 857
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	2020 201 9 201 8 Balance at beginning of year $ 1,130 $ 951 $ 797 Additions based on tax positions related to the current year 177 372 268 Reductions due to lapse of applicable statute of limitations (139 ) (193 ) (114 ) Settlements (290 ) - - Balance at end of year $ 878 $ 1,130 $ 951

Note 9 - Pensions and Other P_2

Note 9 - Pensions and Other Postretirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Changes in Projected Benefit Obligations [Table Text Block]	Pension Plan Postretirement Plan 2020 201 9 2020 201 9 Accumulated benefit obligation at end of year $ 69,554 $ 66,900 $ 29,848 $ 26,055 Change in projected benefit obligation: Benefit obligation at beginning of year $ 81,325 $ 67,578 $ 26,055 $ 23,679 Service cost 2,709 2,204 1,372 1,083 Interest cost 1,937 2,454 778 941 Settlement 1,854 - - - Benefits paid (12,872 ) (3,735 ) (1,305 ) (2,311 ) Effect of foreign exchange - 9 16 Actual expenses (150 ) - - - Actuarial loss 11,496 12,824 2,939 2,647 Benefit obligation at end of year $ 86,299 $ 81,325 $ 29,848 $ 26,055 Change in plan assets: Plan assets at beginning of year $ 80,285 $ 72,395 $ - $ - Actual return on plan assets 7,804 11,625 - - Employer contributions 2,000 - 1,305 2,311 Benefits paid (12,872 ) (3,735 ) (1,305 ) (2,311 ) Actual expenses (150 ) - - - Plan assets at end of year $ 77,067 $ 80,285 $ - $ - Funded status at end of year $ (9,232 ) $ (1,040 ) $ (29,848 ) $ (26,055 ) Pension Plan Postretirement Plan 20 20 201 9 2020 201 9 Amounts recognized in the Consolidated Balance Sheets consist of: Current liabilities $ - $ - $ (1,598 ) $ (1,602 ) Noncurrent liabilities (9,232 ) (1,040 ) (28,250 ) (24,453 ) Total assets (liabilities) $ (9,232 ) $ (1,040 ) $ (29,848 ) $ (26,055 ) Amounts recognized in Accumulated other comprehensive loss consist of: Net actuarial loss $ 28,896 $ 26,192 $ 7,834 $ 5,205 Prior Service Cost - - (3,255 ) (4,383 ) Deferred tax (benefit) expense (7,130 ) (6,499 ) (1,012 ) (132 ) After tax actuarial loss (gain) $ 21,766 $ 19,693 $ 3,567 $ 690
Schedule of Costs of Retirement Plans [Table Text Block]	Components of net periodic benefit cost: 2020 2019 2018 Pension Plan Service cost $ 2,709 $ 2,204 $ 2,408 Interest cost 1,937 2,454 2,552 Expected return on plan assets (3,900 ) (3,561 ) (4,481 ) Recognized actuarial loss 2,160 1,726 1,577 Settlement loss 4,583 - 2,852 Net periodic benefit cost $ 7,489 $ 2,823 $ 4,908 Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) 2,704 $ 3,034 $ (1,413 ) Total expense recognized in net periodic benefit cost and other comprehensive income $ 10,193 $ 5,857 $ 3,495 Postretirement Plan Service cost $ 1,372 $ 1,083 $ 775 Interest cost 778 941 561 Prior service cost recognition (1,129 ) (1,129 ) (1,128 ) Recognized actuarial loss (gain) 306 27 (413 ) Net periodic benefit (credit) cost $ 1,327 $ 922 $ (205 ) Other changes in postretirement plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ 3,762 $ 3,749 $ 9,096 Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income $ 5,089 $ 4,671 $ 8,891
Defined Benefit Plan, Assumptions [Table Text Block]	Pension Plan Postretirement Plan 2020 201 9 2020 201 9 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 1.97 % 2.83 % 2.25 % 3.08 % 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 2.40 % 3.94 % 3.08 % 4.13 % Expected long-term rate of return on plan assets 5.36 % 5.37 % – – 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, 20 20 Equity $ 12,619 $ - $ 20 $ 12,639 Fixed income 9,582 45,463 - 55,045 Mutual funds 2,108 - - 2,108 Money funds and cash 2,089 5,186 - 7,275 Total fair value of Plan assets $ 26,398 $ 50,649 $ 20 $ 77,067 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, 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
Schedule of Expected Benefit Payments [Table Text Block]	2021 2022 2023 2024 2025 Thereafter Pension $ 12,540 $ 5,233 $ 3,829 $ 4,942 $ 5,059 $ 27,198 Postretirement 1,616 1,548 1,495 1,525 1,510 8,898

Note 10 - Goodwill and Other _2

Note 10 - Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	2020 201 9 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Finite-lived intangible assets: Customer relationships $ 7,876 $ 6,991 $ 7,832 $ 6,301 Technology and drawings 6,761 4,015 6,749 3,712 Other intangibles 2,307 1,521 2,292 1,151 Total finite-lived intangible assets 16,944 12,527 16,873 11,164 Goodwill 27,537 - 27,215 - Trade names and trademarks 2,221 - 2,072 - Total $ 46,702 $ 12,527 $ 46,160 $ 11,164
Schedule of Goodwill [Table Text Block]	Goodwill Balance at December 31, 2018 $ 27,234 Acquisitions - Impairment - Foreign currency (19 ) Balance at December 31, 2019 $ 27,215 Acquisitions - Impairment - Foreign currency 322 Balances at December 31, 2020 $ 27,537

Note 11 - Business Segment In_2

Note 11 - Business Segment Information (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Product Category 2020 2019 2018 Pumps and pump systems $ 300,906 $ 341,304 $ 357,882 Repair parts for pumps and pump systems and other 48,061 56,875 56,452 Total net sales $ 348,967 $ 398,179 $ 414,334
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	Geographic Location 2020 2019 2018 United States $ 246,913 $ 275,290 $ 271,820 Foreign countries 102,054 122,889 142,514 Total net sales $ 348,967 $ 398,179 $ 414,334

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Percentage of LIFO Inventory	71.00%	72.00%
Depreciation, Total	$ 11,400	$ 12,600	$ 13,300
Goodwill, Impairment Loss	0	0	0
Advertising Expense	2,100	3,000	3,000
Performance Shares [Member]
Share-based Payment Arrangement, Expense	$ 300	$ 700	$ 1,300
The 2015 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	3 years
Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Number of Major Customers	0	0	0

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, 2020
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, 2020	Dec. 31, 2019
Property, plant and equipment, gross	$ 302,043	$ 298,082
Less accumulated depreciation	(193,377)	(186,303)
Property, plant and equipment, net	108,666	111,779
Land [Member]
Property, plant and equipment, gross	5,805	4,998
Building [Member]
Property, plant and equipment, gross	111,876	110,162
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 184,362	$ 182,922

Note 1 - Summary of Significa_6

Note 1 - Summary of Significant Accounting Policies - Amortization of Intangible Assets Lives (Details)	12 Months Ended
	Dec. 31, 2020
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, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance at beginning of year	$ 1,438	$ 1,380	$ 1,098
Provision	1,350	1,747	1,689
Claims	(1,427)	(1,689)	(1,407)
Balance at end of year	$ 1,361	$ 1,438	$ 1,380

Note 2 - Allowance for Doubtf_2

Note 2 - Allowance for Doubtful Accounts (Details Textual) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 0.4	$ 0.5

Note 3 - Revenue 1 (Details Tex

Note 3 - Revenue 1 (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contract with Customer, Liability, Revenue Recognized	$ 4.5	$ 4.4
Non-US [Member]
Percentage Revenue By Location	29.00%	31.00%	34.00%

Note 3 - Revenue 2 (Details Tex

Note 3 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 $ in Millions	Dec. 31, 2020USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 113.1
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 348,967	$ 398,179	$ 414,334
UNITED STATES
Net sales	246,913	275,290	271,820
Non-US [Member]
Net sales	102,054	122,889	142,514
Pumps and Pump Systems [Member]
Net sales	300,906	341,304	357,882
Repair Parts for Pumps and Pump Systems and Other [Member]
Net sales	$ 48,061	$ 56,875	$ 56,452

Note 3 - Revenue - Contract Ass

Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Contract assets	$ 0	$ 393
Contract liabilities	$ 8,004	$ 4,911

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Inventory, LIFO Reserve	$ 62.5	$ 63.5
Inventory, LIFO Reserve, Effect on Income, Net, Total	2
Inventory Valuation Reserves, Ending Balance	$ 5.9	$ 5.9

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Raw materials and in-process	$ 18,152	$ 16,474
Finished parts	51,701	47,317
Finished products	12,833	12,206
Total net inventories	$ 82,686	$ 75,997

Note 5 - Credit Facilities (Det

Note 5 - Credit Facilities (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Interest Expense, Debt, Total	$ 18,000	$ 1,000	$ 1,000
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	19,900,000
Letters of Credit Outstanding, Amount	$ 100,000	100,000
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
Letters of Credit Outstanding, Amount		4,400,000
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	1,500,000	1,000,000
Letters of Credit Outstanding, Amount	$ 1,500,000	$ 2,000,000
Line of Credit Facility, Interest Rate at Period End	1.75%

Note 6 - Leases (Details Textua

Note 6 - Leases (Details Textual)	12 Months Ended
	Dec. 31, 2020
Lessee, Operating Lease, Renewal Term (Year)	5 years
Minimum [Member]
Lessee, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Remaining Lease Term (Year)	5 years

Note 6 - Leases - Supplement In

Note 6 - Leases - Supplement Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating lease costs	$ 431	$ 370
Short-term lease costs	336	527
Finance lease costs	144	98
Total lease costs	$ 911	$ 995

Note 6 - Leases - Weighted Aver

Note 6 - Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2020	Dec. 31, 2019
Operating leases (Year)	2 years 1 month 6 days	2 years 10 months 24 days
Finance leases (Year)	3 years 3 months 18 days	4 years 3 months 18 days
Operating leases	3.25%	3.25%
Finance leases	3.25%	3.25%

Note 6 - Leases - Lease Assets

Note 6 - Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other assets - right-of-use assets, operating leases	$ 1,250	$ 1,260
Other assets - right-of-use assets, financing leases	420	550
Other assets - right-of-use assets, total	1,670	1,810
Present value of lease liabilities	1,670	1,810
Accrued Expenses [Member]
Accrued expenses - current portion of lease liabilities, operating leases	580	520
Accrued expenses - current portion of lease liabilities, financing leases	130	120
Accrued expenses - current portion of lease liabilities, total	710	640
Other Noncurrent Liabilities [Member]
Other long-term liabilities - non-current portion of lease liabilities, operating leases	650	730
Other long-term liabilities - non-current portion of lease liabilities, financing leases	310	440
Other long-term liabilities - non-current portion of lease liabilities, total	960	1,170
Accrued Expenses and Other Noncurrent Liabilities [Member]
Total lease liabilities, operating leases	1,230	1,250
Total lease liabilities, financing leases	440	560
Present value of lease liabilities	$ 1,670	$ 1,810

Note 6 - Leases - Maturities of

Note 6 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
2021	$ 752	$ 712
2022	547	524
2023	348	360
2024	86	241
2025	11	46
Thereafter	6	9
Total lease payments	1,750	1,892
Less: Interest	(80)	(82)
Present value of lease liabilities	$ 1,670	$ 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, 2020	Dec. 31, 2019	Dec. 31, 2018
Settlement loss		$ (4,600)	$ 0	$ (2,900)
Total before income tax		(31,246)	(45,166)	(50,316)
Income tax		6,058	9,351	10,337
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Recognized actuarial loss	[1]	2,466	1,753	1,164
Settlement loss	[2]	4,583	0	2,852
Total before income tax		7,049	1,753	4,016
Income tax		(1,368)	(363)	(823)
Net of income tax		$ 5,681	$ 1,390	$ 3,193
[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 Loss - Accumulated Other Comprehensive Loss Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance	$ 307,878	$ 293,132	$ 325,495
Reclassification of stranded income tax effects in accumulated other comprehensive income			0
Balance	315,513	307,878	293,132
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(8,155)	(8,243)	(5,321)
Reclassification of stranded income tax effects in accumulated other comprehensive income			0
Reclassification adjustments	0	0	0
Current period benefit (charge)	3,111	88	(2,922)
Income tax charge (benefit)	0	0	0
Current period benefit (charge)	3,111	88	(2,922)
Income tax charge (benefit)	0	0	0
Income tax charge (benefit)	0	0	0
Balance	(5,044)	(8,155)	(8,243)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(20,382)	(15,180)	(7,188)
Reclassification of stranded income tax effects in accumulated other comprehensive income			(2,070)
Reclassification adjustments	7,049	1,753	4,016
Current period benefit (charge)	(13,510)	(8,521)	(9,644)
Income tax charge (benefit)	(1,510)	1,566	(294)
Current period benefit (charge)	(13,510)	(8,521)	(9,644)
Income tax charge (benefit)	(1,510)	1,566	(294)
Income tax charge (benefit)	1,510	(1,566)	294
Balance	(25,333)	(20,382)	(15,180)
AOCI Attributable to Parent [Member]
Balance	(28,537)	(23,423)	(12,509)
Reclassification of stranded income tax effects in accumulated other comprehensive income			(2,070)
Reclassification adjustments	7,049	1,753	4,016
Current period benefit (charge)	(10,399)	(8,433)	(12,566)
Income tax charge (benefit)	(1,510)	1,566	(294)
Current period benefit (charge)	(10,399)	(8,433)	(12,566)
Income tax charge (benefit)	(1,510)	1,566	(294)
Income tax charge (benefit)	1,510	(1,566)	294
Balance	$ (30,377)	$ (28,537)	$ (23,423)

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes Paid	$ 6,200	$ 9,100	$ 14,700
Tax Credit Carryforward, Amount	700	700
Deferred Tax Assets, Valuation Allowance, Total	567	567
Unrecognized Tax Benefits, Ending Balance	878	1,130	951	$ 797
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	700	900
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 200	$ 300	$ 200

Note 8 - Income Taxes - Compone

Note 8 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
United States	$ 31,246	$ 45,166	$ 50,316
Current expense:
Federal	4,058	8,204	7,779
Foreign	353	1,140	1,179
State and local	1,103	1,205	1,042
Total current	5,514	10,549	10,000
Deferred expense (benefit):
Federal	728	(720)	405
Foreign	(349)	(379)	(125)
State and local	165	(99)	57
Total deferred	544	(1,198)	337
Income tax expense	6,058	9,351	10,337
UNITED STATES
United States	28,493	41,234	45,271
Foreign Countries [Member]
United States	$ 2,753	$ 3,932	$ 5,045

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Income taxes at statutory rate	$ 6,562	$ 9,485	$ 10,566
State and local income taxes, net of federal tax benefit	711	803	832
Tax credits	(808)	(898)	(506)
Uncertain tax positions	42	164	172
Valuation allowance	0	71	37
Federal tax reform – deferred rate change	0	0	(581)
Deemed mandatory repatriation	0	0	(48)
Other	(449)	(274)	(135)
Income tax expense	$ 6,058	$ 9,351	$ 10,337

Note 8 - Income Taxes - Deferre

Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Inventories	$ 646	$ 1,391
Accrued liabilities	1,484	2,095
Postretirement health benefits obligation	6,815	5,884
Pension	1,688	240
Lease liabilities	390	361
Other	1,434	1,360
Total deferred tax assets	12,457	11,331
Valuation allowance	(567)	(567)
Net deferred tax assets	11,890	10,764
Deferred tax liabilities:
Depreciation and amortization	(9,536)	(9,446)
Leases – right of use assets	(388)	(361)
Foreign withholding tax	(100)	(100)
Total deferred tax liabilities	(10,024)	(9,907)
Net deferred tax assets	$ 1,866	$ 857

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance at beginning of year	$ 1,130	$ 951	$ 797
Additions based on tax positions related to the current year	177	372	268
Reductions due to lapse of applicable statute of limitations	(139)	(193)	(114)
Settlements	(290)	0	0
Balance at end of year	$ 878	$ 1,130	$ 951

Note 9 - Pensions and Other P_3

Note 9 - Pensions and Other Postretirement Benefits (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	$ 4,600	$ 0	$ 2,900
Unrecognized Actuarial Gain (Loss) in Excess of Benefit Obligation, Percentage	10.00%
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 2,000
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	1,600
One Percentage Point Decrease in Discount Rate [Member]
Defined Benefit Plan Effect On Pension Expense	$ 1,800
Defined Benefit Plan, Equity Securities [Member] | Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	22.00%
Defined Benefit Plan, Equity Securities [Member] | Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	42.00%
Fixed Income Securities [Member] | Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	50.00%
Fixed Income Securities [Member] | Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	70.00%
Alternative Investments [Member] | Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	3.00%
Alternative Investments [Member] | Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	13.00%
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Minimum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	0.00%
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Maximum [Member]
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage	10.00%
Postretirement Health Coverage [Member]
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate	5.00%	5.00%
Pension Plan [Member]
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 2,300	$ 2,300	$ 2,200

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in plan assets:
Plan assets at beginning of year	$ 80,285
Plan assets at end of year	77,067	$ 80,285
Pension Plan [Member]
Benefit obligation at beginning of year	81,325	67,578
Service cost	2,709	2,204	$ 2,408
Interest cost	1,937	2,454	2,552
Settlement	1,854	0
Benefits paid	(12,872)	(3,735)
Effect of foreign exchange		0
Actual expenses	(150)	0
Actuarial loss	11,496	12,824
Benefit obligation at end of year	86,299	81,325	67,578
Change in plan assets:
Plan assets at beginning of year	80,285	72,395
Actual return on plan assets	7,804	11,625
Employer contributions	2,000	0
Benefits paid	(12,872)	(3,735)
Actual expenses	(150)	0
Plan assets at end of year	77,067	80,285	72,395
Funded status at end of year	(9,232)	(1,040)
Current liabilities	0	0
Noncurrent liabilities	(9,232)	(1,040)
Total assets (liabilities)	(9,232)	(1,040)
Net actuarial loss	28,896	26,192
Prior Service Cost	0	0
Deferred tax (benefit) expense	(7,130)	(6,499)
After tax actuarial loss (gain)	21,766	19,693
Postretirement Plan [Member]
Benefit obligation at beginning of year	26,055	23,679
Service cost	1,372	1,083	775
Interest cost	778	941	561
Settlement	0	0
Benefits paid	(1,305)	(2,311)
Effect of foreign exchange	9	16
Actual expenses	0	0
Actuarial loss	2,939	2,647
Benefit obligation at end of year	29,848	26,055	23,679
Change in plan assets:
Plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	1,305	2,311
Benefits paid	(1,305)	(2,311)
Actual expenses	0	0
Plan assets at end of year	0	0	$ 0
Funded status at end of year	(29,848)	(26,055)
Current liabilities	(1,598)	(1,602)
Noncurrent liabilities	(28,250)	(24,453)
Total assets (liabilities)	(29,848)	(26,055)
Net actuarial loss	7,834	5,205
Prior Service Cost	(3,255)	(4,383)
Deferred tax (benefit) expense	(1,012)	(132)
After tax actuarial loss (gain)	$ 3,567	$ 690

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Recognized actuarial (gain) loss	$ 306	$ 27	$ (413)
Settlement loss	(4,600)	0	(2,900)
Net loss (gain)	3,762	3,749	9,096
Recognized actuarial loss (gain)	306	27	(413)
Pension Plan [Member]
Service cost	2,709	2,204	2,408
Interest cost	1,937	2,454	2,552
Expected return on plan assets	(3,900)	(3,561)	(4,481)
Recognized actuarial (gain) loss	2,160	1,726	1,577
Settlement loss	4,583	0	2,852
Net periodic benefit (credit) cost	7,489	2,823	4,908
Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income	10,193	5,857	3,495
Service cost	2,709	2,204	2,408
Interest cost	1,937	2,454	2,552
Recognized actuarial loss (gain)	2,160	1,726	1,577
Postretirement Plan [Member]
Service cost	1,372	1,083	775
Interest cost	778	941	561
Net periodic benefit (credit) cost	1,327	922	(205)
Net loss (gain)	2,704	3,034	(1,413)
Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income	5,089	4,671	8,891
Service cost	1,372	1,083	775
Interest cost	778	941	561
Prior service cost recognition	$ (1,129)	$ (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, 2020	Dec. 31, 2019
Pension Plan [Member]
Discount rate	1.97%	2.83%
Rate of compensation increase	3.50%	3.50%
Discount rate	2.40%	3.94%
Expected long-term rate of return on plan assets	5.36%	5.37%
Rate of compensation increase	3.50%	3.50%
Postretirement Plan [Member]
Discount rate	2.25%	3.08%
Rate of compensation increase	0.00%	0.00%
Discount rate	3.08%	4.13%
Expected long-term rate of return on plan assets	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%

Note 9 - Pensions and Other P_7

Note 9 - Pensions and Other Postretirement Benefits - Allocation of Plan Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Plan Fair Value Assets	$ 77,067	$ 80,285
Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	26,398	29,752
Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	50,649	50,533
Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets	20	0
Equity Securities [Member]
Plan Fair Value Assets	12,639	12,986
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	12,619	12,986
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	0	0
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets	20	0
Fixed Income Securities [Member]
Plan Fair Value Assets	55,045	57,816
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	9,582	11,671
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	45,463	46,145
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets	0	0
Mutual Funds [Member]
Plan Fair Value Assets	2,108	1,992
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	2,108	1,992
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	0	0
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets	0	0
Cash and Cash Equivalents [Member]
Plan Fair Value Assets	7,275	7,491
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Plan Fair Value Assets	2,089	3,103
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Plan Fair Value Assets	5,186	4,388
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member]
Plan Fair Value Assets	$ 0	$ 0

Note 9 - Pensions and Other P_8

Note 9 - Pensions and Other Postretirement Benefits - Expected Future Benefit Payments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Pension Plan [Member]
2021, pension	$ 12,540
2022, pension	5,233
2023, pension	3,829
2024, pension	4,942
2025, pension	5,059
Thereafter, pension	27,198
Postretirement Plan [Member]
2021, pension	1,616
2022, pension	1,548
2023, pension	1,495
2024, pension	1,525
2025, pension	1,510
Thereafter, pension	$ 8,898

Note 10 - Goodwill and Other _3

Note 10 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amortization of Intangible Assets, Total	$ 1,300	$ 1,200	$ 1,200
Finite-Lived Intangible Asset, Expected Amortization, Year One	500
Goodwill, Impairment Loss	0	0	0
Goodwill, Ending Balance	27,537	$ 27,215	$ 27,234
Finite-Lived Intangible Asset, Expected Amortization, Year Two	500
Finite-Lived Intangible Asset, Expected Amortization, Year Three	500
Finite-Lived Intangible Asset, Expected Amortization, Year Four	500
Finite-Lived Intangible Asset, Expected Amortization, Year Five	500
National Reporting Unit [Member]
Goodwill, Impairment Loss	$ 0
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	31.00%
Goodwill, Ending Balance	$ 13,600
Reporting Unit, Percentage of Parent Company Total Assets	3.40%

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Intangible assets, cost	$ 16,944	$ 16,873
Intangible assets, accumulated amortization	12,527	11,164
Goodwill, Ending Balance	27,537	27,215	$ 27,234
Intangible assets, including goodwill, cost	46,702	46,160
Trademarks and Trade Names [Member]
Trade names and trademarks	2,221	2,072
Customer Relationships [Member]
Intangible assets, cost	7,876	7,832
Intangible assets, accumulated amortization	6,991	6,301
Technology and Drawings [Member]
Intangible assets, cost	6,761	6,749
Intangible assets, accumulated amortization	4,015	3,712
Other Intangible Assets [Member]
Intangible assets, cost	2,307	2,292
Intangible assets, accumulated amortization	$ 1,521	$ 1,151

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance	$ 27,215	$ 27,234
Acquisitions	0	0
Impairment	0	0	$ 0
Foreign currency	322	(19)
Balance	$ 27,537	$ 27,215	$ 27,234

Note 11 - Business Segment In_3

Note 11 - Business Segment Information (Details Textual)	Dec. 31, 2020	Dec. 31, 2019
Number of Countries in which Entity Operates	130
UNITED STATES
Long Lived Assets, Percent	86.00%	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, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 348,967	$ 398,179	$ 414,334
Pumps and Pump Systems [Member]
Net sales	300,906	341,304	357,882
Repairs and Other [Member]
Net sales	$ 48,061	$ 56,875	$ 56,452

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 348,967	$ 398,179	$ 414,334
UNITED STATES
Net sales	246,913	275,290	271,820
Foreign Countries [Member]
Net sales	$ 102,054	$ 122,889	$ 142,514