The Gorman-Rupp Company (GRC) 10-Q 26 Apr 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 26, 2021
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	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		26,116,140

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net sales	$ 89,027	$ 91,671
Cost of products sold	65,985	68,223
Gross profit	23,042	23,448
Selling, general and administrative expenses	14,069	14,871
Operating income	8,973	8,577
Other income (expense), net	345	(1,687)
Income before income taxes	9,318	6,890
Income taxes	1,889	1,404
Net income	$ 7,429	$ 5,486
Earnings per share (in dollars per share)	$ 0.28	$ 0.21
Cash dividends per share (in dollars per share)	$ 0.155	$ 0.145
Average number of shares outstanding (in shares)	26,108,810	26,074,620

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 7,429	$ 5,486
Other comprehensive (loss) income, net of tax:
Cumulative translation adjustments	(1,383)	(2,361)
Pension and postretirement medical liability adjustments	512	1,579
Other comprehensive (loss)	(871)	(782)
Comprehensive income	$ 6,558	$ 4,704

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 116,514	$ 108,203
Accounts receivable, net	53,967	50,763
Inventories, net	79,010	82,686
Prepaid and other	6,265	5,169
Total current assets	255,756	246,821
Property, plant and equipment, net	105,788	108,666
Other assets	5,789	4,795
Goodwill and other intangible assets, net	33,852	34,175
Total assets	401,185	394,457
Current liabilities:
Accounts payable	12,654	9,466
Payroll and employee related liabilities	10,117	10,825
Commissions payable	4,775	5,624
Deferred revenue and customer deposits	8,635	8,004
Accrued expenses	6,570	4,582
Total current liabilities	42,751	38,501
Pension benefits	9,478	9,232
Postretirement benefits	28,230	28,250
Other long-term liabilities	2,096	2,961
Total liabilities	82,555	78,944
Equity:
Common shares, without par value: Authorized – --35,000,000 shares; Outstanding –26,116,140 shares at March 31, 2021 and 26,101,992 shares at December 31, 2020 (after deducting treasury shares of 932,656 and 946,804, respectively), at stated capital amounts	5,102	5,099
Additional paid-in capital	1,244	693
Retained earnings	343,532	340,098
Accumulated other comprehensive (loss)	(31,248)	(30,377)
Total equity	318,630	315,513
Total liabilities and equity	$ 401,185	$ 394,457

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Mar. 31, 2021	Dec. 31, 2020
Common shares, authorized (in shares)	35,000,000	35,000,000
Common shares, outstanding (in shares)	26,116,140	26,101,992
Treasury shares (in shares)	932,656	946,804
Common shares, par value (in dollars per share)	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 7,429	$ 5,486
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,982	3,182
Pension expense	761	2,225
Stock based compensation	836	(93)
Changes in operating assets and liabilities:
Accounts receivable, net	(3,576)	1,951
Inventories, net	3,073	(2,906)
Accounts payable	3,397	(786)
Commissions payable	(771)	(605)
Deferred revenue and customer deposits	711	675
Income taxes	986	1,781
Accrued expenses and other	(1,296)	(907)
Benefit obligations	(850)	(1,571)
Net cash provided by operating activities	13,682	8,432
Cash used for investing activities:
Capital additions	(864)	(1,697)
Other	516	30
Net cash used for investing activities	(348)	(1,667)
Cash used for financing activities:
Cash dividends	(4,047)	(3,780)
Treasury share repurchases	(231)	(361)
Other	(627)	(284)
Net cash used for financing activities	(4,905)	(4,425)
Effect of exchange rate changes on cash	(118)	(459)
Net increase in cash and cash equivalents	8,311	1,881
Cash and cash equivalents:
Beginning of period	108,203	80,555
End of period	$ 116,514	$ 82,436

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, 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				(782)	(782)
Stock based compensation, net (in shares)	23,990
Stock based compensation, net	$ 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, 2020	26,101,992
Balance at Dec. 31, 2020	$ 5,099	693	340,098	(30,377)	315,513
Net income			7,429		7,429
Other comprehensive income				(871)	(871)
Stock based compensation, net (in shares)	14,148
Stock based compensation, net	$ 3	551	52		606
Cash dividends			(4,047)		(4,047)
Balances (in shares) at Mar. 31, 2021	26,116,140
Balance at Mar. 31, 2021	$ 5,102	$ 1,244	$ 343,532	$ (31,248)	$ 318,630

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Retained Earnings [Member]
Cash dividends, amount per share (in dollars per share)	$ 0.155	$ 0.145
Cash dividends, amount per share (in dollars per share)	$ 0.155	$ 0.145

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation of Financial Statements	3 Months Ended
	Mar. 31, 2021
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 no three March 31, 2021 not may December 31, 2021. 10 December 31, 2020, COVID- 19 In March 2020, 19” 19 not 10 may

Note 2 - Recently Issued Accoun

Note 2 - Recently Issued Accounting Standards	3 Months Ended
	Mar. 31, 2021
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 Recently Adopted Accounting Standards In December 2019, 2019 12, 2019 12 December 15, 2020, 2019 12 January 1, 2021 no

Note 3 - Revenue

Note 3 - Revenue	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 3 REVENUE Disaggregation of Revenue The following tables disaggregate total net sales by major product category and geographic location: Product Category March 31, 2021 March 31, 2020 Pumps and pump systems $ 75,301 $ 78,299 Repair parts for pumps and pump systems and other 13,726 13,372 Total net sales $ 89,027 $ 91,671 Geographic Location March 31, 2021 March 31, 2020 United States $ 62,619 $ 65,368 Foreign countries 26,408 26,303 Total net sales $ 89,027 $ 91,671 International sales represented approximately 30% and 29% of total net sales for the first 2021 2020, On March 31, 2021, one The Company’s contract assets and liabilities as of March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Contract assets $ - $ - Contract liabilities $ 8,635 $ 8,004 Revenue recognized for the three March 31, 2021 2020

Note 4 - Inventories

Note 4 - Inventories	3 Months Ended
	Mar. 31, 2021
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 $64.1 million and $63.5 million at March 31, 2021 December 31, 2020, March 31, 2021 December 31, 2020. Inventories are comprised of the following: Inventories, net: March 31, 2021 December 31, 2020 Raw materials and in-process $ 18,770 $ 18,152 Finished parts 48,589 51,701 Finished products 11,651 12,833 Total net inventories $ 79,010 $ 82,686

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 5 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consist of the following: March 31, 2021 December 31, 2020 Land $ 5,734 $ 5,805 Buildings 111,089 111,876 Machinery and equipment 184,327 184,362 301,150 302,043 Less accumulated depreciation (195,362 ) (193,377 ) Property, plant and equipment, net $ 105,788 $ 108,666

Note 6 - Product Warranties

Note 6 - Product Warranties	3 Months Ended
	Mar. 31, 2021
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: March 31, 2021 2020 Balance at beginning of year $ 1,361 $ 1,438 Provision 510 294 Claims (395 ) (302 ) Balance at end of period $ 1,476 $ 1,430

Note 7 - Pension and Other Post

Note 7 - Pension and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2021
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 March 31, Three Months Ended March 31, 2021 2020 2021 2020 Service cost $ 749 $ 684 $ 365 $ 343 Interest cost 392 535 163 194 Expected return on plan assets (895 ) (985 ) - - Amortization of prior service cost - - (282 ) (282 ) Recognized actuarial loss 515 513 145 77 Settlement loss - 1,478 - - Net periodic benefit cost (a) $ 761 $ 2,225 $ 391 $ 332 (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 March 31, 2020, three March 31, 2021.

Note 8 - Accumulated Other Comp

Note 8 - Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	NOTE 8 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The reclassifications out of Accumulated other comprehensive income (loss) as reported in the Consolidated Statements of Income are: Three Months Ended March 31, 2021 2020 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 660 $ 590 Settlement loss (a) - 1,478 Total before income tax $ 660 $ 2,068 Income tax (148 ) (489 ) Net of income tax $ 512 $ 1,579 (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 Translation Adjustments Pension and Other Postretirement Benefits Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2020 $ (5,044 ) $ (25,333 ) $ (30,377 ) Reclassification adjustments - 660 660 Current period charge (1,383 ) - (1,383 ) Income tax benefit (charge) - (148 ) (148 ) Balance at March 31, 2021 $ (6,427 ) $ (24,821 ) $ (31,248 ) Currency Translation Adjustments Pension and Other Postretirement Benefits Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ (8,155 ) $ (20,382 ) $ (28,537 ) Reclassification adjustments - 2,068 2,068 Current period charge (2,361 ) - (2,361 ) Income tax benefit (charge) - (489 ) (489 ) Balance at March 31, 2020 $ (10,516 ) $ (18,803 ) $ (29,319 )

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Product Category March 31, 2021 March 31, 2020 Pumps and pump systems $ 75,301 $ 78,299 Repair parts for pumps and pump systems and other 13,726 13,372 Total net sales $ 89,027 $ 91,671 Geographic Location March 31, 2021 March 31, 2020 United States $ 62,619 $ 65,368 Foreign countries 26,408 26,303 Total net sales $ 89,027 $ 91,671
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	March 31, 2021 December 31, 2020 Contract assets $ - $ - Contract liabilities $ 8,635 $ 8,004

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Inventories, net: March 31, 2021 December 31, 2020 Raw materials and in-process $ 18,770 $ 18,152 Finished parts 48,589 51,701 Finished products 11,651 12,833 Total net inventories $ 79,010 $ 82,686

Note 5 - Property, Plant and _2

Note 5 - Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, 2021 December 31, 2020 Land $ 5,734 $ 5,805 Buildings 111,089 111,876 Machinery and equipment 184,327 184,362 301,150 302,043 Less accumulated depreciation (195,362 ) (193,377 ) Property, plant and equipment, net $ 105,788 $ 108,666

Note 6 - Product Warranties (Ta

Note 6 - Product Warranties (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	March 31, 2021 2020 Balance at beginning of year $ 1,361 $ 1,438 Provision 510 294 Claims (395 ) (302 ) Balance at end of period $ 1,476 $ 1,430

Note 7 - Pension and Other Po_2

Note 7 - Pension and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Costs of Retirement Plans [Table Text Block]	Pension Benefits Postretirement Benefits Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 Service cost $ 749 $ 684 $ 365 $ 343 Interest cost 392 535 163 194 Expected return on plan assets (895 ) (985 ) - - Amortization of prior service cost - - (282 ) (282 ) Recognized actuarial loss 515 513 145 77 Settlement loss - 1,478 - - Net periodic benefit cost (a) $ 761 $ 2,225 $ 391 $ 332

Note 8 - Accumulated Other Co_2

Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Three Months Ended March 31, 2021 2020 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 660 $ 590 Settlement loss (a) - 1,478 Total before income tax $ 660 $ 2,068 Income tax (148 ) (489 ) Net of income tax $ 512 $ 1,579
Comprehensive Income (Loss) [Table Text Block]	Currency Translation Adjustments Pension and Other Postretirement Benefits Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2020 $ (5,044 ) $ (25,333 ) $ (30,377 ) Reclassification adjustments - 660 660 Current period charge (1,383 ) - (1,383 ) Income tax benefit (charge) - (148 ) (148 ) Balance at March 31, 2021 $ (6,427 ) $ (24,821 ) $ (31,248 ) Currency Translation Adjustments Pension and Other Postretirement Benefits Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2019 $ (8,155 ) $ (20,382 ) $ (28,537 ) Reclassification adjustments - 2,068 2,068 Current period charge (2,361 ) - (2,361 ) Income tax benefit (charge) - (489 ) (489 ) Balance at March 31, 2020 $ (10,516 ) $ (18,803 ) $ (29,319 )

Note 3 - Revenue 1 (Details Tex

Note 3 - Revenue 1 (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Contract with Customer, Liability, Revenue Recognized	$ 3.8	$ 2.8
Non-US [Member]
Percentage Revenue By Location	30.00%	29.00%

Note 3 - Revenue 2 (Details Tex

Note 3 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Amount	$ 125.5
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
	Mar. 31, 2021	Mar. 31, 2020
Net sales	$ 89,027	$ 91,671
UNITED STATES
Net sales	62,619	65,368
Non-US [Member]
Net sales	26,408	26,303
Pumps and Pump Systems [Member]
Net sales	75,301	78,299
Repair Parts for Pumps and Pump Systems and Other [Member]
Net sales	$ 13,726	$ 13,372

Note 3 - Revenue - Contract Ass

Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Contract assets	$ 0	$ 0
Contract liabilities	$ 8,635	$ 8,004

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory, LIFO Reserve	$ 64.1	$ 63.5
Inventory Valuation Reserves, Ending Balance	$ 5.9	$ 5.9

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Raw materials and in-process	$ 18,770	$ 18,152
Finished parts	48,589	51,701
Finished products	11,651	12,833
Total net inventories	$ 79,010	$ 82,686

Note 5 - Property, Plant and _3

Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, plant and equipment, gross	$ 301,150	$ 302,043
Less accumulated depreciation	(195,362)	(193,377)
Property, plant and equipment, net	105,788	108,666
Land [Member]
Property, plant and equipment, gross	5,734	5,805
Building [Member]
Property, plant and equipment, gross	111,089	111,876
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 184,327	$ 184,362

Note 6 - Product Warranties - P

Note 6 - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Balance at beginning of year	$ 1,361	$ 1,438
Provision	510	294
Claims	(395)	(302)
Balance at end of period	$ 1,476	$ 1,430

Note 7 - Pension and Other Po_3

Note 7 - Pension and Other Postretirement Benefits (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan Effect On Pension Expense	$ 0	$ 1,500

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
		Mar. 31, 2021	Mar. 31, 2020
Pension Plan [Member]
Service cost		$ 749	$ 684
Interest cost		392	535
Expected return on plan assets		(895)	(985)
Amortization of prior service cost		0	0
Recognized actuarial loss		515	513
Settlement loss		0	1,478
Net periodic benefit cost (gain)	[1]	761	2,225
Postemployment Retirement Benefits [Member]
Service cost		365	343
Interest cost		163	194
Expected return on plan assets		0	0
Amortization of prior service cost		(282)	(282)
Recognized actuarial loss		145	77
Settlement loss		0	0
Net periodic benefit cost (gain)	[1]	$ 391	$ 332
[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
		Mar. 31, 2021	Mar. 31, 2020
Total before income tax		$ (9,318)	$ (6,890)
Income tax		1,889	1,404
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Recognized actuarial loss	[1]	660	590
Settlement loss	[2]	0	1,478
Total before income tax		660	2,068
Income tax		(148)	(489)
Net of income tax		$ 512	$ 1,579
[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 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	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Balance	$ 315,513	$ 307,878
Balance	318,630	308,348
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(5,044)	(8,155)
Reclassification adjustments	0	0
Current period benefit (charge)	(1,383)	(2,361)
Income tax charge (benefit)	0	0
Balance	(6,427)	(10,516)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance	(25,333)	(20,382)
Reclassification adjustments	660	2,068
Current period benefit (charge)	0	0
Income tax charge (benefit)	(148)	(489)
Balance	(24,821)	(18,803)
AOCI Attributable to Parent [Member]
Balance	(30,377)	(28,537)
Reclassification adjustments	660	2,068
Current period benefit (charge)	(1,383)	(2,361)
Income tax charge (benefit)	(148)	(489)
Balance	$ (31,248)	$ (29,319)