Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 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 | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 | 26,126,640 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net sales | $ 93,015 | $ 85,814 | $ 182,042 | $ 177,485 |
Cost of products sold | 68,342 | 63,965 | 134,326 | 132,188 |
Gross profit | 24,673 | 21,849 | 47,716 | 45,297 |
Selling, general and administrative expenses | 14,059 | 12,852 | 28,129 | 27,723 |
Operating income | 10,614 | 8,997 | 19,587 | 17,574 |
Other income (expense), net | (1,705) | (1,930) | (1,360) | (3,617) |
Income before income taxes | 8,909 | 7,067 | 18,227 | 13,957 |
Income taxes | 1,812 | 1,433 | 3,701 | 2,837 |
Net income | $ 7,097 | $ 5,634 | $ 14,526 | $ 11,120 |
Earnings per share (in dollars per share) | $ 0.27 | $ 0.22 | $ 0.56 | $ 0.43 |
Cash dividends per share (in dollars per share) | $ 0.155 | $ 0.145 | $ 0.310 | $ 0.290 |
Average number of shares outstanding (in shares) | 26,116,140 | 26,091,492 | 26,112,495 | 26,083,056 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income | $ 7,097 | $ 5,634 | $ 14,526 | $ 11,120 |
Other comprehensive (loss) income, net of tax: | ||||
Cumulative translation adjustments | 955 | 1,114 | (422) | (1,247) |
Pension and postretirement medical liability adjustments | 1,857 | 2,012 | 2,363 | 3,591 |
Other comprehensive income | 2,812 | 3,126 | 1,941 | 2,344 |
Comprehensive income | $ 9,909 | $ 8,760 | $ 16,467 | $ 13,464 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 124,294 | $ 108,203 |
Accounts receivable, net | 58,550 | 50,763 |
Inventories, net | 81,742 | 82,686 |
Prepaid and other | 6,738 | 5,169 |
Total current assets | 271,324 | 246,821 |
Property, plant and equipment, net | 105,854 | 108,666 |
Other assets | 5,477 | 4,795 |
Goodwill and other intangible assets, net | 33,762 | 34,175 |
Total assets | 416,417 | 394,457 |
Current liabilities: | ||
Accounts payable | 16,615 | 9,466 |
Payroll and employee related liabilities | 12,658 | 10,825 |
Commissions payable | 5,429 | 5,624 |
Deferred revenue and customer deposits | 10,554 | 8,004 |
Accrued expenses | 6,582 | 4,582 |
Total current liabilities | 51,838 | 38,501 |
Pension benefits | 9,615 | 9,232 |
Postretirement benefits | 28,177 | 28,250 |
Other long-term liabilities | 1,831 | 2,961 |
Total liabilities | 91,461 | 78,944 |
Equity: | ||
Common shares, without par value: Authorized – --35,000,000 shares; Outstanding – 26,116,140 shares at June 30, 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- | 5,102 | 5,099 |
Additional paid-in capital | 1,709 | 693 |
Retained earnings | 346,581 | 340,098 |
Accumulated other comprehensive (loss) | (28,436) | (30,377) |
Total equity | 324,956 | 315,513 |
Total liabilities and equity | $ 416,417 | $ 394,457 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Jun. 30, 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 | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 14,526 | $ 11,120 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 5,951 | 6,325 |
Pension expense | 3,170 | 5,006 |
Stock based compensation | 1,301 | (95) |
Contributions to pension plan | 0 | (2,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (8,029) | 4,652 |
Inventories, net | 677 | (7,257) |
Accounts payable | 7,292 | 721 |
Commissions payable | (132) | (468) |
Deferred revenue and customer deposits | 2,614 | (1,104) |
Income taxes | 805 | 994 |
Accrued expenses and other | (1,477) | (799) |
Benefit obligations | 1,413 | (21) |
Net cash provided by operating activities | 28,111 | 17,074 |
Cash used for investing activities: | ||
Capital additions | (3,548) | (3,655) |
Other | 577 | 198 |
Net cash used for investing activities | (2,971) | (3,457) |
Cash used for financing activities: | ||
Cash dividends | (8,095) | (7,562) |
Treasury share repurchases | (231) | (361) |
Other | (658) | (285) |
Net cash used for financing activities | (8,984) | (8,208) |
Effect of exchange rate changes on cash | (65) | (179) |
Net increase in cash and cash equivalents | 16,091 | 5,230 |
Cash and cash equivalents: | ||
Beginning of period | 108,203 | 80,555 |
End of period | $ 124,294 | $ 85,785 |
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 (loss) | (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, 2019 | 26,067,502 | ||||
Balance at Dec. 31, 2019 | $ 5,091 | 1,147 | 330,177 | (28,537) | 307,878 |
Net income | 11,120 | ||||
Balances (in shares) at Jun. 30, 2020 | 26,091,492 | ||||
Balance at Jun. 30, 2020 | $ 5,096 | 598 | 333,823 | (26,193) | 313,324 |
Balances (in shares) at Mar. 31, 2020 | 26,091,492 | ||||
Balance at Mar. 31, 2020 | $ 5,096 | 600 | 331,971 | (29,319) | 308,348 |
Net income | 5,634 | 5,634 | |||
Other comprehensive income (loss) | 3,126 | 3,126 | |||
Stock based compensation, net | (2) | (2) | |||
Cash dividends | (3,782) | (3,782) | |||
Balances (in shares) at Jun. 30, 2020 | 26,091,492 | ||||
Balance at Jun. 30, 2020 | $ 5,096 | 598 | 333,823 | (26,193) | 313,324 |
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 (loss) | (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 |
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 | 14,526 | ||||
Balances (in shares) at Jun. 30, 2021 | 26,116,140 | ||||
Balance at Jun. 30, 2021 | $ 5,102 | 1,709 | 346,581 | (28,436) | 324,956 |
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 |
Net income | 7,097 | 7,097 | |||
Other comprehensive income (loss) | 2,812 | 2,812 | |||
Stock based compensation, net | 465 | 465 | |||
Cash dividends | (4,048) | (4,048) | |||
Balances (in shares) at Jun. 30, 2021 | 26,116,140 | ||||
Balance at Jun. 30, 2021 | $ 5,102 | $ 1,709 | $ 346,581 | $ (28,436) | $ 324,956 |
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 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation of Financial Statements | 6 Months Ended |
Jun. 30, 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 six June 30, 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Pumps and pump systems $ 78,935 $ 75,356 $ 154,236 $ 153,654 Repair parts for pumps and pump systems and other 14,080 10,458 27,806 23,831 Total net sales $ 93,015 $ 85,814 $ 182,042 $ 177,485 Geographic Location Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States $ 64,478 $ 59,653 $ 127,097 $ 125,020 Foreign countries 28,537 26,161 54,945 52,465 Total net sales $ 93,015 $ 85,814 $ 182,042 $ 177,485 International sales represented approximately 31% of total net sales for both the second 2021 2020 On June 30, 2021, one The Company’s contract assets and liabilities as of June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Contract assets $ - $ - Contract liabilities $ 10,554 $ 8,004 Revenue recognized for the six June 30, 2021 2020 |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Jun. 30, 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 $64.7 million and $63.5 million at June 30, 2021 December 31, 2020, June 30, 2021 December 31, 2020. Inventories are comprised of the following: Inventories, net: June 30, 2021 December 31, 2020 Raw materials and in-process $ 22,096 $ 18,152 Finished parts 47,990 51,701 Finished products 11,656 12,833 Total net inventories $ 81,742 $ 82,686 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 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: June 30, 2021 December 31, 2020 Land $ 5,923 $ 5,805 Buildings 111,368 111,876 Machinery and equipment 186,657 184,362 303,948 302,043 Less accumulated depreciation (198,094 ) (193,377 ) Property, plant and equipment, net $ 105,854 $ 108,666 |
Note 6 - Product Warranties
Note 6 - Product Warranties | 6 Months Ended |
Jun. 30, 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: June 30, 2021 2020 Balance at beginning of year $ 1,361 $ 1,438 Provision 886 528 Claims (857 ) (628 ) Balance at end of period $ 1,390 $ 1,338 |
Note 7 - Pension and Other Post
Note 7 - Pension and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 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 June 30, Three Months Ended June 30, 2021 2020 2021 2020 Service cost $ 649 $ 659 $ 365 $ 343 Interest cost 394 555 163 194 Expected return on plan assets (906 ) (958 ) - - Amortization of prior service cost - - (282 ) (282 ) Recognized actuarial loss 544 621 145 77 Settlement loss 1,728 1,904 - - Net periodic benefit cost (a) $ 2,409 $ 2,781 $ 391 $ 332 Pension Benefits Postretirement Benefits Six Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Service cost $ 1,398 $ 1,342 $ 731 $ 686 Interest cost 785 1,091 327 389 Expected return on plan assets (1,800 ) (1,943 ) - - Amortization of prior service cost - - (565 ) (564 ) Recognized actuarial loss 1,059 1,134 290 153 Settlement loss 1,728 3,382 - - Net periodic benefit cost (a) $ 3,170 $ 5,006 $ 783 $ 664 (a) The components of net periodic benefit cost other than the service cost component are included in Other income (expense), net in the Consolidated Statements of Income. During the second six June 30, 2021, second six June 30, 2020, |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 689 $ 698 $ 1,349 $ 1,287 Settlement loss (a) 1,728 1,904 1,728 3,382 Total before income tax $ 2,417 $ 2,602 $ 3,077 $ 4,669 Income tax (560 ) (590 ) (714 ) (1,078 ) Net of income tax $ 1,857 $ 2,012 $ 2,363 $ 3,591 (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 - 3,077 3,077 Current period charge (422 ) - (422 ) Income tax benefit (charge) - (714 ) (714 ) Balance at June 30, 2021 $ (5,466 ) $ (22,970 ) $ (28,436 ) 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 - 4,669 4,669 Current period charge (1,247 ) - (1,247 ) Income tax benefit (charge) - (1,078 ) (1,078 ) Balance at June 30, 2020 $ (9,402 ) $ (16,791 ) $ (26,193 ) |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Product Category Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Pumps and pump systems $ 78,935 $ 75,356 $ 154,236 $ 153,654 Repair parts for pumps and pump systems and other 14,080 10,458 27,806 23,831 Total net sales $ 93,015 $ 85,814 $ 182,042 $ 177,485 Geographic Location Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 United States $ 64,478 $ 59,653 $ 127,097 $ 125,020 Foreign countries 28,537 26,161 54,945 52,465 Total net sales $ 93,015 $ 85,814 $ 182,042 $ 177,485 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | June 30, 2021 December 31, 2020 Contract assets $ - $ - Contract liabilities $ 10,554 $ 8,004 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories, net: June 30, 2021 December 31, 2020 Raw materials and in-process $ 22,096 $ 18,152 Finished parts 47,990 51,701 Finished products 11,656 12,833 Total net inventories $ 81,742 $ 82,686 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2021 December 31, 2020 Land $ 5,923 $ 5,805 Buildings 111,368 111,876 Machinery and equipment 186,657 184,362 303,948 302,043 Less accumulated depreciation (198,094 ) (193,377 ) Property, plant and equipment, net $ 105,854 $ 108,666 |
Note 6 - Product Warranties (Ta
Note 6 - Product Warranties (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | June 30, 2021 2020 Balance at beginning of year $ 1,361 $ 1,438 Provision 886 528 Claims (857 ) (628 ) Balance at end of period $ 1,390 $ 1,338 |
Note 7 - Pension and Other Po_2
Note 7 - Pension and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Costs of Retirement Plans [Table Text Block] | Pension Benefits Postretirement Benefits Three Months Ended June 30, Three Months Ended June 30, 2021 2020 2021 2020 Service cost $ 649 $ 659 $ 365 $ 343 Interest cost 394 555 163 194 Expected return on plan assets (906 ) (958 ) - - Amortization of prior service cost - - (282 ) (282 ) Recognized actuarial loss 544 621 145 77 Settlement loss 1,728 1,904 - - Net periodic benefit cost (a) $ 2,409 $ 2,781 $ 391 $ 332 Pension Benefits Postretirement Benefits Six Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Service cost $ 1,398 $ 1,342 $ 731 $ 686 Interest cost 785 1,091 327 389 Expected return on plan assets (1,800 ) (1,943 ) - - Amortization of prior service cost - - (565 ) (564 ) Recognized actuarial loss 1,059 1,134 290 153 Settlement loss 1,728 3,382 - - Net periodic benefit cost (a) $ 3,170 $ 5,006 $ 783 $ 664 |
Note 8 - Accumulated Other Co_2
Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 689 $ 698 $ 1,349 $ 1,287 Settlement loss (a) 1,728 1,904 1,728 3,382 Total before income tax $ 2,417 $ 2,602 $ 3,077 $ 4,669 Income tax (560 ) (590 ) (714 ) (1,078 ) Net of income tax $ 1,857 $ 2,012 $ 2,363 $ 3,591 |
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 - 3,077 3,077 Current period charge (422 ) - (422 ) Income tax benefit (charge) - (714 ) (714 ) Balance at June 30, 2021 $ (5,466 ) $ (22,970 ) $ (28,436 ) 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 - 4,669 4,669 Current period charge (1,247 ) - (1,247 ) Income tax benefit (charge) - (1,078 ) (1,078 ) Balance at June 30, 2020 $ (9,402 ) $ (16,791 ) $ (26,193 ) |
Note 3 - Revenue 1 (Details Tex
Note 3 - Revenue 1 (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Contract with Customer, Liability, Revenue Recognized | $ 4.3 | $ 3.8 | ||
Non-US [Member] | ||||
Percentage Revenue By Location | 31.00% | 31.00% |
Note 3 - Revenue 2 (Details Tex
Note 3 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue, Remaining Performance Obligation, Amount | $ 153 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue by Major Categories and Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net sales | $ 93,015 | $ 85,814 | $ 182,042 | $ 177,485 |
UNITED STATES | ||||
Net sales | 64,478 | 59,653 | 127,097 | 125,020 |
Non-US [Member] | ||||
Net sales | 28,537 | 26,161 | 54,945 | 52,465 |
Pumps and Pump Systems [Member] | ||||
Net sales | 78,935 | 75,356 | 154,236 | 153,654 |
Repair Parts for Pumps and Pump Systems and Other [Member] | ||||
Net sales | $ 14,080 | $ 10,458 | $ 27,806 | $ 23,831 |
Note 3 - Revenue - Contract Ass
Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Contract assets | $ 0 | $ 0 |
Contract liabilities | $ 10,554 | $ 8,004 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory, LIFO Reserve | $ 64.7 | $ 63.5 |
Inventory Valuation Reserves, Ending Balance | $ 5.9 | $ 5.9 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Raw materials and in-process | $ 22,096 | $ 18,152 |
Finished parts | 47,990 | 51,701 |
Finished products | 11,656 | 12,833 |
Total net inventories | $ 81,742 | $ 82,686 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, plant and equipment, gross | $ 303,948 | $ 302,043 |
Less accumulated depreciation | (198,094) | (193,377) |
Property, plant and equipment, net | 105,854 | 108,666 |
Land [Member] | ||
Property, plant and equipment, gross | 5,923 | 5,805 |
Building [Member] | ||
Property, plant and equipment, gross | 111,368 | 111,876 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 186,657 | $ 184,362 |
Note 6 - Product Warranties - P
Note 6 - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Balance at beginning of year | $ 1,361 | $ 1,438 |
Provision | 886 | 528 |
Claims | (857) | (628) |
Balance at end of period | $ 1,390 | $ 1,338 |
Note 7 - Pension and Other Po_3
Note 7 - Pension and Other Postretirement Benefits (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Defined Benefit Plan Effect On Pension Expense | $ 1.7 | $ 1.7 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (1.9) | $ (3.4) |
Note 7 - Pension and Other Po_4
Note 7 - Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Settlement loss | $ 1,900 | $ 3,400 | |||
Pension Plan [Member] | |||||
Service cost | 649 | $ 659 | 1,398 | $ 1,342 | |
Interest cost | 394 | 555 | 785 | 1,091 | |
Expected return on plan assets | (906) | (958) | (1,800) | (1,943) | |
Amortization of prior service cost | 0 | 0 | 0 | 0 | |
Recognized actuarial loss | 544 | 621 | 1,059 | 1,134 | |
Settlement loss | 1,728 | 1,904 | 1,728 | 3,382 | |
Net periodic benefit cost (gain) | [1] | 2,409 | 2,781 | 3,170 | 5,006 |
Postemployment Retirement Benefits [Member] | |||||
Service cost | 365 | 343 | 731 | 686 | |
Interest cost | 163 | 194 | 327 | 389 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization of prior service cost | (282) | (282) | (565) | (564) | |
Recognized actuarial loss | 145 | 77 | 290 | 153 | |
Settlement loss | 0 | 0 | 0 | 0 | |
Net periodic benefit cost (gain) | [1] | $ 391 | $ 332 | $ 783 | $ 664 |
[1] | The components of net periodic benefit cost other than the service cost component are included in Other income (expense), net in the Consolidated Statements of Income. |
Note 8 - Accumulated Other Co_3
Note 8 - Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Settlement loss | $ 1,900 | $ 3,400 | |||
Total before income tax | (8,909) | $ (7,067) | (18,227) | $ (13,957) | |
Income tax | 1,812 | 1,433 | 3,701 | 2,837 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Recognized actuarial loss | [1] | 689 | 698 | 1,349 | 1,287 |
Settlement loss | [1] | 1,728 | 1,904 | 1,728 | 3,382 |
Total before income tax | 2,417 | 2,602 | 3,077 | 4,669 | |
Income tax | (560) | (590) | (714) | (1,078) | |
Net of income tax | $ 1,857 | $ 2,012 | $ 2,363 | $ 3,591 | |
[1] | The recognized actuarial loss and the settlement loss are included in Other income (expense), net in the Consolidated Statements of Income. |
Note 8 - Accumulated Other Co_4
Note 8 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Loss Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Balance | $ 315,513 | $ 307,878 |
Balance | 324,956 | 313,324 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (5,044) | (8,155) |
Reclassification adjustments | 0 | 0 |
Current period benefit (charge) | (422) | (1,247) |
Income tax charge (benefit) | 0 | 0 |
Balance | (5,466) | (9,402) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (25,333) | (20,382) |
Reclassification adjustments | 3,077 | 4,669 |
Current period benefit (charge) | 0 | 0 |
Income tax charge (benefit) | (714) | (1,078) |
Balance | (22,970) | (16,791) |
AOCI Attributable to Parent [Member] | ||
Balance | (30,377) | (28,537) |
Reclassification adjustments | 3,077 | 4,669 |
Current period benefit (charge) | (422) | (1,247) |
Income tax charge (benefit) | (714) | (1,078) |
Balance | $ (28,436) | $ (26,193) |