Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 08, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 1-6747 | ||
Entity Registrant Name | THE GORMAN-RUPP COMPANY | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 569,200,000 | ||
Entity Common Stock, Shares Outstanding (in shares) | 26,178,250 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Cleveland, Ohio | ||
Auditor Firm ID | 42 | ||
Entity Central Index Key | 0000042682 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 521,027 | $ 378,316 | $ 348,967 |
Cost of products sold | 390,090 | 282,419 | 259,412 |
Gross profit | 130,937 | 95,897 | 89,555 |
Selling, general and administrative expenses | 83,117 | 56,004 | 52,708 |
Amortization expense | 7,637 | 537 | 1,094 |
Operating income | 40,183 | 39,356 | 35,753 |
Interest expense | (19,240) | 0 | 0 |
Other income (expense), net | (7,071) | (2,108) | (4,507) |
Income before income taxes | 13,872 | 37,248 | 31,246 |
Provision from income taxes | 2,677 | 7,397 | 6,058 |
Net income | $ 11,195 | $ 29,851 | $ 25,188 |
Earnings (loss) per share (in dollars per share) | $ 0.43 | $ 1.14 | $ 0.97 |
Average number of shares outstanding (in shares) | 26,089,976 | 26,119,376 | 26,092,576 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 11,195 | $ 29,851 | $ 25,188 |
Cumulative translation adjustments | (2,768) | (2,807) | 3,111 |
Cash flow hedging activity | (617) | 0 | 0 |
Pension and postretirement medical liability adjustments, net of tax | 9,241 | 2,854 | (4,951) |
Other comprehensive income (loss) | 5,856 | 47 | (1,840) |
Comprehensive income | $ 17,051 | $ 29,898 | $ 23,348 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 6,783 | $ 125,194 |
Accounts receivable, net | 93,059 | 58,545 |
Inventories, net | 111,133 | 85,648 |
Prepaid and other | 14,551 | 7,795 |
Total current assets | 225,526 | 277,182 |
Property, plant and equipment, net | 128,640 | 104,293 |
Other assets | 11,579 | 6,193 |
Other intangible assets, net | 249,361 | 5,843 |
Goodwill | 257,724 | 27,243 |
Total assets | 872,830 | 420,754 |
Current liabilities: | ||
Accounts payable | 24,697 | 17,633 |
Payroll and employee related liabilities | 17,132 | 11,754 |
Commissions payable | 10,116 | 8,164 |
Deferred revenue and customer deposits | 6,740 | 9,200 |
Current portion of long-term debt | 17,500 | 0 |
Accrued expenses | 9,028 | 5,689 |
Total current liabilities | 85,213 | 52,440 |
Pension benefits | 9,352 | 9,342 |
Postretirement benefits | 22,413 | 27,359 |
Long-term debt, net of current portion | 419,327 | 0 |
Other long-term liabilities | 5,331 | 1,637 |
Total liabilities | 541,636 | $ 90,778 |
Equity: | ||
us-gaap_CommonStockNoParValue | $ 0 | |
Outstanding – 26,094,865 shares at December 31, 2022 and 26,103,661 shares at December 31, 2021 (after deducting treasury shares of 953,931 and 945,135, respectively), at stated capital amounts | 5,097 | $ 5,099 |
Additional paid-in capital | 3,912 | 1,838 |
Retained earnings | 346,659 | 353,369 |
Accumulated other comprehensive (loss) | (24,474) | (30,330) |
Total equity | 331,194 | 329,976 |
Total liabilities and equity | $ 872,830 | $ 420,754 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
without (in dollars per share) | $ 0 | |
Common Stock, Shares Authorized | 35,000,000 | 35,000,000 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 26,094,865 | 26,103,661 |
Treasury Stock, Shares, Total (in shares) | 953,931 | 945,135 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 11,195 | $ 29,851 | $ 25,188 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 21,158 | 11,914 | 12,692 |
LIFO expense | 18,041 | 6,669 | 969 |
Pension expense | 9,985 | 4,989 | 7,489 |
Contributions to pension plan | (2,250) | (2,000) | (2,000) |
Stock based compensation | 2,957 | 2,396 | 42 |
Amortization of debt issuance fees | 1,717 | 0 | 0 |
Deferred income tax charge (benefit) | (1,086) | 50 | 544 |
Other | (128) | (103) | 11 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable, net | (13,954) | (8,702) | 15,247 |
Inventories, net | (32,772) | (10,959) | (6,279) |
Accounts payable | (2,250) | 8,717 | (6,845) |
Commissions payable | 2,051 | 2,718 | (1,565) |
Deferred revenue and customer deposits | (2,329) | 1,351 | 2,953 |
Accrued expenses and other | (557) | (1,631) | 5,162 |
Income taxes | 1,907 | 178 | (2,446) |
Net cash provided by operating activities | 13,685 | 45,438 | 51,162 |
Cash flows from investing activities: | |||
Capital additions | (17,986) | (9,751) | (7,999) |
Acquisitions | 527,993 | 0 | 0 |
Other | 306 | 582 | 295 |
Net cash used for investing activities | (545,673) | (9,169) | (7,704) |
Cash flows from financing activities: | |||
Cash dividends | (17,872) | (16,586) | (15,394) |
Treasury share repurchases | (918) | (1,245) | (361) |
Proceeds from bank borrowings | 457,000 | 0 | 0 |
Payments to banks for borrowings | 8,750 | 0 | 0 |
Debt issuance fees | 15,217 | 0 | 0 |
Other | (130) | (722) | (381) |
Net cash provided by (used for) financing activities | 414,113 | (18,553) | (16,136) |
Effect of exchange rate changes on cash | (536) | (725) | 326 |
Net increase (decrease) in cash and cash equivalents | (118,411) | 16,991 | 27,648 |
Cash and cash equivalents: | |||
Beginning of year | 125,194 | 108,203 | 80,555 |
End of period | $ 6,783 | $ 125,194 | $ 108,203 |
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 December 31, 2019 (in shares) at Dec. 31, 2019 | 26,067,502 | ||||
Balances December 31, 2019 at Dec. 31, 2019 | $ 5,091 | $ 1,147 | $ 330,177 | $ (28,537) | $ 307,878 |
Net income | 25,188 | 25,188 | |||
Other comprehensive loss | (1,840) | (1,840) | |||
Stock based compensation, net (in shares) | 45,338 | ||||
Stock based compensation, net | $ 10 | (135) | 167 | 42 | |
Treasury share repurchases (in shares) | (10,848) | ||||
Treasury share repurchases | $ (2) | (319) | (40) | (361) | |
Cash dividends - $0.59 per share | (15,394) | (15,394) | |||
Stock based compensation, net (in shares) | 45,338 | ||||
Balances December 31, 2020 (in shares) at Dec. 31, 2020 | 26,101,992 | ||||
Balances December 31, 2020 at Dec. 31, 2020 | $ 5,099 | 693 | 340,098 | (30,377) | 315,513 |
Net income | 29,851 | 29,851 | |||
Other comprehensive loss | 47 | 47 | |||
Stock based compensation, net (in shares) | 31,707 | ||||
Stock based compensation, net | $ 7 | 2,273 | 116 | 2,396 | |
Treasury share repurchases (in shares) | (30,038) | ||||
Treasury share repurchases | $ (7) | (1,128) | (110) | (1,245) | |
Cash dividends - $0.59 per share | (16,586) | (16,586) | |||
Stock based compensation, net (in shares) | 31,707 | ||||
Balances December 31, 2020 (in shares) at Dec. 31, 2021 | 26,103,661 | ||||
Balances December 31, 2020 at Dec. 31, 2021 | $ 5,099 | 1,838 | 353,369 | (30,330) | 329,976 |
Net income | 11,195 | 11,195 | |||
Other comprehensive loss | 5,856 | 5,856 | |||
Stock based compensation, net (in shares) | 15,750 | ||||
Stock based compensation, net | $ 3 | 2,896 | 58 | 2,957 | |
Treasury share repurchases (in shares) | (24,546) | ||||
Treasury share repurchases | $ (5) | (822) | (91) | (918) | |
Cash dividends - $0.59 per share | (17,872) | (17,872) | |||
Stock based compensation, net (in shares) | 15,750 | ||||
Balances December 31, 2020 (in shares) at Dec. 31, 2022 | 26,094,865 | ||||
Balances December 31, 2020 at Dec. 31, 2022 | $ 5,097 | $ 3,912 | $ 346,659 | $ (24,474) | $ 331,194 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retained Earnings [Member] | |||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 0.69 | $ 0.64 | $ 0.59 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 Summary of Significant Accounting Policies General Information 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 suppression, 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 effect on the reported results. 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 days or less to be cash equivalents. The Company periodically makes short-term investments for which cost approximates fair value. Short-term investments at December 31, 2022 and 2021 consisted primarily of a certificate of deposit and is classified as Prepaid and other on the Consolidated Balance Sheets. 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 The majority of the Company’s inventories are valued on the last-in, first-out (LIFO) method and stated at the lower of cost or market. All other inventories are stated at the lower of cost or net realizable value with cost determined using the first-in, first-out (FIFO) method. Cost components include materials, inbound freight costs, labor and allocations of fixed and variable overheads on an absorption costing basis. The costs for approximately 68% and 72% of inventories at December 31, 2022 and 2021, respectively, were determined using the last-in, first-out (LIFO) method. Current cost approximates replacement cost, or market, and LIFO cost is determined at the end of each fiscal year based on inventory levels on-hand at current replacement cost and a LIFO reserve. The Company uses the simplified LIFO method, under which the LIFO reserve is determined utilizing the inflation factor specified in the Producer Price Index for Machinery and Equipment – Pumps, Compressors and Equipment, as published by the U.S. Bureau of Labor Statistics. Interim LIFO calculations are based on management’s estimate of the expected year-end inflation index and, as such, are subject to adjustment each quarter including the fourth quarter when the inflation index for the year is finalized. When inflation increases, the LIFO reserve and non-cash expense increase. 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 $13.3 million, $11.2 million, and $11.4 million for 2022, 2021, and 2020, respectively. 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: 2022 2021 Land $ 6,215 $ 5,813 Buildings 119,197 112,760 Machinery and equipment 212,581 188,123 337,993 306,696 Less accumulated depreciation (209,353 ) (202,403 ) Property, plant and equipment, net $ 128,640 $ 104,293 Property, plant and equipment are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount may not be recovered through future net cash flows generated by the assets. Impairment losses may be recorded when the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts based on the excess of the carrying amounts over the estimated fair value of the assets. The Company was not aware of any events or changes in circumstances that indicated the carrying value of its property, plant and equipment may not be recoverable. Goodwill and Identifiable Intangible 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 or whenever events or changes in circumstances indicate there may be a possible permanent loss of value using either a quantitative or qualitative analysis. For certain reporting units, the Company performs a quantitative analysis using both a market-based approach and a discounted cash flow model to estimate the fair value of our reporting units. This process requires significant judgements, including estimation of future cash flows, which is dependent on internal forecasts. The Company may otherwise elect to perform a qualitative analysis when deemed appropriate. A qualitative analysis may be performed by assessing certain trends and factors, including projected market outlook and growth rates, forecasted and actual sales and operating profit margins, discount rates, industry data and other relevant qualitative factors. These trends and factors are compared to, and based on, the assumptions used in the most recent quantitative assessment. No 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 amortized. Amortization for finite-lived intangible 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. Amortization of finite-lived intangible assets is determined based on the following lives: Years Technology and drawings 13 - 20 Customer relationships 9 - 20 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 be recovered through future net cash flows generated by the assets. Impairment losses may be recorded when the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts based on the excess of the carrying amounts over the estimated fair value of the assets. The Company was not aware of any events or changes in circumstances that indicated the carrying value of its finite-lived intangible assets may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. The fair value of these assets is determined using a royalty relief methodology similar to that employed when the associated assets were acquired, but using updated estimates of future sales, cash flows and profitability. For 2022, 2021 and 2020, the fair value of indefinite lived intangible assets exceeded their carrying values. For additional information about goodwill and other intangible assets, see Note 11 to the Consolidated Financial Statements, Goodwill and Other Intangible Assets. Acquisitions The Company allocates the purchase price of its acquisitions to the assets acquired, liabilities assumed, and noncontrolling interests based upon their respective fair values at the acquisition date. The Company utilizes management estimates and inputs from an independent third-party valuation firm to assist in determining these fair values. The Company uses the income, market or cost approach (or a combination thereof) for the valuation as appropriate. The valuation inputs in these models and analyses are based on market participant assumptions. Management values property, plant and equipment using the cost approach supported where available by observable market data, which includes consideration of obsolescence. Management values acquired intangible assets using the relief from royalty method or excess earnings method, which are forms of the income approach supported by observable market data for peer companies. The significant assumptions used to estimate the value of the acquired intangible assets include discount rates and certain assumptions that form the basis of future cash flows (such as revenue growth rates, EBITDA margins, customer attrition rates, and royalty rates), which are considered Level 3 assets as the assumptions are unobservable inputs developed by the Company. Acquired inventories are recorded at fair value. For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company. The excess of the acquisition price over estimated fair values is recorded as goodwill. Goodwill is adjusted for any changes to acquisition date fair value amounts made within the measurement period. Acquisition-related transaction costs are recognized separately from the business combination and expensed as incurred. See Note 2 to the Consolidated Financial Statements, “Acquisitions”. 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. The transaction price for a customer contract is allocated to each distinct performance obligation and recognized as revenue when, or as, the Company’s performance obligation is satisfied. For product sales, other than long-term construction-type contracts, the Company recognizes revenue once control has passed at a point in time, which is generally when products are shipped. Payments received for product sales typically occur following delivery and the satisfaction of the performance obligation based upon the terms outlined in the contracts. Substantially all of our customer contracts are fixed-price contracts and the majority of our customer contracts have a single performance obligation, as the promise to transfer the individual products or services is not separately identifiable from other promises in the contract. For customer contracts with multiple performance obligations, the Company allocates revenue to each performance obligation based on its relative standalone selling price, which is generally determined based on standalone selling prices charged to customers or using expected cost plus margin. 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 give rise to performance obligations and represent assurance-type warranties. 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 as a separate performance obligation. 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 year. These assumptions include labor productivity and availability, the complexity of the work to be performed, the cost and availability of materials, and the performance of subcontractors as applicable. As a significant change in one or more of these estimates could affect the profitability of our contracts, the Company reviews and updates its contract-related estimates regularly. Adjustments in estimated profit on contracts are accounted for under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. 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 be realized. 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 defined benefit pension plans 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 10, Pensions and Other Postretirement Benefits. The Company recognizes the funded status of its defined benefit pension plan as an asset or liability in the Consolidated Balance Sheets and recognizes the change in the funded status in the year in which the change occurs through accumulated other comprehensive loss in the Consolidated Balance Sheets. Concentration of Credit Risk The Company generally does not require collateral from its customers and has a very good collection history. There were no 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, 2022, 2021 and 2020 totaled $3.3 million, $1.9 million, and $2.1 million, respectively. 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: 2022 2021 2020 Balance at beginning of year $ 1,637 $ 1,361 $ 1,438 Provision 1,590 1,813 1,350 Acquired 646 - - Claims (1,900 ) (1,537 ) (1,427 ) Balance at end of year $ 1,973 $ 1,637 $ 1,361 Stock based compensation The Company awards shares pursuant to The Gorman-Rupp Company 2015 Omnibus Incentive Plan. Performance Stock Units (“PSU’s”) are typically conditioned upon achievement of appropriate performance metrics. PSU’s that have been granted will vest and be awarded at the end of a two three 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 material, are included in Other (expense) income, net. 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 carrying value of long term debt, including the current portion, approximates fair value as the variable interest rates approximate rates available to other market participants with comparable credit risk. The Company does not recognize any non-financial assets at fair value. Derivative Financial Instruments The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company’s interest rate swap agreements and its variable rate financings are predominately based upon an Adjusted Term SOFR Rate. For cash flow hedges, the Company formally assesses, both at inception and on a quarterly basis thereafter, whether the designated derivative instrument is highly effective in offsetting changes in cash flows of the hedged item. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in Accumulated Other Comprehensive Income (AOCI). Deferred gains or losses are reclassified from AOCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense. The Company discontinues hedge accounting prospectively when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, or is sold, terminated or exercised. Cash flows from hedging activities are reported in the Consolidated Statements of Cash Flows in the same classification as the hedged item, generally as a component of cash flows from operations. New Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”). All recently issued ASUs were assessed and determined either to be not applicable or are expected to have minimal impact on the Company’s Consolidated Financial Statements. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2 - Acquisitions On May 31, 2022, the Company acquired the assets of Fill-Rite and Sotera (“Fill-Rite”), a division of Tuthill Corporation, for cash consideration of $528.0 million. The transaction was funded with new debt consisting of $350.0 million from the secured Senior Term Loan Facility, $90.0 million from the unsecured Subordinated Credit Facility, $5.0 million from the revolving Credit Facility, and $83.0 million of cash on hand. Refer to “Note 6 – Financing Arrangements” for further details related to the financing completed as part of the transaction. The Company accounted for the Fill-Rite Transaction in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations”. The results of operations for Fill-Rite are included in the accompanying Consolidated Statements of Income from the acquisition date. Fill-Rite had $87.4 million in net sales and $6.4 million in operating income that was included in the Company’s consolidated financial statements for the year ended December 31, 2022. Operating income included $1.4 million of inventory step up amortization and $1.5 million of acquired customer backlog amortization in addition to the $7.0 million in amortization on customer relationships and developed technology. Under the acquisition method of accounting, the assets and liabilities have been recorded at their respective estimated fair values as of the date of completion of the acquisition and reported into the Company’s Consolidated Balance Sheets. These preliminary estimates may be revised during the measurement period as third-party valuations are finalized, additional information becomes available and as additional analyses are performed, and these differences could have a material impact on our results of operations and financial position. The purchase price of Fill-Rite will be allocated to the acquired assets and liabilities at fair value. The following table presents the preliminary assets acquired and liabilities assumed and will be finalized pending completion of purchase accounting matters: Accounts receivable $ 21,273 Inventory 12,214 Customer backlog (amortized within one year) 2,600 Other current assets 914 Property, plant, and equipment 24,505 Customer relationships (amortized over 20 years) 200,900 Technology (amortized over 20 years) 39,800 Tradenames (indefinite-lived) 10,700 Goodwill 230,688 Total assets acquired $ 543,594 Current liabilities assumed (15,601 ) Allocated purchase price $ 527,993 For tax purposes, the Fill-Rite acquisition was treated as an asset purchase. As such, the Company received a step up in tax basis of the net Fill-Rite assets, equal to the purchase price, including goodwill which is deductible for tax purposes. The transaction costs related to the acquisition approximated $7.1 million for the year ended December 31, 2022. These costs were expensed as incurred and recorded within selling, general, and administrative expenses. The following is supplemental pro-forma net sales, operating income, net income, and earnings per share had the Fill-Rite Acquisition occurred as of January 1, 2021 (in millions): Year ended December 31, 2022 2021 Net sales $ 586,101 $ 510,621 Operating income $ 57,248 $ 41,177 Net income $ 15,264 $ 13,589 Earnings per share $ 0.59 $ 0.52 The supplemental pro forma information presented above is being provided for information purposes only and may not necessarily reflect the future results of operations of the Company or what the results of operations would have been had the Company owned and operated Fill-Rite since January 1, 2021. The proforma results for the year ended 2021 include $4.0 million in non-recurring costs related to inventory step up amortization and customer backlog amortization. |
Note 3 - Allowance for Doubtful
Note 3 - Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 3 Allowance for Doubtful Accounts The allowance for doubtful accounts was $0.5 million at December 31, 2022 and $0.2 million at December 31, 2021. |
Note 4 - Revenue
Note 4 - Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 4 Revenue Disaggregation of Revenue The following tables disaggregate total net sales by major product category and geographic location: Product Category 2022 2021 2020 Pumps and pump systems $ 458,890 $ 321,263 $ 300,906 Repair parts for pumps and pump systems and other 62,137 57,053 48,061 Total net sales $ 521,027 $ 378,316 $ 348,967 Geographic Location 2022 2021 2020 United States $ 381,306 $ 260,683 $ 246,913 Foreign countries 139,721 117,633 102,054 Total net sales $ 521,027 $ 378,316 $ 348,967 International sales represented approximately 27% of total net sales for 2022, 31% for 2021 and 29% for 2020, and were made to customers in many different countries around the world. On December 31, 2022, the Company had $267.4 million of remaining performance obligations, also referred to as backlog. The Company expects to recognize as revenue substantially all of its remaining performance obligations within one The Company’s contract assets and liabilities as of December 31, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 Contract assets $ - $ - Contract liabilities 6,740 9,200 Revenue recognized for the year ended December 31, 2022 that was included in the contract liability balance at December 31, 2021 was $9.1 million. Revenue recognized for the year ended December 31, 2021 that was included in the contract liability balance at December 31, 2020 was $7.4 million. |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 5 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 $88.2 million and $70.1 million at December 31, 2022 and 2021, respectively. Allowances for excess and obsolete inventory totaled $7.2 million at December 31, 2022 and $6.0 million at December 31, 2021. Pre-tax LIFO expense was $18.0 million, $6.7 million, and $1.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. Inventories are comprised of the following: Inventories, net December 31, 2022 December 31, 2021 Raw materials and in-process $ 40,448 $ 23,263 Finished parts 57,224 52,039 Finished products 13,461 10,346 Total net inventories $ 111,133 $ 85,648 |
Note 6 - Financing Arrangements
Note 6 - Financing Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 6 Financing Arrangements Debt consisted of: Senior Secured Credit Agreement December 31, 2022 Senior term loan facility $ 341,250 Credit facility 17,000 Subordinated Credit Agreement Subordinated credit facility 90,000 Total debt 448,250 Unamortized discount and debt issuance fees (11,423 ) Total debt, net 436,827 Less: current portion of long-term debt (17,500 ) Total long-term debt, net $ 419,327 Maturities of long-term debt in the next five fiscal years, and the remaining years thereafter, are as follows: 2023 2024 2025 2026 2027 Total $ 17,500 $ 21,875 $ 30,625 $ 35,000 $ 343,250 $ 448,250 Senior Secured Credit Agreement On May 31, 2022, the Company entered into a Senior Secured Credit Agreement with several lenders, which provides a term loan of $350.0 million (“Senior Term Loan Facility”) and a revolving credit facility up to $100.0 million (“Credit Facility”). The Credit Facility has a letter of credit sublimit of up to $15.0 million, as a sublimit of the Credit Facility, and a swing line subfacility of up to $20.0 million, as a sublimit of the Credit Facility. The Company borrowed $5.0 million under the Credit Facility, which, along with the Senior Term Loan Facility, and cash-on-hand and the proceeds of the Subordinated Credit Facility described below, was used to purchase the assets of Fill-Rite as described in “Note 2 – Acquisitions”. The total borrowing under the Credit Facility as of December 31, 2022 was $17.0 million. The Company has agreed to secure all of its obligations under the Senior Secured Credit Agreement by granting a first priority lien on substantially all of its personal property, and each of Patterson Pump Company, AMT Pump Company, National Pump Company and Fill-Rite Company (collectively, the “Guarantors”) has agreed to guarantee the obligations of the Company under the Senior Secured Credit Agreement and to secure the obligations thereunder by granting a first priority lien in substantially all of such Guarantor’s personal property. The Senior Secured Credit Agreement has a maturity date of May 31, 2027, with the Senior Term Loan Facility requiring quarterly installment payments commencing on September 30, 2022 and continuing on the last day of each consecutive December, March, June and September thereafter. At the option of the Company, borrowings under the Senior Term Loan Facility and under the Credit Facility bear interest at either a base rate or at an Adjusted Term SOFR Rate, plus the applicable margin, which ranges from 0.75% to 1.75% for base rate loans and 1.75% to 2.75% for Adjusted Term SOFR Rate loans. The applicable margin is based on the Company’s senior leverage ratio. As of December 31, 2022, the applicable interest rate under the Senior Secured Credit Agreement was Adjusted Term SOFR plus 2.50%. The Senior Secured Credit Agreement requires the Company to maintain a consolidated senior secured net leverage ratio not to exceed 4.50 to 1.00 for each of the four consecutive fiscal quarter periods ending June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, decreasing to 4.00 to 1.00 for each of the four consecutive fiscal quarter periods ending June 30, 2023 and September 30, 2023, and decreasing to 3.50 to 1.00 for the four consecutive fiscal quarter period ending December 31, 2023 and each of the four consecutive fiscal quarter periods ending thereafter. The Senior Secured Credit Agreement requires the Company to maintain a consolidated total net leverage ratio not to exceed 5.75 to 1.00 for each of the four consecutive fiscal quarter periods ending June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, decreasing to 5.25 to 1.00 for each of the four consecutive fiscal quarter periods ending June 30, 2023 and September 30, 2023, and decreasing to 4.75 to 1.00 for the four consecutive fiscal quarter period ending December 31, 2023 and each of the four consecutive fiscal quarter periods ending thereafter. The Senior Secured Credit Agreement requires the Company to maintain a fixed charge coverage ratio (commencing with the fiscal quarter ending June 30, 2022) of not less than 1.20 to 1.00 for any four consecutive fiscal quarter period. The Senior Secured Credit Agreement contains customary affirmative and negative covenants, including among others, limitations on the Company and its subsidiaries with respect to incurrence of liens and indebtedness, disposition of assets, mergers, transactions with affiliates, and the ability to make or pay dividends in excess of certain thresholds. The Senior Secured Credit Agreement also contains customary provisions requiring mandatory prepayments, including among others, annual prepayments (beginning with the fiscal year ending December 31, 2023) of a percentage of excess cash flow, prepayments of the net cash proceeds from any non-ordinary course sale of assets, and net cash proceeds of any non-permitted indebtedness. Subordinated Credit Agreement On May 31, 2022, the Company entered into an unsecured subordinated credit agreement (“Subordinated Credit Agreement”) with one lender, which provides for a term loan of $90.0 million (the “Subordinated Credit Facility”). Each of the Guarantors has agreed to guarantee the obligations of the Company under the Subordinated Credit Agreement. The proceeds from the Subordinated Credit Facility, along with cash-on-hand and the proceeds of the Senior Term Loan Facility described above, were used to purchase the assets of Fill-Rite as described in “Note 2 – Acquisitions”. The Subordinated Credit Agreement has a maturity date of December 1, 2027. If the Subordinated Credit Facility is prepaid prior to the second anniversary, such prepayment must be accompanied by a make-whole premium. If the Subordinated Credit Facility is prepaid after the second anniversary but prior to the third anniversary, such prepayment requires a prepayment fee of 2 At the option of the Company, borrowings under the Subordinated Credit Facility bear interest at either a base rate plus 8.0%, or at an Adjusted Term SOFR Rate plus 9.0%. As of December 31, 2022 borrowings under the Subordinated Credit Facility bear interest at an Adjusted Term SOFR Rate plus 9.1%. The Subordinated Credit Agreement requires the Company to maintain a consolidated senior secured net leverage ratio not to exceed 5.40 to 1.00 for each of the four consecutive fiscal quarter periods ending June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, decreasing to 4.80 to 1.00 for each of the four consecutive fiscal quarter periods ending June 30, 2023 and September 30, 2023, and decreasing to 4.20 to 1.00 for the four consecutive fiscal quarter period ending December 31, 2023 and each of the four consecutive fiscal quarter periods ending thereafter. The Subordinated Credit Agreement requires the Company to maintain a consolidated total net leverage ratio not to exceed 6.90 to 1.00 for each of the four consecutive fiscal quarter periods ending June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, decreasing to 6.30 to 1.00 for each of the four consecutive fiscal quarter periods ending June 30, 2023 and September 30, 2023, and decreasing to 5.70 to 1.00 for the four consecutive fiscal quarter period ending December 31, 2023 and each of the four consecutive fiscal quarter periods ending thereafter. The Subordinated Credit Agreement contains customary affirmative and negative covenants, including among others, limitations on the Company and its subsidiaries with respect to incurrence of liens and indebtedness, disposition of assets, mergers, transactions with affiliates, and the ability to make or pay dividends in excess of certain thresholds. The Subordindated Credit Agreement also contains customary provisions requiring mandatory prepayments, including among others, annual prepayments (beginning with the fiscal year ending December 31, 2023) of a percentage of excess cash flow, prepayments of the net cash proceeds from any non-ordinary course sale of assets, and net cash proceeds of any non-permitted indebtedness. Credit Facilities With the opening of the Senior Term Loan Facility, which included the revolving Credit Facility, the Company terminated its previously existing $20.0 million line of credit maturing in February 2024, $6.5 million unsecured bank line of credit maturing in May 2024, and $3.0 million bank guarantee dated June 2016. Other The Company incurred total issuance costs of approximately $15.2 million related to the Senior Secured Credit Agreement and Subordinated Credit Agreement. Of this amount, the Company determined that $12.8 million related to the Senior Term Loan Facility and the Subordinated Credit Facility and $2.4 million related to the Credit Facility. The portion of the issuance costs related to the Credit Facility is included in Other assets in the Consolidated Balance Sheet. These costs are being amortized to interest expense over the respective terms. Total interest paid was $17.4 million in 2022. No interest was paid in 2021 or 2020. The Company was in compliance with all debt covenants as of December 31, 2022. Interest Rate Derivatives The Company entered into interest rate swaps that hedge interest payments on its SOFR borrowing during the fourth quarter of 2022. All swaps have been designated as cash flow hedges. The following table summarizes the notional amounts, related rates and remaining terms of interest swap agreements as of December 31: Notional Amount Average Fixed Rate Remaining Term at 2022 2021 2022 2021 December 31, 2022 Interest rate swaps $ 170,600 - 4.1 % - % Extending to May 2027 The fair value of the Company’s interest rate swaps was a payable of $0.8 million as of December 31, 2022. The fair value was based on inputs other than quoted prices in active markets for identical assets that are observable either directly or indirectly and therefore considered level 2. There were no interest rate swaps in place as of December 31, 2021. The mark-to-market effect of interest rate swap agreements that are considered effective as hedges has been included in Accumulated Other Comprehensive Loss. The interest rate swap agreements held by the Company on December 31, 2022 are expected to continue to be effective hedges. The following table summarizes the fair value of derivative instruments as of December 31, as recorded in the Consolidated Balance Sheets: 2022 2021 Current Assets: Prepaid and Other $ 1,203 $ - Long-term liabilities: Other long-term liabilities (2,012 ) - Total derivatives $ (809 ) $ - The following table summarizes total gains (losses) recognized on derivatives: Derivatives in Cash Flow Hedging Relationships Location of (Loss) Gain Recognized in Income on Derivatives Amount of (Loss) Gain Recognized in Income on Derivatives 2022 2021 2020 Interest rate swaps Interest Expense $ (43 ) $ - $ - The effects of derivative instruments on the Company’s Consolidated Statements of Results of Operations and Comprehensive Income (Loss) for OCI for the years ended December 31, 2021, 2020 and 2019 are as follows: Derivatives in Cash Flow Hedging Relationships Amount of (Loss) Gain Recognized in AOCI on Derivatives Location of (Loss) Gain Reclassed from AOCI into Income (Effective Portion*) Amount of (Loss) Gain Reclassed from AOCI into Income (Effective Portion*) 2022 2021 2020 2022 2021 2020 Interest rate swaps $ (809 ) $ - $ - Interest expense $ - $ - $ - |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating and Finance Leases [Text Block] | Note 7 – Leases The Company is currently a lessee under a number of operating leases and two finance leases for certain offices, manufacturing facilities, land, office equipment and automobiles, none of which are material to its operations. The Company’s leases generally have remaining lease terms of 1 year to 5 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within one year. These leases do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions. Supplemental information related to leases and the Company’s Consolidated Financial Statements is as follows: 2022 2021 Components of lease costs: Operating lease costs $ 621 $ 450 Short-term lease costs 673 322 Finance lease costs 135 140 Total lease costs $ 1,429 $ 912 December 31, 2022 December 31, 2021 Weighted average remaining lease term (years): Operating leases 2.4 1.8 Finance leases 1.3 2.3 Weighted average discount rate: Operating leases 3.25 % 3.25 % Finance leases 3.25 % 3.25 % December 31, 2022 Operating Leases Financing Leases Total Leases Other assets - right-of-use assets $ 2,010 $ 170 $ 2,180 Lease liabilities included in: Accrued expenses - current portion of lease liabilities $ 980 $ 130 $ 1,110 Other long-term liabilities - non-current portion of lease liabilities 1,020 50 1,070 Total lease liabilities $ 2,000 $ 180 $ 2,180 December 31, 2021 Operating Leases Financing Leases Total Leases Other assets - right-of-use assets $ 840 $ 300 $ 1,140 Lease liabilities included in: Accrued expenses - current portion of lease liabilities $ 450 $ 130 $ 580 Other long-term liabilities - non-current portion of lease liabilities 380 180 560 Total lease liabilities $ 830 $ 310 $ 1,140 Maturities of lease liabilities are as follows: December 31, 2022 2023 $ 1,217 2024 792 2025 286 2026 42 2027 3 Thereafter 8 Total lease payments 2,348 Less: Interest (168 ) Present value of lease liabilities $ 2,180 December 31, 2021 2022 $ 607 2023 422 2024 123 2025 25 2026 1 Thereafter 9 Total lease payments 1,187 Less: Interest (47 ) Present value of lease liabilities $ 1,140 |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 8 Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss as reported in the Consolidated Balance Sheets are: Currency Translation Adjustments Deferred Gain (Loss) on Cash Flow Hedging Pension and OPEB Adjustments Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2019 $ (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 ) Reclassification adjustments - - 4,788 4,788 Current period benefit (charge) (2,807 ) - (1,045 ) (3,852 ) Income tax charge - - (889 ) (889 ) Balance at December 31, 2021 (7,851 ) - (22,479 ) (30,330 ) Reclassification adjustments - (43 ) 8,519 8,476 Current period benefit (charge) (2,768 ) (766 ) 3,610 76 Income tax benefit (charge) - 192 (2,888 ) (2,696 ) Balance at December 31, 2022 $ (10,619 ) $ (617 ) $ (13,238 ) $ (24,474 ) |
Note 9 - Income Taxes Concept
Note 9 - Income Taxes Concept | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9 Income Taxes The components of Income before income taxes are: 2022 2021 2020 United States $ 6,270 $ 30,973 $ 28,493 Foreign countries 7,602 6,275 2,753 Total $ 13,872 $ 37,248 $ 31,246 The components of income tax expense are: 2022 2021 2020 Current expense: Federal $ 1,581 $ 5,174 $ 4,058 Foreign 1,264 1,087 353 State and local 918 1,086 1,103 $ 3,763 $ 7,347 $ 5,514 Deferred expense (benefit): Federal $ (565 ) $ 60 $ 728 Foreign 147 48 (349 ) State and local (668 ) (58 ) 165 (1,086 ) 50 544 Income tax expense $ 2,677 $ 7,397 $ 6,058 The reconciliation between income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes is: 2022 2021 2020 Income taxes at statutory rate $ 2,913 $ 7,822 $ 6,562 State and local income taxes, net of federal tax benefit 282 898 711 Tax credits (627 ) (1,052 ) (808 ) Uncertain tax positions (99 ) (26 ) 42 Valuation allowance (85 ) (86 ) - GILTI/FDII 608 238 (286 ) Foreign rate differential (186 ) (183 ) (574 ) Other (129 ) (214 ) 411 Income tax expense $ 2,677 $ 7,397 $ 6,058 The Company made income tax payments of $4.5 million, $7.9 million, and $6.2 million in 2022, 2021, and 2020, respectively. Deferred income tax assets and liabilities consist of: 2022 2021 Deferred tax assets: Inventories $ 524 $ - Accrued liabilities 3,208 1,900 Postretirement health benefits obligation 5,584 6,724 Pension 1,868 1,745 Lease liabilities 520 272 Capitalized R&D 1,103 - Interest 3,168 - Other 1,399 1,531 Total deferred tax assets 17,374 12,172 Valuation allowance (462 ) (481 ) Net deferred tax assets 16,912 11,691 Deferred tax liabilities: Depreciation and amortization (16,987 ) (9,817 ) Leases – right of use assets (536 ) (269 ) Inventories - (628 ) Total deferred tax liabilities (17,523 ) (10,714 ) Net deferred tax assets (liabilities) $ (611 ) $ 977 The Company had state tax credit carryforwards of $0.4 million and $0.6 million as of December 31, 2022 and 2021, respectively, which will expire incrementally between 2023 and 2036. The Company had valuation allowances of $0.5 million at both December 31, 2022 and 2021, against certain of its deferred tax assets. ASC 740, “Income Taxes,” requires that a valuation allowance be recorded against deferred tax assets when it is more likely than not that some or all of a Company’s deferred tax assets will not be realized based on available positive and negative evidence. Total unrecognized tax benefits were $0.8 million at both December 31, 2022 and 2021. The total amount of unrecognized tax benefits that, if ultimately recognized, would reduce the Company’s annual effective tax rate were $0.6 million and $0.7 million at December 31, 2022 and 2021, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2022 2021 2020 Balance at beginning of year $ 808 $ 878 $ 1,130 Additions based on tax positions related to the current year 117 153 177 Reductions due to lapse of applicable statute of limitations (171 ) (96 ) (139 ) Settlements - (127 ) (290 ) Balance at end of year $ 754 $ 808 $ 878 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 longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2017. 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 for the payment of interest and penalties at each of December 31, 2022, 2021 and 2020. |
Note 10 - Pensions and Other Po
Note 10 - Pensions and Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 10 Pensions and Other Postretirement Benefits The Company sponsors a defined benefit pension plan (“GR Plan”) covering certain domestic employees. Benefits are based on each covered employee’s years of service and compensation. The GR Plan is funded in conformity with the funding requirements of applicable U.S. regulations. The GR Plan was closed to new participants effective January 1, 2008. Employees hired after this date, in eligible locations, participate in an enhanced 401(k) plan instead of the defined benefit pension plan. Employees hired prior to this date continue to accrue benefits. Additionally, the Company sponsors defined contribution pension plans made available to all domestic and Canadian employees. Total contributions to the plans were $3.0 million for 2022 and $2.3 million for each of 2021 and 2020. As part of the agreement to purchase the assets of Fill-Rite, the Company was required to establish a defined benefit pension plan for certain Fill-Rite employees (“Fill-Rite Plan”) as of June 1, 2022. No pension or other postretirement benefit plan liabilities existing as of the acquisition date were assumed as part of the transaction. Total contributions to the Fill-Rite Plan were $0.3 million in 2022. The benefit obligation as of December 31, 2022 was $0.2 million. No payments were made under the plan during 2022. The 2022 activity is included in the tables within this footnote. 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, 2022, which is expected to remain constant going forward. A 5% percent annual rate of increase was assumed in estimating the projected benefit obligation at December 31, 2021 and in calculating 2022 periodic benefit cost. The Company recognizes the obligations associated with its defined benefit pension plans 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, reconciled with amounts recognized in the Company’s Consolidated Balance Sheets: Pension Plans Postretirement Plan 2022 2021 2022 2021 Accumulated benefit obligation at end of year $ 45,756 $ 67,400 $ 23,954 $ 28,934 Change in projected benefit obligation: Benefit obligation at beginning of year $ 82,000 $ 86,299 $ 28,934 $ 29,848 Service cost 2,400 2,662 1,146 1,462 Interest cost 2,326 1,729 760 654 Settlement 1,656 651 - - Benefits paid (17,826 ) (7,719 ) (1,781 ) (1,618 ) Effect of foreign exchange - - (28 ) 1 Actual expenses (150 ) (150 ) - - Actuarial (gain)/ loss (14,454 ) (1,472 ) (5,077 ) (1,413 ) Benefit obligation at end of year $ 55,952 $ 82,000 $ 23,954 $ 28,934 Change in plan assets: Plan assets at beginning of year $ 72,658 $ 77,067 $ - $ - Actual return on plan assets (10,332 ) 1,460 - - Employer contributions 2,250 2,000 1,781 1,618 Benefits paid (17,826 ) (7,719 ) (1,781 ) (1,618 ) Actual expenses (150 ) (150 ) - - Plan assets at end of year $ 46,600 $ 72,658 $ - $ - Funded status at end of year $ (9,352 ) $ (9,342 ) $ (23,954 ) $ (28,934 ) Pension Plans Postretirement Plan 2022 2021 2022 2021 Amounts recognized in the Consolidated Balance Sheets consist of: Current liabilities $ - $ - $ (1,541 ) $ (1,575 ) Noncurrent liabilities (9,352 ) (9,342 ) (22,413 ) (27,359 ) Total assets (liabilities) $ (9,352 ) $ (9,342 ) $ (23,954 ) $ (28,934 ) Amounts recognized in Accumulated other Net actuarial loss $ 18,290 $ 26,016 $ 308 $ 5,841 Prior Service Cost - - (995 ) (2,125 ) Deferred tax (benefit) expense (4,607 ) (6,446 ) 242 (807 ) After tax actuarial loss $ 13,683 $ 19,570 $ (445 ) $ 2,909 Components of net periodic benefit cost: 2022 2021 2020 Pension Plans Service cost $ 2,400 $ 2,662 $ 2,709 Interest cost 2,326 1,729 1,937 Expected return on plan assets (2,892 ) (3,610 ) (3,900 ) Recognized actuarial loss 1,724 1,904 2,160 Settlement loss 6,427 2,304 4,583 Net periodic benefit cost $ 9,985 $ 4,989 $ 7,489 Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: Net (gain) loss (7,726 ) (2,879 ) 2,704 Total expense recognized in net periodic benefit cost and other comprehensive income $ 2,259 $ 2,110 $ 10,193 Postretirement Plan Service cost $ 1,146 $ 1,462 $ 1,372 Interest cost 760 654 778 Prior service cost recognition (1,128 ) (1,130 ) (1,129 ) Recognized actuarial loss (gain) 368 580 306 Net periodic benefit cost (credit) $ 1,146 $ 1,566 $ 1,327 Other changes in postretirement plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ (4,317 ) $ (863 ) $ 3,762 Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income $ (3,171 ) $ 703 $ 5,089 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 2022, 2021, and 2020, the Company recorded a settlement loss relating to retirees that received lump-sum distributions from the GR Plan totaling $6.4 million, $2.3 million and $4.6 million respectively. These charges were the result of lump-sum payments to retirees which exceeded the GR Plan’s actuarial service and interest cost thresholds. 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 Plans Postretirement Plan 2022 2021 2022 2021 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 4.89 % 2.44 % 5.16 % 2.70 % 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 4.43 % 2.07 % 2.70 % 2.25 % Expected long-term rate of return on plan assets 5.00 % 5.10 % - – 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 the Company moved towards a liability driven investing model to more closely align assets with liabilities based on when the liabilities are expected to come due. Currently, based on 2022 funding levels, equities may comprise between 22% and 42% of the Plan’s market value. Fixed income investments may comprise between 50% and 70% of the GR Plan’s market value. Alternative investments may comprise between 3% and 13% of the Plan’s market value. Cash and cash equivalents (including all senior debt securities with less than one year to maturity) may comprise between 0% and 10% of the GR Plan’s market value. Financial instruments included in pension plan assets are categorized into a fair value hierarchy of three levels, based on the degree of subjectivity inherent in the valuation methodology. Level 1 assets are based on unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets. Level 2 assets are valued at inputs other than quoted prices in active markets for identical assets that are observable either directly or indirectly for substantially the full term of the assets. Level 3 assets are valued based on unobservable inputs for the asset (i.e., supported by little or no market activity). These inputs include management’s own assessments about the assumptions that market participants would use in pricing assets (including assumptions about risk). The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The following tables set forth by asset class the fair value of plan assets for the years ended December 31, 2022 and 2021: 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, 2022 Equity $ 7,157 $ - $ - $ 7,157 Fixed income 5,052 27,045 - 32,097 Mutual funds 2,406 - - 2,406 Money funds and cash 1,527 3,413 - 4,940 Total fair value of Plan assets $ 16,142 $ 30,458 $ - $ 46,600 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, 2021 Equity $ 10,979 $ - $ - $ 10,979 Fixed income 8,788 42,154 139 51,081 Mutual funds 3,045 - - 3,045 Money funds and cash 2,220 5,333 - 7,553 Total fair value of Plan assets $ 25,032 $ 47,487 $ 139 $ 72,658 Contributions The Company expects to contribute up to $2.3 million to its defined benefit pension plans in 2023. Expected future benefit payments The following benefit payments are expected to be paid as follows based on actuarial calculations: 2023 2024 2025 2026 2027 Thereafter Pension $ 7,435 $ 2,930 $ 3,272 $ 2,871 $ 3,838 $ 25,710 Postretirement 1,580 1,591 1,632 1,673 1,750 10,356 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 as of December 31, 2022 and 2021 and is expected to remain constant going forward . A one percentage point change in the assumed rate of return on the defined benefit pension plans assets is estimated to have an approximate $0.6 million effect on net periodic benefit cost. Additionally, a one percentage point increase in the discount rate is estimated to have a $1.7 million decrease in net periodic benefit cost, while a one percentage point decrease in the discount rate is estimated to have a $2.0million increase in net periodic benefit cost. |
Note 11 - Goodwill and Other In
Note 11 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 11 Goodwill and Other Intangible Assets Changes in the carrying value of goodwill and other intangible asset during 2022: Historical Cost of Intangible Assets December 31, 2021 Acquisitions Foreign Currency December 31, 2022 Customer relationships $ 7,769 $ 200,900 $ (76 ) $ 208,593 Technology and drawings 6,750 39,800 (7 ) 46,543 Other intangibles 1,997 - - 1,997 Total finite-lived intangible assets 16,516 240,700 (83 ) 257,133 Trade names 2,528 10,700 (2 ) 13,226 Goodwill 27,243 230,688 (207 ) 257,724 Total $ 46,287 $ 482,088 $ (292 ) $ 528,083 The major components of Goodwill and other intangible assets are: 2022 2021 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Finite-lived intangible assets: Customer relationships $ 208,593 $ 13,369 $ 7,769 $ 7,255 Technology and drawings 46,543 5,757 6,750 4,305 Other intangibles 1,997 1,872 1,997 1,641 Total finite-lived intangible assets 257,133 20,998 16,516 13,201 Trade names and trademarks 13,226 - 2,528 - Goodwill 257,724 - 27,243 - Total $ 528,083 $ 20,998 $ 46,287 $ 13,201 Amortization of intangible assets was $7.6 million, $0.8 million and $1.3 million in 2022, 2021 and 2020, respectively. The following table summarizes the future estimated amortization expense relating to our intangible assets as of December 31, 2022 (in thousands): 2023 2024 2025 2026 2027 Thereafter Total $ 12,527 $ 12,402 $ 12,367 $ 12,318 $ 12,281 $ 174,240 $ 236,135 For 2022, the Company used a quantitative analysis for the annual goodwill impairment testing as of October 1 for its National Pump Company (“National”) reporting unit. The fair value for this reporting unit was estimated using both a discounted cash flow model and a market-based approach. The discounted cash flow model considered forecasted cash flows discounted at an estimated weighted-average cost of capital. The forecasted cash flows were based on the Company’s long-term operating plan and a terminal value was used to estimate the cash flows beyond the period covered by the operating plan. The weighted-average cost of capital is an estimate of the overall after-tax rate of return required by equity and debt market holders of a business enterprise. The market-based approach considers market prices of corporations engaged in the same or similar line of business. These analyses require the exercise of significant judgments, including judgments about appropriate discount rates, perpetual growth rates and the timing of expected future cash flows. Sensitivity analyses were performed around these assumptions in order to assess the reasonableness of the assumptions and the resulting estimated fair values. 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, 2022 concluded that National’s fair value exceeded its carrying value. A sensitivity analysis was performed for the National reporting unit, assuming a hypothetical 100 basis point decrease in the expected long-term growth rate or a hypothetical 100 basis point increase in the weighted average cost of capital, and both scenarios independently yielded an estimated fair value for the National reporting unit above carrying value. If National fails to experience growth or revises its long-term projections downward, it could be subject to impairment charges in the future. Goodwill relating to the National reporting unit is $13.6 million, 1.6% of the Company’s December 31, 2022 total assets. For 2022, for all other reporting units, the Company used a qualitative analysis for goodwill impairment testing as of October 1. This qualitative assessment included consideration of current industry and market conditions and circumstances as well as any mitigating factors that would most affect the fair value of the Company and these reporting units. Based on the assessment and consideration of the totality of the facts and circumstances, including the business environment in the fourth quarter of 2022, the Company determined that it was not more likely than not that the fair value of the Company or these reporting units is less than their respective carrying amounts. As such, no goodwill impairments for these reporting units were recorded for the year ended December 31, 2022. 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, or whenever events or changes in circumstances indicate there may be a possible permanent loss of value. The fair value of these assets is determined using a royalty relief methodology similar to that employed when the associated assets were acquired, but using updated estimates of future sales, cash flows and profitability. For 2022 and 2021 the fair value of all indefinite lived intangible assets exceeded the respective carrying values. Finite-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recovered through future net cash flows generated by the assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net undiscounted cash flows estimated to be generated by such assets. Based upon our fiscal 2022 and 2021 quantitative and qualitative impairment analyses the Company was not aware of any events or changes in circumstances that indicate the carrying value of its finite-lived intangible assets may not be recoverable. |
Note 12 - Business Segment Info
Note 12 - Business Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 12 Business Segment Information The Company operates in one business segment comprising the design, manufacture and sale of pumps and pump systems. The Company’s products are used in water, wastewater, construction, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilation and air conditioning (HVAC), military and other liquid-handling applications. 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-party distributor catalogs, and by direct sales. International sales are made primarily through foreign distributors and representatives. 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 2022 2021 2020 Pumps and pump systems $ 458,890 $ 321,263 $ 300,906 Repair parts for pumps and pump systems and other 62,137 57,053 48,061 Total net sales $ 521,027 $ 378,316 $ 348,967 Geographic Location 2022 2021 2020 United States $ 381,306 $ 260,683 $ 246,913 Foreign countries 139,721 117,633 102,054 Total net sales $ 521,027 $ 378,316 $ 348,967 As of the years ending December 31, 2022 and 2021, 97.2% and 86.0%, respectively, of the Company’s long-lived assets were located in the United States. |
Note 13 - Common Share Repurcha
Note 13 - Common Share Repurchases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 13 Common Share Repurchases During the years ended December 31, 2022 and December 31, 2021, the Company repurchased 24,546 and 30,038 shares for $0.9 million and $1.2 million, respectively. As of December 31, 2022, the Company had $48.1 million available for repurchase under the share repurchase program. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | General Information and Basis of Presentation |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents and Short-Term Investments |
Receivable [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts |
Inventory, Policy [Policy Text Block] | Inventories |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment Years Buildings 20 - 50 Machinery and equipment 5 - 15 Software 3 - 5 2022 2021 Land $ 6,215 $ 5,813 Buildings 119,197 112,760 Machinery and equipment 212,581 188,123 337,993 306,696 Less accumulated depreciation (209,353 ) (202,403 ) Property, plant and equipment, net $ 128,640 $ 104,293 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Identifiable Intangible Assets Goodwill No 34 Identifiable intangible assets Years Technology and drawings 13 - 20 Customer relationships 9 - 20 Other intangibles 2 - 18 |
Business Combinations Policy [Policy Text Block] | Acquisitions |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition 35 Performance Obligations Contract Estimates Contract Balances |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Other Postretirement Benefits |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk no |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs |
Advertising Cost [Policy Text Block] | Advertising |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties 2022 2021 2020 Balance at beginning of year $ 1,637 $ 1,361 $ 1,438 Provision 1,590 1,813 1,350 Acquired 646 - - Claims (1,900 ) (1,537 ) (1,427 ) Balance at end of year $ 1,973 $ 1,637 $ 1,361 37 |
Share-Based Payment Arrangement [Policy Text Block] | Stock based compensation two three |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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] | 2022 2021 Land $ 6,215 $ 5,813 Buildings 119,197 112,760 Machinery and equipment 212,581 188,123 337,993 306,696 Less accumulated depreciation (209,353 ) (202,403 ) Property, plant and equipment, net $ 128,640 $ 104,293 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Years Technology and drawings 13 - 20 Customer relationships 9 - 20 Other intangibles 2 - 18 |
Schedule of Product Warranty Liability [Table Text Block] | 2022 2021 2020 Balance at beginning of year $ 1,637 $ 1,361 $ 1,438 Provision 1,590 1,813 1,350 Acquired 646 - - Claims (1,900 ) (1,537 ) (1,427 ) Balance at end of year $ 1,973 $ 1,637 $ 1,361 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable $ 21,273 Inventory 12,214 Customer backlog (amortized within one year) 2,600 Other current assets 914 Property, plant, and equipment 24,505 Customer relationships (amortized over 20 years) 200,900 Technology (amortized over 20 years) 39,800 Tradenames (indefinite-lived) 10,700 Goodwill 230,688 Total assets acquired $ 543,594 Current liabilities assumed (15,601 ) Allocated purchase price $ 527,993 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year ended December 31, 2022 2021 Net sales $ 586,101 $ 510,621 Operating income $ 57,248 $ 41,177 Net income $ 15,264 $ 13,589 Earnings per share $ 0.59 $ 0.52 |
Note 4 - Revenue (Tables)
Note 4 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Product Category 2022 2021 2020 Pumps and pump systems $ 458,890 $ 321,263 $ 300,906 Repair parts for pumps and pump systems and other 62,137 57,053 48,061 Total net sales $ 521,027 $ 378,316 $ 348,967 Geographic Location 2022 2021 2020 United States $ 381,306 $ 260,683 $ 246,913 Foreign countries 139,721 117,633 102,054 Total net sales $ 521,027 $ 378,316 $ 348,967 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, 2022 December 31, 2021 Contract assets $ - $ - Contract liabilities 6,740 9,200 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories, net December 31, 2022 December 31, 2021 Raw materials and in-process $ 40,448 $ 23,263 Finished parts 57,224 52,039 Finished products 13,461 10,346 Total net inventories $ 111,133 $ 85,648 |
Note 6 - Financing Arrangemen_2
Note 6 - Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Senior Secured Credit Agreement December 31, 2022 Senior term loan facility $ 341,250 Credit facility 17,000 Subordinated Credit Agreement Subordinated credit facility 90,000 Total debt 448,250 Unamortized discount and debt issuance fees (11,423 ) Total debt, net 436,827 Less: current portion of long-term debt (17,500 ) Total long-term debt, net $ 419,327 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2023 2024 2025 2026 2027 Total $ 17,500 $ 21,875 $ 30,625 $ 35,000 $ 343,250 $ 448,250 |
Schedule of Interest Rate Derivatives [Table Text Block] | Notional Amount Average Fixed Rate Remaining Term at 2022 2021 2022 2021 December 31, 2022 Interest rate swaps $ 170,600 - 4.1 % - % Extending to May 2027 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | 2022 2021 Current Assets: Prepaid and Other $ 1,203 $ - Long-term liabilities: Other long-term liabilities (2,012 ) - Total derivatives $ (809 ) $ - |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives in Cash Flow Hedging Relationships Location of (Loss) Gain Recognized in Income on Derivatives Amount of (Loss) Gain Recognized in Income on Derivatives 2022 2021 2020 Interest rate swaps Interest Expense $ (43 ) $ - $ - |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Derivatives in Cash Flow Hedging Relationships Amount of (Loss) Gain Recognized in AOCI on Derivatives Location of (Loss) Gain Reclassed from AOCI into Income (Effective Portion*) Amount of (Loss) Gain Reclassed from AOCI into Income (Effective Portion*) 2022 2021 2020 2022 2021 2020 Interest rate swaps $ (809 ) $ - $ - Interest expense $ - $ - $ - |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 2022 2021 Components of lease costs: Operating lease costs $ 621 $ 450 Short-term lease costs 673 322 Finance lease costs 135 140 Total lease costs $ 1,429 $ 912 |
Schedule of Lessee, Leases, Weighted Average Remaining Term and Discount Rate [Table Text Block] | December 31, 2022 December 31, 2021 Weighted average remaining lease term (years): Operating leases 2.4 1.8 Finance leases 1.3 2.3 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, 2022 Operating Leases Financing Leases Total Leases Other assets - right-of-use assets $ 2,010 $ 170 $ 2,180 Lease liabilities included in: Accrued expenses - current portion of lease liabilities $ 980 $ 130 $ 1,110 Other long-term liabilities - non-current portion of lease liabilities 1,020 50 1,070 Total lease liabilities $ 2,000 $ 180 $ 2,180 December 31, 2021 Operating Leases Financing Leases Total Leases Other assets - right-of-use assets $ 840 $ 300 $ 1,140 Lease liabilities included in: Accrued expenses - current portion of lease liabilities $ 450 $ 130 $ 580 Other long-term liabilities - non-current portion of lease liabilities 380 180 560 Total lease liabilities $ 830 $ 310 $ 1,140 |
Lessee, Lease Liability, Maturity [Table Text Block] | December 31, 2022 2023 $ 1,217 2024 792 2025 286 2026 42 2027 3 Thereafter 8 Total lease payments 2,348 Less: Interest (168 ) Present value of lease liabilities $ 2,180 December 31, 2021 2022 $ 607 2023 422 2024 123 2025 25 2026 1 Thereafter 9 Total lease payments 1,187 Less: Interest (47 ) Present value of lease liabilities $ 1,140 |
Note 8 - Accumulated Other Co_2
Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Currency Translation Adjustments Deferred Gain (Loss) on Cash Flow Hedging Pension and OPEB Adjustments Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2019 $ (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 ) Reclassification adjustments - - 4,788 4,788 Current period benefit (charge) (2,807 ) - (1,045 ) (3,852 ) Income tax charge - - (889 ) (889 ) Balance at December 31, 2021 (7,851 ) - (22,479 ) (30,330 ) Reclassification adjustments - (43 ) 8,519 8,476 Current period benefit (charge) (2,768 ) (766 ) 3,610 76 Income tax benefit (charge) - 192 (2,888 ) (2,696 ) Balance at December 31, 2022 $ (10,619 ) $ (617 ) $ (13,238 ) $ (24,474 ) |
Note 9 - Income Taxes Concept (
Note 9 - Income Taxes Concept (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2022 2021 2020 United States $ 6,270 $ 30,973 $ 28,493 Foreign countries 7,602 6,275 2,753 Total $ 13,872 $ 37,248 $ 31,246 2022 2021 2020 Current expense: Federal $ 1,581 $ 5,174 $ 4,058 Foreign 1,264 1,087 353 State and local 918 1,086 1,103 $ 3,763 $ 7,347 $ 5,514 Deferred expense (benefit): Federal $ (565 ) $ 60 $ 728 Foreign 147 48 (349 ) State and local (668 ) (58 ) 165 (1,086 ) 50 544 Income tax expense $ 2,677 $ 7,397 $ 6,058 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 2020 Income taxes at statutory rate $ 2,913 $ 7,822 $ 6,562 State and local income taxes, net of federal tax benefit 282 898 711 Tax credits (627 ) (1,052 ) (808 ) Uncertain tax positions (99 ) (26 ) 42 Valuation allowance (85 ) (86 ) - GILTI/FDII 608 238 (286 ) Foreign rate differential (186 ) (183 ) (574 ) Other (129 ) (214 ) 411 Income tax expense $ 2,677 $ 7,397 $ 6,058 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 Deferred tax assets: Inventories $ 524 $ - Accrued liabilities 3,208 1,900 Postretirement health benefits obligation 5,584 6,724 Pension 1,868 1,745 Lease liabilities 520 272 Capitalized R&D 1,103 - Interest 3,168 - Other 1,399 1,531 Total deferred tax assets 17,374 12,172 Valuation allowance (462 ) (481 ) Net deferred tax assets 16,912 11,691 Deferred tax liabilities: Depreciation and amortization (16,987 ) (9,817 ) Leases – right of use assets (536 ) (269 ) Inventories - (628 ) Total deferred tax liabilities (17,523 ) (10,714 ) Net deferred tax assets (liabilities) $ (611 ) $ 977 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2022 2021 2020 Balance at beginning of year $ 808 $ 878 $ 1,130 Additions based on tax positions related to the current year 117 153 177 Reductions due to lapse of applicable statute of limitations (171 ) (96 ) (139 ) Settlements - (127 ) (290 ) Balance at end of year $ 754 $ 808 $ 878 |
Note 10 - Pensions and Other _2
Note 10 - Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | Pension Plans Postretirement Plan 2022 2021 2022 2021 Accumulated benefit obligation at end of year $ 45,756 $ 67,400 $ 23,954 $ 28,934 Change in projected benefit obligation: Benefit obligation at beginning of year $ 82,000 $ 86,299 $ 28,934 $ 29,848 Service cost 2,400 2,662 1,146 1,462 Interest cost 2,326 1,729 760 654 Settlement 1,656 651 - - Benefits paid (17,826 ) (7,719 ) (1,781 ) (1,618 ) Effect of foreign exchange - - (28 ) 1 Actual expenses (150 ) (150 ) - - Actuarial (gain)/ loss (14,454 ) (1,472 ) (5,077 ) (1,413 ) Benefit obligation at end of year $ 55,952 $ 82,000 $ 23,954 $ 28,934 Change in plan assets: Plan assets at beginning of year $ 72,658 $ 77,067 $ - $ - Actual return on plan assets (10,332 ) 1,460 - - Employer contributions 2,250 2,000 1,781 1,618 Benefits paid (17,826 ) (7,719 ) (1,781 ) (1,618 ) Actual expenses (150 ) (150 ) - - Plan assets at end of year $ 46,600 $ 72,658 $ - $ - Funded status at end of year $ (9,352 ) $ (9,342 ) $ (23,954 ) $ (28,934 ) Pension Plans Postretirement Plan 2022 2021 2022 2021 Amounts recognized in the Consolidated Balance Sheets consist of: Current liabilities $ - $ - $ (1,541 ) $ (1,575 ) Noncurrent liabilities (9,352 ) (9,342 ) (22,413 ) (27,359 ) Total assets (liabilities) $ (9,352 ) $ (9,342 ) $ (23,954 ) $ (28,934 ) Amounts recognized in Accumulated other Net actuarial loss $ 18,290 $ 26,016 $ 308 $ 5,841 Prior Service Cost - - (995 ) (2,125 ) Deferred tax (benefit) expense (4,607 ) (6,446 ) 242 (807 ) After tax actuarial loss $ 13,683 $ 19,570 $ (445 ) $ 2,909 |
Schedule of Costs of Retirement Plans [Table Text Block] | Components of net periodic benefit cost: 2022 2021 2020 Pension Plans Service cost $ 2,400 $ 2,662 $ 2,709 Interest cost 2,326 1,729 1,937 Expected return on plan assets (2,892 ) (3,610 ) (3,900 ) Recognized actuarial loss 1,724 1,904 2,160 Settlement loss 6,427 2,304 4,583 Net periodic benefit cost $ 9,985 $ 4,989 $ 7,489 Other changes in pension plan assets and benefit obligations recognized in other comprehensive loss: Net (gain) loss (7,726 ) (2,879 ) 2,704 Total expense recognized in net periodic benefit cost and other comprehensive income $ 2,259 $ 2,110 $ 10,193 Postretirement Plan Service cost $ 1,146 $ 1,462 $ 1,372 Interest cost 760 654 778 Prior service cost recognition (1,128 ) (1,130 ) (1,129 ) Recognized actuarial loss (gain) 368 580 306 Net periodic benefit cost (credit) $ 1,146 $ 1,566 $ 1,327 Other changes in postretirement plan assets and benefit obligations recognized in other comprehensive loss: Net loss (gain) $ (4,317 ) $ (863 ) $ 3,762 Total expense (benefit) recognized in net periodic benefit cost and other comprehensive income $ (3,171 ) $ 703 $ 5,089 |
Defined Benefit Plan, Assumptions [Table Text Block] | Pension Plans Postretirement Plan 2022 2021 2022 2021 Weighted-average assumptions used to determine benefit obligations at December 31: Discount rate 4.89 % 2.44 % 5.16 % 2.70 % 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 4.43 % 2.07 % 2.70 % 2.25 % Expected long-term rate of return on plan assets 5.00 % 5.10 % - – 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, 2022 Equity $ 7,157 $ - $ - $ 7,157 Fixed income 5,052 27,045 - 32,097 Mutual funds 2,406 - - 2,406 Money funds and cash 1,527 3,413 - 4,940 Total fair value of Plan assets $ 16,142 $ 30,458 $ - $ 46,600 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, 2021 Equity $ 10,979 $ - $ - $ 10,979 Fixed income 8,788 42,154 139 51,081 Mutual funds 3,045 - - 3,045 Money funds and cash 2,220 5,333 - 7,553 Total fair value of Plan assets $ 25,032 $ 47,487 $ 139 $ 72,658 |
Schedule of Expected Benefit Payments [Table Text Block] | 2023 2024 2025 2026 2027 Thereafter Pension $ 7,435 $ 2,930 $ 3,272 $ 2,871 $ 3,838 $ 25,710 Postretirement 1,580 1,591 1,632 1,673 1,750 10,356 |
Note 11 - Goodwill and Other _2
Note 11 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Historical Cost of Intangible Assets December 31, 2021 Acquisitions Foreign Currency December 31, 2022 Customer relationships $ 7,769 $ 200,900 $ (76 ) $ 208,593 Technology and drawings 6,750 39,800 (7 ) 46,543 Other intangibles 1,997 - - 1,997 Total finite-lived intangible assets 16,516 240,700 (83 ) 257,133 Trade names 2,528 10,700 (2 ) 13,226 Goodwill 27,243 230,688 (207 ) 257,724 Total $ 46,287 $ 482,088 $ (292 ) $ 528,083 2022 2021 Historical Cost Accumulated Amortization Historical Cost Accumulated Amortization Finite-lived intangible assets: Customer relationships $ 208,593 $ 13,369 $ 7,769 $ 7,255 Technology and drawings 46,543 5,757 6,750 4,305 Other intangibles 1,997 1,872 1,997 1,641 Total finite-lived intangible assets 257,133 20,998 16,516 13,201 Trade names and trademarks 13,226 - 2,528 - Goodwill 257,724 - 27,243 - Total $ 528,083 $ 20,998 $ 46,287 $ 13,201 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 2024 2025 2026 2027 Thereafter Total $ 12,527 $ 12,402 $ 12,367 $ 12,318 $ 12,281 $ 174,240 $ 236,135 |
Note 12 - Business Segment In_2
Note 12 - Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Product Category 2022 2021 2020 Pumps and pump systems $ 458,890 $ 321,263 $ 300,906 Repair parts for pumps and pump systems and other 62,137 57,053 48,061 Total net sales $ 521,027 $ 378,316 $ 348,967 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Geographic Location 2022 2021 2020 United States $ 381,306 $ 260,683 $ 246,913 Foreign countries 139,721 117,633 102,054 Total net sales $ 521,027 $ 378,316 $ 348,967 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Percentage of LIFO Inventory | 68% | 72% | |
Depreciation, Total | $ 13,300 | $ 11,200 | $ 11,400 |
Goodwill, Impairment Loss | 0 | 0 | 0 |
Advertising Expense | 3,300 | 1,900 | 2,100 |
Performance Shares [Member] | |||
Share-Based Payment Arrangement, Expense | $ 3,000 | $ 2,000 | $ 300 |
The 2015 Omnibus Incentive Plan [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 2 years | ||
The 2015 Omnibus Incentive Plan [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 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, 2022 | |
Building [Member] | Minimum [Member] | |
Buildings (Year) | 20 years |
Building [Member] | Maximum [Member] | |
Buildings (Year) | 50 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Buildings (Year) | 5 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Buildings (Year) | 15 years |
Software Development [Member] | Minimum [Member] | |
Buildings (Year) | 3 years |
Software Development [Member] | Maximum [Member] | |
Buildings (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, 2022 | Dec. 31, 2021 |
Land | $ 337,993 | $ 306,696 |
Less accumulated depreciation | (209,353) | (202,403) |
Property, plant and equipment, net | 128,640 | 104,293 |
Land [Member] | ||
Land | 6,215 | 5,813 |
Building [Member] | ||
Land | 119,197 | 112,760 |
Machinery and Equipment [Member] | ||
Land | $ 212,581 | $ 188,123 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Amortization of Intangible Assets Lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Technology and Drawings [Member] | Minimum [Member] | |
Technology and drawings (Year) | 13 years |
Technology and Drawings [Member] | Maximum [Member] | |
Technology and drawings (Year) | 20 years |
Customer Relationships [Member] | Minimum [Member] | |
Technology and drawings (Year) | 9 years |
Customer Relationships [Member] | Maximum [Member] | |
Technology and drawings (Year) | 20 years |
Other Intangible Assets [Member] | Minimum [Member] | |
Technology and drawings (Year) | 2 years |
Other Intangible Assets [Member] | Maximum [Member] | |
Technology and drawings (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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at beginning of year | $ 1,637 | $ 1,361 | $ 1,438 |
Provision | 1,590 | 1,813 | 1,350 |
Acquired | 646 | 0 | 0 |
Claims | (1,900) | (1,537) | (1,427) |
Balance at end of year | $ 1,973 | $ 1,637 | $ 1,361 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
May 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Payments to Acquire Businesses, Gross | $ 527,993 | $ 0 | $ 0 | |
Amortization of Intangible Assets | 7,600 | 800 | $ 1,300 | |
Operating income | 57,248 | 41,177 | ||
Tuthill Corporation [Member] | ||||
Business Combination, Consideration Transferred, Total | $ 528,000 | |||
Payments to Acquire Businesses, Gross | 83,000 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 87,400 | |||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 6,400 | |||
Business Combination, Acquisition Related Costs | 7,100 | |||
Tuthill Corporation [Member] | Acquisition-related Costs [Member] | ||||
Operating income | $ 4,000 | |||
Tuthill Corporation [Member] | Inventory Step Up [Member] | ||||
Amortization of Intangible Assets | 1,400 | |||
Tuthill Corporation [Member] | Customer Backlog [Member] | ||||
Amortization of Intangible Assets | 1,500 | |||
Tuthill Corporation [Member] | Customer Relationships [Member] | ||||
Amortization of Intangible Assets | $ 7,000 | |||
Tuthill Corporation [Member] | Senior Term Loan Facility [Member] | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 350,000 | |||
Tuthill Corporation [Member] | Subordinated Credit Facility [Member] | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 90,000 | |||
Tuthill Corporation [Member] | Credit Facility [Member] | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 5,000 |
Note 2 - Acquisitions - Prelimi
Note 2 - Acquisitions - Preliminary Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill | $ 257,724 | $ 27,243 |
Tuthill Corporation [Member] | ||
Accounts receivable | 21,273 | |
Inventory | 12,214 | |
Other current assets | 914 | |
Property, plant, and equipment | 24,505 | |
Goodwill | 230,688 | |
Total assets acquired | 543,594 | |
Current liabilities assumed | (15,601) | |
Allocated purchase price | 527,993 | |
Tuthill Corporation [Member] | Customer Backlog [Member] | ||
Customer backlog (amortized within one year) | 2,600 | |
Tuthill Corporation [Member] | Customer Relationships [Member] | ||
Customer backlog (amortized within one year) | 200,900 | |
Tuthill Corporation [Member] | Technology-Based Intangible Assets [Member] | ||
Customer backlog (amortized within one year) | 39,800 | |
Tuthill Corporation [Member] | Trade Names [Member] | ||
Customer backlog (amortized within one year) | $ 10,700 |
Note 2 - Acquisitions - Pro For
Note 2 - Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 586,101 | $ 510,621 |
Operating income | 57,248 | 41,177 |
Net income | $ 15,264 | $ 13,589 |
Earnings per share (in dollars per share) | $ 0.59 | $ 0.52 |
Note 3 - Allowance for Doubtf_2
Note 3 - Allowance for Doubtful Accounts (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0.5 | $ 0.2 |
Note 4 - Revenue 1 (Details Tex
Note 4 - Revenue 1 (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contract with Customer, Liability, Revenue Recognized | $ 9.1 | $ 7.4 | |
Non-US [Member] | |||
Percentage Revenue By Location | 27% | 31% | 29% |
Note 4 - Revenue 2 (Details Tex
Note 4 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 $ in Millions | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 267.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 4 - Revenue - Disaggregati
Note 4 - Revenue - Disaggregation of Revenue by Major Categories and Geographic Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 521,027 | $ 378,316 | $ 348,967 |
UNITED STATES | |||
Net sales | 381,306 | 260,683 | 246,913 |
Non-US [Member] | |||
Net sales | 139,721 | 117,633 | 102,054 |
Pumps and Pump Systems [Member] | |||
Net sales | 458,890 | 321,263 | 300,906 |
Repair Parts for Pumps and Pump Systems and Other [Member] | |||
Net sales | $ 62,137 | $ 57,053 | $ 48,061 |
Note 4 - Revenue - Contract Ass
Note 4 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Contract assets | $ 0 | $ 0 |
Contract liabilities | $ 6,740 | $ 9,200 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory, LIFO Reserve | $ 88,200 | $ 70,100 | |
Inventory Valuation Reserves | 7,200 | 6,000 | |
Inventory, LIFO Reserve, Effect on Income, Net, Total | $ 18,041 | $ 6,669 | $ 969 |
Note 5 - Inventories - Inventor
Note 5 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Raw materials and in-process | $ 40,448 | $ 23,263 |
Finished parts | 57,224 | 52,039 |
Finished products | 13,461 | 10,346 |
Total net inventories | $ 111,133 | $ 85,648 |
Note 6 - Financing Arrangemen_3
Note 6 - Financing Arrangements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
May 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 17,400 | $ 0 | $ 0 | |
Credit Facility [Member] | ||||
Long-Term Line of Credit, Total | $ 5,000 | |||
Revolving Credit Facility [Member] | Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | |||
Long-Term Line of Credit, Total | 17,000 | |||
Letter of Credit [Member] | Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000 | |||
Swing Line Subfacility [Member] | Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | |||
Line of Credit Maturing February 2024 [Member] | ||||
Letters of Credit Outstanding, Amount | 20,000 | |||
Line of Credit Maturing May 2024 [Member] | ||||
Letters of Credit Outstanding, Amount | 6,500 | |||
Bank Guarantee [Member] | ||||
Letters of Credit Outstanding, Amount | 3,000 | |||
Senior Term Loan Facility [Member] | ||||
Debt Instrument, Face Amount | $ 350,000 | |||
Debt Instrument, Covenant, Maximum Senior Secured Net Leverage Ratio | 4.50 | |||
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio | 1.20 | |||
Debt Issuance Costs, Net, Total | $ 12,800 | |||
Senior Term Loan Facility [Member] | Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||
Senior Term Loan Facility [Member] | Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Senior Term Loan Facility [Member] | Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Senior Term Loan Facility [Member] | Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Senior Term Loan Facility [Member] | Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||
Senior Secured Credit Agreement for Periods Ending June 30, 2023 and September 30, 2023 [Member] | ||||
Debt Instrument, Covenant, Maximum Senior Secured Net Leverage Ratio | 4 | |||
Debt Instrument, Covenant, Maximum Total Net Leverage Ratio | 5.25 | |||
Senior Secured Credit Agreement for Periods Ending December 31, 2023 and After [Member] | ||||
Debt Instrument, Covenant, Maximum Senior Secured Net Leverage Ratio | 3.50 | |||
Debt Instrument, Covenant, Maximum Total Net Leverage Ratio | 4.75 | |||
Senior Secured Credit Agreement for Periods Ending June30, September 30, December 31, 2022 and March 31, 2023 [Member] | ||||
Debt Instrument, Covenant, Maximum Total Net Leverage Ratio | 5.75 | |||
Subordinated Credit Facility [Member] | ||||
Debt Instrument, Face Amount | $ 90,000 | |||
Subordinated Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument, Prepayment Fee, Percent | 1% | |||
Subordinated Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument, Prepayment Fee, Percent | 2% | |||
Subordinated Credit Facility [Member] | Base Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 8% | |||
Subordinated Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 9% | 9.10% | ||
Subordinated Credit Agreement for Periods Ending June30, September 30, December 31, 2022 and March 31, 2023 [Member] | ||||
Debt Instrument, Covenant, Maximum Senior Secured Net Leverage Ratio | 5.40 | |||
Debt Instrument, Covenant, Maximum Total Net Leverage Ratio | 6.90 | |||
Subordinated Credit Agreement for Periods Ending June 30, 2023 and September 30, 2023 [Member] | ||||
Debt Instrument, Covenant, Maximum Senior Secured Net Leverage Ratio | 4.80 | |||
Debt Instrument, Covenant, Maximum Total Net Leverage Ratio | 6.30 | |||
Subordinated Credit Agreement for Periods Ending December 31, 2023 and After [Member] | ||||
Debt Instrument, Covenant, Maximum Senior Secured Net Leverage Ratio | 4.20 | |||
Debt Instrument, Covenant, Maximum Total Net Leverage Ratio | 5.70 | |||
Senior Secured Credit Agreement and Subordinated Credit Agreement [Member] | ||||
Debt Issuance Costs, Net, Total | $ 15,200 | |||
Credit Facility [Member] | ||||
Debt Issuance Costs, Net, Total | $ 2,400 |
Note 6 - Financing Arrangemen_4
Note 6 - Financing Arrangements - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Senior term loan facility | $ 448,250 | |
Unamortized discount and debt issuance fees | (11,423) | |
Total debt, net | 436,827 | |
Less: current portion of long-term debt | (17,500) | $ 0 |
Long-term debt, net of current portion | 419,327 | $ 0 |
Senior Term Loan Facility [Member] | ||
Senior term loan facility | 341,250 | |
Credit Facility [Member] | ||
Senior term loan facility | 17,000 | |
Subordinated Credit Facility [Member] | ||
Senior term loan facility | $ 90,000 |
Note 6 - Financing Arrangemen_5
Note 6 - Financing Arrangements - Schedule of Maturities of Long-term Debt (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Long-Term Debt, Maturity, Year One | $ 17,500 |
Long-Term Debt, Maturity, Year Two | 21,875 |
Long-Term Debt, Maturity, Year Three | 30,625 |
Long-Term Debt, Maturity, Year Four | 35,000 |
Long-Term Debt, Maturity, Year Five | 343,250 |
Senior term loan facility | $ 448,250 |
Note 6 - Financing Arrangemen_6
Note 6 - Financing Arrangements - Summary of Interest Rate Swap Agreements (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Notional amount | $ 170,600 | $ 0 |
Average fixed rate | 4.10% | 0% |
Note 6 - Financing Arrangemen_7
Note 6 - Financing Arrangements - Summary of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total derivatives | $ (809) | $ 0 |
Prepaid Expenses and Other Current Assets [Member] | ||
Current Assets, Derivative | 1,203 | 0 |
Other Noncurrent Liabilities [Member] | ||
Long-term Liabilities, Derivative | $ (2,012) | $ 0 |
Note 6 - Financing Arrangemen_8
Note 6 - Financing Arrangements - Summary of Gain (Loss) Recognized on Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member] | |||
Amount of (loss) gain on derivatives | $ (43) | $ 0 | $ 0 |
Note 6 - Financing Arrangemen_9
Note 6 - Financing Arrangements - Effects of Derivative Instruments on Comprehensive Income (Loss) (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amount of (loss) gain recognized in AOCI on derivatives | $ (809) | $ 0 | $ 0 |
Amount of (loss) gain reclassed from AOCI into income | $ 0 | $ 0 | $ 0 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
Lessee, Operating Lease, Renewal Term | 5 years |
Minimum [Member] | |
Lessee, Remaining Lease Term | 1 year |
Maximum [Member] | |
Lessee, Remaining Lease Term | 5 years |
Note 7 - Leases - Supplement In
Note 7 - Leases - Supplement Information Related to Leases (Details) - USD ($) $ in Thousands | 24 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease costs | $ 621 | $ 450 |
Short-term lease costs | 673 | 322 |
Finance lease costs | 135 | 140 |
Total lease costs | $ 1,429 | $ 912 |
Note 7 - Leases - Weighted Aver
Note 7 - Leases - Weighted Average Remaining Lease Term and Discount Rate (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Operating leases (Year) | 2 years 4 months 24 days | 1 year 9 months 18 days |
Finance leases (Year) | 1 year 3 months 18 days | 2 years 3 months 18 days |
Operating leases | 3.25% | 3.25% |
Finance leases | 3.25% | 3.25% |
Note 7 - Leases - Lease Assets
Note 7 - Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Total lease liabilities | $ 2,180 | $ 1,140 |
Other Assets [Member] | ||
Other assets - right-of-use assets | 2,010 | 840 |
Other assets - right-of-use assets | 170 | 300 |
Other assets - right-of-use assets | 2,180 | 1,140 |
Accrued Expenses [Member] | ||
Accrued expenses - current portion of lease liabilities | 980 | 450 |
Accrued expenses - current portion of lease liabilities | 130 | 130 |
Accrued expenses - current portion of lease liabilities | 1,110 | 580 |
Other Noncurrent Liabilities [Member] | ||
Other long-term liabilities - non-current portion of lease liabilities | 1,020 | 380 |
Other long-term liabilities - non-current portion of lease liabilities | 50 | 180 |
Other long-term liabilities - non-current portion of lease liabilities | 1,070 | 560 |
Accrued Expenses and Other Noncurrent Liabilities [Member] | ||
Total lease liabilities | 2,000 | 830 |
Total lease liabilities | 180 | 310 |
Total lease liabilities | $ 2,180 | $ 1,140 |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease Liability, Payments, Due Next Twelve Months | $ 1,217 | $ 607 |
Lessee, Lease Liability, Payments, Due Year Two | 792 | 422 |
Lessee, Lease Liability, Payments, Due Year Three | 286 | 123 |
Lessee, Lease Liability, Payments, Due Year Four | 42 | 25 |
Lessee, Lease Liability, Payments, Due Year Five | 3 | 1 |
Thereafter | 8 | 9 |
Total lease payments | 2,348 | 1,187 |
Less: Interest | (168) | (47) |
Present value of lease liabilities | $ 2,180 | $ 1,140 |
Note 8 - Accumulated Other Co_3
Note 8 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Loss Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balances December 31, 2019 | $ 329,976 | $ 315,513 | $ 307,878 |
Balance at December 31, 2020 | 331,194 | 329,976 | 315,513 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balances December 31, 2019 | (7,851) | (5,044) | (8,155) |
Reclassification adjustments | 0 | 0 | 0 |
Current period benefit (charge) | 2,768 | 2,807 | 3,111 |
Income tax benefit | 0 | 0 | 0 |
Balance at December 31, 2020 | (10,619) | (7,851) | (5,044) |
Reclassification adjustments | 0 | 0 | 0 |
Current period benefit (charge) | (2,768) | (2,807) | (3,111) |
Income tax charge | 0 | 0 | 0 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balances December 31, 2019 | (22,479) | (25,333) | (20,382) |
Reclassification adjustments | (8,519) | (4,788) | 7,049 |
Current period benefit (charge) | (3,610) | 1,045 | (13,510) |
Income tax benefit | 2,888 | 889 | 1,510 |
Balance at December 31, 2020 | (13,238) | (22,479) | (25,333) |
Reclassification adjustments | 8,519 | 4,788 | (7,049) |
Current period benefit (charge) | 3,610 | (1,045) | 13,510 |
Income tax charge | (2,888) | (889) | (1,510) |
AOCI Attributable to Parent [Member] | |||
Balances December 31, 2019 | (30,330) | (30,377) | (28,537) |
Reclassification adjustments | (8,476) | (4,788) | 7,049 |
Current period benefit (charge) | (76) | 3,852 | (10,399) |
Income tax benefit | 2,696 | 889 | 1,510 |
Balance at December 31, 2020 | (24,474) | (30,330) | (30,377) |
Reclassification adjustments | 8,476 | 4,788 | (7,049) |
Current period benefit (charge) | 76 | (3,852) | 10,399 |
Income tax charge | (2,696) | $ (889) | $ (1,510) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Reclassification adjustments | 43 | ||
Current period benefit (charge) | 766 | ||
Income tax benefit | (192) | ||
Balance at December 31, 2020 | (617) | ||
Reclassification adjustments | (43) | ||
Current period benefit (charge) | (766) | ||
Income tax charge | $ 192 |
Note 9 - Income Taxes Concept_2
Note 9 - Income Taxes Concept (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes Paid | $ 4,500 | $ 7,900 | $ 6,200 | |
Tax Credit Carryforward, Amount | 400 | 600 | ||
Deferred Tax Assets, Valuation Allowance | 462 | 481 | ||
Unrecognized Tax Benefits, Ending Balance | 754 | 808 | 878 | $ 1,130 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 600 | 700 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 200 | $ 200 | $ 200 |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
United States | $ 13,872 | $ 37,248 | $ 31,246 |
Current expense: | |||
United States | 13,872 | 37,248 | 31,246 |
Federal | 1,581 | 5,174 | 4,058 |
Foreign | 1,264 | 1,087 | 353 |
State and local | 918 | 1,086 | 1,103 |
Current Income Tax Expense (Benefit), Total | 3,763 | 7,347 | 5,514 |
Deferred expense (benefit): | |||
Federal | (565) | 60 | 728 |
Foreign | 147 | 48 | (349) |
State and local | (668) | (58) | 165 |
Deferred Income Tax Expense (Benefit), Total | (1,086) | 50 | 544 |
Income tax expense | 2,677 | 7,397 | 6,058 |
UNITED STATES | |||
United States | 6,270 | 30,973 | 28,493 |
Current expense: | |||
United States | 6,270 | 30,973 | 28,493 |
Foreign Countries [Member] | |||
United States | 7,602 | 6,275 | 2,753 |
Current expense: | |||
United States | $ 7,602 | $ 6,275 | $ 2,753 |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Income Tax Expense By Applying the Statutory Federal Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income taxes at statutory rate | $ 2,913 | $ 7,822 | $ 6,562 |
State and local income taxes, net of federal tax benefit | 282 | 898 | 711 |
Tax credits | (627) | (1,052) | (808) |
Uncertain tax positions | (99) | (26) | 42 |
Valuation allowance | (85) | (86) | 0 |
GILTI/FDII | 608 | 238 | (286) |
Foreign rate differential | (186) | (183) | (574) |
Other | (129) | (214) | 411 |
Income tax expense | $ 2,677 | $ 7,397 | $ 6,058 |
Note 9 - Income Taxes - Deferre
Note 9 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Inventories | $ 524 | $ 0 |
Accrued liabilities | 3,208 | 1,900 |
Postretirement health benefits obligation | 5,584 | 6,724 |
Pension | 1,868 | 1,745 |
Lease liabilities | 520 | 272 |
Capitalized R&D | 1,103 | 0 |
Interest | 3,168 | 0 |
Other | 1,399 | 1,531 |
Total deferred tax assets | 17,374 | 12,172 |
Valuation allowance | (462) | (481) |
Deferred tax liabilities: | ||
Net deferred tax assets | 16,912 | 11,691 |
Depreciation and amortization | (16,987) | (9,817) |
Leases – right of use assets | (536) | (269) |
Inventories | 0 | (628) |
Total deferred tax liabilities | (17,523) | (10,714) |
Net deferred tax assets (liabilities) | $ (611) | |
Net deferred tax assets (liabilities) | $ 977 |
Note 9 - Income Taxes - Recon_2
Note 9 - Income Taxes - Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at beginning of year | $ 808 | $ 878 | $ 1,130 |
Additions based on tax positions related to the current year | 117 | 153 | 177 |
Reductions due to lapse of applicable statute of limitations | (171) | (96) | (139) |
Settlements | 0 | (127) | (290) |
Balance at end of year | $ 754 | $ 808 | $ 878 |
Note 10 - Pensions and Other _3
Note 10 - Pensions and Other Postretirement Benefits (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ 6,400 | $ 2,300 | $ 4,600 |
Unrecognized Actuarial Gain (Loss) in Excess of Benefit Obligation, Percentage | 10% | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 2,300 | ||
One Percentage Point Change in Assumed Rate of Return [Member] | |||
Defined Benefit Plan Effect On Pension Expense | $ 600 | ||
One Percentage Point Increase in Discount Rate [Member] | |||
Defined Benefit Plan Effect On Pension Expense | $ 1,700 | ||
One Percentage Point Decrease in Discount Rate [Member] | |||
Defined Benefit Plan Effect On Pension Expense | 2,000 | ||
Defined Benefit Plan, Equity Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 22% | ||
Defined Benefit Plan, Equity Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 42% | ||
Fixed Income Securities [Member] | Minimum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50% | ||
Fixed Income Securities [Member] | Maximum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70% | ||
Alternative Investments [Member] | Minimum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 3% | ||
Alternative Investments [Member] | Maximum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 13% | ||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Minimum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | ||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Maximum [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% | ||
Pension Plan [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3,000 | $ 2,300 | 2,300 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 2,250 | 2,000 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 55,952 | 82,000 | 86,299 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (6,427) | $ (2,304) | $ (4,583) |
Fill-Rite Plan [Member] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 300 | ||
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 200 | ||
Postretirement Health Coverage [Member] | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5% |
Note 10 - Pensions and Other _4
Note 10 - Pensions and Other Postretirement Benefits - Amounts Recognized in the Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in plan assets: | |||
Plan assets at beginning of year | $ 72,658 | ||
Plan assets at end of year | 46,600 | $ 72,658 | |
Pension Plan [Member] | |||
Accumulated benefit obligation at end of year | 45,756 | 67,400 | |
Current liabilities | 0 | 0 | |
Benefit obligation at beginning of year | 82,000 | 86,299 | |
Noncurrent liabilities | (9,352) | (9,342) | |
Service cost | 2,400 | 2,662 | $ 2,709 |
Total assets (liabilities) | (9,352) | (9,342) | |
Interest cost | 2,326 | 1,729 | 1,937 |
Settlement | 1,656 | 651 | |
Net actuarial loss | 18,290 | 26,016 | |
Benefits paid | (17,826) | (7,719) | |
Prior Service Cost | 0 | 0 | |
Effect of foreign exchange | 0 | 0 | |
Deferred tax (benefit) expense | (4,607) | (6,446) | |
Actual expenses | (150) | (150) | |
After tax actuarial loss | 13,683 | 19,570 | |
Actuarial (gain)/ loss | (14,454) | (1,472) | |
Benefit obligation at end of year | 55,952 | 82,000 | 86,299 |
Change in plan assets: | |||
Plan assets at beginning of year | 72,658 | 77,067 | |
Actual return on plan assets | (10,332) | 1,460 | |
Employer contributions | 2,250 | 2,000 | |
Benefits paid | (17,826) | (7,719) | |
Actual expenses | (150) | (150) | |
Plan assets at end of year | 46,600 | 72,658 | 77,067 |
Funded status at end of year | (9,352) | (9,342) | |
Postemployment Retirement Benefits [Member] | |||
Accumulated benefit obligation at end of year | 23,954 | 28,934 | |
Current liabilities | (1,541) | (1,575) | |
Benefit obligation at beginning of year | 28,934 | 29,848 | |
Noncurrent liabilities | (22,413) | (27,359) | |
Service cost | 1,146 | 1,462 | 1,372 |
Total assets (liabilities) | (23,954) | (28,934) | |
Interest cost | 760 | 654 | 778 |
Settlement | 0 | 0 | |
Net actuarial loss | 308 | 5,841 | |
Benefits paid | (1,781) | (1,618) | |
Prior Service Cost | (995) | (2,125) | |
Effect of foreign exchange | (28) | 1 | |
Deferred tax (benefit) expense | 242 | (807) | |
Actual expenses | 0 | 0 | |
After tax actuarial loss | (445) | 2,909 | |
Actuarial (gain)/ loss | (5,077) | (1,413) | |
Benefit obligation at end of year | 23,954 | 28,934 | 29,848 |
Change in plan assets: | |||
Plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 1,781 | 1,618 | |
Benefits paid | (1,781) | (1,618) | |
Actual expenses | 0 | 0 | |
Plan assets at end of year | 0 | 0 | $ 0 |
Funded status at end of year | $ (23,954) | $ (28,934) |
Note 10 - Pension and Other Pos
Note 10 - Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Settlement loss | $ (6,400) | $ (2,300) | $ (4,600) |
Pension Plan [Member] | |||
Service cost | 2,400 | 2,662 | 2,709 |
Interest cost | 2,326 | 1,729 | 1,937 |
Expected return on plan assets | (2,892) | (3,610) | (3,900) |
Recognized actuarial loss | 1,724 | 1,904 | 2,160 |
Settlement loss | 6,427 | 2,304 | 4,583 |
Net periodic benefit cost | 9,985 | 4,989 | 7,489 |
Net (gain) loss | (7,726) | (2,879) | 2,704 |
Total expense recognized in net periodic benefit cost and other comprehensive income | 2,259 | 2,110 | 10,193 |
Postemployment Retirement Benefits [Member] | |||
Service cost | 1,146 | 1,462 | 1,372 |
Interest cost | 760 | 654 | 778 |
Recognized actuarial loss | 368 | 580 | 306 |
Net periodic benefit cost | 1,146 | 1,566 | 1,327 |
Net (gain) loss | (4,317) | (863) | 3,762 |
Total expense recognized in net periodic benefit cost and other comprehensive income | (3,171) | 703 | 5,089 |
Prior service cost recognition | $ (1,128) | $ (1,130) | $ (1,129) |
Note 10 - Pensions and Other _5
Note 10 - Pensions and Other Postretirement Benefits - Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan [Member] | ||
Discount rate | 4.89% | 2.44% |
Rate of compensation increase | 3.50% | 3.50% |
Discount rate | 4.43% | 2.07% |
Expected long-term rate of return on plan assets | 5% | 5.10% |
Rate of compensation increase | 3.50% | 3.50% |
Postemployment Retirement Benefits [Member] | ||
Discount rate | 5.16% | 2.70% |
Rate of compensation increase | 0% | 0% |
Discount rate | 2.70% | 2.25% |
Expected long-term rate of return on plan assets | 0% | |
Rate of compensation increase | 0% |
Note 10 - Pensions and Other _6
Note 10 - Pensions and Other Postretirement Benefits - Allocation of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Plan Fair Value Assets | $ 46,600 | $ 72,658 |
Fair Value, Inputs, Level 1 [Member] | ||
Plan Fair Value Assets | 16,142 | 25,032 |
Fair Value, Inputs, Level 2 [Member] | ||
Plan Fair Value Assets | 30,458 | 47,487 |
Fair Value, Inputs, Level 3 [Member] | ||
Plan Fair Value Assets | 0 | 139 |
Equity Securities [Member] | ||
Plan Fair Value Assets | 7,157 | 10,979 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Plan Fair Value Assets | 7,157 | 10,979 |
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 | 0 | 0 |
Fixed Income Securities [Member] | ||
Plan Fair Value Assets | 32,097 | 51,081 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Plan Fair Value Assets | 5,052 | 8,788 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Plan Fair Value Assets | 27,045 | 42,154 |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Plan Fair Value Assets | 0 | 139 |
Mutual Funds [Member] | ||
Plan Fair Value Assets | 2,406 | 3,045 |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Plan Fair Value Assets | 2,406 | 3,045 |
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 | 4,940 | 7,553 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Plan Fair Value Assets | 1,527 | 2,220 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Plan Fair Value Assets | 3,413 | 5,333 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Plan Fair Value Assets | $ 0 | $ 0 |
Note 10 - Pensions and Other _7
Note 10 - Pensions and Other Postretirement Benefits - Expected Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Pension Plan [Member] | |
2023 | $ 7,435 |
2024 | 2,930 |
2025 | 3,272 |
2026 | 2,871 |
2027 | 3,838 |
Thereafter | 25,710 |
Postemployment Retirement Benefits [Member] | |
2023 | 1,580 |
2024 | 1,591 |
2025 | 1,632 |
2026 | 1,673 |
2027 | 1,750 |
Thereafter | $ 10,356 |
Note 11 - Goodwill and Other _3
Note 11 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of Intangible Assets | $ 7,600 | $ 800 | $ 1,300 |
Goodwill | 257,724 | $ 27,243 | |
National Reporting Unit [Member] | |||
Goodwill | $ 13,600 | ||
Reporting Unit, Percentage of Parent Company Total Assets | 1.60% |
Note 11 - Goodwill and Other _4
Note 11 - Goodwill and Other Intangible Assets - Major Components of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Customer relationships | $ 16,516 | |
Customer relationships | 257,133 | $ 16,516 |
Customer relationships | 240,700 | |
Customer relationships | 20,998 | 13,201 |
Customer relationships | (83) | |
Customer relationships | 257,133 | |
Goodwill | 27,243 | |
Goodwill | 257,724 | 27,243 |
Goodwill | 230,688 | |
Goodwill | (207) | |
Goodwill | 257,724 | |
Total | 46,287 | |
Total | 528,083 | 46,287 |
Total | 482,088 | |
Total | (292) | |
Total | 528,083 | |
Trade Names [Member] | ||
Trade names | 2,528 | |
Trade names and trademarks | 13,226 | 2,528 |
Trade names | 10,700 | |
Trade names | (2) | |
Trade names | 13,226 | |
Customer Receipts [Member] | ||
Customer relationships | 7,769 | |
Customer relationships | 208,593 | 7,769 |
Customer relationships | 200,900 | |
Customer relationships | (76) | |
Customer relationships | 208,593 | |
Customer Relationships [Member] | ||
Customer relationships | 7,769 | |
Customer relationships | 208,593 | 7,769 |
Customer relationships | 13,369 | 7,255 |
Customer relationships | 208,593 | |
Technology and Drawings [Member] | ||
Customer relationships | 6,750 | |
Customer relationships | 46,543 | 6,750 |
Customer relationships | 39,800 | |
Customer relationships | 5,757 | 4,305 |
Customer relationships | (7) | |
Customer relationships | 46,543 | |
Other Intangible Assets [Member] | ||
Customer relationships | 1,997 | |
Customer relationships | 1,997 | 1,997 |
Customer relationships | 0 | |
Customer relationships | 1,872 | $ 1,641 |
Customer relationships | 0 | |
Customer relationships | $ 1,997 |
Note 11 - Goodwill and Other _5
Note 11 - Goodwill and Other Intangible Assets - Schedule of Intangible Amortization Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 12,527 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 12,402 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 12,367 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 12,318 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 12,281 |
Finite-Lived Intangible Asset, Expected Amortization, after Year Six | 174,240 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 236,135 |
Note 12 - Business Segment In_3
Note 12 - Business Segment Information (Details Textual) | Dec. 31, 2022 | Dec. 31, 2021 |
Number of Countries in which Entity Operates | 130 | |
UNITED STATES | ||
Long Lived Assets, Percent | 97.20% | 86% |
Note 12 - Business Segment In_4
Note 12 - Business Segment Information - Net Sales from External Customers by Product Category (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 521,027 | $ 378,316 | $ 348,967 |
Pumps and Pump Systems [Member] | |||
Net sales | 458,890 | 321,263 | 300,906 |
Repairs and Other [Member] | |||
Net sales | $ 62,137 | $ 57,053 | $ 48,061 |
Note 12 - Business Segment In_5
Note 12 - Business Segment Information - Components of Customer Sales Determined Based on the Location of Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net sales | $ 521,027 | $ 378,316 | $ 348,967 |
UNITED STATES | |||
Net sales | 381,306 | 260,683 | 246,913 |
Foreign Countries [Member] | |||
Net sales | $ 139,721 | $ 117,633 | $ 102,054 |
Note 13 - Common Share Repurc_2
Note 13 - Common Share Repurchases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Repurchased and Retired During Period, Value | $ 918 | $ 1,245 | $ 361 |
The Share Repurchase Program [Member] | |||
Stock Repurchased and Retired During Period, Shares (in shares) | 24,546 | 30,038 | |
Stock Repurchased and Retired During Period, Value | $ 900 | $ 1,200 | |
Share Repurchase Program, Available for Repurchase, Amount | $ 48,100 |