The Gorman-Rupp Company (GRC) 10-Q 30 Oct 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		26,193,998
Entity Central Index Key	0000042682
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net sales	$ 167,456	$ 153,792	$ 498,946	$ 375,026
Cost of products sold	119,322	113,229	353,631	280,727
Gross profit	48,134	40,563	145,315	94,299
Selling, general and administrative expenses	23,233	22,076	70,664	62,125
Amortization expense	3,026	3,176	9,398	4,498
Operating income	21,875	15,311	65,253	27,676
Interest expense	(10,475)	(7,556)	(31,147)	(9,878)
Other income (expense), net	(416)	(5,323)	(1,385)	(7,079)
Income (loss) before income taxes	10,984	2,432	32,721	10,719
Provision (benefit) from income taxes	2,006	211	6,746	1,951
Net income (loss)	$ 8,978	$ 2,221	$ 25,975	$ 8,768
Earnings (loss) per share (in dollars per share)	$ 0.34	$ 0.09	$ 0.99	$ 0.34
Cash dividends per share (in dollars per share)	$ 0.175	$ 0.170	$ 0.525	$ 0.510
Average number of shares outstanding (in shares)	26,193,656	26,094,865	26,167,494	26,088,329

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income (loss)	$ 8,978	$ 2,221	$ 25,975	$ 8,768
Other comprehensive (loss) income, net of tax:
Cumulative translation adjustments	(1,166)	(2,855)	(888)	(5,719)
Cash flow hedging activity	1,238	0	2,332	0
Pension and postretirement medical liability adjustments	226	3,981	592	6,067
Other comprehensive income (loss)	298	1,126	2,036	348
Comprehensive income (loss)	$ 9,276	$ 3,347	$ 28,011	$ 9,116

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cash and cash equivalents	$ 18,189	$ 6,783
Accounts receivable, net	99,385	93,059
Inventories, net	103,525	111,133
Prepaid and other	12,030	14,551
Total current assets	233,129	225,526
Property, plant and equipment, net	135,600	128,640
Other assets	25,099	11,579
Other intangible assets, net	239,959	249,361
Goodwill	257,590	257,724
Total assets	891,377	872,830
Current liabilities:
Accounts payable	24,704	24,697
Payroll and employee related liabilities	26,268	17,132
Commissions payable	9,548	10,116
Deferred revenue and customer deposits	8,767	6,740
Current portion of long-term debt	19,688	17,500
Accrued expenses	13,471	9,028
Total current liabilities	102,446	85,213
Pension benefits	8,625	9,352
Postretirement benefits	21,996	22,413
Long-term debt, net of current portion	390,492	419,327
Other long-term liabilities	21,038	5,331
Total liabilities	544,597	541,636
Equity:
December 31, 2022 (after deducting treasury shares of 854,798 and 953,931, respectively), at stated capital amounts	5,118	5,097
Additional paid-in capital	4,833	3,912
Retained earnings	359,267	346,659
Accumulated other comprehensive (loss)	(22,438)	(24,474)
Total equity	346,780	331,194
Total liabilities and equity	$ 891,377	$ 872,830

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Sep. 30, 2023	Dec. 31, 2022
Common Stock, No Par Value (in dollars per share)	$ 0	$ 0
Common Stock, Shares Authorized (in shares)	35,000,000	35,000,000
Common Stock, Shares, Outstanding (in shares)	26,193,998	26,094,865
Treasury Stock, Common, Shares (in shares)	854,798	953,931

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 25,975	$ 8,768
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,196	14,161
LIFO expense	6,414	9,767
Pension expense	2,426	8,963
Stock based compensation	2,335	2,107
Contributions to pension plans	(2,250)	(2,000)
Amortization of debt issuance fees	2,247	977
Other	1,282	0
Changes in operating assets and liabilities:
Accounts receivable, net	(6,515)	(13,514)
Inventories, net	656	(20,761)
Accounts payable	230	3,437
Commissions payable	(531)	319
Deferred revenue and customer deposits	2,053	(2,526)
Income taxes	2,186	206
Accrued expenses and other	5,499	(4,019)
Benefit obligations	8,456	6,623
Net cash provided by operating activities	71,659	12,508
Cash flows from investing activities:
Capital additions	(16,917)	(11,268)
Payment for acquisitions	0	(526,301)
Other	(608)	(327)
Net cash used for investing activities	(16,309)	(537,242)
Cash flows from financing activities:
Cash dividends	(13,732)	(13,306)
Treasury share repurchases	(1,028)	(918)
Proceeds from bank borrowings	5,000	445,000
Payments to banks for borrowings	33,125	4,375
Debt issuance fees	0	(15,217)
Other	(519)	(97)
Net cash provided by (used for) financing activities	(43,404)	411,087
Effect of exchange rate changes on cash	(540)	(1,259)
Net increase (decrease) in cash and cash equivalents	11,406	(114,906)
Cash and cash equivalents:
Beginning of period	6,783	125,194
End of period	$ 18,189	$ 10,288

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balances (in shares) at Dec. 31, 2021	26,103,661
Balances at Dec. 31, 2021	$ 5,099	$ 1,838	$ 353,369	$ (30,330)	$ 329,976
Net income			7,543		7,543
Other comprehensive income				387	387
Stock based compensation, net		682			682
Treasury share repurchases (in shares)	(24,546)
Treasury share repurchases	$ (5)	(822)	(91)		(918)
Cash dividends - $0.175 per share			(4,436)		(4,436)
Balances (in shares) at Mar. 31, 2022	26,079,115
Balances at Mar. 31, 2022	$ 5,094	1,698	356,385	(29,943)	333,234
Balances (in shares) at Dec. 31, 2021	26,103,661
Balances at Dec. 31, 2021	$ 5,099	1,838	353,369	(30,330)	329,976
Net income					8,768
Balances (in shares) at Sep. 30, 2022	26,094,865
Balances at Sep. 30, 2022	$ 5,097	3,062	348,799	(29,982)	326,976
Balances (in shares) at Mar. 31, 2022	26,079,115
Balances at Mar. 31, 2022	$ 5,094	1,698	356,385	(29,943)	333,234
Net income			(996)		(996)
Other comprehensive income				(1,165)	(1,165)
Stock based compensation, net		730			730
Treasury share repurchases					0
Cash dividends - $0.175 per share			(4,433)		(4,433)
Balances (in shares) at Jun. 30, 2022	26,079,115
Balances at Jun. 30, 2022	$ 5,094	2,428	350,956	(31,108)	327,370
Net income			2,221		2,221
Other comprehensive income				1,126	1,126
Stock based compensation, net (in shares)	15,750
Stock based compensation, net	$ 3	634	59		696
Treasury share repurchases					0
Cash dividends - $0.175 per share			(4,437)		(4,437)
Stock based compensation, net (in shares)	15,750
Balances (in shares) at Sep. 30, 2022	26,094,865
Balances at Sep. 30, 2022	$ 5,097	3,062	348,799	(29,982)	326,976
Balances (in shares) at Dec. 31, 2022	26,094,865
Balances at Dec. 31, 2022	$ 5,097	3,912	346,659	(24,474)	331,194
Net income			6,520		6,520
Other comprehensive income				(1,144)	(1,144)
Stock based compensation, net (in shares)	119,488
Stock based compensation, net	$ 26	1	438		465
Treasury share repurchases (in shares)	(36,105)
Treasury share repurchases	$ (8)	(889)	(131)		(1,028)
Cash dividends - $0.175 per share			(4,567)		(4,567)
Stock based compensation, net (in shares)	119,488
Balances (in shares) at Mar. 31, 2023	26,178,248
Balances at Mar. 31, 2023	$ 5,115	3,024	348,919	(25,618)	331,440
Balances (in shares) at Dec. 31, 2022	26,094,865
Balances at Dec. 31, 2022	$ 5,097	3,912	346,659	(24,474)	331,194
Net income					25,975
Balances (in shares) at Sep. 30, 2023	26,193,998
Balances at Sep. 30, 2023	$ 5,118	4,833	359,267	(22,438)	346,780
Balances (in shares) at Mar. 31, 2023	26,178,248
Balances at Mar. 31, 2023	$ 5,115	3,024	348,919	(25,618)	331,440
Net income			10,477		10,477
Other comprehensive income				2,882	2,882
Stock based compensation, net		1,141			1,141
Treasury share repurchases					0
Cash dividends - $0.175 per share			(4,581)		(4,581)
Balances (in shares) at Jun. 30, 2023	26,178,248
Balances at Jun. 30, 2023	$ 5,115	4,165	354,815	(22,736)	341,359
Net income			8,978		8,978
Other comprehensive income				298	298
Stock based compensation, net (in shares)	15,750
Stock based compensation, net	$ 3	668	58		729
Treasury share repurchases					0
Cash dividends - $0.175 per share			(4,584)		(4,584)
Stock based compensation, net (in shares)	15,750
Balances (in shares) at Sep. 30, 2023	26,193,998
Balances at Sep. 30, 2023	$ 5,118	$ 4,833	$ 359,267	$ (22,438)	$ 346,780

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Retained Earnings [Member]
Cash dividends per share (in dollars per share)	$ 0.175	$ 0.17
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	0.175	0.17
Cash dividends per share (in dollars per share)	0.175	0.170
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 0.175	$ 0.170

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation of Financial Statements	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Basis of Accounting [Text Block]	NOTE 1 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The Consolidated Financial Statements include the accounts of The Gorman-Rupp Company (the “Company” or “Gorman-Rupp”) and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results. In the opinion of management of the Company, all adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of results that may be expected for the year ending December 31, 2023. For further information, refer to the Consolidated Financial Statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, from which related information herein has been derived.

Note 2 - Acquisitions

Note 2 - Acquisitions	9 Months Ended
	Sep. 30, 2023
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 a senior secured term loan, $90.0 million from a subordinated unsecured loan, $5.0 million from the new revolving Credit Facility, and $83.0 million of cash on hand. Refer to “Note 10 – Financing Arrangements” for further details related to the financing completed as part of the transaction. The Company accounted for the Fill-Rite acquisition 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 $40.1 million in net sales and $3.6 million in operating income and $53.7 million in net sales and $3.7 million in operating income included in the Company’s consolidated financial statements for the three and nine months ended September 30, 2022, respectively. Operating income for the three months ended September 30, 2022 included $0.6 million of acquired customer backlog amortization and $3.0 million in amortization on customer relationships and developed technology. Operating income for the nine months ended September 30, 2022 included $1.4 million of inventory step-up amortization, $0.8 million of acquired customer backlog amortization, and $4.0 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. The following table presents the final fair value of assets acquired and liabilities assumed. Account 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 $0.1 million and $7.0 million for the three and nine months ended September 30, 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): Nine Months Ended September 30, 2022 Net sales $ 440.1 Operating income $ 43.9 Net income $ 12.1 Earnings per share $ 0.46 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.

Note 3 - Revenue

Note 3 - Revenue	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 3 REVENUE Disaggregation of Revenue The following tables disaggregate total net sales by end market and geographic location: End market Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Industrial $ 34,777 $ 32,093 $ 103,886 $ 72,452 Fire 35,986 31,785 109,211 88,237 Agriculture 21,235 21,518 65,292 37,571 Construction 23,388 19,886 66,723 42,581 Municipal 18,841 20,661 55,831 51,940 Petroleum 5,801 4,832 16,440 11,506 OEM 9,730 7,767 28,223 25,802 Repair parts 17,698 15,250 53,340 44,937 Total net sales $ 167,456 $ 153,792 $ 498,946 $ 375,026 Geographic Location Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 United States $ 127,132 $ 115,478 $ 375,170 $ 272,943 Foreign countries 40,324 38,314 123,776 102,083 Total net sales $ 167,456 $ 153,792 $ 498,946 $ 375,026 International sales represented approximately 24% and 25% of total net sales for the third quarter of 2023 and 2022, respectively, and were made to customers in many different countries around the world. On September 30, 2023, the Company had $237.5 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 September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 December 31, 2022 Contract assets - - Contract liabilities $ 8,767 $ 6,740 Revenue recognized for the nine months ended September 30, 2023 and 2022 that was included in the contract liabilities balance at the beginning of the period was $4.5 million and $8.9 million, respectively.

Note 4 - Inventories

Note 4 - Inventories	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 4 - INVENTORIES LIFO inventories are stated at the lower of cost or market and all other inventories are stated at the lower of cost or net realizable value. Replacement cost approximates current cost and the excess over LIFO cost was approximately $94.6 million and $88.2 million at September 30, 2023 and December 31, 2022, respectively. Allowances for excess and obsolete inventory totaled $7.2 million at September 30, 2023 and December 31, 2022, respectively. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time. Interim LIFO calculations are based on management’s estimate of expected year-end inventory levels and costs, and are subject to the final year-end LIFO inventory valuation. Inventories are comprised of the following: September 30, 2023 December 31, 2022 Inventories, net: Raw materials and in-process $ 34,460 $ 40,448 Finished parts 56,259 57,224 Finished products 12,806 13,461 Total net inventories $ 103,525 $ 111,133

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 5 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consist of the following: September 30, 2023 December 31, 2022 Land $ 6,141 $ 6,215 Buildings 119,519 119,197 Machinery and equipment 227,226 212,581 $ 352,886 $ 337,993 Less accumulated depreciation (217,286 ) (209,353 ) Property, plant and equipment, net $ 135,600 $ 128,640

Note 6 - Product Warranties

Note 6 - Product Warranties	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	NOTE 6 - 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 warranties liability are: September 30, 2023 2022 Balance of beginning of year $ 1,973 $ 1,637 Provision 3,121 1,085 Acquired - 645 Claims (2,716 ) (1,238 ) Balance at end of period $ 2,378 $ 2,129

Note 7 - Pension and Other Post

Note 7 - Pension and Other Postretirement Benefits	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Retirement Benefits [Text Block]	NOTE 7 - PENSION 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. The Company established a defined benefit pension plan for certain Fill-Rite employees (“Fill-Rite Plan”) upon the acquisition as of June 1, 2022. The activity is included in the tables within this footnote. Additionally, the Company sponsors defined contribution pension plans made available to all domestic and Canadian employees. The Company funds the cost of these benefits as incurred. The Company also sponsors a non-contributory defined benefit postretirement health care plan that provides health benefits to certain domestic and Canadian retirees and eligible spouses and dependent children. The Company funds the cost of these benefits as incurred. The following tables present the components of net periodic benefit costs: Pension Benefits Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 Service cost $ 530 $ 496 $ 209 $ 287 Interest cost 635 580 299 190 Expected return on plan assets (657 ) (665 ) - - Amortization of prior service cost - - (249 ) (282 ) Recognized actuarial loss 301 379 (9 ) 92 Settlement loss - 4,759 - - Net periodic benefit cost (a) $ 809 $ 5,549 $ 250 $ 287 Pension Benefits Postretirement Benefits Nine Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Service cost $ 1,591 $ 1,642 $ 626 $ 860 Interest cost 1,904 1,745 897 570 Expected return on plan assets (1,971 ) (2,169 ) - - Amortization of prior service cost - - (746 ) (847 ) Recognized actuarial loss 902 1,314 (28 ) 276 Settlement loss - 6,355 - - Net periodic benefit cost (a) $ 2,426 $ 8,887 $ 749 $ 859 (a) The components of net periodic cost other than the service cost component are included in Other income (expense), net in the Consolidated Statements of Income. During the three and nine months ended September 30, 2022, the Company recorded a settlement loss relating to retirees that received lump sum distributions from the Company’s defined benefit pension plan totaling $4.8 million and $6.4 million, respectively. There were no

Note 8 - Accumulated Other Comp

Note 8 - Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	NOTE 8 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The components of Accumulated other comprehensive income (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, 2022 $ (10,619 ) $ (617 ) $ (13,238 ) $ (24,474 ) Reclassification adjustments - (1,096 ) 874 (222 ) Current period benefit (charge) (888 ) 4,154 (68 ) 3,198 Income tax benefit (charge) - (726 ) (214 ) (940 ) Balance at September 30, 2023 $ (11,507 ) $ 1,715 $ (12,646 ) $ (22,438 ) Currency Translation Adjustments Deferred Gain (Loss) on Cash Flow Hedging Pension and OPEB Adjustments Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2021 $ (7,851 ) $ - $ (22,479 ) $ (30,330 ) Reclassification adjustments - - 7,945 7,945 Current period benefit (charge) (5,719 ) - - (5,719 ) Income tax benefit (charge) - - (1,878 ) (1,878 ) Balance at September 30, 2022 $ (13,570 ) $ - $ (16,412 ) $ (29,982 )

Note 9 - Common Share Repurchas

Note 9 - Common Share Repurchases	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Equity [Text Block]	NOTE 9 COMMON SHARE REPURCHASES The Company has a share repurchase program with the authorization to purchase up to $50.0 million of the Company’s common shares. As of September 30, 2023, the Company had $48.1 million available for repurchase under the share repurchase program. During the nine-month period ending September 30, 2023, the Company repurchased 36,105 shares at an average cost per share of $28.51 for a total of $1.0 million in the surrender of common shares to cover taxes in connection with the vesting of stock awards, which were not part of the share repurchase program. During the nine month period ending September 30, 2022, the Company repurchased 24,546 shares at an average cost per share of $37.39 for a total of $0.9 million. No

Note 10 - Financing Arrangement

Note 10 - Financing Arrangements	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 10 FINANCING ARRANGEMENTS Debt consisted of: Senior Secured Credit Agreement September 30, 2023 December 31, 2022 Senior term loan facility $ 328,125 $ 341,250 Credit facility 2,000 17,000 Subordinated Credit Agreement Subordinated credit facility 90,000 90,000 Total debt 420,125 448,250 Unamortized discount and debt issuance fees (9,945 ) (11,423 ) Total debt, net 410,180 436,827 Less: current portion of long-term debt (19,688 ) (17,500 ) Total long-term debt, net $ 390,492 $ 419,327 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. 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 Company’s obligations under the Senior Secured Credit Agreement are secured by 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 guaranteed the obligations of the Company under the Senior Secured Credit Agreement and secured 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 which commenced 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 September 30, 2023, the applicable interest rate under the Senior Secured Credit Agreement was Adjusted Term SOFR plus 2.6%. The Senior Secured Credit Agreement includes covenants requiring the Company to maintain certain maximum leverage ratios and a minimum fixed charge coverage ratio. On June 30, 2023, the Senior Secured Credit Agreement was amended to provide the Company with more flexibility by adjusting the minimum fixed charge coverage ratio to not less than 1.00 to 1.00 for each four consecutive fiscal quarter periods ending June 30, 2023 through and including June 30, 2024 and not less than 1.10 to 1.00 for each four consecutive fiscal quarter periods ending September 30, 2024 through and including December 31, 2024. We were in compliance with all of our debt covenants as of September 30, 2023. Subordinated Credit Agreement On May 31, 2022, the Company entered into an unsecured subordinated credit agreement (“Subordinated Credit Agreement”) 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 9.1%. As of September 30, 2023 borrowings under the Subordinated Credit Facility bear interest at an Adjusted Term SOFR Rate plus 9.1%. The Subordinated Credit Agreement includes covenants subject to maximum leverage ratios. We were in compliance with all of our debt covenants as of September 30, 2023. Interest Rate Derivatives In the fourth quarter of 2022, the Company entered into interest rate swaps that hedge interest payments on its Senior Term Loan Facility. All swaps have been designated as cash flow hedges. The following table summarizes the notional amounts, related rates and remaining terms of the interest rate swap agreements as of September 30, 2023 and December 31, 2022: Notional Amount Average Fixed Rate September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Term Interest rate swaps $ 164,063 $ 170,600 4.1 % 4.1 % Extending to May 2027 The fair value of the Company’s interest rate swaps was a receivable of $2.2 million as of September 30, 2023 and 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. 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 September 30, 2023 are expected to continue to be effective hedges. The following table summarizes the fair value of derivative instruments as recorded in the Consolidated Balance Sheets: September 30, 2023 December 31, 2022 Assets: Prepaid and Other $ 1,971 $ 1,203 Other Assets 278 - Liabilities: Other long-term liabilities - (2,012 ) Total derivatives $ 2,249 $ (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 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest rate swaps Interest Expense $ 508 $ - $ 1,096 $ - The effects of derivative instruments on the Company’s Consolidated Statements of Results of Operations and Comprehensive Income (Loss) for OCI 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) Three Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 Interest rate swaps $ 2,131 $ - Interest expense $ (508 ) $ - 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) Nine Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest rate swaps $ 4,154 $ - Interest expense $ (1,096 ) $ -

Note 11 - Leases

Note 11 - Leases	9 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Lessee, Operating and Finance Leases [Text Block]	NOTE 11 LEASES On June 1, 2023, the Company commenced a lease for a new manufacturing facility in Lenexa, Kansas with an initial lease term through August 31, 2043. The Company vacated its prior leased manufacturing facility in Lenexa during the quarter ended September 30, 2023, with no additional lease liability. The new lease is considered an operating lease and is subject to annual rent escalations based on the greater of a set minimum percentage or the Consumer Price Index. As a result of this lease, the Company recorded a right-of-use (ROU) asset which is included in Other Assets, and a long-term lease liability, which is included in Other Long-Term Liabilities, each of approximately $17.5 million as of September 30, 2023. The impact on the Consolidated Statements of Income for the three and nine month periods ended September 30, 2023 was not material.

Note 2 - Acquisitions (Tables)

Note 2 - Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Account 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]	Nine Months Ended September 30, 2022 Net sales $ 440.1 Operating income $ 43.9 Net income $ 12.1 Earnings per share $ 0.46

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Disaggregation of Revenue [Table Text Block]	End market Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Industrial $ 34,777 $ 32,093 $ 103,886 $ 72,452 Fire 35,986 31,785 109,211 88,237 Agriculture 21,235 21,518 65,292 37,571 Construction 23,388 19,886 66,723 42,581 Municipal 18,841 20,661 55,831 51,940 Petroleum 5,801 4,832 16,440 11,506 OEM 9,730 7,767 28,223 25,802 Repair parts 17,698 15,250 53,340 44,937 Total net sales $ 167,456 $ 153,792 $ 498,946 $ 375,026 Geographic Location Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 United States $ 127,132 $ 115,478 $ 375,170 $ 272,943 Foreign countries 40,324 38,314 123,776 102,083 Total net sales $ 167,456 $ 153,792 $ 498,946 $ 375,026
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	September 30, 2023 December 31, 2022 Contract assets - - Contract liabilities $ 8,767 $ 6,740

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, 2023 December 31, 2022 Inventories, net: Raw materials and in-process $ 34,460 $ 40,448 Finished parts 56,259 57,224 Finished products 12,806 13,461 Total net inventories $ 103,525 $ 111,133

Note 5 - Property, Plant and _2

Note 5 - Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30, 2023 December 31, 2022 Land $ 6,141 $ 6,215 Buildings 119,519 119,197 Machinery and equipment 227,226 212,581 $ 352,886 $ 337,993 Less accumulated depreciation (217,286 ) (209,353 ) Property, plant and equipment, net $ 135,600 $ 128,640

Note 6 - Product Warranties (Ta

Note 6 - Product Warranties (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	September 30, 2023 2022 Balance of beginning of year $ 1,973 $ 1,637 Provision 3,121 1,085 Acquired - 645 Claims (2,716 ) (1,238 ) Balance at end of period $ 2,378 $ 2,129

Note 7 - Pension and Other Po_2

Note 7 - Pension and Other Postretirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Costs of Retirement Plans [Table Text Block]	Pension Benefits Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 Service cost $ 530 $ 496 $ 209 $ 287 Interest cost 635 580 299 190 Expected return on plan assets (657 ) (665 ) - - Amortization of prior service cost - - (249 ) (282 ) Recognized actuarial loss 301 379 (9 ) 92 Settlement loss - 4,759 - - Net periodic benefit cost (a) $ 809 $ 5,549 $ 250 $ 287 Pension Benefits Postretirement Benefits Nine Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Service cost $ 1,591 $ 1,642 $ 626 $ 860 Interest cost 1,904 1,745 897 570 Expected return on plan assets (1,971 ) (2,169 ) - - Amortization of prior service cost - - (746 ) (847 ) Recognized actuarial loss 902 1,314 (28 ) 276 Settlement loss - 6,355 - - Net periodic benefit cost (a) $ 2,426 $ 8,887 $ 749 $ 859

Note 8 - Accumulated Other Co_2

Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2022 $ (10,619 ) $ (617 ) $ (13,238 ) $ (24,474 ) Reclassification adjustments - (1,096 ) 874 (222 ) Current period benefit (charge) (888 ) 4,154 (68 ) 3,198 Income tax benefit (charge) - (726 ) (214 ) (940 ) Balance at September 30, 2023 $ (11,507 ) $ 1,715 $ (12,646 ) $ (22,438 ) Currency Translation Adjustments Deferred Gain (Loss) on Cash Flow Hedging Pension and OPEB Adjustments Accumulated Other Comprehensive (Loss) Income Balance at December 31, 2021 $ (7,851 ) $ - $ (22,479 ) $ (30,330 ) Reclassification adjustments - - 7,945 7,945 Current period benefit (charge) (5,719 ) - - (5,719 ) Income tax benefit (charge) - - (1,878 ) (1,878 ) Balance at September 30, 2022 $ (13,570 ) $ - $ (16,412 ) $ (29,982 )

Note 10 - Financing Arrangeme_2

Note 10 - Financing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Debt [Table Text Block]	Debt consisted of: Senior Secured Credit Agreement September 30, 2023 December 31, 2022 Senior term loan facility $ 328,125 $ 341,250 Credit facility 2,000 17,000 Subordinated Credit Agreement Subordinated credit facility 90,000 90,000 Total debt 420,125 448,250 Unamortized discount and debt issuance fees (9,945 ) (11,423 ) Total debt, net 410,180 436,827 Less: current portion of long-term debt (19,688 ) (17,500 ) Total long-term debt, net $ 390,492 $ 419,327
Schedule of Interest Rate Derivatives [Table Text Block]	Notional Amount Average Fixed Rate September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Term Interest rate swaps $ 164,063 $ 170,600 4.1 % 4.1 % Extending to May 2027
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	September 30, 2023 December 31, 2022 Assets: Prepaid and Other $ 1,971 $ 1,203 Other Assets 278 - Liabilities: Other long-term liabilities - (2,012 ) Total derivatives $ 2,249 $ (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 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest rate swaps Interest Expense $ 508 $ - $ 1,096 $ -
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) Three Months Ended September 30, Three Months Ended September 30, 2023 2022 2023 2022 Interest rate swaps $ 2,131 $ - Interest expense $ (508 ) $ - 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) Nine Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest rate swaps $ 4,154 $ - Interest expense $ (1,096 ) $ -

Note 2 - Acquisitions (Details

Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	May 31, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Payments to Acquire Businesses, Gross			$ 0	$ 526,301
Tuthill Corporation [Member]
Business Combination, Consideration Transferred	$ 528,000
Payments to Acquire Businesses, Gross	83,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		$ 40,100		53,700
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		3,600		3,700
Business Combination, Acquisition Related Costs		100		7,000
Tuthill Corporation [Member] | Customer Backlog [Member]
Amortization of Intangible Assets		600		800
Tuthill Corporation [Member] | Customer Relationships [Member]
Amortization of Intangible Assets		$ 3,000		4,000
Tuthill Corporation [Member] | Inventory Step Up [Member]
Amortization of Intangible Assets				$ 1,400
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	Sep. 30, 2023	Dec. 31, 2022
Goodwill	$ 257,590	$ 257,724
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) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares
Net sales	$ 440.1
Operating income	43.9
Net income	$ 12.1
Earnings per share (in dollars per share) | $ / shares	$ 0.46

Note 3 - Revenue 1 (Details Tex

Note 3 - Revenue 1 (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Contract with Customer, Liability, Revenue Recognized			$ 4.5	$ 8.9
Non-US [Member]
Percentage Revenue By Location	24%	25%

Note 3 - Revenue 2 (Details Tex

Note 3 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 $ in Millions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 237.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year

Note 3 - Revenue - Disaggregati

Note 3 - Revenue - Disaggregation of Revenue by Major Categories and Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net sales	$ 167,456	$ 153,792	$ 498,946	$ 375,026
UNITED STATES
Net sales	127,132	115,478	375,170	272,943
Non-US [Member]
Net sales	40,324	38,314	123,776	102,083
Industrial [Member]
Net sales	34,777	32,093	103,886	72,452
Fire Market [Member]
Net sales	35,986	31,785	109,211	88,237
Agriculture [Member]
Net sales	21,235	21,518	65,292	37,571
Construction [Member]
Net sales	23,388	19,886	66,723	42,581
Municipal [Member]
Net sales	18,841	20,661	55,831	51,940
Petroleum [Member]
Net sales	5,801	4,832	16,440	11,506
OEM [Member]
Net sales	9,730	7,767	28,223	25,802
Repair Parts [Member]
Net sales	17,698	15,250	53,340	44,937
Total Excluding Fill-Rrite [Member]
Net sales	$ 167,456	$ 153,792	$ 498,946	$ 375,026

Note 3 - Revenue - Contract Ass

Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Contract assets	$ 0	$ 0
Contract liabilities	$ 8,767	$ 6,740

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory, LIFO Reserve	$ 94.6	$ 88.2
Inventory Valuation Reserves	$ 7.2	$ 7.2

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Raw materials and in-process	$ 34,460	$ 40,448
Finished parts	56,259	57,224
Finished products	12,806	13,461
Total net inventories	$ 103,525	$ 111,133

Note 5 - Property, Plant and _3

Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, plant and equipment, gross	$ 352,886	$ 337,993
Less accumulated depreciation	(217,286)	(209,353)
Property, plant and equipment, net	135,600	128,640
Land [Member]
Property, plant and equipment, gross	6,141	6,215
Building [Member]
Property, plant and equipment, gross	119,519	119,197
Machinery and Equipment [Member]
Property, plant and equipment, gross	$ 227,226	$ 212,581

Note 6 - Product Warranties - P

Note 6 - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Balance at beginning of year	$ 1,973	$ 1,637
Provision	3,121	1,085
Acquired	0	645
Claims	(2,716)	(1,238)
Balance at end of period	$ 2,378	$ 2,129

Note 7 - Pension and Other Po_3

Note 7 - Pension and Other Postretirement Benefits (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	$ 0	$ 4,800	$ 0	$ 6,400

Note 7 - Pension and Other Po_4

Note 7 - Pension and Other Postretirement Benefits - Components of net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023		Sep. 30, 2022
Settlement loss	$ 0	$ (4,800)	$ 0		$ (6,400)
Pension Plan [Member]
Service cost	530	496	1,591		1,642
Interest cost	635	580	1,904		1,745
Expected return on plan assets	(657)	(665)	(1,971)		(2,169)
Amortization of prior service cost	0	0	0		0
Recognized actuarial loss	301	379	902		1,314
Settlement loss	0	4,759	0		6,355
Net periodic benefit cost (a)	809	5,549	2,426	[1]	8,887	[1]
Postemployment Retirement Benefits [Member]
Service cost	209	287	626		860
Interest cost	299	190	897		570
Expected return on plan assets	0	0	0		0
Amortization of prior service cost	(249)	(282)	(746)		(847)
Recognized actuarial loss	(9)	92	(28)		276
Settlement loss	0	0	0		0
Net periodic benefit cost (a)	$ 250	$ 287	$ 749	[1]	$ 859	[1]
[1]The components of net periodic cost other than the service cost component are included in Other income (expense), net in the Consolidated Statements of Income.

Note 8 - Accumulated Other Co_3

Note 8 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Loss Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Balances	$ 331,194	$ 329,976
Balances	346,780	326,976
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balances	(10,619)	(7,851)
Reclassification adjustments	0	0
Current period benefit (charge)	(888)	(5,719)
Income tax benefit (charge)	0	0
Balances	(11,507)	(13,570)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balances	(617)	0
Reclassification adjustments	(1,096)	0
Current period benefit (charge)	4,154	0
Income tax benefit (charge)	(726)	0
Balances	1,715	0
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balances	(13,238)	(22,479)
Reclassification adjustments	874	7,945
Current period benefit (charge)	(68)	0
Income tax benefit (charge)	(214)	(1,878)
Balances	(12,646)	(16,412)
AOCI Attributable to Parent [Member]
Balances	(24,474)	(30,330)
Reclassification adjustments	(222)	7,945
Current period benefit (charge)	3,198	(5,719)
Income tax benefit (charge)	(940)	(1,878)
Balances	$ (22,438)	$ (29,982)

Note 9 - Common Share Repurch_2

Note 9 - Common Share Repurchases (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock Repurchased and Retired During Period, Value	$ 0	$ 0	$ 1,028	$ 0	$ 0	$ 918
The Share Repurchase Program [Member]
Share Repurchase Program, Amount Authorized	50,000						$ 50,000
Share Repurchase Program, Available for Repurchase, Amount	$ 48,100						$ 48,100
Stock Repurchased and Retired During Period, Shares (in shares)	0			0			36,105	24,546
Shares Acquired, Average Cost Per Share							$ 28.51	$ 37.39
Stock Repurchased and Retired During Period, Value							$ 1,000	$ 900

Note 10 - Financing Arrangeme_3

Note 10 - Financing Arrangements (Details Textual) $ in Millions			9 Months Ended
	Jun. 30, 2023	May 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Interest Rate Swap [Member]
Derivative Asset			$ 2.2
Derivative Liability				$ 0.8
Credit Facility [Member]
Long-Term Line of Credit, Total		$ 5
Revolving Credit Facility [Member] | Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		100
Letter of Credit [Member] | Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		15
Swing Line Subfacility [Member] | Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		20
Senior Term Loan Facility [Member]
Debt Instrument, Face Amount		$ 350
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] | 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%
Subordinated Credit Facility [Member]
Debt Instrument, Face Amount		$ 90
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		9.10%	2.60%
Senior Term Loan Facility for Periods Ending June 30, 2023 Through Including June 30, 2024 [Member]
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio	1
Senior Term Loan Facility for Periods Ending September 30, 2024 Through Including December 31, 2024 [Member]
Debt Instrument, Covenant, Minimum Fixed Charge Coverage Ratio	1.10

Note 10 - Financing Arrangeme_4

Note 10 - Financing Arrangements - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Long-term debt, gross	$ 420,125	$ 448,250
Unamortized discount and debt issuance fees	(9,945)	(11,423)
Total debt, net	410,180	436,827
Less: current portion of long-term debt	(19,688)	(17,500)
Long-term debt, net of current portion	390,492	419,327
Senior Term Loan Facility [Member]
Long-term debt, gross	328,125	341,250
Credit Facility [Member]
Long-term debt, gross	2,000	17,000
Subordinated Credit Facility [Member]
Long-term debt, gross	$ 90,000	$ 90,000

Note 10 - Financing Arrangeme_5

Note 10 - Financing Arrangements - Summary of Interest Rate Swap Agreements (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Notional amount	$ 164,063	$ 170,600
Average fixed rate	4.10%	4.10%

Note 10 - Financing Arrangeme_6

Note 10 - Financing Arrangements - Summary of Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Total derivatives	$ 2,249	$ (809)
Prepaid Expenses and Other Current Assets [Member]
Prepaid and Other	1,971	1,203
Other Assets [Member]
Prepaid and Other	278	0
Other Noncurrent Liabilities [Member]
Other long-term liabilities	$ 0	$ (2,012)

Note 10 - Financing Arrangeme_7

Note 10 - Financing Arrangements - Summary of Gain (Loss) Recognized on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member]
Interest rate swaps	$ 508	$ 0	$ 1,096	$ 0

Note 10 - Financing Arrangeme_8

Note 10 - Financing Arrangements - Effects of Derivative Instruments on Comprehensive Income (Loss) (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest rate swaps	$ 2,131	$ 0	$ 4,154	$ 0
Interest rate swaps	$ (508)	$ 0	$ (1,096)	$ 0

Note 11 - Leases (Details Textu

Note 11 - Leases (Details Textual) $ in Millions	Sep. 30, 2023 USD ($)
Other Assets [Member]
Operating Lease, Right-of-Use Asset	$ 17.5
Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Noncurrent	$ 17.5