Badger Meter (BMI) 10-Q 25 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 14, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	BMI
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Registrant Name	BADGER METER INC
Entity Central Index Key	0000009092
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		29,111,332
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-06706
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0143280
Entity Address, Address Line One	4545 W. Brown Deer Road
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53233
City Area Code	414
Local Phone Number	355-0400

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash	$ 37,728	$ 13,086
Receivables	61,406	66,300
Inventories:
Finished goods	24,646	23,476
Work in process	18,097	17,097
Raw materials	42,092	40,231
Total inventories	84,835	80,804
Prepaid expenses and other current assets	7,572	4,469
Total current assets	191,541	164,659
Property, plant and equipment, at cost	208,315	213,722
Less accumulated depreciation	(121,658)	(123,401)
Net property, plant and equipment	86,657	90,321
Intangible assets, at cost less accumulated amortization	49,934	55,418
Other assets	16,126	8,872
Deferred income taxes	1,974	2,163
Goodwill	71,258	71,258
Total assets	417,490	392,691
Current liabilities:
Short-term debt	4,360	18,060
Payables	32,363	22,469
Accrued compensation and employee benefits	12,814	13,768
Warranty and after-sale costs	6,807	4,206
Other current liabilities	2,501	1,512
Total current liabilities	58,845	60,015
Other long-term liabilities	22,863	13,972
Deferred income taxes	3,077	3,332
Accrued non-pension postretirement benefits	5,163	5,184
Other accrued employee benefits	3,903	6,685
Commitments and contingencies (Note 6)
Shareholders’ equity:
Common stock	37,200	37,198
Capital in excess of par value	40,306	38,082
Reinvested earnings	278,551	257,313
Accumulated other comprehensive income	404	580
Less: Employee benefit stock	(306)	(306)
Treasury stock, at cost	(32,516)	(29,364)
Total shareholders’ equity	323,639	303,503
Total liabilities and shareholders’ equity	$ 417,490	$ 392,691

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales	$ 108,646	$ 110,630	$ 317,069	$ 329,319
Cost of sales	66,976	66,684	194,666	207,121
Gross margin	41,670	43,946	122,403	122,198
Selling, engineering and administration	25,225	28,212	76,598	80,139
Operating earnings	16,445	15,734	45,805	42,059
Interest expense, net	66	295	280	994
Other pension and postretirement costs	41	11,787	123	19,799
Earnings before income taxes	16,338	3,652	45,402	21,266
Provision for income taxes	3,617	801	10,499	4,715
Net earnings	$ 12,721	$ 2,851	$ 34,903	$ 16,551
Earnings per share:
Basic	$ 0.44	$ 0.10	$ 1.20	$ 0.57
Diluted	0.44	0.10	1.19	0.57
Dividends declared per common share	$ 0.17	$ 0.15	$ 0.47	$ 0.41
Shares used in computation of earnings per share:
Basic	29,013,573	28,989,205	29,022,080	28,983,115
Impact of dilutive securities	179,765	207,955	193,112	198,428
Diluted	29,193,338	29,197,160	29,215,192	29,181,543

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net earnings	$ 12,721	$ 2,851	$ 34,903	$ 16,551
Other comprehensive income:
Foreign currency translation adjustments	(646)	106	(509)	(281)
Pension and postretirement benefits, net of tax	(16)	7,396	333	13,168
Comprehensive income	$ 12,059	$ 10,353	$ 34,727	$ 29,438

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net earnings	$ 34,903	$ 16,551
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation	8,688	8,796
Amortization	9,323	9,675
Deferred income taxes	18	132
Noncurrent employee benefits	(150)	261
Pension termination settlement charge		19,900
Contribution to pension plan		(2,860)
Stock-based compensation expense	882	3,374
Changes in:
Receivables	4,555	(11,462)
Inventories	(4,259)	1,409
Payables	10,885	(2,468)
Prepaid expenses and other current assets	(5,806)	(5,573)
Other liabilities	2,100	2,148
Total adjustments	26,236	23,332
Net cash provided by operations	61,139	39,883
Investing activities:
Property, plant and equipment expenditures	(5,589)	(7,219)
Acquisitions, net of cash acquired and future payments	0	(8,048)
Net cash used for investing activities	(5,589)	(15,267)
Financing activities:
Net decrease in short-term debt	(13,500)	(8,433)
Payment of contingent acquisition consideration	(1,650)	(2,034)
Dividends paid	(13,652)	(11,895)
Proceeds from exercise of stock options	963	933
Repurchase of treasury stock	(3,358)	(4,451)
Issuance of treasury stock	142	529
Net cash used for financing activities	(31,055)	(25,351)
Effect of foreign exchange rates on cash	147	200
Increase (decrease) in cash	24,642	(535)
Cash – beginning of period	13,086	11,164
Cash – end of period	$ 37,728	$ 10,629

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock at $1 par value	[1]	Capital in excess of par value	Reinvested earnings	Accumulated other comprehensive income (loss)	Employee benefit stock	Treasury stock (at cost)
Balance at beginning of period at Dec. 31, 2017	$ 277,451	$ 37,165		$ 32,182	$ 244,224	$ (10,893)	$ (461)	$ (24,766)
Increase (Decrease) in Stockholders' Equity
Net earnings	16,551				16,551
ASU adoption impact | Accounting Standards Update 2014-09	(128)				(128)
ASU adoption impact | Accounting Standards Update 2018-02	(1,700)				1,700	(1,700)
Pension and postretirement benefits (net of tax effect)	13,168					13,168
Foreign currency translation	(281)					(281)
Cash dividends	(11,915)				(11,915)
Stock options exercised	933	33		900
Stock-based compensation	3,374			3,374
Purchase of common stock for treasury stock	(4,451)							(4,451)
Issuance of treasury stock	528			353				175
Balance at end of period at Sep. 30, 2018	295,230	37,198		36,809	250,432	294	(461)	(29,042)
Balance at beginning of period at Jun. 30, 2018	288,470	37,177		33,681	250,242	(5,508)	(461)	(26,661)
Increase (Decrease) in Stockholders' Equity
Net earnings	2,851				2,851
ASU adoption impact | Accounting Standards Update 2018-02					1,700	(1,700)
Pension and postretirement benefits (net of tax effect)	7,396					7,396
Foreign currency translation	106					106
Cash dividends	(4,361)				(4,361)
Stock options exercised	702	21		681
Stock-based compensation	2,430			2,430
Purchase of common stock for treasury stock	(2,462)							(2,462)
Issuance of treasury stock	98			17				81
Balance at end of period at Sep. 30, 2018	295,230	37,198		36,809	250,432	294	(461)	(29,042)
Balance at beginning of period at Dec. 31, 2018	303,503	37,198		38,082	257,313	580	(306)	(29,364)
Increase (Decrease) in Stockholders' Equity
Net earnings	34,903				34,903
Pension and postretirement benefits (net of tax effect)	333					333
Foreign currency translation	(509)					(509)
Cash dividends	(13,665)				(13,665)
Stock options exercised	963	2		832				129
Stock-based compensation	882			882
Purchase of common stock for treasury stock	(3,358)							(3,358)
Issuance of treasury stock	587			510				77
Balance at end of period at Sep. 30, 2019	323,639	37,200		40,306	278,551	404	(306)	(32,516)
Balance at beginning of period at Jun. 30, 2019	316,452	37,200		39,746	270,772	1,066	(306)	(32,026)
Increase (Decrease) in Stockholders' Equity
Net earnings	12,721				12,721
Pension and postretirement benefits (net of tax effect)	(16)					(16)
Foreign currency translation	(646)					(646)
Cash dividends	(4,942)				(4,942)
Stock options exercised	215			192				23
Stock-based compensation	328			328
Purchase of common stock for treasury stock	(521)							(521)
Issuance of treasury stock	48			40				8
Balance at end of period at Sep. 30, 2019	$ 323,639	$ 37,200		$ 40,306	$ 278,551	$ 404	$ (306)	$ (32,516)
[1]	Each common share of stock equals $1 par value; therefore, the number of common shares is the same as the dollar value.

Consolidated Condensed Statem_5

Consolidated Condensed Statements of Shareholders' Equity (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Stockholders Equity [Abstract]
Tax effect on employee benefit funded status adjustment	$ 4	$ 3,080	$ 133	$ 4,994
Cash dividends (in dollars per share)	$ 0.17	$ 0.15	$ 0.47	$ 0.41
Issuance of treasury stock (in shares)	21	9	49	39

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Note 1 Basis of Presentation In the opinion of management, the accompanying unaudited consolidated condensed financial statements of Badger Meter contain all adjustments (consisting only of normal recurring accruals except as otherwise discussed) necessary to present fairly the Company’s consolidated condensed financial position at September 30, 2019 and December 31, 2018, results of operations, comprehensive income and statements of shareholders’ equity for the three and nine-month periods ended September 30, 2019 and 2018, and cash flows for the nine-month periods ended September 30, 2019 and 2018. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Additional Financial Informatio

Additional Financial Information Disclosures	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Additional Financial Information Disclosures	Note 2 Additional Financial Information Disclosures The consolidated condensed balance sheet at December 31, 2018 was derived from amounts included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Refer to the notes to the financial statements included in that report for a description of the Company’s accounting policies and for additional details of the Company’s financial condition. The details in those notes have not changed except as discussed below and as a result of normal adjustments in the interim. Warranty and After-Sale Costs The Company estimates and records provisions for warranties and other after-sale costs in the period in which the sale is recorded, based on a lag factor and historical warranty claim experience. After-sale costs represent a variety of activities outside of the written warranty policy, such as investigation of unanticipated problems after the customer has installed the product, or analysis of water quality issues. Changes in the Company’s warranty and after-sale costs reserve are as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Balance at beginning of period $ 5,379 $ 4,110 $ 4,206 $ 3,367 Net additions charged to earnings 3,124 659 5,405 2,873 Costs incurred (1,696 ) (467 ) (2,804 ) (1,938 ) Balance at end of period $ 6,807 $ 4,302 $ 6,807 $ 4,302

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2019
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	Note 3 Employee Benefit Plans Historically, the Company maintained a non-contributory defined benefit pension plan that covered substantially all U.S. employees who were employed on December 31, 2011. After that date, no further benefits were accrued in this plan. For the frozen pension plan, benefits were based primarily on years of service and, for certain individuals, levels of compensation. In 2018, the Company completed the termination of the non-contributory defined benefit pension plan. The Company maintains supplemental non-qualified plans for certain officers and other key employees, and an Employee Savings and Stock Ownership Plan for the majority of the U.S. employees. The Company additionally has a postretirement healthcare benefit plan that provides medical benefits for certain U.S. retirees and eligible dependents hired prior to November 1, 2004. Employees are eligible to receive postretirement healthcare benefits upon meeting certain age and service requirements. No employees hired after October 31, 2004 are eligible to receive these benefits. This plan requires employee contributions to offset benefit costs. The following table sets forth the components of net periodic benefit cost for the three months ended September 30, 2019 and 2018 based on December 31, 2018 and 2017 actuarial measurement dates, respectively: Defined pension plan benefits Other postretirement benefits (In thousands) 2019 2018 2019 2018 Service cost – benefits earned during the year $ 38 $ 35 $ 25 $ 31 Interest cost on projected benefit obligations 8 6 53 47 Amortization of prior service benefit - - - (3 ) Amortization of net loss (benefit) 9 13 (29 ) (8 ) Settlement expense - 11,732 - - Net periodic benefit cost $ 55 $ 11,786 $ 49 $ 67 The following table sets forth the components of net periodic benefit cost for the nine months ended September 30, 2019 and 2018 based on December 31, 2018 and 2017 actuarial measurement dates, respectively: Defined pension plan benefits Other postretirement benefits (In thousands) 2019 2018 2019 2018 Service cost – benefits earned during the year $ 112 $ 105 $ 77 $ 93 Interest cost on projected benefit obligations 26 323 158 142 Expected return on plan assets - (835 ) - - Amortization of prior service cost - - - (10 ) Amortization of net loss (benefit) 27 302 (88 ) (23 ) Settlement expense - 19,900 - - Net periodic benefit cost $ 165 $ 19,795 $ 147 $ 202 The Company disclosed in its financial statements for the year ended December 31, 2018 that it estimated it would pay $0.4 million in other postretirement benefits in 2019 based on actuarial estimates. As of September 30, 2019, $0.3 million of such benefits have been paid. The Company continues to believe that its estimated payments for the full year are reasonable. However, such estimates contain inherent uncertainties because cash payments can vary significantly depending on the timing of postretirement medical claims and the collection of the retirees’ portion of certain costs. The amount of benefits paid in calendar year 2019 will not impact the expense for postretirement benefits for 2019.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Note 4 Accumulated Other Comprehensive Income (Loss) Components of and changes in accumulated other comprehensive income (loss) at September 30, 2019 are as follows: (In thousands) Unrecognized pension and postretirement benefits Foreign currency Total Balance at beginning of period $ 360 $ 220 $ 580 Other comprehensive income (loss) before reclassifications - (509 ) (509 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $133 333 - 333 Net current period other comprehensive income (loss), net of tax 333 (509 ) (176 ) Accumulated other comprehensive income (loss) $ 693 $ (289 ) $ 404 Details of reclassifications out of accumulated other comprehensive income (loss) during the nine months ended September 30, 2019 are as follows: (In thousands) Amount reclassified from accumulated other comprehensive income (loss) Amortization of pension and postretirement benefits items: Actuarial loss (1) $ (60 ) Settlement expense (2) 526 Total before tax 466 Income tax (133 ) Amount reclassified out of accumulated other comprehensive income (loss) $ 333 (1) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost in Note 3 “Employee Benefit Plans” (2) This accumulated other comprehensive income (loss) component resulted from an international pension plan settlement. Components of and changes in accumulated other comprehensive income (loss) at September 30, 2018 are as follows: (In thousands) Unrecognized pension and postretirement benefits Foreign currency Total Balance at beginning of period $ (11,597 ) $ 704 $ (10,893 ) Other comprehensive income (loss) before reclassifications - (281 ) (281 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $4,994 13,168 - 13,168 Net current period other comprehensive income (loss), net of tax 13,168 (281 ) 12,887 Cumulative impact of adopting ASU 2018-02 (1,700 ) - (1,700 ) Accumulated other comprehensive (loss) income $ (129 ) $ 423 $ 294 Details of reclassifications out of accumulated other comprehensive income (loss) during the nine months ended September 30, 2018 are as follows: (In thousands) Amount reclassified from accumulated other comprehensive income (loss) Amortization of pension and postretirement benefits items: Prior service benefit (1) $ (10 ) Settlement Expense (1) 19,900 Amortization of actuarial loss (1) (1,728 ) Total before tax 18,162 Income tax (4,994 ) Amount reclassified out of accumulated other comprehensive income $ 13,168 (1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost in Note 3 “Employee Benefit Plans”

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions	Note 5 Acquisition On April 2, 2018, the Company acquired 100% of the outstanding stock of Innovative Metering Solutions, Inc. (IMS) of Odessa, Florida, which was one of the Company's distributors serving Florida. Acquisitions are accounted for under the purchase method, and accordingly, the results of operations were included in the Company's financial statements from the date of acquisition. The IMS acquisition did not have a material impact on the Company's consolidated financial statements or the notes thereto. The total purchase consideration was approximately $12.0 million, which included $7.7 million in cash, a $0.3 million working capital adjustment, a balance sheet holdback of $0.7 million and settlement of $3.3 million of pre-existing Company receivables. The working capital adjustment was settled in the second quarter of 2018 and the balance sheet holdback was paid in the second quarter of 2019. The Company's allocation of the purchase price at March 31, 2019 included $3.8 million of receivables, $0.8 million of inventories, $0.1 million of machinery and equipment, $3.6 million of intangibles and $3.7 million of goodwill. The intangible assets acquired are customer relationships with an estimated average useful life of 10 years. The allocation of the purchase price to the assets acquired was based upon the estimated fair values at the date of acquisition. As of March 31, 2019, the Company had completed its analysis for estimating the fair value of the assets acquired with no additional adjustments. In the first quarter of 2019, the Company made a contingent payment of $1.0 million related to the May 1, 2017 acquisition of 100% of the outstanding common stock of D-Flow Technology AB (“D-Flow”). There is an additional $2.0 million of contingent payments related to the D-Flow acquisition that is anticipated to be made in the next twelve months which is recorded in payables on the Company’s Consolidated Condensed Balance Sheet at September 30, 2019.

Contingencies, Litigation and C

Contingencies, Litigation and Commitments	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Contingencies, Litigation and Commitments	Note 6 Contingencies, Litigation and Commitments In the normal course of business, the Company is named in legal proceedings. There are currently no material legal proceedings pending with respect to the Company. The Company is subject to contingencies related to environmental laws and regulations. A future change in circumstances with respect to specific matters or with respect to sites formerly or currently owned or operated by the Company, off-site disposal locations used by the Company, and property owned by third parties that is near such sites, could result in future costs to the Company and such amounts could be material. Expenditures for compliance with environmental control provisions and regulations during 2018 and the first three quarters of 2019 were not material. The Company relies on single suppliers for most brass castings, certain resins and electronic subassemblies in several of its product lines. The Company believes these items would be available from other sources, but that the loss of certain suppliers would result in a higher cost of materials, delivery delays, short-term increases in inventory and higher quality control costs in the short term. The Company attempts to mitigate these risks by working closely with key suppliers, purchasing minimal amounts from alternative suppliers and by purchasing business interruption insurance where appropriate. The Company reevaluates its exposures on a periodic basis and makes adjustments to reserves as appropriate.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 Income Taxes The Company is subject to income taxes in the United States and numerous foreign jurisdictions. The Company’s income tax positions are based on interpretations of income tax laws and rulings in each of the jurisdictions that the Company operates. Significant judgment is required in determining the worldwide provision for income taxes and recording the related deferred tax assets and liabilities. The Company’s deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income for the years in which the assets or liabilities are expected to be realized or settled. Interim provisions are tied to an estimate of the overall annual rate which can vary due to the relationship of foreign and domestic earnings, state taxes and available deductions, credits and discrete items. The Company’s earnings before incomes taxes, income tax expense and effective income tax rate are as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Earnings before income taxes $ 16,338 $ 3,652 $ 45,402 $ 21,266 Income tax expense 3,617 801 10,499 4,715 Effective income tax rate 22.1 % 21.9 % 23.1 % 22.2 %

Fair Value Measurements of Fina

Fair Value Measurements of Financial Instruments	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements of Financial Instruments	Note 8 Fair Value Measurements of Financial Instruments The Company applies the accounting standards for fair value measurements and disclosures for its financial assets and financial liabilities. The carrying amounts of cash, receivables and payables in the financial statements approximate their fair values due to the short-term nature of these financial instruments. Short-term debt is comprised of notes payable drawn against the Company's lines of credit and commercial paper. Because of its short-term nature, the carrying amount of the short-term debt also approximates fair value. Included in other assets are insurance policies on various individuals who were previously employed by the Company. The carrying amounts of these insurance policies approximate their fair value.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 9 Subsequent Events The Company evaluates subsequent events at the date of the balance sheet as well as conditions that arise after the balance sheet date but before the financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, if any, disclosures are made regarding the nature of events and the estimated financial effects for those events and conditions. For purposes of preparing the accompanying consolidated financial statements and the notes to these financial statements, the Company evaluated subsequent events through the date that the accompanying financial statements were issued, and has determined that no material subsequent events exist through the date of this filing.

New Pronouncements

New Pronouncements	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
New Pronouncements	Note 10 New Pronouncements In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-14 “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20),” which modifies the annual disclosure requirements for defined benefit pension and other postretirement benefit plans. This ASU, as modified, added and deleted specific disclosures in an effort to improve the usefulness for financial statement users while also reducing unnecessary costs for companies. The ASU is effective for annual periods beginning after December 15, 2020 with early adoption being permitted in any interim reporting period within the annual reporting period. The Company is currently assessing the impact of adopting ASU No. 2018-14. In August 2018, the FASB issued ASU No. 2018-13 “Fair Value Measurement (Topic 820),” which is designed to improve the effectiveness of disclosures related to fair value measurements. This ASU is effective for annual periods beginning after December 15, 2019 and early adoption is allowed in any interim reporting period within the annual reporting period. The Company is currently assessing the impact of adopting ASU No. 2018-13. In January 2017, the FASB issued ASU No. 2017-04 “Intangibles - Goodwill and Other (Topic 350).” The update requires a single-step quantitative test to measure potential impairment based on the excess of a reporting unit's carrying amount over its fair value. A qualitative assessment can still be completed first for an entity to determine if a quantitative impairment test is necessary. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2019 and interim periods thereafter. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted ASU No. 2017-04 on January 1, 2019. The adoption of this standard did not have any impact on the Company’s financial statements. In June 2016, the FASB issued ASU No. 2016-13 “Financial Instruments - Credit Losses (Topic 326),” which amends the accounting for credit losses on purchased financial assets and available-for-sale debt securities with credit deterioration. This ASU requires the measurement of all expected credit losses for financial assets, including accounts receivables, held at the reporting date based upon current conditions, historical experience and reasonable forecasts. This ASU is effective for annual reporting periods beginning after December 15, 2019, and early adoption is allowed in any interim reporting period within the annual reporting period. The Company does not anticipate that ASU No. 2016-13 will have a material impact upon adoption. In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842),” which requires lessees to record most leases on their balance sheets. Lessees initially recognize a lease liability (measured at the present value of the lease payments over the lease term) and a right-of-use asset (measured at the lease liability amount, adjusted for lease prepayments, lease incentives received and the lessee's initial direct costs). Lessees can make an accounting policy election not to recognize ROU assets and lease liabilities for leases with a lease term of 12 months or less as long as the leases do not include options to purchase the underlying assets that the lessee is reasonably certain to exercise. The standard includes the use of a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Full retrospective application is prohibited. In July 2018, the FASB issued ASU No. 2018-11 “Targeted Improvements (Topic 842).” This ASU provides for an optional method of transition which allows companies to adopt the new leasing standard with a cumulative effect adjustment to reinvested earnings. The Company adopted the new leasing standard with the optional transition methodology as of January 1, 2019. For a complete discussion of the adoption of ASU No. 2016-02 and ASU No. 2018-11, see Note 12 “Leases” in the Unaudited Notes to Consolidated Condensed Financial Statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue Recognition	Note 11 Revenue Recognition Revenue for sales of products and services is derived from contracts with customers. The products and services promised in contracts include the sale of municipal water and flow instrumentation products, such as flow meters and radios, software access and other ancillary services. Contracts generally state the terms of sale, including the description, quantity and price of each product or service. Since the customer typically agrees to a stated rate and price in the contract that does not vary over the life of the contract, the majority of the Company's contracts do not contain variable consideration. The Company establishes a provision for estimated warranty and returns as well as certain after sale costs as discussed in Note 2 "Additional Financial Information Disclosures" in the Unaudited Notes to Consolidated Condensed Financial Statements. In accordance with ASU No. 2016-10 “Revenue from Contracts with Customers” (“Topic 606”), the Company disaggregates revenue from contracts with customers into geographical regions and by the timing of when goods and services are transferred. The Company determined that disaggregating revenue into these categories meets the disclosure objective in Topic 606 which is to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by regional economic factors. Information regarding revenues disaggregated by geographic area is as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Revenues: United States $ 93,395 $ 95,288 $ 275,152 $ 284,351 Foreign: Asia 2,816 1,928 6,555 6,789 Canada 3,437 2,564 10,755 9,353 Europe 4,327 4,457 14,128 14,605 Mexico 1,682 1,031 3,519 2,137 Middle East 1,317 4,602 4,382 9,958 Other 1,672 760 2,578 2,126 Total $ 108,646 $ 110,630 $ 317,069 $ 329,319 Information regarding revenues disaggregated by the timing of when goods and services are transferred is as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Revenue recognized over time $ 3,857 $ 3,455 $ 11,341 $ 9,203 Revenue recognized at a point in time 104,789 107,175 305,728 320,116 Total $ 108,646 $ 110,630 $ 317,069 $ 329,319 The Company performs its obligations under a contract by shipping products or performing services in exchange for consideration. The Company typically invoices its customers as soon as control of an asset is transferred and a receivable to the Company is established. The Company, however, recognizes a contract liability when a customer prepays for goods or services and the Company has not transferred control of the goods or services. The opening and closing balances of the Company's receivables and contract liabilities are as follows: September 30, 2019 December 31, 2018 (In thousands) Receivables $ 61,406 $ 66,300 Contract liabilities 19,042 15,793 Contract liabilities are included in payables and other long-term liabilities on the Company’s consolidated condensed balance sheet. The balance of contract assets was immaterial as the Company did not have a significant amount of uninvoiced receivables in the three and nine-month periods ended September 30, 2019 and twelve-month period ended December 31, 2018. The difference between the opening and closing balances of the Company's contract liabilities was the result of a timing difference between the Company's performance and the customers' prepayments. As of September 30, 2019, the Company had certain contracts with unsatisfied performance obligations. For contracts recorded as contract liabilities, $19.0 million was the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied as of the end of the reporting period. The Company estimates that revenue recognized from satisfying those performance obligations will be approximately $4.0 million in 2019, $1.9 million in each year from 2020 through 2024 and $5.5 million thereafter. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of measurement in Topic 606. At contract inception, the Company assesses the products and services promised in its contracts with customers. The Company then identifies performance obligations to transfer distinct products or services to the customer. In order to identify performance obligations, the Company considers all of the products or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. The Company's performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a single point in time accounted for 96.4% and 96.9% of net sales for the three-month periods ended September 30, 2019 and 2018, respectively. Revenue from products and services transferred to customers at a single point in time accounted for 96.4% and 97.2% of net sales for the nine-month periods ended September 30, 2019 and 2018, respectively. The majority of the Company's revenue recognized at a point in time is for the sale of municipal and flow instrumentation products. Revenue from these contracts is recognized when the customer is able to direct the use of and obtain substantially all of the benefits from the product which generally coincides with title transfer during the shipping process. Revenue from services transferred to customers over time accounted for 3.6% and 3.1% of net sales for the three-month periods ended September 30, 2019 and 2018, respectively. Revenue from services transferred to customers over time accounted for 3.6% and 2.8% of net sales for the nine-month periods ended September 30, 2019 and 2018, respectively. The majority of the Company's revenue that is recognized over time relates to the BEACON® AMA software as a service, but also includes training, installation and other revenues.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Note 12 Leases On January 1, 2019, the Company adopted ASU No. 2016-02 and ASU No. 2018-11 using the optional transition method. Under this transition method, comparative periods will continue to be reported in accordance with prior lease guidance under ASC 840 Leases. The Company has elected certain practical expedients permitted under the transition guidance, which, among other things, allows the Company to carry forward historical lease classifications. T he Company rents facilities, equipment and vehicles under operating leases, some of which contain renewal options. Upon inception of a rent agreement, the Company determines whether the arrangement contains a lease based on the unique conditions present. Leases that have a term over a year are recognized on the balance sheet as right-of-use assets and lease liabilities. Right-of-use assets are included in prepaid expenses and other current assets and other assets on the Company’s consolidated condensed balance sheet. Lease liabilities are included in other current liabilities and other long-term liabilities on the Company’s consolidated condensed balance sheet. September 30, 2019 January 1, 2019 (In thousands) Right-of-use assets $ 8,919 $ 10,745 Lease liabilities 9,290 11,087 The Company ’ Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (In thousands) Operating lease expense $ 764 $ 2,331 Variable and short-term lease expense 36 223 Rent expense $ 800 $ 2,554 The Company records right-of-use assets and lease liabilities based upon the present value of lease payments over the expected lease term. The Company’s lease agreements typically do not have implicit interest rates that are readily determinable. As a result, the Company utilizes an incremental borrowing rate that would be incurred to borrow on a collateralized basis over a similar term in a comparable economic environment. As of September 30, 2019 and January 1, 2019, the remaining lease term on the Company’s leases was 4.7 years and 5.3 years, respectively. As of September 30, 2019 and January 1, 2019, the discount rate was 5.0%. September 30, 2019 (In thousands) 2019 (remaining three months) $ 724 2020 2,782 2021 2,231 2022 1,291 2023 1,201 Thereafter 2,182 Total future lease payments 10,411 (Present value adjustment) (1,121 ) Present value of future lease payments $ 9,290

New Pronouncement - (Policies)

New Pronouncement - (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
New Pronouncements	In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-14 “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20),” which modifies the annual disclosure requirements for defined benefit pension and other postretirement benefit plans. This ASU, as modified, added and deleted specific disclosures in an effort to improve the usefulness for financial statement users while also reducing unnecessary costs for companies. The ASU is effective for annual periods beginning after December 15, 2020 with early adoption being permitted in any interim reporting period within the annual reporting period. The Company is currently assessing the impact of adopting ASU No. 2018-14. In August 2018, the FASB issued ASU No. 2018-13 “Fair Value Measurement (Topic 820),” which is designed to improve the effectiveness of disclosures related to fair value measurements. This ASU is effective for annual periods beginning after December 15, 2019 and early adoption is allowed in any interim reporting period within the annual reporting period. The Company is currently assessing the impact of adopting ASU No. 2018-13. In January 2017, the FASB issued ASU No. 2017-04 “Intangibles - Goodwill and Other (Topic 350).” The update requires a single-step quantitative test to measure potential impairment based on the excess of a reporting unit's carrying amount over its fair value. A qualitative assessment can still be completed first for an entity to determine if a quantitative impairment test is necessary. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2019 and interim periods thereafter. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted ASU No. 2017-04 on January 1, 2019. The adoption of this standard did not have any impact on the Company’s financial statements. In June 2016, the FASB issued ASU No. 2016-13 “Financial Instruments - Credit Losses (Topic 326),” which amends the accounting for credit losses on purchased financial assets and available-for-sale debt securities with credit deterioration. This ASU requires the measurement of all expected credit losses for financial assets, including accounts receivables, held at the reporting date based upon current conditions, historical experience and reasonable forecasts. This ASU is effective for annual reporting periods beginning after December 15, 2019, and early adoption is allowed in any interim reporting period within the annual reporting period. The Company does not anticipate that ASU No. 2016-13 will have a material impact upon adoption. In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842),” which requires lessees to record most leases on their balance sheets. Lessees initially recognize a lease liability (measured at the present value of the lease payments over the lease term) and a right-of-use asset (measured at the lease liability amount, adjusted for lease prepayments, lease incentives received and the lessee's initial direct costs). Lessees can make an accounting policy election not to recognize ROU assets and lease liabilities for leases with a lease term of 12 months or less as long as the leases do not include options to purchase the underlying assets that the lessee is reasonably certain to exercise. The standard includes the use of a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Full retrospective application is prohibited. In July 2018, the FASB issued ASU No. 2018-11 “Targeted Improvements (Topic 842).” This ASU provides for an optional method of transition which allows companies to adopt the new leasing standard with a cumulative effect adjustment to reinvested earnings. The Company adopted the new leasing standard with the optional transition methodology as of January 1, 2019. For a complete discussion of the adoption of ASU No. 2016-02 and ASU No. 2018-11, see Note 12 “Leases” in the Unaudited Notes to Consolidated Condensed Financial Statements.

Additional Financial Informat_2

Additional Financial Information Disclosures (Tables)	9 Months Ended
	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Changes in Warranty and After-Sale Costs Reserve	Changes in the Company’s warranty and after-sale costs reserve are as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Balance at beginning of period $ 5,379 $ 4,110 $ 4,206 $ 3,367 Net additions charged to earnings 3,124 659 5,405 2,873 Costs incurred (1,696 ) (467 ) (2,804 ) (1,938 ) Balance at end of period $ 6,807 $ 4,302 $ 6,807 $ 4,302

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2019
Compensation And Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Cost	The following table sets forth the components of net periodic benefit cost for the three months ended September 30, 2019 and 2018 based on December 31, 2018 and 2017 actuarial measurement dates, respectively: Defined pension plan benefits Other postretirement benefits (In thousands) 2019 2018 2019 2018 Service cost – benefits earned during the year $ 38 $ 35 $ 25 $ 31 Interest cost on projected benefit obligations 8 6 53 47 Amortization of prior service benefit - - - (3 ) Amortization of net loss (benefit) 9 13 (29 ) (8 ) Settlement expense - 11,732 - - Net periodic benefit cost $ 55 $ 11,786 $ 49 $ 67 The following table sets forth the components of net periodic benefit cost for the nine months ended September 30, 2019 and 2018 based on December 31, 2018 and 2017 actuarial measurement dates, respectively: Defined pension plan benefits Other postretirement benefits (In thousands) 2019 2018 2019 2018 Service cost – benefits earned during the year $ 112 $ 105 $ 77 $ 93 Interest cost on projected benefit obligations 26 323 158 142 Expected return on plan assets - (835 ) - - Amortization of prior service cost - - - (10 ) Amortization of net loss (benefit) 27 302 (88 ) (23 ) Settlement expense - 19,900 - - Net periodic benefit cost $ 165 $ 19,795 $ 147 $ 202

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Components of and Changes in Accumulated Other Comprehensive Income (Loss)	Components of and changes in accumulated other comprehensive income (loss) at September 30, 2019 are as follows: (In thousands) Unrecognized pension and postretirement benefits Foreign currency Total Balance at beginning of period $ 360 $ 220 $ 580 Other comprehensive income (loss) before reclassifications - (509 ) (509 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $133 333 - 333 Net current period other comprehensive income (loss), net of tax 333 (509 ) (176 ) Accumulated other comprehensive income (loss) $ 693 $ (289 ) $ 404 Components of and changes in accumulated other comprehensive income (loss) at September 30, 2018 are as follows: (In thousands) Unrecognized pension and postretirement benefits Foreign currency Total Balance at beginning of period $ (11,597 ) $ 704 $ (10,893 ) Other comprehensive income (loss) before reclassifications - (281 ) (281 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $4,994 13,168 - 13,168 Net current period other comprehensive income (loss), net of tax 13,168 (281 ) 12,887 Cumulative impact of adopting ASU 2018-02 (1,700 ) - (1,700 ) Accumulated other comprehensive (loss) income $ (129 ) $ 423 $ 294
Reclassifications Out of Accumulated Other Comprehensive Loss	Details of reclassifications out of accumulated other comprehensive income (loss) during the nine months ended September 30, 2019 are as follows: (In thousands) Amount reclassified from accumulated other comprehensive income (loss) Amortization of pension and postretirement benefits items: Actuarial loss (1) $ (60 ) Settlement expense (2) 526 Total before tax 466 Income tax (133 ) Amount reclassified out of accumulated other comprehensive income (loss) $ 333 (1) This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost in Note 3 “Employee Benefit Plans” (2) This accumulated other comprehensive income (loss) component resulted from an international pension plan settlement. Details of reclassifications out of accumulated other comprehensive income (loss) during the nine months ended September 30, 2018 are as follows: (In thousands) Amount reclassified from accumulated other comprehensive income (loss) Amortization of pension and postretirement benefits items: Prior service benefit (1) $ (10 ) Settlement Expense (1) 19,900 Amortization of actuarial loss (1) (1,728 ) Total before tax 18,162 Income tax (4,994 ) Amount reclassified out of accumulated other comprehensive income $ 13,168 (1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost in Note 3 “Employee Benefit Plans”

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Schedule of Earnings Before Incomes Taxes, Income Tax Expense and Effective Income Tax Rate	The Company’s earnings before incomes taxes, income tax expense and effective income tax rate are as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Earnings before income taxes $ 16,338 $ 3,652 $ 45,402 $ 21,266 Income tax expense 3,617 801 10,499 4,715 Effective income tax rate 22.1 % 21.9 % 23.1 % 22.2 %

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenue	Information regarding revenues disaggregated by geographic area is as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Revenues: United States $ 93,395 $ 95,288 $ 275,152 $ 284,351 Foreign: Asia 2,816 1,928 6,555 6,789 Canada 3,437 2,564 10,755 9,353 Europe 4,327 4,457 14,128 14,605 Mexico 1,682 1,031 3,519 2,137 Middle East 1,317 4,602 4,382 9,958 Other 1,672 760 2,578 2,126 Total $ 108,646 $ 110,630 $ 317,069 $ 329,319 Information regarding revenues disaggregated by the timing of when goods and services are transferred is as follows: Three months ended September 30, Nine months ended September 30, (In thousands) 2019 2018 2019 2018 Revenue recognized over time $ 3,857 $ 3,455 $ 11,341 $ 9,203 Revenue recognized at a point in time 104,789 107,175 305,728 320,116 Total $ 108,646 $ 110,630 $ 317,069 $ 329,319
Contract with Customer, Liability and Receivables	The opening and closing balances of the Company's receivables and contract liabilities are as follows: September 30, 2019 December 31, 2018 (In thousands) Receivables $ 61,406 $ 66,300 Contract liabilities 19,042 15,793

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of Right-of-Use Assets and the Corresponding Lease Liabilities	Information regarding the Company's right-of-use assets and the corresponding lease liabilities are as follows: September 30, 2019 January 1, 2019 (In thousands) Right-of-use assets $ 8,919 $ 10,745 Lease liabilities 9,290 11,087
Schedule of Rent Expenses	The Company’s rent expense is as follows: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (In thousands) Operating lease expense $ 764 $ 2,331 Variable and short-term lease expense 36 223 Rent expense $ 800 $ 2,554
Schedule of Future Minimum Lease Payments to be Paid under Operating Leases	The future minimum lease payments to be paid under operating leases are as follows: September 30, 2019 (In thousands) 2019 (remaining three months) $ 724 2020 2,782 2021 2,231 2022 1,291 2023 1,201 Thereafter 2,182 Total future lease payments 10,411 (Present value adjustment) (1,121 ) Present value of future lease payments $ 9,290

Additional Financial Informat_3

Additional Financial Information Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Changes in warranty and after-sale costs reserve
Balance at beginning of period	$ 5,379	$ 4,110	$ 4,206	$ 3,367
Net additions charged to earnings	3,124	659	5,405	2,873
Costs incurred	(1,696)	(467)	(2,804)	(1,938)
Balance at end of period	$ 6,807	$ 4,302	$ 6,807	$ 4,302

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Settlement expense				$ 19,900
Defined pension plan benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost – benefits earned during the year	$ 38	$ 35	$ 112	105
Interest cost on projected benefit obligations	8	6	26	323
Amortization of prior service cost (benefit)	0	0	0	0
Amortization of net loss (benefit)	9	13	27	302
Settlement expense	0	11,732	0	19,900
Net periodic benefit cost	55	11,786	165	19,795
Expected return on plan assets			0	(835)
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost – benefits earned during the year	25	31	77	93
Interest cost on projected benefit obligations	53	47	158	142
Amortization of prior service cost (benefit)	0	(3)	0	(10)
Amortization of net loss (benefit)	(29)	(8)	(88)	(23)
Settlement expense	0	0	0	0
Net periodic benefit cost	$ 49	$ 67	147	202
Expected return on plan assets			$ 0	$ 0

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Settlement expense				$ 19,900
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Estimated other postretirement benefits to be paid in 2019					$ 400
Benefits paid			$ 300
Settlement expense	$ 0	$ 0	$ 0	$ 0

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of and Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from AOCI, tax	$ (4,994,000)	$ (133)	$ (4,994,000)
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	288,470	303,503	277,451
Other comprehensive income (loss) before reclassifications		(509)	(281)
Amounts reclassified from accumulated other comprehensive income, net of tax		333	13,168
Net current period other comprehensive income (loss), net of tax		(176)	12,887
Balance at end of period	295,230	323,639	295,230
Accounting Standards Update 2018-02
Increase (Decrease) in Stockholders' Equity
ASU adoption impact			(1,700)
Unrecognized pension and postretirement benefits
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period		360	(11,597)
Other comprehensive income (loss) before reclassifications		0	0
Amounts reclassified from accumulated other comprehensive income, net of tax		333	13,168
Net current period other comprehensive income (loss), net of tax		333	13,168
Balance at end of period	(129)	693	(129)
Unrecognized pension and postretirement benefits | Accounting Standards Update 2018-02
Increase (Decrease) in Stockholders' Equity
ASU adoption impact			(1,700)
Foreign currency
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period		220	704
Other comprehensive income (loss) before reclassifications		(509)	(281)
Amounts reclassified from accumulated other comprehensive income, net of tax		0	0
Net current period other comprehensive income (loss), net of tax		(509)	(281)
Balance at end of period	423	(289)	423
Accumulated other comprehensive income (loss)
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	(5,508)	580	(10,893)
Balance at end of period	294	$ 404	294
Accumulated other comprehensive income (loss) | Accounting Standards Update 2018-02
Increase (Decrease) in Stockholders' Equity
ASU adoption impact	$ (1,700)		$ (1,700)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Amortization of pension and postretirement benefits items:
Prior service benefit/cost		$ (10)
Actuarial loss	$ (60)	(1,728)
Settlement expense	526	19,900
Total before tax	466	18,162
Income tax	(133)	(4,994)
Amount reclassified out of accumulated other comprehensive income (loss)	$ 333	$ 13,168

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Apr. 02, 2018	Mar. 31, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Business Acquisition
Goodwill			$ 71,258		$ 71,258
Payment of contingent acquisition consideration			$ 1,650	$ 2,034
Innovative Metering Solutions, Inc.
Business Acquisition
Outstanding common stock acquired (as a percent)	100.00%
Total purchase consideration	$ 12,000
Cash payment	7,700
Working capital adjustment	300
Balance sheet holdback	700
Pre-existing receivables acquired	$ 3,300
Receivables		$ 3,800
Inventory		800
Machinery and equipment		100
Intangibles		3,600
Goodwill		3,700
Innovative Metering Solutions, Inc. | Customer Relationships
Business Acquisition
Estimated average useful life	10 years
D-Flow
Business Acquisition
Outstanding common stock acquired (as a percent)			100.00%
Payment of contingent acquisition consideration		$ 1,000
Contingent payments			$ 2,000

Income Taxes - Schedule of Earn

Income Taxes - Schedule of Earnings Before Incomes Taxes, Income Tax Expense and Effective Income Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Earnings before income taxes	$ 16,338	$ 3,652	$ 45,402	$ 21,266
Income tax expense	$ 3,617	$ 801	$ 10,499	$ 4,715
Effective income tax rate	22.10%	21.90%	23.10%	22.20%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 108,646	$ 110,630	$ 317,069	$ 329,319
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Revenues	3,857	3,455	11,341	9,203
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues	104,789	107,175	305,728	320,116
United States
Disaggregation of Revenue [Line Items]
Revenues	93,395	95,288	275,152	284,351
Asia
Disaggregation of Revenue [Line Items]
Revenues	2,816	1,928	6,555	6,789
Canada
Disaggregation of Revenue [Line Items]
Revenues	3,437	2,564	10,755	9,353
Europe
Disaggregation of Revenue [Line Items]
Revenues	4,327	4,457	14,128	14,605
Mexico
Disaggregation of Revenue [Line Items]
Revenues	1,682	1,031	3,519	2,137
Middle East
Disaggregation of Revenue [Line Items]
Revenues	1,317	4,602	4,382	9,958
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 1,672	$ 760	$ 2,578	$ 2,126

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Revenue From Contract With Customer [Abstract]
Receivables	$ 61,406	$ 66,300
Contract liabilities	$ 19,042	$ 15,793

Revenue Recognition - Narrative

Revenue Recognition - Narrative 1 (Details) $ in Millions	Sep. 30, 2019USD ($)
Revenue From Contract With Customer [Abstract]
Revenue, remaining performance obligation	$ 19

Revenue Recognition - Narrati_2

Revenue Recognition - Narrative 1 (Details 1) $ in Millions	Sep. 30, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 19
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 4
Expected timing of performance obligation satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1.9
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1.9
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1.9
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1.9
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 1.9
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 5.5
Expected timing of performance obligation satisfaction, period	1 year

Revenue Recognition - Narrati_3

Revenue Recognition - Narrative 2 (Details) - Consolidated Sales - Product Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue recognized at a point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	96.40%	96.90%	96.40%	97.20%
Revenue recognized over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percentage	3.60%	3.10%	3.60%	2.80%

Leases - Narrative (Details)

Leases - Narrative (Details)	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
Operating leases, practical expedient	true
Operating leases, remaining lease term	4 years 8 months 12 days	5 years 3 months 18 days
Operating leases, discount rate	5.00%	5.00%

Leases - Schedule of Right-of-U

Leases - Schedule of Right-of-Use Assets and the Corresponding Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
Right-of-use assets	$ 8,919	$ 10,745
Lease liabilities	$ 9,290	$ 11,087

Leases - Schedule of Rent Expen

Leases - Schedule of Rent Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease expense	$ 764	$ 2,331
Variable and short-term lease expense	36	223
Rent expense	$ 800	$ 2,554

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments to be Paid under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
2019 (remaining three months)	$ 724
2020	2,782
2021	2,231
2022	1,291
2023	1,201
Thereafter	2,182
Total future lease payments	10,411
(Present value adjustment)	(1,121)
Present value of future lease payments	$ 9,290	$ 11,087