Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 23, 2015 | |
Entity Registrant Name | GORMAN RUPP CO | |
Entity Central Index Key | 42,682 | |
Trading Symbol | grc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 26,083,623 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net sales | $ 104,229 | $ 110,159 | $ 307,354 | $ 329,951 |
Cost of products sold | 80,917 | 82,093 | 235,986 | 247,427 |
Gross profit | 23,312 | 28,066 | 71,368 | 82,524 |
Selling, general and administrative expenses | 14,363 | 14,046 | 41,933 | 40,390 |
Operating income | 8,949 | 14,020 | 29,435 | 42,134 |
Other income | $ 99 | $ 261 | 515 | 605 |
Other expense | (124) | (398) | ||
Income before income taxes | $ 9,048 | $ 14,281 | 29,826 | 42,341 |
Income taxes | 3,155 | 4,842 | 10,029 | 14,088 |
Net income | $ 5,893 | $ 9,439 | $ 19,797 | $ 28,253 |
Earnings per share (in dollars per share) | $ 0.22 | $ 0.36 | $ 0.75 | $ 1.08 |
Cash dividends per share (in dollars per share) | $ 0.10 | $ 0.09 | $ 0.30 | $ 0.27 |
Average number of shares outstanding (in shares) | 26,165,810 | 26,260,543 | 26,228,618 | 26,255,570 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 5,893 | $ 9,439 | $ 19,797 | $ 28,253 |
Cumulative translation adjustments | (1,342) | (1,939) | (3,557) | (2,089) |
Pension and postretirement medical liability adjustments, net of tax | 1,448 | 15 | 2,836 | 227 |
Other comprehensive income (loss) | 106 | (1,924) | (721) | (1,862) |
Comprehensive income | $ 5,999 | $ 7,515 | $ 19,076 | $ 26,391 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 33,822 | $ 24,491 |
Accounts receivable – net | 74,544 | 70,734 |
Inventories | 82,790 | 94,760 |
Deferred income taxes and other current assets | 9,051 | 10,724 |
Total current assets | 200,207 | 200,709 |
Property, plant and equipment | 272,701 | 266,660 |
Less accumulated depreciation | 140,706 | 132,696 |
Property, plant and equipment - net | 131,995 | 133,964 |
Deferred income taxes and other | 4,481 | 6,313 |
Goodwill and other intangible assets - net | 41,141 | 39,918 |
Total assets | 377,824 | 380,904 |
Current liabilities | ||
Accounts payable | 16,330 | 17,908 |
Short-term debt | 1,970 | 12,000 |
Payroll and related liabilities | 14,684 | 11,355 |
Commissions payable | 9,707 | 9,448 |
Deferred revenue | 2,192 | 4,166 |
Accrued expenses | 7,905 | 9,469 |
Total current liabilities | 52,788 | 64,346 |
Pension benefits | 5,666 | 4,496 |
Postretirement benefits | 21,720 | 21,297 |
Deferred and other income taxes | 8,834 | 8,798 |
Total liabilities | 89,008 | 98,937 |
Shareholders' equity | ||
Outstanding common shares: 26,083,623 at September 30, 2015 and 26,260,543 at December 31, 2014 (net of 965,173 and 788,253 treasury shares, respectively), at stated capital amounts | $ 5,095 | 5,133 |
Additional paid-in capital | 3,059 | |
Retained earnings | $ 301,768 | 291,101 |
Accumulated other comprehensive loss | (18,047) | (17,326) |
Total shareholders' equity | 288,816 | 281,967 |
Total liabilities and shareholders' equity | $ 377,824 | $ 380,904 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - shares | Sep. 30, 2015 | Dec. 31, 2014 |
Common Stock Outstanding (in shares) | 26,083,623 | 26,260,543 |
Treasury Shares (in shares) | 965,173 | 788,253 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 19,797 | $ 28,253 |
Adjustments to reconcile net income attributable to net cash provided (used) by operating activities: | ||
Depreciation and amortization | 11,356 | 10,751 |
Pension expense, including 2015 non-cash settlement loss | 6,157 | 2,145 |
Contributions to pension plan | (2,500) | |
Changes in operating assets and liabilities: | ||
Accounts receivable – net | (2,536) | (8,297) |
Inventories – net | 12,604 | (519) |
Accounts payable | (2,195) | 1,294 |
Commissions payable | 260 | 1,039 |
Deferred revenue | (1,974) | (3,174) |
Accrued expenses | 1,678 | 2,673 |
Benefit obligations and other | (245) | (6,841) |
Net cash provided by operating activities | 44,902 | 24,824 |
Cash flows from investing activities: | ||
Capital additions – net | (6,647) | (7,680) |
Acquisition, net of cash acquired | (3,386) | (16,280) |
Net cash used for investing activities | (10,033) | (23,960) |
Cash flows from financing activities: | ||
Cash dividends | (7,860) | $ (7,089) |
Treasury stock purchase | (4,579) | |
Proceeds from bank borrowings | $ 18,000 | |
Payments to bank for borrowings | (12,044) | (9,833) |
Net cash (used for) provided by financing activities | (24,483) | 1,078 |
Effect of exchange rate changes on cash | (1,055) | (125) |
Net increase in cash and cash equivalents | 9,331 | 1,817 |
Cash and cash equivalents: | ||
Beginning of period | 24,491 | 31,123 |
End of period | $ 33,822 | $ 32,940 |
Note A - Basis of Presentation
Note A - Basis of Presentation of Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE A - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS The accompanying unaudited condensed 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. In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of results that may be expected for the year ending December 31, 2015. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, from which related information herein has been derived. |
Note B - Recently Issued Accoun
Note B - Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE B - RECENTLY ISSUED ACCOUNTING STANDARDS The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial statements. In May 2014, the Financial Accounting Standards Board issued ASU 2014-09, “Revenue from Contracts with Customers,” which supersedes most current revenue recognition guidance, including industry-specific guidance, and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The original standard was effective for fiscal years beginning after December 15, 2016; however, in July 2015, the FASB approved a one-year deferral of this standard, with a new effective date for fiscal years beginning after December 15, 2017. The Company currently does not expect the adoption of ASU 2014-09 to have a material impact on its consolidated financial statements. |
Note C - Inventories
Note C - Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE C - INVENTORIES Inventories are stated at the lower of cost or market. The costs for approximately 73% of inventories at September 30, 2015 and 75% of inventories at December 31, 2014 are determined using the last-in, first-out (LIFO) method, with the remainder determined using the first-in, first-out (FIFO) method applied on a consistent basis. An annual 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. The major components of inventories are as follows (net of LIFO reserves of $59.7 million and $57.9 million at September 30, 2015 and December 31, 2014, respectively): September 30, December 31, (Dollars in thousands) 2015 2014 Raw materials and in-process $ 22,704 $ 16,217 Finished parts 48,390 42,414 Finished products 11,696 36,129 Total inventories $ 82,790 $ 94,760 |
Note D - Product Warranties
Note D - Product Warranties | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | NOTE D - PRODUCT WARRANTIES A liability is established for estimated future warranty and service claims based on historical claims experience and specific product failures. The Company expenses warranty costs directly to cost of products sold. Changes in the Company’s product warranty liability are: September 30, (Dollars in thousands) 2015 2014 Balance at beginning of year $ 1,166 $ 1,170 Provision 1,104 1,161 Claims (1,003 ) (1,214 ) Balance at end of period $ 1,267 $ 1,117 |
Note E - Pension and Other Post
Note E - Pension and Other Postretirement Benefits | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE E - PENSION AND OTHER POSTRETIREMENT BENEFITS The Company sponsors a defined benefit pension plan (“Plan”) covering certain domestic employees. Benefits are based on each covered employee’s years of service and compensation. The Plan is funded in conformity with the funding requirements of applicable U.S. regulations. The Plan was closed to new participants effective January 1, 2008. Employees hired after this date, in eligible locations, participate in an enhanced 401(k) plan instead of the defined benefit pension plan. Employees hired prior to this date continue to accrue benefits. Additionally, the Company sponsors defined contribution pension plans made available to all domestic and Canadian employees. The Company also sponsors a non-contributory defined benefit health care plan that provides health benefits to certain domestic and Canadian retirees and their spouses. The Company funds the cost of these benefits as incurred. The following tables present the components of net periodic benefit cost: Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ 765 $ 726 $ 299 $ 227 Interest cost 664 723 198 212 Expected return on plan assets (1,009 ) (1,188 ) - - Recognized actuarial loss (gain) 571 333 (163 ) (311 ) Settlement loss 1,890 - - - Net periodic benefit cost $ 2,881 $ 594 $ 334 $ 128 Pension Benefits Postretirement Benefits Nine Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ 2,332 $ 2,178 $ 897 $ 680 Interest cost 1,982 2,171 595 636 Expected return on plan assets (3,144 ) (3,566 ) - - Recognized actuarial loss (gain) 1,645 1,248 (490 ) (888 ) Settlement loss 3,342 - - - Net periodic benefit cost $ 6,157 $ 2,031 $ 1,002 $ 428 |
Note F - Accumulated Other Comp
Note F - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Accumulated Other Comprehensive Loss [Text Block] | NOTE F – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes reclassifications out of accumulated other comprehensive income (loss): Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2015 2014 2015 2014 Pension and other postretirement benefit: Recognized actuarial loss (a) $ 397 $ 22 $ 1,136 $ 360 Settlement loss (b) 1,320 - 2,279 - Settlement loss (c) 570 - 1,063 - Total before income tax 2,287 22 4,478 360 Income tax (839 ) (7 ) (1,642 ) (133 ) Net of income tax $ 1,448 $ 15 $ 2,836 $ 227 (a) The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note E for additional details. (b) This portion of the settlement loss is included in Cost of products sold on the Statements of Income. (c) This portion of the settlement loss is included in Selling, general and administrative expense on the Statements of Income. The following tables summarize changes in accumulated balances for each component of other comprehensive income (loss): (Dollars in thousands) Currency Translation Adjustments Pension and Other Postretirement Benefits Accumulated Other Comprehensive Income (loss) Balance at January 1, 2015 $ (4,338 ) $ (12,988 ) $ (17,326 ) Reclassification adjustments - 4,478 4,478 Current Period Credit (Charge) (3,557 ) - (3,557 ) Income tax expense - (1,642 ) (1,642 ) Balance at September 30, 2015 $ (7,895 ) $ (10,152 ) $ (18,047 ) (Dollars in thousands) Currency Translation Adjustments Pension and Other Postretirement Benefits Accumulated Other Comprehensive Income (loss) Balance at January 1, 2014 $ (1,062 ) $ (7,399 ) $ (8,461 ) Current Period Credit (Charge) (2,089 ) 360 (1,729 ) Income tax expense - (133 ) (133 ) Balance at September 30, 2014 $ (3,151 ) $ (7,172 ) $ (10,323 ) |
Note G - Acquisition
Note G - Acquisition | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE G – ACQUISITION In September 2015, the Company’s wholly-owned subsidiary, Gorman-Rupp Europe B.V., purchased the business of Hydro+ SA and Hydro+ Rental SPRL (collectively the “Hydro companies”) effective August 1, 2015 through internally generated cash flows totaling $3.4 million and assumed $2.0 million of bank debt. The allocation of the purchase price to the business acquired is preliminary and will be finalized pending completion of a fair value appraisal process and other purchase accounting matters. Based on the preliminary purchase price allocation for this acquisition, goodwill of $2.6 million was recorded. The Hydro companies have been the Company’s Belgian pump and pumps system distributor since 1998, and in 2011 formed Hydro Rental to expand pumps and pump system rentals in the same region. The Hydro companies principal products are centrifugal pumps supplied by the Company, and Hydro+ has begun converting some of these pumps into packaged pump station systems tailored for its European market. Combined annual revenues of the Hydro companies are approximately $4.0 million. |
Note C - Inventories (Tables)
Note C - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, (Dollars in thousands) 2015 2014 Raw materials and in-process $ 22,704 $ 16,217 Finished parts 48,390 42,414 Finished products 11,696 36,129 Total inventories $ 82,790 $ 94,760 |
Note D - Product Warranties (Ta
Note D - Product Warranties (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | September 30, (Dollars in thousands) 2015 2014 Balance at beginning of year $ 1,166 $ 1,170 Provision 1,104 1,161 Claims (1,003 ) (1,214 ) Balance at end of period $ 1,267 $ 1,117 |
Note E - Pension and Other Po16
Note E - Pension and Other Postretirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Costs of Retirement Plans [Table Text Block] | Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ 765 $ 726 $ 299 $ 227 Interest cost 664 723 198 212 Expected return on plan assets (1,009 ) (1,188 ) - - Recognized actuarial loss (gain) 571 333 (163 ) (311 ) Settlement loss 1,890 - - - Net periodic benefit cost $ 2,881 $ 594 $ 334 $ 128 Pension Benefits Postretirement Benefits Nine Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands) 2015 2014 2015 2014 Service cost $ 2,332 $ 2,178 $ 897 $ 680 Interest cost 1,982 2,171 595 636 Expected return on plan assets (3,144 ) (3,566 ) - - Recognized actuarial loss (gain) 1,645 1,248 (490 ) (888 ) Settlement loss 3,342 - - - Net periodic benefit cost $ 6,157 $ 2,031 $ 1,002 $ 428 |
Note F - Accumulated Other Co17
Note F - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2015 2014 2015 2014 Pension and other postretirement benefit: Recognized actuarial loss (a) $ 397 $ 22 $ 1,136 $ 360 Settlement loss (b) 1,320 - 2,279 - Settlement loss (c) 570 - 1,063 - Total before income tax 2,287 22 4,478 360 Income tax (839 ) (7 ) (1,642 ) (133 ) Net of income tax $ 1,448 $ 15 $ 2,836 $ 227 |
Comprehensive Income (Loss) [Table Text Block] | (Dollars in thousands) Currency Translation Adjustments Pension and Other Postretirement Benefits Accumulated Other Comprehensive Income (loss) Balance at January 1, 2015 $ (4,338 ) $ (12,988 ) $ (17,326 ) Reclassification adjustments - 4,478 4,478 Current Period Credit (Charge) (3,557 ) - (3,557 ) Income tax expense - (1,642 ) (1,642 ) Balance at September 30, 2015 $ (7,895 ) $ (10,152 ) $ (18,047 ) (Dollars in thousands) Currency Translation Adjustments Pension and Other Postretirement Benefits Accumulated Other Comprehensive Income (loss) Balance at January 1, 2014 $ (1,062 ) $ (7,399 ) $ (8,461 ) Current Period Credit (Charge) (2,089 ) 360 (1,729 ) Income tax expense - (133 ) (133 ) Balance at September 30, 2014 $ (3,151 ) $ (7,172 ) $ (10,323 ) |
Note C - Inventories (Details T
Note C - Inventories (Details Textual) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Percentage of LIFO Inventory | 73.00% | 75.00% |
Inventory, LIFO Reserve | $ 59.7 | $ 57.9 |
Note C - Inventories - Inventor
Note C - Inventories - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Raw materials and in-process | $ 22,704 | $ 16,217 |
Finished parts | 48,390 | 42,414 |
Finished products | 11,696 | 36,129 |
Total inventories | $ 82,790 | $ 94,760 |
Note D - Product Warranties - P
Note D - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Balance at beginning of year | $ 1,166 | $ 1,170 |
Provision | 1,104 | 1,161 |
Claims | (1,003) | (1,214) |
Balance at end of period | $ 1,267 | $ 1,117 |
Note E - Pension and Other Po21
Note E - Pension and Other Postretirement Benefits - Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Plan [Member] | ||||
Service cost | $ 765 | $ 726 | $ 2,332 | $ 2,178 |
Interest cost | 664 | 723 | 1,982 | 2,171 |
Expected return on plan assets | (1,009) | (1,188) | (3,144) | (3,566) |
Recognized actuarial loss (gain) | 571 | $ 333 | 1,645 | $ 1,248 |
Settlement loss | 1,890 | 3,342 | ||
Net periodic benefit cost | 2,881 | $ 594 | 6,157 | $ 2,031 |
Postretirement Benefits [Member] | ||||
Service cost | 299 | 227 | 897 | 680 |
Interest cost | $ 198 | $ 212 | $ 595 | $ 636 |
Expected return on plan assets | ||||
Recognized actuarial loss (gain) | $ (163) | $ (311) | $ (490) | $ (888) |
Settlement loss | ||||
Net periodic benefit cost | $ 334 | $ 128 | $ 1,002 | $ 428 |
Note F - Accumulated Other Co22
Note F - Accumulated Other Comprehensive Income (Loss) - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Cost of Sales [Member] | |||||
Settlement loss | [1] | $ 1,320 | $ 2,279 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Selling, General and Administrative Expenses [Member] | |||||
Settlement loss | [2] | 570 | 1,063 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Recognized actuarial loss (a) | [3] | 397 | $ 22 | 1,136 | $ 360 |
Total before income tax | 2,287 | 22 | 4,478 | 360 | |
Income taxes | (839) | (7) | (1,642) | (133) | |
Net of income tax | 1,448 | 15 | 2,836 | 227 | |
Total before income tax | (9,048) | (14,281) | (29,826) | (42,341) | |
Income taxes | $ 3,155 | $ 4,842 | $ 10,029 | $ 14,088 | |
[1] | This portion of the settlement loss is included in Cost of products sold on the Statements of Income. | ||||
[2] | This portion of the settlement loss is included in Selling, general and administrative expense on the Statements of Income. | ||||
[3] | The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note E for additional details. |
Note F - Accumulated Other Co23
Note F - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) as Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Currency Translation Adjustments [Member] | ||
Balance | $ (4,338) | $ (1,062) |
Reclassification adjustments | ||
Current period credit (charge) | $ (3,557) | $ (2,089) |
Income tax expense | ||
Balance | $ (7,895) | $ (3,151) |
Pension And O P E B Adjustments [Member] | ||
Balance | (12,988) | (7,399) |
Reclassification adjustments | $ 4,478 | |
Current period credit (charge) | 360 | |
Income tax expense | $ (1,642) | (133) |
Balance | (10,152) | (7,172) |
Accumulated Other Comprehensive Income Loss [Member] | ||
Balance | (17,326) | (8,461) |
Reclassification adjustments | 4,478 | |
Current period credit (charge) | (3,557) | (1,729) |
Income tax expense | (1,642) | (133) |
Balance | (18,047) | $ (10,323) |
Balance | (17,326) | |
Balance | $ (18,047) |
Note G - Acquisition (Details T
Note G - Acquisition (Details Textual) $ in Millions | 1 Months Ended | 9 Months Ended |
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | |
Hydro Companies [Member] | ||
Payments to Acquire Businesses, Gross | $ 3.4 | |
Business Combination, Consideration Transferred, Liabilities Incurred | 2 | |
Goodwill | $ 2.6 | $ 2.6 |
Hydro Companies [Member] | ||
Approximate Annual Revenues | $ 4 |