Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 27, 2018 | |
Document Information [Line Items] | ||
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) | 26,106,623 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | $ 96,604 | $ 92,603 |
Cost of products sold | 70,398 | 70,351 |
Gross profit | 26,206 | 22,252 |
Selling, general and administrative expenses | 14,356 | 13,594 |
Operating income | 11,850 | 8,658 |
Other income (expense), net | 806 | (1,338) |
Income before income taxes | 12,656 | 7,320 |
Income taxes | 3,039 | 2,255 |
Net income | $ 9,617 | $ 5,065 |
Earnings per share (in dollars per share) | $ 0.37 | $ 0.19 |
Cash dividends per share (in dollars per share) | $ 0.125 | $ 0.115 |
Average number of shares outstanding (in shares) | 26,106,623 | 26,093,123 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income | $ 9,617 | $ 5,065 |
Cumulative translation adjustments | 189 | 547 |
Pension and postretirement medical liability adjustments, net of tax | 510 | 1,276 |
Other comprehensive income | 699 | 1,823 |
Comprehensive income | $ 10,316 | $ 6,888 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 88,389 | $ 79,680 |
Accounts receivable, net | 65,038 | 67,369 |
Inventories, net | 79,132 | 74,967 |
Prepaid and other | 5,868 | 5,918 |
Total current assets | 238,427 | 227,934 |
Property, plant and equipment, net | 116,053 | 117,071 |
Other assets | 8,728 | 7,779 |
Prepaid pension assets | 4,218 | 4,313 |
Goodwill and other intangible assets, net | 37,690 | 37,918 |
Total assets | 405,116 | 395,015 |
Current liabilities: | ||
Accounts payable | 16,348 | 15,798 |
Payroll and employee related liabilities | 11,185 | 12,027 |
Commissions payable | 8,000 | 7,589 |
Deferred revenue and customer deposits | 4,967 | 4,098 |
Accrued expenses | 8,763 | 6,184 |
Total current liabilities | 49,263 | 45,696 |
Postretirement benefits | 15,499 | 15,737 |
Other long-term liabilities | 7,806 | 8,087 |
Total liabilities | 72,568 | 69,520 |
Equity: | ||
Common shares, without par value: Authorized – 35,000,000 shares; Outstanding – 26,106,623 shares at March 31, 2018 and December 31, 2017 (after deducting treasury shares of 942,173, respectively), at stated capital amounts | 5,100 | 5,100 |
Additional paid-in capital | 526 | 526 |
Retained earnings | 338,732 | 332,378 |
Accumulated other comprehensive loss | (11,810) | (12,509) |
Total equity | 332,548 | 325,495 |
Total liabilities and equity | $ 405,116 | $ 395,015 |
Consolidated Balance Sheets (C5
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - shares | Mar. 31, 2018 | Dec. 31, 2017 |
Common shares authorized (in shares) | 35,000,000 | 35,000,000 |
Common shares outstanding (in shares) | 26,106,623 | 26,106,623 |
Treasury shares (in shares) | 942,173 | 942,173 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 9,617 | $ 5,065 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,600 | 3,754 |
Pension expense | 879 | 2,394 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 2,658 | (5,905) |
Inventories, net | (3,892) | 1,323 |
Accounts payable | 359 | 436 |
Commissions payable | 354 | (1,242) |
Deferred revenue and customer deposits | 869 | 147 |
Income taxes | 3,014 | 2,929 |
Accrued expenses and other | (1,493) | 717 |
Benefit obligations | (1,443) | (2,018) |
Net cash provided by operating activities | 14,522 | 7,600 |
Cash used for investing activities, capital additions | (2,033) | (1,950) |
Cash used for financing activities: | ||
Cash dividends | (3,263) | (3,001) |
Other | 371 | |
Net cash used for financing activities | (3,634) | (3,001) |
Effect of exchange rate changes on cash | (146) | 198 |
Net increase in cash and cash equivalents | 8,709 | 2,847 |
Cash and cash equivalents: | ||
Beginning of period | 79,680 | 57,604 |
End of period | $ 88,389 | $ 60,451 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation of Financial Statements | 3 Months Ended |
Mar. 31, 2018 | |
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 not three March 31, 2018 not may December 31, 2018. 10 December 31, 2017, Certain prior year amounts have been reclassified to conform to the first 2018 |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 2 - RECENTLY ISSUED ACCOUNTING STANDARDS The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not Recently Adopted Accounting Standards In March 2017, No. 2017 07, 715 December 15, 2017. 2017 07 January 1, 2018 first 2018 $59,000 first 2017 $1.7 first 2017 $1.1 $0.6 $1.7 first 2017 $1.7 In May 2014, 2014 09, 606 2014 09. January 1, 2018, 606 3 Recently Issued Accounting Standards Not In February 2018, No. 2018 02, 220 December 2017. December 15, 2018 not 2018 02 In February 2016, 2016 02, 842 one 2016 02. December 15, 2018 not 2016 02 not |
Note 3 - Revenue
Note 3 - Revenue | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 3 Adoption of AS U 2014 09, Revenue from Contracts with Customers (Topic 606 On January 1, 2018, 2014 09 not December 31, 2017. January 1, 2018 606, not 605. 2014 09, not January 1, 2018. Disaggregation of Revenue The following tables disaggregate total net sales by major product category and geographic location: Product Category March 31, 2018 March 31, 2017 Pumps and pump systems $ 80,484 $ 77,556 Repair parts for pumps and pump systems and other 16,120 15,047 Total net sales $ 96,604 $ 92,603 Geographic Location March 31, 2018 March 31, 2017 United States $ 64,434 $ 59,172 Foreign countries 32,170 33,431 Total net sales $ 96,604 $ 92,603 International sales represented approximately 33% 36% first 2018 2017, No one 5% first 2018 2017. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to a customer, and is the unit of account in ASC Topic 606. not All of the Company's performance obligations, and associated revenue, are generally transferred to customers at a point in time, with the exception of certain highly customized pump products, which are transferred to the customer over time. Revenue from performance obligations transferred to the customer over time and recognized in the first 2018 $0.1 2014 09. On March 31, 2018, $127.3 one Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the consolidated balance sheets. For certain highly customized pump products, revenue is recognized over time before the customer is invoiced, resulting in contract assets. Sometimes the Company receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These contract assets and liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. The beginning and ending balances of the Company’s contract assets and liabilities for the first 2018 2017 Beginning balances at December 31, 2017 Ending balances at March 31, 2018 Contract assets $ - $ 126 Contract liabilities $ 4,098 $ 4,967 Revenue recognized for the first 2018 $1.5 |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 - INVENTORIES Inventories are stated at the lower of cost or market. The costs for approximately 70% March 31, 2018 72% December 31, 2017 first first first $60.5 $59.7 March 31, 2018 December 31, 2017, Allowances for excess and obsolete inventory totaled $5.2 $4.9 March 31, 2018 December 31, 2017, The major components of net inventories are as follows: March 3 1 , 201 8 December 31, 201 7 Raw materials and in-process $ 19,798 $ 17,528 Finished parts 50,927 48,247 Finished products 8,407 9,192 Total net inventories $ 79,132 $ 74,967 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
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: March 3 1 , 201 8 December 31, 201 7 Land $ 4,212 $ 4,187 Buildings 106,724 106,437 Machinery and equipment 172,563 170,615 Le 283,499 281,239 Less accumulated depreciation (167,446 ) (164,168 ) Property, plant and equipment, net $ 116,053 $ 117,071 |
Note 6 - Product Warranties
Note 6 - Product Warranties | 3 Months Ended |
Mar. 31, 2018 | |
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 warranty liability are: March 3 1 , 201 8 201 7 Balance at beginning of year $ 1,098 $ 1,435 Provision 378 606 Claims (415 ) (530 ) Balance at end of period $ 1,061 $ 1,511 |
Note 7 - Pension and Other Post
Note 7 - Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 7 - PENSION AND OTHER POSTRETIREMENT BENEFITS The Company sponsors a defined benefit pension plan (the “Plan”) covering certain domestic employees. Benefits are based on each covered employee’s years of service and compensation. The Plan is funded in conformity with the funding requirements of applicable U.S. regulations. The Plan was closed to new participants effective January 1, 2008. 401 Additionally, the Company sponsors defined contribution pension plans made available to all domestic and Canadian employees. The Company funds the cost of these benefits as incurred. The Company also sponsors a non-contributory defined benefit postretirement health care plan that provides health benefits to certain domestic and Canadian retirees and their spouses. The Company funds the cost of these benefits as incurred. The Company adopted ASU 2017 07 January 1, 2018 2. The following tables present the components of net periodic benefit cost: Pension Benefits Postretirement Benefits Three Months Ended March 3 1 , Three Months Ended March 3 1 , 201 8 2017 201 8 2017 Service cost $ 693 $ 752 $ 194 $ 312 Interest cost 606 668 141 203 Expected return on plan assets (1,204 ) (1,196 ) - - Amortization of prior service cost - - (283 ) - Recognized actuarial loss (gain) 397 490 (103 ) (168 ) Settlement loss 387 1,680 - - Net periodic benefit cost $ 879 $ 2,394 $ (51 ) $ 347 |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 8 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes reclassifications out of accumulated other comprehensive income (loss): Three Months Ended 2018 2017 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 294 $ 322 Settlement loss (b) 387 1,680 Total before income tax $ 681 $ 2,002 Income tax (171 ) (726 ) Net of income tax $ 510 $ 1,276 (a) The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note 7 (b) The settlement loss is included in other income (expense), net on the consolidated statements of income. The following tables summarize changes in balances for each component of accumulated other comprehensive income (loss): Currency Pension and Accumulated Balance at December 31, 2017 $ (5,321 ) $ (7,188 ) $ (12,509 ) Reclassification adjustments - 681 681 Current period credit 189 - 189 Income tax expense - (171 ) (171 ) Balance at March 31, 2018 $ (5,132 ) $ (6,678 ) $ (11,810 ) Currency Pension and Accumulated Balance at December 31, 2016 $ (8,842 ) $ (11,623 ) $ (20,465 ) Reclassification adjustments - 2,002 2,002 Current period credit 547 14 561 Income tax expense - (740 ) (740 ) Balance at March 31, 2017 $ (8,295 ) $ (10,347 ) $ (18,642 ) |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 The Tax Act enacted in December 2017 21% 24.0% first 2018 30.8% first 2017 There have been no fourth 2017 may 2018. fourth 2017 no fourth 2018. The Company is evaluating certain aspects of the Tax Act, including the deferred tax effects of the global intangible low-taxed income (“GILTI”) provision of the Tax Act. Under U.S. GAAP, the Company is allowed to make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI resulting from those items in the year the tax is incurred. As of March 31, 2018, not no fourth 2018, |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Product Category March 31, 2018 March 31, 2017 Pumps and pump systems $ 80,484 $ 77,556 Repair parts for pumps and pump systems and other 16,120 15,047 Total net sales $ 96,604 $ 92,603 Geographic Location March 31, 2018 March 31, 2017 United States $ 64,434 $ 59,172 Foreign countries 32,170 33,431 Total net sales $ 96,604 $ 92,603 |
Contract with Customer, Asset and Liability [Table Text Block] | Beginning balances at December 31, 2017 Ending balances at March 31, 2018 Contract assets $ - $ 126 Contract liabilities $ 4,098 $ 4,967 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 3 1 , 201 8 December 31, 201 7 Raw materials and in-process $ 19,798 $ 17,528 Finished parts 50,927 48,247 Finished products 8,407 9,192 Total net inventories $ 79,132 $ 74,967 |
Note 5 - Property, Plant and 18
Note 5 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 3 1 , 201 8 December 31, 201 7 Land $ 4,212 $ 4,187 Buildings 106,724 106,437 Machinery and equipment 172,563 170,615 Le 283,499 281,239 Less accumulated depreciation (167,446 ) (164,168 ) Property, plant and equipment, net $ 116,053 $ 117,071 |
Note 6 - Product Warranties (Ta
Note 6 - Product Warranties (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | March 3 1 , 201 8 201 7 Balance at beginning of year $ 1,098 $ 1,435 Provision 378 606 Claims (415 ) (530 ) Balance at end of period $ 1,061 $ 1,511 |
Note 7 - Pension and Other Po20
Note 7 - Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Schedule of Costs of Retirement Plans [Table Text Block] | Pension Benefits Postretirement Benefits Three Months Ended March 3 1 , Three Months Ended March 3 1 , 201 8 2017 201 8 2017 Service cost $ 693 $ 752 $ 194 $ 312 Interest cost 606 668 141 203 Expected return on plan assets (1,204 ) (1,196 ) - - Amortization of prior service cost - - (283 ) - Recognized actuarial loss (gain) 397 490 (103 ) (168 ) Settlement loss 387 1,680 - - Net periodic benefit cost $ 879 $ 2,394 $ (51 ) $ 347 |
Note 8 - Accumulated Other Co21
Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended 2018 2017 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 294 $ 322 Settlement loss (b) 387 1,680 Total before income tax $ 681 $ 2,002 Income tax (171 ) (726 ) Net of income tax $ 510 $ 1,276 |
Comprehensive Income (Loss) [Table Text Block] | Currency Pension and Accumulated Balance at December 31, 2017 $ (5,321 ) $ (7,188 ) $ (12,509 ) Reclassification adjustments - 681 681 Current period credit 189 - 189 Income tax expense - (171 ) (171 ) Balance at March 31, 2018 $ (5,132 ) $ (6,678 ) $ (11,810 ) Currency Pension and Accumulated Balance at December 31, 2016 $ (8,842 ) $ (11,623 ) $ (20,465 ) Reclassification adjustments - 2,002 2,002 Current period credit 547 14 561 Income tax expense - (740 ) (740 ) Balance at March 31, 2017 $ (8,295 ) $ (10,347 ) $ (18,642 ) |
Note 2 - Recently Issued Acco22
Note 2 - Recently Issued Accounting Standards (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Income (Loss), Total | $ 11,850,000 | $ 8,658,000 |
Cost of Goods and Services Sold, Total | 70,398,000 | 70,351,000 |
Selling, General and Administrative Expense, Total | 14,356,000 | 13,594,000 |
Other Nonoperating Income (Expense), Total | 806,000 | (1,338,000) |
Accounting Standards Update 2017-07 [Member] | ||
Operating Income (Loss), Total | (59,000) | 1,700,000 |
Cost of Goods and Services Sold, Total | (1,100,000) | |
Selling, General and Administrative Expense, Total | (600,000) | |
Other Nonoperating Income (Expense), Total | $ (1,700,000) | |
Reclassification of Pension Settlement Charge from Operating Income [Member] | Three Months Ended March 31, 2017 [Member] | ||
Prior Period Reclassification Adjustment | $ 1,700,000 |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue, Remaining Performance Obligation, Amount Greater than What Has Been Recorded Prior to Adoption of New Standard | $ 0.1 | |
Revenue, Remaining Performance Obligation, Amount | 127.3 | |
Contract with Customer, Liability, Revenue Recognized | $ 1.5 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | |
Foreign Countries [Member] | ||
Percentage Revenue By Location | 33.00% | 36.00% |
Each Foreign Country [Member] | ||
Percentage Revenue By Location | 5.00% | |
Revenue Threshold, Percentage | 5.00% |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue by Major Categories and Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | $ 96,604 | $ 92,603 |
UNITED STATES | ||
Revenues | 64,434 | 59,172 |
Foreign Countries [Member] | ||
Revenues | 32,170 | 33,431 |
Pumps and Pump Systems [Member] | ||
Revenues | 80,484 | 77,556 |
Repair Parts for Pumps and Pump Systems and Other [Member] | ||
Revenues | $ 16,120 | $ 15,047 |
Note 3 - Revenue - Contract Ass
Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Contract assets | $ 126 | |
Contract liabilities | $ 4,967 | $ 4,098 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Percentage of LIFO Inventory | 70.00% | 72.00% |
Inventory, LIFO Reserve | $ 60.5 | $ 59.7 |
Inventory Valuation Reserves, Ending Balance | $ 5.2 | $ 4.9 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Raw materials and in-process | $ 19,798 | $ 17,528 |
Finished parts | 50,927 | 48,247 |
Finished products | 8,407 | 9,192 |
Total net inventories | $ 79,132 | $ 74,967 |
Note 5 - Property, Plant and 28
Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, plant and equipment, gross | $ 283,499 | $ 281,239 |
Less accumulated depreciation | (167,446) | (164,168) |
Property, plant and equipment, net | 116,053 | 117,071 |
Land [Member] | ||
Property, plant and equipment, gross | 4,212 | 4,187 |
Building [Member] | ||
Property, plant and equipment, gross | 106,724 | 106,437 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 172,563 | $ 170,615 |
Note 6 - Product Warranties - P
Note 6 - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Balance at beginning of year | $ 1,098 | $ 1,435 |
Provision | 378 | 606 |
Claims | (415) | (530) |
Balance at end of period | $ 1,061 | $ 1,511 |
Note 7 - Pension and Other Po30
Note 7 - Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Pension Plan [Member] | ||
Service cost | $ 693 | $ 752 |
Interest cost | 606 | 668 |
Expected return on plan assets | (1,204) | (1,196) |
Amortization of prior service cost | ||
Recognized actuarial loss (gain) | 397 | 490 |
Settlement loss | 387 | 1,680 |
Net periodic benefit cost | 879 | 2,394 |
Postretirement Plan [Member] | ||
Service cost | 194 | 312 |
Interest cost | 141 | 203 |
Expected return on plan assets | ||
Amortization of prior service cost | (283) | |
Recognized actuarial loss (gain) | (103) | (168) |
Settlement loss | ||
Net periodic benefit cost | $ (51) | $ 347 |
Note 8 - Accumulated Other Co31
Note 8 - Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Total before income tax | $ (12,656) | $ (7,320) | |
Income tax | 3,039 | 2,255 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Recognized actuarial loss | [1] | 294 | 322 |
Total before income tax | 681 | 2,002 | |
Income tax | (171) | (726) | |
Net of income tax | 510 | 1,276 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Cost of Sales [Member] | |||
Settlement loss | [2] | $ 387 | $ 1,680 |
[1] | The recognized actuarial loss is included in the computation of net periodic benefit cost. See Note 7 for additional details. | ||
[2] | The settlement loss is included in other income (expense), net on the condensed consolidated statements of income. |
Note 8 - Accumulated Other Co32
Note 8 - Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) as Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Balance | $ 325,495 | |
Balance | 332,548 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (5,321) | $ (8,842) |
Reclassification adjustments | ||
Current period credit | 189 | 547 |
Income tax expense | ||
Balance | (5,132) | (8,295) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (7,188) | (11,623) |
Reclassification adjustments | 681 | 2,002 |
Current period credit | 14 | |
Income tax expense | (171) | (740) |
Balance | (6,678) | (10,347) |
AOCI Attributable to Parent [Member] | ||
Balance | (12,509) | (20,465) |
Reclassification adjustments | 681 | 2,002 |
Current period credit | 189 | 561 |
Income tax expense | (171) | (740) |
Balance | $ (11,810) | $ (18,642) |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.00% | 30.80% |