Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 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) | 26,117,045 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net sales | $ 111,827 | $ 97,872 | $ 208,431 | $ 190,475 |
Cost of products sold | 81,962 | 70,627 | 152,360 | 140,978 |
Gross profit | 29,865 | 27,245 | 56,071 | 49,497 |
Selling, general and administrative expenses | 14,872 | 14,084 | 29,228 | 27,678 |
Operating income | 14,993 | 13,161 | 26,843 | 21,819 |
Other income (expense), net | (2,407) | (1,354) | (1,601) | (2,692) |
Income before income taxes | 12,586 | 11,807 | 25,242 | 19,127 |
Income taxes | 2,413 | 3,959 | 5,452 | 6,214 |
Net income | $ 10,173 | $ 7,848 | $ 19,790 | $ 12,913 |
Earnings per share (in dollars per share) | $ 0.39 | $ 0.30 | $ 0.76 | $ 0.49 |
Cash dividends per share (in dollars per share) | $ 0.125 | $ 0.115 | $ 0.25 | $ 0.23 |
Average number of shares outstanding (in shares) | 26,107,670 | 26,096,881 | 26,107,149 | 26,095,013 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income | $ 10,173 | $ 7,848 | $ 19,790 | $ 12,913 |
Cumulative translation adjustments | (1,855) | 1,317 | (1,666) | 1,864 |
Pension and postretirement medical liability adjustments, net of tax | 1,921 | 1,280 | 2,431 | 2,556 |
Other comprehensive income | 66 | 2,597 | 765 | 4,420 |
Comprehensive income | $ 10,239 | $ 10,445 | $ 20,555 | $ 17,333 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 83,721 | $ 79,680 |
Accounts receivable, net | 74,058 | 67,369 |
Inventories, net | 79,418 | 74,967 |
Prepaid and other | 5,297 | 5,918 |
Total current assets | 242,494 | 227,934 |
Property, plant and equipment, net | 115,426 | 117,071 |
Other assets | 7,574 | 7,779 |
Prepaid pension assets | 8,087 | 4,313 |
Goodwill and other intangible assets, net | 36,966 | 37,918 |
Total assets | 410,547 | 395,015 |
Current liabilities: | ||
Accounts payable | 16,446 | 15,798 |
Payroll and employee related liabilities | 14,585 | 12,027 |
Commissions payable | 8,514 | 7,589 |
Deferred revenue and customer deposits | 3,332 | 4,098 |
Accrued expenses | 5,308 | 6,184 |
Total current liabilities | 48,185 | 45,696 |
Postretirement benefits | 15,190 | 15,737 |
Other long-term liabilities | 7,605 | 8,087 |
Total liabilities | 70,980 | 69,520 |
Equity: | ||
Common shares, without par value: Authorized - 35,000,000 shares; Outstanding – 26,108,045 shares at June 30, 2018 and 26,106,623 shares at December 31, 2017 (after deducting treasury shares of 940,751 and 942,173, respectively), at stated capital amounts | 5,100 | 5,100 |
Additional paid-in capital | 564 | 526 |
Retained earnings | 345,647 | 332,378 |
Accumulated other comprehensive loss | (11,744) | (12,509) |
Total equity | 339,567 | 325,495 |
Total liabilities and equity | $ 410,547 | $ 395,015 |
Consolidated Balance Sheets (C5
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - shares | Jun. 30, 2018 | Dec. 31, 2017 |
Common shares, authorized (in shares) | 35,000,000 | 35,000,000 |
Common shares, outstanding (in shares) | 26,108,045 | 26,106,623 |
Treasury shares (in shares) | 940,751 | 942,173 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 19,790 | $ 12,913 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,210 | 7,433 |
Pension expense | 3,660 | 4,696 |
Contributions to pension plan | (4,000) | (2,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (7,254) | (649) |
Inventories, net | (5,214) | 3,227 |
Accounts payable | 966 | 461 |
Commissions payable | 1,025 | (3,642) |
Income taxes | (3,839) | 3,227 |
Accrued expenses and other | (2,886) | (2,687) |
Benefit obligations | 4,879 | 1,008 |
Net cash provided by operating activities | 14,337 | 23,987 |
Cash used for investing activities: | ||
Capital additions | (5,479) | (3,345) |
Proceeds (purchases) of short-term investments, net | 2,969 | (5,999) |
Net cash used for investing activities | (2,510) | (9,344) |
Cash used for financing activities: | ||
Cash dividends | (6,527) | (6,002) |
Other | 459 | |
Net cash used for financing activities | (6,986) | (6,002) |
Effect of exchange rate changes on cash | (800) | 729 |
Net increase in cash and cash equivalents | 4,041 | 9,370 |
Cash and cash equivalents: | ||
Beginning of period | 79,680 | 57,604 |
End of period | $ 83,721 | $ 66,974 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation of Financial Statements | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 1 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 six June 30, 2018 not may December 31, 2018. 10 December 31, 2017, Certain prior year amounts have been reclassified to conform to the three six June 30, 2018 no |
Note 2 - Recently Issued Accoun
Note 2 - Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 2 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 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 | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 3 Adoption of ASU 2014 09, 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 Three Months Ended Six Months Ended 2018 2017 2018 2017 Pumps and pump systems $ 97,784 $ 84,020 $ 178,611 $ 161,485 Repair parts for pumps and pump systems and other 14,043 13,852 29,820 28,990 Total net sales $ 111,827 $ 97,872 $ 208,431 $ 190,475 Geographic Location Three Months Ended Six Months Ended 2018 2017 2018 2017 United States $ 71,519 $ 63,456 $ 135,952 $ 122,628 Foreign countries 40,308 34,416 72,479 67,847 Total net sales $ 111,827 $ 97,872 $ 208,431 $ 190,475 International sales represented approximately 36% 35% second 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 second 2018 $0.5 2014 09. On June 30, 2018, $128.9 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 as a component of Other Assets and Deferred Revenue and customer deposits, respectively, on a contract-by-contract basis at the end of each reporting period. The beginning and ending balances of the Company’s contract assets and liabilities as of June 30, 2018 Beginning balances at December 31, 2017 Ending balances at June 30, 2018 Contract assets $ - $ 586 Contract liabilities $ 4,098 $ 3,332 Revenue recognized for the six June 30, 2018 December 31, 2017 $3.3 |
Note 4 - Inventories
Note 4 - Inventories | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 Inventories are stated at the lower of cost or net realizable value. The costs for approximately 71% June 30, 2018 72% December 31, 2017 first first first $61.4 $59.7 June 30, 2018 December 31, 2017, Allowances for excess and obsolete inventory totaled $5.2 $4.9 June 30, 2018 December 31, 2017, The major components of net inventories are as follows: June 30, 2018 December 31, 2017 Raw materials and in-process $ 21,531 $ 17,528 Finished parts 49,211 48,247 Finished products 8,676 9,192 Total net inventories $ 79,418 $ 74,967 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 Property, plant and equipment, net consist of the following: June 30, 2018 December 31, 2017 Land $ 4,141 $ 4,187 Buildings 106,366 106,437 Machinery and equipment 175,053 170,615 285,560 281,239 Less accumulated depreciation (170,134 ) (164,168 ) Property, plant and equipment, net $ 115,426 $ 117,071 |
Note 6 - Product Warranties
Note 6 - Product Warranties | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | NOTE 6 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: June 3 0 , 2018 2017 Balance at beginning of year $ 1,098 $ 1,435 Provision 586 815 Claims (686 ) (1,012 ) Balance at end of period $ 998 $ 1,238 |
Note 7 - Pension and Other Post
Note 7 - Pension and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 7 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 $4.0 first six 2018 not 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 following tables present the components of net periodic benefit costs: Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended 2018 2017 2018 2017 Service cost $ 602 $ 671 $ 194 $ 312 Interest cost 632 650 141 204 Expected return on plan assets (1,103 ) (1,191 ) - - Amortization of prior service cost - - (282 ) - Recognized actuarial loss (gain) 421 459 (104 ) (169 ) Settlement loss 2,229 1,713 - - Net periodic benefit cost $ 2,781 $ 2,302 $ (51 ) $ 347 Pension Benefits Postretirement Benefits Six Months Ended June 3 0 , Six Months Ended June 3 0 , 2018 2017 2018 2017 Service cost $ 1,295 $ 1,422 $ 388 $ 624 Interest cost 1,238 1,319 282 407 Expected return on plan assets (2,307 ) (2,387 ) - - Amortization of prior service cost - - (565 ) - Recognized actuarial loss (gain) 818 949 (207 ) (337 ) Settlement loss 2,616 3,393 - - Net periodic benefit cost $ 3,660 $ 4,696 $ (102 ) $ 694 During the three six June 30, 2018, $2.2 $2.6 The Company adopted ASU 2017 07 January 1, 2018 2. The following table summarizes the amounts reclassified into other income (expense), net for the three six June 30, 2017: Three Six Months ended June 30, 201 7 201 7 Cost of products sold $ (1,100 ) $ (2,157 ) Selling, general and administrative expenses (567 ) (1,187 ) Total amount reclassified $ (1,667 ) $ (3,344 ) |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 8 The following table summarizes reclassifications out of accumulated other comprehensive income (loss): Three Months Ended Six Months Ended 2018 2017 2018 2017 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 317 $ 290 $ 611 $ 612 Settlement loss (b) 2,229 1,713 2,616 3,393 Total before income tax $ 2,546 $ 2,003 $ 3,227 $ 4,005 Income tax (625 ) (723 ) (796 ) (1,449 ) Net of income tax $ 1,921 $ 1,280 $ 2,431 $ 2,556 (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 - 3,227 3,227 Current period credit (1,666 ) - (1,666 ) Income tax expense - (796 ) (796 ) Balance at June 30, 2018 $ (6,987 ) $ (4,757 ) $ (11,744 ) Currency Pension and Accumulated Balance at December 31, 2016 $ (8,842 ) $ (11,623 ) $ (20,465 ) Reclassification adjustments - 4,005 4,005 Current period credit 1,864 - 1,864 Income tax expense - (1,449 ) (1,449 ) Balance at June 30, 2017 $ (6,978 ) $ (9,067 ) $ (16,045 ) |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 The Tax Act enacted in December 2017 21% 19.2% 21.6% second first six 2018, 33.5% 32.5% second first six 2017, During the second 2018, $0.2 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 June 30, 2018, not no fourth 2018, |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Product Category Three Months Ended Six Months Ended 2018 2017 2018 2017 Pumps and pump systems $ 97,784 $ 84,020 $ 178,611 $ 161,485 Repair parts for pumps and pump systems and other 14,043 13,852 29,820 28,990 Total net sales $ 111,827 $ 97,872 $ 208,431 $ 190,475 Geographic Location Three Months Ended Six Months Ended 2018 2017 2018 2017 United States $ 71,519 $ 63,456 $ 135,952 $ 122,628 Foreign countries 40,308 34,416 72,479 67,847 Total net sales $ 111,827 $ 97,872 $ 208,431 $ 190,475 |
Contract with Customer, Asset and Liability [Table Text Block] | Beginning balances at December 31, 2017 Ending balances at June 30, 2018 Contract assets $ - $ 586 Contract liabilities $ 4,098 $ 3,332 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2018 December 31, 2017 Raw materials and in-process $ 21,531 $ 17,528 Finished parts 49,211 48,247 Finished products 8,676 9,192 Total net inventories $ 79,418 $ 74,967 |
Note 5 - Property, Plant and 18
Note 5 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2018 December 31, 2017 Land $ 4,141 $ 4,187 Buildings 106,366 106,437 Machinery and equipment 175,053 170,615 285,560 281,239 Less accumulated depreciation (170,134 ) (164,168 ) Property, plant and equipment, net $ 115,426 $ 117,071 |
Note 6 - Product Warranties (Ta
Note 6 - Product Warranties (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | June 3 0 , 2018 2017 Balance at beginning of year $ 1,098 $ 1,435 Provision 586 815 Claims (686 ) (1,012 ) Balance at end of period $ 998 $ 1,238 |
Note 7 - Pension and Other Po20
Note 7 - Pension and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Costs of Retirement Plans [Table Text Block] | Pension Benefits Postretirement Benefits Three Months Ended Three Months Ended 2018 2017 2018 2017 Service cost $ 602 $ 671 $ 194 $ 312 Interest cost 632 650 141 204 Expected return on plan assets (1,103 ) (1,191 ) - - Amortization of prior service cost - - (282 ) - Recognized actuarial loss (gain) 421 459 (104 ) (169 ) Settlement loss 2,229 1,713 - - Net periodic benefit cost $ 2,781 $ 2,302 $ (51 ) $ 347 Pension Benefits Postretirement Benefits Six Months Ended June 3 0 , Six Months Ended June 3 0 , 2018 2017 2018 2017 Service cost $ 1,295 $ 1,422 $ 388 $ 624 Interest cost 1,238 1,319 282 407 Expected return on plan assets (2,307 ) (2,387 ) - - Amortization of prior service cost - - (565 ) - Recognized actuarial loss (gain) 818 949 (207 ) (337 ) Settlement loss 2,616 3,393 - - Net periodic benefit cost $ 3,660 $ 4,696 $ (102 ) $ 694 |
Schedule of the Reclassification of Retirement Benefits [Table Text Block] | Three Six Months ended June 30, 201 7 201 7 Cost of products sold $ (1,100 ) $ (2,157 ) Selling, general and administrative expenses (567 ) (1,187 ) Total amount reclassified $ (1,667 ) $ (3,344 ) |
Note 8 - Accumulated Other Co21
Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Three Months Ended Six Months Ended 2018 2017 2018 2017 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 317 $ 290 $ 611 $ 612 Settlement loss (b) 2,229 1,713 2,616 3,393 Total before income tax $ 2,546 $ 2,003 $ 3,227 $ 4,005 Income tax (625 ) (723 ) (796 ) (1,449 ) Net of income tax $ 1,921 $ 1,280 $ 2,431 $ 2,556 |
Comprehensive Income (Loss) [Table Text Block] | Currency Pension and Accumulated Balance at December 31, 2017 $ (5,321 ) $ (7,188 ) $ (12,509 ) Reclassification adjustments - 3,227 3,227 Current period credit (1,666 ) - (1,666 ) Income tax expense - (796 ) (796 ) Balance at June 30, 2018 $ (6,987 ) $ (4,757 ) $ (11,744 ) Currency Pension and Accumulated Balance at December 31, 2016 $ (8,842 ) $ (11,623 ) $ (20,465 ) Reclassification adjustments - 4,005 4,005 Current period credit 1,864 - 1,864 Income tax expense - (1,449 ) (1,449 ) Balance at June 30, 2017 $ (6,978 ) $ (9,067 ) $ (16,045 ) |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | |
Revenue, Remaining Performance Obligation, Amount Greater than What Has Been Recorded Prior to Adoption of New Standard | $ 0.5 | $ 0.5 | |
Revenue, Remaining Performance Obligation, Amount | $ 128.9 | $ 128.9 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | 1 year | |
Contract with Customer, Liability, Revenue Recognized | $ 3.3 | ||
Foreign Countries [Member] | |||
Percentage Revenue By Location | 36.00% | 35.00% |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue by Major Categories and Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net sales | $ 111,827 | $ 97,872 | $ 208,431 | $ 190,475 |
UNITED STATES | ||||
Net sales | 71,519 | 63,456 | 135,952 | 122,628 |
Foreign Countries [Member] | ||||
Net sales | 40,308 | 34,416 | 72,479 | 67,847 |
Pumps and Pump Systems [Member] | ||||
Net sales | 97,784 | 84,020 | 178,611 | 161,485 |
Repair Parts for Pumps and Pump Systems and Other [Member] | ||||
Net sales | $ 14,043 | $ 13,852 | $ 29,820 | $ 28,990 |
Note 3 - Revenue - Contract Ass
Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Contract assets | $ 586 | |
Contract liabilities | $ 3,332 | $ 4,098 |
Note 4 - Inventories (Details T
Note 4 - Inventories (Details Textual) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Percentage of LIFO Inventory | 71.00% | 72.00% |
Inventory, LIFO Reserve | $ 61.4 | $ 59.7 |
Inventory Valuation Reserves, Ending Balance | $ 5.2 | $ 4.9 |
Note 4 - Inventories - Inventor
Note 4 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Raw materials and in-process | $ 21,531 | $ 17,528 |
Finished parts | 49,211 | 48,247 |
Finished products | 8,676 | 9,192 |
Total net inventories | $ 79,418 | $ 74,967 |
Note 5 - Property, Plant and 27
Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Property, plant and equipment, gross | $ 285,560 | $ 281,239 |
Less accumulated depreciation | (170,134) | (164,168) |
Property, plant and equipment, net | 115,426 | 117,071 |
Land [Member] | ||
Property, plant and equipment, gross | 4,141 | 4,187 |
Building [Member] | ||
Property, plant and equipment, gross | 106,366 | 106,437 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 175,053 | $ 170,615 |
Note 6 - Product Warranties - P
Note 6 - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Balance at beginning of year | $ 1,098 | $ 1,435 |
Provision | 586 | 815 |
Claims | (686) | (1,012) |
Balance at end of period | $ 998 | $ 1,238 |
Note 7 - Pension and Other Po29
Note 7 - Pension and Other Postretirement Benefits (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 4 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (2.2) | $ (2.6) |
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Pension Plan [Member] | ||||
Service cost | $ 602 | $ 671 | $ 1,295 | $ 1,422 |
Interest cost | 632 | 650 | 1,238 | 1,319 |
Expected return on plan assets | (1,103) | (1,191) | (2,307) | (2,387) |
Amortization of prior service cost | ||||
Recognized actuarial loss (gain) | 421 | 459 | 818 | 949 |
Settlement loss | 2,229 | 1,713 | 2,616 | 3,393 |
Net periodic benefit cost | 2,781 | 2,302 | 3,660 | 4,696 |
Amortization of prior service cost | ||||
Postretirement Plan [Member] | ||||
Service cost | 194 | 312 | 388 | 624 |
Interest cost | 141 | 204 | 282 | 407 |
Expected return on plan assets | ||||
Amortization of prior service cost | (282) | (565) | ||
Recognized actuarial loss (gain) | (104) | (169) | (207) | (337) |
Settlement loss | ||||
Net periodic benefit cost | (51) | 347 | (102) | 694 |
Amortization of prior service cost | $ (282) | $ (565) |
Note 7 - Pension and Other Po31
Note 7 - Pension and Other Postretirement Benefits - Summary of Reclassification (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cost of products sold | $ (81,962) | $ (70,627) | $ (152,360) | $ (140,978) |
Selling, general and administrative expenses | (14,872) | (14,084) | (29,228) | (27,678) |
Total amount reclassified | $ (2,407) | (1,354) | $ (1,601) | (2,692) |
Accounting Standards Update 2017-07 [Member] | ||||
Cost of products sold | (1,100) | (2,157) | ||
Selling, general and administrative expenses | (567) | (1,187) | ||
Total amount reclassified | $ (1,667) | $ (3,344) |
Note 8 - Accumulated Other Co32
Note 8 - Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Total before income tax | $ (12,586) | $ (11,807) | $ (25,242) | $ (19,127) | |
Income tax | 2,413 | 3,959 | 5,452 | 6,214 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Recognized actuarial loss | [1] | 317 | 290 | 611 | 612 |
Total before income tax | 2,546 | 2,003 | 3,227 | 4,005 | |
Income tax | (625) | (723) | (796) | (1,449) | |
Net of income tax | 1,921 | 1,280 | 2,431 | 2,556 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Cost of Sales [Member] | |||||
Settlement loss | [2] | $ 2,229 | $ 1,713 | $ 2,616 | $ 3,393 |
[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 consolidated statements of income. |
Note 8 - Accumulated Other Co33
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 | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Balance | $ 325,495 | |
Balance | 339,567 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Balance | (5,321) | $ (8,842) |
Reclassification adjustments | ||
Current period credit | (1,666) | 1,864 |
Income tax expense | ||
Balance | (6,987) | (6,978) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (7,188) | (11,623) |
Reclassification adjustments | 3,227 | 4,005 |
Current period credit | ||
Income tax expense | (796) | (1,449) |
Balance | (4,757) | (9,067) |
AOCI Attributable to Parent [Member] | ||
Balance | (12,509) | (20,465) |
Reclassification adjustments | 3,227 | 4,005 |
Current period credit | (1,666) | 1,864 |
Income tax expense | (796) | (1,449) |
Balance | $ (11,744) | $ (16,045) |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 19.20% | 33.50% | 21.60% | 32.50% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 0.2 |