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Gorman-Rupp (GRC)

Document And Entity Information

Document And Entity Information - shares9 Months Ended
Sep. 30, 2020Oct. 26, 2020
Document Information [Line Items]
Entity Central Index Key0000042682
Entity Registrant NameGORMAN RUPP CO
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Document Fiscal Period FocusQ3
Document Fiscal Year Focus2020
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateSep. 30,
2020
Document Transition Reportfalse
Entity File Number1-6747
Entity Incorporation, State or Country CodeOH
Entity Tax Identification Number34-0253990
Entity Address, Address Line One600 South Airport Road
Entity Address, City or TownMansfield
Entity Address, State or ProvinceOH
Entity Address, Postal Zip Code44903
City Area Code419
Local Phone Number755-1011
Title of 12(b) SecurityCommon Shares, without par value
Trading SymbolGRC
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding26,101,992

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Net sales $ 88,982 $ 99,298 $ 266,467 $ 304,487
Cost of products sold66,011 73,506 198,199 227,190
Gross profit22,971 25,792 68,268 77,297
Selling, general and administrative expenses13,228 14,154 40,951 43,505
Operating income9,743 11,638 27,317 33,792
Other income (expense), net(744)269 (4,361)792
Income before income taxes8,999 11,907 22,956 34,584
Income taxes1,738 2,132 4,575 7,107
Net income $ 7,261 $ 9,775 $ 18,381 $ 27,477
Earnings per share (in dollars per share) $ 0.28 $ 0.37 $ 0.70 $ 1.05
Cash dividends per share (in dollars per share) $ 0.145 $ 0.135 $ 0.435 $ 0.405
Average number of shares outstanding (in shares)26,101,992 26,133,393 26,089,414 26,125,553

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Net income $ 7,261 $ 9,775 $ 18,381 $ 27,477
Other comprehensive income, net of tax:
Cumulative translation adjustments1,644 (1,611)397 (1,180)
Pension and postretirement medical liability adjustments1,242 340 4,833 1,034
Other comprehensive (loss) income2,886 (1,271)5,230 (146)
Comprehensive income $ 10,147 $ 8,504 $ 23,611 $ 27,331

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Current assets:
Cash and cash equivalents $ 93,665 $ 80,555
Accounts receivable, net59,890 65,433
Inventories, net82,504 75,997
Prepaid and other5,388 5,680
Total current assets241,447 227,665
Property, plant and equipment, net109,401 111,779
Other assets8,497 8,320
Prepaid pension assets337 0
Goodwill and other intangible assets, net33,740 34,996
Total assets393,422 382,760
Current liabilities:
Accounts payable14,060 16,030
Payroll and employee related liabilities15,298 12,172
Commissions payable6,065 7,034
Deferred revenue and customer deposits4,087 4,911
Accrued expenses6,498 5,348
Total current liabilities46,008 45,495
Pension benefits0 1,040
Postretirement benefits24,556 24,453
Other long-term liabilities3,227 3,894
Total liabilities73,791 74,882
Equity:
Common shares, without par value: Authorized – 35,000,000 shares; Outstanding – 26,091,492 shares at June 30, 2020 and 26,067,502 shares at December 31, 2019 (after deducting treasury shares of 957,304 and 981,294, respectively), at stated capital amounts5,099 5,091
Additional paid-in capital502 1,147
Retained earnings337,337 330,177
Accumulated other comprehensive loss(23,307)(28,537)
Total equity319,631 307,878
Total liabilities and equity $ 393,422 $ 382,760

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in ThousandsSep. 30, 2020Dec. 31, 2019
Common shares, authorized (in shares)35,000,000 35,000,000
Common shares, outstanding (in shares)26,101,992 26,067,502
Treasury shares (in shares)946,804 981,294
Common shares, par value (in dollars per share) $ 0 $ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Cash flows from operating activities:
Net income $ 18,381 $ 27,477
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization9,649 10,563
Pension expense6,670 2,117
Contributions to pension plan(2,000)0
Stock based compensation(191)426
Changes in operating assets and liabilities:
Accounts receivable, net5,543 3,733
Inventories, net(6,355)13,291
Accounts payable(2,209)(1,008)
Commissions payable(1,013)(2,575)
Deferred revenue and customer deposits(825)1,208
Income taxes1,237 3,175
Accrued expenses and other135 (1,454)
Benefit obligations2,406 1,394
Net cash provided by operating activities31,428 58,347
Cash used for investing activities, capital additions(6,021)(7,985)
Cash used for financing activities:
Cash dividends(11,348)(10,581)
Treasury share repurchases(361)0
Other(243)(482)
Net cash used for financing activities(11,952)(11,063)
Effect of exchange rate changes on cash(345)(55)
Net increase in cash and cash equivalents13,110 39,244
Cash and cash equivalents:
Beginning of period80,555 46,458
End of period $ 93,665 $ 85,702

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in ThousandsCommon Stock [Member]Additional Paid-in Capital [Member]Retained Earnings [Member]AOCI Attributable to Parent [Member]Total
Balances (in shares) at Dec. 31, 201826,117,045
Balance at Dec. 31, 2018 $ 5,102 $ 2,539 $ 308,914 $ (23,423) $ 293,132
Net income7,222 7,222
Other comprehensive income (loss)164 164
Stock based compensation (in shares)6,647
Stock based compensation $ 1 (81)35 (45)
Cash dividends(3,526)(3,526)
Balances (in shares) at Mar. 31, 201926,123,692
Balance at Mar. 31, 2019 $ 5,103 2,458 312,645 (23,259)296,947
Balances (in shares) at Dec. 31, 201826,117,045
Balance at Dec. 31, 2018 $ 5,102 2,539 308,914 (23,423)293,132
Net income27,477
Other comprehensive income (loss)(146)
Balances (in shares) at Sep. 30, 201926,133,393
Balance at Sep. 30, 2019 $ 5,106 2,895 325,880 (23,569)310,312
Balances (in shares) at Mar. 31, 201926,123,692
Balance at Mar. 31, 2019 $ 5,103 2,458 312,645 (23,259)296,947
Net income10,480 10,480
Other comprehensive income (loss)961 961
Stock based compensation (in shares)701
Stock based compensation $ 1 485 2 488
Cash dividends(3,527)(3,527)
Balances (in shares) at Jun. 30, 201926,124,393
Balance at Jun. 30, 2019 $ 5,104 2,943 319,600 (22,298)305,349
Net income 9,775 9,775
Other comprehensive income (loss) (1,271)(1,271)
Stock based compensation (in shares)9,000
Stock based compensation $ 2 (48)33 (13)
Cash dividends (3,528) (3,528)
Balances (in shares) at Sep. 30, 201926,133,393
Balance at Sep. 30, 2019 $ 5,106 2,895 325,880 (23,569)310,312
Balances (in shares) at Dec. 31, 201926,067,502
Balance at Dec. 31, 2019 $ 5,091 1,147 330,177 (28,537)307,878
Net income5,486 5,486
Other comprehensive income (loss)(782)(782)
Stock based compensation (in shares)23,990
Stock based compensation $ 5 (547)88 (454)
Cash dividends(3,780)(3,780)
Balances (in shares) at Mar. 31, 202026,091,492
Balance at Mar. 31, 2020 $ 5,096 600 331,971 (29,319)308,348
Balances (in shares) at Dec. 31, 201926,067,502
Balance at Dec. 31, 2019 $ 5,091 1,147 330,177 (28,537)307,878
Net income18,381
Other comprehensive income (loss)5,230
Balances (in shares) at Sep. 30, 202026,101,992
Balance at Sep. 30, 2020 $ 5,099 502 337,337 (23,307)319,631
Balances (in shares) at Mar. 31, 202026,091,492
Balance at Mar. 31, 2020 $ 5,096 600 331,971 (29,319)308,348
Net income5,634 5,634
Other comprehensive income (loss)3,126 3,126
Stock based compensation(2)(2)
Cash dividends(3,782)(3,782)
Balances (in shares) at Jun. 30, 202026,091,492
Balance at Jun. 30, 2020 $ 5,096 598 333,823 (26,193)313,324
Net income 7,261 7,261
Other comprehensive income (loss) 2,886 2,886
Stock based compensation (in shares)10,500
Stock based compensation $ 3 (96)39 (54)
Cash dividends (3,786) (3,786)
Balances (in shares) at Sep. 30, 202026,101,992
Balance at Sep. 30, 2020 $ 5,099 $ 502 $ 337,337 $ (23,307) $ 319,631

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares3 Months Ended
Jun. 30, 2020Mar. 31, 2020Jun. 30, 2019Mar. 31, 2019
Retained Earnings [Member]
Cash dividends, amount per share (in dollars per share) $ 0.145 $ 0.145 $ 0.135 $ 0.135

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation of Financial Statements9 Months Ended
Sep. 30, 2020
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 nine September 30, 2020 not may December 31, 2020. 10 December 31, 2019, COVID- 19 In March 2020, 19” 19 not October 26, 2020, 10 may

Note 2 - Recently Issued Accoun

Note 2 - Recently Issued Accounting Standards9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]NOTE 2 The Company considers the applicability and impact of all Accounting Standard Updates (“ASUs”). ASUs not not In December 2019, 2019 12, 2019 12 December 15, 2020, not 2019 12 In August 2018, 2018 14, 715 20 December 15, 2020, not 2019 12 Recently Adopted Accounting Standards In June 2016, 2016 13, 326 2016 13 2016 13 December 15, 2019, November 2019, 2019 11, 326, 2019 11 not 2016 13 November 2019 2019 11. 2016 13. 326 January 1, 2020. not

Note 3 - Revenue

Note 3 - Revenue9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]NOTE 3 Disaggregation of Revenue The following tables disaggregate total net sales by major product category and geographic location: Product Category Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Pumps and pump systems $ 77,035 $ 86,114 $ 230,581 $ 260,913 Repair parts for pumps and pump systems and other 11,947 13,184 35,886 43,574 Total net sales $ 88,982 $ 99,298 $ 266,467 $ 304,487 Geographic Location Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 63,292 $ 69,491 $ 188,312 $ 211,976 Foreign countries 25,690 29,807 78,155 92,511 Total net sales $ 88,982 $ 99,298 $ 266,467 $ 304,487 International sales represented approximately 29% of total net sales for the third 2020 third 2019, 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. The Company’s method for recognizing revenue over time is the percentage of completion method, whereby progress towards completion is measured by applying an input measure based on costs incurred to date relative to total estimated costs at completion. The Company offers standard warranties for its products to ensure that its products comply with agreed-upon specifications in its contracts. For standard warranties, these do not Shipping and handling activities related to products sold to customers, whether performed before or after the customer obtains control of the products, are generally accounted for as activities to fulfill the promise to transfer the products and not On September 30, 2020, one Contract Estimates Accounting for long-term contracts involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, the Company estimates the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognizes that profit as performance obligations are satisfied. Contract estimates are based on various assumptions to project the outcome of future events that could span longer than one As a significant change in 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) in 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 in 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 Company’s contract assets and liabilities as of September 30, 2020 December 31, 2019 September 3 0 , 2020 December 31 , 201 9 Contract assets $ - $ 393 Contract liabilities $ 4,087 $ 4,911 Revenue recognized for the nine September 30, 2020 2019

Note 4 - Inventories

Note 4 - Inventories9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]NOTE 4 LIFO inventories are stated at the lower of cost or market and all other inventories are stated at the lower of cost or net realizable value. Replacement cost approximates current cost and the excess over LIFO cost is approximately $63.8 million and $62.5 million at September 30, 2020 December 31, 2019, September 30, 2020 December 31, 2019. Inventories are comprised of the following: Inventories, net: September 3 0 , 2020 December 31, 2019 Raw materials and in-process $ 18,377 $ 16,474 Finished parts 51,411 47,317 Finished products 12,716 12,206 Total net inventories $ 82,504 $ 75,997

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]NOTE 5 Property, plant and equipment, net consist of the following: September 3 0 , 2020 December 31, 2019 Land $ 5,692 $ 4,998 Buildings 111,204 110,162 Machinery and equipment 184,347 182,922 301,243 298,082 Less accumulated depreciation (191,842 ) (186,303 ) Property, plant and equipment, net $ 109,401 $ 111,779

Note 6 - Product Warranties

Note 6 - Product Warranties9 Months Ended
Sep. 30, 2020
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 warranties liability are: September 3 0 , 2020 2019 Balance at beginning of year $ 1,438 $ 1,380 Provision 925 1,350 Claims (965 ) (1,254 ) Balance at end of period $ 1,398 $ 1,476

Note 7 - Pension and Other Post

Note 7 - Pension and Other Postretirement Benefits9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Retirement Benefits [Text Block]NOTE 7 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. 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 eligible spouses and dependent children. The Company funds the cost of these benefits as incurred. The following tables present the components of net periodic benefit costs: Pension Benefits Postretirement Benefits Three Months Ended September 3 0 , Three Months Ended September 3 0 , 20 20 201 9 20 20 201 9 Service cost $ 688 $ 551 $ 343 $ 271 Interest cost 431 614 194 235 Expected return on plan assets (984 ) (890 ) - - Amortization of prior service cost - - (282 ) (282 ) Recognized actuarial loss 538 431 77 7 Settlement loss 991 - - - Net periodic benefit cost (a) $ 1,664 $ 706 $ 332 $ 231 Pension Benefits Postretirement Benefits Nine Months Ended September 3 0 , Nine Months Ended September 3 0 , 20 20 201 9 20 20 201 9 Service cost $ 2,029 $ 1,653 $ 1,029 $ 812 Interest cost 1,522 1,841 584 706 Expected return on plan assets (2,928 ) (2,671 ) - - Amortization of prior service cost - - (847 ) (846 ) Recognized actuarial loss 1,673 1,294 230 21 Settlement loss 4,373 - - - Net periodic benefit cost (a) $ 6,669 $ 2,117 $ 996 $ 693 (a) The components of net periodic benefit cost other than the service cost component are included in Other income (expense), net in the Consolidated Statements of Income. During the three nine September 30, 2020,

Note 8 - Accumulated Other Comp

Note 8 - Accumulated Other Comprehensive Income (Loss)9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]NOTE 8 The reclassifications out of Accumulated other comprehensive income (loss) as reported in the Consolidated Statements of Income are: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 615 $ 438 $ 1,903 $ 1,315 Settlement loss (a) 991 - 4,373 - Total before income tax $ 1,606 $ 438 $ 6,276 $ 1,315 Income tax (364 ) (98 ) (1,443 ) (281 ) Net of income tax $ 1,242 $ 340 $ 4,833 $ 1,034 (a) The recognized actuarial loss and the settlement loss are included in Other income (expense), net in the Consolidated Statements of Income. The components of Accumulated other comprehensive income (loss) as reported in the Consolidated Balance Sheets are: Currency Pension and Accumulated Balance at December 31, 2019 $ (8,155 ) $ (20,382 ) $ (28,537 ) Reclassification adjustments - 6,276 6,276 Current period charge 397 - 397 Income tax benefit (charge) - (1,443 ) (1,443 ) Balance at September 30, 2020 $ (7,758 ) $ (15,549 ) $ (23,307 ) Currency Pension and Accumulated Balance at December 31, 2018 $ (8,243 ) $ (15,180 ) $ (23,423 ) Reclassification adjustments - 1,315 1,315 Current period charge (1,180 ) - (1,180 ) Income tax benefit (charge) - (281 ) (281 ) Balance at September 30, 2019 $ (9,423 ) $ (14,146 ) $ (23,569 )

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)9 Months Ended
Sep. 30, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]Product Category Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Pumps and pump systems $ 77,035 $ 86,114 $ 230,581 $ 260,913 Repair parts for pumps and pump systems and other 11,947 13,184 35,886 43,574 Total net sales $ 88,982 $ 99,298 $ 266,467 $ 304,487 Geographic Location Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 63,292 $ 69,491 $ 188,312 $ 211,976 Foreign countries 25,690 29,807 78,155 92,511 Total net sales $ 88,982 $ 99,298 $ 266,467 $ 304,487
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]September 3 0 , 2020 December 31 , 201 9 Contract assets $ - $ 393 Contract liabilities $ 4,087 $ 4,911

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)9 Months Ended
Sep. 30, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]Inventories, net: September 3 0 , 2020 December 31, 2019 Raw materials and in-process $ 18,377 $ 16,474 Finished parts 51,411 47,317 Finished products 12,716 12,206 Total net inventories $ 82,504 $ 75,997

Note 5 - Property, Plant and _2

Note 5 - Property, Plant and Equipment (Tables)9 Months Ended
Sep. 30, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]September 3 0 , 2020 December 31, 2019 Land $ 5,692 $ 4,998 Buildings 111,204 110,162 Machinery and equipment 184,347 182,922 301,243 298,082 Less accumulated depreciation (191,842 ) (186,303 ) Property, plant and equipment, net $ 109,401 $ 111,779

Note 6 - Product Warranties (Ta

Note 6 - Product Warranties (Tables)9 Months Ended
Sep. 30, 2020
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]September 3 0 , 2020 2019 Balance at beginning of year $ 1,438 $ 1,380 Provision 925 1,350 Claims (965 ) (1,254 ) Balance at end of period $ 1,398 $ 1,476

Note 7 - Pension and Other Po_2

Note 7 - Pension and Other Postretirement Benefits (Tables)9 Months Ended
Sep. 30, 2020
Notes Tables
Schedule of Costs of Retirement Plans [Table Text Block]Pension Benefits Postretirement Benefits Three Months Ended September 3 0 , Three Months Ended September 3 0 , 20 20 201 9 20 20 201 9 Service cost $ 688 $ 551 $ 343 $ 271 Interest cost 431 614 194 235 Expected return on plan assets (984 ) (890 ) - - Amortization of prior service cost - - (282 ) (282 ) Recognized actuarial loss 538 431 77 7 Settlement loss 991 - - - Net periodic benefit cost (a) $ 1,664 $ 706 $ 332 $ 231 Pension Benefits Postretirement Benefits Nine Months Ended September 3 0 , Nine Months Ended September 3 0 , 20 20 201 9 20 20 201 9 Service cost $ 2,029 $ 1,653 $ 1,029 $ 812 Interest cost 1,522 1,841 584 706 Expected return on plan assets (2,928 ) (2,671 ) - - Amortization of prior service cost - - (847 ) (846 ) Recognized actuarial loss 1,673 1,294 230 21 Settlement loss 4,373 - - - Net periodic benefit cost (a) $ 6,669 $ 2,117 $ 996 $ 693

Note 8 - Accumulated Other Co_2

Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables)9 Months Ended
Sep. 30, 2020
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Pension and other postretirement benefits: Recognized actuarial loss (a) $ 615 $ 438 $ 1,903 $ 1,315 Settlement loss (a) 991 - 4,373 - Total before income tax $ 1,606 $ 438 $ 6,276 $ 1,315 Income tax (364 ) (98 ) (1,443 ) (281 ) Net of income tax $ 1,242 $ 340 $ 4,833 $ 1,034
Comprehensive Income (Loss) [Table Text Block]Currency Pension and Accumulated Balance at December 31, 2019 $ (8,155 ) $ (20,382 ) $ (28,537 ) Reclassification adjustments - 6,276 6,276 Current period charge 397 - 397 Income tax benefit (charge) - (1,443 ) (1,443 ) Balance at September 30, 2020 $ (7,758 ) $ (15,549 ) $ (23,307 ) Currency Pension and Accumulated Balance at December 31, 2018 $ (8,243 ) $ (15,180 ) $ (23,423 ) Reclassification adjustments - 1,315 1,315 Current period charge (1,180 ) - (1,180 ) Income tax benefit (charge) - (281 ) (281 ) Balance at September 30, 2019 $ (9,423 ) $ (14,146 ) $ (23,569 )

Note 3 - Revenue 1 (Details Tex

Note 3 - Revenue 1 (Details Textual) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Contract with Customer, Liability, Revenue Recognized $ 4.4 $ 4.4
Non-US [Member]
Percentage Revenue By Location29.00%30.00%

Note 3 - Revenue 2 (Details Tex

Note 3 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 - USD ($) $ in MillionsSep. 30, 2020Jun. 30, 2020
Revenue, Remaining Performance Obligation, Amount $ 102
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)1 year

Note 3 - Revenue - Disaggregati

Note 3 - Revenue - Disaggregation of Revenue by Major Categories and Geographic Location (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Net sales $ 88,982 $ 99,298 $ 266,467 $ 304,487
UNITED STATES
Net sales63,292 69,491 188,312 211,976
Non-US [Member]
Net sales25,690 29,807 78,155 92,511
Pumps and Pump Systems [Member]
Net sales77,035 86,114 230,581 260,913
Repair Parts for Pumps and Pump Systems and Other [Member]
Net sales $ 11,947 $ 13,184 $ 35,886 $ 43,574

Note 3 - Revenue - Contract Ass

Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Contract assets $ 0 $ 393
Contract liabilities $ 4,087 $ 4,911

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in MillionsSep. 30, 2020Dec. 31, 2019
Inventory, LIFO Reserve $ 63.8 $ 62.5
Inventory Valuation Reserves, Ending Balance $ 6.1 $ 5.9

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Raw materials and in-process $ 18,377 $ 16,474
Finished parts51,411 47,317
Finished products12,716 12,206
Total net inventories $ 82,504 $ 75,997

Note 5 - Property, Plant and _3

Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in ThousandsSep. 30, 2020Dec. 31, 2019
Property, plant and equipment, gross $ 301,243 $ 298,082
Less accumulated depreciation(191,842)(186,303)
Property, plant and equipment, net109,401 111,779
Land [Member]
Property, plant and equipment, gross5,692 4,998
Building [Member]
Property, plant and equipment, gross111,204 110,162
Machinery and Equipment [Member]
Property, plant and equipment, gross $ 184,347 $ 182,922

Note 6 - Product Warranties - P

Note 6 - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Balance at beginning of year $ 1,438 $ 1,380
Provision925 1,350
Claims(965)(1,254)
Balance at end of period $ 1,398 $ 1,476

Note 7 - Pension and Other Po_3

Note 7 - Pension and Other Postretirement Benefits (Details Textual) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2020
Defined Benefit Plan Effect On Pension Expense $ 1 $ 4.4

Note 7 - Pension and Other Po_4

Note 7 - Pension and Other Postretirement Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Pension Plan [Member]
Service cost $ 688 $ 551 $ 2,029 $ 1,653
Interest cost431 614 1,522 1,841
Expected return on plan assets(984)(890)(2,928)(2,671)
Amortization of prior service cost0 0 0 0
Recognized actuarial loss538 431 1,673 1,294
Settlement loss991 0 4,373 0
Net periodic benefit cost (gain)[1]1,664 706 6,669 2,117
Postemployment Retirement Benefits [Member]
Service cost343 271 1,029 812
Interest cost194 235 584 706
Expected return on plan assets0 0 0 0
Amortization of prior service cost(282)(282)(847)(846)
Recognized actuarial loss77 7 230 21
Settlement loss0 0 0 0
Net periodic benefit cost (gain)[1] $ 332 $ 231 $ 996 $ 693
[1]The components of net periodic benefit cost other than the service cost component are included in Other income (expense), net in the Consolidated Statements of Income.

Note 8 - Accumulated Other Co_3

Note 8 - Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2020Sep. 30, 2019Sep. 30, 2020Sep. 30, 2019
Total before income tax $ (8,999) $ (11,907) $ (22,956) $ (34,584)
Income tax1,738 2,132 4,575 7,107
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Recognized actuarial loss[1]615 438 1,903 1,315
Settlement loss[1]991 0 4,373 0
Total before income tax1,606 438 6,276 1,315
Income tax(364)(98)(1,443)(281)
Net of income tax $ 1,242 $ 340 $ 4,833 $ 1,034
[1]The recognized actuarial loss and the settlement loss are included in Other income (expense), net in the Consolidated Statements of Income.

Note 8 - Accumulated Other Co_4

Note 8 - Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Loss Reported in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands9 Months Ended
Sep. 30, 2020Sep. 30, 2019
Balance $ 307,878 $ 293,132
Balance319,631 310,312
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance(8,155)(8,243)
Reclassification adjustments0 0
Current period benefit (charge)397 (1,180)
Income tax benefit (charge)0 0
Balance(7,758)(9,423)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance(20,382)(15,180)
Reclassification adjustments6,276 1,315
Current period benefit (charge)0 0
Income tax benefit (charge)(1,443)(281)
Balance(15,549)(14,146)
AOCI Attributable to Parent [Member]
Balance(28,537)(23,423)
Reclassification adjustments6,276 1,315
Current period benefit (charge)397 (1,180)
Income tax benefit (charge)(1,443)(281)
Balance $ (23,307) $ (23,569)