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Gorman-Rupp (GRC)

Document And Entity Information

Document And Entity Information - shares9 Months Ended
Sep. 30, 2021Nov. 01, 2021
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 Focus2021
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateSep. 30,
2021
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 Outstanding26,126,640

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Net sales $ 102,110 $ 88,982 $ 284,152 $ 266,467
Cost of products sold76,277 66,011 210,604 198,199
Gross profit25,833 22,971 73,548 68,268
Selling, general and administrative expenses14,291 13,228 42,420 40,951
Operating income11,542 9,743 31,128 27,317
Other income (expense), net(486)(744)(1,846)(4,361)
Income before income taxes11,056 8,999 29,282 22,956
Income taxes2,274 1,738 5,974 4,575
Net income $ 8,782 $ 7,261 $ 23,308 $ 18,381
Earnings per share (in dollars per share) $ 0.34 $ 0.28 $ 0.89 $ 0.70
Cash dividends per share (in dollars per share) $ 0.155 $ 0.145 $ 0.465 $ 0.435
Average number of shares outstanding (in shares)26,126,640 26,101,992 26,117,262 26,089,414

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Net income $ 8,782 $ 7,261 $ 23,308 $ 18,381
Other comprehensive (loss) income, net of tax:
Cumulative translation adjustments(1,427)1,644 (1,849)397
Pension and postretirement medical liability adjustments726 1,242 3,089 4,833
Other comprehensive (loss) income(701)2,886 1,240 5,230
Comprehensive income $ 8,081 $ 10,147 $ 24,548 $ 23,611

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in ThousandsSep. 30, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 131,120 $ 108,203
Accounts receivable, net58,817 50,763
Inventories, net81,413 82,686
Prepaid and other7,190 5,169
Total current assets278,540 246,821
Property, plant and equipment, net104,765 108,666
Other assets5,130 4,795
Goodwill and other intangible assets, net33,446 34,175
Total assets421,881 394,457
Current liabilities:
Accounts payable15,796 9,466
Payroll and employee related liabilities15,359 10,825
Commissions payable6,592 5,624
Deferred revenue and customer deposits9,508 8,004
Accrued expenses7,519 4,582
Total current liabilities54,774 38,501
Pension benefits7,812 9,232
Postretirement benefits28,079 28,250
Other long-term liabilities1,740 2,961
Total liabilities92,405 78,944
Equity:
Common shares, without par value: Authorized – --35,000,000 shares; Outstanding – 26,126,640 shares at September 30, 2021 and 26,101,992 shares at December 31, 2020 (after deducting treasury shares of 922,156 and 946,804, respectively), at stated capital amounts5,104 5,099
Additional paid-in capital2,157 693
Retained earnings351,352 340,098
Accumulated other comprehensive (loss)(29,137)(30,377)
Total equity329,476 315,513
Total liabilities and equity $ 421,881 $ 394,457

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in ThousandsSep. 30, 2021Dec. 31, 2020
Common shares, authorized (in shares)35,000,000 35,000,000
Common shares, outstanding (in shares)26,126,640 26,101,992
Treasury shares (in shares)922,156 946,804
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, 2021Sep. 30, 2020
Cash flows from operating activities:
Net income $ 23,308 $ 18,381
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization8,908 9,649
Pension expense4,177 6,670
Stock based compensation1,790 (191)
Contributions to pension plan(2,000)(2,000)
Changes in operating assets and liabilities:
Accounts receivable, net(8,644)5,543
Inventories, net342 (6,355)
Accounts payable6,692 (2,209)
Commissions payable1,099 (1,013)
Deferred revenue and customer deposits1,646 (825)
Income taxes1,341 1,237
Accrued expenses and other(1,089)135
Benefit obligations3,965 2,406
Net cash provided by operating activities41,535 31,428
Cash used for investing activities:
Capital additions(5,617)(6,258)
Other572 237
Net cash used for investing activities(5,045)(6,021)
Cash used for financing activities:
Cash dividends(12,145)(11,348)
Treasury share repurchases(231)(361)
Other(689)(243)
Net cash used for financing activities(13,065)(11,952)
Effect of exchange rate changes on cash(508)(345)
Net increase in cash and cash equivalents22,917 13,110
Cash and cash equivalents:
Beginning of period108,203 80,555
End of period $ 131,120 $ 93,665

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, 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, net (in shares)23,990
Stock based compensation, net $ 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
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, net(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, net (in shares)10,500
Stock based compensation, net $ 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
Balances (in shares) at Dec. 31, 202026,101,992
Balance at Dec. 31, 2020 $ 5,099 693 340,098 (30,377)315,513
Net income7,429 7,429
Other comprehensive income (loss)(871)(871)
Stock based compensation, net (in shares)14,148
Stock based compensation, net $ 3 551 52 606
Cash dividends(4,047)(4,047)
Balances (in shares) at Mar. 31, 202126,116,140
Balance at Mar. 31, 2021 $ 5,102 1,244 343,532 (31,248)318,630
Balances (in shares) at Dec. 31, 202026,101,992
Balance at Dec. 31, 2020 $ 5,099 693 340,098 (30,377)315,513
Net income23,308
Balances (in shares) at Sep. 30, 202126,126,640
Balance at Sep. 30, 2021 $ 5,104 2,157 351,352 (29,137)329,476
Balances (in shares) at Mar. 31, 202126,116,140
Balance at Mar. 31, 2021 $ 5,102 1,244 343,532 (31,248)318,630
Net income7,097 7,097
Other comprehensive income (loss)2,812 2,812
Stock based compensation, net465 465
Cash dividends(4,048)(4,048)
Balances (in shares) at Jun. 30, 202126,116,140
Balance at Jun. 30, 2021 $ 5,102 1,709 346,581 (28,436)324,956
Net income 8,782 8,782
Other comprehensive income (loss) (701)(701)
Stock based compensation, net (in shares)10,500
Stock based compensation, net $ 2 448 39 489
Cash dividends (4,050) (4,050)
Balances (in shares) at Sep. 30, 202126,126,640
Balance at Sep. 30, 2021 $ 5,104 $ 2,157 $ 351,352 $ (29,137) $ 329,476

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Retained Earnings [Member]
Cash dividends, amount per share (in dollars per share) $ 0.155 $ 0.145

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation of Financial Statements9 Months Ended
Sep. 30, 2021
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 no three nine September 30, 2021 not may December 31, 2021. 10 December 31, 2020, COVID- 19 In March 2020, 19” 19 not 10 may

Note 2 - Recently Issued Accoun

Note 2 - Recently Issued Accounting Standards9 Months Ended
Sep. 30, 2021
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 Recently Adopted Accounting Standards In December 2019, 2019 12, 2019 12 December 15, 2020, 2019 12 January 1, 2021 no

Note 3 - Revenue

Note 3 - Revenue9 Months Ended
Sep. 30, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]NOTE 3 REVENUE 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,
2021 2020 2021 2020
Pumps and pump systems $ 86,770 $ 77,035 $ 241,038 $ 230,581
Repair parts for pumps and pump systems and other 15,340 11,947 43,114 35,886
Total net sales $ 102,110 $ 88,982 $ 284,152 $ 266,467
Geographic Location
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
United States $ 68,726 $ 63,292 $ 195,823 $ 188,312
Foreign countries 33,384 25,690 88,329 78,155
Total net sales $ 102,110 $ 88,982 $ 284,152 $ 266,467 International sales represented approximately 33% and 29% of total net sales for the third 2021 2020 On September 30, 2021, one The Company’s contract assets and liabilities as of September 30, 2021 December 31, 2020
September 30, 2021 December 31, 2020
Contract assets $ - $ -
Contract liabilities $ 9,508 $ 8,004 Revenue recognized for the nine September 30, 2021 2020

Note 4 - Inventories

Note 4 - Inventories9 Months Ended
Sep. 30, 2021
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 $67.3 million and $63.5 million at September 30, 2021 December 31, 2020, September 30, 2021 December 31, 2020. Inventories are comprised of the following: Inventories, net: September 30, 2021 December 31, 2020 Raw materials and in-process $ 21,362 $ 18,152 Finished parts 49,522 51,701 Finished products 10,529 12,833 Total net inventories $ 81,413 $ 82,686

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment9 Months Ended
Sep. 30, 2021
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:
September 30, 2021 December 31, 2020
Land $ 5,864 $ 5,805
Buildings 111,488 111,876
Machinery and equipment 187,513 184,362
304,865 302,043
Less accumulated depreciation (200,100 ) (193,377 )
Property, plant and equipment, net $ 104,765 $ 108,666

Note 6 - Product Warranties

Note 6 - Product Warranties9 Months Ended
Sep. 30, 2021
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 30,
2021 2020
Balance at beginning of year $ 1,361 $ 1,438
Provision 1,317 925
Claims (1,248 ) (965 )
Balance at end of period $ 1,430 $ 1,398

Note 7 - Pension and Other Post

Note 7 - Pension and Other Postretirement Benefits9 Months Ended
Sep. 30, 2021
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 30, Three Months Ended September 30, 2021 2020 2021 2020 Service cost $ 636 $ 688 $ 365 $ 343 Interest cost 467 431 163 194 Expected return on plan assets (907 ) (984 ) - - Amortization of prior service cost - - (282 ) (282 ) Recognized actuarial loss 423 538 145 77 Settlement loss 388 991 - - Net periodic benefit cost (a) $ 1,007 $ 1,664 $ 391 $ 332
Pension Benefits Postretirement Benefits
Nine Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Service cost $ 2,034 $ 2,029 $ 1,096 $ 1,029
Interest cost 1,252 1,522 490 584
Expected return on plan assets (2,707 ) (2,928 ) - -
Amortization of prior service cost - - (847 ) (847 )
Recognized actuarial loss 1,482 1,673 435 230
Settlement loss 2,116 4,373 - -
Net periodic benefit cost (a) $ 4,177 $ 6,669 $ 1,174 $ 996
(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, 2021, three nine September 30, 2020,

Note 8 - Accumulated Other Comp

Note 8 - Accumulated Other Comprehensive Income (Loss)9 Months Ended
Sep. 30, 2021
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]NOTE 8 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 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,
2021 2020 2021 2020
Pension and other postretirement benefits:
Recognized actuarial loss (a) $ 568 $ 615 $ 1,917 $ 1,903
Settlement loss (a) 388 991 2,116 4,373
Total before income tax $ 956 $ 1,606 $ 4,033 $ 6,276
Income tax (230 ) (364 ) (944 ) (1,443 )
Net of income tax $ 726 $ 1,242 $ 3,089 $ 4,833
(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 Translation Adjustments Pension and Other Postretirement Benefits Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2020 $ (5,044 ) $ (25,333 ) $ (30,377 )
Reclassification adjustments - 4,033 4,033
Current period charge (1,849 ) - (1,849 )
Income tax benefit (charge) - (944 ) (944 )
Balance at September 30, 2021 $ (6,893 ) $ (22,244 ) $ (29,137 )
Currency Translation Adjustments Pension and Other Postretirement Benefits Accumulated Other Comprehensive Income (Loss)
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 )

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)9 Months Ended
Sep. 30, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]Product Category
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Pumps and pump systems $ 86,770 $ 77,035 $ 241,038 $ 230,581
Repair parts for pumps and pump systems and other 15,340 11,947 43,114 35,886
Total net sales $ 102,110 $ 88,982 $ 284,152 $ 266,467
Geographic Location
Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
United States $ 68,726 $ 63,292 $ 195,823 $ 188,312
Foreign countries 33,384 25,690 88,329 78,155
Total net sales $ 102,110 $ 88,982 $ 284,152 $ 266,467
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]September 30, 2021 December 31, 2020
Contract assets $ - $ -
Contract liabilities $ 9,508 $ 8,004

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)9 Months Ended
Sep. 30, 2021
Notes Tables
Schedule of Inventory, Current [Table Text Block]Inventories, net: September 30, 2021 December 31, 2020 Raw materials and in-process $ 21,362 $ 18,152 Finished parts 49,522 51,701 Finished products 10,529 12,833 Total net inventories $ 81,413 $ 82,686

Note 5 - Property, Plant and _2

Note 5 - Property, Plant and Equipment (Tables)9 Months Ended
Sep. 30, 2021
Notes Tables
Property, Plant and Equipment [Table Text Block]September 30, 2021 December 31, 2020
Land $ 5,864 $ 5,805
Buildings 111,488 111,876
Machinery and equipment 187,513 184,362
304,865 302,043
Less accumulated depreciation (200,100 ) (193,377 )
Property, plant and equipment, net $ 104,765 $ 108,666

Note 6 - Product Warranties (Ta

Note 6 - Product Warranties (Tables)9 Months Ended
Sep. 30, 2021
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]September 30,
2021 2020
Balance at beginning of year $ 1,361 $ 1,438
Provision 1,317 925
Claims (1,248 ) (965 )
Balance at end of period $ 1,430 $ 1,398

Note 7 - Pension and Other Po_2

Note 7 - Pension and Other Postretirement Benefits (Tables)9 Months Ended
Sep. 30, 2021
Notes Tables
Schedule of Costs of Retirement Plans [Table Text Block]Pension Benefits Postretirement Benefits Three Months Ended September 30, Three Months Ended September 30, 2021 2020 2021 2020 Service cost $ 636 $ 688 $ 365 $ 343 Interest cost 467 431 163 194 Expected return on plan assets (907 ) (984 ) - - Amortization of prior service cost - - (282 ) (282 ) Recognized actuarial loss 423 538 145 77 Settlement loss 388 991 - - Net periodic benefit cost (a) $ 1,007 $ 1,664 $ 391 $ 332
Pension Benefits Postretirement Benefits
Nine Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Service cost $ 2,034 $ 2,029 $ 1,096 $ 1,029
Interest cost 1,252 1,522 490 584
Expected return on plan assets (2,707 ) (2,928 ) - -
Amortization of prior service cost - - (847 ) (847 )
Recognized actuarial loss 1,482 1,673 435 230
Settlement loss 2,116 4,373 - -
Net periodic benefit cost (a) $ 4,177 $ 6,669 $ 1,174 $ 996

Note 8 - Accumulated Other Co_2

Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables)9 Months Ended
Sep. 30, 2021
Notes Tables
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]Three Months Ended September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Pension and other postretirement benefits:
Recognized actuarial loss (a) $ 568 $ 615 $ 1,917 $ 1,903
Settlement loss (a) 388 991 2,116 4,373
Total before income tax $ 956 $ 1,606 $ 4,033 $ 6,276
Income tax (230 ) (364 ) (944 ) (1,443 )
Net of income tax $ 726 $ 1,242 $ 3,089 $ 4,833
Comprehensive Income (Loss) [Table Text Block]Currency Translation Adjustments Pension and Other Postretirement Benefits Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2020 $ (5,044 ) $ (25,333 ) $ (30,377 )
Reclassification adjustments - 4,033 4,033
Current period charge (1,849 ) - (1,849 )
Income tax benefit (charge) - (944 ) (944 )
Balance at September 30, 2021 $ (6,893 ) $ (22,244 ) $ (29,137 )
Currency Translation Adjustments Pension and Other Postretirement Benefits Accumulated Other Comprehensive Income (Loss)
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 )

Note 3 - Revenue 1 (Details Tex

Note 3 - Revenue 1 (Details Textual) - USD ($) $ in Millions3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Contract with Customer, Liability, Revenue Recognized $ 6 $ 4.4
Non-US [Member]
Percentage Revenue By Location33.00%29.00%

Note 3 - Revenue 2 (Details Tex

Note 3 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 $ in MillionsSep. 30, 2021USD ($)
Revenue, Remaining Performance Obligation, Amount $ 156.5
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, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Net sales $ 102,110 $ 88,982 $ 284,152 $ 266,467
UNITED STATES
Net sales68,726 63,292 195,823 188,312
Non-US [Member]
Net sales33,384 25,690 88,329 78,155
Pumps and Pump Systems [Member]
Net sales86,770 77,035 241,038 230,581
Repair Parts for Pumps and Pump Systems and Other [Member]
Net sales $ 15,340 $ 11,947 $ 43,114 $ 35,886

Note 3 - Revenue - Contract Ass

Note 3 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in ThousandsSep. 30, 2021Dec. 31, 2020
Contract assets $ 0 $ 0
Contract liabilities $ 9,508 $ 8,004

Note 4 - Inventories (Details T

Note 4 - Inventories (Details Textual) - USD ($) $ in MillionsSep. 30, 2021Dec. 31, 2020
Inventory, LIFO Reserve $ 67.3 $ 63.5
Inventory Valuation Reserves, Ending Balance $ 5.9 $ 5.9

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($) $ in ThousandsSep. 30, 2021Dec. 31, 2020
Raw materials and in-process $ 21,362 $ 18,152
Finished parts49,522 51,701
Finished products10,529 12,833
Total net inventories $ 81,413 $ 82,686

Note 5 - Property, Plant and _3

Note 5 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in ThousandsSep. 30, 2021Dec. 31, 2020
Property, plant and equipment, gross $ 304,865 $ 302,043
Less accumulated depreciation(200,100)(193,377)
Property, plant and equipment, net104,765 108,666
Land [Member]
Property, plant and equipment, gross5,864 5,805
Building [Member]
Property, plant and equipment, gross111,488 111,876
Machinery and Equipment [Member]
Property, plant and equipment, gross $ 187,513 $ 184,362

Note 6 - Product Warranties - P

Note 6 - Product Warranties - Product Warranties (Details) - USD ($) $ in Thousands9 Months Ended
Sep. 30, 2021Sep. 30, 2020
Balance at beginning of year $ 1,361 $ 1,438
Provision1,317 925
Claims(1,248)(965)
Balance at end of period $ 1,430 $ 1,398

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, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Defined Benefit Plan Effect On Pension Expense $ 0.4 $ 2.1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement $ 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, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Settlement loss $ (1,000) $ (4,400)
Pension Plan [Member]
Service cost $ 636 688 $ 2,034 2,029
Interest cost467 431 1,252 1,522
Expected return on plan assets(907)(984)(2,707)(2,928)
Amortization of prior service cost0 0 0 0
Recognized actuarial loss423 538 1,482 1,673
Settlement loss388 991 2,116 4,373
Net periodic benefit cost (gain)[1]1,007 1,664 4,177 6,669
Postemployment Retirement Benefits [Member]
Service cost365 343 1,096 1,029
Interest cost163 194 490 584
Expected return on plan assets0 0 0 0
Amortization of prior service cost(282)(282)(847)(847)
Recognized actuarial loss145 77 435 230
Settlement loss0 0 0 0
Net periodic benefit cost (gain)[1] $ 391 $ 332 $ 1,174 $ 996
[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, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Settlement loss $ (1,000) $ (4,400)
Total before income tax $ (11,056)(8,999) $ (29,282)(22,956)
Income tax2,274 1,738 5,974 4,575
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Recognized actuarial loss[1]568 615 1,917 1,903
Settlement loss[1]388 991 2,116 4,373
Total before income tax956 1,606 4,033 6,276
Income tax(230)(364)(944)(1,443)
Net of income tax $ 726 $ 1,242 $ 3,089 $ 4,833
[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, 2021Sep. 30, 2020
Balance $ 315,513 $ 307,878
Balance329,476 319,631
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance(5,044)(8,155)
Reclassification adjustments0 0
Current period benefit (charge)(1,849)397
Income tax charge (benefit)0 0
Balance(6,893)(7,758)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance(25,333)(20,382)
Reclassification adjustments4,033 6,276
Current period benefit (charge)0 0
Income tax charge (benefit)(944)(1,443)
Balance(22,244)(15,549)
AOCI Attributable to Parent [Member]
Balance(30,377)(28,537)
Reclassification adjustments4,033 6,276
Current period benefit (charge)(1,849)397
Income tax charge (benefit)(944)(1,443)
Balance $ (29,137) $ (23,307)