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Acquisition of Noncontrolling Interest
12 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
Acquisition of Noncontrolling Interest

16.Acquisition of Noncontrolling Interest

In connection with the 2015 Peerless Mfg. Co. acquisition, the Company acquired a 60% equity investment in Peerless Propulsys that entitled the Company to 80% of Peerless Propulsys’s earnings.  On July 11, 2016, the Company entered into an agreement with the noncontrolling owner of Peerless Propulsys and issued a promissory note in the amount of $5.3 million due on July 11, 2019 in exchange for 100% ownership in the equity and earnings of Peerless Propulsys.  The minority interest had a carrying value of $4.1 million on the transaction date, compared to the purchase price of $5.3 million.  Since the Company already had control over the equity investment, the $1.2 million excess paid over the carrying value was recorded as a reduction to additional paid in capital.  The interest rate on the note is 1.50%, which approximates the market rate given the short-term duration of the note. As of December 31, 2018, the outstanding balance of the note was $1.7 million and was paid off in January 2019. The note is classified as a current liability in the Consolidated Balance Sheets as of December 31, 2018.