XML 33 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Acquisitions
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Business Combination Disclosure [Text Block]
Note
10
– Acquisitions
 
In
October 2016,
the Company, through its wholly-owned subsidiary Patterson Pump Company (“Patterson”), acquired substantially all of the assets and certain liabilities of Morrison Pump Company (“Morrison”). The purchase price consisted of cash and deferred payments. The deferred payments represent the estimated fair value of the additional variable cash consideration payable in connection with the acquisition that is contingent upon the achievement of certain performance milestones. The Company estimated the fair value using expected future cash flows over the period in which the obligation is expected to be settled, which are considered to be level
3
inputs. The Company recognized goodwill of
$5.2
million related to the asset acquisition of Morrison.
 
The results of operations of
Morrison have been included in Gorman-Rupp’s consolidated results since
October 2016.
 
In
August 2015,
the Company’s subsidiary, Gorman-Rupp Europe B.V., acquired substantially all of the assets and certain liabilities of Hydro+ SA (“Hydro”) and Hydro+ Rental SPRL (“Hydro Rental”), subsequently renamed Gorman-Rupp Rental SPRL, based near Namur, Belgium. The Company assumed
$1.9
million in bank debt, which was subsequently paid off in
2015.
 
The Company recognized customer relationships of
$748,000,
technology and drawings of
$130,000,
tradenames and trademarks o
f
$70,000
and goodwill of
$2.4
million related to the asset acquisition of Hydro and Hydro Rental.
 
The results of operations of
both Hydro companies have been included in Gorman-Rupp’s consolidated results since
August 2015.