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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

General Information and Basis of Presentation

The Gorman-Rupp Company is a leading designer, manufacturer and international marketer o

f pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balanc

es have been eliminated. Earnings per share are calculated based on the weighted-average number of Common Shares outstanding.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents and Short-Term Investments

The Company considers highly liquid instruments with maturities of

90

days or less

to be cash equivalents. The Company periodically makes short-term investments for which cost approximates fair value. Short-term investments at

December 

31,

2017

and

2016

consist primarily of certificates of deposit and treasury bonds and are classified as prepaid and other on the Consolidated Balance Sheets.

Receivables, Policy [Policy Text Block]

Accounts Receivable and Allowance for Doubtful Accounts

Accounts receivable are stated at the historical carrying amount net of allowance for doubtful accounts. The Company maintains an allowance

for doubtful accounts for estimated losses from the failure of its customers to make required payments for products delivered. The Company estimates this allowance based on knowledge of the financial condition of customers, review of historical receivables and reserve trends and other relevant information.

Inventory, Policy [Policy Text Block]

Inventories

Inventories are stated at the lower of cost or market. The costs for approximately

72%

of inventories at

December 

31,

2017

and

December 

31,

2016

were determined using the last-in,

first

-out (LIFO) method, with the remainder determined using the

first

-in,

first

-out (FIFO) method. Cost components include materials, inbound freight costs, labor and allocations of fixed and variable overheads on an absorption costing basis.

Property, Plant and Equipment, Policy [Policy Text Block]

Property, plant and equipment

Property, plant and equipment are stated on the basis of cost. Repairs and maintenance costs are expensed as incurred. Depreciation for property, plant and equipment assets

is computed using the straight-line method over the estimated useful lives of the assets and is included in cost of products sold and selling, general and administrative expenses based on the use of the assets. Depreciation expense was

$13.5

million for

2017

and

$13.8

million for each of the years

2016

and

2015.

Depreciat

ion of property, plant and equipment is determined based on the following lives:

Buildings			20	-	50 years
Machinery and equipment			5	-	15 years
Software			3	-	5 years

Property, plant and equipment consist of the following:

		201 7				201 6
Land		$	4,187			$	4,099
Buildings			106,437				104,952
Machinery and equipment			170,615				165,157
			281,239				274,208
Less accumulated depreciation			(164,168	)			(152,141	)
Property, plant and equipment, net		$	117,071			$	122,067

Property, plant and equipment

are evaluated for impairment whenever events or changes in circumstances indicate the carrying amount

may

not

be recovered through future net cash flows generated by the assets. Impairment losses

may

be recorded when the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts based on the excess of the carrying amounts over the estimated fair value of the assets.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill and

Identifiable

Int

angible Assets

Goodwill

Goodwill represents the excess of the

cost of acquired businesses over the fair value of tangible assets and identifiable intangible assets purchased and liabilities assumed.

Goodwill

is reviewed annually for impairment as of

October 

1

or whenever events or changes in circumstances indicate there

may

be a possible permanent loss of value using either a quantitative or qualitative analysis. The Company uses a market-based approach to estimate the fair value of our reporting units and performs a quantitative analysis using a discounted cash flow model and other valuation techniques. This process requires significant judgements, including estimation of future cash flows, which is dependent on internal forecasts. The Company

may

otherwise elect to perform a qualitative analysis when deemed appropriate. A qualitative analysis

may

be performed by assessing certain trends and factors, including projected market outlook and growth rates, forecasted and actual sales and operating profit margins, discount rates, industry data and other relevant qualitative factors. These trends and factors are compared to, and based on, the assumptions used in the most recent quantitative assessment. 

In

2017

and

2016,

due primarily to the decreased demand for barge pumps for the marine transportation market driven by low oil prices and overcapacity of inland barges, the Bayou City Pump Company reporting unit recorded pre-tax goodwill impairment charges of

$0.9

million and

$1.8

million, respectively. There were

no

goodwill impairment charges in any of the Company’s other reporting units in

2017

or

2016

and

no

impairment charges were recognized across all reporting units in

2015.

See Note

8,

Goodwill and Other Intangible Assets.

Identifiable intangible assets

The Company

’s primary identifiable intangible assets include customer relationships, technology and drawings, and trade names and trademarks. Identifiable intangible assets with finite lives are amortized and those identifiable intangible assets with indefinite lives are

not

amortized. Amortization for finite-lived intangible assets is computed using the straight-line method over the estimated useful lives of the assets and is included in cost of products sold and selling, general and administrative expenses based on the use of the assets. Amortization of finite-lived intangible assets is determined based on the following lives:

Technology and drawings			13	-	20 years
Customer relationships			9	-	15 years
Other intangibles			2	-	18 years

Identifiable intangible assets that are subject to amortization are eva

luated for impairment whenever events or changes in circumstances indicate the carrying amount

may

not

be recovered through future net cash flows generated by the assets. Impairment losses

may

be recorded when the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts based on the excess of the carrying amounts over the estimated fair value of the assets. Based upon our fiscal

2017

and

2016

quantitative and qualitative impairment analyses, except for Bayou’s customer relationship intangible asset and the risk related to National’s indicated fair value, the Company was

not

aware of any events or changes in circumstances that indicate the carrying value of its finite-lived intangible assets

may

not

be recoverable. In

2017,

due primarily to the continued decreased demand for barge pumps for the marine transportation market driven by low oil prices and overcapacity of inland barges, the Company performed a recoverability test related to Bayou’s customer relationship intangible asset pursuant to ASC

360.

As a result of the recoverability test, Bayou recorded a pre-tax non-cash customer relationship impairment charge of

$3.2

million.

I

dentifiable intangible assets

not

subject to amortization are tested for impairment annually or more frequently if events warrant. The fair value of these assets is determined using a royalty relief methodology similar to that employed when the associated assets were acquired, but using updated estimates of future sales, cash flows and profitability. For

2017

and

2016,

the fair value of indefinite lived intangible assets exceeded their carrying value.

For additional information about goodwill and other intangible assets, see Note

8,

Goodwill and Other Intangible Assets, and Note

10,

Acquisitions.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

The Company

’s revenues from product sales are recognized when all of the following criteria are met: persuasive evidence of a sale arrangement exists, the price is fixed or determinable, product delivery has occurred or services have been rendered, there are

no

further obligations to customers and collectability is probable. Product delivery occurs when the risks and rewards of ownership and title pass, which normally occurs upon shipment to the customer.

Income Tax, Policy [Policy Text Block]

Income Taxes

Income tax expense includes United States, state, local and international income taxes. Deferred tax assets and liabilities are recognized for the tax consequences of temporary differences between the financial reporting and the tax basis of exis

ting assets and liabilities and for loss carryforwards. The tax rate used to determine the deferred tax assets and liabilities is the enacted tax rate for the year and manner in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than

not

be realized.

On

December 22, 2017,

the

U.S. Tax Cuts and Jobs Act (the “Tax Act”) was enacted. The Tax Act significantly revises U.S. corporate income tax regulations by, among other things, lowering corporate income tax rates, implementing the territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. For further discussion of the currently estimated impact of the Tax Act on the Company, see the disclosure under the heading Outlook within Item

7

of Part II of this Form

10

-K and Note

6

to the Consolidated Financial Statements, Income Taxes.

Pension and Other Postretirement Plans, Policy [Policy Text Block]

Pension and Other Postretirement Benefits

The Company sponsors a defined benefit pensi

on plan covering certain domestic employees. Additionally, the Company sponsors defined contribution pension plans made available to all domestic and Canadian employees.

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 determination of the Company

’s obligation and expense for pension and other postretirement benefits is dependent on its selection of certain assumptions used by actuaries in calculating such amounts, which are described in Note

7,

Pensions and Other Postretirement Benefits. The Company recognizes the funded status of its defined benefit pension plan as an asset or liability in the Consolidated Balance Sheets and recognizes the change in the funded status in the year in which the change occurs through accumulated other comprehensive loss in the Consolidated Balance Sheets.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk

The Company generally does

not

require collateral from its customers and has a very good collection history. There were

no

sales to a single customer that exceeded

10%

of total net sales for the years ended

December

 

31,

2017,

2016

or

2015.

Shipping and Handling Cost, Policy [Policy Text Block]

Shipping and Handling Costs

The Company classifies all amounts billed to customers for shipping and handling as revenue and reflects related shipping and handling costs in cost of products sold.

Advertising Costs, Policy [Policy Text Block]

Advertising

The Company expenses all advertising costs as

incurred, which for the years ended

December 

31,

2017,

2016

and

2015

totaled

$3.1

million,

$2.8

million, and

$3.2

million, respectively.

Standard Product Warranty, Policy [Policy Text Block]

Product Warranties

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:

		201 7				201 6				201 5
Balance at beginning of year		$	1,435			$	1,380			$	1,166
Provision			1,377				1,991				1,732
Claims			(1,714	)			(1,936	)			(1,518	)
Balance at end of year		$	1,098			$	1,435			$	1,380

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Stock-based compensation

The Company grants performance-based shares pursuant to The Gorman-Rupp Company

2015

Omnibus Incentive Plan.

  Performance-based shares vest and are awarded at the end of a

three

year performance period, based on the levels of achievement of compound annual growth targets for operating income and shareholders’ equity.  The Company recognizes compensation expense for performance-based share grants based on the stock price at the date of the grant using the straight-line amortization method, over the vesting period specified in the grants.  The company recognized stock-based compensation expense of

$0.4

million for the year ended

December 31, 2017. 

No

stock-based compensation expense was recorded for the years ended

December 31, 2016

or

2015.

  

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation

Assets and liabilities of the Company

’s operations outside the United States which are accounted for in a functional currency other than U.S. dollars are translated into U.S. dollars using year-end exchange rates. Revenues and expenses are translated at weighted-average exchange rates effective during the year. Foreign currency translation gains and losses are included as a component of accumulated other comprehensive loss within equity.

Gains and losses resulting from foreign currency transactions, the amounts of which are

not

material, are included in other income and

other expense.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value

The

carrying value of cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximates fair value based on the short-term nature of these instruments. The Company does

not

recognize any non-financial assets at fair value.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompany

ing notes. Actual results could differ from those estimates.

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements

The Company considers the applicability and impact of all ASU

s. ASUs

not

listed below were assessed and determined either to be

not

applicable or are expected to have minimal impact on the Company’s consolidated financial statements.

In

March 2017,

the FASB issued ASU

No.

 

2017

-

07,

“Compensation – Retirement Benefits (Topic

715

) – Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which provides additional guidance on the presentation of net periodic pension and postretirement benefit costs in the income statement and on the components eligible for capitalization. The amendments in this ASU require that an employer report the service cost component of the net periodic benefit costs in the same income statement line item as other compensation costs arising from services rendered by employees during the period. The non-service-cost components of net periodic benefit costs are to be presented in the income statement separately from the service cost components and outside a subtotal of income from operations. The ASU also allows for the capitalization of the service cost components, when applicable (i.e., as a cost of internally manufactured inventory or a self-constructed asset). The ASU is effective for fiscal years, and interim periods within those years, beginning after

December 

15,

2017

and early adoption is permitted. The amendments in this ASU are to be applied retrospectively. The adoption of ASU

2017

-

07

will result in a change within operating income with a corresponding change in other income (expense), net to reflect the impact of presenting all components of net benefit cost, except for service cost, outside of operating income. See Note

6

for the components of the Company’s net benefit costs. The Company will adopt ASU

2017

-

07

in the

first

quarter of

2018

and does

not

expect the adoption to have a material impact on its consolidated financial statements.

I

n

January 2017,

the FASB issued ASU

No.

 

2017

-

04,

“Intangibles – Goodwill and Other (Topic

350

) – Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The ASU is effective for impairment tests performed in fiscal years, and interim periods within those years, beginning after

December 

15,

2019

and early adoption is permitted. The amendments in this ASU are to be applied on a prospective basis. The Company early adopted this new guidance during the

three

months ended

September 30, 2017.

The Company concluded that ASU

2017

-

04

is preferable to the current guidance due to efficiency, since ASU

2017

-

04

eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. See Note

8

– Impairment Charges for additional information on our interim goodwill and other intangible asset impairment tests performed.

In

February 2016,

the FASB issued ASU

2016

-

02,

“

Leases (Topic

842

),” which requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with a term of more than

one

year. Accounting by lessors will remain similar to existing U.S. GAAP. The guidance is effective for fiscal years, and interim periods within those years, beginning after

December 15, 2018

and early adoption is permitted. The Company currently does

not

expect the adoption of ASU

2016

-

02

will have a material impact on its consolidated financial statements as its future minimum lease commitments are

not

material.

In

May

2014,

the FASB issued ASU

2014

-

09,

“Revenue from Contracts with Customers (Topic

606

),” which supersedes most current revenue recognition guidance, including industry-specific guidance, and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. Subsequent accounting standards updates have been issued, which amend and/or clarify the application of ASU

2014

-

09.

Based on the Company’s evaluation of its current revenue streams and contracts, it expects that most will be recorded consistently under both the current and new standard. The Company adopted the new revenue guidance effective

January 1, 2018

pursuant to the modified retrospective method. Any adjustment to the opening balance of retained earnings is

not

expected to be material.

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