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Note 4 - Revenue Recognition | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
(4) | Revenue Recognition
Disaggregated Revenue The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to our customers (in thousands) (See Note 20 for further information regarding net sales by market):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net sales of: |  |  |  |  |  |  |  |  |  |  |  |
Products |  | $ | 491,382 |  |  | $ | 391,460 |  |  | $ | 342,742 |
Tooling and Machinery |  |  | 8,320 |  |  |  | 3,468 |  |  |  | 6,307 |
Engineering services |  |  | 4,719 |  |  |  | 5,144 |  |  |  | 4,743 |
Total net sales |  | $ | 504,421 |  |  | $ | 400,072 |  |  | $ | 353,792 |
Contract balances The timing of revenue recognition may differ from the timing of invoicing to customers. When invoicing occurs prior to revenue recognition, the Company has deferred revenue (contract liabilities) included within “deferred revenue” on the consolidated balance sheet. The following table presents opening and closing balances of contract liabilities for the years ended December 31, 2024, and 2023 (in thousands):
|  | Contract Liabilities |
|  | Years Ended |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred revenue - beginning of period |  | $ | 6,616 |  |  | $ | 4,679 |
Acquired in business combinations |  |  | 8 |  |  |  | - |
Increases due to consideration received from customers |  |  | 4,439 |  |  |  | 6,572 |
Revenue recognized |  |  | (6,396 | ) |  |  | (4,635 | )
Deferred revenue - end of period |  | $ | 4,667 |  |  | $ | 6,616 |
Revenue recognized during the years ended December 31, 2024 and 2023 from amounts included in deferred revenue at the beginning of the period was approximately $4.6 million and $2.7 million, respectively. When invoicing occurs after revenue recognition, the Company has unbilled receivables (contract assets) included within “receivables” on the consolidated balance sheet. The following table presents opening and closing balances of contract assets for the years ended December 31, 2024 and 2023 (in thousands):
|  | Contract Assets |
|  | Years Ended |
|  | December 31, |
|  | 2024 |  |  | 2023 |
Unbilled Receivables - beginning of period |  | $ | 114 |  |  | $ | 270 |
Increases due to revenue recognized, not invoiced to customers |  |  | 2,135 |  |  |  | 3,545 |
Decreases due to customer invoicing |  |  | (2,057 | ) |  |  | (3,701 | )
Unbilled Receivables - end of period |  | $ | 192 |  |  | $ | 114 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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