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Note 3 - Revenue | 12 Months Ended
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Dec. 31, 2019
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 |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Pumps and pump systems |  | $ | 341,304 |  |  | $ | 357,882 |  |  | $ | 322,201 |
Repair parts for pumps and pump systems and other |  |  | 56,875 |  |  |  | 56,452 |  |  |  | 57,188 |
Total net sales |  | $ | 398,179 |  |  | $ | 414,334 |  |  | $ | 379,389 |
|  | Geographic Location |
|  | 2019 |  |  | 2018 |  |  | 2017 |
United States |  | $ | 275,290 |  |  | $ | 271,820 |  |  | $ | 241,746 |
Foreign countries |  |  | 122,889 |  |  |  | 142,514 |  |  |  | 137,643 |
Total net sales |  | $ | 398,179 |  |  | $ | 414,334 |  |  | $ | 379,389 |
International sales represented approximately 31% of total net sales for 2019, 34% for 2018 and 36% for 2017, and were made to customers in many different countries around the world. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct product or service to a customer, and is the unit of account in ASC 606. The transaction price for a customer contract is allocated to each distinct performance obligation and recognized as revenue when, or as, the Company’s performance obligation is satisfied. For product sales, other than long-term construction-type contracts, the Company recognizes revenue once control has passed at a point in time, which is generally when products are shipped. Payments received for product sales typically occur following delivery and the satisfaction of the performance obligation based upon the terms outlined in the contracts. Substantially all of our customer contracts are fixed-price contracts and the majority of our customer contracts have a single performance obligation, as the promise to transfer the individual products or services is not separately identifiable from other promises in the contract. For customer contracts with multiple performance obligations, the Company allocates revenue to each performance obligation based on its relative standalone selling price, which is generally determined based on standalone selling prices charged to customers or using expected cost plus margin. All of the Company's performance obligations, and associated revenue, are generally transferred to customers at a point in time, with the exception of certain highly customized pump products, which are transferred to the customer over time. The Company offers standard warranties for its products to ensure that its products comply with agreed-upon specifications in its contracts. For standard warranties, these do not give rise to performance obligations and represent assurance-type warranties. Shipping and handling activities related to products sold to customers, whether performed before or after the customer obtains control of the products, are generally accounted for as activities to fulfill the promise to transfer the products and not as a separate performance obligation. On December 31, 2019, the Company had $105.0 million of remaining performance obligations, also referred to as backlog. The Company expects to recognize as revenue substantially all of its remaining performance obligations within one year. Contract Estimates Accounting for long-term contracts involves the use of various techniques to estimate total contract revenue and costs. For long-term contracts, the Company estimates the profit on a contract as the difference between the total estimated revenue and expected costs to complete a contract and recognizes that profit as performance obligations are satisfied. Contract estimates are based on various assumptions to project the outcome of future events that could span longer than one year. These assumptions include labor productivity and availability, the complexity of the work to be performed, the cost and availability of materials, and the performance of subcontractors as applicable. As a significant change in one or more of these estimates could affect the profitability of our contracts, the Company reviews and updates its contract-related estimates regularly. Adjustments in estimated profit on contracts are accounted for under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date on a contract is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance are recognized using the adjusted estimate. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets. For certain highly customized pump products, revenue is recognized over time before the customer is invoiced, resulting in contract assets. Sometimes the Company receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These contract assets and liabilities are reported on the Consolidated Balance Sheets as a component of Other assets and Deferred revenue and customer deposits, respectively, on a contract-by-contract basis at the end of each reporting period. The Company’s contract assets and liabilities as of December 31, 2019 and 2018 were as follows:
|  | December 31, 201 9 |  |  | December 31, 201 8 |
Contract assets |  | $ | 393 |  |  | $ | 1,953 |
Contract liabilities |  |  | 4,911 |  |  |  | 5,232 |
Revenue recognized for the year ended December 31, 2019 that was included in the contract liability balance at December 31, 2018 was $4.4 million.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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