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Note 3 - Revenue
 12 Months Ended
Dec. 31, 2020
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

 
  

2020

  

2019

  

2018

 

Pumps and pump systems

 $300,906  $341,304  $357,882 

Repair parts for pumps and pump systems and other

  48,061   56,875   56,452 

Total net sales

 $348,967  $398,179  $414,334 

 

Geographic Location

 
  

2020

  

2019

  

2018

 

United States

 $246,913  $275,290  $271,820 

Foreign countries

  102,054   122,889   142,514 

Total net sales

 $348,967  $398,179  $414,334 

 

International sales represented approximately 29% of total net sales for 2020, 31% for 2019 and 34% for 2018, and were made to customers in many different countries around the world.

 

On December 31, 2020, the Company had $113.1 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.

 

The Company’s contract assets and liabilities as of December 31, 2020 and 2019 were as follows:

 

  

December 31, 2020

  

December 31, 2019

 

Contract assets

 $-  $393 

Contract liabilities

  8,004   4,911 

 

Revenue recognized for the year ended December 31, 2020 that was included in the contract liability balance at December 31, 2019 was $4.5 million. 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.