XML 21 R11.htm IDEA: XBRL DOCUMENT v3.21.1
Note 3 - Revenue
 3 Months Ended
Mar. 31, 2021
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

 
  

March 31, 2021

  

March 31, 2020

 

Pumps and pump systems

 $75,301  $78,299 

Repair parts for pumps and pump systems and other

  13,726   13,372 

Total net sales

 $89,027  $91,671 

 

  

Geographic Location

 
  

March 31, 2021

  

March 31, 2020

 

United States

 $62,619  $65,368 

Foreign countries

  26,408   26,303 

Total net sales

 $89,027  $91,671 

 

International sales represented approximately 30% and 29% of total net sales for the first quarter of 2021 and 2020, respectively, and were made to customers in many different countries around the world.

 

On March 31, 2021, the Company had $125.5 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 March 31, 2021 and December 31, 2020 were as follows:

 

  

March 31,

2021

  

December 31,

2020

 

Contract assets

 $-  $- 

Contract liabilities

 $8,635  $8,004 

 

Revenue recognized for the three months ended March 31, 2021 and 2020 that was included in the contract liabilities balance at the beginning of the period was $3.8 million and $2.8 million, respectively.