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Note 3 - Revenue
 6 Months Ended
Jun. 30, 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

 
  

Three Months Ended
June 30,

  

Six Months Ended
June 30,

 
  

2021

  

2020

  

2021

  

2020

 

Pumps and pump systems

 $78,935  $75,356  $154,236  $153,654 

Repair parts for pumps and pump systems and other

  14,080   10,458   27,806   23,831 

Total net sales

 $93,015  $85,814  $182,042  $177,485 

 

  

Geographic Location

 
  

Three Months Ended
June 30,

  

Six Months Ended
June 30,

 
  

2021

  

2020

  

2021

  

2020

 

United States

 $64,478  $59,653  $127,097  $125,020 

Foreign countries

  28,537   26,161   54,945   52,465 

Total net sales

 $93,015  $85,814  $182,042  $177,485 

 

 

International sales represented approximately 31% of total net sales for both the second quarter of 2021 and 2020 and were made to customers in many different countries around the world.

 

On June 30, 2021, the Company had $153.0 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.

 

The Company’s contract assets and liabilities as of June 30, 2021 and December 31, 2020 were as follows:

 

  

June 30,

2021

  

December 31,

2020

 

Contract assets

 $-  $- 

Contract liabilities

 $10,554  $8,004 

 

Revenue recognized for the six months ended June 30, 2021 and 2020 that was included in the contract liabilities balance at the beginning of the period was $4.3 million and $3.8 million, respectively.