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Note 3 - Revenue
 9 Months Ended
Sep. 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

September 30,

    

Nine Months Ended

September 30,

  
   

2021

    

2020

    

2021

   

2020

 

Pumps and pump systems

   $ 86,770     $ 77,035     $ 241,038     $ 230,581  

Repair parts for pumps and pump systems and other

     15,340       11,947       43,114       35,886  

Total net sales

   $ 102,110     $ 88,982     $ 284,152     $ 266,467  

 

   

Geographic Location

  
   

Three Months Ended

September 30,

    

Nine Months Ended

September 30,

  
   

2021

     2020    

2021

   

2020

 

United States

   $ 68,726     $ 63,292     $ 195,823     $ 188,312  

Foreign countries

     33,384       25,690       88,329       78,155  

Total net sales

   $ 102,110     $ 88,982     $ 284,152     $ 266,467  

 

International sales represented approximately 33% and 29% of total net sales for the third quarter of 2021 and 2020 respectively, and were made to customers in many different countries around the world.

 

On September 30, 2021, the Company had $156.5 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 September 30, 2021 and December 31, 2020 were as follows:

 

   

September 30,

2021

    

December 31,

2020

  

Contract assets

   $ -     $ -  

Contract liabilities

   $ 9,508     $ 8,004  

 

Revenue recognized for the nine months ended September 30, 2021 and 2020 that was included in the contract liabilities balance at the beginning of the period was $6.0 million and $4.4 million, respectively.