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Note 3 - Revenue

12 Months Ended

Dec. 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
		2021				2020				2019
Pumps and pump systems		$	321,263			$	300,906			$	341,304
Repair parts for pumps and pump systems and other			57,053				48,061				56,875
Total net sales		$	378,316			$	348,967			$	398,179
Geographic Location
		2021				2020				2019
United States		$	260,683			$	246,913			$	275,290
Foreign countries			117,633				102,054				122,889
Total net sales		$	378,316			$	348,967			$	398,179

International sales represented approximately 31% of total net sales for 2021, 29% for 2020 and 31% for 2019, and were made to customers in many different countries around the world.

On December 31, 2021, the Company had $186.0 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 December 31, 2021 and 2020 were as follows:

		December 31, 2021				December 31, 2020
Contract assets		$	-			$	-
Contract liabilities			9,200				8,004

Revenue recognized for the year ended December 31, 2021 that was included in the contract liability balance at December 31, 2020 was $7.4 million. 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.

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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

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-Publisher FASB
-Name Accounting Standards Codification
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