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Note 3 - Revenue
 6 Months Ended
Jun. 30, 2022
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,

  
   

2022

    

2021

    

2022

   

2021

 

Pumps and pump systems

   $ 103,337     $ 78,935     $ 189,106     $ 154,236  

Repair parts for pumps and pump systems and other

     15,730       14,080       32,128       27,806  

Total net sales

   $ 119,067     $ 93,015     $ 221,234     $ 182,042  

 

 

   

Geographic Location

  
   

Three Months Ended
June 30,

    

Six Months Ended
June 30,

  
   

2022

    

2021

    

2022

   

2021

 

United States

   $ 85,375     $ 64,478     $ 157,766     $ 127,097  

Foreign countries

     33,692       28,537       63,468       54,945  

Total net sales

   $ 119,067     $ 93,015     $ 221,234     $ 182,042  

 

International sales represented approximately 28% and 31% of total net sales for the second quarter of 2022 and 2021, respectively, and were made to customers in many different countries around the world.

 

On June 30, 2022, the Company had $264.7 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, 2022 and December 31, 2021 were as follows:

 

   

June 30,
2022

    

December 31,
2021

  

Contract assets

   $ -     $ -  

Contract liabilities

   $ 7,848     $ 9,200  

 

Revenue recognized for the six months ended June 30, 2022 and 2021 that was included in the contract liabilities balance at the beginning of the period was $8.2 million and $4.3 million, respectively.