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Note 4 - Revenue
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

Note 4 – Revenue

 

Disaggregation of Revenue

 

The following tables disaggregate total net sales by major product category and geographic location:

 

Product Category

  
   

2022

    

2021

    

2020

  

Pumps and pump systems

   $ 458,890     $ 321,263     $ 300,906  

Repair parts for pumps and pump systems and other

     62,137       57,053       48,061  

Total net sales

   $ 521,027     $ 378,316     $ 348,967  

 

Geographic Location

  
   

2022

    

2021

    

2020

  

United States

   $ 381,306     $ 260,683     $ 246,913  

Foreign countries

     139,721       117,633       102,054  

Total net sales

   $ 521,027     $ 378,316     $ 348,967  

 

International sales represented approximately 27% of total net sales for 2022, 31% for 2021 and 29% for 2020, and were made to customers in many different countries around the world.

 

On December 31, 2022, the Company had $267.4 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, 2022 and 2021 were as follows:

 

   

December 31,

2022

    

December 31,

2021

  

Contract assets

   $ -     $ -  

Contract liabilities

     6,740       9,200  

 

 

Revenue recognized for the year ended December 31, 2022 that was included in the contract liability balance at December 31, 2021 was $9.1 million. 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.