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Note 3 - Revenue
 3 Months Ended
Mar. 31, 2023
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

  
   

March 31,

 
   

2023

    

2022

  

Pumps and pump systems

   $ 143,056     $ 85,769  

Repair parts for pumps and pump systems and other

     17,410       16,398  

Total net sales

   $ 160,466     $ 102,167  

 

 

    Geographic Location  
    March 31,  
    2023     2022  

United States

   $ 119,750     $ 72,391  

Foreign countries

     40,716       29,776  

Total net sales

   $ 160,466     $ 102,167  

 

International sales represented approximately 25% and 29% of total net sales for the first quarter of 2023 and 2022, respectively, and were made to customers in many different countries around the world.

 

On March 31, 2023, the Company had $270.6 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 March 31, 2023 and December 31, 2022 were as follows:

 

   

March 31, 2023

    

December 31, 2022

  

Contract assets

   $ -     $ -  

Contract liabilities

   $ 7,599     $ 6,740  

 

Revenue recognized for the three months ended March 31, 2023 and 2022 that was included in the contract liabilities balance at the beginning of the period was $2.4 million and $5.1 million, respectively.