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Note 3 - Revenue
 9 Months Ended
Sep. 30, 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 end market and geographic location:

 

   

End market

  
   

Three Months Ended
September 30,

   

Nine Months Ended
September 30,

 
   

2023

    

2022

    

2023

    

2022

  

Industrial

   $ 34,777     $ 32,093     $ 103,886     $ 72,452  

Fire

     35,986       31,785       109,211       88,237  

Agriculture

     21,235       21,518       65,292       37,571  

Construction

     23,388       19,886       66,723       42,581  

Municipal

     18,841       20,661       55,831       51,940  

Petroleum

     5,801       4,832       16,440       11,506  

OEM

     9,730       7,767       28,223       25,802  

Repair parts

     17,698       15,250       53,340       44,937  

Total net sales

   $ 167,456     $ 153,792     $ 498,946     $ 375,026  

 

   

Geographic Location

  
    Three Months Ended
September 30, 		   

Nine Months Ended
September 30,

 
   

2023

    

2022

    

2023

    

2022

  

United States

   $ 127,132     $ 115,478     $ 375,170     $ 272,943  

Foreign countries

     40,324       38,314       123,776       102,083  

Total net sales

   $ 167,456     $ 153,792     $ 498,946     $ 375,026  

 

International sales represented approximately 24% and 25% of total net sales for the third quarter of 2023 and 2022, respectively, and were made to customers in many different countries around the world.

 

On September 30, 2023, the Company had $237.5 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, 2023 and December 31, 2022 were as follows:

 

   

September 30,
2023

    

December 31,
2022

  

Contract assets

     -       -  

Contract liabilities

   $ 8,767     $ 6,740  

 

Revenue recognized for the nine months ended September 30, 2023 and 2022 that was included in the contract liabilities balance at the beginning of the period was $4.5 million and $8.9 million, respectively.