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Note 2 - Revenue
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

NOTE 2 – REVENUE

 

Disaggregation of Revenue

 

The following tables disaggregate total net sales by end market and geographic location:

 

   

End market

  
   

Three Months Ended
March 31,

 
   

2024

    

2023

  

Industrial

   $ 33,560     $ 33,321  

Fire

     32,289       36,105  

Agriculture

     20,406       21,077  

Construction

     21,482       20,847  

Municipal

     20,215       17,418  

Petroleum

     5,902       5,478  

OEM

     8,158       9,013  

Repair parts

     17,256       17,207  

Total net sales

   $ 159,268     $ 160,466  

 

   

Geographic Location

  
    Three Months Ended
March 31, 		 
   

2024

    

2023

  

United States

   $ 121,072     $ 119,750  

Foreign countries

     38,196       40,716  

Total net sales

   $ 159,268     $ 160,466  

 

The Company attributes revenues to individual countries based on the customer location to which finished products are shipped. International sales represented approximately 24% and 25% of total net sales for the first quarter of 2024 and 2023, respectively.

 

On March 31, 2024, the Company had $234.2 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, 2024 and December 31, 2023 were as follows:

 

   

March 31,
2024

    

December 31,
2023

  

Contract assets

     -       -  

Contract liabilities

   $ 12,324     $ 12,521  

 

Revenue recognized for the three months ended March 31, 2024 and 2023 that was included in the contract liabilities balance at the beginning of the period was $5.4 million and $2.4 million, respectively.