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Note 2 - Revenue
 9 Months Ended
Sep. 30, 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
September 30,

   

Nine Months Ended
September 30,

 
   

2024

    

2023

    

2024

    

2023

  

Industrial

   $ 30,939     $ 34,777     $ 99,054     $ 103,886  

Fire

     31,591       35,986       92,742       109,211  

Agriculture

     20,496       21,235       62,282       65,292  

Construction

     22,255       23,388       65,592       66,723  

Municipal

     24,279       18,841       70,668       55,831  

Petroleum

     7,004       5,801       18,351       16,440  

OEM

     11,579       9,730       31,420       28,223  

Repair parts

     20,039       17,698       56,854       53,340  

Total net sales

   $ 168,182     $ 167,456     $ 496,963     $ 498,946  

 

 

   

Geographic Location

  
    Three Months Ended
September 30, 		   

Nine Months Ended
September 30,

 
   

2024

    

2023

    

2024

    

2023

  

United States

   $ 124,434     $ 127,132     $ 366,030     $ 375,170  

Foreign countries

     43,748       40,324       130,933       123,776  

Total net sales

   $ 168,182     $ 167,456     $ 496,963     $ 498,946  

 

The Company attributes revenues to individual countries based on the customer location to which finished products are shipped. International sales represented approximately 26% and 24% of total net sales for the third quarter of 2024 and 2023, respectively.

 

On September 30, 2024, the Company had $207.8 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, 2024 and December 31, 2023 were as follows:

 

   

September 30,
2024

    

December 31,
2023

  

Contract assets

   $ -     $ -  

Contract liabilities

   $ 9,681     $ 12,521  

 

Revenue recognized for the nine months ended September 30, 2024 and 2023 that was included in the contract liabilities balance at the beginning of the period was $8.6 million and $4.5 million, respectively.