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Note 11 - Business Segment Information | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | Note 11 – Business Segment Information The Company operates in one business segment comprising the design, manufacture and sale of pumps and pump systems. The Company’s products are used in water, wastewater, construction, industrial, petroleum, original equipment, agriculture, fire suppression, heating, ventilation and air conditioning (HVAC), military and other liquid-handling applications. The pumps and pump systems are marketed in the United States and worldwide through a broad network of distributors, through manufacturers’ representatives (for sales to many original equipment manufacturers), through third-party distributor catalogs, and by direct sales. International sales are made primarily through foreign distributors and representatives. The Company's chief operating decision maker ("CODM") is its chief executive officer, who reviews financial information presented on a consolidated basis. The CODM uses consolidated operating income and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the allocation of capital between reinvestment in the business, the payment of dividends, paying down debt, and/or acquisitions. The measure of segment assets is reported on the balance sheet as total consolidated assets. The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2024, 2023 and 2022:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net sales |  | $ | 659,667 |  |  | $ | 659,511 |  |  | $ | 521,027 |
Less |  |  |  |  |  |  |  |  |  |  |  |
Cost of material |  |  | 315,240 |  |  |  | 328,731 |  |  |  | 279,290 |
Labor |  |  | 82,012 |  |  |  | 78,898 |  |  |  | 65,376 |
Overhead |  |  | 58,087 |  |  |  | 55,629 |  |  |  | 45,424 |
Selling |  |  | 48,908 |  |  |  | 45,212 |  |  |  | 35,599 |
General and administrative |  |  | 51,598 |  |  |  | 51,448 |  |  |  | 47,518 |
Amortization expense |  |  | 12,379 |  |  |  | 12,552 |  |  |  | 7,637 |
Operating income |  |  | 91,443 |  |  |  | 87,041 |  |  |  | 40,183 |
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (33,621 | ) |  |  | (41,273 | ) |  |  | (19,240 | )
Other income (expense) |  |  | (7,329 | ) |  |  | (1,807 | ) |  |  | (7,071 | )
Income before income taxes |  |  | 50,493 |  |  |  | 43,961 |  |  |  | 13,872 |
Provision from income taxes |  |  | 10,378 |  |  |  | 9,010 |  |  |  | 2,677 |
Net income |  | $ | 40,115 |  |  | $ | 34,951 |  |  | $ | 11,195 |
The Company sells to approximately 140 countries around the world. The Company attributes revenues to individual countries based on the customer location to which finished products are shipped. The following tables disaggregate total net sales by geographic location:
Geographic Location |  | 2024 |  |  | 2023 |  |  | 2022 |
United States |  | $ | 491,516 |  |  | $ | 497,387 |  |  | $ | 381,306 |
Foreign countries |  |  | 168,151 |  |  |  | 162,124 |  |  |  | 139,721 |
Total net sales |  | $ | 659,667 |  |  | $ | 659,511 |  |  | $ | 521,027 |
As of the years ending December 31, 2024 and 2023, 90.2% and 89.5%, respectively, of the Company’s long-lived assets were located in the United States. For the years ended December 31, 2024 and 2023, no individual foreign country held more than 10% of consolidated long-lived assets nor was responsible for more than 10% of consolidated revenue.

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- Definition The entire disclosure for reporting segments including data and tables. 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