Badger Meter (BMI) 10-K 22 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 03, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	BADGER METER, INC.
Entity Central Index Key	0000009092
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding		29,292,952
Entity Public Float			$ 2,350
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Trading Symbol	BMI
Security Exchange Name	NYSE
Entity File Number	001-06706
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0143280
Entity Address, Address Line One	4545 W. Brown Deer Road
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53233
City Area Code	(414)
Local Phone Number	355-0400
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the Company's Proxy Statement for the 2023 Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission under Regulation 14A within 120 days after the end of the registrant's fiscal year, are incorporated by reference from the definitive Proxy Statement into Part III of this Annual Report on Form 10-K.
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Milwaukee, Wisconsin

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash	$ 138,052	$ 87,174
Receivables	76,651	65,866
Inventories:
Finished goods	31,350	25,991
Work in process	23,577	24,747
Raw materials	64,929	48,873
Total inventories	119,856	99,611
Prepaid expenses and other current assets	13,273	8,709
Total current assets	347,832	261,360
Property, plant and equipment, at cost:
Land and improvements	8,947	9,183
Building and improvements	70,845	71,103
Machinery and equipment	141,153	136,510
Property, plant and equipment, at cost	220,945	216,796
Less accumulated depreciation	(147,403)	(138,746)
Net property, plant and equipment	73,542	78,050
Intangible assets, at cost less accumulated amortization	53,607	64,176
Other assets	14,048	15,390
Deferred income taxes	12,757	7,529
Goodwill	101,261	104,313
Total assets	603,047	530,818
Current liabilities:
Payables	71,440	41,859
Accrued compensation and employee benefits	20,513	20,644
Warranty and after-sale costs	9,606	12,868
Other current liabilities	8,753	6,775
Total current liabilities	110,312	82,146
Other long-term liabilities	37,808	29,804
Deferred income taxes	4,648	5,385
Accrued non-pension postretirement benefits	3,917	5,214
Other accrued employee benefits	3,940	5,199
Commitments and contingencies (Note 6)
Shareholders’ equity:
Common stock, $1 par, authorized 40,000,000 shares, issued 37,221,098 shares in 2022 and 2021	37,221	37,221
Capital in excess of par value	53,282	49,224
Reinvested earnings	395,155	353,535
Accumulated other comprehensive (loss) income	(5,983)	136
Less: Treasury stock, at cost, 7,928,071 shares in 2022 and 7,971,367 shares in 2021	(37,253)	(37,046)
Total shareholders’ equity	442,422	403,070
Total liabilities and shareholders’ equity	$ 603,047	$ 530,818

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	37,221,098	37,221,098
Treasury stock, shares (in shares)	7,928,071	7,971,367

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net sales	$ 565,568	$ 505,198	$ 425,544
Cost of sales	345,598	299,714	257,295
Gross margin	219,970	205,484	168,249
Selling, engineering and administration	132,675	126,761	103,093
Operating earnings	87,295	78,723	65,156
Interest (income) expense, net	(552)	(20)	30
Other pension and postretirement costs	130	120	145
Earnings before income taxes	87,717	78,623	64,981
Provision for income taxes	21,221	17,739	15,638
Net earnings	$ 66,496	$ 60,884	$ 49,343
Earnings per share:
Basic	$ 2.28	$ 2.09	$ 1.70
Diluted	$ 2.26	$ 2.08	$ 1.69
Shares used in computation of earnings per share:
Basic	29,218	29,144	29,052
Impact of dilutive securities	158	194	178
Diluted	29,376	29,338	29,230

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 66,496	$ 60,884	$ 49,343
Other comprehensive income (loss):
Foreign currency translation adjustments	(6,719)	(1,516)	1,096
Pension and postretirement benefits, net of tax	600	339	(208)
Comprehensive income	$ 60,377	$ 59,707	$ 50,231

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net earnings	$ 66,496	$ 60,884	$ 49,343
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation	11,090	11,291	12,253
Amortization	15,151	16,571	12,963
Deferred income taxes	(5,619)	(3,055)	(3,082)
Noncurrent employee benefits	(648)	(234)	206
Stock-based compensation expense	3,148	2,330	1,415
Changes in:
Receivables	(11,328)	(1,240)	3,036
Inventories	(21,021)	(13,633)	5,129
Payables	28,007	7,005	(391)
Prepaid expenses and other assets	(10,557)	(8,281)	(3,522)
Other liabilities	7,732	15,872	12,228
Total adjustments	15,955	26,626	40,235
Net cash provided by operations	82,451	87,510	89,578
Investing activities:
Property, plant and equipment expenditures	(5,891)	(6,746)	(9,059)
Proceeds from company owned life insurance plans		596
Acquisitions, net of cash acquired		(45,273)	(29,134)
Net cash used for investing activities	(5,891)	(51,423)	(38,193)
Financing activities:
Net decrease in short-term debt			(4,600)
Payment of contingent acquisition consideration			(1,001)
Dividends paid	(24,881)	(22,155)	(20,340)
Proceeds from exercise of stock options	703	2,036	1,058
Repurchase of common stock for treasury stock	(427)	(460)	(3,116)
Issuance of treasury stock		72	180
Net cash used for financing activities	(24,605)	(20,507)	(27,819)
Effect of foreign exchange rates on cash	(1,077)	(679)	(164)
Increase in cash and cash equivalents	50,878	14,901	23,402
Cash and cash equivalents - beginning of period	87,174	72,273	48,871
Cash and cash equivalents - end of period	138,052	87,174	72,273
Cash paid during the year for:
Income taxes	24,038	19,981	17,995
Interest		$ 118	$ 91
Property, plant and equipment acquired through operating lease	2,283
Property, plant and equipment accrued and unpaid	$ 1,517

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock at $1 par value	[1]	Capital in excess of par value	Reinvested earnings	Accumulated other comprehensive income (loss)	Employee benefit stock	Treasury stock (at cost)
Balance at beginning of period at Dec. 31, 2019	$ 331,068	$ 37,200		$ 41,956	$ 285,879	$ 425	$ (154)	$ (34,238)
Net earnings	49,343				49,343
Pension and postretirement benefits (net of tax effect)	(208)					(208)
Foreign currency translation	1,096					1,096
Cash dividends	(20,372)				(20,372)
Stock options exercised	1,058	21		877				160
ESSOP transactions	434			280			$ 154
Stock-based compensation	1,415			1,415
Purchase of common stock for treasury stock	(3,116)							(3,116)
Issuance of treasury stock	541			436				105
Balance at end of period at Dec. 31, 2020	361,259	37,221		44,964	314,850	1,313		(37,089)
Net earnings	60,884				60,884
Pension and postretirement benefits (net of tax effect)	339					339
Foreign currency translation	(1,516)					(1,516)
Cash dividends	(22,199)				(22,199)
Stock options exercised	2,036			1,622				414
Stock-based compensation	2,330			2,330
Purchase of common stock for treasury stock	(460)							(460)
Issuance of treasury stock	397			308				89
Balance at end of period at Dec. 31, 2021	403,070	37,221		49,224	353,535	136		(37,046)
Net earnings	66,496				66,496
Pension and postretirement benefits (net of tax effect)	600					600
Foreign currency translation	(6,719)					(6,719)
Cash dividends	(24,876)				(24,876)
Stock options exercised	703			581				122
Stock-based compensation	3,148			3,148
Purchase of common stock for treasury stock	(427)							(427)
Issuance of treasury stock	427			329				98
Balance at end of period at Dec. 31, 2022	$ 442,422	$ 37,221		$ 53,282	$ 395,155	$ (5,983)		$ (37,253)
[1] Each common share of stock equals $ 1 par value; therefore, the number of common shares is the same as the dollar value.

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Statement of Stockholders' Equity [Abstract]
Tax effect on employee benefit funded status adjustment | $	$ (197)	$ (112)	$ 69
Cash dividends (in dollars per share)	$ 0.85	$ 0.76	$ 0.70
Issuance of treasury stock (in shares) | shares	24	19	22
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1

Basis of Presentation and Accou

Basis of Presentation and Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Accounting Policies	Note 1 Basis of Presentation and Accounting Policies Profile With more than a century of water technology innovation, Badger Meter is a global provider of industry leading water solutions encompassing flow measurement, quality and other system parameters. These offerings provide customers with the data and analytics essential to optimize their operations and contribute to the sustainable use and protection of the world’s most precious resource. The Company’s flow measurement products measure water and other fluids and are known for accuracy, long-lasting durability and for providing valuable and timely measurement data through various methods. The Company’s water quality monitoring solutions include optical sensing and electrochemical instruments that provide real-time, on-demand data parameters. The Company’s product lines fall into two categories: sales of water meters, radios, software and related technologies, and water quality monitoring solutions to water utilities (utility water) and sales of meters and other sensing instruments, valves, software and other solutions for industrial applications in water, wastewater, and other industries (flow instrumentation). The Company estimates that over 90 % of its products are used in water related applications. Utility water, the largest sales product line, is comprised of either mechanical or static (ultrasonic) water meters along with the related radio and software technologies and services used by water utilities as the basis for generating their water and wastewater revenues, enabling operating efficiencies and engaging with their end consumers. It further comprises other sensor technology used in the water distribution system to ensure the safe and efficient delivery of clean water. These sensors are used to detect leaks in the distribution piping system and to monitor various water quality parameters throughout the distribution system. The largest geographic market for the Company’s utility water products is North America, primarily the United States, because most of the Company's meters are designed and manufactured to conform to standards promulgated by the American Water Works Association. The majority of water meters sold by the Company continue to be mechanical in nature; however, static meters are an increasing percentage of the water meters sold by the Company and in the industry, due to a variety of factors, including their ability to maintain measurement accuracy over their useful life. Providing ultrasonic water meter technology, combined with advanced radio technology, provides the Company with the opportunity to sell into other geographical markets, for example the Middle East, Europe and Southeast Asia. The flow instrumentation product line primarily serves water applications throughout the broader industrial markets. This product line includes meters, valves and other sensing instruments sold worldwide to measure and control the quantity of fluids going through a pipe or pipeline including water, air, steam, and other liquids and gases. These products are used in a variety of industries and applications, with the Company’s primary market focus being water/wastewater, heating, ventilating and air conditioning (HVAC) and corporate sustainability. Flow instrumentation products are generally sold to original equipment manufacturers as the primary flow measurement device within a product or system, as well as through manufacturers’ representatives. Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation. Cash Equivalents The Company considers all highly liquid investments with original maturities of ninety days or less to be cash equivalents. Receivables Receivables consist primarily of trade receivables. The Company does not require collateral or other security and evaluates the collectability of its receivables based on a number of factors. An allowance for doubtful accounts is recorded for significant past due receivable balances based on a review of the past due items and the customer's ability and likelihood to pay, as well as applying a historical write-off ratio to the remaining balances. Changes in the Company's allowance for doubtful accounts are as follows: Balance at Provision and Write-offs less Balance at end (In thousands) 2022 $ 697 $ 515 $ ( 33 ) $ 1,179 2021 552 191 ( 46 ) 697 2020 224 356 ( 28 ) 552 Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The Company estimates and records provisions for obsolete and excess inventories. Changes to the Company's obsolete and excess inventories reserve are as follows: Balance at Net additions Disposals Balance at end (In thousands) 2022 $ 6,078 $ 1,498 $ ( 895 ) $ 6,681 2021 6,400 1,329 ( 1,651 ) 6,078 2020 5,440 2,964 ( 2,004 ) 6,400 Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is provided over the estimated useful lives of the respective assets by the straight-line method. The estimated useful lives of assets are: for land improvements, 15 years; for buildings and improvements, 10 to 39 years ; and for machinery and equipment, 3 to 20 years . Capitalized Software and Hardware Capitalized internal use software and hardware included in other assets in the Consolidated Balance Sheets were $ 4.8 million and $ 5.6 million at December 31, 2022 and 2021 , respectively. These amounts are amortized on a straight-line basis over the estimated useful lives of the software and/or hardware, ranging from 1 to 5 years . Amortization expense recognized for the years ending December 31, 2022, 2021 and 2020 w as $ 3.8 million, $ 4.5 million and $ 3.7 million, res pectively. Long-Lived Assets Property, plant and equipment and identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. Intangible Assets Intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 5 to 20 years . The Company does not have any intangible assets deemed to have indefinite lives. Amortization expense was $ 8.6 million in 2022, $ 10.0 million in 2021 and $ 7.2 million in 2020. Amortization expense expected to be recognized is $ 8.0 million in 2023, $ 7.9 in 2024, $ 7.5 million in 2025, $ 6.7 million in 2026, $ 6.1 million in 2027 and $ 17.4 million thereafter. The carrying value and accumulated amortization by major class of intangible assets are as follows: December 31, 2022 December 31, 2021 Gross carrying Accumulated Gross carrying Accumulated (In thousands) Technologies $ 58,504 $ 37,857 $ 58,789 $ 34,254 Intellectual property 6,857 840 10,169 2,744 Non-compete agreements 691 661 748 506 Licenses 650 560 650 543 Customer lists 8,058 5,097 8,083 4,501 Customer relationships 38,602 22,023 39,202 19,663 Trade names 15,880 8,597 16,050 7,304 Total intangibles $ 129,242 $ 75,635 $ 133,691 $ 69,515 Goodwill Goodwill is tested for impairment annually during the fourth quarter or more frequently if an event indicates that the goodwill might be impaired. Potential impairment is identified by comparing the fair value of a reporting unit with its carrying value. No adjustments were recorded to goodwill as a result of these tests during 2022, 2021 and 2020. Goodwill was $ 101.3 million at December 31, 2022, $ 104.3 million at December 31, 2021, and $ 88.7 million at December 31, 2020 . The increase from 2020 to 2021 resulted from the acquisition of ATi, headquartered in Collegeville, Pennsylvania in 2021. This acquisition is further described in Note 3 “Acquisitions”. Warranty and After-Sale Costs The Company estimates and records provisions for warranties and other after-sale costs in the period in which the sale is recorded, based on a lag factor and historical warranty claim experience. After-sale costs represent a variety of activities outside of the written warranty policy, such as investigation of unanticipated issues after the customer has installed the product or analysis of water quality issues. Changes in the Company's warranty and after-sale costs reserve are as follows: Balance at Provision of acquired business Net additions Costs incurred Balance at end (In thousands) 2022 $ 12,868 $ - $ 5,624 $ ( 8,886 ) $ 9,606 2021 11,617 - 5,856 ( 4,605 ) 12,868 2020 5,583 500 7,855 ( 2,321 ) 11,617 Research and Development Research and development costs are charged to expense as incurred and amounted to $ 15.8 million in 2022, $ 14.7 million in 2021 and $ 11.6 million in 2020 . Healthcare The Company estimates and records provisions for healthcare claims incurred but not reported, based on medical cost trend analysis, reviews of subsequent payments made and estimates of unbilled amounts. Accumulated Other Comprehensive Income (Loss) Components of accumulated other comprehensive loss at December 31, 2022 are as follows: (In thousands) Unrecognized Foreign currency Total Balance at beginning of period $ 394 $ ( 258 ) $ 136 Other comprehensive loss before reclassifications - ( 6,719 ) ( 6,719 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($ 197 ) 600 - 600 Net current period other comprehensive loss, net of tax 600 ( 6,719 ) ( 6,119 ) Accumulated other comprehensive loss $ 994 $ ( 6,977 ) $ ( 5,983 ) Reclassifications out of accumulated other comprehensive income during 2022 are immaterial. Components of accumulated other comprehensive income at December 31, 2021 are as follows: (In thousands) Unrecognized Foreign currency Total Balance at beginning of period $ 55 $ 1,258 $ 1,313 Other comprehensive loss before reclassifications - ( 1,516 ) ( 1,516 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($ 112 ) 339 - 339 Net current period other comprehensive loss, net of tax 339 ( 1,516 ) ( 1,177 ) Accumulated other comprehensive income $ 394 $ ( 258 ) $ 136 Reclassifications out of accumulated other comprehensive income during 2021 were immaterial. Use of Estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Fair Value Measurements of Financial Instruments The carrying amounts of cash, receivables and payables in the financial statements approximate their fair values due to the short-term nature of these financial instruments. Included in other assets are insurance policies on various individuals who were associated with the Company. The carrying amounts of these insurance policies approximate their fair value. Subsequent Events The Company evaluates subsequent events at the date of the balance sheet as well as conditions that arise after the balance sheet date but before the financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, if any, disclosures are made regarding the nature of events and the estimated financial effects for those events and conditions. For purposes of preparing the accompanying consolidated financial statements and the notes to these financial statements, the Company evaluated subsequent events through the date the accompanying financial statements were issued. Effective January 1, 2023 , the Company acquired 100 % of the outstanding stock of Syrinix Ltd. ("Syrinix"), headquartered in the United Kingdom, a provider of high-frequency pressure monitoring and leak detection solutions. The purchase consideration, net of cash acquired, was approximately $ 18.0 million. The Syrinix acquisition will be accounted for under the purchase method, and accordingly, the results of operations will be included in the Company's financial statements from the date of acquisition. The acquisition is not expected to have a material impact on the Company's consolidated financial statements and notes thereto. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Simplifying the Accounting for Income Taxes” under ASC 740, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and modifies the existing guidance to enable more consistent application. This guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year with early adoption being permitted. The Company adopted ASU No. 2019-12 on January 1, 2021 , the impact of which was no t significant to the Company. In October 2021, the FASB issued ASU No. 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities with Customers," which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, "Revenue from Contracts with Customers." The guidance is effective for fiscal years beginning after December 15, 2022. The Company does not currently expect a material impact to its consolidated financial statements or disclosures from the adoption of this standard.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Common Stock	Note 2 Common Stock Common Stock The authorized common stock of the Company as of December 31, 2022 consisted of 40,000,000 shares of common stock, $ 1 par value, of which 37,221,098 were issued and outstanding as of December 31, 2022 and 2021, respectively. Stock Options There were no anti-dilutive options in 2022 and 2021 .

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2022
Business Combinations [Abstract]
Acquisitions	Note 3 Acquisitions Acquisitions are accounted for under the purchase method, and accordingly, the results of operations were included in the Company's financial statements from the date of acquisition. The acquisitions did not have a material impact on the Company's consolidated financial statements or the notes thereto. Effective January 1, 2021 , the Company acquired 100 % of the outstanding stock of ATi, headquartered in Collegeville, Pennsylvania, a provider of water quality monitoring systems. The total purchase consideration for ATi, net of cash acquired, was $ 44.0 million. The Company's allocation of the purchase price at December 31, 2021 included $ 3.9 million of receivables, $ 3.9 million of inventory, $ 2.5 million of other assets, $ 21.0 million of intangibles and $ 16.4 million of goodwill that is deductible for tax purposes. The intangible assets acquired are primarily customer relationships, developed technology and trademarks with estimated average useful lives of 12 to 15 years . The Company also assumed $ 1.4 million of accounts payable, $ 0.6 million of deferred tax liabilities and $ 1.7 million of other liabilities as part of the acquisition. The allocation of the purchase price to the assets acquired was based upon the estimated fair values at the date of acquisition. As of December 31, 2021, the Company had completed its analysis for estimating the fair value of the assets acquired with no additional adjustments. Effective November 2, 2020 , the Company acquired 100 % of the outstanding stock of s::can headquartered in Vienna, Austria. s::can specializes in optical water quality sensing solutions that provide real-time measurement of a variety of parameters in water and wastewater utilizing in-line monitoring systems and other applications. The total purchase consideration for s::can, net of cash acquired, was $ 30.5 million, inclusive of $ 1.3 million of working capital adjustments. The Company's allocation of the purchase price at December 31, 2021 included $ 2.6 million of receivables, $ 4.3 million of inventory, $ 1.2 million of other assets, $ 12.7 million of intangibles and $ 17.7 million of goodwill that is not deductible for tax purposes. The intangible assets acquired are primarily customer relationships and developed technology with an estimated average useful life of 12 years. The Company also assumed $ 3.5 million of accounts payable, $ 3.2 million of deferred tax liabilities and $ 1.3 million of other liabilities as part of the acquisition. The allocation of the purchase price to the assets acquired was based upon the estimated fair values at the date of acquisition. As of December 31, 2021, the Company had completed its analysis for estimating the fair value of the assets acquired with no additional adjustments.

Short-term Debt and Credit Line

Short-term Debt and Credit Lines	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Short-term Debt and Credit Lines	Note 4 Short-term Debt and Credit Lines The Company did no t have short-term debt at December 31, 2022 and 2021 . On July 8, 2021 , the Company entered into a new credit agreement. The Company amended its credit agreement to modify the benchmark interest rate on January 20, 2023. The credit agreement includes a $ 150.0 million multi-currency line of credit that supports commercial paper (up to $ 100.0 million). The facility includes several features that enhance the Company’s financial flexibility including an increase feature, acquisition holiday and favorable financial covenants. The Company was in compliance with all covenants as of December 31, 2022. The Company had $ 156.6 million of unused credit lines available at December 31, 2022 .

Stock Compensation

Stock Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock Compensation	Note 5 Stock Compensation As of December 31, 2022 , the Company has an Omnibus Incentive Plan under which 1,000,000 shares are reserved for restricted stock, performance shares and stock options grants for employees, as well as stock grants for directors. The plan was approved in 2021 and replaced all prior stock-based plans except for shares and options previously issued under those plans. As of December 31, 2022 and 2021 there were 938,147 and 994,119 shares, respectively, of the Company’s Common Stock available for grant under the 2021 Omnibus Incentive Plan. The Company recognizes the cost of stock-based awards in net earnings for all of its stock-based compensation plans on a straight-line basis over the service period of the awards. The following sections describe the four types of grants in more detail. Stock Options The Company estimates the fair value of its option awards using the Black-Scholes option-pricing formula, and records compensation expense for stock options ratably over the stock option grant’s vesting period. Stock option compensation expense recognized by the Company for the years ended December 31, 2022, 2021 and 2020 was $ 0.3 million, $ 0.4 million and $ 0.4 million, respectively. No new stock options were granted in 2022 and 2021. The following table summarizes the transactions of the Company’s stock option plans for the three-year period ended December 31, 2022: Number of shares Weighted- Options outstanding - December 31, 2019 337,332 $ 31.82 Options granted 41,807 62.76 Options exercised ( 55,716 ) 18.99 Options forfeited ( 7,229 ) 50.19 Options outstanding - December 31, 2020 316,194 $ 37.75 Options exercised ( 88,932 ) 22.89 Options outstanding - December 31, 2021 227,262 $ 43.56 Options exercised ( 25,986 ) 27.04 Options forfeited ( 4,529 ) 60.82 Options outstanding - December 31, 2022 196,747 $ 45.35 Exercisable options — December 31, 2020 235,829 $ 30.82 December 31, 2021 170,484 38.31 December 31, 2022 163,316 42.23 The following assumptions were used for valuing options granted in the year ended December 31, 2020: Per share fair value of options granted during the period $ 17.49 Risk-free interest rate 0.64 % Dividend yield 1.05 % Volatility factor 30.0 % Weighted-average expected life in years 7.0 The expected life was based on historical exercise behavior and the projected exercise of unexercised stock options. The risk-free interest rate was based on the U.S. Treasury yield curve in effect on the date of grant for the respective expected life of the option. The expected dividend yield was based on the expected annual dividends divided by the grant date market value of the Company’s Common Stock. The expected volatility was based on the historical volatility of the Company’s Common Stock. The weighted-average contractual life remaining for options outstanding as of December 31, 2022 was 4.3 years. The following table summarizes the aggregate intrinsic value related to options exercised, outstanding and exercisable as of and for the years ended December 31: 2022 2021 2020 (In thousands) Exercised $ 2,175 $ 7,085 $ 3,054 Outstanding 12,529 14,316 17,805 Exercisable 10,910 11,635 14,913 As of December 31, 2022, the unrecognized compensation cost related to stock options was approximately $ 0.4 million, which will be recognized over a weighted average period of 1.8 years. Director Stock Grant Non-employee directors receive an annual stock award of the Company’s Common Stock under the 2021 Omnibus Incentive Plan. The annual stock award for 2022 was $ 64,000 . The Company values stock grants for directors at the closing price of the Company’s stock on the day the grant was awarded. The Company records compensation expense for this plan ratably over the annual service period beginning May 1. Director stock compensation expense recognized by the Company for the years ended December 31, 2022 was $ 0.5 million compared to $ 0.3 million in 2021 and $ 0.4 million in 2020. As of December 31, 2022 , the unrecognized compensation cost related to the director stock award that is expected to be recognized over the remaining four months is estimated to be approximately $ 0.2 million. Restricted Stock The Company periodically issues nonvested shares of the Company's Common Stock to certain eligible employees. The Company values restricted stock on the closing price of the Company's stock on the day the grant was awarded. The Company records compensation expense for this plan ratably over the vesting periods. Restricted stock compensation expense recognized by the Company for the year ended December 31, 2022 was $ 1.6 million compared to $ 1.4 million in 2021 and $ 1.0 million in 2020. The fair value of nonvested shares is determined based on the market price of the shares on the grant date. Shares Fair value Nonvested at December 31, 2019 64,480 $ 48.21 Granted 20,758 64.19 Vested ( 25,044 ) 39.87 Forfeited ( 2,645 ) 54.35 Nonvested at December 31, 2020 57,549 $ 57.33 Granted 17,430 99.90 Vested ( 16,528 ) 49.31 Forfeited ( 1,384 ) 58.68 Nonvested at December 31, 2021 57,067 $ 72.62 Granted 21,637 97.41 Vested ( 23,302 ) 66.87 Forfeited ( 4,327 ) 86.53 Nonvested at December 31, 2022 51,075 $ 84.85 As of December 31, 2022, there was $ 2.2 million of unrecognized compensation cost related to nonvested restricted stock that is expected to be recognized over a weighted average period of 1.8 years. Performance Share Units Beginning in 2021, the Company periodically issues performance share units to certain eligible employees. Recipients of performance share grants are eligible to receive shares of our common stock depending upon the level of our total adjusted return on invested capital (ROIC) and adjusted free cash flow conversion as measured over a three-year performance period. The number of shares earned for awards granted in 2021 and 2022 will range from 50 % to 200 % of the granted number of performance shares for the three-year performance period ending December 31, 2023 and December 31, 2024 , respectively, and will vest, to the extent earned, in the fiscal quarter following the end of the applicable three-year performance period. Performance share compensation expense recognized by the Company for the year ended December 31, 2022 was $ 1.2 million compared to $ 0.6 million in 2021. A summary of performance share activity for the two years ended December 31 is as follows: Performance Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2020 — $ — Granted 14,748 100.37 Adjustment for expected performance results 7,374 100.37 Nonvested at December 31, 2021 22,122 $ 100.37 Granted 16,870 97.62 Adjustment for expected performance results 6,746 97.62 Forfeited ( 2,892 ) 99.43 Nonvested at December 31, 2022 42,846 $ 98.92 As of December 31, 2022, there was $ 2.4 million of unrecognized compensation cost related to nonvested performance share units that is expected to be realized over a weighted average period of 1.8 years.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6 Commitments and Contingencies Commitments The Company makes commitments in the normal course of business. The Company rents equipment, vehicles and facilities under operating leases, some of which contain renewal options. Total rental expense charged to operations under all operating leases was $ 3.5 million in 2022 , and $ 3.1 million in 2021 and 2020. The Company’s lease commitments and future minimum lease payments are discussed in Note 12 “Leases.” Contingencies In the normal course of business, the Company is named in legal proceedings. There are currently no material legal proceedings pending with respect to the Company. The Company is subject to contingencies related to environmental laws and regulations. A future change in circumstances with respect to specific matters or with respect to sites formerly or currently owned or operated by the Company, off-site disposal locations used by the Company, and property owned by third parties that is near such sites, could result in future costs to the Company and such amounts could be material. Expenditures for compliance with environmental control provisions and regulations during 2022, 2021 and 2020 were not material. The Company relies on single suppliers for most brass castings and certain resin and electronic subassemblies in several of its product lines. The Company believes these items would be available from other sources, but that the loss of certain suppliers could result in a higher cost of materials, delivery delays, short-term increases in inventory and higher quality control costs in the short term. The Company attempts to mitigate these risks by working closely with key suppliers, purchasing minimal amounts from alternative suppliers and by purchasing business interruption insurance where appropriate. The Company reevaluates its exposures on a periodic basis and makes adjustments to reserves as appropriate.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plans	Note 7 Employee Benefit Plan s The Company maintains supplemental non-qualified plans for certain officers and other key employees. The expense for these plans was not material for 2022, 2021 or 2020. The discount rate used to measure the net periodic pension cost was 2.61 % for 2022, 2.08 % for 2021 and 2.87 % for 2020. The amount accrued was $ 0.7 million and $ 0.6 million as of December 31, 2022 and 2021, respectively. The Company also maintains an Employee Savings and Stock Ownership Plan (“ESSOP”) for the majority of the U.S. employees. The ESSOP includes a voluntary 401(k) savings plan that allows certain employees to defer up to 50 % of their income on a pretax basis subject to limits on maximum amounts. The Company matches 25 % of each employee’s contribution, with the match percentage applying to a maximum of 7 % of each employee's salary. Compensation expense was $ 1.1 million in 2022 compared to $ 0.9 million in 2021 and $ 0.5 million in 2020. The Company also contributes to a defined contribution feature within the ESSOP plan. Contributions are discretionary and are calculated as a percentage of eligible wages of the employee. Compensation expense under the defined contribution feature was $ 3.7 million in 2022, $ 3.1 million in 2021 and $ 2.0 million in 2020. Other Postretirement Benefits The Company also has a postretirement healthcare benefit plan that provides medical benefits for certain U.S. retirees and eligible dependents hired prior to November 1, 2004. Employees are eligible to receive postretirement healthcare benefits upon meeting certain age and service requirements. No employees hired after October 31, 2004 are eligible to receive these benefits. This plan requires employee contributions to offset benefit costs. The following table sets forth the components of net periodic postretirement benefit cost for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 (In thousands) Service cost, benefits attributed for service of active employees for the period $ 91 $ 104 $ 103 Interest cost on the accumulated postretirement benefit obligation 119 99 154 Amortization of actuarial gain ( 48 ) — ( 22 ) Net periodic postretirement benefit cost $ 162 $ 203 $ 235 The discount rate used to measure the net periodic postretirement benefit cost was 2.82 % for 2022, 2.45 % for 2021 and 3.19 % for 2020 . It is the Company's policy to fund healthcare benefits on a cash basis. Because the plan is unfunded, there are no plan assets. The following table provides a reconciliation of the projected benefit obligation at the Company's December 31 measurement date: 2022 2021 (In thousands) Benefit obligation at beginning of year $ 5,544 $ 6,145 Service cost 91 104 Interest cost 119 99 Actuarial gain ( 833 ) ( 504 ) Plan participants' contributions 600 603 Benefits paid ( 1,277 ) ( 903 ) Benefit obligation, end of year $ 4,244 $ 5,544 The amounts recognized in the Consolidated Balance Sheets at December 31 are: 2022 2021 (In thousands) Accrued compensation and employee benefits $ 328 $ 331 Accrued non-pension postretirement benefits 3,916 5,213 Amounts recognized at December 31 $ 4,244 $ 5,544 The discount rate used to measure the accumulated postretirement benefit obligation was 5.16 % for 2022 and 2.82 % for 2021. The Company's discount rate assumptions for its postretirement benefit plan are based on the average yield of a hypothetical high quality bond portfolio with maturities that approximately match the estimated cash flow needs of the plan. Because the plan requires the Company to establish fixed Company contribution amounts for retiree healthcare benefits, future healthcare cost trends do not generally impact the Company's accruals or provisions. Estimated future benefit payments of postretirement benefits, assuming increased cost sharing, expected to be paid in each of the next five years beginning with 2023 are $ 0.4 million through 2027, with an aggregate of $ 1.7 million for the five years thereafter. These amounts can vary significantly from year to year because the cost sharing estimates can vary from actual expenses as the Company is self-insured. Amounts included in accumulated other comprehensive income, net of tax, at December 31, 2022 that have not yet been recognized in net periodic benefit cost are as follows: Pension Other (In thousands) Net actuarial loss (gain) $ 101 $ ( 1,095 ) Amounts included in accumulated other comprehensive income, net of tax, at December 31, 2022 expected to be recognized in net periodic benefit cost during the fiscal year ending December 31, 2023 are not expected to be material.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 Income Taxes The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes and recording the related deferred tax assets and liabilities. Details of earnings before income taxes are as follows: 2022 2021 2020 (In thousands) Domestic $ 83,680 $ 74,509 $ 65,908 Foreign 4,037 4,114 ( 927 ) Total $ 87,717 $ 78,623 $ 64,981 The provision (benefit) for income taxes is as follows: 2022 2021 2020 (In thousands) Current: Federal $ 20,089 $ 15,299 $ 14,482 State 4,720 3,556 3,419 Foreign 2,031 1,939 819 Deferred: Federal ( 4,289 ) ( 1,774 ) ( 2,495 ) State ( 955 ) ( 600 ) ( 644 ) Foreign ( 375 ) ( 681 ) 57 Total $ 21,221 $ 17,739 $ 15,638 The provision for income tax differs from the amount that would be provided by applying the statutory U.S. corporate income tax rate in each year due to the following items: 2022 2021 2020 (In thousands) Provision at statutory rate $ 18,421 $ 16,511 $ 13,646 State income taxes, net of federal tax benefit 2,938 2,288 2,196 Valuation allowance 571 168 1,302 Foreign - tax rate differential and other 388 606 ( 267 ) Federal tax credits ( 1,016 ) ( 770 ) ( 517 ) Compensation subject to section 162(m) 693 685 110 Stock based compensation ( 523 ) ( 1,510 ) ( 682 ) Other ( 251 ) ( 239 ) ( 150 ) Actual provision $ 21,221 $ 17,739 $ 15,638 The components of deferred income taxes as of December 31 are as follows: 2022 2021 (In thousands) Deferred tax assets: Reserve for receivables and inventory $ 2,972 $ 2,532 Accrued compensation 2,209 2,641 Reserves and payables 2,340 3,101 Accrued post-retirement medical benefits 1,054 1,381 Net operating loss and credit carryforwards 2,827 2,260 Deferred compensation 1,139 1,041 Accrued qualified plan benefits 1,193 1,034 Accrued stock-based compensation 1,120 1,212 Deferred revenue 4,793 2,530 Operating lease liabilities 1,262 959 Research and development costs 2,625 — Other 987 967 Total gross deferred tax assets 24,521 19,658 Less: valuation allowance ( 2,690 ) ( 2,169 ) Total net deferred tax assets 21,831 17,489 Deferred tax liabilities: Property, plant and equipment 4,454 5,056 Intangible assets 7,247 8,475 Prepaids 238 413 Operating lease assets 1,258 949 Other 525 452 Total deferred tax liabilities 13,722 15,345 Net deferred tax assets $ 8,109 $ 2,144 As of December 31, 2022 , the Company had foreign net operating loss carryforwards of approximately $ 7.5 million, of which $ 7.4 million have an unlimited carryforward period. The Company also has $ 0.6 million in domestic tax credit carryforwards primarily related to state specific tax credits that the Company expects to fully utilize in future tax periods. The Company has recorded a full valuation allowance against certain deferred tax assets which are not likely to be realized. The valuation allowance relates primarily to foreign net operating loss carryforwards. As a result of a law change included in the Tax Cuts and Jobs Act of 2017, the Company has capitalized certain research and development costs for tax purposes starting in 2022. Such capitalized costs are amortized over 5 years for costs incurred in the U.S. and 15 years for costs incurred outside the U.S. This law change had an immaterial impact on the Company's 2022 provision for income taxes related to costs incurred outside the U.S. In general, it is the Company's practice and intention to reinvest earnings of its non-U.S. subsidiaries in those operations. As of December 31, 2022 , the Company has not made a provision for incremental U.S. income taxes or additional foreign withholding taxes on approximately $ 15.6 million of such undistributed earnings, $ 13.8 million of which was previously subject to U.S. tax that is deemed indefinitely reinvested. Changes in the Company's gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows: 2022 2021 (In thousands) Balance at beginning of year $ 1,172 $ 1,123 (Reductions) Increases in unrecognized tax benefits as a result of positions taken during the prior year ( 89 ) 52 Increases in unrecognized tax benefits as a result of positions taken during the 231 230 Reductions to unrecognized tax benefits as a result of a lapse of the applicable ( 275 ) ( 233 ) Balance at end of year $ 1,039 $ 1,172 The Company does not expect a significant increase or decrease to the total amount of unrecognized tax benefits during the fiscal year ending December 31, 2022 . To the extent these unrecognized tax benefits are ultimately recognized, they will impact the effective tax rate. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years prior to 2019, and, with few exceptions, state and local income tax examinations by tax authorities for years prior to 2018. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as operating expenses. Accrued interest was approximately $ 0.1 million at both December 31, 2022 and 2021 and there were no penalties accrued in either year.

Industry Segment and Geographic

Industry Segment and Geographic Areas	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Industry Segment and Geographic Areas	Note 9 Industry Segm ent and Geographic Areas The Company is an innovator, manufacturer, marketer and distributor of products incorporating flow measurement, control, quality and communication solutions, which comprise one reportable segment. The Company manages and evaluates its operations as one segment primarily due to similarities in the nature of the products, production processes, customers and methods of distribution. Information regarding revenues by geographic area is as follows: 2022 2021 2020 (In thousands) Revenues: United States $ 491,683 $ 432,188 $ 376,426 Foreign: Asia 14,995 16,736 6,437 Canada 12,768 11,867 10,406 Europe 28,718 30,359 18,255 Mexico 3,931 5,110 4,886 Middle East 9,286 7,176 6,114 Other 4,187 1,762 3,020 Total $ 565,568 $ 505,198 $ 425,544 Information regarding assets by geographic area is as follows: 2022 2021 (In thousands) Long-lived assets: United States $ 43,182 $ 46,092 Foreign: Europe 12,923 13,991 Mexico 17,437 17,967 Total $ 73,542 $ 78,050 2022 2021 (In thousands) Total assets: United States $ 466,697 $ 391,328 Foreign: Europe $ 113,945 118,359 Mexico $ 22,405 21,131 Total $ 603,047 $ 530,818

Unaudited_ Quarterly Results of

Unaudited: Quarterly Results of Operations, Common Stock Price and Dividends	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Unaudited: Quarterly Results of Operations, Common Stock Price and Dividends	Note 10 Unaudited: Quarterly Results of Operations, Common Stock Price and Dividends The Company's Common Stock is listed on the New York Stock Exchange under the symbol BMI. Earnings per share are computed independently for each quarter. As such, the annual per share amount may not equal the sum of the quarterly amounts due to rounding. The Company currently anticipates continuing to pay cash dividends. Shareholders of record as of December 31, 2022 and 2021 totaled 560 and 557 , respectively. Voting trusts and street name shareholders are counted as single shareholders for this purpose. Quarter ended March 31 June 30 September 30 December 31 (In thousands, except per share data) 2022 Net sales $ 132,402 $ 137,833 $ 148,009 $ 147,324 Gross margin 50,723 54,760 57,522 56,965 Net earnings 14,360 16,664 17,933 17,539 Earnings per share: Basic $ 0.49 $ 0.57 $ 0.61 $ 0.60 Diluted 0.49 0.57 0.61 0.60 Dividends declared 0.20 0.20 0.23 0.23 Stock price: High $ 108.76 $ 102.67 $ 103.30 $ 120.54 Low 85.55 73.20 76.88 88.16 Quarter-end close 99.71 80.89 92.39 109.03 2021 Net sales $ 117,842 $ 122,869 $ 128,738 $ 135,748 Gross margin 49,362 50,102 51,184 54,835 Net earnings 13,781 13,972 15,855 17,276 Earnings per share: Basic $ 0.47 $ 0.48 $ 0.54 $ 0.59 Diluted 0.47 0.48 0.54 0.59 Dividends declared 0.18 0.18 0.20 0.20 Stock price: High $ 111.77 $ 100.01 $ 108.25 $ 112.36 Low 88.98 89.29 93.88 99.13 Quarter-end close 93.07 98.12 101.14 105.64

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 11 Revenue Recognition Revenue for sales of products and services is derived from contracts with customers. The products and services promised in contracts include the sale of utility water and flow instrumentation products, such as flow meters and radios, quality sensing equipment, software access and other ancillary services. Contracts generally state the terms of sale, including the description, quantity and price of each product or service. Since the customer typically agrees to a stated rate and price in the contract that does not vary over the life of the contract, the majority of the Company's contracts do not contain variable consideration. The Company establishes a provision for estimated warranty and returns as well as certain after sale costs as discussed in Note 1 “Summary of Significant Accounting Policies.” The Company disaggregates revenue from contracts with customers into geographical regions and by the timing of when goods and services are transferred. The Company determined that disaggregating revenue into these categories depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by regional economic factors. Information regarding revenues disaggregated by geographic area is disclosed in Note 9 “Industry Segment and Geographic Areas.” Information regarding revenues disaggregated by the timing of when goods and services are transferred is as follows for the years ended December 31: 2022 2021 (In thousands) Revenue recognized over time $ 35,695 6.3 % $ 28,524 5.6 % Revenue recognized at a point in time 529,873 93.7 % 476,674 94.4 % Total $ 565,568 100.0 % $ 505,198 100.0 % The Company performs its obligations under a contract by shipping products or performing services in exchange for consideration. The Company typically invoices its customers as soon as control of an asset is transferred and a receivable to the Company is established. The Company, however, recognizes a contract liability when a customer prepays for goods or services and the Company has not transferred control of the goods or services. The Company's receivables and contract liabilities are as follows at the years ended December 31 are as follows: 2022 2021 (In thousands) Receivables $ 76,651 $ 65,866 Contract liabilities 40,700 30,194 Contract liabilities are included in payables and other-long term liabilities on the Company’s Consolidated Balance Sheet. The balance of contract assets was immaterial as the Company did not have a significant amount of uninvoiced receivables at December 31, 2022 and 2021. A performance obligation in a contract is a promise to transfer a distinct good or service to the customer. At contract inception, the Company assesses the products and services promised in its contracts with customers. The Company then identifies performance obligations to transfer distinct products or services to the customer. In order to identify performance obligations, the Company considers all of the products or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. The Company's performance obligations are satisfied at a point in time or over time as work progresses. The majority of the Company's revenue recognized at a point in time is for the sale of utility and flow instrumentation products. Revenue from these contracts is recognized when the customer is able to direct the use of and obtain substantially all of the benefits from the product which generally coincides with title transfer during the shipping process. The majority of the Company's revenue that is recognized over time relates to the BEACON software as a service (“SaaS”). The Company records revenue for BEACON SaaS revenue over time as the customer benefits from the use of the Company's software. Control of an asset is therefore transferred to the customer over time and the Company will recognize revenue for BEACON SaaS as service units are used by the customer. Revenue is recorded for various ancillary services, such as project management and training, over time as the customer benefits from the services provided. The majority of this revenue will be recognized equally throughout the contract period as the customer receives benefits from the Company's promise to provide such services. If the service is not provided evenly over the contract period, revenue will be recognized by the associated input/output method that best measures the progress towards contract completion. As of December 31, 2022, the Company had certain contracts with unsatisfied performance obligations. For contracts recorded as long-term liabilities, $ 40.7 million was the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied as of the end of the reporting period. The Company estimates that revenue recognized from satisfying those performance obligations will be approximately $ 9.3 million in 2023 , $ 5.3 million in 2024 , $ 4.7 million in 2025 , $ 4.1 million in 2026 , $ 3.6 million in 2027 and $ 13.7 million thereafter . The Company also has contracts that include both the sale and installation of flow meters as performance obligations. In those cases, the Company records revenue for installed flow meters at the point in time when the flow meters have been accepted by the customer. The customer cannot control the use of and obtain substantially all of the benefits from the equipment until the customer has accepted the installed product. Therefore, for both the flow meter and the related installation, the Company has concluded that control is transferred to the customer upon customer acceptance of the installed flow meter. In addition, the Company has a variety of ancillary revenue streams which are minor. The types and composition of the Company's revenue streams did not materially change during the year ended December 31, 2022. The transaction price for a contract is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied. For contracts with multiple performance obligations, the Company allocates the contract's transaction price to each performance obligation using the best estimate of the standalone selling price of each distinct good or service in a contract. The primary method used to estimate standalone selling price is the observable price when the good or service is sold separately in similar circumstances and to similar customers. If standalone selling price is not directly observable, it is estimated using either a market adjustment or cost plus margin approach. The recording of assets recognized from the costs to obtain and fulfill customer contracts primarily relate to the deferral of sales commissions on the Company's BEACON software arrangements. The Company's costs incurred to obtain or fulfill a contract with a customer are amortized over the period of benefit of the related revenue. The Company expenses any costs incurred immediately when the amortization period would be one year or less. These costs are recorded within selling, engineering and administration expenses. For the year ended December 31, 2022 , the Company elected the following practical expedients : In accordance with Subtopic 340-40 “Other Assets and Deferred Costs - Contracts with Customers,” the Company elected to expense the incremental costs of obtaining a contract when the amortization period for such contracts would have been one year or less. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, and contracts for which it has the right to invoice for services performed. The Company has made an accounting policy election to exclude all taxes by governmental authorities from the measurement of the transaction price.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Note 12 Leases The Company rents facilities, equipment and vehicles under operating leases, some of which contain renewal options. Upon inception of a rent agreement, the Company determines whether the arrangement contains a lease based on the unique conditions present. Leases that have a term over a year are recognized on the balance sheet as right-of-use assets and lease liabilities. Right-of-use assets are included in other assets on the Company’s Consolidated Balance Sheet. Lease liabilities are included in other current liabilities and other long-term liabilities on the Company’s Consolidated Balance Sheet. Information regarding the Company's right-of-use assets and the corresponding lease liabilities at the years ended December 31 is as follows: December 31, December 31, (In thousands) Right-of-use assets $ 6,533 $ 5,877 Lease liabilities 6,792 6,177 The Company’s operating lease agreements have lease and non-lease components that require payments for common area maintenance, property taxes and insurance. The Company has elected to account for both lease and non-lease components as one lease component. The fixed and in-substance fixed consideration in the Company’s rent agreements constitute operating lease expense that is included in the capitalized right-of-use assets and lease liabilities. The variable and short-term lease expense payments are not included in the present value of the right-of use-assets and lease liabilities on the Consolidated Balance Sheet. The Company’s rent expense for the years ended December 31 is as follows: 2022 2021 (In thousands) Operating lease expense $ 3,447 $ 2,995 Variable and short-term lease expense 76 153 Rent expense $ 3,523 $ 3,148 The Company records right-of-use assets and lease liabilities based upon the present value of lease payments over the expected lease term. The Company’s lease agreements typically do not have implicit interest rates that are readily determinable. As a result, the Company utilizes an incremental borrowing rate that would be incurred to borrow on a collateralized basis over a similar term in a comparable economic environment. As of December 31, 2022 and 2021 , the remaining lease term on the Company’s leases was 5.3 years and 5.6 years, respectively. As of December 31, 2022 and 2021 , the discount rate was 5.0 %. The future minimum lease payments to be paid under operating leases are as follows: December 31, (In thousands) 2023 $ 2,399 2024 2,012 2025 1,810 2026 723 2027 112 Thereafter 747 Total future lease payments 7,803 Present value adjustment ( 1,011 ) Present value of future lease payments $ 6,792

Basis of Presentation and Acc_2

Basis of Presentation and Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Consolidation	Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with original maturities of ninety days or less to be cash equivalents.
Receivables	Receivables Receivables consist primarily of trade receivables. The Company does not require collateral or other security and evaluates the collectability of its receivables based on a number of factors. An allowance for doubtful accounts is recorded for significant past due receivable balances based on a review of the past due items and the customer's ability and likelihood to pay, as well as applying a historical write-off ratio to the remaining balances. Changes in the Company's allowance for doubtful accounts are as follows: Balance at Provision and Write-offs less Balance at end (In thousands) 2022 $ 697 $ 515 $ ( 33 ) $ 1,179 2021 552 191 ( 46 ) 697 2020 224 356 ( 28 ) 552
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The Company estimates and records provisions for obsolete and excess inventories. Changes to the Company's obsolete and excess inventories reserve are as follows: Balance at Net additions Disposals Balance at end (In thousands) 2022 $ 6,078 $ 1,498 $ ( 895 ) $ 6,681 2021 6,400 1,329 ( 1,651 ) 6,078 2020 5,440 2,964 ( 2,004 ) 6,400
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is provided over the estimated useful lives of the respective assets by the straight-line method. The estimated useful lives of assets are: for land improvements, 15 years; for buildings and improvements, 10 to 39 years ; and for machinery and equipment, 3 to 20 years .
Capitalized Software and Hardware	Capitalized Software and Hardware Capitalized internal use software and hardware included in other assets in the Consolidated Balance Sheets were $ 4.8 million and $ 5.6 million at December 31, 2022 and 2021 , respectively. These amounts are amortized on a straight-line basis over the estimated useful lives of the software and/or hardware, ranging from 1 to 5 years . Amortization expense recognized for the years ending December 31, 2022, 2021 and 2020 w as $ 3.8 million, $ 4.5 million and $ 3.7 million, res pectively.
Long-Lived Assets	Long-Lived Assets Property, plant and equipment and identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets.
Intangible Assets	Intangible Assets Intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from 5 to 20 years . The Company does not have any intangible assets deemed to have indefinite lives. Amortization expense was $ 8.6 million in 2022, $ 10.0 million in 2021 and $ 7.2 million in 2020. Amortization expense expected to be recognized is $ 8.0 million in 2023, $ 7.9 in 2024, $ 7.5 million in 2025, $ 6.7 million in 2026, $ 6.1 million in 2027 and $ 17.4 million thereafter. The carrying value and accumulated amortization by major class of intangible assets are as follows: December 31, 2022 December 31, 2021 Gross carrying Accumulated Gross carrying Accumulated (In thousands) Technologies $ 58,504 $ 37,857 $ 58,789 $ 34,254 Intellectual property 6,857 840 10,169 2,744 Non-compete agreements 691 661 748 506 Licenses 650 560 650 543 Customer lists 8,058 5,097 8,083 4,501 Customer relationships 38,602 22,023 39,202 19,663 Trade names 15,880 8,597 16,050 7,304 Total intangibles $ 129,242 $ 75,635 $ 133,691 $ 69,515
Goodwill	Goodwill Goodwill is tested for impairment annually during the fourth quarter or more frequently if an event indicates that the goodwill might be impaired. Potential impairment is identified by comparing the fair value of a reporting unit with its carrying value. No adjustments were recorded to goodwill as a result of these tests during 2022, 2021 and 2020. Goodwill was $ 101.3 million at December 31, 2022, $ 104.3 million at December 31, 2021, and $ 88.7 million at December 31, 2020 . The increase from 2020 to 2021 resulted from the acquisition of ATi, headquartered in Collegeville, Pennsylvania in 2021. This acquisition is further described in Note 3 “Acquisitions”.
Warranty and After-Sale Costs	Warranty and After-Sale Costs The Company estimates and records provisions for warranties and other after-sale costs in the period in which the sale is recorded, based on a lag factor and historical warranty claim experience. After-sale costs represent a variety of activities outside of the written warranty policy, such as investigation of unanticipated issues after the customer has installed the product or analysis of water quality issues. Changes in the Company's warranty and after-sale costs reserve are as follows: Balance at Provision of acquired business Net additions Costs incurred Balance at end (In thousands) 2022 $ 12,868 $ - $ 5,624 $ ( 8,886 ) $ 9,606 2021 11,617 - 5,856 ( 4,605 ) 12,868 2020 5,583 500 7,855 ( 2,321 ) 11,617
Research and Development	Research and Development Research and development costs are charged to expense as incurred and amounted to $ 15.8 million in 2022, $ 14.7 million in 2021 and $ 11.6 million in 2020 .
Healthcare	Healthcare The Company estimates and records provisions for healthcare claims incurred but not reported, based on medical cost trend analysis, reviews of subsequent payments made and estimates of unbilled amounts.
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Components of accumulated other comprehensive loss at December 31, 2022 are as follows: (In thousands) Unrecognized Foreign currency Total Balance at beginning of period $ 394 $ ( 258 ) $ 136 Other comprehensive loss before reclassifications - ( 6,719 ) ( 6,719 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($ 197 ) 600 - 600 Net current period other comprehensive loss, net of tax 600 ( 6,719 ) ( 6,119 ) Accumulated other comprehensive loss $ 994 $ ( 6,977 ) $ ( 5,983 ) Reclassifications out of accumulated other comprehensive income during 2022 are immaterial. Components of accumulated other comprehensive income at December 31, 2021 are as follows: (In thousands) Unrecognized Foreign currency Total Balance at beginning of period $ 55 $ 1,258 $ 1,313 Other comprehensive loss before reclassifications - ( 1,516 ) ( 1,516 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($ 112 ) 339 - 339 Net current period other comprehensive loss, net of tax 339 ( 1,516 ) ( 1,177 ) Accumulated other comprehensive income $ 394 $ ( 258 ) $ 136 Reclassifications out of accumulated other comprehensive income during 2021 were immaterial.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Fair Value Measurements of Financial Instruments	Fair Value Measurements of Financial Instruments The carrying amounts of cash, receivables and payables in the financial statements approximate their fair values due to the short-term nature of these financial instruments. Included in other assets are insurance policies on various individuals who were associated with the Company. The carrying amounts of these insurance policies approximate their fair value.
Subsequent Events	Subsequent Events The Company evaluates subsequent events at the date of the balance sheet as well as conditions that arise after the balance sheet date but before the financial statements are issued. The effects of conditions that existed at the balance sheet date are recognized in the financial statements. Events and conditions arising after the balance sheet date but before the financial statements are issued are evaluated to determine if disclosure is required to keep the financial statements from being misleading. To the extent such events and conditions exist, if any, disclosures are made regarding the nature of events and the estimated financial effects for those events and conditions. For purposes of preparing the accompanying consolidated financial statements and the notes to these financial statements, the Company evaluated subsequent events through the date the accompanying financial statements were issued. Effective January 1, 2023 , the Company acquired 100 % of the outstanding stock of Syrinix Ltd. ("Syrinix"), headquartered in the United Kingdom, a provider of high-frequency pressure monitoring and leak detection solutions. The purchase consideration, net of cash acquired, was approximately $ 18.0 million. The Syrinix acquisition will be accounted for under the purchase method, and accordingly, the results of operations will be included in the Company's financial statements from the date of acquisition. The acquisition is not expected to have a material impact on the Company's consolidated financial statements and notes thereto.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Simplifying the Accounting for Income Taxes” under ASC 740, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and modifies the existing guidance to enable more consistent application. This guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year with early adoption being permitted. The Company adopted ASU No. 2019-12 on January 1, 2021 , the impact of which was no t significant to the Company. In October 2021, the FASB issued ASU No. 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities with Customers," which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, "Revenue from Contracts with Customers." The guidance is effective for fiscal years beginning after December 15, 2022. The Company does not currently expect a material impact to its consolidated financial statements or disclosures from the adoption of this standard.

Basis of Presentation and Acc_3

Basis of Presentation and Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Changes in Allowance for Doubtful Accounts	Changes in the Company's allowance for doubtful accounts are as follows: Balance at Provision and Write-offs less Balance at end (In thousands) 2022 $ 697 $ 515 $ ( 33 ) $ 1,179 2021 552 191 ( 46 ) 697 2020 224 356 ( 28 ) 552
Schedule of Changes to Obsolete and Excess Inventories Reserve	Changes to the Company's obsolete and excess inventories reserve are as follows: Balance at Net additions Disposals Balance at end (In thousands) 2022 $ 6,078 $ 1,498 $ ( 895 ) $ 6,681 2021 6,400 1,329 ( 1,651 ) 6,078 2020 5,440 2,964 ( 2,004 ) 6,400
Schedule of Carrying Value and Accumulated Amortization of Intangible Assets	The carrying value and accumulated amortization by major class of intangible assets are as follows: December 31, 2022 December 31, 2021 Gross carrying Accumulated Gross carrying Accumulated (In thousands) Technologies $ 58,504 $ 37,857 $ 58,789 $ 34,254 Intellectual property 6,857 840 10,169 2,744 Non-compete agreements 691 661 748 506 Licenses 650 560 650 543 Customer lists 8,058 5,097 8,083 4,501 Customer relationships 38,602 22,023 39,202 19,663 Trade names 15,880 8,597 16,050 7,304 Total intangibles $ 129,242 $ 75,635 $ 133,691 $ 69,515
Changes in Warranty and After-Sale Costs Reserve	Changes in the Company's warranty and after-sale costs reserve are as follows: Balance at Provision of acquired business Net additions Costs incurred Balance at end (In thousands) 2022 $ 12,868 $ - $ 5,624 $ ( 8,886 ) $ 9,606 2021 11,617 - 5,856 ( 4,605 ) 12,868 2020 5,583 500 7,855 ( 2,321 ) 11,617
Schedule of Accumulated Other Comprehensive Income (Loss)	Components of accumulated other comprehensive loss at December 31, 2022 are as follows: (In thousands) Unrecognized Foreign currency Total Balance at beginning of period $ 394 $ ( 258 ) $ 136 Other comprehensive loss before reclassifications - ( 6,719 ) ( 6,719 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($ 197 ) 600 - 600 Net current period other comprehensive loss, net of tax 600 ( 6,719 ) ( 6,119 ) Accumulated other comprehensive loss $ 994 $ ( 6,977 ) $ ( 5,983 ) Reclassifications out of accumulated other comprehensive income during 2022 are immaterial. Components of accumulated other comprehensive income at December 31, 2021 are as follows: (In thousands) Unrecognized Foreign currency Total Balance at beginning of period $ 55 $ 1,258 $ 1,313 Other comprehensive loss before reclassifications - ( 1,516 ) ( 1,516 ) Amounts reclassified from accumulated other comprehensive income, net of tax of ($ 112 ) 339 - 339 Net current period other comprehensive loss, net of tax 339 ( 1,516 ) ( 1,177 ) Accumulated other comprehensive income $ 394 $ ( 258 ) $ 136 Reclassifications out of accumulated other comprehensive income during 2021 were immaterial.

Stock Compensation (Tables)

Stock Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Transactions of Stock Option Plans	The following table summarizes the transactions of the Company’s stock option plans for the three-year period ended December 31, 2022: Number of shares Weighted- Options outstanding - December 31, 2019 337,332 $ 31.82 Options granted 41,807 62.76 Options exercised ( 55,716 ) 18.99 Options forfeited ( 7,229 ) 50.19 Options outstanding - December 31, 2020 316,194 $ 37.75 Options exercised ( 88,932 ) 22.89 Options outstanding - December 31, 2021 227,262 $ 43.56 Options exercised ( 25,986 ) 27.04 Options forfeited ( 4,529 ) 60.82 Options outstanding - December 31, 2022 196,747 $ 45.35 Exercisable options — December 31, 2020 235,829 $ 30.82 December 31, 2021 170,484 38.31 December 31, 2022 163,316 42.23
Assumptions Used for Valuing Options Granted	The following assumptions were used for valuing options granted in the year ended December 31, 2020: Per share fair value of options granted during the period $ 17.49 Risk-free interest rate 0.64 % Dividend yield 1.05 % Volatility factor 30.0 % Weighted-average expected life in years 7.0
Schedule Share Based Compensation Intrinsic Value Of Stock Options Table Text Block	The following table summarizes the aggregate intrinsic value related to options exercised, outstanding and exercisable as of and for the years ended December 31: 2022 2021 2020 (In thousands) Exercised $ 2,175 $ 7,085 $ 3,054 Outstanding 12,529 14,316 17,805 Exercisable 10,910 11,635 14,913
Schedule of Fair Value of Nonvested Shares	The fair value of nonvested shares is determined based on the market price of the shares on the grant date. Shares Fair value Nonvested at December 31, 2019 64,480 $ 48.21 Granted 20,758 64.19 Vested ( 25,044 ) 39.87 Forfeited ( 2,645 ) 54.35 Nonvested at December 31, 2020 57,549 $ 57.33 Granted 17,430 99.90 Vested ( 16,528 ) 49.31 Forfeited ( 1,384 ) 58.68 Nonvested at December 31, 2021 57,067 $ 72.62 Granted 21,637 97.41 Vested ( 23,302 ) 66.87 Forfeited ( 4,327 ) 86.53 Nonvested at December 31, 2022 51,075 $ 84.85
Summary of Performance Share Activity	A summary of performance share activity for the two years ended December 31 is as follows: Performance Shares Weighted Average Grant Date Fair Value Nonvested at December 31, 2020 — $ — Granted 14,748 100.37 Adjustment for expected performance results 7,374 100.37 Nonvested at December 31, 2021 22,122 $ 100.37 Granted 16,870 97.62 Adjustment for expected performance results 6,746 97.62 Forfeited ( 2,892 ) 99.43 Nonvested at December 31, 2022 42,846 $ 98.92

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Components of Net Periodic Postretirement Benefit Cost	The following table sets forth the components of net periodic postretirement benefit cost for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 (In thousands) Service cost, benefits attributed for service of active employees for the period $ 91 $ 104 $ 103 Interest cost on the accumulated postretirement benefit obligation 119 99 154 Amortization of actuarial gain ( 48 ) — ( 22 ) Net periodic postretirement benefit cost $ 162 $ 203 $ 235
Reconciliation of Projected Benefit Obligation	The following table provides a reconciliation of the projected benefit obligation at the Company's December 31 measurement date: 2022 2021 (In thousands) Benefit obligation at beginning of year $ 5,544 $ 6,145 Service cost 91 104 Interest cost 119 99 Actuarial gain ( 833 ) ( 504 ) Plan participants' contributions 600 603 Benefits paid ( 1,277 ) ( 903 ) Benefit obligation, end of year $ 4,244 $ 5,544
Schedule of Amounts Recognized in Consolidated Balance Sheets	The amounts recognized in the Consolidated Balance Sheets at December 31 are: 2022 2021 (In thousands) Accrued compensation and employee benefits $ 328 $ 331 Accrued non-pension postretirement benefits 3,916 5,213 Amounts recognized at December 31 $ 4,244 $ 5,544
Schedule of Amounts Included in Accumulated Other Comprehensive Income, Net of Tax Expected to Recognized in Net Periodic Benefit Cost	Amounts included in accumulated other comprehensive income, net of tax, at December 31, 2022 that have not yet been recognized in net periodic benefit cost are as follows: Pension Other (In thousands) Net actuarial loss (gain) $ 101 $ ( 1,095 )

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Details of Earnings Before Income Taxes	Details of earnings before income taxes are as follows: 2022 2021 2020 (In thousands) Domestic $ 83,680 $ 74,509 $ 65,908 Foreign 4,037 4,114 ( 927 ) Total $ 87,717 $ 78,623 $ 64,981
Schedule of Provision (Benefit) for Income Taxes	The provision (benefit) for income taxes is as follows: 2022 2021 2020 (In thousands) Current: Federal $ 20,089 $ 15,299 $ 14,482 State 4,720 3,556 3,419 Foreign 2,031 1,939 819 Deferred: Federal ( 4,289 ) ( 1,774 ) ( 2,495 ) State ( 955 ) ( 600 ) ( 644 ) Foreign ( 375 ) ( 681 ) 57 Total $ 21,221 $ 17,739 $ 15,638
Reconciliation of Provision for Income Taxes	The provision for income tax differs from the amount that would be provided by applying the statutory U.S. corporate income tax rate in each year due to the following items: 2022 2021 2020 (In thousands) Provision at statutory rate $ 18,421 $ 16,511 $ 13,646 State income taxes, net of federal tax benefit 2,938 2,288 2,196 Valuation allowance 571 168 1,302 Foreign - tax rate differential and other 388 606 ( 267 ) Federal tax credits ( 1,016 ) ( 770 ) ( 517 ) Compensation subject to section 162(m) 693 685 110 Stock based compensation ( 523 ) ( 1,510 ) ( 682 ) Other ( 251 ) ( 239 ) ( 150 ) Actual provision $ 21,221 $ 17,739 $ 15,638
Components of Deferred Income Taxes	The components of deferred income taxes as of December 31 are as follows: 2022 2021 (In thousands) Deferred tax assets: Reserve for receivables and inventory $ 2,972 $ 2,532 Accrued compensation 2,209 2,641 Reserves and payables 2,340 3,101 Accrued post-retirement medical benefits 1,054 1,381 Net operating loss and credit carryforwards 2,827 2,260 Deferred compensation 1,139 1,041 Accrued qualified plan benefits 1,193 1,034 Accrued stock-based compensation 1,120 1,212 Deferred revenue 4,793 2,530 Operating lease liabilities 1,262 959 Research and development costs 2,625 — Other 987 967 Total gross deferred tax assets 24,521 19,658 Less: valuation allowance ( 2,690 ) ( 2,169 ) Total net deferred tax assets 21,831 17,489 Deferred tax liabilities: Property, plant and equipment 4,454 5,056 Intangible assets 7,247 8,475 Prepaids 238 413 Operating lease assets 1,258 949 Other 525 452 Total deferred tax liabilities 13,722 15,345 Net deferred tax assets $ 8,109 $ 2,144
Schedule of Changes in Gross Liability for Unrecognized Tax Benefits	Changes in the Company's gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows: 2022 2021 (In thousands) Balance at beginning of year $ 1,172 $ 1,123 (Reductions) Increases in unrecognized tax benefits as a result of positions taken during the prior year ( 89 ) 52 Increases in unrecognized tax benefits as a result of positions taken during the 231 230 Reductions to unrecognized tax benefits as a result of a lapse of the applicable ( 275 ) ( 233 ) Balance at end of year $ 1,039 $ 1,172

Industry Segment and Geograph_2

Industry Segment and Geographic Areas (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Information Regarding Revenues and Assets by Geographic Area	Information regarding revenues by geographic area is as follows: 2022 2021 2020 (In thousands) Revenues: United States $ 491,683 $ 432,188 $ 376,426 Foreign: Asia 14,995 16,736 6,437 Canada 12,768 11,867 10,406 Europe 28,718 30,359 18,255 Mexico 3,931 5,110 4,886 Middle East 9,286 7,176 6,114 Other 4,187 1,762 3,020 Total $ 565,568 $ 505,198 $ 425,544 Information regarding assets by geographic area is as follows: 2022 2021 (In thousands) Long-lived assets: United States $ 43,182 $ 46,092 Foreign: Europe 12,923 13,991 Mexico 17,437 17,967 Total $ 73,542 $ 78,050 2022 2021 (In thousands) Total assets: United States $ 466,697 $ 391,328 Foreign: Europe $ 113,945 118,359 Mexico $ 22,405 21,131 Total $ 603,047 $ 530,818

Unaudited_ Quarterly Results _2

Unaudited: Quarterly Results of Operations, Common Stock Price and Dividends (Tables)	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Quarter ended March 31 June 30 September 30 December 31 (In thousands, except per share data) 2022 Net sales $ 132,402 $ 137,833 $ 148,009 $ 147,324 Gross margin 50,723 54,760 57,522 56,965 Net earnings 14,360 16,664 17,933 17,539 Earnings per share: Basic $ 0.49 $ 0.57 $ 0.61 $ 0.60 Diluted 0.49 0.57 0.61 0.60 Dividends declared 0.20 0.20 0.23 0.23 Stock price: High $ 108.76 $ 102.67 $ 103.30 $ 120.54 Low 85.55 73.20 76.88 88.16 Quarter-end close 99.71 80.89 92.39 109.03 2021 Net sales $ 117,842 $ 122,869 $ 128,738 $ 135,748 Gross margin 49,362 50,102 51,184 54,835 Net earnings 13,781 13,972 15,855 17,276 Earnings per share: Basic $ 0.47 $ 0.48 $ 0.54 $ 0.59 Diluted 0.47 0.48 0.54 0.59 Dividends declared 0.18 0.18 0.20 0.20 Stock price: High $ 111.77 $ 100.01 $ 108.25 $ 112.36 Low 88.98 89.29 93.88 99.13 Quarter-end close 93.07 98.12 101.14 105.64

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Information regarding revenues disaggregated by the timing of when goods and services are transferred is as follows for the years ended December 31: 2022 2021 (In thousands) Revenue recognized over time $ 35,695 6.3 % $ 28,524 5.6 % Revenue recognized at a point in time 529,873 93.7 % 476,674 94.4 % Total $ 565,568 100.0 % $ 505,198 100.0 %
Contract with Customer, Liability and Receivables	The Company's receivables and contract liabilities are as follows at the years ended December 31 are as follows: 2022 2021 (In thousands) Receivables $ 76,651 $ 65,866 Contract liabilities 40,700 30,194

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Right-of-Use Assets and the Corresponding Lease Liabilities	Information regarding the Company's right-of-use assets and the corresponding lease liabilities at the years ended December 31 is as follows: December 31, December 31, (In thousands) Right-of-use assets $ 6,533 $ 5,877 Lease liabilities 6,792 6,177
Schedule of Rent Expenses	The Company’s rent expense for the years ended December 31 is as follows: 2022 2021 (In thousands) Operating lease expense $ 3,447 $ 2,995 Variable and short-term lease expense 76 153 Rent expense $ 3,523 $ 3,148
Schedule of Future Minimum Lease Payments to be Paid under Operating Leases	The future minimum lease payments to be paid under operating leases are as follows: December 31, (In thousands) 2023 $ 2,399 2024 2,012 2025 1,810 2026 723 2027 112 Thereafter 747 Total future lease payments 7,803 Present value adjustment ( 1,011 ) Present value of future lease payments $ 6,792

Basis of Presentation and Acc_4

Basis of Presentation and Accounting Policies - Profile - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 Product_line
Product Information [Line Items]
Number of product lines	2
Minimum
Product Information [Line Items]
Percentage of products used in water and water related applications (as a percent)	90%

Basis of Presentation and Acc_5

Basis of Presentation and Accounting Policies - Schedule of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for Doubtful Accounts Receivable
Balance at beginning of year	$ 697	$ 552	$ 224
Provision and reserve adjustments	515	191	356
Write-offs less recoveries	(33)	(46)	(28)
Balance at end of year	$ 1,179	$ 697	$ 552

Basis of Presentation and Acc_6

Basis of Presentation and Accounting Policies - Schedule of Changes to Obsolete and Excess Inventories Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Obsolete Inventory Reserve
Balance at beginning of year	$ 6,078	$ 6,400	$ 5,440
Net additions charged to earnings	1,498	1,329	2,964
Disposals	(895)	(1,651)	(2,004)
Balance at end of year	$ 6,681	$ 6,078	$ 6,400

Basis of Presentation and Acc_7

Basis of Presentation and Accounting Policies - Property, Plant and Equipment - Narrative (Details)	12 Months Ended
	Dec. 31, 2022
Land Improvements
Property, Plant and Equipment
Estimated useful lives	15 years
Minimum | Building and Improvements
Property, Plant and Equipment
Estimated useful lives	10 years
Minimum | Machinery and Equipment
Property, Plant and Equipment
Estimated useful lives	3 years
Maximum | Building and Improvements
Property, Plant and Equipment
Estimated useful lives	39 years
Maximum | Machinery and Equipment
Property, Plant and Equipment
Estimated useful lives	20 years

Basis of Presentation and Acc_8

Basis of Presentation and Accounting Policies - Capitalized Software and Hardware - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Amortization expense	$ 3.8	$ 4.5	$ 3.7
Prepaid Expenses and Other Current Assets
Property, Plant and Equipment
Capitalized internal use software and hardware	$ 4.8	$ 5.6
Minimum
Property, Plant and Equipment
Amortization period	1 year
Maximum
Property, Plant and Equipment
Amortization period	5 years

Basis of Presentation and Acc_9

Basis of Presentation and Accounting Policies - Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets
Amortization expense recognized	$ 8.6	$ 10	$ 7.2
Amortization expense expected to be recognized, 2023	8
Amortization expense expected to be recognized, 2024	7.9
Amortization expense expected to be recognized, 2025	7.5
Amortization expense expected to be recognized, 2026	6.7
Amortization expense expected to be recognized, 2027	6.1
Amortization expense expected to be recognized, thereafter	$ 17.4
Minimum
Finite-Lived Intangible Assets
Estimated useful lives	5 years
Maximum
Finite-Lived Intangible Assets
Estimated useful lives	20 years

Basis of Presentation and Ac_10

Basis of Presentation and Accounting Policies - Schedule of Carrying Value and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets
Gross carrying amount	$ 129,242	$ 133,691
Accumulated amortization	75,635	69,515
Technologies
Finite-Lived Intangible Assets
Gross carrying amount	58,504	58,789
Accumulated amortization	37,857	34,254
Intellectual property
Finite-Lived Intangible Assets
Gross carrying amount	6,857	10,169
Accumulated amortization	840	2,744
Non-compete agreements
Finite-Lived Intangible Assets
Gross carrying amount	691	748
Accumulated amortization	661	506
Licenses
Finite-Lived Intangible Assets
Gross carrying amount	650	650
Accumulated amortization	560	543
Customer lists
Finite-Lived Intangible Assets
Gross carrying amount	8,058	8,083
Accumulated amortization	5,097	4,501
Customer relationships
Finite-Lived Intangible Assets
Gross carrying amount	38,602	39,202
Accumulated amortization	22,023	19,663
Trade names
Finite-Lived Intangible Assets
Gross carrying amount	15,880	16,050
Accumulated amortization	$ 8,597	$ 7,304

Basis of Presentation and Ac_11

Basis of Presentation and Accounting Policies - Goodwill - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0
Goodwill	$ 101,261,000	$ 104,313,000	$ 88,700,000

Basis of Presentation and Ac_12

Basis of Presentation and Accounting Policies - Schedule of Changes in Warranty and After-Sale Costs Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Warranty and After-Sale Costs
Balance at beginning of year	$ 12,868	$ 11,617	$ 5,583
Provision of acquired business			500
Net additions charged to earnings	5,624	5,856	7,855
Costs incurred	(8,886)	(4,605)	(2,321)
Balance at end of year	$ 9,606	$ 12,868	$ 11,617

Basis of Presentation and Ac_13

Basis of Presentation and Accounting Policies - Research and Development - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Research and development costs	$ 15.8	$ 14.7	$ 11.6

Basis of Presentation and Ac_14

Basis of Presentation and Accounting Policies - Schedule of Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Amounts reclassified from AOCI, tax	$ (197)	$ (112)
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	403,070	361,259
Balance at end of period	442,422	403,070
Unrecognized pension and postretirement benefits
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	394	55
Other comprehensive loss before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income, net of tax	600	339
Net current period other comprehensive loss, net of tax	600	339
Balance at end of period	994	394
Foreign currency
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	(258)	1,258
Other comprehensive loss before reclassifications	(6,719)	(1,516)
Amounts reclassified from accumulated other comprehensive income, net of tax	0	0
Net current period other comprehensive loss, net of tax	(6,719)	(1,516)
Balance at end of period	(6,977)	(258)
Accumulated other comprehensive income (loss)
Increase (Decrease) in Stockholders' Equity
Balance at beginning of period	136	1,313
Other comprehensive loss before reclassifications	(6,719)	(1,516)
Amounts reclassified from accumulated other comprehensive income, net of tax	600	339
Net current period other comprehensive loss, net of tax	(6,119)	(1,177)
Balance at end of period	$ (5,983)	$ 136

Basis of Presentation and Ac_15

Basis of Presentation and Accounting Policies - Subsequent Events - Narrative (Details) - Syrinix Ltd. - Subsequent Event $ in Millions	Jan. 01, 2023 USD ($)
Subsequent Event [Line Items]
Date of acquisition	Jan. 01, 2023
Outstanding common stock acquired (as a percent)	100%
Purchase consideration, net of cash acquired	$ 18

Basis of Presentation and Ac_16

Basis of Presentation and Accounting Policies - Recently Adopted Accounting Pronouncements - Narrative (Details) - ASU No. 2019-12	Dec. 31, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

Common Stock (Details)

Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Common stock, shares issued (in shares)	37,221,098	37,221,098
Common stock, shares, outstanding	37,221,098	37,221,098
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive stock options excluded from computation of earnings per share (in shares)	0	0

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 01, 2021	Nov. 02, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill			$ 101,261	$ 104,313	$ 88,700
Analytical Technology, LLC
Business Acquisition [Line Items]
Date of acquisition	Jan. 01, 2021
Outstanding common stock acquired (as a percent)	100%
Total purchase consideration			44,000
Receivables			3,900
Inventory			3,900
Other assets			2,500
Intangibles			21,000
Goodwill			16,400
Accounts payable			1,400
Deferred tax liabilities			600
Other liabilities			1,700
Fair value of assets acquired			$ 0
Analytical Technology, LLC | Customer Relationships, Developed Technology and Trademarks | Minimum
Business Acquisition [Line Items]
Estimated average useful life			12 years
Analytical Technology, LLC | Customer Relationships, Developed Technology and Trademarks | Maximum
Business Acquisition [Line Items]
Estimated average useful life			15 years
GmbH and Subsidiaries
Business Acquisition [Line Items]
Date of acquisition		Nov. 02, 2020
Outstanding common stock acquired (as a percent)		100%
Total purchase consideration			$ 30,500
Receivables			2,600
Inventory			4,300
Other assets			1,200
Intangibles			12,700
Goodwill			17,700
Accounts payable			3,500
Deferred tax liabilities			3,200
Other liabilities			1,300
Fair value of assets acquired			0
Working capital adjustments			$ 1,300
GmbH and Subsidiaries | Customer relationships
Business Acquisition [Line Items]
Estimated average useful life			12 years

Short-term Debt and Credit Li_2

Short-term Debt and Credit Lines - Narrative (Details) - USD ($)	Jul. 08, 2021	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility
Short-term debt		$ 0	$ 0
Maximum amount issuable	$ 100,000,000
Unused credit lines available		$ 156,600,000
Line of Credit
Line of Credit Facility
Line of credit initiation date	Jul. 08, 2021
Maximum borrowing capacity	$ 150,000,000

Stock Compensation - Additional

Stock Compensation - Additional Information - Narrative (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	938,147	994,119
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserve for future issuance (in shares)	1,000,000

Stock Compensation - Stock Opti

Stock Compensation - Stock Options - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	0	0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 0.3	$ 0.4	$ 0.4
Weighted-average contractual life remaining for options outstanding	4 years 3 months 18 days
Unrecognized compensation cost related to stock options	$ 0.4
Weighted average period	1 year 9 months 18 days

Stock Compensation - Summary of

Stock Compensation - Summary of Transactions of Stock Option Plans (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-average exercise price
Options granted (in dollars per share)			$ 17.49
Omnibus Incentive Plan
Number of shares
Beginning balance (in shares)	227,262	316,194	337,332
Options granted (in shares)			41,807
Options exercised (in shares)	(25,986)	(88,932)	(55,716)
Options forfeited (in shares)	(4,529)		(7,229)
Ending balance (in shares)	196,747	227,262	316,194
Exercisable options (in shares)	163,316	170,484	235,829
Weighted-average exercise price
Beginning balance (in dollars per share)	$ 43.56	$ 37.75	$ 31.82
Options granted (in dollars per share)			62.76
Options exercised (in dollars per share)	27.04	22.89	18.99
Options forfeited (in dollars per share)	60.82		50.19
Ending balance (in dollars per share)	45.35	43.56	37.75
Exercisable options (in dollars per share)	$ 42.23	$ 38.31	$ 30.82

Stock Compensation - Assumption

Stock Compensation - Assumptions Used for Valuing Options Granted (Details) - Stock Options	12 Months Ended
	Dec. 31, 2020 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Per share fair value of options granted during the period (in dollars per share)	$ 17.49
Risk-free interest rate	0.64%
Dividend yield (as a percentage)	1.05%
Volatility factor (as a percentage)	30%
Weighted-average expected life in years	7 years

Stock Compensation - Summary _2

Stock Compensation - Summary of Aggregate Intrinsic Value Related to Options (Details) - Omnibus Incentive Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised	$ 2,175	$ 7,085	$ 3,054
Outstanding	12,529	14,316	17,805
Exercisable	$ 10,910	$ 11,635	$ 14,913

Stock Compensation - Director S

Stock Compensation - Director Stock Grant - Narrative (Details) - Restricted Shares - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining recognition period	1 year 9 months 18 days
Unrecognized compensation cost	$ 2,200,000
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual restricted shares award (in shares)	64,000
Total stock compensation expense recognized	$ 500,000	$ 300,000	$ 400,000
Remaining recognition period	4 months
Unrecognized compensation cost	$ 200,000

Stock Compensation - Restricted

Stock Compensation - Restricted Stock - Narrative (Details) - Restricted Stock - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested stock compensation expense	$ 1.6	$ 1.4	$ 1
Unrecognized compensation cost related to restricted stock	$ 2.2
Weighted average period	1 year 9 months 18 days

Stock Compensation - Schedule o

Stock Compensation - Schedule of Fair Value of Nonvested Shares (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Beginning Balance (in shares)	57,067	57,549	64,480
Granted (in shares)	21,637	17,430	20,758
Vested (in shares)	(23,302)	(16,528)	(25,044)
Forfeited (in shares)	(4,327)	(1,384)	(2,645)
Ending Balance (in shares)	51,075	57,067	57,549
Fair value per share
Beginning Balance, (in dollars per share)	$ 72.62	$ 57.33	$ 48.21
Granted (in dollars per share)	97.41	99.90	64.19
Vested (in dollars per share)	66.87	49.31	39.87
Forfeited (in dollars per share)	86.53	58.68	54.35
Ending balance (in dollars per share)	$ 84.85	$ 72.62	$ 57.33

Stock Compensation - Performanc

Stock Compensation - Performance Share Units - Narrative (Details) - Performance Share Units - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, performance period	3 years	3 years
Share-based compensation arrangement, performance expiration date	Dec. 31, 2024	Dec. 31, 2023
Stock compensation expense	$ 1.2	$ 0.6
Unrecognized compensation cost	$ 2.4
Weighted average period	1 year 9 months 18 days
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, performance target percentage	50%	50%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement, performance target percentage	200%	200%

Stock Compensation - Summary _3

Stock Compensation - Summary of Performance Share Activity (Details) - Performance Share Units - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance (in shares)	22,122
Granted (in shares)	16,870	14,748
Adjustment for expected performance results	6,746	7,374
Forfeited (in shares)	(2,892)
Ending Balance (in shares)	42,846	22,122
Beginning Balance, (in dollars per share)	$ 100.37
Granted (in dollars per share)	97.62	$ 100.37
Adjustment for expected performance results	97.62	100.37
Forfeited (in dollars per share)	99.43
Ending balance (in dollars per share)	$ 98.92	$ 100.37

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Total rental expense charged to operations	$ 3,523	$ 3,148	$ 3,100

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Feature
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Compensation expense	$ 3.7	$ 3.1	$ 2
Other postretirement benefits
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Discount rate	2.82%	2.45%	3.19%
Voluntary 401(k) Savings Plan
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Pretax income allowed to be deferred (as a percent)	50%
Company match (as a percent)	25%
Maximum match of employee's salary (as a percent)	7%
Compensation expense	$ 1.1	$ 0.9	$ 0.5
Officers and Key Employees | Supplemental Non-Qualified Plans | Other postretirement benefits
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Discount rate	2.61%	2.08%	2.87%
Amount accrued	$ 0.7	$ 0.6

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Postretirement Benefit Cost (Details) - Other postretirement benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost, benefits attributed for service of active employees for the period	$ 91	$ 104	$ 103
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Pension and Other Postretirement Benefits Cost (Reversal of Cost)	Pension and Other Postretirement Benefits Cost (Reversal of Cost)	Pension and Other Postretirement Benefits Cost (Reversal of Cost)
Interest cost on the accumulated postretirement benefit obligation	$ 119	$ 99	$ 154
Amortization of actuarial gain	(48)		(22)
Net periodic postretirement benefit cost	$ 162	$ 203	$ 235

Employee Benefit Plans - Other

Employee Benefit Plans - Other Postretirement Benefits - Narrative (Details) - Other postretirement benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Discount rate used to measure net periodic benefit cost	2.82%	2.45%	3.19%
Discount rate used to measure accumulated postretirement benefit obligation	5.16%	2.82%
Estimated future benefit payments 2023	$ 0.4
Estimated future benefit payments 2024	0.4
Estimated future benefit payments 2025	0.4
Estimated future benefit payments 2026	0.4
Estimated future benefit payments 2027	0.4
Estimated future benefit payments, five years thereafter	$ 1.7

Employee Benefit Plans - Reconc

Employee Benefit Plans - Reconciliation of Benefit Obligations, Plan Assets and Funded Status (Details) - Other postretirement benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in benefit obligation:
Benefit obligation at beginning of year	$ 5,544	$ 6,145
Service cost	91	104	$ 103
Interest cost	119	99	154
Actuarial gain	(833)	(504)
Plan participants' contributions	600	603
Benefits paid	(1,277)	(903)
Benefit obligation, end of year	$ 4,244	$ 5,544	$ 6,145

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Amounts Recognized in Consolidated Balance Sheets (Details) - Other postretirement benefits - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans
Amounts recognized at December 31	$ 4,244	$ 5,544
Accrued compensation and employee benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Amounts recognized at December 31	328	331
Accrued non-pension postretirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Amounts recognized at December 31	$ 3,916	$ 5,213

Employee Benefit Plans - Sche_2

Employee Benefit Plans - Schedule of Amounts Included in Accumulated Other Comprehensive Income, Net of Tax Expected to Recognized in Net Periodic Benefit Cost (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Pension plans
Defined Benefit Plans and Other Postretirement Benefit Plans
Net actuarial loss (gain)	$ 101
Other postretirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Net actuarial loss (gain)	$ (1,095)

Income Taxes - Details of Earni

Income Taxes - Details of Earnings Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ 83,680	$ 74,509	$ 65,908
Foreign	4,037	4,114	(927)
Earnings before income taxes	$ 87,717	$ 78,623	$ 64,981

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 20,089	$ 15,299	$ 14,482
State	4,720	3,556	3,419
Foreign	2,031	1,939	819
Deferred:
Federal	(4,289)	(1,774)	(2,495)
State	(955)	(600)	(644)
Foreign	(375)	(681)	57
Provision for income taxes	$ 21,221	$ 17,739	$ 15,638

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Provision at statutory rate	$ 18,421	$ 16,511	$ 13,646
State income taxes, net of federal tax benefit	2,938	2,288	2,196
Valuation allowance	571	168	1,302
Foreign - tax rate differential and other	388	606	(267)
Federal tax credits	(1,016)	(770)	(517)
Compensation subject to section 162(m)	693	685	110
Stock based compensation	(523)	(1,510)	(682)
Other	(251)	(239)	(150)
Provision for income taxes	$ 21,221	$ 17,739	$ 15,638

Income Taxes - Components of De

Income Taxes - Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Reserve for receivables and inventory	$ 2,972	$ 2,532
Accrued compensation	2,209	2,641
Reserves and payables	2,340	3,101
Accrued post-retirement medical benefits	1,054	1,381
Net operating loss and credit carryforwards	2,827	2,260
Deferred compensation	1,139	1,041
Accrued qualified plan benefits	1,193	1,034
Accrued stock-based compensation	1,120	1,212
Deferred revenue	4,793	2,530
Operating lease liabilities	1,262	959
Research and development costs	2,625
Other	987	967
Total gross deferred tax assets	24,521	19,658
Less: valuation allowance	(2,690)	(2,169)
Total net deferred tax assets	21,831	17,489
Deferred tax liabilities:
Property, plant and equipment	4,454	5,056
Intangible assets	7,247	8,475
Prepaids	238	413
Operating lease assets	1,258	949
Other	525	452
Total deferred tax liabilities	13,722	15,345
Net deferred tax assets	$ 8,109	$ 2,144

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Tax Credit Carryforward [Line Items]
Undistributed earnings	$ 15,600,000
Undistributed earnings to be reinvested	13,800,000
Accrued interest (approximate)	100,000	$ 100,000
Penalties accrued	$ 0	$ 0
United States
Tax Credit Carryforward [Line Items]
Capitalized costs period	5 years
Non United States
Tax Credit Carryforward [Line Items]
Capitalized costs period	15 years
State Tax Credits
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ 7,500,000
Unlimited tax credit carryforward	7,400,000
Domestic
Tax Credit Carryforward [Line Items]
Tax credit carryforward	$ 600,000

Income Taxes - Schedule of Chan

Income Taxes - Schedule of Changes in Gross Liability for Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 1,172	$ 1,123
(Reductions) Increases in unrecognized tax benefits as a result of positions taken during the prior year	(89)	52
Increases in unrecognized tax benefits as a result of positions taken during the current year	231	230
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations	(275)	(233)
Balance at end of year	$ 1,039	$ 1,172

Industry Segment and Geograph_3

Industry Segment and Geographic Areas - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 Segment
Segment Reporting [Abstract]
Number of segments	1

Industry Segment and Geograph_4

Industry Segment and Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	$ 147,324	$ 148,009	$ 137,833	$ 132,402	$ 135,748	$ 128,738	$ 122,869	$ 117,842	$ 565,568	$ 505,198	$ 425,544
Long-lived assets	73,542				78,050				73,542	78,050
Total assets	603,047				530,818				603,047	530,818
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									491,683	432,188	376,426
Long-lived assets	43,182				46,092				43,182	46,092
Total assets	466,697				391,328				466,697	391,328
Asia
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									14,995	16,736	6,437
Canada
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									12,768	11,867	10,406
Europe
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									28,718	30,359	18,255
Long-lived assets	12,923				13,991				12,923	13,991
Total assets	113,945				118,359				113,945	118,359
Mexico
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									3,931	5,110	4,886
Long-lived assets	17,437				17,967				17,437	17,967
Total assets	$ 22,405				$ 21,131				22,405	21,131
Middle East
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									9,286	7,176	6,114
Other
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									$ 4,187	$ 1,762	$ 3,020

Unaudited_ Quarterly Results _3

Unaudited: Quarterly Results of Operations, Common Stock Price and Dividends (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022 USD ($) Stockholder $ / shares	Sep. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Mar. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) Stockholder $ / shares	Sep. 30, 2021 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2022 USD ($) Stockholder $ / shares	Dec. 31, 2021 USD ($) Stockholder $ / shares	Dec. 31, 2020 USD ($) $ / shares
Number of shareholders | Stockholder	560				557				560	557
Net sales | $	$ 147,324	$ 148,009	$ 137,833	$ 132,402	$ 135,748	$ 128,738	$ 122,869	$ 117,842	$ 565,568	$ 505,198	$ 425,544
Gross margin | $	56,965	57,522	54,760	50,723	54,835	51,184	50,102	49,362	219,970	205,484	168,249
Net earnings | $	$ 17,539	$ 17,933	$ 16,664	$ 14,360	$ 17,276	$ 15,855	$ 13,972	$ 13,781	$ 66,496	$ 60,884	$ 49,343
Earnings per share:
Basic	$ 0.60	$ 0.61	$ 0.57	$ 0.49	$ 0.59	$ 0.54	$ 0.48	$ 0.47	$ 2.28	$ 2.09	$ 1.70
Diluted	0.60	0.61	0.57	0.49	0.59	0.54	0.48	0.47	2.26	2.08	1.69
Dividends declared	0.23	0.23	0.20	0.20	0.20	0.20	0.18	0.18	0.85	0.76	$ 0.70
Stock price	109.03	92.39	80.89	99.71	105.64	101.14	98.12	93.07	109.03	105.64
High
Earnings per share:
Stock price	120.54	103.30	102.67	108.76	112.36	108.25	100.01	111.77	120.54	112.36
Low
Earnings per share:
Stock price	$ 88.16	$ 76.88	$ 73.20	$ 85.55	$ 99.13	$ 93.88	$ 89.29	$ 88.98	$ 88.16	$ 99.13

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 147,324	$ 148,009	$ 137,833	$ 132,402	$ 135,748	$ 128,738	$ 122,869	$ 117,842	$ 565,568	$ 505,198	$ 425,544
Revenue, remaining performance obligation, percentage									100%	100%
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Revenues									$ 35,695	$ 28,524
Revenue recognized over time | Service Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage									6.30%	5.60%
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues									$ 529,873	$ 476,674
Revenue recognized at a point in time | Product Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, percentage									93.70%	94.40%

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Receivables	$ 76,651	$ 65,866
Contract liabilities	$ 40,700	$ 30,194

Revenue Recognition - Narrative

Revenue Recognition - Narrative 3 (Details 1) $ in Millions	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 40.7

Revenue Recognition - Narrati_2

Revenue Recognition - Narrative 3 (Details) $ in Millions	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 40.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 9.3
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 5.3
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 4.7
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 4.1
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 3.6
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 13.7
Expected timing of performance obligation satisfaction, period	1 year

Revenue Recognition - Narrati_3

Revenue Recognition - Narrative 4 (Details)	Dec. 31, 2022
Maximum
Capitalized Contract Cost [Line Items]
Contract cost amortization period	1 year

Revenue Recognition - Narrati_4

Revenue Recognition - Narrative 5 (Details)	12 Months Ended
	Dec. 31, 2022
Revenue, Practical Expedient [Abstract]
Revenue of practical expedient elected from reporting period	true
Revenue practical expedient incremental cost	true
Revenue practical expedient financing component	true

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating leases, remaining lease term	5 years 3 months 18 days	5 years 7 months 6 days
Operating leases, discount rate	5%	5%

Leases - Schedule of Right-of-U

Leases - Schedule of Right-of-Use Assets and the Corresponding Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets	$ 6,533	$ 5,877
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Lease liabilities	$ 6,792	$ 6,177
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities, Other long-term liabilities	Other current liabilities, Other long-term liabilities

Leases - Schedule of Rent Expen

Leases - Schedule of Rent Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease expense	$ 3,447	$ 2,995
Variable and short-term lease expense	76	153
Rent expense	$ 3,523	$ 3,148	$ 3,100

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments to be Paid under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 2,399
2024	2,012
2025	1,810
2026	723
2027	112
Thereafter	747
Total future lease payments	7,803
Present value adjustment	(1,011)
Present value of future lease payments	$ 6,792	$ 6,177