Badger Meter (BMI) 10-K 24 Feb 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 03, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
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		29,145,410
Entity Public Float			$ 1,820
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 [Text Block]	Portions of the Company's Proxy Statement for the 2021 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.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash	$ 72,273	$ 48,871
Receivables	61,689	61,365
Inventories:
Finished goods	24,881	22,946
Work in process	16,841	17,728
Raw materials	39,864	41,274
Total inventories	81,586	81,948
Prepaid expenses and other current assets	5,303	7,910
Total current assets	220,851	200,094
Property, plant and equipment, at cost:
Land and improvements	9,156	9,056
Buildings and improvements	69,700	68,443
Machinery and equipment	138,548	132,326
Property, plant and equipment, at cost	217,404	209,825
Less accumulated depreciation	(134,699)	(124,064)
Net property, plant and equipment	82,705	85,761
Intangible assets, at cost less accumulated amortization	53,598	48,163
Other assets	17,428	15,875
Deferred income taxes	5,090	742
Goodwill	88,708	71,258
Total assets	468,380	421,893
Current liabilities:
Short-term debt	0	4,480
Payables	34,923	31,523
Accrued compensation and employee benefits	14,617	12,754
Warranty and after-sale costs	11,617	5,583
Other current liabilities	4,042	2,907
Total current liabilities	65,199	57,247
Other long-term liabilities	25,283	22,980
Deferred income taxes	5,696	876
Accrued non-pension postretirement benefits	5,789	5,711
Other accrued employee benefits	5,154	4,011
Commitments and contingencies (Note 6)
Shareholders’ equity:
Common Stock, $1 par; authorized 40,000,000 shares; issued 37,221,098 shares in 2020 and 37,200,698 shares in 2019	37,221	37,200
Capital in excess of par value	44,964	41,956
Reinvested earnings	314,850	285,879
Accumulated other comprehensive income	1,313	425
Less: Employee benefit stock		(154)
Treasury stock, at cost; 8,073,307 shares in 2020 and 8,082,166 shares in 2019	(37,089)	(34,238)
Total shareholders’ equity	361,259	331,068
Total liabilities and shareholders’ equity	$ 468,380	$ 421,893

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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	37,200,698
Treasury stock, shares (in shares)	8,073,307	8,082,166

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net sales	$ 425,544	$ 424,625	$ 433,732
Cost of sales	257,295	261,097	271,383
Gross margin	168,249	163,528	162,349
Selling, engineering and administration	103,093	101,380	105,480
Operating earnings	65,156	62,148	56,869
Interest expense, net	30	253	1,157
Other pension and postretirement costs	145	288	19,860
Earnings before income taxes	64,981	61,607	35,852
Provision for income taxes	15,638	14,430	8,062
Net earnings	$ 49,343	$ 47,177	$ 27,790
Earnings per share:
Basic	$ 1.70	$ 1.63	$ 0.96
Diluted	$ 1.69	$ 1.61	$ 0.95
Shares used in computation of earnings per share:
Basic	29,052	29,028	28,993
Impact of dilutive securities	178	192	196
Diluted	29,230	29,220	29,189

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net earnings	$ 49,343	$ 47,177	$ 27,790
Other comprehensive income :
Foreign currency translation adjustment	1,096	(58)	(484)
Pension and postretirement benefits, net of tax	(208)	(97)	13,657
Comprehensive income	$ 50,231	$ 47,022	$ 40,963

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities:
Net earnings	$ 49,343	$ 47,177	$ 27,790
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation	12,253	11,569	11,354
Amortization	12,963	12,577	12,961
Deferred income taxes	(3,082)	(1,524)	(5,269)
Pension termination settlement charges			19,900
Contributions to pension plan			(2,860)
Noncurrent employee benefits	206	(40)	464
Stock-based compensation expense	1,415	1,214	4,174
Changes in:
Receivables	3,036	5,451	(7,999)
Inventories	5,129	(1,220)	4,859
Payables	(391)	11,642	(9,868)
Prepaid expenses and other current assets	(3,522)	(7,732)	(5,062)
Other liabilities	12,228	1,600	9,906
Total adjustments	40,235	33,537	32,560
Net cash provided by operations	89,578	80,714	60,350
Investing activities:
Property, plant and equipment additions	(9,059)	(7,496)	(8,643)
Acquisitions, net of cash acquired	(29,134)		(8,048)
Net cash used for investing activities	(38,193)	(7,496)	(16,691)
Financing activities:
Net decrease in short-term debt	(4,600)	(13,500)	(21,012)
Payment of contingent acquisition consideration	(1,001)	(2,555)	(2,034)
Dividends paid	(20,340)	(18,595)	(16,265)
Proceeds from exercise of stock options	1,058	1,961	1,443
Purchase of common stock for treasury stock	(3,116)	(5,207)	(4,795)
Issuance of treasury stock	180	187	523
Net cash used for financing activities	(27,819)	(37,709)	(42,140)
Effect of foreign exchange rates on cash	(164)	276	403
Increase in cash	23,402	35,785	1,922
Cash and cash equivalents — beginning of year	48,871	13,086	11,164
Cash and cash equivalents — end of year	72,273	48,871	13,086
Cash paid during the year for:
Income taxes	17,995	13,066	12,503
Interest	$ 91	$ 268	1,175
Non cash transactions:
Settlement of Innovative Metering Systems payables prior to the acquisition			$ 3,246

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock at $1 par value	[1]	Capital in excess of par value	Reinvested earnings	Reinvested earningsCumulative Effect, Period of Adoption, Adjustment	Employee benefit stock	Accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss)Cumulative Effect, Period of Adoption, Adjustment	Treasury stock
Balance at beginning of period at Dec. 31, 2017	$ 277,452		$ 37,165		$ 32,182	$ 244,224		$ (460)	$ (10,893)		$ (24,766)
Balance at beginning of period (Accounting Standards Update 2014-09) at Dec. 31, 2017		$ (128)					$ (128)
Balance at beginning of period (Accounting Standards Update 2018-02) at Dec. 31, 2017							$ 1,700			$ (1,700)
Net earnings	27,790					27,790
Pension and postretirement benefits (net of tax effect)	13,657								13,657
Foreign currency translation	(484)								(484)
Cash dividends	(16,273)					(16,273)
Stock options exercised	1,511		33		1,410						68
ESSOP transactions	76				(78)			154
Stock-based compensation	4,174				4,174
Purchase of common stock for treasury stock	(4,795)										(4,795)
Issuance of treasury stock	523				394						129
Balance at end of period at Dec. 31, 2018	303,503		37,198		38,082	257,313		(306)	580		(29,364)
Net earnings	47,177					47,177
Pension and postretirement benefits (net of tax effect)	(97)								(97)
Foreign currency translation	(58)								(58)
Cash dividends	(18,611)					(18,611)
Stock options exercised	1,961		2		1,708						251
ESSOP transactions	553				401			152
Stock-based compensation	1,214				1,214
Purchase of common stock for treasury stock	(5,207)										(5,207)
Issuance of treasury stock	633				551						82
Balance at end of period at Dec. 31, 2019	331,068		37,200		41,956	285,879		(154)	425		(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)
[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) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Statement Of Stockholders Equity [Abstract]
Tax effect on employee benefit funded status adjustment | $	$ 69	$ 16	$ 5,127
Cash dividends (in dollars per share)	$ 0.70	$ 0.64	$ 0.56
Issuance of treasury stock (in shares) | shares	22	72	40
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	BADGER METER, INC. Notes to Consolidated Financial Statements Note 1 Summary of Significant 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 Utility water, the largest sales category, 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. 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, ultrasonic 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, oil, 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. 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 beginning of year Provision and reserve adjustments Write-offs less recoveries Balance at end of year (In thousands) 2020 $ 224 $ 356 $ (28 ) $ 552 2019 $ 360 $ (132 ) $ (4 ) $ 224 2018 $ 387 $ — $ (27 ) $ 360 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 beginning of year Net additions charged to earnings Disposals Balance at end of year (In thousands) 2020 $ 5,440 $ 2,964 $ (2,004 ) $ 6,400 2019 $ 4,131 $ 2,663 $ (1,354 ) $ 5,440 2018 $ 3,881 $ 2,195 $ (1,945 ) $ 4,131 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 $6.0 million and $5.7 million at December 31, 2020 and 2019, 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, 2020, 2019 and 2018 was $3.7 million, $3.1 million and $3.2 million, respectively. 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 recognized for 2020 and 2019 was $7.2 million December 31, 2020 December 31, 2019 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization (In thousands) Technologies $ 52,536 $ 30,598 $ 47,608 $ 27,650 Intellectual property 10,000 1,833 10,000 1,333 Non-compete agreements 931 413 572 431 Licenses 650 526 650 509 Customer lists 8,023 3,846 8,023 3,234 Customer relationships 28,630 16,146 25,220 14,730 Trade names 12,136 5,946 9,203 5,226 Total intangibles $ 112,906 $ 59,308 $ 101,276 $ 53,113 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 2020, 2019 and 2018. Goodwill was $88.7 and $71.3 million at December 31, 2020 and 2019, respectively. The increase resulted from the acquisition of s::can, headquartered in Vienna, Austria in 2020. 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 beginning of year Provision of acquired business Net additions charged to earnings Costs incurred Balance at end of year (In thousands) 2020 $ 5,583 $ 500 $ 7,855 $ (2,321 ) $ 11,617 2019 $ 4,206 $ — $ 6,616 $ (5,239 ) $ 5,583 2018 $ 3,367 $ — $ 3,274 $ (2,435 ) $ 4,206 Research and Development Research and development costs are charged to expense as incurred and amounted to $11.6 million in 2020, $11.9 million in 2019 and $11.1 million in 2018. 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 Components of accumulated other comprehensive income at December 31, 2020 are as follows: Pension and postretirement benefits Foreign currency Total (In thousands) Balance at beginning of period $ 263 $ 162 $ 425 Other comprehensive income before reclassifications — 1,096 1,096 Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $69 (208 ) — (208 ) Net current period other comprehensive (loss) income, net (208 ) 1,096 888 Accumulated other comprehensive income $ 55 $ 1,258 $ 1,313 Reclassifications out of accumulated other comprehensive income during 2020 are immaterial. Components of accumulated other comprehensive income at December 31, 2019 are as follows: Pension and postretirement benefits Foreign currency Total (In thousands) Balance at beginning of period $ 360 $ 220 $ 580 Other comprehensive income (loss) before reclassifications — (58 ) (58 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $16 (97 ) — (97 ) Net current period other comprehensive income (loss), net (97 ) (58 ) (155 ) Accumulated other comprehensive income $ 263 $ 162 $ 425 Reclassifications out of accumulated other comprehensive income during 2019 are as follows: Amount reclassified from accumulated other comprehensive income (In thousands) Amortization of employee benefit plan items: Actuarial gains and losses (1) $ (639 ) Plan settlement (2) 526 Total before tax (113 ) Income tax impact 16 Amount reclassified out of accumulated other comprehensive income $ (97 ) (1) These accumulated other comprehensive loss components are included in the computation of benefit plan costs in Note 7 “Employee Benefit Plans.” 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. Short-term debt is comprised of notes payable drawn against the Company's lines of credit. Because of its short-term nature, the carrying amount of the short-term debt also approximates fair value. 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, 2021, the Company acquired 100% of the outstanding stock of Analytical Technology, LLC (“ATi”), headquartered in Collegeville, Pennsylvania, a provider of water quality monitoring systems. The purchase consideration, net of cash acquired, was approximately $44 million. The ATi 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 acq uisition. The acquisition is not expected to have a material impact on the Company’s consolidated financial statements and notes thereto. New 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 and noted no significant changes to the Company’s financial position or results of operations. In June 2016, the FASB issued ASU No. 2016-13 “Financial Instruments - Credit Losses (Topic 326),” which amends the accounting for credit losses on purchased financial assets and available-for-sale debt securities with credit deterioration. This ASU requires the measurement of all expected credit losses for financial assets, including accounts receivables, held at the reporting date based upon current conditions, historical experience and reasonable forecasts. This ASU is effective for annual reporting periods beginning after December 15, 2019. The Company adopted ASU No. 2016-13 on January 1, 2020 and noted no significant changes to the Company’s financial position or results of operations.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Common Stock	Note 2 Common Stock Common Stock The authorized common stock of the Company as of December 31, 2020 consisted of 40,000,000 shares of common stock, $1 par value, of which 37,221,098 and 37,200,698 were issued and outstanding as of December 31, 2020 and 2019, respectively. Stock Options There were no anti-dilutive options in 2020. Stock options to purchase 54,139 shares in 2019 and 21,887 shares in 2018 were not included in the computation of dilutive securities because their inclusion would have been anti-dilutive.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2020
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. On 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. The total purchase consideration for s::can was $30.6 million, which included $29.1 million in cash and $1.5 million in payments that are anticipated to be made in the first quarter of 2021, which are recorded in payables on the Consolidated Balance Sheet at December 31, 2020. The Company's preliminary allocation of the purchase price at December 31, 2020 included $3.1 million of receivables, $4.3 million of inventory, $1.2 million of other assets, $12.7 million of intangibles and $17.4 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 $3.6 million of accounts payable, $3.2 million of deferred tax liabilities and $1.3 million of other liabilities as part of the acquisition. The preliminary 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, 2020, the Company had not completed its analysis for estimating the fair value of the assets acquired. On April 2, 2018, the Company acquired 100% of the outstanding stock of IMS of Odessa, Florida, which was one of the Company's distributors serving Florida. The total purchase consideration was approximately $12.0 million, which included $7.7 million in cash, a $0.3 million working capital adjustment, a balance sheet holdback of $0.7 million and a $3.3 million settlement of pre-existing Company receivables. The working capital adjustment was settled in the second quarter of 2018 and the balance sheet holdback was paid in the second quarter of 2019. The Company's allocation of the purchase price at March 31, 2019 included $3.8 million of receivables, $0.8 million of inventories, $0.1 million of machinery and equipment, $3.6 million of intangibles and $3.7 million of goodwill. The intangible assets acquired are customer relationships with an estimated average useful life of 10 years. As of March 31, 2019, the Company had completed its analysis for estimating the fair value of the assets acquired with no additional adjustments. In the first quarter of 2019 and the fourth quarter of 2020, the Company made separate payments of contingent acquisition consideration of $1.0 million each related to the May 1, 2017 acquisition of 100% of the outstanding common stock of D-Flow Technology AB (“D-Flow”) of Lulea, Sweden. These were the final payments associated with the acquisition.

Short-term Debt and Credit Line

Short-term Debt and Credit Lines	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Short-term Debt and Credit Lines	Note 4 Short-term Debt and Credit Lines In June 2018, the Company amended its May 2012 credit agreement with its primary lender and extended its term until September 2021. The credit agreement includes a $125.0 million line of credit that supports commercial paper (up to $70.0 million) and includes $5.0 million of a Euro line of credit. Under the principal line of credit, the Company had $125.0 million of unused credit lines available out of the total of $133.5 million available short-term credit lines at December 31, 2020. While the facility is unsecured, there are a number of financial covenants with which the Company must comply, and the Company was in compliance as of December 31, 2020.

Stock Compensation

Stock Compensation	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Compensation	Note 5 Stock Compensation As of December 31, 2020, the Company has an Omnibus Incentive Plan under which 1,400,000 shares are reserved for restricted stock and stock options grants for employees, as well as stock grants for directors. The plan was originally approved in 2011 and replaced all prior stock-based plans except for shares and options previously issued under those plans. As of December 31, 2020 and 2019, there were 443,370 shares and 502,839 shares, respectively, of the Company’s Common Stock available for grant under the 2011 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 three 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 year ended December 31, 2020 was $0.4 million compared to $0.3 million in 2019 and $2.1 million in 2018. The following table summarizes the transactions of the Company’s stock option plans for the three-year period ended December 31, 2020: Number of shares Weighted- average exercise price Options outstanding - December 31, 2017 386,283 $ 25.74 Options granted 43,778 $ 48.20 Options modified 80,642 $ 52.44 Options exercised (53,161 ) $ 21.47 Options canceled (80,642 ) $ 37.04 Options forfeited — n/a Options outstanding - December 31, 2018 376,900 $ 28.95 Options granted 34,926 $ 59.44 Options exercised (66,969 ) $ 29.29 Options forfeited (7,525 ) $ 38.81 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 Price range $ 18.08 — $ 27.18 (weighted-average contractual life of 2.1 years) 106,390 $ 22.53 Price range $ 28.33 — $ 42.50 (weighted-average contractual life of 5 years) 102,484 $ 33.30 Price range $ 48.20 — $ 72.30 . (weighted-average contractual life of 8.2 years) 107,320 $ 57.09 Options outstanding - December 31, 2020 316,194 Exercisable options — December 31, 2018 321,122 $ 27.16 December 31, 2019 271,252 $ 27.17 December 31, 2020 235,829 $ 30.82 The following assumptions were used for valuing options granted in the years ended December 31: 2020 2019 Per share fair value of options granted during the period $ 17.49 $ 18.20 Risk-free interest rate 0.64 % 2.52 % Dividend yield 1.05 % 0.97 % Volatility factor 30.0 % 32.4 % Weighted-average expected life in years 7.0 5.3 The expected life is based on historical exercise behavior and the projected exercise of unexercised stock options. The risk-free interest rate is 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 is based on the expected annual dividends divided by the grant date market value of the Company’s Common Stock. The expected volatility is based on the historical volatility of the Company’s Common Stock. The following table summarizes the aggregate intrinsic value related to options exercised, outstanding and exercisable as of and for the years ended December 31: 2020 2019 (In thousands) Exercised $ 3,054 $ 1,870 Outstanding $ 17,805 $ 11,170 Exercisable $ 14,913 $ 10,243 As of December 31, 2020, the unrecognized compensation cost related to stock options was approximately $1.0 million, which will be recognized over a weighted average period of 3.4 years. Director Stock Grant Non-employee directors receive an annual award of $58,000 worth of restricted shares of the Company’s Common Stock under the shareholder-approved 2011 Omnibus Incentive Plan. 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, 2020 was $0.4 million compared to $0.3 million in 2019 and $0.5 million in 2018. As of December 31, 2020, the unrecognized compensation cost related to the director stock award that is expected to be recognized over the remaining three months is estimated to be approximately $0.1 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, 2020 was $1.0 million compared to $0.9 million in 2019 and $2.1 million in 2018. The fair value of nonvested shares is determined based on the market price of the shares on the grant date. Shares Fair value per share Nonvested at December 31, 2017 111,473 $ 35.21 Granted 32,268 $ 49.10 Modified 30,488 $ 52.47 Vested (68,289 ) $ 40.16 Canceled (30,488 ) $ 38.62 Forfeited (2,650 ) $ 36.83 Nonvested at December 31, 2018 72,802 $ 42.58 Granted 16,034 $ 59.42 Vested (19,227 ) $ 30.08 Forfeited (5,129 ) $ 41.31 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 As of December 31, 2020, there was $1.8 million of unrecognized compensation cost related to nonvested restricted stock that is expected to be recognized over a weighted average period of 2.1 years.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
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 $3.1 million, $3.4 million and $3.7 million in 2020, 2019 and 2018, respectively. 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 2020, 2019 and 2018 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, 2020
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	Note 7 Employee Benefit Plans Historically, the Company maintained a non-contributory defined benefit pension plan that covered substantially all U.S. employees who were employed at December 31, 2011. After that date, no further benefits were accrued in the plan. For the frozen pension plan, benefits were based primarily on years of service and, for certain employees, levels of compensation. In 2018, the Company completed the termination of the non-contributory defined benefit pension plan. The Company maintains supplemental non-qualified plans for certain officers and other key employees, and an Employee Savings and Stock Option Plan (“ESSOP”) for the majority of the U.S. employees. 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. Amounts included in accumulated other comprehensive income, net of tax, at December 31, 2020 that have not yet been recognized in net periodic benefit cost are as follows: Pension plans Other postretirement benefits (In thousands) Net actuarial loss (gain) $ 68 $ (123 ) Amounts included in accumulated other comprehensive income, net of tax, at December 31, 2020 expected to be recognized in net periodic benefit cost during the fiscal year ending December 31, 2021 are not expected to be material. Qualified Pension Plan The Company completed the termination of the non-contributory defined benefit pension plan in 2018 and therefore the tables below show no activity or actuarial assumptions for the years ended December 31, 2020 and 2019. The following table sets forth the components of net periodic pension cost for the year ended December 31, 2018 based on a December 31 measurement date: 2018 (In thousands) Service cost - benefits earned during the year $ — Interest cost on projected benefit obligations 305 Expected return on plan assets (835 ) Amortization of net loss 262 Settlement expense 19,900 Net periodic pension cost $ 19,632 Actuarial assumptions used in the determination of the net periodic pension cost are: 2018 Discount rate 2.00 % Expected long-term return on plan assets 3.00 % Rate of compensation increase n/a The Company's discount rate assumptions for the qualified pension 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. The assumptions for expected long-term rates of return on assets are based on historical experience and estimated future investment returns, taking into consideration anticipated asset allocations, investment strategies and the views of various investment professionals. The use of these assumptions can cause volatility if actual results differ from expected results. The fair value of the qualified pension plan assets was $0 at December 31, 2020 and 2019. As there were no benefit obligations, plan assets or pension liabilities at December 31, 2020, 2019 & 2018, no reconciliation as of those measurement dates are provided. Supplemental Non-qualified Unfunded Plans The Company also maintains supplemental non-qualified unfunded plans for certain officers and other key employees. The expense for these plans was not material for 2020, 2019 or 2018. The discount rate used to measure the net periodic pension cost was 2.87% for 2020, 2.86% for 2019 and 2.16% for 2018. The amount accrued was $0.4 million and $0.5 million as of December 31, 2020 and 2019, respectively. Other Postretirement Benefits The Company has a postretirement plan that provides medical benefits for certain U.S. retirees and eligible dependents hired prior to November 1, 2004. The following table sets forth the components of net periodic postretirement benefit cost for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 (In thousands) Service cost, benefits attributed for service of active employees for the period $ 103 $ 103 $ 124 Interest cost on the accumulated postretirement benefit obligation 154 210 189 Amortization of actuarial gain (22 ) (117 ) (30 ) Amortization of prior service credit — — (13 ) Net periodic postretirement benefit cost $ 235 $ 196 $ 270 The discount rate used to measure the net periodic postretirement benefit cost was 3.19% for 2020, 4.33% for 2019 and 3.65% for 2018. 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: 2020 2019 (In thousands) Benefit obligation at beginning of year $ 6,075 $ 5,551 Service cost 103 103 Interest cost 154 210 Actuarial gain 202 657 Plan participants' contributions 474 532 Benefits paid (863 ) (978 ) Benefit obligation and funded status at end of year $ 6,145 $ 6,075 The amounts recognized in the Consolidated Balance Sheets at December 31 are: 2020 2019 (In thousands) Accrued compensation and employee benefits $ 356 $ 364 Accrued non-pension postretirement benefits 5,789 5,711 Amounts recognized at December 31 $ 6,145 $ 6,075 The discount rate used to measure the accumulated postretirement benefit obligation was 2.45% for 2020 and 3.19% for 2019. 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 2021 are $0.4 million through 2025, with an aggregate of $2.0 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. Badger Meter Employee Savings and Stock Ownership Plan (ESSOP) The ESSOP includes a voluntary 401(k) savings plan that allows certain employees to defer up to 20% 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. The match was paid using the Company's Common Stock released through the ESSOP loan payments. For ESSOP shares purchased prior to 1993, compensation expense is recognized based on the original purchase price of the shares released and dividends on unreleased shares are charged to compensation expense. For shares purchased in or after 1993, expense is based on the market value of the shares on the date released and dividends on unreleased shares are charged to compensation expense. Compensation expense of $ 0.5 million in 2020 compared to $0.6 million in 2019 and $0.5 million in 2018. As the last ESSOP loan payment was made during 2020, the Company will make future ESSOP match payments in cash. On December 31, 2010, the Company froze the qualified pension plan for its non-union participants and formed a new defined contribution feature within the ESSOP plan in which each employee received a similar benefit. On December 31, 2011, the Company froze the qualified pension plan for its union participants and included them in the same defined contribution feature within the ESSOP. Compensation expense under the defined contribution feature was $2.0 million in 2020 $3.1 million in 2019 and $3.0 in 2018.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
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: 2020 2019 2018 (In thousands) Domestic $ 65,908 $ 62,639 $ 31,584 Foreign (927 ) (1,032 ) 4,268 Total $ 64,981 $ 61,607 $ 35,852 The provision (benefit) for income taxes is as follows: 2020 2019 2018 (In thousands) Current: Federal $ 14,482 $ 12,113 $ 9,223 State 3,419 2,591 2,640 Foreign 819 1,250 1,468 Deferred: Federal (2,495 ) (1,066 ) (2,890 ) State (644 ) 417 (1,765 ) Foreign 57 (875 ) (614 ) Total $ 15,638 $ 14,430 $ 8,062 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: 2020 2019 2018 (In thousands) Provision at statutory rate $ 13,646 $ 12,938 $ 7,529 State income taxes, net of federal tax benefit 2,196 2,080 717 Valuation allowance 1,302 515 — Foreign - tax rate differential and other (267 ) 70 159 Federal tax credits (517 ) (609 ) (742 ) Compensation subject to section 162(m) 110 66 562 Stock based compensation (682 ) (253 ) (384 ) Tax rate difference on temporary adjustments — — (460 ) Other (150 ) (377 ) 681 Actual provision $ 15,638 $ 14,430 $ 8,062 The components of deferred income taxes as of December 31 are as follows: 2020 2019 (In thousands) Deferred tax assets: Reserve for receivables and inventories $ 2,618 $ 2,108 Accrued compensation 1,874 888 Reserves & payables 2,741 1,410 Non-pension postretirement benefits 1,535 1,505 Net operating loss and credit carryforwards 2,106 1,401 Accrued pension benefits 982 933 Accrued employee benefits 1,574 1,747 Deferred revenue 2,596 2,219 Operating lease liabilities 1,708 1,861 Other 713 497 Total gross deferred tax assets 18,447 14,569 Less: valuation allowance (2,140 ) (863 ) Total net deferred tax assets 16,307 13,706 Deferred tax liabilities: Depreciation 5,204 4,673 Amortization 8,795 6,158 Prepaids 552 529 Operating lease assets 1,699 1,850 Other 663 630 Total deferred tax liabilities 16,913 13,840 Net deferred tax liabilities $ (606 ) $ (134 ) As of December 31, 2020, the Company has foreign net operating loss carryforwards of approximately $6 million with an unlimited carryforward period. The Company’s tax credit carryforward of $0.4 million relates 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 a foreign net operating loss carryforward. No provision for federal income taxes was made on the earnings of foreign subsidiaries that are considered indefinitely invested or that would be offset by foreign tax credits upon distribution. Such undistributed earnings at December 31, 2020 were $20.6 million, all of which was previously taxed in the U.S. under the transition tax provisions and other provisions of the Internal Revenue Code. Changes in the Company's gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows: 2020 2019 (In thousands) Balance at beginning of year $ 1,165 $ 1,121 Increases in unrecognized tax benefits as a result of positions taken during the prior year — 88 Increases in unrecognized tax benefits as a result of positions taken during the current year 209 235 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (251 ) (279 ) Balance at end of year $ 1,123 $ 1,165 The Company does not expect a significant increase or decrease to the total amounts of unrecognized tax benefits during the fiscal year ending December 31, 2021. 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 yea rs prior to 2017 , and, with few exceptions, state and local income tax examinations by tax aut horities for years prior to 2016 . 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, 2020 and 201 9 and there were no penalties accrued in either year.

Industry Segment and Geographic

Industry Segment and Geographic Areas	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Industry Segment and Geographic Areas	Note 9 Industry Segment and Geographic Areas The Company is an innovator, manufacturer, marketer and distributor of products incorporating flow measurement, control 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: 2020 2019 2018 (In thousands) Revenues: United States $ 376,426 $ 369,163 $ 374,650 Foreign: Asia 6,437 9,111 9,081 Canada 10,406 13,568 11,893 Europe 18,255 15,784 20,147 Mexico 4,886 5,791 3,603 Middle East 6,114 7,868 11,318 Other 3,020 3,340 3,040 Total $ 425,544 $ 424,625 $ 433,732 Information regarding assets by geographic area is as follows: 2020 2019 (In thousands) Long-lived assets: United States $ 48,805 $ 51,539 Foreign: Europe 15,142 14,768 Mexico 18,758 19,454 Total $ 82,705 $ 85,761 2020 2019 (In thousands) Total assets: United States $ 365,748 $ 326,248 Foreign: Europe 80,337 72,296 Mexico 22,295 23,349 Total $ 468,380 $ 421,893

Unaudited_ Quarterly Results of

Unaudited: Quarterly Results of Operations, Common Stock Price and Dividends	12 Months Ended
	Dec. 31, 2020
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 Quarter ended March 31 June 30 September 30 December 31 (In thousands except per share data) 2020 Net sales $ 108,508 $ 91,119 $ 113,587 $ 112,329 Gross margin $ 43,322 $ 35,850 $ 45,023 $ 44,055 Net earnings $ 11,854 $ 9,534 $ 14,861 $ 13,094 Earnings per share: Basic $ 0.41 $ 0.33 $ 0.51 $ 0.45 Diluted $ 0.41 $ 0.33 $ 0.51 $ 0.45 Dividends declared $ 0.17 $ 0.17 $ 0.18 $ 0.18 Stock price: High $ 70.83 $ 68.01 $ 68.25 $ 96.00 Low $ 41.50 $ 47.00 $ 59.53 $ 64.96 Quarter-end close $ 53.60 $ 62.92 $ 65.37 $ 94.06 2019 Net sales $ 104,881 $ 103,542 $ 108,646 $ 107,556 Gross margin $ 40,457 $ 40,276 $ 41,670 $ 41,125 Net earnings $ 10,824 $ 11,358 $ 12,721 $ 12,274 Earnings per share: Basic $ 0.37 $ 0.39 $ 0.44 $ 0.42 Diluted $ 0.37 $ 0.39 $ 0.44 $ 0.42 Dividends declared $ 0.15 $ 0.15 $ 0.17 $ 0.17 Stock price: High $ 61.57 $ 60.28 $ 60.52 $ 66.64 Low $ 47.59 $ 51.56 $ 49.66 $ 50.67 Quarter-end close $ 55.64 $ 59.69 $ 53.70 $ 64.93 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, 2020 and 2019 totaled 656 and 790, respectively. Voting trusts and street name shareholders are counted as single shareholders for this purpose.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2020
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, 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.” In accordance with ASU No. 2016-10 “Revenue from Contracts with Customers” (“Topic 606”), 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 meets the disclosure objective in Topic 606 which is to depict 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: December 31, (In thousands) 2020 2019 Revenue recognized over time $ 21,479 5.0% $ 16,146 3.8% Revenue recognized at a point in time 404,065 95.0% 408,479 96.2% Total $ 425,544 100.0% $ 424,625 100.0% 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: December 31, (In thousands) 2020 2019 Receivables $ 61,689 $ 61,365 Contract liabilities 24,761 20,143 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, 2020 and 2019. A performance obligation in a contract is a promise to transfer a distinct good or service to the customer, and is the unit of measurement in Topic 606. 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 AMA software as a service. The Company records revenue for BEACON AMA SaaS 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 AMA 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, 2020, the Company had certain contracts with unsatisfied performance obligations. For contracts recorded as long-term liabilities, $24.8 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 $ 5.8 2.5 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, 2020. Certain customers may receive cash-based incentives or credits, which are accounted for as variable consideration. Variable consideration in contracts for the year ended December 31, 2020 was insignificant. 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 AMA 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, 2020, 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, 2020
Leases [Abstract]
Leases	Note 12 Leases T he 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. 2020 2019 (In thousands) Right-of-use assets $ 6,865 $ 8,411 Lease liabilities 7,218 8,792 The Company ’ December 31, 2020 2019 (In thousands) Operating lease expense $ 2,858 $ 3,095 Variable and short-term lease expense 203 270 Rent expense $ 3,061 $ 3,365 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, 2020 and 2019, the remaining lease term on the Company’s leases was 6.0 years and 4.5 years, respectively. As of December 31, 2020 and 2019, the discount rate was 5.0%. December 31, 2020 (In thousands) 2021 $ 2,526 2022 1,435 2023 1,318 2024 1,264 2025 1,084 Thereafter 821 Total future lease payments 8,448 (Present value adjustment) (1,230 ) Present value of future lease payments $ 7,218

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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.
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 beginning of year Provision and reserve adjustments Write-offs less recoveries Balance at end of year (In thousands) 2020 $ 224 $ 356 $ (28 ) $ 552 2019 $ 360 $ (132 ) $ (4 ) $ 224 2018 $ 387 $ — $ (27 ) $ 360
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 beginning of year Net additions charged to earnings Disposals Balance at end of year (In thousands) 2020 $ 5,440 $ 2,964 $ (2,004 ) $ 6,400 2019 $ 4,131 $ 2,663 $ (1,354 ) $ 5,440 2018 $ 3,881 $ 2,195 $ (1,945 ) $ 4,131
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 $6.0 million and $5.7 million at December 31, 2020 and 2019, 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, 2020, 2019 and 2018 was $3.7 million, $3.1 million and $3.2 million, respectively.
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 recognized for 2020 and 2019 was $7.2 million December 31, 2020 December 31, 2019 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization (In thousands) Technologies $ 52,536 $ 30,598 $ 47,608 $ 27,650 Intellectual property 10,000 1,833 10,000 1,333 Non-compete agreements 931 413 572 431 Licenses 650 526 650 509 Customer lists 8,023 3,846 8,023 3,234 Customer relationships 28,630 16,146 25,220 14,730 Trade names 12,136 5,946 9,203 5,226 Total intangibles $ 112,906 $ 59,308 $ 101,276 $ 53,113
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 2020, 2019 and 2018. Goodwill was $88.7 and $71.3 million at December 31, 2020 and 2019, respectively. The increase resulted from the acquisition of s::can, headquartered in Vienna, Austria in 2020. 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 beginning of year Provision of acquired business Net additions charged to earnings Costs incurred Balance at end of year (In thousands) 2020 $ 5,583 $ 500 $ 7,855 $ (2,321 ) $ 11,617 2019 $ 4,206 $ — $ 6,616 $ (5,239 ) $ 5,583 2018 $ 3,367 $ — $ 3,274 $ (2,435 ) $ 4,206
Research and Development	Research and Development Research and development costs are charged to expense as incurred and amounted to $11.6 million in 2020, $11.9 million in 2019 and $11.1 million in 2018.
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	Accumulated Other Comprehensive Income Components of accumulated other comprehensive income at December 31, 2020 are as follows: Pension and postretirement benefits Foreign currency Total (In thousands) Balance at beginning of period $ 263 $ 162 $ 425 Other comprehensive income before reclassifications — 1,096 1,096 Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $69 (208 ) — (208 ) Net current period other comprehensive (loss) income, net (208 ) 1,096 888 Accumulated other comprehensive income $ 55 $ 1,258 $ 1,313 Reclassifications out of accumulated other comprehensive income during 2020 are immaterial. Components of accumulated other comprehensive income at December 31, 2019 are as follows: Pension and postretirement benefits Foreign currency Total (In thousands) Balance at beginning of period $ 360 $ 220 $ 580 Other comprehensive income (loss) before reclassifications — (58 ) (58 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $16 (97 ) — (97 ) Net current period other comprehensive income (loss), net (97 ) (58 ) (155 ) Accumulated other comprehensive income $ 263 $ 162 $ 425 Reclassifications out of accumulated other comprehensive income during 2019 are as follows: Amount reclassified from accumulated other comprehensive income (In thousands) Amortization of employee benefit plan items: Actuarial gains and losses (1) $ (639 ) Plan settlement (2) 526 Total before tax (113 ) Income tax impact 16 Amount reclassified out of accumulated other comprehensive income $ (97 ) (1) These accumulated other comprehensive loss components are included in the computation of benefit plan costs in Note 7 “Employee Benefit Plans.”
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. Short-term debt is comprised of notes payable drawn against the Company's lines of credit. Because of its short-term nature, the carrying amount of the short-term debt also approximates fair value. 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, 2021, the Company acquired 100% of the outstanding stock of Analytical Technology, LLC (“ATi”), headquartered in Collegeville, Pennsylvania, a provider of water quality monitoring systems. The purchase consideration, net of cash acquired, was approximately $44 million. The ATi 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 acq uisition. The acquisition is not expected to have a material impact on the Company’s consolidated financial statements and notes thereto.
New Pronouncements	New 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 and noted no significant changes to the Company’s financial position or results of operations. In June 2016, the FASB issued ASU No. 2016-13 “Financial Instruments - Credit Losses (Topic 326),” which amends the accounting for credit losses on purchased financial assets and available-for-sale debt securities with credit deterioration. This ASU requires the measurement of all expected credit losses for financial assets, including accounts receivables, held at the reporting date based upon current conditions, historical experience and reasonable forecasts. This ASU is effective for annual reporting periods beginning after December 15, 2019. The Company adopted ASU No. 2016-13 on January 1, 2020 and noted no significant changes to the Company’s financial position or results of operations.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
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 beginning of year Provision and reserve adjustments Write-offs less recoveries Balance at end of year (In thousands) 2020 $ 224 $ 356 $ (28 ) $ 552 2019 $ 360 $ (132 ) $ (4 ) $ 224 2018 $ 387 $ — $ (27 ) $ 360
Schedule of Changes to Obsolete and Excess Inventories Reserve	Changes to the Company's obsolete and excess inventories reserve are as follows: Balance at beginning of year Net additions charged to earnings Disposals Balance at end of year (In thousands) 2020 $ 5,440 $ 2,964 $ (2,004 ) $ 6,400 2019 $ 4,131 $ 2,663 $ (1,354 ) $ 5,440 2018 $ 3,881 $ 2,195 $ (1,945 ) $ 4,131
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, 2020 December 31, 2019 Gross carrying amount Accumulated amortization Gross carrying amount Accumulated amortization (In thousands) Technologies $ 52,536 $ 30,598 $ 47,608 $ 27,650 Intellectual property 10,000 1,833 10,000 1,333 Non-compete agreements 931 413 572 431 Licenses 650 526 650 509 Customer lists 8,023 3,846 8,023 3,234 Customer relationships 28,630 16,146 25,220 14,730 Trade names 12,136 5,946 9,203 5,226 Total intangibles $ 112,906 $ 59,308 $ 101,276 $ 53,113
Schedule of Changes in Warranty and After-Sale Costs Reserve	Changes in the Company's warranty and after-sale costs reserve are as follows: Balance at beginning of year Provision of acquired business Net additions charged to earnings Costs incurred Balance at end of year (In thousands) 2020 $ 5,583 $ 500 $ 7,855 $ (2,321 ) $ 11,617 2019 $ 4,206 $ — $ 6,616 $ (5,239 ) $ 5,583 2018 $ 3,367 $ — $ 3,274 $ (2,435 ) $ 4,206
Schedule of Accumulated Other Comprehensive Income (Loss)	Components of accumulated other comprehensive income at December 31, 2020 are as follows: Pension and postretirement benefits Foreign currency Total (In thousands) Balance at beginning of period $ 263 $ 162 $ 425 Other comprehensive income before reclassifications — 1,096 1,096 Amounts reclassified from accumulated other comprehensive income (loss), net of tax of $69 (208 ) — (208 ) Net current period other comprehensive (loss) income, net (208 ) 1,096 888 Accumulated other comprehensive income $ 55 $ 1,258 $ 1,313 Reclassifications out of accumulated other comprehensive income during 2020 are immaterial. Components of accumulated other comprehensive income at December 31, 2019 are as follows: Pension and postretirement benefits Foreign currency Total (In thousands) Balance at beginning of period $ 360 $ 220 $ 580 Other comprehensive income (loss) before reclassifications — (58 ) (58 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $16 (97 ) — (97 ) Net current period other comprehensive income (loss), net (97 ) (58 ) (155 ) Accumulated other comprehensive income $ 263 $ 162 $ 425 Reclassifications out of accumulated other comprehensive income during 2019 are as follows: Amount reclassified from accumulated other comprehensive income (In thousands) Amortization of employee benefit plan items: Actuarial gains and losses (1) $ (639 ) Plan settlement (2) 526 Total before tax (113 ) Income tax impact 16 Amount reclassified out of accumulated other comprehensive income $ (97 ) (1) These accumulated other comprehensive loss components are included in the computation of benefit plan costs in Note 7 “Employee Benefit Plans.”

Stock Compensation (Tables)

Stock Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [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, 2020: Number of shares Weighted- average exercise price Options outstanding - December 31, 2017 386,283 $ 25.74 Options granted 43,778 $ 48.20 Options modified 80,642 $ 52.44 Options exercised (53,161 ) $ 21.47 Options canceled (80,642 ) $ 37.04 Options forfeited — n/a Options outstanding - December 31, 2018 376,900 $ 28.95 Options granted 34,926 $ 59.44 Options exercised (66,969 ) $ 29.29 Options forfeited (7,525 ) $ 38.81 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 Price range $ 18.08 — $ 27.18 (weighted-average contractual life of 2.1 years) 106,390 $ 22.53 Price range $ 28.33 — $ 42.50 (weighted-average contractual life of 5 years) 102,484 $ 33.30 Price range $ 48.20 — $ 72.30 . (weighted-average contractual life of 8.2 years) 107,320 $ 57.09 Options outstanding - December 31, 2020 316,194 Exercisable options — December 31, 2018 321,122 $ 27.16 December 31, 2019 271,252 $ 27.17 December 31, 2020 235,829 $ 30.82
Assumptions Used for Valuing Options Granted	The following assumptions were used for valuing options granted in the years ended December 31: 2020 2019 Per share fair value of options granted during the period $ 17.49 $ 18.20 Risk-free interest rate 0.64 % 2.52 % Dividend yield 1.05 % 0.97 % Volatility factor 30.0 % 32.4 % Weighted-average expected life in years 7.0 5.3
Summary of Aggregate Intrinsic Value Related to Options	The following table summarizes the aggregate intrinsic value related to options exercised, outstanding and exercisable as of and for the years ended December 31: 2020 2019 (In thousands) Exercised $ 3,054 $ 1,870 Outstanding $ 17,805 $ 11,170 Exercisable $ 14,913 $ 10,243
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 per share Nonvested at December 31, 2017 111,473 $ 35.21 Granted 32,268 $ 49.10 Modified 30,488 $ 52.47 Vested (68,289 ) $ 40.16 Canceled (30,488 ) $ 38.62 Forfeited (2,650 ) $ 36.83 Nonvested at December 31, 2018 72,802 $ 42.58 Granted 16,034 $ 59.42 Vested (19,227 ) $ 30.08 Forfeited (5,129 ) $ 41.31 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

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Schedule of Amounts Not Yet Recognized In Net Periodic Benefit Cost	Amounts included in accumulated other comprehensive income, net of tax, at December 31, 2020 that have not yet been recognized in net periodic benefit cost are as follows: Pension plans Other postretirement benefits (In thousands) Net actuarial loss (gain) $ 68 $ (123 )
Components of Net Periodic Pension/Postretirement Benefit Cost	The following table sets forth the components of net periodic pension cost for the year ended December 31, 2018 based on a December 31 measurement date: 2018 (In thousands) Service cost - benefits earned during the year $ — Interest cost on projected benefit obligations 305 Expected return on plan assets (835 ) Amortization of net loss 262 Settlement expense 19,900 Net periodic pension cost $ 19,632 2020 2019 2018 (In thousands) Service cost, benefits attributed for service of active employees for the period $ 103 $ 103 $ 124 Interest cost on the accumulated postretirement benefit obligation 154 210 189 Amortization of actuarial gain (22 ) (117 ) (30 ) Amortization of prior service credit — — (13 ) Net periodic postretirement benefit cost $ 235 $ 196 $ 270
Schedule of Actuarial Assumptions	Actuarial assumptions used in the determination of the net periodic pension cost are: 2018 Discount rate 2.00 % Expected long-term return on plan assets 3.00 % Rate of compensation increase n/a
Reconciliation of Projected Benefit Obligation	The following table provides a reconciliation of the projected benefit obligation at the Company's December 31 measurement date: 2020 2019 (In thousands) Benefit obligation at beginning of year $ 6,075 $ 5,551 Service cost 103 103 Interest cost 154 210 Actuarial gain 202 657 Plan participants' contributions 474 532 Benefits paid (863 ) (978 ) Benefit obligation and funded status at end of year $ 6,145 $ 6,075
Schedule of Amounts Recognized in Consolidated Balance Sheets	The amounts recognized in the Consolidated Balance Sheets at December 31 are: 2020 2019 (In thousands) Accrued compensation and employee benefits $ 356 $ 364 Accrued non-pension postretirement benefits 5,789 5,711 Amounts recognized at December 31 $ 6,145 $ 6,075

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Details of Earnings Before Income Taxes	Details of earnings before income taxes are as follows: 2020 2019 2018 (In thousands) Domestic $ 65,908 $ 62,639 $ 31,584 Foreign (927 ) (1,032 ) 4,268 Total $ 64,981 $ 61,607 $ 35,852
Schedule of Provision (Benefit) for Income Taxes	The provision (benefit) for income taxes is as follows: 2020 2019 2018 (In thousands) Current: Federal $ 14,482 $ 12,113 $ 9,223 State 3,419 2,591 2,640 Foreign 819 1,250 1,468 Deferred: Federal (2,495 ) (1,066 ) (2,890 ) State (644 ) 417 (1,765 ) Foreign 57 (875 ) (614 ) Total $ 15,638 $ 14,430 $ 8,062
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: 2020 2019 2018 (In thousands) Provision at statutory rate $ 13,646 $ 12,938 $ 7,529 State income taxes, net of federal tax benefit 2,196 2,080 717 Valuation allowance 1,302 515 — Foreign - tax rate differential and other (267 ) 70 159 Federal tax credits (517 ) (609 ) (742 ) Compensation subject to section 162(m) 110 66 562 Stock based compensation (682 ) (253 ) (384 ) Tax rate difference on temporary adjustments — — (460 ) Other (150 ) (377 ) 681 Actual provision $ 15,638 $ 14,430 $ 8,062
Components of Deferred Income Taxes	The components of deferred income taxes as of December 31 are as follows: 2020 2019 (In thousands) Deferred tax assets: Reserve for receivables and inventories $ 2,618 $ 2,108 Accrued compensation 1,874 888 Reserves & payables 2,741 1,410 Non-pension postretirement benefits 1,535 1,505 Net operating loss and credit carryforwards 2,106 1,401 Accrued pension benefits 982 933 Accrued employee benefits 1,574 1,747 Deferred revenue 2,596 2,219 Operating lease liabilities 1,708 1,861 Other 713 497 Total gross deferred tax assets 18,447 14,569 Less: valuation allowance (2,140 ) (863 ) Total net deferred tax assets 16,307 13,706 Deferred tax liabilities: Depreciation 5,204 4,673 Amortization 8,795 6,158 Prepaids 552 529 Operating lease assets 1,699 1,850 Other 663 630 Total deferred tax liabilities 16,913 13,840 Net deferred tax liabilities $ (606 ) $ (134 )
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: 2020 2019 (In thousands) Balance at beginning of year $ 1,165 $ 1,121 Increases in unrecognized tax benefits as a result of positions taken during the prior year — 88 Increases in unrecognized tax benefits as a result of positions taken during the current year 209 235 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (251 ) (279 ) Balance at end of year $ 1,123 $ 1,165

Industry Segment and Geograph_2

Industry Segment and Geographic Areas (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Information Regarding Revenues and Assets by Geographic Area	Information regarding revenues by geographic area is as follows: 2020 2019 2018 (In thousands) Revenues: United States $ 376,426 $ 369,163 $ 374,650 Foreign: Asia 6,437 9,111 9,081 Canada 10,406 13,568 11,893 Europe 18,255 15,784 20,147 Mexico 4,886 5,791 3,603 Middle East 6,114 7,868 11,318 Other 3,020 3,340 3,040 Total $ 425,544 $ 424,625 $ 433,732 Information regarding assets by geographic area is as follows: 2020 2019 (In thousands) Long-lived assets: United States $ 48,805 $ 51,539 Foreign: Europe 15,142 14,768 Mexico 18,758 19,454 Total $ 82,705 $ 85,761 2020 2019 (In thousands) Total assets: United States $ 365,748 $ 326,248 Foreign: Europe 80,337 72,296 Mexico 22,295 23,349 Total $ 468,380 $ 421,893

Unaudited_ Quarterly Results _2

Unaudited: Quarterly Results of Operations, Common Stock Price and Dividends (Tables)	12 Months Ended
	Dec. 31, 2020
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) 2020 Net sales $ 108,508 $ 91,119 $ 113,587 $ 112,329 Gross margin $ 43,322 $ 35,850 $ 45,023 $ 44,055 Net earnings $ 11,854 $ 9,534 $ 14,861 $ 13,094 Earnings per share: Basic $ 0.41 $ 0.33 $ 0.51 $ 0.45 Diluted $ 0.41 $ 0.33 $ 0.51 $ 0.45 Dividends declared $ 0.17 $ 0.17 $ 0.18 $ 0.18 Stock price: High $ 70.83 $ 68.01 $ 68.25 $ 96.00 Low $ 41.50 $ 47.00 $ 59.53 $ 64.96 Quarter-end close $ 53.60 $ 62.92 $ 65.37 $ 94.06 2019 Net sales $ 104,881 $ 103,542 $ 108,646 $ 107,556 Gross margin $ 40,457 $ 40,276 $ 41,670 $ 41,125 Net earnings $ 10,824 $ 11,358 $ 12,721 $ 12,274 Earnings per share: Basic $ 0.37 $ 0.39 $ 0.44 $ 0.42 Diluted $ 0.37 $ 0.39 $ 0.44 $ 0.42 Dividends declared $ 0.15 $ 0.15 $ 0.17 $ 0.17 Stock price: High $ 61.57 $ 60.28 $ 60.52 $ 66.64 Low $ 47.59 $ 51.56 $ 49.66 $ 50.67 Quarter-end close $ 55.64 $ 59.69 $ 53.70 $ 64.93

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2020
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: December 31, (In thousands) 2020 2019 Revenue recognized over time $ 21,479 5.0% $ 16,146 3.8% Revenue recognized at a point in time 404,065 95.0% 408,479 96.2% Total $ 425,544 100.0% $ 424,625 100.0%
Contract with Customer, Liability and Receivables	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: December 31, (In thousands) 2020 2019 Receivables $ 61,689 $ 61,365 Contract liabilities 24,761 20,143

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
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 are as follows: 2020 2019 (In thousands) Right-of-use assets $ 6,865 $ 8,411 Lease liabilities 7,218 8,792
Schedule of Rent Expenses	The Company’s rent expense is as follows: December 31, 2020 2019 (In thousands) Operating lease expense $ 2,858 $ 3,095 Variable and short-term lease expense 203 270 Rent expense $ 3,061 $ 3,365
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, 2020 (In thousands) 2021 $ 2,526 2022 1,435 2023 1,318 2024 1,264 2025 1,084 Thereafter 821 Total future lease payments 8,448 (Present value adjustment) (1,230 ) Present value of future lease payments $ 7,218

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Profile - Narrative (Details)	12 Months Ended
	Dec. 31, 2020Product_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)	90.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for Doubtful Accounts Receivable
Balance at beginning of year	$ 224	$ 360	$ 387
Provision and reserve adjustments	356	(132)
Write-offs less recoveries	(28)	(4)	(27)
Balance at end of year	$ 552	$ 224	$ 360

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Changes to Obsolete and Excess Inventories Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Obsolete Inventory Reserve
Balance at beginning of year	$ 5,440	$ 4,131	$ 3,881
Net additions charged to earnings	2,964	2,663	2,195
Disposals	(2,004)	(1,354)	(1,945)
Balance at end of year	$ 6,400	$ 5,440	$ 4,131

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Property, Plant and Equipment - Narrative (Details)	12 Months Ended
	Dec. 31, 2020
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

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Capitalized Software and Hardware - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment
Amortization expense	$ 3.7	$ 3.1	$ 3.2
Prepaid Expenses and Other Current Assets
Property, Plant and Equipment
Capitalized internal use software and hardware	$ 6	$ 5.7
Minimum
Property, Plant and Equipment
Amortization period	1 year
Maximum
Property, Plant and Equipment
Amortization period	5 years

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets
Amortization expense recognized	$ 7.2	$ 7.2	$ 7.5
Amortization expense expected to be recognized, 2021	8.2
Amortization expense expected to be recognized, 2022	7.1
Amortization expense expected to be recognized, 2023	6.4
Amortization expense expected to be recognized, 2024	6.3
Amortization expense expected to be recognized, 2025	6
Amortization expense expected to be recognized, thereafter	$ 19.6
Minimum
Finite-Lived Intangible Assets
Estimated useful lives	5 years
Maximum
Finite-Lived Intangible Assets
Estimated useful lives	20 years

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Schedule of Carrying Value and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets
Gross carrying amount	$ 112,906	$ 101,276
Accumulated amortization	59,308	53,113
Technologies
Finite-Lived Intangible Assets
Gross carrying amount	52,536	47,608
Accumulated amortization	30,598	27,650
Intellectual property
Finite-Lived Intangible Assets
Gross carrying amount	10,000	10,000
Accumulated amortization	1,833	1,333
Non-compete agreements
Finite-Lived Intangible Assets
Gross carrying amount	931	572
Accumulated amortization	413	431
Licenses
Finite-Lived Intangible Assets
Gross carrying amount	650	650
Accumulated amortization	526	509
Customer lists
Finite-Lived Intangible Assets
Gross carrying amount	8,023	8,023
Accumulated amortization	3,846	3,234
Customer relationships
Finite-Lived Intangible Assets
Gross carrying amount	28,630	25,220
Accumulated amortization	16,146	14,730
Trade names
Finite-Lived Intangible Assets
Gross carrying amount	12,136	9,203
Accumulated amortization	$ 5,946	$ 5,226

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Goodwill - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0
Goodwill	$ 88,708,000	$ 71,258,000

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Schedule of Changes in Warranty and After-Sale Costs Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Warranty and After-Sale Costs
Balance at beginning of year	$ 5,583	$ 4,206	$ 3,367
Provision of acquired business	500
Net additions charged to earnings	7,855	6,616	3,274
Costs incurred	(2,321)	(5,239)	(2,435)
Balance at end of year	$ 11,617	$ 5,583	$ 4,206

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Research and Development - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Research and development costs	$ 11.6	$ 11.9	$ 11.1

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Schedule of Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	$ 331,068	$ 303,503
Other comprehensive income before reclassifications	1,096	(58)
Amounts reclassified from accumulated other comprehensive income, net of tax	(208)	(97)
Net current period other comprehensive (loss) income, net	888	(155)
Balance at end of period	361,259	331,068
Amounts reclassified from accumulated other comprehensive income (loss), tax	69
Pension and postretirement benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	263	360
Other comprehensive income before reclassifications		0
Amounts reclassified from accumulated other comprehensive income, net of tax	(208)	(97)
Net current period other comprehensive (loss) income, net	(208)	(97)
Balance at end of period	55	263
Amounts reclassified from accumulated other comprehensive income (loss), tax		16
Foreign currency
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	162	220
Other comprehensive income before reclassifications	1,096	(58)
Net current period other comprehensive (loss) income, net	1,096	(58)
Balance at end of period	1,258	162
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Balance at beginning of period	425	580
Balance at end of period	$ 1,313	$ 425

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Amortization of employee benefit plan items:
Amounts reclassified from accumulated other comprehensive income (loss), tax		$ 69
Amount reclassified out of accumulated other comprehensive income		(208)	$ (97)
Actuarial gains and losses
Amortization of employee benefit plan items:
Total before tax	[1]		(639)
Plan settlement
Amortization of employee benefit plan items:
Total before tax	[2]		526
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Amortization of employee benefit plan items:
Total before tax			(113)
Amounts reclassified from accumulated other comprehensive income (loss), tax			16
Amount reclassified out of accumulated other comprehensive income		$ (208)	$ (97)
[1]	These accumulated other comprehensive loss components are included in the computation of benefit plan costs in Note 7 “Employee Benefit Plans.”
[2]	This accumulated other comprehensive income component results from an international pension plan settlement.

Summary of Significant Accou_16

Summary of Significant Accounting Policies - Subsequent Events - Narrative (Details) - Subsequent Event - ATi $ in Millions	Jan. 01, 2021USD ($)
Business Acquisition [Line Items]
Outstanding common stock acquired (as a percent)	100.00%
Total purchase consideration, net of cash acquired	$ 44

Common Stock (Details)

Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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	37,200,698
Common stock, shares, outstanding	37,221,098	37,200,698
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	54,139	21,887

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Nov. 02, 2020	Apr. 02, 2018	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	May 01, 2017
Business Acquisition [Line Items]
Goodwill			$ 88,708	$ 71,258
GmbH And Subsidiaries
Business Acquisition [Line Items]
Date of acquisition	Nov. 2, 2020
Outstanding common stock acquired (as a percent)	100.00%
Total purchase consideration			30,600
Cash payment			29,100
Contingent payments			1,500
Receivables			3,100
Inventory			4,300
Other assets			1,200
Intangibles			12,700
Goodwill			17,400
Accounts payable			3,600
Deferred tax liabilities			3,200
Other liabilities			1,300
Fair value of assets acquired			$ 0
GmbH And Subsidiaries | Customer relationships
Business Acquisition [Line Items]
Estimated average useful life			12 years
Innovative Metering Solutions, Inc.
Business Acquisition [Line Items]
Outstanding common stock acquired (as a percent)		100.00%
Total purchase consideration		$ 12,000
Cash payment		7,700
Receivables					$ 3,800
Inventory					800
Intangibles					3,600
Goodwill					3,700
Working capital adjustment		300
Balance sheet holdback		700
Pre-existing receivables acquired		$ 3,300
Machinery and equipment					$ 100
Innovative Metering Solutions, Inc. | Customer relationships
Business Acquisition [Line Items]
Estimated average useful life		10 years
D-Flow
Business Acquisition [Line Items]
Outstanding common stock acquired (as a percent)						100.00%
Contingent payments						$ 1,000

Short-term Debt and Credit Li_2

Short-term Debt and Credit Lines - Narrative (Details)	1 Months Ended
	Jun. 30, 2018USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)
Line of Credit Facility
Short-term debt		$ 0	$ 4,480,000
Maximum amount issuable	$ 70,000,000
Unused credit lines available		125,000,000
Line of Credit
Line of Credit Facility
Maximum borrowing capacity	$ 125,000,000
Line of credit extended Period	2021-09
Foreign Line of Credit
Line of Credit Facility
Maximum amount issuable	$ 5,000,000
Revolving Credit Facility | Line of Credit
Line of Credit Facility
Maximum borrowing capacity		$ 133,500,000
Revolving Credit Facility | Euro-Based Revolving Loan Facility
Line of Credit Facility
Revolving loan facility			$ 4,500,000
Maximum borrowing capacity | €				€ 4,000,000
Interest rate (as a percent)			1.50%	1.50%

Stock Compensation - Additional

Stock Compensation - Additional Information - Narrative (Details) - shares	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	443,370	502,839
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserve for future issuance (in shares)	1,400,000

Stock Compensation - Stock Opti

Stock Compensation - Stock Options - Narrative (Details) - Stock Options - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense	$ 0.4	$ 0.3	$ 2.1
Unrecognized compensation cost related to stock options	$ 1
Weighted average period	3 years 4 months 24 days

Stock Compensation - Summary of

Stock Compensation - Summary of Transactions of Stock Option Plans (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Weighted-average exercise price
Options granted (in dollars per share)	$ 17.49	$ 18.20
Omnibus Incentive Plan
Number of shares
Beginning balance (in shares)	337,332	376,900	386,283
Options granted (in shares)	41,807	34,926	43,778
Options modified (in shares)			80,642
Options exercised (in shares)	(55,716)	(66,969)	(53,161)
Options canceled (ins shares)			(80,642)
Options forfeited (in shares)	(7,229)	(7,525)	0
Ending balance (in shares)	316,194	337,332	376,900
Exercisable options (in shares)	235,829	271,252	321,122
Weighted-average exercise price
Beginning balance (in dollars per share)	$ 31.82	$ 28.95	$ 25.74
Options granted (in dollars per share)	62.76	59.44	48.20
Options modified (in dollars per share)			52.44
Options exercised (in dollars per share)	18.99	29.29	21.47
Options canceled (in dollars per share)			37.04
Options forfeited (in dollars per share)	50.19	38.81
Ending balance (in dollars per share)	37.75	31.82	28.95
Exercisable options (in dollars per share)	$ 30.82	$ 27.17	$ 27.16
Omnibus Incentive Plan | Price range $ 18.08 — $ 27.18
Number of shares
Ending balance (in shares)	106,390
Weighted-average exercise price
Ending balance (in dollars per share)	$ 22.53
Price range - minimum (in dollars per share)	18.08
Price range - maximum (in dollars per share)	$ 27.18
Weighted-average contractual life (in years)	2 years 1 month 6 days
Omnibus Incentive Plan | Price range $ 28.33 — $ 42.50
Number of shares
Ending balance (in shares)	102,484
Weighted-average exercise price
Ending balance (in dollars per share)	$ 33.30
Price range - minimum (in dollars per share)	28.33
Price range - maximum (in dollars per share)	$ 42.50
Weighted-average contractual life (in years)	5 years
Omnibus Incentive Plan | Price range $ 48.20 — $ 72.30
Number of shares
Ending balance (in shares)	107,320
Weighted-average exercise price
Ending balance (in dollars per share)	$ 57.09
Price range - minimum (in dollars per share)	48.20
Price range - maximum (in dollars per share)	$ 72.30
Weighted-average contractual life (in years)	8 years 2 months 12 days

Stock Compensation - Assumption

Stock Compensation - Assumptions Used for Valuing Options Granted (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
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	$ 18.20
Risk-free interest rate	0.64%	2.52%
Dividend yield (as a percentage)	1.05%	0.97%
Volatility factor (as a percentage)	30.00%	32.40%
Weighted-average expected life in years	7 years	5 years 3 months 18 days

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, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised	$ 3,054	$ 1,870
Outstanding	17,805	11,170
Exercisable	$ 14,913	$ 10,243

Stock Compensation - Director S

Stock Compensation - Director Stock Grant - Narrative (Details) - Restricted Shares - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining recognition period	2 years 1 month 6 days
Unrecognized compensation cost	$ 1,800,000
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual restricted shares award (in shares)	58,000
Total stock compensation expense recognized	$ 400,000	$ 300,000	$ 500,000
Remaining recognition period	3 months
Unrecognized compensation cost	$ 100,000

Stock Compensation - Restricted

Stock Compensation - Restricted Stock - Narrative (Details) - Restricted Stock - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested stock compensation expense	$ 1	$ 0.9	$ 2.1
Unrecognized compensation cost related to restricted stock	$ 1.8
Weighted average period	2 years 1 month 6 days

Stock Compensation - Schedule o

Stock Compensation - Schedule of Fair Value of Nonvested Shares (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Shares
Beginning Balance (in shares)	64,480	72,802	111,473
Granted (in shares)	20,758	16,034	32,268
Modified (in shares)			30,488
Vested (in shares)	(25,044)	(19,227)	(68,289)
Canceled (in shares)			(30,488)
Forfeited (in shares)	(2,645)	(5,129)	(2,650)
Ending Balance (in shares)	57,549	64,480	72,802
Fair value per share
per share	$ 48.21	$ 42.58	$ 35.21
Granted (in dollars per share)	64.19	59.42	49.10
Modified (in dollars per share)			52.47
Vested (in dollars per share)	39.87	30.08	40.16
Canceled (in dollars per share)			38.62
Forfeited (in dollars per share)	54.35	41.31	36.83
Ending balance (in dollars per share)	$ 57.33	$ 48.21	$ 42.58

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Total rental expense charged to operations	$ 3,061	$ 3,365	$ 3,700

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Amounts Not Yet Recognized In Net Periodic Benefit Cost (Details) $ in Thousands	Dec. 31, 2020USD ($)
Pension plans
Defined Benefit Plans and Other Postretirement Benefit Plans
Net actuarial loss (gain)	$ 68
Other postretirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Net actuarial loss (gain)	$ (123)

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Pension/Postretirement Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Settlement expense			$ 19,900
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligations			305
Expected return on plan assets			(835)
Amortization of net loss			262
Settlement expense			19,900
Net periodic pension/postretirement benefit cost			19,632
Other postretirement benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the year	$ 103	$ 103	124
Interest cost on projected benefit obligations	154	210	189
Amortization of actuarial gain	(22)	(117)	(30)
Amortization of prior service credit			(13)
Net periodic pension/postretirement benefit cost	$ 235	$ 196	$ 270

Employee Benefit Plans - Sche_2

Employee Benefit Plans - Schedule of Actuarial Assumptions (Details) - Pension plans	12 Months Ended
	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans
Net periodic pension cost, Discount rate (as a percent)	2.00%
Expected long-term return on plan assets (as a percent)	3.00%

Employee Benefit Plans - Qualif

Employee Benefit Plans - Qualified Pension Plan - Narrative (Details) - Pension plans - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans
Fair value of qualified plan assets	$ 0	$ 0
Benefit obligations Plan assets	0	0	$ 0
Pension liabilities	$ 0	$ 0	$ 0

Employee Benefit Plans - Supple

Employee Benefit Plans - Supplemental Non-qualified Unfunded Plans - Narrative (Details) - Other postretirement benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Net periodic pension cost, Discount rate (as a percent)	3.19%	4.33%	3.65%
Officers and Key Employees
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Net periodic pension cost, Discount rate (as a percent)	2.87%	2.86%	2.16%
Amount accrued	$ 0.4	$ 0.5

Employee Benefit Plans - Other

Employee Benefit Plans - Other Postretirement Benefits - Narrative (Details) - Other postretirement benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Discount rate used to measure net periodic benefit cost	3.19%	4.33%	3.65%
Discount rate used to measure accumulated postretirement benefit obligation	2.45%	3.19%
Estimated future benefit payments 2021	$ 0.4
Estimated future benefit payments 2022	0.4
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, five years thereafter	$ 2

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, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in benefit obligation:
Benefit obligation at beginning of year	$ 6,075	$ 5,551
Service cost	103	103	$ 124
Interest cost	154	210	189
Actuarial gain	202	657
Plan participants' contributions	474	532
Benefits paid	(863)	(978)
Benefit obligation and funded status at end of year	$ 6,145	$ 6,075	$ 5,551

Employee Benefit Plans - Sche_3

Employee Benefit Plans - Schedule of Amounts Recognized in Consolidated Balance Sheets (Details) - Other postretirement benefits - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans
Amounts recognized at December 31	$ 6,145	$ 6,075
Accrued compensation and employee benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Amounts recognized at December 31	356	364
Accrued non-pension postretirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Amounts recognized at December 31	$ 5,789	$ 5,711

Employee Benefit Plans - Badger

Employee Benefit Plans - Badger Meter Employee Savings and Stock Ownership Plan (ESSOP) - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Pretax income allowed to be deferred (as a percent)	20.00%
Company match (as a percent)	25.00%
Maximum match of employee's salary (as a percent)	7.00%
Compensation expense	$ 0.5	$ 0.6	$ 0.5
Defined Contribution Feature
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Compensation expense	$ 2	$ 3.1	$ 3

Income Taxes - Details of Earni

Income Taxes - Details of Earnings Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Domestic	$ 65,908	$ 62,639	$ 31,584
Foreign	(927)	(1,032)	4,268
Earnings before income taxes	$ 64,981	$ 61,607	$ 35,852

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 14,482	$ 12,113	$ 9,223
State	3,419	2,591	2,640
Foreign	819	1,250	1,468
Deferred:
Federal	(2,495)	(1,066)	(2,890)
State	(644)	417	(1,765)
Foreign	57	(875)	(614)
Provision for income taxes	$ 15,638	$ 14,430	$ 8,062

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Provision at statutory rate	$ 13,646	$ 12,938	$ 7,529
State income taxes, net of federal tax benefit	2,196	2,080	717
Valuation allowance	1,302	515
Foreign - tax rate differential and other	(267)	70	159
Federal tax credits	(517)	(609)	(742)
Compensation subject to section 162(m)	110	66	562
Stock based compensation	(682)	(253)	(384)
Tax rate difference on temporary adjustments			(460)
Other	(150)	(377)	681
Provision for income taxes	$ 15,638	$ 14,430	$ 8,062

Income Taxes - Components of De

Income Taxes - Components of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Reserve for receivables and inventories	$ 2,618	$ 2,108
Accrued compensation	1,874	888
Reserves & payables	2,741	1,410
Non-pension postretirement benefits	1,535	1,505
Net operating loss and credit carryforwards	2,106	1,401
Accrued pension benefits	982	933
Accrued employee benefits	1,574	1,747
Deferred revenue	2,596	2,219
Operating lease liabilities	1,708	1,861
Other	713	497
Total gross deferred tax assets	18,447	14,569
Less: valuation allowance	(2,140)	(863)
Total net deferred tax assets	16,307	13,706
Deferred tax liabilities:
Depreciation	5,204	4,673
Amortization	8,795	6,158
Prepaids	552	529
Operating lease assets	1,699	1,850
Other	663	630
Total deferred tax liabilities	16,913	13,840
Net deferred tax liabilities	$ (606)	$ (134)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Valuation allowance against a deferred tax asset related to net operating loss	$ 863,000	$ 2,140,000
Provision for federal income taxes	0
Undistributed earnings	20,600,000
Accrued interest (approximate)	100,000	100,000
Penalties accrued	$ 0	0
German
Tax Credit Carryforward [Line Items]
Valuation allowance against a deferred tax asset related to net operating loss		400,000
State Tax Credits
Tax Credit Carryforward [Line Items]
Remaining tax credit carryforward		$ 6,000,000

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, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Balance at beginning of year	$ 1,165	$ 1,121
Increases in unrecognized tax benefits as a result of positions taken during the prior year		88
Increases in unrecognized tax benefits as a result of positions taken during the current year	209	235
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations	(251)	(279)
Balance at end of year	$ 1,123	$ 1,165

Industry Segment and Geograph_3

Industry Segment and Geographic Areas - Narrative (Details)	12 Months Ended
	Dec. 31, 2020segment
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, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues	$ 112,329	$ 113,587	$ 91,119	$ 108,508	$ 107,556	$ 108,646	$ 103,542	$ 104,881	$ 425,544	$ 424,625	$ 433,732
Long-lived assets	82,705				85,761				82,705	85,761
Total assets	468,380				421,893				468,380	421,893
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									376,426	369,163	374,650
Long-lived assets	48,805				51,539				48,805	51,539
Total assets	365,748				326,248				365,748	326,248
Asia
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									6,437	9,111	9,081
Canada
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									10,406	13,568	11,893
Europe
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									18,255	15,784	20,147
Long-lived assets	15,142				14,768				15,142	14,768
Total assets	80,337				72,296				80,337	72,296
Mexico
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									4,886	5,791	3,603
Long-lived assets	18,758				19,454				18,758	19,454
Total assets	$ 22,295				$ 23,349				22,295	23,349
Middle East
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									6,114	7,868	11,318
Other
Revenues From External Customers And Long Lived Assets [Line Items]
Revenues									$ 3,020	$ 3,340	$ 3,040

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, 2020USD ($)Stockholder$ / shares	Sep. 30, 2020USD ($)$ / shares	Jun. 30, 2020USD ($)$ / shares	Mar. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)Stockholder$ / shares	Sep. 30, 2019USD ($)$ / shares	Jun. 30, 2019USD ($)$ / shares	Mar. 31, 2019USD ($)$ / shares	Dec. 31, 2020USD ($)Stockholder$ / shares	Dec. 31, 2019USD ($)Stockholder$ / shares	Dec. 31, 2018USD ($)$ / shares
Net sales | $	$ 112,329	$ 113,587	$ 91,119	$ 108,508	$ 107,556	$ 108,646	$ 103,542	$ 104,881	$ 425,544	$ 424,625	$ 433,732
Gross margin | $	44,055	45,023	35,850	43,322	41,125	41,670	40,276	40,457	168,249	163,528	162,349
Net earnings | $	$ 13,094	$ 14,861	$ 9,534	$ 11,854	$ 12,274	$ 12,721	$ 11,358	$ 10,824	$ 49,343	$ 47,177	$ 27,790
Earnings per share:
Basic	$ 0.45	$ 0.51	$ 0.33	$ 0.41	$ 0.42	$ 0.44	$ 0.39	$ 0.37	$ 1.70	$ 1.63	$ 0.96
Diluted	0.45	0.51	0.33	0.41	0.42	0.44	0.39	0.37	1.69	1.61	0.95
Dividends declared	0.18	0.18	0.17	0.17	0.17	0.17	0.15	0.15	0.70	0.64	$ 0.56
Stock price	$ 94.06	65.37	62.92	53.60	$ 64.93	53.70	59.69	55.64	$ 94.06	$ 64.93
Number of shareholders | Stockholder	656				790				656	790
High
Earnings per share:
Stock price	$ 96	68.25	68.01	70.83	$ 66.64	60.52	60.28	61.57	$ 96	$ 66.64
Low
Earnings per share:
Stock price	$ 64.96	$ 59.53	$ 47	$ 41.50	$ 50.67	$ 49.66	$ 51.56	$ 47.59	$ 64.96	$ 50.67

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 112,329	$ 113,587	$ 91,119	$ 108,508	$ 107,556	$ 108,646	$ 103,542	$ 104,881	$ 425,544	$ 424,625	$ 433,732
Revenue, remaining performance obligation, percentage									100.00%	100.00%
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Revenues									$ 21,479	$ 16,146
Revenue, remaining performance obligation, percentage									5.00%	3.80%
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Revenues									$ 404,065	$ 408,479
Revenue, remaining performance obligation, percentage									95.00%	96.20%

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Receivables	$ 61,689	$ 61,365
Contract liabilities	$ 24,761	$ 20,143

Revenue Recognition - Narrative

Revenue Recognition - Narrative 3 (Details) $ in Millions	Dec. 31, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 24.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 5.8
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 2.5
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 2.5
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 2.5
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 2.5
Expected timing of performance obligation satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 9
Expected timing of performance obligation satisfaction, period	1 year

Revenue Recognition - Narrati_2

Revenue Recognition - Narrative 3 (Details 1) $ in Millions	Dec. 31, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Revenue, remaining performance obligation	$ 24.8

Revenue Recognition - Narrati_3

Revenue Recognition - Narrative 4 (Details)	Dec. 31, 2020
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, 2020
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)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating leases, practical expedient	true
Operating leases, remaining lease term	6 years	4 years 6 months
Operating leases, discount rate	5.00%	5.00%

Leases - Schedule of Right-of-U

Leases - Schedule of Right-of-Use Assets and the Corresponding Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Right-of-use assets	$ 6,865	$ 8,411
Lease liabilities	$ 7,218	$ 8,792
Operating Lease, Liability, Statement of Financial Position [Extensible List]	bmi:OtherGeographicalAreasMember	bmi:OtherGeographicalAreasMember

Leases - Schedule of Rent Expen

Leases - Schedule of Rent Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease expense	$ 2,858	$ 3,095
Variable and short-term lease expense	203	270
Rent expense	$ 3,061	$ 3,365	$ 3,700

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments to be Paid under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 2,526
2022	1,435
2023	1,318
2024	1,264
2025	1,084
Thereafter	821
Total future lease payments	8,448
(Present value adjustment)	(1,230)
Present value of future lease payments	$ 7,218	$ 8,792