BADGER METER INC, 10-Q filed on 4/20/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2026
Apr. 08, 2026
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2026  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Trading Symbol BMI  
Title of 12(b) Security Common Stock  
Security Exchange Name NYSE  
Entity Registrant Name BADGER METER, INC.  
Entity Central Index Key 0000009092  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   29,185,570
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Document Quarterly Report true  
Document Transition Report false  
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 53223  
City Area Code (414)  
Local Phone Number 355-0400  
v3.26.1
Consolidated Condensed Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 205,453 $ 226,016
Receivables, net of allowance for doubtful accounts 110,290 112,356
Inventories:    
Finished goods 24,965 23,087
Work in process 35,296 29,244
Raw materials 114,932 99,604
Total inventories 175,193 151,935
Prepaid expenses and other current assets 17,365 16,770
Total current assets 508,301 507,077
Property, plant and equipment, at cost 251,978 248,450
Less accumulated depreciation (171,144) (168,814)
Net property, plant and equipment 80,834 79,636
Intangible assets, at cost less accumulated amortization 114,395 118,496
Other assets 18,520 18,653
Deferred income taxes 14,105 14,140
Goodwill 234,653 235,575
Total assets 970,808 973,577
Current liabilities:    
Payables 106,490 72,299
Accrued compensation and employee benefits 15,663 37,619
Warranty and after-sale costs, current 8,375 8,466
Other current liabilities 38,891 32,332
Total current liabilities 169,419 150,716
Long-term deferred revenue 73,347 72,771
Deferred income taxes 3,359 3,477
Accrued non-pension postretirement benefits 2,496 2,499
Other accrued employee benefits 6,629 6,658
Warranty and after-sale costs, long-term 14,363 13,108
Other long-term liabilities 10,764 11,054
Commitments and contingencies (Note 5)
Total long-term liabilities 110,958 109,567
Shareholders’ equity:    
Common stock, $1 par, authorized 80,000,000, issued 37,221,098 shares in 2026 and 2025 37,221 37,221
Capital in excess of par value 76,996 75,290
Reinvested earnings 661,540 645,876
Accumulated other comprehensive income 3,852 6,474
Less: Treasury stock, at cost, 8,035,306 shares in 2026 and 7,834,360 in 2025 (89,178) (51,567)
Total shareholders’ equity 690,431 713,294
Total liabilities and shareholders’ equity $ 970,808 $ 973,577
v3.26.1
Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized (in shares) 80,000,000 80,000,000
Common stock, shares issued (in shares) 37,221,098 37,221,098
Treasury stock, shares (in shares) 8,035,306 7,834,360
v3.26.1
Consolidated Condensed Statements of Operations - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net sales $ 202,277 $ 222,211
Cost of sales 117,950 126,774
Gross margin 84,327 95,437
Selling, engineering and administration 49,156 46,012
Operating earnings 35,171 49,425
Interest income, net (1,138) (1,334)
Other pension and postretirement income (28) (28)
Earnings before income taxes 36,337 50,787
Provision for income taxes 9,002 12,389
Net earnings $ 27,335 $ 38,398
Earnings per share:    
Basic $ 0.94 $ 1.31
Diluted 0.93 1.3
Dividends declared per common share $ 0.4 $ 0.34
Shares used in computation of earnings per share:    
Basic 29,214,558 29,378,491
Impact of dilutive securities 150,612 186,306
Diluted 29,365,170 29,564,797
v3.26.1
Consolidated Condensed Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net earnings $ 27,335 $ 38,398
Other comprehensive income (loss):    
Foreign currency translation adjustments (2,538) 5,207
Pension and postretirement benefits, net of tax (84) (49)
Comprehensive income $ 24,713 $ 43,556
v3.26.1
Consolidated Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net earnings $ 27,335 $ 38,398
Adjustments to reconcile net earnings to net cash provided by operations:    
Depreciation 2,820 2,804
Amortization 6,235 5,478
Noncurrent employee benefits 5 37
Stock-based compensation expense 2,168 1,828
Changes in:    
Receivables 1,795 (20,497)
Inventories (23,695) (120)
Payables 34,263 16,294
Prepaid expenses and other assets (3,199) (4,107)
Other liabilities (13,834) (7,088)
Total adjustments 6,558 (5,371)
Net cash provided by operations 33,893 33,027
Investing activities:    
Property, plant and equipment expenditures (4,427) (2,966)
Acquisitions, net of cash acquired 0 (184,937)
Net cash used for investing activities (4,427) (187,903)
Financing activities:    
Dividends paid (11,709) (10,017)
Proceeds from exercise of stock options 140 68
Repurchase of common stock for treasury stock (38,213) 0
Net cash used for financing activities (49,782) (9,949)
Effect of foreign exchange rates on cash (247) 878
(Decrease) increase in cash and cash equivalents (20,563) (163,947)
Cash and cash equivalents - beginning of period 226,016 295,305
Cash and cash equivalents - end of period $ 205,453 $ 131,358
v3.26.1
Consolidated Condensed Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Stock at $1 par value
[1]
Capital in excess of par value
Reinvested earnings
Accumulated other comprehensive income (loss)
Treasury stock (at cost)
Balance at beginning of period at Dec. 31, 2024 $ 606,232 $ 37,221 $ 65,819 $ 547,796 $ (7,906) $ (36,698)
Net earnings 38,398     38,398    
Pension and postretirement benefits (net of tax effect) (49)       (49)  
Foreign currency translation 5,207       5,207  
Cash dividends (9,998)     (9,998)    
Stock options exercised 68   57     11
Stock-based compensation 1,828   1,828      
Issuance of treasury stock     (188)     188
Balance at end of period at Mar. 31, 2025 641,686 37,221 67,516 576,196 (2,748) (36,499)
Balance at beginning of period at Dec. 31, 2025 713,294 37,221 75,290 645,876 6,474 (51,567)
Net earnings 27,335     27,335    
Pension and postretirement benefits (net of tax effect) (84)       (84)  
Foreign currency translation (2,538)       (2,538)  
Cash dividends (11,671)     (11,671)    
Stock options exercised 140   95     45
Stock-based compensation 2,168   2,168      
Purchase of common stock for treasury stock (38,213)         (38,213)
Issuance of treasury stock     (557)     557
Balance at end of period at Mar. 31, 2026 $ 690,431 $ 37,221 $ 76,996 $ 661,540 $ 3,852 $ (89,178)
[1] Each common share of stock equals $1 par value; therefore, the number of common shares is the same as the dollar value.
v3.26.1
Consolidated Condensed Statements of Shareholders' Equity (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Tax effect on employee benefit funded status adjustment $ 28 $ 16
Cash dividends (in dollars per share) $ 0.4 $ 0.34
Issuance of treasury stock (in shares) 51 40
Common stock, par value (in dollars per share) $ 1 $ 1
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ 27,335 $ 38,398
v3.26.1
Insider Trading Arrangements
3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Note 1 Basis of Presentation

In the opinion of management, the accompanying unaudited consolidated condensed financial statements of Badger Meter contain all adjustments (consisting only of normal recurring accruals, except as otherwise discussed) necessary to present fairly the Company's consolidated condensed financial position at March 31, 2026 and December 31, 2025, results of operations, comprehensive income, cash flows and statements of shareholders’ equity for the three-month periods ended March 31, 2026 and 2025. The results of operations for any interim period are not necessarily indicative of the results to be expected for the full year.

The preparation of financial statements in conformity with United States generally accepted accounting principles 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.

v3.26.1
Additional Financial Information Disclosures
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Additional Financial Information Disclosures

Note 2 Additional Financial Information Disclosures

The consolidated condensed balance sheet at December 31, 2025 was derived from amounts included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Refer to the notes to consolidated financial statements included in that report for a description of the Company's accounting policies and for additional details of the Company's financial condition. The details in those notes have not changed except as discussed below and as a result of normal adjustments in the interim.

Cash Equivalents

The Company considers all highly liquid investments with original maturities of ninety days or less to be cash equivalents.

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 problems 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:

 

 

 

Three months ended

 

 

 

March 31,

 

(In thousands)

 

2026

 

 

2025

 

Balance at beginning of period

 

$

21,574

 

 

$

16,693

 

Net additions charged to earnings

 

 

2,971

 

 

 

2,380

 

Costs incurred

 

 

(1,807

)

 

 

(1,745

)

Balance at end of period

 

$

22,738

 

 

$

17,328

 

v3.26.1
Accumulated Other Comprehensive Income (Loss)
3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 3 Accumulated Other Comprehensive Income (Loss)

Components of and changes in accumulated other comprehensive income (loss) at March 31, 2026 are as follows:

 

(In thousands)

 

Unrecognized
pension and
postretirement
 benefits

 

 

Foreign currency

 

 

Total

 

Balance at beginning of period

 

$

1,619

 

 

$

4,855

 

 

$

6,474

 

Other comprehensive loss before reclassifications

 

 

-

 

 

 

(2,538

)

 

 

(2,538

)

Amounts reclassified from accumulated other comprehensive income, net of tax of $28

 

 

(84

)

 

 

-

 

 

 

(84

)

Net current period other comprehensive loss, net of tax

 

 

(84

)

 

 

(2,538

)

 

 

(2,622

)

Accumulated other comprehensive income

 

$

1,535

 

 

$

2,317

 

 

$

3,852

 

 

 

Components of and changes in accumulated other comprehensive income (loss) at March 31, 2025 are as follows:

 

(In thousands)

 

Unrecognized
pension and
postretirement
 benefits

 

 

Foreign currency

 

 

Total

 

Balance at beginning of period

 

$

1,146

 

 

$

(9,052

)

 

$

(7,906

)

Other comprehensive income before reclassifications

 

 

-

 

 

 

5,207

 

 

 

5,207

 

Amounts reclassified from accumulated other comprehensive loss, net of tax of $16

 

 

(49

)

 

 

-

 

 

 

(49

)

Net current period other comprehensive income (loss), net of tax

 

 

(49

)

 

 

5,207

 

 

 

5,158

 

Accumulated other comprehensive income (loss)

 

$

1,097

 

 

$

(3,845

)

 

$

(2,748

)

 

Details of reclassifications out of accumulated other comprehensive income (loss) during the three months ended March 31, 2026 and 2025 are immaterial.

v3.26.1
Acquisitions
3 Months Ended
Mar. 31, 2026
Business Combination [Abstract]  
Acquisitions

Note 4 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 acquisition did not have a material impact on the Company's consolidated financial statements or the notes thereto.

 

Effective January 30, 2025, the Company acquired 100% of the outstanding stock of Hadronex, Inc, a Delaware Corporation d/b/a SmartCover® Systems (SmartCover), headquartered in Escondido California. SmartCover is a provider of sewer line and lift station monitoring solutions.

 

The total purchase consideration for SmartCover, net of cash acquired, was $184.0 million, following the net working capital adjustment of $0.9 million. The Company's allocation of the purchase price at December 31, 2025 included $6.6 million of receivables, $4.5 million of inventories, $4.8 million of other assets, $59.6 million of developed technology intangible assets, $26.0 million of other intangible assets and $118.3 million of goodwill that is not deductible for tax purposes. The intangible assets acquired are primarily developed technology, customer relationships and trademarks with estimated average useful lives of 12 to 20 years. The Company also assumed $1.6 million of payables, $18.3 million of net deferred income tax liabilities, $12.2 million of deferred revenue and $3.7 million of other liabilities as part of the acquisition. The allocation of the purchase price to the assets acquired was based upon the fair values at the date of acquisition. As of December 31, 2025, the Company had completed its analysis for estimating the fair value of the assets acquired. SmartCover is reported within the utility water product line and the Company will continue to operate under a single segment.

v3.26.1
Contingencies, Litigation and Commitments
3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Contingencies, Litigation and Commitments

Note 5 Contingencies, Litigation and Commitments

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 2025 and the first quarter of 2026 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.

v3.26.1
Income Taxes
3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

Note 6 Income Taxes

The Company is subject to income taxes in the United States and numerous foreign jurisdictions. The Company's income tax positions are based on interpretations of income tax laws and rulings in each of the jurisdictions that the Company

operates. Significant judgment is required in determining the worldwide provision for income taxes and recording the related deferred tax assets and liabilities. The Company's deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income for the years in which the assets or liabilities are expected to be realized or settled. Interim provisions are based on an estimate of the overall annual rate which can vary due to the relationship of foreign and domestic earnings, state taxes and available deductions, credits and discrete items.

The Company's earnings before incomes taxes, provision for income taxes, and effective income tax rate are as follows:

 

 

 

Three months ended March 31,

 

(In thousands)

 

2026

 

 

2025

 

Earnings before income taxes

 

$

36,337

 

 

$

50,787

 

Provision for income taxes

 

 

9,002

 

 

 

12,389

 

Effective income tax rate

 

 

24.8

%

 

 

24.4

%

v3.26.1
Fair Value Measurements of Financial Instruments
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements of Financial Instruments

Note 7 Fair Value Measurements of Financial Instruments

The Company applies the accounting standards for fair value measurements and disclosures for its financial assets and financial liabilities. The carrying amounts of cash and cash equivalents, receivables and payables in the financial statements approximate their fair values due to the short-term nature of these financial instruments. Included in other assets are insurance policies on various individuals who were previously employed by the Company. The carrying amounts of these insurance policies approximate their fair value.

v3.26.1
Subsequent Events
3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events

Note 8 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 that the accompanying financial statements were issued.

On April 13, 2026 the Company signed a purchase agreement to acquire 100% of the outstanding stock of UDlive Ltd (UDlive), headquartered in Alton, England. UDlive is a provider of hardware-enabled software solutions for sewer line monitoring. The acquisition is expected to be completed effective April 30, 2026. The agreed upon purchase consideration is $100 million, with an earn out contingent on achievement of established EBITDA targets in the 24 month period after completion. The UDlive acquisition will be accounted for under the purchase method, and accordingly, the results of operations will be included in the Company's financial statements from the date of acquisition. The acquisition will be reported within the utility product line and is not expected to have a material impact on the Company's financial statements and notes thereto.

v3.26.1
Industry Segment and Geographic Areas
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Industry Segment and Geographic Areas

Note 9 Industry Segment and Geographic Areas

The Company is an innovator, manufacturer, developer, marketer and distributor of water management solutions incorporating hardware and sensors, communication solutions and data analytics, which comprise one reportable segment. The Company concludes on their segments based on the internally reported financial information that is routinely reviewed by the chief operating decision maker (CODM) to assess financial performance, make decisions and allocate resources. 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. The Company’s CODM is the Chairman, President and Chief Executive Officer.

The Company’s CODM assesses performance by using gross margin, operating earnings and net earnings. These metrics are analyzed by reviewing budget versus actual and prior year versus current year reporting. The various income performance measures are reviewed to ensure proper pricing strategies and effective cost controls across the organization. The CODM is regularly provided with consolidated expenses as noted on the consolidated income statements. Additionally, the CODM reviews assets at the same level as noted on the consolidated balance sheets.

 

v3.26.1
Revenue Recognition
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 10 Revenue Recognition

Revenue for sales of products and services is derived from contracts with customers. The products and services promised in contracts include the sale of utility water and flow instrumentation products, such as flow meters and radios, quality sensing, pressure monitoring and sewer line monitoring equipment, software as a service (SaaS) 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 2 "Additional Financial Information Disclosures" in the Notes to Unaudited Consolidated Condensed Financial Statements.

The Company disaggregates revenue from contracts with customers into geographical regions and by the timing of when goods and services are transferred. The Company determined that disaggregating revenue into these categories depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by regional economic factors.

Information regarding revenues disaggregated by geographic area is as follows:

 

 

Three months ended

 

 

March 31,

 

(In thousands)

2026

 

 

2025

 

Revenues:

 

 

 

 

 

United States

$

178,632

 

 

$

201,975

 

Foreign:

 

 

 

 

 

Asia

 

4,216

 

 

 

3,122

 

Canada

 

3,134

 

 

 

3,946

 

Europe

 

11,607

 

 

 

9,548

 

Mexico

 

801

 

 

 

477

 

Middle East

 

3,198

 

 

 

2,466

 

Other

 

689

 

 

 

677

 

Total

$

202,277

 

 

$

222,211

 

 

Information regarding revenues disaggregated by the timing of when goods and services are transferred is as follows:

 

 

 

Three months ended

 

 

 

March 31,

 

(In thousands)

 

2026

 

2025

 

Revenue recognized over time

 

$

24,702

 

12.2%

 

$

20,286

 

9.1%

 

Revenue recognized at a point in time

 

 

177,575

 

87.8%

 

 

201,925

 

90.9%

 

Total

 

$

202,277

 

100.0%

 

$

222,211

 

100.0%

 

 

The majority of the Company's revenue that is recognized over time relates to SaaS, including BEACON and Active Site Monitoring, among others. 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 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 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:

 

 

 

March 31,
2026

 

 

December 31,
2025

 

(In thousands)

 

 

 

 

 

 

Receivables

 

$

110,290

 

 

$

112,356

 

Contract liabilities

 

 

95,529

 

 

 

97,046

 

 

Contract liabilities are included in other current liabilities and long-term deferred revenue on the Company's Consolidated Condensed Balance Sheets at March 31, 2026 and December 31, 2025. The balance of contract assets was immaterial as the Company did not have a significant amount of uninvoiced receivables at March 31, 2026 and December 31, 2025.

 

A performance obligation in a contract is a promise to transfer a distinct good or service to the customer. At contract inception, the Company assesses the products and services promised in its contracts with customers. The Company then identifies performance obligations to transfer distinct products or services to the customer. In order to identify performance obligations, the Company considers all of the products or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices.

As of March 31, 2026, the Company had certain contracts with unsatisfied performance obligations. For contracts recorded as contract liabilities, $95.5 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 $19.5 million in 2026, $10.5 million in 2027, $8.3 million in 2028, $7.3 million in 2029, $6.3 million in 2030, $5.5 million in 2031 and $38.1 million thereafter.

v3.26.1
Additional Financial Information Disclosures (Tables)
3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Changes in Warranty and After-Sale Costs Reserve Changes in the Company's warranty and after-sale costs reserve are as follows:

 

 

 

Three months ended

 

 

 

March 31,

 

(In thousands)

 

2026

 

 

2025

 

Balance at beginning of period

 

$

21,574

 

 

$

16,693

 

Net additions charged to earnings

 

 

2,971

 

 

 

2,380

 

Costs incurred

 

 

(1,807

)

 

 

(1,745

)

Balance at end of period

 

$

22,738

 

 

$

17,328

 

v3.26.1
Accumulated Other Comprehensive Loss (Tables)
3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Components of and Changes in Accumulated Other Comprehensive Income (Loss)

Components of and changes in accumulated other comprehensive income (loss) at March 31, 2026 are as follows:

 

(In thousands)

 

Unrecognized
pension and
postretirement
 benefits

 

 

Foreign currency

 

 

Total

 

Balance at beginning of period

 

$

1,619

 

 

$

4,855

 

 

$

6,474

 

Other comprehensive loss before reclassifications

 

 

-

 

 

 

(2,538

)

 

 

(2,538

)

Amounts reclassified from accumulated other comprehensive income, net of tax of $28

 

 

(84

)

 

 

-

 

 

 

(84

)

Net current period other comprehensive loss, net of tax

 

 

(84

)

 

 

(2,538

)

 

 

(2,622

)

Accumulated other comprehensive income

 

$

1,535

 

 

$

2,317

 

 

$

3,852

 

 

 

Components of and changes in accumulated other comprehensive income (loss) at March 31, 2025 are as follows:

 

(In thousands)

 

Unrecognized
pension and
postretirement
 benefits

 

 

Foreign currency

 

 

Total

 

Balance at beginning of period

 

$

1,146

 

 

$

(9,052

)

 

$

(7,906

)

Other comprehensive income before reclassifications

 

 

-

 

 

 

5,207

 

 

 

5,207

 

Amounts reclassified from accumulated other comprehensive loss, net of tax of $16

 

 

(49

)

 

 

-

 

 

 

(49

)

Net current period other comprehensive income (loss), net of tax

 

 

(49

)

 

 

5,207

 

 

 

5,158

 

Accumulated other comprehensive income (loss)

 

$

1,097

 

 

$

(3,845

)

 

$

(2,748

)

v3.26.1
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Earnings Before Income Taxes, Provision for Income Taxes, and Effective Income Tax Rate

The Company's earnings before incomes taxes, provision for income taxes, and effective income tax rate are as follows:

 

 

 

Three months ended March 31,

 

(In thousands)

 

2026

 

 

2025

 

Earnings before income taxes

 

$

36,337

 

 

$

50,787

 

Provision for income taxes

 

 

9,002

 

 

 

12,389

 

Effective income tax rate

 

 

24.8

%

 

 

24.4

%

v3.26.1
Revenue Recognition (Tables)
3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue

Information regarding revenues disaggregated by geographic area is as follows:

 

 

Three months ended

 

 

March 31,

 

(In thousands)

2026

 

 

2025

 

Revenues:

 

 

 

 

 

United States

$

178,632

 

 

$

201,975

 

Foreign:

 

 

 

 

 

Asia

 

4,216

 

 

 

3,122

 

Canada

 

3,134

 

 

 

3,946

 

Europe

 

11,607

 

 

 

9,548

 

Mexico

 

801

 

 

 

477

 

Middle East

 

3,198

 

 

 

2,466

 

Other

 

689

 

 

 

677

 

Total

$

202,277

 

 

$

222,211

 

 

Information regarding revenues disaggregated by the timing of when goods and services are transferred is as follows:

 

 

 

Three months ended

 

 

 

March 31,

 

(In thousands)

 

2026

 

2025

 

Revenue recognized over time

 

$

24,702

 

12.2%

 

$

20,286

 

9.1%

 

Revenue recognized at a point in time

 

 

177,575

 

87.8%

 

 

201,925

 

90.9%

 

Total

 

$

202,277

 

100.0%

 

$

222,211

 

100.0%

 

Contract with Customer, Liability and Receivables

The Company's receivables and contract liabilities are as follows:

 

 

 

March 31,
2026

 

 

December 31,
2025

 

(In thousands)

 

 

 

 

 

 

Receivables

 

$

110,290

 

 

$

112,356

 

Contract liabilities

 

 

95,529

 

 

 

97,046

 

v3.26.1
Additional Financial Information Disclosures (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Changes in warranty and after-sale costs reserve    
Balance at beginning of period $ 21,574 $ 16,693
Net additions charged to earnings 2,971 2,380
Costs incurred (1,807) (1,745)
Balance at end of period $ 22,738 $ 17,328
v3.26.1
Accumulated Other Comprehensive Income (Loss) - Components of and Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Amounts reclassified from AOCI, tax $ 28 $ 16
Increase (Decrease) in Stockholders' Equity    
Balance at beginning of period 713,294 606,232
Balance at end of period 690,431 641,686
Unrecognized pension and postretirement benefits    
Increase (Decrease) in Stockholders' Equity    
Balance at beginning of period 1,619 1,146
Other comprehensive income (loss) before reclassifications 0 0
Amounts reclassified from accumulated other comprehensive loss, net of tax (84) (49)
Net current period other comprehensive income (loss), net of tax (84) (49)
Balance at end of period 1,535 1,097
Foreign currency    
Increase (Decrease) in Stockholders' Equity    
Balance at beginning of period 4,855 (9,052)
Other comprehensive income (loss) before reclassifications (2,538) 5,207
Amounts reclassified from accumulated other comprehensive loss, net of tax 0 0
Net current period other comprehensive income (loss), net of tax (2,538) 5,207
Balance at end of period 2,317 (3,845)
Accumulated Other Comprehensive Income (Loss)    
Increase (Decrease) in Stockholders' Equity    
Balance at beginning of period 6,474 (7,906)
Other comprehensive income (loss) before reclassifications (2,538) 5,207
Amounts reclassified from accumulated other comprehensive loss, net of tax (84) (49)
Net current period other comprehensive income (loss), net of tax (2,622) 5,158
Balance at end of period $ 3,852 $ (2,748)
v3.26.1
Acquisitions (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Jan. 30, 2025
USD ($)
Mar. 31, 2026
USD ($)
Segment
Mar. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
Segment
Dec. 31, 2025
USD ($)
Business Acquisition [Line Items]          
Purchase consideration, net of cash acquired in cash   $ 0 $ 184,937    
Goodwill   234,653   $ 234,653 $ 235,575
Revenues   $ 202,277 $ 222,211    
Number of segments | Segment   1      
SmartCover Systems          
Business Acquisition [Line Items]          
Purchase consideration, net of cash acquired in cash $ 184,000        
Date of acquisition Jan. 30, 2025        
Outstanding common stock acquired (as a percent) 100.00%        
Receivables         6,600
Inventories         4,500
Other assets         4,800
Goodwill         118,300
Accounts payable         1,600
Deferred income tax liabilities         18,300
Deferred revenue         12,200
Other liabilities         3,700
Number of segments | Segment       1  
Net working capital adjustment $ 900        
Other intangible assets, net         26,000
SmartCover Systems | Customer Relationships Developed Technology And Trademarks | Minimum          
Business Acquisition [Line Items]          
Estimated average useful life   12 years      
SmartCover Systems | Customer Relationships Developed Technology And Trademarks | Maximum          
Business Acquisition [Line Items]          
Estimated average useful life   20 years      
SmartCover Systems | Developed Technology          
Business Acquisition [Line Items]          
Intangible assets         $ 59,600
v3.26.1
Income Taxes - Schedule of Earnings Before Income Taxes, Provision for Income Taxes, and Effective Income Tax Rate (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Earnings before income taxes $ 36,337 $ 50,787
Provision for income taxes $ 9,002 $ 12,389
Effective income tax rate 24.80% 24.40%
v3.26.1
Industry Segment and Geographic Areas - Narrative (Details)
3 Months Ended
Mar. 31, 2026
Segment
Segment Reporting [Abstract]  
Number of segments 1
Segment Reporting, Expense Information Used by CODM, Description The Company concludes on their segments based on the internally reported financial information that is routinely reviewed by the chief operating decision maker (CODM) to assess financial performance, make decisions and allocate resources.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] The Chairman, President and Chief Executive Officer [Member]
v3.26.1
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenues $ 202,277 $ 222,211
Revenue, remaining performance obligation, percentage 100.00% 100.00%
Revenue recognized over time    
Disaggregation of Revenue [Line Items]    
Revenues $ 24,702 $ 20,286
Revenue recognized over time | Service Concentration Risk | Revenue Benchmark    
Disaggregation of Revenue [Line Items]    
Revenue, remaining performance obligation, percentage 12.20% 9.10%
Revenue recognized at a point in time    
Disaggregation of Revenue [Line Items]    
Revenues $ 177,575 $ 201,925
Revenue recognized at a point in time | Product Concentration Risk | Revenue Benchmark    
Disaggregation of Revenue [Line Items]    
Revenue, remaining performance obligation, percentage 87.80% 90.90%
United States    
Disaggregation of Revenue [Line Items]    
Revenues $ 178,632 $ 201,975
Asia    
Disaggregation of Revenue [Line Items]    
Revenues 4,216 3,122
Canada    
Disaggregation of Revenue [Line Items]    
Revenues 3,134 3,946
Europe    
Disaggregation of Revenue [Line Items]    
Revenues 11,607 9,548
Mexico    
Disaggregation of Revenue [Line Items]    
Revenues 801 477
Middle East    
Disaggregation of Revenue [Line Items]    
Revenues 3,198 2,466
Other    
Disaggregation of Revenue [Line Items]    
Revenues $ 689 $ 677
v3.26.1
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]    
Receivables $ 110,290 $ 112,356
Contract liabilities $ 95,529 $ 97,046
v3.26.1
Revenue Recognition - Narrative (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 95.5
v3.26.1
Revenue Recognition - Narrative 1 (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 95.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 19.5
Expected timing of performance obligation satisfaction, period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 10.5
Expected timing of performance obligation satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 8.3
Expected timing of performance obligation satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 7.3
Expected timing of performance obligation satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 6.3
Expected timing of performance obligation satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2031-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 5.5
Expected timing of performance obligation satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2032-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 38.1
Expected timing of performance obligation satisfaction, period
v3.26.1
Subsequent Events - Narrative (Details) - Subsequent Event [Member] - UDlive Ltd [Member] - USD ($)
$ in Millions
Apr. 30, 2026
Apr. 13, 2026
Subsequent Event [Line Items]    
Outstanding common stock acquired (as a percent)   100.00%
Date of acquisition Apr. 30, 2026  
Purchase consideration $ 100