BADGER METER INC, 10-K filed on 2/17/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 10, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2025    
Document Fiscal Year Focus 2025    
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   29,181,598  
Entity Public Float     $ 7,180
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 53223    
City Area Code 414    
Local Phone Number 355-0400    
Document Annual Report true    
Document Transition Report false    
Document Financial Statement Error Correction [Flag] false    
Documents Incorporated by Reference

Portions of the Company's Proxy Statement for the 2026 Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission under Regulation 14A within 120 days after the end of the registrant's fiscal year, are incorporated by reference from the definitive Proxy Statement into Part III of this Annual Report on Form 10-K.

    
Auditor Name Ernst & Young LLP    
Auditor Firm ID 42    
Auditor Location Milwaukee, Wisconsin    
Auditor Opinion

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Badger Meter, Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 17, 2026 expressed an unqualified opinion thereon.

    
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 226,016 $ 295,305
Receivables, net of allowance for doubtful accounts 112,356 84,325
Inventories:    
Finished goods 23,087 24,022
Work in process 29,244 36,705
Raw materials 99,604 82,681
Total inventories 151,935 143,408
Prepaid expenses and other current assets 16,770 17,078
Total current assets 507,077 540,116
Property, plant and equipment, at cost:    
Land and improvements 9,544 9,237
Building and improvements 74,956 71,526
Machinery and equipment 163,950 152,440
Property, plant and equipment, at cost 248,450 233,203
Less accumulated depreciation (168,814) (158,943)
Net property, plant and equipment 79,636 74,260
Intangible assets, at cost less accumulated amortization 118,496 45,066
Other assets 18,653 12,676
Deferred income taxes 14,140 32,525
Goodwill 235,575 111,770
Total assets 973,577 816,413
Current liabilities:    
Payables 72,299 55,659
Accrued compensation and employee benefits 37,619 34,912
Warranty and after-sale costs, current 8,466 7,283
Other current liabilities 32,332 20,351
Total current liabilities 150,716 118,205
Long-term deferred revenue 72,771 64,153
Deferred income taxes 3,477 3,652
Accrued non-pension postretirement benefits 2,499 3,033
Other accrued employee benefits 6,658 6,927
Warranty and after-sale costs, long-term 13,108 9,410
Other long-term liabilities 11,054 4,801
Commitments and contingencies (Note 6)
Total long-term liabilities 109,567 91,976
Shareholders’ equity:    
Common stock, $1 par, authorized 80,000,000 shares, issued 37,221,098 shares in 2025 and 2024 37,221 37,221
Capital in excess of par value 75,290 65,819
Reinvested earnings 645,876 547,796
Accumulated other comprehensive loss 6,474 (7,906)
Less: Treasury stock, at cost, 7,834,360 shares in 2025 and 7,810,158 shares in 2024 (51,567) (36,698)
Total shareholders’ equity 713,294 606,232
Total liabilities and shareholders’ equity $ 973,577 $ 816,413
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
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) 7,834,360 7,810,158
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Net sales $ 916,663 $ 826,558 $ 703,592
Cost of sales 534,593 497,374 427,154
Gross margin 382,070 329,184 276,438
Selling, engineering and administration 198,649 171,248 158,389
Operating earnings 183,421 157,936 118,049
Interest income, net (5,124) (8,613) (4,047)
Other pension and postretirement (income) costs (112) 49 130
Earnings before income taxes 188,657 166,500 121,966
Provision for income taxes 47,023 41,558 29,368
Net earnings $ 141,634 $ 124,942 $ 92,598
Earnings per share:      
Basic $ 4.82 $ 4.26 $ 3.16
Diluted $ 4.79 $ 4.23 $ 3.14
Shares used in computation of earnings per share:      
Basic 29,398 29,356 29,284
Impact of dilutive securities 171 178 172
Diluted 29,569 29,534 29,456
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net earnings $ 141,634 $ 124,942 $ 92,598
Other comprehensive income (loss):      
Foreign currency translation adjustments 13,907 (6,486) 4,411
Pension and postretirement benefits, net of tax 473 226 (74)
Comprehensive income $ 156,014 $ 118,682 $ 96,935
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities:      
Net earnings $ 141,634 $ 124,942 $ 92,598
Adjustments to reconcile net earnings to net cash provided by operations:      
Depreciation 11,103 11,103 10,937
Amortization 23,481 21,082 17,173
Deferred income taxes (854) (11,074) (9,650)
Noncurrent employee benefits 136 (153) (338)
Stock-based compensation expense 9,190 6,182 5,188
Changes in:      
Receivables (20,115) (1,444) (6,351)
Inventories (987) 10,320 (32,467)
Payables 14,399 (12,161) 8,506
Prepaid expenses and other assets (3,804) (15,312) (7,012)
Other liabilities 9,515 21,549 31,533
Total adjustments 42,064 30,092 17,519
Net cash provided by operations 183,698 155,034 110,117
Investing activities:      
Property, plant and equipment expenditures (14,026) (12,818) (12,003)
Acquisitions, net of cash acquired (184,024) (3,000) (17,127)
Net cash used for investing activities (198,050) (15,818) (29,130)
Financing activities:      
Dividends paid (43,529) (35,847) (29,052)
Proceeds from exercise of stock options 554 751 967
Repurchase of common stock for treasury stock (15,002) 0 0
Net cash used for financing activities (57,977) (35,096) (28,085)
Effect of foreign exchange rates on cash 3,040 (597) 828
(Decrease) increase in cash and cash equivalents (69,289) 103,523 53,730
Cash and cash equivalents - beginning of period 295,305 191,782 138,052
Cash and cash equivalents - end of period 226,016 295,305 191,782
Cash paid during the year for:      
Income taxes 48,753 56,043 38,934
Interest 0 0 0
Property, plant and equipment acquired through operating lease 5,526 2,297 830
Property, plant and equipment accrued and unpaid $ 0 $ 364 $ 450
v3.25.4
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Stock at $1 par value
 [1]
Capital in excess of par value
Reinvested earnings
Accumulated other comprehensive income (loss)
Treasury stock (at cost)
Balance at beginning of period at Dec. 31, 2022 $ 442,422 $ 37,221 $ 53,282 $ 395,155 $ (5,983) $ (37,253)
Net earnings 92,598     92,598    
Pension and postretirement benefits (net of tax effect) (74)       (74)  
Foreign currency translation 4,411       4,411  
Cash dividends (29,034)     (29,034)    
Stock options exercised 967   824     143
Stock-based compensation 5,188   5,188      
Issuance of treasury stock 4   (109)     113
Balance at end of period at Dec. 31, 2023 516,482 37,221 59,185 458,719 (1,646) (36,997)
Net earnings 124,942     124,942    
Pension and postretirement benefits (net of tax effect) 226       226  
Foreign currency translation (6,486)       (6,486)  
Cash dividends (35,865)     (35,865)    
Stock options exercised 751   646     105
Stock-based compensation 6,182   6,182      
Issuance of treasury stock     (194)     194
Balance at end of period at Dec. 31, 2024 606,232 37,221 65,819 547,796 (7,906) (36,698)
Net earnings 141,634     141,634    
Pension and postretirement benefits (net of tax effect) 473       473  
Foreign currency translation 13,907       13,907  
Cash dividends (43,554)     (43,554)    
Stock options exercised 554   483     71
Stock-based compensation 9,190   9,190      
Purchase of common stock for treasury stock (15,142)         (15,142)
Issuance of treasury stock 0   (202)     202
Balance at end of period at Dec. 31, 2025 $ 713,294 $ 37,221 $ 75,290 $ 645,876 $ 6,474 $ (51,567)
[1] Each common share of stock equals $1 par value; therefore, the number of common shares is the same as the dollar value.
v3.25.4
Consolidated Statements of Shareholders' Equity (Parenthetical)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Statement of Stockholders' Equity [Abstract]      
Tax effect on employee benefit funded status adjustment | $ $ 153 $ 76 $ (26)
Cash dividends (in dollars per share) | $ / shares $ 1.48 $ 1.22 $ 0.99
Purchase of common stock for treasury stock (in shares) | shares 82,000    
Issuance of treasury stock (in shares) | shares 43,000 41,000 24,000
Common stock, par value (in dollars per share) | $ / shares $ 1 $ 1 $ 1
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure                      
Net Income (Loss) $ 33,575 $ 35,077 $ 34,584 $ 38,398 $ 30,717 $ 32,038 $ 33,056 $ 29,131 $ 141,634 $ 124,942 $ 92,598
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 3 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management, Strategy, and Governance
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. CYBERSECURITY

The Company’s Board and management recognize the importance of maintaining the trust and confidence of our customers, clients, business partners and employees, and that effective risk oversight is critical in running a successful business and fulfilling its fiduciary responsibilities to the Company and its shareholders. Our Board is responsible for assuring that an appropriate culture of risk management exists within the Company and for setting the right “tone at the top.” The Board oversees an enterprise-wide approach to risk management, designed to support the achievement of organizational objectives, including strategic objectives, to improve long-term organizational performance and enhance shareholder value.

A fundamental part of risk management is not only understanding the risks a company faces and what steps management is taking to manage those risks, but also understanding what level of risk is appropriate for the Company. The involvement of the full Board in setting the Company’s business strategy is a key part of its assessment of management’s tolerance for risk and also a determination of what constitutes an appropriate level of risk for the Company.

Refer to Part I, Item 1A. “Risk Factors” of this 2025 Annual Report on Form 10-K for further information about the Company's overall ERM process.

Risk Management and Strategy

Cybersecurity is a critical component of the Company’s ERM program. The Company has established an information security framework to help safeguard the confidentiality, integrity, and availability of information assets and ensure regulatory, operational, and contractual requirements are fulfilled. The Company’s cybersecurity program is focused on the following key areas:

Governance: The Board provides oversight of the ERM process and reviews the significant identified risks. The Board’s oversight of cybersecurity risk management is supported by the Audit and Compliance Committee, which regularly interacts with the Company’s senior management, including the Director - Information Systems (i.e. the Company's chief information officer). The Company’s various Board committees also play a role in risk management, as detailed in their respective charters.

Collaborative Approach: The Company has implemented a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the materiality, public disclosure and reporting of such incidents can be made by management in a timely manner. Senior leadership also briefs the Board on information security matters at least annually.

Technical Safeguards: The Company deploys technical safeguards that are designed to protect the Company’s information systems from cybersecurity threats, such as machine learning intelligence platforms with an array of technologies, extensive encryption, firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. The frameworks used to guide the deployment of technical safeguards include: International Organization for Standardization (ISO) 27001, Service Organization Control 2 (SOC 2), Sarbanes Oxley (SOX), and National Institute of Standards and Technology (NIST). The Company has been ISO 27001 certified since 2015 and is externally audited and certified annually by a leading IT compliance attestation firm.

Incident Response Planning: The Company has established, maintains and regularly tests incident response plans that address the Company’s overall preparedness and response to a cybersecurity incident. The plans include, among other steps, assessment processes to determine the magnitude and materiality of an incident, an analysis of the need and method to communicate to various constituencies (customers, employees, authorities, etc.), and the requirements for public and regulatory disclosure. In addition to this response planning framework, among other mitigating actions the Company maintains an insurance policy for cybersecurity liability that provides not only coverage for breaches, but also loss prevention services and claims advisors.

Third Party Risk Management: The Company maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third party systems. Third parties are granted access to systems based on the principle of least privilege.

Education and Awareness: The Company provides mandatory annual training for personnel regarding cybersecurity threats to educate employees with effective tools and knowledge to address cybersecurity threats, and to communicate the Company’s evolving information security policies, standards, processes and practices. Quarterly internal phishing tests are performed, and periodic and/or thematic email communications are provided throughout the year to raise awareness. Individual training is given to personnel as needed.

Governance

The Board oversees the Company’s ERM process, including the management of risks arising from cybersecurity threats. The Board receives annual cybersecurity updates from senior management, and the Audit and Compliance Committee provides a deeper level of oversight through an annual review of management’s approach to cybersecurity risk with the Director – Information Systems. The Board and the Audit and Compliance Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed.

The Director – Information Systems, as head of cybersecurity and in coordination with management, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response plans. Management is actively involved in the incident response and risk management process (mitigation, transference, and acceptance). Additionally, Company management meets monthly as part of the cybersecurity steering committee to direct proper activities to mitigate any risks identified.

The VP-CFO, VP-Controller and VP-General Counsel are explicitly informed by the Director of Information Systems, internal security team and Managed Security Service Provider (MSSP) of incidents and periodically updated on the investigation progress and impact of the incident. Management also receives explicit monthly summaries on all incidents. Material incidents are summarized at an annual management review meeting.

Internal IS management has the following certifications: Certified Information Systems Security Professional (CISSP), Certified Information Systems Auditor (CISA), GIAC Certified Forensic Examiner (GCFE), Cloud Forensics Responder (GCFR), GIAC Advanced Smartphone Forensics (GASF), GIAC Network Forensic Analyst (GNFA), GIAC Certified Forensic Analyst (GCFA), GIAC Reverse Engineering Malware (GREM), Certified Cloud Security Professional (CCSP), Magnet Certified Forensic Examiner, BBA Information Technology Emphasis Security, and CompTIA Security+.

While the Company has experienced, and expects to continue to experience, cyber threats, no material security breaches of third-party information have occurred. Cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected the Company, including its business strategy, results of operations or financial condition. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A “Risk Factors” under the heading “General,” which should be read in conjunction with the foregoing information.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The Company has established an information security framework to help safeguard the confidentiality, integrity, and availability of information assets and ensure regulatory, operational, and contractual requirements are fulfilled.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

The Board oversees the Company’s ERM process, including the management of risks arising from cybersecurity threats. The Board receives annual cybersecurity updates from senior management, and the Audit and Compliance Committee provides a deeper level of oversight through an annual review of management’s approach to cybersecurity risk with the Director – Information Systems. The Board and the Audit and Compliance Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed.

The Director – Information Systems, as head of cybersecurity and in coordination with management, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response plans. Management is actively involved in the incident response and risk management process (mitigation, transference, and acceptance). Additionally, Company management meets monthly as part of the cybersecurity steering committee to direct proper activities to mitigate any risks identified.

The VP-CFO, VP-Controller and VP-General Counsel are explicitly informed by the Director of Information Systems, internal security team and Managed Security Service Provider (MSSP) of incidents and periodically updated on the investigation progress and impact of the incident. Management also receives explicit monthly summaries on all incidents. Material incidents are summarized at an annual management review meeting.

Internal IS management has the following certifications: Certified Information Systems Security Professional (CISSP), Certified Information Systems Auditor (CISA), GIAC Certified Forensic Examiner (GCFE), Cloud Forensics Responder (GCFR), GIAC Advanced Smartphone Forensics (GASF), GIAC Network Forensic Analyst (GNFA), GIAC Certified Forensic Analyst (GCFA), GIAC Reverse Engineering Malware (GREM), Certified Cloud Security Professional (CCSP), Magnet Certified Forensic Examiner, BBA Information Technology Emphasis Security, and CompTIA Security+.

While the Company has experienced, and expects to continue to experience, cyber threats, no material security breaches of third-party information have occurred. Cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected the Company, including its business strategy, results of operations or financial condition. Additional information on cybersecurity risks we face is discussed in Part I, Item 1A “Risk Factors” under the heading “General,” which should be read in conjunction with the foregoing information.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board receives annual cybersecurity updates from senior management, and the Audit and Compliance Committee provides a deeper level of oversight through an annual review of management’s approach to cybersecurity risk with the Director – Information Systems.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board and the Audit and Compliance Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed.
Cybersecurity Risk Role of Management [Text Block]

The Director – Information Systems, as head of cybersecurity and in coordination with management, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response plans. Management is actively involved in the incident response and risk management process (mitigation, transference, and acceptance). Additionally, Company management meets monthly as part of the cybersecurity steering committee to direct proper activities to mitigate any risks identified.

The VP-CFO, VP-Controller and VP-General Counsel are explicitly informed by the Director of Information Systems, internal security team and Managed Security Service Provider (MSSP) of incidents and periodically updated on the investigation progress and impact of the incident. Management also receives explicit monthly summaries on all incidents. Material incidents are summarized at an annual management review meeting.

Internal IS management has the following certifications: Certified Information Systems Security Professional (CISSP), Certified Information Systems Auditor (CISA), GIAC Certified Forensic Examiner (GCFE), Cloud Forensics Responder (GCFR), GIAC Advanced Smartphone Forensics (GASF), GIAC Network Forensic Analyst (GNFA), GIAC Certified Forensic Analyst (GCFA), GIAC Reverse Engineering Malware (GREM), Certified Cloud Security Professional (CCSP), Magnet Certified Forensic Examiner, BBA Information Technology Emphasis Security, and CompTIA Security+.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Director – Information Systems, as head of cybersecurity and in coordination with management, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response plans.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The VP-CFO, VP-Controller and VP-General Counsel are explicitly informed by the Director of Information Systems, internal security team and Managed Security Service Provider (MSSP) of incidents and periodically updated on the investigation progress and impact of the incident.

Internal IS management has the following certifications: Certified Information Systems Security Professional (CISSP), Certified Information Systems Auditor (CISA), GIAC Certified Forensic Examiner (GCFE), Cloud Forensics Responder (GCFR), GIAC Advanced Smartphone Forensics (GASF), GIAC Network Forensic Analyst (GNFA), GIAC Certified Forensic Analyst (GCFA), GIAC Reverse Engineering Malware (GREM), Certified Cloud Security Professional (CCSP), Magnet Certified Forensic Examiner, BBA Information Technology Emphasis Security, and CompTIA Security+.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Management is actively involved in the incident response and risk management process (mitigation, transference, and acceptance). Additionally, Company management meets monthly as part of the cybersecurity steering committee to direct proper activities to mitigate any risks identified.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Basis of Presentation and Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Accounting Policies

Note 1 Basis of Presentation and Accounting Policies

Profile

With more than a century of water technology innovation, Badger Meter is a global provider of industry leading water management solutions, with approximately 95% of net sales derived from water-related applications. Badger Meter's offerings, marketed as BlueEdge®, are comprised of a suite of tailorable solutions that connect water management technology, software and support services to deliver insights enabling the proactive management of water across the water cycle. These tailorable solutions encompass measurement and control hardware, connectivity and communication, data visualization and software-delivered actionable insights as well as ongoing support and expertise essential to optimize customers' operations and contribute to the sustainable use and protection of the world’s most precious resource.

The Company's measurement and control hardware, instruments and sensors are primarily comprised of the following product families:

•
meters that measure the flow of water and other fluids and are known for accuracy, long-lasting durability and for providing valuable and timely flow measurement data.
•
water quality monitoring solutions, including optical sensing and electrochemical instruments that provide real-time, on demand data parameters.
•
high frequency pressure and acoustic leak detection hardware that provides real-time monitoring data.
•
remote sewer monitoring solutions to aid in predicting, detecting and preventing sewer overflow spills and lift station solutions for monitoring and control.

The Company’s broad range of communication solutions include the ORION® branded family of radio endpoints, along with remote telemetry units, providing customers with a choice of industry-leading options for communicating data from hardware into use-specific software applications.

The Company’s hardware-enabled software solutions provide insights and analytics critical to the holistic management of our customers’ water systems. These digital solutions increase visibility, empowering customers to monitor system performance and make decisions aiding efficiency, resiliency, and sustainability.

The Company also provides training, project management, technical support and other collaborative services for customers. This support is becoming increasingly critical as customers strive to extract maximum value from their deployed technology investments while managing workforce demographic changes, infrastructure upgrades, and water loss management, among other operating challenges.

The Company’s solutions fall into two product lines:

•
Utility Water - sales of meters, water quality and sewer monitoring sensors and other hardware, communication, and software and related technologies, to water utilities.
•
Flow Instrumentation - sales of meters, other sensing instruments, valves, software and other solutions to commercial and industrial customers, including water-related applications.

Utility water smart metering solutions are comprised of water meters along with the connected radio endpoints and software technologies and services used by water utilities as the basis for generating their water and wastewater revenues, enabling operating efficiencies and engaging with their end consumers. This product line further comprises other instruments and sensors used in the water distribution system to ensure the safe and efficient treatment, delivery and return of water. These sensors are used to detect leaks, monitor various water quality parameters throughout the distribution system and treatment process, and monitor, detect and prevent sewer overflow spills. The largest geographic market in which the Company operates is North America, primarily the United States.

The flow instrumentation product line primarily serves water applications throughout the broader industrial market, with both standard and customized solutions. This product line includes meters, valves and other sensing instruments sold worldwide to measure and control the quantity of fluids including water, air, steam, and other liquids and gases. These

products, oftentimes leveraging the same technologies used in utility water, 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 through manufacturers’ representatives and original equipment manufacturers as the primary flow measurement device within a product or system. Specialized communication protocols that control the entire flow measurement process and mandatory certifications drive these markets.

Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation.

Cash Equivalents

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

Receivables

Receivables consist primarily of trade receivables. The Company does not require collateral or other security and evaluates the collectability of its receivables based on a number of factors. An allowance for doubtful accounts is recorded for significant past due receivable balances based on a review of the past due items and the customer's ability and likelihood to pay, as well as applying a historical write-off ratio to the remaining balances. Changes in the Company's allowance for doubtful accounts are as follows:

 

 

Balance at
beginning
of year

 

 

Provision and
reserve
adjustments

 

 

Write-offs less
recoveries

 

 

Balance at end
of year

 

 

 

(In thousands)

 

2025

 

$

2,980

 

 

$

(44

)

 

$

(449

)

 

$

2,487

 

2024

 

 

2,904

 

 

 

275

 

 

 

(199

)

 

 

2,980

 

2023

 

 

1,179

 

 

 

1,862

 

 

 

(137

)

 

 

2,904

 

 

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)

 

2025

 

$

8,485

 

 

$

3,354

 

 

$

(2,353

)

 

$

9,486

 

2024

 

 

6,874

 

 

 

4,023

 

 

 

(2,412

)

 

 

8,485

 

2023

 

 

6,681

 

 

 

2,135

 

 

 

(1,942

)

 

 

6,874

 

 

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 $3.7 million and $3.8 million at December 31, 2025 and 2024, 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, 2025, 2024 and 2023 was $3.5 million, $3.4 million and $3.3 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 was $14.7 million in 2025, $9.1 million in 2024 and $8.6 million in 2023. Amortization expense expected to be recognized is $14.4 million in 2026, $11.7 in 2027, $10.4 million in 2028, $9.9 million in 2029, $9.1 million in 2030 and $63.0 million thereafter. The carrying value and accumulated amortization by major class of intangible assets are as follows:

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

Gross carrying
amount

 

 

Accumulated
amortization

 

 

Gross carrying
amount

 

 

Accumulated
amortization

 

 

 

(In thousands)

 

Technologies

 

$

115,176

 

 

$

42,011

 

 

$

62,451

 

 

$

42,341

 

Intellectual property

 

 

7,773

 

 

 

2,379

 

 

 

6,463

 

 

 

1,583

 

Non-compete agreements

 

 

3,708

 

 

 

1,094

 

 

 

597

 

 

 

592

 

Licenses

 

 

650

 

 

 

612

 

 

 

650

 

 

 

595

 

Customer lists

 

 

6,694

 

 

 

5,544

 

 

 

8,092

 

 

 

6,382

 

Customer relationships

 

 

38,561

 

 

 

19,397

 

 

 

28,981

 

 

 

15,532

 

Trade names

 

 

26,863

 

 

 

9,892

 

 

 

15,097

 

 

 

10,240

 

Total intangibles

 

$

199,425

 

 

$

80,929

 

 

$

122,331

 

 

$

77,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 2025, 2024 and 2023. Goodwill was $235.6 million at December 31, 2025 and $111.8 million at December 31, 2024. The change in goodwill from 2024 to 2025 resulted from currency translation adjustments of $5.5 million and the acquisition of SmartCover of $118.3 million. 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)

 

2025

 

$

16,693

 

 

$

607

 

 

$

12,933

 

 

$

(8,659

)

 

$

21,574

 

2024

 

 

11,102

 

 

 

69

 

 

$

13,349

 

 

$

(7,827

)

 

 

16,693

 

2023

 

 

9,606

 

 

 

93

 

 

$

9,759

 

 

$

(8,356

)

 

 

11,102

 

 

Research and Development

Research and development costs are charged to expense as incurred and amounted to $21.6 million in 2025, $19.2 million in 2024 and $19.0 million in 2023.

Healthcare

The Company estimates and records provisions for healthcare claims incurred but not reported, based on medical cost trend analysis, reviews of subsequent payments made and estimates of unbilled amounts.

Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive income (loss) at December 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

 

 

-

 

 

 

13,907

 

 

 

13,907

 

Amounts reclassified from accumulated other comprehensive income, net of tax of $153

 

 

473

 

 

 

-

 

 

 

473

 

Net current period other comprehensive income, net of tax

 

 

473

 

 

 

13,907

 

 

 

14,380

 

Accumulated other comprehensive income

 

$

1,619

 

 

$

4,855

 

 

$

6,474

 

 

Reclassifications out of accumulated other comprehensive income (loss) during 2025 were immaterial.

Components of accumulated other comprehensive income (loss) at December 31, 2024 are as follows:

 

(In thousands)

 

Unrecognized
pension and
postretirement
 benefits

 

 

Foreign currency

 

 

Total

 

Balance at beginning of period

 

$

920

 

 

$

(2,566

)

 

$

(1,646

)

Other comprehensive loss before reclassifications

 

 

-

 

 

 

(6,486

)

 

 

(6,486

)

Amounts reclassified from accumulated other comprehensive income, net of tax of $76

 

 

226

 

 

 

-

 

 

 

226

 

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

 

 

226

 

 

 

(6,486

)

 

 

(6,260

)

Accumulated other comprehensive income (loss)

 

$

1,146

 

 

$

(9,052

)

 

$

(7,906

)

 

Reclassifications out of accumulated other comprehensive income (loss) during 2024 were immaterial.

Use of Estimates

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Fair Value Measurements of Financial Instruments

The carrying amounts of cash 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 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.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires additional disclosure associated with the effective tax rate reconciliation and payment of income taxes. The guidance is effective for fiscal years beginning after December 15, 2025 and can be applied on a prospective basis

with the option to apply the standard retrospectively. The Company adopted ASU No. 2023-09 on December 31, 2025, applying the standard on a retrospective basis, the impact of which was not significant to the Company or its related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure," which requires additional disclosure of specified information about certain costs and expense categories. The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently assessing the impact of this proposed change on its consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, "Targeted Improvements to the Accounting for Internal-Use Software," which removes the development stage requirements and implements a probable-to-complete recognition threshold associated with capitalization of internal use software costs. This guidance is effective for fiscal years beginning after December 15, 2027 and interim periods within those reporting periods. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been made available for issuance. The Company is currently assessing the impact of this proposed changed on its consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-11, "Interim Reporting (Topic 270): Narrow-scope improvements." The amendments clarify the scope, form, and content of interim financial statement disclosures and improve the navigability of Topic 270 without changing existing interim reporting requirements. This guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on its condensed consolidated financial statements and related disclosures.

v3.25.4
Common Stock
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Common Stock

Note 2 Common Stock

Common Stock

In February 2023, the Board authorized the repurchase of up to 200,000 shares of the Company's Common Stock through February 2026. In November 2025, the Board replaced the prior authorization with an authorization to purchase up to $75 million of its Common Stock through November 2028.

The authorized common stock of the Company consisted of 80,000,000 shares of common stock as of December 31, 2025 and 2024, respectively, $1 par value, of which 37,221,098 were issued and outstanding as of December 31, 2025 and 2024, respectively.

v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Acquisitions

Note 3 Acquisitions

Acquisitions are accounted for under the purchase method, and accordingly, the results of operations were included in the Company's financial statements from the date of acquisition. The acquisitions did not have a material impact on the Company's consolidated financial statements or the notes thereto.

Effective January 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 estimated fair values at the date of acquisition. As of December 31, 2025, the Company completed its analysis for estimating the fair value of the assets acquired. Revenue associated with SmartCover for the eleven months ended December 31, 2025 was $39.7 million. SmartCover is reported within the utility water product line and the Company will continue to operate under a single segment.

Effective January 1, 2024, the Company acquired select remote water monitoring hardware and software, inclusive of the Telog® product line and Unity Remote Monitoring software as a service (the Telog/Unity Assets). The total purchase consideration for the Telog/Unity Assets was $3.0 million in cash. The allocation of purchase price to the assets acquired was based upon the estimated fair values at the date of acquisition. As of December 31, 2024, the Company had completed its analysis for estimating the fair value of the assets acquired.
v3.25.4
Short-term Debt and Credit Lines
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Short-term Debt and Credit Lines

Note 4 Short-term Debt and Credit Lines

 

The Company did not have short-term borrowings at December 31, 2025 and 2024. On July 8, 2021, the Company entered into a new credit agreement, with a maturity date of July 8, 2026. The Company amended its credit agreement to modify the benchmark interest rate on January 20, 2023. The credit agreement includes a $150.0 million multi-currency line of credit that supports commercial paper (up to $100.0 million). The facility includes several features that enhance the Company’s financial flexibility including an increase feature, acquisition holiday and favorable financial covenants. The Company was in compliance with all covenants as of December 31, 2025. The Company had $154.7 million of unused credit lines available at December 31, 2025.
v3.25.4
Stock Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Compensation

Note 5 Stock Compensation

As of December 31, 2025, the Company has an Omnibus Incentive Plan under which 1,000,000 shares are reserved for stock options, restricted stock, performance shares grants for employees, as well as stock grants for directors. The plan was approved in 2021 and replaced all prior stock-based plans except for shares and options previously issued under those plans. As of December 31, 2025 and 2024 there were 826,945 and 870,642 shares, respectively, of the Company’s Common Stock available for grant under the 2021 Omnibus Incentive Plan. The Company recognizes the cost of stock-based awards in net earnings for all of its stock-based compensation plans on a straight-line basis over the service period of the awards. The following sections describe the four types of awards 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 for the year ended December 31, 2025 was less than $0.1 million. Stock option compensation expense recognized by the Company for the years ended December 31, 2024 and 2023 was $0.1 million and $0.2 million, respectively. No new stock options were granted in 2025, 2024 and 2023.

The following table summarizes stock option activity for the three-year period ended December 31, 2025:

 

 

 

Number of shares

 

 

Weighted-
average
exercise price

 

Options outstanding - December 31, 2022

 

 

196,747

 

 

$

45.35

 

Options exercised

 

 

(30,433

)

 

 

31.77

 

Options outstanding - December 31, 2023

 

 

166,314

 

 

$

47.83

 

Options exercised

 

 

(22,400

)

 

 

33.55

 

Options outstanding - December 31, 2024

 

 

143,914

 

 

$

50.06

 

Options exercised

 

 

(15,087

)

 

 

36.72

 

Options outstanding - December 31, 2025

 

 

128,827

 

 

$

51.62

 

Exercisable options —

 

 

 

 

 

 

December 31, 2023

 

 

147,937

 

 

$

46.06

 

December 31, 2024

 

 

137,429

 

 

 

49.45

 

December 31, 2025

 

 

128,827

 

 

 

51.62

 

The weighted-average contractual life remaining for options outstanding as of December 31, 2025 was 2.6 years.

The following table summarizes the aggregate intrinsic value related to options exercised, outstanding and exercisable as of and for the years ended December 31:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Exercised

 

$

3,039

 

 

$

3,272

 

 

$

3,919

 

Outstanding

 

 

15,819

 

 

 

23,323

 

 

 

17,718

 

Exercisable

 

 

15,819

 

 

 

22,356

 

 

 

16,023

 

 

As of December 31, 2025, there was no unrecognized compensation expense related to stock options. There were no anti-dilutive options in 2025, 2024 and 2023.

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 was $2.8 million in 2025, $2.4 million in 2024 and $2.0 million in 2023.

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, 2022

 

51,075

 

 

$

84.85

 

Granted

 

21,261

 

 

 

125.11

 

Vested

 

(30,408

)

 

 

75.97

 

Forfeited

 

(836

)

 

 

97.68

 

Nonvested at December 31, 2023

 

41,092

 

 

$

111.99

 

Granted

 

18,782

 

 

 

161.50

 

Vested

 

(16,591

)

 

 

104.74

 

Forfeited

 

(1,244

)

 

 

139.72

 

Nonvested at December 31, 2024

 

42,039

 

 

$

136.15

 

Granted

 

17,907

 

 

 

209.46

 

Vested

 

(14,190

)

 

 

117.48

 

Forfeited

 

(1,651

)

 

 

163.38

 

Nonvested at December 31, 2025

 

44,105

 

 

$

170.90

 

 

As of December 31, 2025, there was $4.0 million of unrecognized compensation cost related to nonvested restricted stock that is expected to be recognized over a weighted average period of 1.9 years.

Performance Share Units

The Company periodically issues performance share units to certain eligible employees. Recipients of performance share grants are eligible to receive shares of common stock subject to achievement of total adjusted return on invested capital (ROIC) and adjusted free cash flow conversion targets as measured over a three-year performance period. The number of shares earned for awards granted in 2023, 2024 and 2025 will range from 50% to 200% of the granted number of performance shares for the three-year performance period ending December 31, 2025, December 31, 2026, and December 31, 2027, respectively, and will vest, to the extent earned, in the fiscal quarter following the end of the applicable three-year performance period. Performance share compensation expense recognized by the Company was $5.7 million in 2025, $3.2 million in 2024 and $2.5 million in 2023.

 

A summary of performance share activity for the three years ended December 31 is as follows:

 

 

Performance Shares

 

 

Weighted Average Grant Date Fair Value

 

Nonvested at December 31, 2022

 

42,846

 

 

$

98.92

 

Granted

 

18,698

 

 

 

123.77

 

Adjustment for expected performance results

 

10,701

 

 

 

120.74

 

Nonvested at December 31, 2023

 

72,245

 

 

$

108.59

 

Granted

 

18,796

 

 

 

159.92

 

Adjustment for expected performance results

 

10,554

 

 

 

160.40

 

Vested

 

(20,973

)

 

 

100.37

 

Forfeited

 

(2,628

)

 

 

137.88

 

Nonvested at December 31, 2024

 

77,994

 

 

$

129.20

 

Granted

 

20,468

 

 

 

212.07

 

Adjustment for expected performance results

 

25,001

 

 

 

179.65

 

Vested

 

(23,939

)

 

 

97.62

 

Forfeited

 

(2,016

)

 

 

188.37

 

Nonvested at December 31, 2025

 

97,508

 

 

$

166.06

 

 

As of December 31, 2025, there was $7.4 million of unrecognized compensation cost related to nonvested performance share units that is expected to be realized over a weighted average period of 1.9 years.

Director Stock Grant

Non-employee directors receive an annual stock award of the Company’s Common Stock under the 2021 Omnibus Incentive Plan. The annual stock award for 2025 was $100,000. The Company values stock grants for directors at the closing price of the Company’s stock on the day the grant was awarded. The Company records compensation expense for this plan in the period the grants are awarded. Director stock compensation expense recognized by the Company was $0.6 million in 2025, $0.5 million in 2024 and $0.5 million in 2023. As of December 31, 2025, there was no unrecognized compensation cost related to director stock awards.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
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 $5.1 million in 2025, $4.0 million in 2024 and $3.6 million in 2023. 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 2025, 2024 and 2023 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.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 7 Employee Benefit Plans

The Company maintains supplemental non-qualified plans for certain officers and other key employees. The expense for these plans was not material for 2025, 2024 or 2023. The discount rate used to measure the net periodic pension cost was 5.52% for 2025, 4.89% for 2024 and 5.09% for 2023. The amount accrued was $1.2 million and $1.0 million as of December 31, 2025 and 2024, respectively.

The Company also maintains an Employee Savings and Stock Ownership Plan (“ESSOP”) for the majority of the U.S. employees. The ESSOP includes a voluntary 401(k) savings plan that allows certain employees to defer up to 50% of their income on a pretax basis subject to limits on maximum amounts. The Company matches 25% of each employee’s contribution, with the match percentage applying to a maximum of 7% of each employee's salary. Compensation expense was $1.6 million in 2025, $1.5 million in 2024 and $1.2 million in 2023.

The Company also contributes to a defined contribution feature within the ESSOP plan. Contributions are discretionary and are calculated as a percentage of eligible wages of the employee. Compensation expense under the defined contribution feature was $5.1 million in 2025, $4.7 million in 2024 and $4.0 million in 2023.

Other Postretirement Benefits

The Company also has a postretirement healthcare benefit plan that provides medical benefits for certain U.S. retirees and eligible dependents hired prior to November 1, 2004. Employees are eligible to receive postretirement healthcare benefits upon meeting certain age and service requirements. No employees hired after October 31, 2004 are eligible to receive these benefits. This plan requires employee contributions to offset benefit costs.

The following table sets forth the components of net periodic postretirement benefit cost for the years ended December 31, 2025, 2024 and 2023:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Service cost, benefits attributed for service of active employees for the period

 

$

46

 

 

$

60

 

 

$

72

 

Interest cost on the accumulated postretirement benefit obligation

 

 

169

 

 

 

184

 

 

 

206

 

Amortization of actuarial gain

 

 

(281

)

 

 

(179

)

 

 

(193

)

Net periodic postretirement benefit (income) cost

 

$

(66

)

 

$

65

 

 

$

85

 

 

The discount rate used to measure the net periodic postretirement benefit cost was 5.59% for 2025, 4.96% for 2024 and 5.16% for 2023. 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:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Benefit obligation at beginning of year

 

$

3,322

 

 

$

3,922

 

Service cost

 

 

46

 

 

 

60

 

Interest cost

 

 

169

 

 

 

184

 

Actuarial gain

 

 

(980

)

 

 

(557

)

Plan participants' contributions

 

 

510

 

 

 

295

 

Benefits paid

 

 

(653

)

 

 

(582

)

Benefit obligation, end of year

 

$

2,414

 

 

$

3,322

 

 

The amounts recognized in the Consolidated Balance Sheets at December 31 are:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Accrued compensation and employee benefits

 

$

236

 

 

$

290

 

Accrued non-pension postretirement benefits

 

 

2,178

 

 

 

3,032

 

Amounts recognized at December 31

 

$

2,414

 

 

$

3,322

 

 

 

The discount rate used to measure the accumulated postretirement benefit obligation was 5.24% for 2025 and 5.59% for 2024. 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 2026 are $0.2 million through 2030, with an aggregate of $1.0 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.

Amounts included in accumulated other comprehensive income, net of tax, at December 31, 2025 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)

 

$

159

 

 

$

(1,779

)

 

Amounts included in accumulated other comprehensive income, net of tax, at December 31, 2025 expected to be recognized in net periodic benefit cost during the fiscal year ending December 31, 2026 are not expected to be material.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
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:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Domestic

 

$

186,739

 

 

$

169,608

 

 

$

120,384

 

Foreign

 

 

1,918

 

 

 

(3,108

)

 

 

1,582

 

Total

 

$

188,657

 

 

$

166,500

 

 

$

121,966

 

 

The provision (benefit) for income taxes is as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

36,176

 

 

$

41,201

 

 

$

29,629

 

State

 

 

9,627

 

 

 

9,955

 

 

 

8,147

 

Foreign

 

 

2,074

 

 

 

1,476

 

 

 

1,242

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

941

 

 

 

(8,001

)

 

 

(7,376

)

State

 

 

(788

)

 

 

(1,719

)

 

 

(1,332

)

Foreign

 

 

(1,007

)

 

 

(1,354

)

 

 

(942

)

Total

 

$

47,023

 

 

$

41,558

 

 

$

29,368

 

 

 

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, which includes adjusted presentation for the years ended December 31, 2024 and 2023 in accordance with ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures:

 

 

 

2025

 

 

 

2024

 

 

 

2023

 

 

 

 

 

(In thousands)

 

 

 

Provision at statutory rate

 

$

39,618

 

 

21.0

%

$

34,967

 

 

21.0

%

$

25,613

 

 

21.0

%

State income taxes, net of federal tax benefit (1)

 

 

7,740

 

 

4.1

%

 

6,383

 

 

3.8

%

 

5,236

 

 

4.3

%

Foreign tax effects

 

 

664

 

 

0.4

%

 

774

 

 

0.5

%

 

(33

)

 

0.0

%

Effects of cross-border tax laws

 

 

(888

)

 

-0.5

%

 

(638

)

 

-0.4

%

 

(736

)

 

-0.6

%

Tax credits

 

 

(332

)

 

-0.2

%

 

(48

)

 

0.0

%

 

(1,181

)

 

-1.0

%

Nontaxable or nondeductible items

 

 

121

 

 

0.1

%

 

295

 

 

0.2

%

 

114

 

 

0.1

%

Changes in unrecognized tax benefits

 

 

100

 

 

0.1

%

 

(175

)

 

-0.1

%

 

355

 

 

0.3

%

Actual provision

 

$

47,023

 

 

24.9

%

$

41,558

 

 

25.0

%

$

29,368

 

 

24.1

%

 

(1) The states that contribute to the majority (greater than 50%) of the tax effect of this category include California, Florida, Illinois, Tennessee, Georgia and Texas.

 

The amount of cash taxes paid is as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Federal

 

$

36,595

 

 

$

43,200

 

 

$

30,325

 

State

 

 

10,495

 

 

 

11,272

 

 

 

6,674

 

Foreign

 

 

1,663

 

 

 

1,571

 

 

 

1,935

 

Cash paid for income taxes (net of refunds)

 

$

48,753

 

 

$

56,043

 

 

$

38,934

 

 

Income taxes paid (net of refunds) exceed 5% of total income taxes paid (net of refunds) in the following jurisdictions:

 

 

 

2025

 

 

2024

 

2023

State

 

(In thousands)

California

 

$

3,083

 

 

*

 

*

 

* Jurisdiction below the threshold for the period presented.

 

The components of deferred income taxes as of December 31 are as follows:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Deferred tax assets:

 

 

 

 

 

 

Reserve for receivables and inventory

 

$

4,051

 

 

$

3,396

 

Accrued compensation

 

 

4,502

 

 

 

3,791

 

Reserves and payables

 

 

5,126

 

 

 

3,826

 

Accrued post-retirement medical benefits

 

 

597

 

 

 

825

 

Net operating loss and credit carryforwards

 

 

6,789

 

 

 

6,089

 

Deferred compensation

 

 

1,736

 

 

 

1,739

 

Accrued qualified plan benefits

 

 

1,260

 

 

 

1,178

 

Accrued stock-based compensation

 

 

1,590

 

 

 

1,263

 

Deferred revenue

 

 

15,860

 

 

 

12,201

 

Operating lease liabilities

 

 

1,880

 

 

 

735

 

Research and development costs

 

 

1,412

 

 

 

8,007

 

Other

 

 

2,087

 

 

 

2,489

 

Total gross deferred tax assets

 

 

46,890

 

 

 

45,539

 

Less: valuation allowance

 

 

(3,245

)

 

 

(3,297

)

Total net deferred tax assets

 

 

43,645

 

 

 

42,242

 

Deferred tax liabilities:

 

 

 

 

 

 

Property, plant and equipment

 

 

3,516

 

 

 

3,743

 

Intangible assets

 

 

26,523

 

 

 

7,527

 

Prepaids

 

 

-

 

 

 

825

 

Operating lease assets

 

 

1,808

 

 

 

297

 

Other

 

 

1,135

 

 

 

977

 

Total deferred tax liabilities

 

 

32,982

 

 

 

13,369

 

Net deferred tax assets

 

$

10,663

 

 

$

28,873

 

 

As of December 31, 2025, the Company had U.S. federal net operating loss carryforwards of approximately $4.3 million, U.S. state net operating loss carryforwards of approximately $1.4 million, and foreign net operating loss carryforwards of approximately $32.6 million, of which $32.4 million have an unlimited carryforward period. The Company's tax credit carryforward of $0.6 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 foreign net operating loss carryforwards.

 

In 2021, the Organization for Economic Cooperation and Development (OECD) released Pillar Two Global Anti-Base Erosion model rules, designed to ensure large corporations are taxed at a minimum rate of 15% in all countries of operation. The OECD continues to release guidance and countries are implementing legislation to adopt these rules, which are expected to be effective for accounting periods beginning on or after December 31, 2023. The United States has not yet enacted legislation implementing Pillar Two. The Company is continuing to evaluate the Pillar Two rules and their potential impact on future periods. Based on existing proposed rules, the Company does not meet the revenue requirements for the Pillar Two rules to apply. As a result, the Company does not expect the rules to have a material impact on its effective tax rate.

 

In general, it is the Company's practice and intention to reinvest earnings of its non-U.S. subsidiaries in those operations. As of December 31, 2025, the Company has not made a provision for incremental U.S. income taxes or additional foreign withholding taxes on approximately $11.9 million of such undistributed earnings, $15.5 million of which was previously subject to U.S. tax that is deemed indefinitely reinvested.

Changes in the Company's gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Balance at beginning of year

 

$

1,220

 

 

$

1,395

 

Reductions in unrecognized tax benefits as a result of positions taken
   during the prior year

 

 

(20

)

 

 

(172

)

Increases in unrecognized tax benefits as a result of positions taken during the
   current year

 

 

314

 

 

 

342

 

Reductions to unrecognized tax benefits as a result of a lapse of the applicable
   statute of limitations

 

 

(194

)

 

 

(345

)

Balance at end of year

 

$

1,320

 

 

$

1,220

 

 

The Company does not expect a significant increase or decrease to the total amount of unrecognized tax benefits during the next twelve months. To the extent these unrecognized tax benefits are ultimately recognized, they will impact the effective tax rate. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years prior to 2022, and, with few exceptions, state and local income tax examinations by tax authorities for years prior to 2021. 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 $0.2 million and $0.1 million as of December 31, 2025 and 2024, respectively, and there were no penalties accrued in either year.
v3.25.4
Industry Segment and Geographic Areas
 12 Months Ended
Dec. 31, 2025
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.

 

Information regarding revenues by geographic area is as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Revenues:

 

 

 

 

 

 

 

 

 

United States

 

$

825,942

 

 

$

745,192

 

 

$

621,166

 

Foreign:

 

 

 

 

 

 

 

 

 

Asia

 

 

14,282

 

 

 

11,239

 

 

 

13,545

 

Canada

 

 

15,232

 

 

 

10,447

 

 

 

12,958

 

Europe

 

 

43,915

 

 

 

37,293

 

 

 

39,106

 

Mexico

 

 

2,688

 

 

 

3,620

 

 

 

4,258

 

Middle East

 

 

10,985

 

 

 

16,776

 

 

 

10,381

 

Other

 

 

3,619

 

 

 

1,991

 

 

 

2,178

 

Total

 

$

916,663

 

 

$

826,558

 

 

$

703,592

 

 

Information regarding assets by geographic area is as follows:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Long-lived assets:

 

 

 

 

 

 

United States

 

$

46,321

 

 

$

43,556

 

Foreign:

 

 

 

 

 

 

Europe

 

 

15,837

 

 

 

13,727

 

Mexico

 

 

17,478

 

 

 

16,977

 

Total

 

$

79,636

 

 

$

74,260

 

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Total assets:

 

 

 

 

 

 

United States

 

$

789,632

 

 

$

661,843

 

Foreign:

 

 

 

 

 

 

Europe

 

 

156,428

 

 

 

131,892

 

Mexico

 

 

27,517

 

 

 

22,678

 

Total

 

$

973,577

 

 

$

816,413

 
v3.25.4
Unaudited: Quarterly Results of Operations, Common Stock Price and Dividends
 12 Months Ended
Dec. 31, 2025
Quarterly Financial Information Disclosure [Abstract]  
Unaudited: Quarterly Results of Operations, Common Stock Price and Dividends

Note 10 Unaudited: Quarterly Results of Operations, Common Stock Price and Dividends

The Company's Common Stock is listed on the New York Stock Exchange under the symbol BMI. Earnings per share are computed independently for each quarter. As such, the annual per share amount may not equal the sum of the quarterly amounts due to rounding. The Company currently anticipates continuing to pay cash dividends. Shareholders of record as of December 31, 2025 and 2024 totaled 549 and 562, respectively. Voting trusts and street name shareholders are counted as single shareholders for this purpose.

 

 

 

Quarter ended

 

 

 

March 31

 

 

June 30

 

 

September 30

 

 

December 31

 

 

 

(In thousands, except per share data)

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

222,211

 

 

$

238,095

 

 

$

235,651

 

 

$

220,706

 

Gross margin

 

 

95,437

 

 

 

97,810

 

 

 

95,836

 

 

 

92,987

 

Net earnings

 

 

38,398

 

 

 

34,584

 

 

 

35,077

 

 

 

33,575

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.31

 

 

$

1.18

 

 

$

1.19

 

 

$

1.14

 

Diluted

 

 

1.30

 

 

 

1.17

 

 

 

1.19

 

 

 

1.14

 

Dividends declared

 

 

0.34

 

 

 

0.34

 

 

 

0.40

 

 

 

0.40

 

Stock price:

 

 

 

 

 

 

 

 

 

 

 

 

High

 

$

221.51

 

 

$

254.17

 

 

$

245.81

 

 

$

187.87

 

Low

 

 

189.49

 

 

 

170.72

 

 

 

172.32

 

 

 

168.16

 

Quarter-end close

 

 

190.25

 

 

 

244.95

 

 

 

178.58

 

 

 

174.41

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

196,280

 

 

$

216,658

 

 

$

208,438

 

 

$

205,182

 

Gross margin

 

 

77,178

 

 

 

85,368

 

 

 

83,878

 

 

 

82,760

 

Net earnings

 

 

29,131

 

 

 

33,056

 

 

 

32,038

 

 

 

30,717

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.99

 

 

$

1.13

 

 

$

1.09

 

 

$

1.05

 

Diluted

 

 

0.99

 

 

 

1.12

 

 

 

1.08

 

 

 

1.04

 

Dividends declared

 

 

0.27

 

 

 

0.27

 

 

 

0.34

 

 

 

0.34

 

Stock price:

 

 

 

 

 

 

 

 

 

 

 

 

High

 

$

164.81

 

 

$

202.81

 

 

$

220.25

 

 

$

239.11

 

Low

 

 

139.50

 

 

 

151.18

 

 

 

181.00

 

 

 

193.00

 

Quarter-end close

 

 

161.81

 

 

 

186.35

 

 

 

218.41

 

 

 

212.12

 
v3.25.4
Revenue Recognition
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 11 Revenue Recognition

Revenue for sales of products and services is derived from contracts with customers. The products and services promised in contracts include the sale of utility water and flow instrumentation products, such as flow meters and radios, quality sensing, 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 1 “Summary of Significant Accounting Policies.”

The Company disaggregates revenue from contracts with customers into geographical regions and by the timing of when goods and services are transferred. The Company determined that disaggregating revenue into these categories depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by regional economic factors. Information regarding revenues disaggregated by geographic area is disclosed in Note 9 “Industry Segment and Geographic Areas.”

 

Information regarding revenues disaggregated by the timing of when goods and services are transferred is as follows for the years ended December 31:

 

 

 

2025

 

2024

 

 

(In thousands)

Revenue recognized over time

 

$

89,685

 

9.8%

 

$

58,784

 

7.1%

Revenue recognized at a point in time

 

 

826,978

 

90.2%

 

 

767,774

 

92.9%

Total

 

$

916,663

 

100.0%

 

$

826,558

 

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 recognizes a contract liability when a customer prepays for goods or services and the Company has not transferred control of the goods or services.

The Company's receivables and contract liabilities are as follows at the years ended December 31 are as follows:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Receivables

 

$

112,356

 

 

$

84,325

 

Contract liabilities

 

 

97,046

 

 

 

78,274

 

 

Contract liabilities are included in other current liabilities and long-term deferred revenue on the Company’s Consolidated Balance Sheets at December 31, 2025 and 2024. The balance of contract assets was immaterial as the Company did not have a significant amount of uninvoiced receivables at December 31, 2025 and 2024.

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

The Company's performance obligations are satisfied at a point in time or over time as services are delivered. 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 SaaS, including BEACON and Active Site Monitoring, among others.

The Company records revenue for SaaS revenue over time as the customer benefits from the use of the Company's software. Control of an asset is therefore transferred to the customer over time and the Company will recognize revenue for SaaS as service units are used by the customer.

Total SaaS revenue is as follows for the years ended December 31:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

SaaS revenue

 

$

73,641

 

 

$

56,878

 

 

$

42,208

 

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, 2025, the Company had certain contracts with unsatisfied performance obligations. For contracts recorded as long-term liabilities, $97.0 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 $24.3 million in 2026, $9.6 million in 2027, $8.1 million in 2028, $7.1 million in 2029, $5.9 million in 2030 and $42.0 million thereafter.

The Company also has contracts that include both the sale and installation of flow meters as performance obligations. In those cases, the Company records revenue for installed flow meters at the point in time when the flow meters have been accepted by the customer. The customer cannot control the use of and obtain substantially all of the benefits from the equipment until the customer has accepted the installed product. Therefore, for both the flow meter and the related installation, the Company has concluded that control is transferred to the customer upon customer acceptance of the installed flow meter. In addition, the Company has a variety of ancillary revenue streams which are immaterial. The types and composition of the Company's revenue streams did not materially change during the year ended December 31, 2025.

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.

The recording of assets recognized from the costs to obtain and fulfill customer contracts primarily relate to the deferral of sales commissions and network service contracts on the Company's SaaS 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, 2025 and 2024, 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.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases

Note 12 Leases

The Company rents facilities, equipment and vehicles under operating leases, some of which contain renewal options. Upon inception of a rent agreement, the Company determines whether the arrangement contains a lease based on the unique conditions present. Leases that have a term over a year are recognized on the balance sheet as right-of-use assets and lease liabilities. Right-of-use assets are included in other assets on the Company’s Consolidated Balance Sheet. Lease liabilities are included in other current liabilities and other long-term liabilities on the Company’s Consolidated Balance Sheet. Information regarding the Company's right-of-use assets and the corresponding lease liabilities at the years ended December 31 is as follows:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Right-of-use assets

 

$

12,538

 

 

$

5,858

 

Lease liabilities

 

 

12,686

 

 

 

6,014

 

The Company’s operating lease agreements have lease and non-lease components that require payments for common area maintenance, property taxes and insurance. The Company has elected to account for both lease and non-lease components as one lease component. The fixed and in-substance fixed consideration in the Company’s rent agreements constitute operating lease expense that is included in the capitalized right-of-use assets and lease liabilities. The variable and short-term lease expense payments are not included in the present value of the right-of use-assets and lease liabilities on the Consolidated Balance Sheet. The Company’s rent expense for the years ended December 31 is as follows:

 

 

2025

 

 

2024

 

 

(In thousands)

 

Operating lease expense

$

4,513

 

 

$

3,626

 

Variable and short-term lease expense

 

609

 

 

 

366

 

Rent expense

$

5,122

 

 

$

3,992

 

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, 2025 and 2024, the remaining lease term on the Company’s leases was 6.8 and 6.9 years, respectively. As of December 31, 2025 and 2024, the discount rate was 5.0%. The future minimum lease payments to be paid under operating leases are as follows:

 

 

 

December 31,
2025

 

 

 

(In thousands)

 

2026

 

$

3,518

 

2027

 

 

2,826

 

2028

 

 

2,538

 

2029

 

 

2,057

 

2030

 

 

1,848

 

Thereafter

 

 

2,004

 

Total future lease payments

 

 

14,791

 

Present value adjustment

 

 

(2,105

)

Present value of future lease payments

 

$

12,686

 
v3.25.4
Basis of Presentation and Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Consolidation

Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation.

Cash Equivalents

Cash Equivalents

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

Receivables

Receivables consist primarily of trade receivables. The Company does not require collateral or other security and evaluates the collectability of its receivables based on a number of factors. An allowance for doubtful accounts is recorded for significant past due receivable balances based on a review of the past due items and the customer's ability and likelihood to pay, as well as applying a historical write-off ratio to the remaining balances. Changes in the Company's allowance for doubtful accounts are as follows:

 

 

Balance at
beginning
of year

 

 

Provision and
reserve
adjustments

 

 

Write-offs less
recoveries

 

 

Balance at end
of year

 

 

 

(In thousands)

 

2025

 

$

2,980

 

 

$

(44

)

 

$

(449

)

 

$

2,487

 

2024

 

 

2,904

 

 

 

275

 

 

 

(199

)

 

 

2,980

 

2023

 

 

1,179

 

 

 

1,862

 

 

 

(137

)

 

 

2,904

 
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)

 

2025

 

$

8,485

 

 

$

3,354

 

 

$

(2,353

)

 

$

9,486

 

2024

 

 

6,874

 

 

 

4,023

 

 

 

(2,412

)

 

 

8,485

 

2023

 

 

6,681

 

 

 

2,135

 

 

 

(1,942

)

 

 

6,874

 
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 $3.7 million and $3.8 million at December 31, 2025 and 2024, 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, 2025, 2024 and 2023 was $3.5 million, $3.4 million and $3.3 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 was $14.7 million in 2025, $9.1 million in 2024 and $8.6 million in 2023. Amortization expense expected to be recognized is $14.4 million in 2026, $11.7 in 2027, $10.4 million in 2028, $9.9 million in 2029, $9.1 million in 2030 and $63.0 million thereafter. The carrying value and accumulated amortization by major class of intangible assets are as follows:

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

Gross carrying
amount

 

 

Accumulated
amortization

 

 

Gross carrying
amount

 

 

Accumulated
amortization

 

 

 

(In thousands)

 

Technologies

 

$

115,176

 

 

$

42,011

 

 

$

62,451

 

 

$

42,341

 

Intellectual property

 

 

7,773

 

 

 

2,379

 

 

 

6,463

 

 

 

1,583

 

Non-compete agreements

 

 

3,708

 

 

 

1,094

 

 

 

597

 

 

 

592

 

Licenses

 

 

650

 

 

 

612

 

 

 

650

 

 

 

595

 

Customer lists

 

 

6,694

 

 

 

5,544

 

 

 

8,092

 

 

 

6,382

 

Customer relationships

 

 

38,561

 

 

 

19,397

 

 

 

28,981

 

 

 

15,532

 

Trade names

 

 

26,863

 

 

 

9,892

 

 

 

15,097

 

 

 

10,240

 

Total intangibles

 

$

199,425

 

 

$

80,929

 

 

$

122,331

 

 

$

77,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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 2025, 2024 and 2023. Goodwill was $235.6 million at December 31, 2025 and $111.8 million at December 31, 2024. The change in goodwill from 2024 to 2025 resulted from currency translation adjustments of $5.5 million and the acquisition of SmartCover of $118.3 million. 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)

 

2025

 

$

16,693

 

 

$

607

 

 

$

12,933

 

 

$

(8,659

)

 

$

21,574

 

2024

 

 

11,102

 

 

 

69

 

 

$

13,349

 

 

$

(7,827

)

 

 

16,693

 

2023

 

 

9,606

 

 

 

93

 

 

$

9,759

 

 

$

(8,356

)

 

 

11,102

 
Research and Development

Research and Development

Research and development costs are charged to expense as incurred and amounted to $21.6 million in 2025, $19.2 million in 2024 and $19.0 million in 2023.
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 Loss

Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive income (loss) at December 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

 

 

-

 

 

 

13,907

 

 

 

13,907

 

Amounts reclassified from accumulated other comprehensive income, net of tax of $153

 

 

473

 

 

 

-

 

 

 

473

 

Net current period other comprehensive income, net of tax

 

 

473

 

 

 

13,907

 

 

 

14,380

 

Accumulated other comprehensive income

 

$

1,619

 

 

$

4,855

 

 

$

6,474

 

 

Reclassifications out of accumulated other comprehensive income (loss) during 2025 were immaterial.

Components of accumulated other comprehensive income (loss) at December 31, 2024 are as follows:

 

(In thousands)

 

Unrecognized
pension and
postretirement
 benefits

 

 

Foreign currency

 

 

Total

 

Balance at beginning of period

 

$

920

 

 

$

(2,566

)

 

$

(1,646

)

Other comprehensive loss before reclassifications

 

 

-

 

 

 

(6,486

)

 

 

(6,486

)

Amounts reclassified from accumulated other comprehensive income, net of tax of $76

 

 

226

 

 

 

-

 

 

 

226

 

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

 

 

226

 

 

 

(6,486

)

 

 

(6,260

)

Accumulated other comprehensive income (loss)

 

$

1,146

 

 

$

(9,052

)

 

$

(7,906

)

 

Reclassifications out of accumulated other comprehensive income (loss) during 2024 were immaterial.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Fair Value Measurements of Financial Instruments

Fair Value Measurements of Financial Instruments

The carrying amounts of cash 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 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.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires additional disclosure associated with the effective tax rate reconciliation and payment of income taxes. The guidance is effective for fiscal years beginning after December 15, 2025 and can be applied on a prospective basis

with the option to apply the standard retrospectively. The Company adopted ASU No. 2023-09 on December 31, 2025, applying the standard on a retrospective basis, the impact of which was not significant to the Company or its related disclosures.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure," which requires additional disclosure of specified information about certain costs and expense categories. The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently assessing the impact of this proposed change on its consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, "Targeted Improvements to the Accounting for Internal-Use Software," which removes the development stage requirements and implements a probable-to-complete recognition threshold associated with capitalization of internal use software costs. This guidance is effective for fiscal years beginning after December 15, 2027 and interim periods within those reporting periods. Early adoption is permitted in an interim or annual reporting period in which financial statements have not yet been made available for issuance. The Company is currently assessing the impact of this proposed changed on its consolidated financial statements.

In December 2025, the FASB issued ASU No. 2025-11, "Interim Reporting (Topic 270): Narrow-scope improvements." The amendments clarify the scope, form, and content of interim financial statement disclosures and improve the navigability of Topic 270 without changing existing interim reporting requirements. This guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on its condensed consolidated financial statements and related disclosures.

v3.25.4
Basis of Presentation and Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
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)

 

2025

 

$

2,980

 

 

$

(44

)

 

$

(449

)

 

$

2,487

 

2024

 

 

2,904

 

 

 

275

 

 

 

(199

)

 

 

2,980

 

2023

 

 

1,179

 

 

 

1,862

 

 

 

(137

)

 

 

2,904

 
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)

 

2025

 

$

8,485

 

 

$

3,354

 

 

$

(2,353

)

 

$

9,486

 

2024

 

 

6,874

 

 

 

4,023

 

 

 

(2,412

)

 

 

8,485

 

2023

 

 

6,681

 

 

 

2,135

 

 

 

(1,942

)

 

 

6,874

 
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, 2025

 

 

December 31, 2024

 

 

 

Gross carrying
amount

 

 

Accumulated
amortization

 

 

Gross carrying
amount

 

 

Accumulated
amortization

 

 

 

(In thousands)

 

Technologies

 

$

115,176

 

 

$

42,011

 

 

$

62,451

 

 

$

42,341

 

Intellectual property

 

 

7,773

 

 

 

2,379

 

 

 

6,463

 

 

 

1,583

 

Non-compete agreements

 

 

3,708

 

 

 

1,094

 

 

 

597

 

 

 

592

 

Licenses

 

 

650

 

 

 

612

 

 

 

650

 

 

 

595

 

Customer lists

 

 

6,694

 

 

 

5,544

 

 

 

8,092

 

 

 

6,382

 

Customer relationships

 

 

38,561

 

 

 

19,397

 

 

 

28,981

 

 

 

15,532

 

Trade names

 

 

26,863

 

 

 

9,892

 

 

 

15,097

 

 

 

10,240

 

Total intangibles

 

$

199,425

 

 

$

80,929

 

 

$

122,331

 

 

$

77,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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)

 

2025

 

$

16,693

 

 

$

607

 

 

$

12,933

 

 

$

(8,659

)

 

$

21,574

 

2024

 

 

11,102

 

 

 

69

 

 

$

13,349

 

 

$

(7,827

)

 

 

16,693

 

2023

 

 

9,606

 

 

 

93

 

 

$

9,759

 

 

$

(8,356

)

 

 

11,102

 
Schedule of Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive income (loss) at December 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

 

 

-

 

 

 

13,907

 

 

 

13,907

 

Amounts reclassified from accumulated other comprehensive income, net of tax of $153

 

 

473

 

 

 

-

 

 

 

473

 

Net current period other comprehensive income, net of tax

 

 

473

 

 

 

13,907

 

 

 

14,380

 

Accumulated other comprehensive income

 

$

1,619

 

 

$

4,855

 

 

$

6,474

 

 

Reclassifications out of accumulated other comprehensive income (loss) during 2025 were immaterial.

Components of accumulated other comprehensive income (loss) at December 31, 2024 are as follows:

 

(In thousands)

 

Unrecognized
pension and
postretirement
 benefits

 

 

Foreign currency

 

 

Total

 

Balance at beginning of period

 

$

920

 

 

$

(2,566

)

 

$

(1,646

)

Other comprehensive loss before reclassifications

 

 

-

 

 

 

(6,486

)

 

 

(6,486

)

Amounts reclassified from accumulated other comprehensive income, net of tax of $76

 

 

226

 

 

 

-

 

 

 

226

 

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

 

 

226

 

 

 

(6,486

)

 

 

(6,260

)

Accumulated other comprehensive income (loss)

 

$

1,146

 

 

$

(9,052

)

 

$

(7,906

)

 

Reclassifications out of accumulated other comprehensive income (loss) during 2024 were immaterial.

v3.25.4
Stock Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

The following table summarizes stock option activity for the three-year period ended December 31, 2025:

 

 

 

Number of shares

 

 

Weighted-
average
exercise price

 

Options outstanding - December 31, 2022

 

 

196,747

 

 

$

45.35

 

Options exercised

 

 

(30,433

)

 

 

31.77

 

Options outstanding - December 31, 2023

 

 

166,314

 

 

$

47.83

 

Options exercised

 

 

(22,400

)

 

 

33.55

 

Options outstanding - December 31, 2024

 

 

143,914

 

 

$

50.06

 

Options exercised

 

 

(15,087

)

 

 

36.72

 

Options outstanding - December 31, 2025

 

 

128,827

 

 

$

51.62

 

Exercisable options —

 

 

 

 

 

 

December 31, 2023

 

 

147,937

 

 

$

46.06

 

December 31, 2024

 

 

137,429

 

 

 

49.45

 

December 31, 2025

 

 

128,827

 

 

 

51.62

 
Schedule of Aggregate Intrinsic Value Related to Options Exercised, Outstanding and Exercisable

The following table summarizes the aggregate intrinsic value related to options exercised, outstanding and exercisable as of and for the years ended December 31:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Exercised

 

$

3,039

 

 

$

3,272

 

 

$

3,919

 

Outstanding

 

 

15,819

 

 

 

23,323

 

 

 

17,718

 

Exercisable

 

 

15,819

 

 

 

22,356

 

 

 

16,023

 

 
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, 2022

 

51,075

 

 

$

84.85

 

Granted

 

21,261

 

 

 

125.11

 

Vested

 

(30,408

)

 

 

75.97

 

Forfeited

 

(836

)

 

 

97.68

 

Nonvested at December 31, 2023

 

41,092

 

 

$

111.99

 

Granted

 

18,782

 

 

 

161.50

 

Vested

 

(16,591

)

 

 

104.74

 

Forfeited

 

(1,244

)

 

 

139.72

 

Nonvested at December 31, 2024

 

42,039

 

 

$

136.15

 

Granted

 

17,907

 

 

 

209.46

 

Vested

 

(14,190

)

 

 

117.48

 

Forfeited

 

(1,651

)

 

 

163.38

 

Nonvested at December 31, 2025

 

44,105

 

 

$

170.90

 
Summary of Performance Share Activity

A summary of performance share activity for the three years ended December 31 is as follows:

 

 

Performance Shares

 

 

Weighted Average Grant Date Fair Value

 

Nonvested at December 31, 2022

 

42,846

 

 

$

98.92

 

Granted

 

18,698

 

 

 

123.77

 

Adjustment for expected performance results

 

10,701

 

 

 

120.74

 

Nonvested at December 31, 2023

 

72,245

 

 

$

108.59

 

Granted

 

18,796

 

 

 

159.92

 

Adjustment for expected performance results

 

10,554

 

 

 

160.40

 

Vested

 

(20,973

)

 

 

100.37

 

Forfeited

 

(2,628

)

 

 

137.88

 

Nonvested at December 31, 2024

 

77,994

 

 

$

129.20

 

Granted

 

20,468

 

 

 

212.07

 

Adjustment for expected performance results

 

25,001

 

 

 

179.65

 

Vested

 

(23,939

)

 

 

97.62

 

Forfeited

 

(2,016

)

 

 

188.37

 

Nonvested at December 31, 2025

 

97,508

 

 

$

166.06

 

 
v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Components of Net Periodic Postretirement Benefit Cost

The following table sets forth the components of net periodic postretirement benefit cost for the years ended December 31, 2025, 2024 and 2023:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Service cost, benefits attributed for service of active employees for the period

 

$

46

 

 

$

60

 

 

$

72

 

Interest cost on the accumulated postretirement benefit obligation

 

 

169

 

 

 

184

 

 

 

206

 

Amortization of actuarial gain

 

 

(281

)

 

 

(179

)

 

 

(193

)

Net periodic postretirement benefit (income) cost

 

$

(66

)

 

$

65

 

 

$

85

 

 
Reconciliation of Projected Benefit Obligation The following table provides a reconciliation of the projected benefit obligation at the Company's December 31 measurement date:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Benefit obligation at beginning of year

 

$

3,322

 

 

$

3,922

 

Service cost

 

 

46

 

 

 

60

 

Interest cost

 

 

169

 

 

 

184

 

Actuarial gain

 

 

(980

)

 

 

(557

)

Plan participants' contributions

 

 

510

 

 

 

295

 

Benefits paid

 

 

(653

)

 

 

(582

)

Benefit obligation, end of year

 

$

2,414

 

 

$

3,322

 
Schedule of Amounts Recognized in Consolidated Balance Sheets

The amounts recognized in the Consolidated Balance Sheets at December 31 are:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Accrued compensation and employee benefits

 

$

236

 

 

$

290

 

Accrued non-pension postretirement benefits

 

 

2,178

 

 

 

3,032

 

Amounts recognized at December 31

 

$

2,414

 

 

$

3,322

 

 

 
Schedule of Amounts Included in Accumulated Other Comprehensive Income, Net of Tax Expected to Recognized in Net Periodic Benefit Cost

Amounts included in accumulated other comprehensive income, net of tax, at December 31, 2025 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)

 

$

159

 

 

$

(1,779

)

 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Details of Earnings Before Income Taxes

Details of earnings before income taxes are as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Domestic

 

$

186,739

 

 

$

169,608

 

 

$

120,384

 

Foreign

 

 

1,918

 

 

 

(3,108

)

 

 

1,582

 

Total

 

$

188,657

 

 

$

166,500

 

 

$

121,966

 

 
Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes is as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

36,176

 

 

$

41,201

 

 

$

29,629

 

State

 

 

9,627

 

 

 

9,955

 

 

 

8,147

 

Foreign

 

 

2,074

 

 

 

1,476

 

 

 

1,242

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

941

 

 

 

(8,001

)

 

 

(7,376

)

State

 

 

(788

)

 

 

(1,719

)

 

 

(1,332

)

Foreign

 

 

(1,007

)

 

 

(1,354

)

 

 

(942

)

Total

 

$

47,023

 

 

$

41,558

 

 

$

29,368

 

 

 
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, which includes adjusted presentation for the years ended December 31, 2024 and 2023 in accordance with ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures:

 

 

 

2025

 

 

 

2024

 

 

 

2023

 

 

 

 

 

(In thousands)

 

 

 

Provision at statutory rate

 

$

39,618

 

 

21.0

%

$

34,967

 

 

21.0

%

$

25,613

 

 

21.0

%

State income taxes, net of federal tax benefit (1)

 

 

7,740

 

 

4.1

%

 

6,383

 

 

3.8

%

 

5,236

 

 

4.3

%

Foreign tax effects

 

 

664

 

 

0.4

%

 

774

 

 

0.5

%

 

(33

)

 

0.0

%

Effects of cross-border tax laws

 

 

(888

)

 

-0.5

%

 

(638

)

 

-0.4

%

 

(736

)

 

-0.6

%

Tax credits

 

 

(332

)

 

-0.2

%

 

(48

)

 

0.0

%

 

(1,181

)

 

-1.0

%

Nontaxable or nondeductible items

 

 

121

 

 

0.1

%

 

295

 

 

0.2

%

 

114

 

 

0.1

%

Changes in unrecognized tax benefits

 

 

100

 

 

0.1

%

 

(175

)

 

-0.1

%

 

355

 

 

0.3

%

Actual provision

 

$

47,023

 

 

24.9

%

$

41,558

 

 

25.0

%

$

29,368

 

 

24.1

%

 

(1) The states that contribute to the majority (greater than 50%) of the tax effect of this category include California, Florida, Illinois, Tennessee, Georgia and Texas.
Schedule of Cash Paid for Income Taxes (Net of Refunds)

The amount of cash taxes paid is as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Federal

 

$

36,595

 

 

$

43,200

 

 

$

30,325

 

State

 

 

10,495

 

 

 

11,272

 

 

 

6,674

 

Foreign

 

 

1,663

 

 

 

1,571

 

 

 

1,935

 

Cash paid for income taxes (net of refunds)

 

$

48,753

 

 

$

56,043

 

 

$

38,934

 

 

Income taxes paid (net of refunds) exceed 5% of total income taxes paid (net of refunds) in the following jurisdictions:

 

 

 

2025

 

 

2024

 

2023

State

 

(In thousands)

California

 

$

3,083

 

 

*

 

*

 

* Jurisdiction below the threshold for the period presented.
Components of Deferred Income Taxes

The components of deferred income taxes as of December 31 are as follows:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Deferred tax assets:

 

 

 

 

 

 

Reserve for receivables and inventory

 

$

4,051

 

 

$

3,396

 

Accrued compensation

 

 

4,502

 

 

 

3,791

 

Reserves and payables

 

 

5,126

 

 

 

3,826

 

Accrued post-retirement medical benefits

 

 

597

 

 

 

825

 

Net operating loss and credit carryforwards

 

 

6,789

 

 

 

6,089

 

Deferred compensation

 

 

1,736

 

 

 

1,739

 

Accrued qualified plan benefits

 

 

1,260

 

 

 

1,178

 

Accrued stock-based compensation

 

 

1,590

 

 

 

1,263

 

Deferred revenue

 

 

15,860

 

 

 

12,201

 

Operating lease liabilities

 

 

1,880

 

 

 

735

 

Research and development costs

 

 

1,412

 

 

 

8,007

 

Other

 

 

2,087

 

 

 

2,489

 

Total gross deferred tax assets

 

 

46,890

 

 

 

45,539

 

Less: valuation allowance

 

 

(3,245

)

 

 

(3,297

)

Total net deferred tax assets

 

 

43,645

 

 

 

42,242

 

Deferred tax liabilities:

 

 

 

 

 

 

Property, plant and equipment

 

 

3,516

 

 

 

3,743

 

Intangible assets

 

 

26,523

 

 

 

7,527

 

Prepaids

 

 

-

 

 

 

825

 

Operating lease assets

 

 

1,808

 

 

 

297

 

Other

 

 

1,135

 

 

 

977

 

Total deferred tax liabilities

 

 

32,982

 

 

 

13,369

 

Net deferred tax assets

 

$

10,663

 

 

$

28,873

 

 
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:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Balance at beginning of year

 

$

1,220

 

 

$

1,395

 

Reductions in unrecognized tax benefits as a result of positions taken
   during the prior year

 

 

(20

)

 

 

(172

)

Increases in unrecognized tax benefits as a result of positions taken during the
   current year

 

 

314

 

 

 

342

 

Reductions to unrecognized tax benefits as a result of a lapse of the applicable
   statute of limitations

 

 

(194

)

 

 

(345

)

Balance at end of year

 

$

1,320

 

 

$

1,220

 

 
v3.25.4
Industry Segment and Geographic Areas (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Information Regarding Revenues and Assets by Geographic Area

Information regarding revenues by geographic area is as follows:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

Revenues:

 

 

 

 

 

 

 

 

 

United States

 

$

825,942

 

 

$

745,192

 

 

$

621,166

 

Foreign:

 

 

 

 

 

 

 

 

 

Asia

 

 

14,282

 

 

 

11,239

 

 

 

13,545

 

Canada

 

 

15,232

 

 

 

10,447

 

 

 

12,958

 

Europe

 

 

43,915

 

 

 

37,293

 

 

 

39,106

 

Mexico

 

 

2,688

 

 

 

3,620

 

 

 

4,258

 

Middle East

 

 

10,985

 

 

 

16,776

 

 

 

10,381

 

Other

 

 

3,619

 

 

 

1,991

 

 

 

2,178

 

Total

 

$

916,663

 

 

$

826,558

 

 

$

703,592

 

 

Information regarding assets by geographic area is as follows:

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Long-lived assets:

 

 

 

 

 

 

United States

 

$

46,321

 

 

$

43,556

 

Foreign:

 

 

 

 

 

 

Europe

 

 

15,837

 

 

 

13,727

 

Mexico

 

 

17,478

 

 

 

16,977

 

Total

 

$

79,636

 

 

$

74,260

 

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Total assets:

 

 

 

 

 

 

United States

 

$

789,632

 

 

$

661,843

 

Foreign:

 

 

 

 

 

 

Europe

 

 

156,428

 

 

 

131,892

 

Mexico

 

 

27,517

 

 

 

22,678

 

Total

 

$

973,577

 

 

$

816,413

 
v3.25.4
Unaudited: Quarterly Results of Operations, Common Stock Price and Dividends (Tables)
 12 Months Ended
Dec. 31, 2025
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)

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

222,211

 

 

$

238,095

 

 

$

235,651

 

 

$

220,706

 

Gross margin

 

 

95,437

 

 

 

97,810

 

 

 

95,836

 

 

 

92,987

 

Net earnings

 

 

38,398

 

 

 

34,584

 

 

 

35,077

 

 

 

33,575

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.31

 

 

$

1.18

 

 

$

1.19

 

 

$

1.14

 

Diluted

 

 

1.30

 

 

 

1.17

 

 

 

1.19

 

 

 

1.14

 

Dividends declared

 

 

0.34

 

 

 

0.34

 

 

 

0.40

 

 

 

0.40

 

Stock price:

 

 

 

 

 

 

 

 

 

 

 

 

High

 

$

221.51

 

 

$

254.17

 

 

$

245.81

 

 

$

187.87

 

Low

 

 

189.49

 

 

 

170.72

 

 

 

172.32

 

 

 

168.16

 

Quarter-end close

 

 

190.25

 

 

 

244.95

 

 

 

178.58

 

 

 

174.41

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

196,280

 

 

$

216,658

 

 

$

208,438

 

 

$

205,182

 

Gross margin

 

 

77,178

 

 

 

85,368

 

 

 

83,878

 

 

 

82,760

 

Net earnings

 

 

29,131

 

 

 

33,056

 

 

 

32,038

 

 

 

30,717

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.99

 

 

$

1.13

 

 

$

1.09

 

 

$

1.05

 

Diluted

 

 

0.99

 

 

 

1.12

 

 

 

1.08

 

 

 

1.04

 

Dividends declared

 

 

0.27

 

 

 

0.27

 

 

 

0.34

 

 

 

0.34

 

Stock price:

 

 

 

 

 

 

 

 

 

 

 

 

High

 

$

164.81

 

 

$

202.81

 

 

$

220.25

 

 

$

239.11

 

Low

 

 

139.50

 

 

 

151.18

 

 

 

181.00

 

 

 

193.00

 

Quarter-end close

 

 

161.81

 

 

 

186.35

 

 

 

218.41

 

 

 

212.12

 
v3.25.4
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue

Information regarding revenues disaggregated by the timing of when goods and services are transferred is as follows for the years ended December 31:

 

 

 

2025

 

2024

 

 

(In thousands)

Revenue recognized over time

 

$

89,685

 

9.8%

 

$

58,784

 

7.1%

Revenue recognized at a point in time

 

 

826,978

 

90.2%

 

 

767,774

 

92.9%

Total

 

$

916,663

 

100.0%

 

$

826,558

 

100.0%

 
Contract with Customer, Liability and Receivables

The Company's receivables and contract liabilities are as follows at the years ended December 31 are as follows:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Receivables

 

$

112,356

 

 

$

84,325

 

Contract liabilities

 

 

97,046

 

 

 

78,274

 

 
Schedule of SaaS Revenue From Service Used by Customer

Total SaaS revenue is as follows for the years ended December 31:

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

(In thousands)

 

SaaS revenue

 

$

73,641

 

 

$

56,878

 

 

$

42,208

 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Right-of-Use Assets and the Corresponding Lease Liabilities Information regarding the Company's right-of-use assets and the corresponding lease liabilities at the years ended December 31 is as follows:

 

 

 

2025

 

 

2024

 

 

 

(In thousands)

 

Right-of-use assets

 

$

12,538

 

 

$

5,858

 

Lease liabilities

 

 

12,686

 

 

 

6,014

 
Schedule of Rent Expenses The Company’s rent expense for the years ended December 31 is as follows:

 

 

2025

 

 

2024

 

 

(In thousands)

 

Operating lease expense

$

4,513

 

 

$

3,626

 

Variable and short-term lease expense

 

609

 

 

 

366

 

Rent expense

$

5,122

 

 

$

3,992

 
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,
2025

 

 

 

(In thousands)

 

2026

 

$

3,518

 

2027

 

 

2,826

 

2028

 

 

2,538

 

2029

 

 

2,057

 

2030

 

 

1,848

 

Thereafter

 

 

2,004

 

Total future lease payments

 

 

14,791

 

Present value adjustment

 

 

(2,105

)

Present value of future lease payments

 

$

12,686

 
v3.25.4
Basis of Presentation and Accounting Policies - Profile - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Product Information [Line Items]  
Percentage of net sales derived from water-related applications 95.00%
v3.25.4
Basis of Presentation and Accounting Policies - Schedule of Changes in Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of year $ 2,980 $ 2,904 $ 1,179
Provision and reserve adjustments (44) 275 1,862
Write-offs less recoveries (449) (199) (137)
Balance at end of year $ 2,487 $ 2,980 $ 2,904
v3.25.4
Basis of Presentation and Accounting Policies - Schedule of Changes to Obsolete and Excess Inventories Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Obsolete Inventory Reserve      
Balance at beginning of year $ 8,485 $ 6,874 $ 6,681
Net additions charged to earnings 3,354 4,023 2,135
Disposals (2,353) (2,412) (1,942)
Balance at end of year $ 9,486 $ 8,485 $ 6,874
v3.25.4
Basis of Presentation and Accounting Policies - Property, Plant and Equipment - Narrative (Details)
Dec. 31, 2025
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
v3.25.4
Basis of Presentation and Accounting Policies - Capitalized Software and Hardware - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment      
Amortization expense $ 3.5 $ 3.4 $ 3.3
Prepaid Expenses and Other Current Assets      
Property, Plant and Equipment      
Capitalized internal use software and hardware $ 3.7 $ 3.8  
Minimum      
Property, Plant and Equipment      
Amortization period 1 year    
Maximum      
Property, Plant and Equipment      
Amortization period 5 years    
v3.25.4
Basis of Presentation and Accounting Policies - Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets      
Amortization expense recognized $ 14.7 $ 9.1 $ 8.6
Amortization expense expected to be recognized, 2026 14.4    
Amortization expense expected to be recognized, 2027 11.7    
Amortization expense expected to be recognized, 2028 10.4    
Amortization expense expected to be recognized, 2029 9.9    
Amortization expense expected to be recognized, 2030 9.1    
Amortization expense expected to be recognized, thereafter $ 63.0    
Minimum      
Finite-Lived Intangible Assets      
Estimated useful lives 5 years    
Maximum      
Finite-Lived Intangible Assets      
Estimated useful lives 20 years    
v3.25.4
Basis of Presentation and Accounting Policies - Schedule of Carrying Value and Accumulated Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets    
Gross carrying amount $ 199,425 $ 122,331
Accumulated amortization 80,929 77,265
Technologies    
Finite-Lived Intangible Assets    
Gross carrying amount 115,176 62,451
Accumulated amortization 42,011 42,341
Intellectual property    
Finite-Lived Intangible Assets    
Gross carrying amount 7,773 6,463
Accumulated amortization 2,379 1,583
Non-compete agreements    
Finite-Lived Intangible Assets    
Gross carrying amount 3,708 597
Accumulated amortization 1,094 592
Licenses    
Finite-Lived Intangible Assets    
Gross carrying amount 650 650
Accumulated amortization 612 595
Customer lists    
Finite-Lived Intangible Assets    
Gross carrying amount 6,694 8,092
Accumulated amortization 5,544 6,382
Customer relationships    
Finite-Lived Intangible Assets    
Gross carrying amount 38,561 28,981
Accumulated amortization 19,397 15,532
Trade names    
Finite-Lived Intangible Assets    
Gross carrying amount 26,863 15,097
Accumulated amortization $ 9,892 $ 10,240
v3.25.4
Basis of Presentation and Accounting Policies - Goodwill - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]      
Goodwill impairment $ 0 $ 0 $ 0
Goodwill 235,575,000 $ 111,770,000  
Goodwill, currency translation adjustments 5,500,000    
SmartCover Systems      
Goodwill [Line Items]      
Goodwill $ 118,300,000    
v3.25.4
Basis of Presentation and Accounting Policies - Schedule of Changes in Warranty and After-Sale Costs Reserve (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Warranty and After-Sale Costs      
Balance at beginning of year $ 16,693 $ 11,102 $ 9,606
Provision of acquired business 607 69 93
Net additions charged to earnings 12,933 13,349 9,759
Costs incurred (8,659) (7,827) (8,356)
Balance at end of year $ 21,574 $ 16,693 $ 11,102
v3.25.4
Basis of Presentation and Accounting Policies - Research and Development - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Research and development costs $ 21.6 $ 19.2 $ 19.0
v3.25.4
Basis of Presentation and Accounting Policies - Schedule of Components of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Accumulated Other Comprehensive Income Loss [Line Items]    
Amounts reclassified from AOCI, tax $ 153 $ 76
Increase (Decrease) in Stockholders' Equity    
Balance at beginning of period 606,232 516,482
Balance at end of period 713,294 606,232
Unrecognized pension and postretirement benefits    
Increase (Decrease) in Stockholders' Equity    
Balance at beginning of period 1,146 920
Amounts reclassified from accumulated other comprehensive loss, net of tax 473 226
Net current period other comprehensive income (loss), net of tax 473 226
Balance at end of period 1,619 1,146
Foreign currency    
Increase (Decrease) in Stockholders' Equity    
Balance at beginning of period (9,052) (2,566)
Other comprehensive income (loss) before reclassifications 13,907 (6,486)
Net current period other comprehensive income (loss), net of tax 13,907 (6,486)
Balance at end of period 4,855 (9,052)
Accumulated other comprehensive income (loss)    
Increase (Decrease) in Stockholders' Equity    
Balance at beginning of period (7,906) (1,646)
Other comprehensive income (loss) before reclassifications 13,907 (6,486)
Amounts reclassified from accumulated other comprehensive loss, net of tax 473 226
Net current period other comprehensive income (loss), net of tax 14,380 (6,260)
Balance at end of period $ 6,474 $ (7,906)
v3.25.4
Basis of Presentation and Accounting Policies - Recently Adopted Accounting Pronouncements - Narrative (Details) - ASU No. 2023-09
Dec. 31, 2025
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]  
Change in accounting principle, accounting standards update, adopted [true false] true
Change in accounting principle, accounting standards update, adoption date Dec. 31, 2025
Change in accounting principle, accounting standards update, immaterial effect [true false] true
v3.25.4
Common Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended
Feb. 28, 2023
Dec. 31, 2025
Nov. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Common stock, shares authorized (in shares)   80,000,000   80,000,000  
Common stock, par value (in dollars per share)   $ 1   $ 1 $ 1
Common stock, shares issued (in shares)   37,221,098   37,221,098  
Common stock, shares, outstanding   37,221,098   37,221,098  
Common Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Share Repurchase Program, Authorized, Amount     $ 75    
Number of shares authorized to be repurchased 200,000        
Share repurchase program, expiration month and year 2026-02        
v3.25.4
Acquisitions (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Jan. 30, 2025
USD ($)
Jan. 01, 2024
USD ($)
Dec. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Business Acquisition [Line Items]                          
Purchase consideration, net of cash acquired in cash                     $ 184,024 $ 3,000 $ 17,127
Number of segments | Segment                     1    
Goodwill     $ 235,575       $ 111,770       $ 235,575 111,770  
Revenues     220,706 $ 235,651 $ 238,095 $ 222,211 $ 205,182 $ 208,438 $ 216,658 $ 196,280 916,663 $ 826,558 $ 703,592
Telog/Unity Assets                          
Business Acquisition [Line Items]                          
Asset acquisition effective date   Jan. 01, 2024                      
Asset acquisition total purchase consideration   $ 3,000                      
SmartCover Systems [Member]                          
Business Acquisition [Line Items]                          
Date of acquisition Jan. 30, 2025                        
Outstanding common stock acquired (as a percent) 100.00%                        
Purchase consideration, net of cash acquired in cash $ 184,000                        
Net working capital adjustment $ 900                        
Deferred revenue     12,200               12,200    
Other liabilities     3,700               $ 3,700    
Number of segments | Segment                     1    
Receivables     6,600               $ 6,600    
Inventories     4,500               4,500    
Other assets     4,800               4,800    
Other intangible assets     26,000               26,000    
Goodwill     118,300               118,300    
Accounts payable     1,600               1,600    
Deferred income taxes liabilities     8,300               8,300    
Revenues                     $ 39,700    
SmartCover Systems [Member] | Developed Technology, Customer Relationships and Trademarks | Minimum                          
Business Acquisition [Line Items]                          
Estimated average useful life                     12 years    
SmartCover Systems [Member] | Developed Technology, Customer Relationships and Trademarks | Maximum                          
Business Acquisition [Line Items]                          
Estimated average useful life                     20 years    
SmartCover Systems [Member] | Developed Technology                          
Business Acquisition [Line Items]                          
Intangible assets     $ 59,600               $ 59,600    
v3.25.4
Short-term Debt and Credit Lines - Narrative (Details) - USD ($)
Jul. 08, 2021
Dec. 31, 2025
Dec. 31, 2024
Line of Credit Facility      
Short-term borrowings   $ 0 $ 0
Maximum amount issuable $ 100,000,000    
Unused credit lines available   $ 154,700,000  
Line of Credit      
Line of Credit Facility      
Line of credit initiation date Jul. 08, 2021    
Line of credit maturity date Jul. 08, 2026    
Maximum borrowing capacity $ 150,000,000    
v3.25.4
Stock Compensation - Additional Information - Narrative (Details) - shares
Dec. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares available for grant (in shares) 826,945 870,642
Omnibus Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of shares reserve for future issuance (in shares) 1,000,000  
v3.25.4
Stock Compensation - Stock Options - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options granted 0 0 0
Employee Stock Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock compensation expense   $ 0.1 $ 0.2
Weighted-average contractual life remaining for options outstanding 2 years 7 months 6 days    
Unrecognized compensation expense related to stock options $ 0.0    
Antidilutive stock options excluded from computation of earnings per share (in shares) 0 0 0
Employee Stock Option | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock compensation expense $ 0.1    
v3.25.4
Stock Compensation - Summary of Stock Option Activity (Details) - Employee Stock Option - Omnibus Incentive Plan - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of shares      
Beginning balance (in shares) 143,914 166,314 196,747
Options exercised (in shares) (15,087) (22,400) (30,433)
Ending balance (in shares) 128,827 143,914 166,314
Exercisable options (in shares) 128,827 137,429 147,937
Weighted-average exercise price      
Beginning balance (in dollars per share) $ 50.06 $ 47.83 $ 45.35
Options exercised (in dollars per share) 36.72 33.55 31.77
Ending balance (in dollars per share) 51.62 50.06 47.83
Exercisable options (in dollars per share) $ 51.62 $ 49.45 $ 46.06
v3.25.4
Stock Compensation - Summary of Aggregate Intrinsic Value Related to Options (Details) - Omnibus Incentive Plan - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Exercised $ 3,039 $ 3,272 $ 3,919
Outstanding 15,819 23,323 17,718
Exercisable $ 15,819 $ 22,356 $ 16,023
v3.25.4
Stock Compensation - Restricted Stock - Narrative (Details) - Restricted Stock - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Nonvested stock compensation expense $ 2.8 $ 2.4 $ 2.0
Unrecognized compensation cost related to restricted stock $ 4.0    
Weighted average period 1 year 10 months 24 days    
v3.25.4
Stock Compensation - Schedule of Fair Value of Nonvested Shares (Details) - Restricted Stock - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Shares      
Beginning Balance (in shares) 42,039 41,092 51,075
Granted (in shares) 17,907 18,782 21,261
Vested (in shares) (14,190) (16,591) (30,408)
Forfeited (in shares) (1,651) (1,244) (836)
Ending Balance (in shares) 44,105 42,039 41,092
Fair value per share      
Beginning Balance, (in dollars per share) $ 136.15 $ 111.99 $ 84.85
Granted (in dollars per share) 209.46 161.50 125.11
Vested (in dollars per share) 117.48 104.74 75.97
Forfeited (in dollars per share) 163.38 139.72 97.68
Ending balance (in dollars per share) $ 170.90 $ 136.15 $ 111.99
v3.25.4
Stock Compensation - Performance Share Units - Narrative (Details) - Performance Share Units - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation arrangement, performance period 3 years 3 years 3 years
Share-based compensation arrangement, performance expiration date Dec. 31, 2027 Dec. 31, 2026 Dec. 31, 2025
Stock compensation expense $ 5.7 $ 3.2 $ 2.5
Unrecognized compensation cost $ 7.4    
Weighted average period 1 year 10 months 24 days    
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation arrangement, performance target percentage 50.00% 50.00% 50.00%
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation arrangement, performance target percentage 200.00% 200.00% 200.00%
v3.25.4
Stock Compensation - Summary of Performance Share Activity (Details) - Performance Share Units - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Beginning Balance (in shares) 77,994 72,245 42,846
Granted (in shares) 20,468 18,796 18,698
Adjustment for expected performance results 25,001 10,554 10,701
Vested (in shares) (23,939) (20,973)  
Forfeited (in shares) (2,016) (2,628)  
Ending Balance (in shares) 97,508 77,994 72,245
Beginning Balance, (in dollars per share) $ 129.2 $ 108.59 $ 98.92
Granted (in dollars per share) 212.07 159.92 123.77
Adjustment for expected performance results 179.65 160.4 120.74
Vested (in dollars per share) 97.62 100.37  
Forfeited (in dollars per share) 188.37 137.88  
Ending balance (in dollars per share) $ 166.06 $ 129.2 $ 108.59
v3.25.4
Stock Compensation - Director Stock Grant - Narrative (Details) - Restricted Shares - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost $ 4,000,000    
Omnibus Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Annual restricted shares award (in shares) 100,000    
Total stock compensation expense recognized 600,000 $ 500,000 $ 500,000
Unrecognized compensation cost $ 0    
v3.25.4
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]      
Total rental expense charged to operations $ 5,122 $ 3,992 $ 3,600
v3.25.4
Employee Benefit Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Contribution Feature      
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]      
Compensation expense $ 5.1 $ 4.7 $ 4.0
Other postretirement benefits      
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]      
Discount rate 5.59% 4.96% 5.16%
Voluntary 401(k) Savings Plan      
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]      
Pretax income allowed to be deferred (as a percent) 50.00%    
Company match (as a percent) 25.00%    
Maximum match of employee's salary (as a percent) 7.00%    
Compensation expense $ 1.6 $ 1.5 $ 1.2
Officers and Key Employees | Supplemental Non-Qualified Plans | Other postretirement benefits      
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]      
Discount rate 5.52% 4.89% 5.09%
Amount accrued $ 1.2 $ 1.0  
v3.25.4
Employee Benefit Plans - Components of Net Periodic Postretirement Benefit Cost (Details) - Other postretirement benefits - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Service cost, benefits attributed for service of active employees for the period $ 46 $ 60 $ 72
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Pension and Other Postretirement Benefits Cost (Reversal of Cost) Pension and Other Postretirement Benefits Cost (Reversal of Cost) Pension and Other Postretirement Benefits Cost (Reversal of Cost)
Interest cost on the accumulated postretirement benefit obligation $ 169 $ 184 $ 206
Amortization of actuarial gain (281) (179) (193)
Net periodic postretirement benefit (income) cost $ (66) $ 65 $ 85
v3.25.4
Employee Benefit Plans - Other Postretirement Benefits - Narrative (Details) - Other postretirement benefits - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Discount rate used to measure net periodic benefit cost 5.59% 4.96% 5.16%
Discount rate used to measure accumulated postretirement benefit obligation 5.24% 5.59%  
Estimated future benefit payments 2025 $ 0.2    
Estimated future benefit payments 2026 0.2    
Estimated future benefit payments 2027 0.2    
Estimated future benefit payments 2028 0.2    
Estimated future benefit payments 2029 0.2    
Estimated future benefit payments, five years thereafter $ 1.0    
v3.25.4
Employee Benefit Plans - Reconciliation of Benefit Obligations, Plan Assets and Funded Status (Details) - Other postretirement benefits - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Change in benefit obligation:      
Benefit obligation at beginning of year $ 3,322 $ 3,922  
Service cost 46 60 $ 72
Interest cost 169 184 206
Actuarial gain (980) (557)  
Plan participants' contributions 510 295  
Benefits paid (653) (582)  
Benefit obligation, end of year $ 2,414 $ 3,322 $ 3,922
v3.25.4
Employee Benefit Plans - Schedule of Amounts Recognized in Consolidated Balance Sheets (Details) - Other postretirement benefits - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans    
Amounts recognized at December 31 $ 2,414 $ 3,322
Accrued compensation and employee benefits    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Amounts recognized at December 31 236 290
Accrued non-pension postretirement benefits    
Defined Benefit Plans and Other Postretirement Benefit Plans    
Amounts recognized at December 31 $ 2,178 $ 3,032
v3.25.4
Employee Benefit Plans - Schedule of Amounts Included in Accumulated Other Comprehensive Income, Net of Tax Expected to Recognized in Net Periodic Benefit Cost (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Pension plans  
Defined Benefit Plans and Other Postretirement Benefit Plans  
Net actuarial loss (gain) $ 159
Other postretirement benefits  
Defined Benefit Plans and Other Postretirement Benefit Plans  
Net actuarial loss (gain) $ (1,779)
v3.25.4
Income Taxes - Details of Earnings Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 186,739 $ 169,608 $ 120,384
Foreign 1,918 (3,108) 1,582
Earnings before income taxes $ 188,657 $ 166,500 $ 121,966
v3.25.4
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 36,176 $ 41,201 $ 29,629
State 9,627 9,955 8,147
Foreign 2,074 1,476 1,242
Deferred:      
Federal 941 (8,001) (7,376)
State (788) (1,719) (1,332)
Foreign (1,007) (1,354) (942)
Provision for income taxes $ 47,023 $ 41,558 $ 29,368
v3.25.4
Income Taxes - Reconciliation of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Provision at statutory rate $ 39,618 $ 34,967 $ 25,613
State income taxes, net of federal tax benefit 7,740 6,383 5,236
Foreign tax effects 664 774 (33)
Effects of cross-border tax laws (888) (638) (736)
Tax credits (332) (48) (1,181)
Nontaxable or nondeductible items 121 295 114
Changes in unrecognized tax benefits 100 (175) 355
Provision for income taxes $ 47,023 $ 41,558 $ 29,368
Percent      
Provision at statutory rate 21.00% 21.00% 21.00%
State income taxes, net of federal tax benefit 4.10% 3.80% 4.30%
Foreign tax effects 0.40% 0.50% 0.00%
Effects of cross-border tax laws (0.50%) (0.40%) (0.60%)
Tax credits (0.20%) 0.00% (1.00%)
Nontaxable or nondeductible items 0.10% 0.20% 0.10%
Changes in unrecognized tax benefits 0.10% (0.10%) 0.30%
Provision for income taxes 24.90% 25.00% 24.10%
v3.25.4
Income Taxes - Schedule of Cash Paid for Income Taxes (Net of Refunds) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal $ 36,595 $ 43,200 $ 30,325
State 10,495 11,272 6,674
Foreign 1,663 1,571 1,935
Cash paid for income taxes (net of refunds) $ 48,753 $ 56,043 $ 38,934
v3.25.4
Income Taxes - Schedule of Income Taxes Paid (Net of Refunds) to Jurisdictions Exceed 5% Total (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State $ 10,495 $ 11,272 $ 6,674
California      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
State $ 3,083    
v3.25.4
Income Taxes - Components of Deferred Income Taxes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Reserve for receivables and inventory $ 4,051 $ 3,396
Accrued compensation 4,502 3,791
Reserves and payables 5,126 3,826
Accrued post-retirement medical benefits 597 825
Net operating loss and credit carryforwards 6,789 6,089
Deferred compensation 1,736 1,739
Accrued qualified plan benefits 1,260 1,178
Accrued stock-based compensation 1,590 1,263
Deferred revenue 15,860 12,201
Operating lease liabilities 1,880 735
Research and development costs 1,412 8,007
Other 2,087 2,489
Total gross deferred tax assets 46,890 45,539
Less: valuation allowance (3,245) (3,297)
Total net deferred tax assets 43,645 42,242
Deferred tax liabilities:    
Property, plant and equipment 3,516 3,743
Intangible assets 26,523 7,527
Prepaids 0 825
Operating lease assets 1,808 297
Other 1,135 977
Total deferred tax liabilities 32,982 13,369
Net deferred tax assets $ 10,663 $ 28,873
v3.25.4
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Tax Credit Carryforward [Line Items]    
Undistributed earnings $ 11,900,000  
Undistributed earnings to be reinvested 15,500,000  
Accrued interest (approximate) 200,000 $ 100,000
Penalties accrued 0 $ 0
Domestic    
Tax Credit Carryforward [Line Items]    
Tax credit carryforward 4,300,000  
Tax credit carryforward expects to fully utilize in future tax periods 600,000  
State Tax Credits    
Tax Credit Carryforward [Line Items]    
Tax credit carryforward 1,400,000  
Foreign    
Tax Credit Carryforward [Line Items]    
Tax credit carryforward 32,600,000  
Unlimited tax credit carryforward $ 32,400,000  
v3.25.4
Income Taxes - Schedule of Changes in Gross Liability for Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Balance at beginning of year $ 1,220 $ 1,395
Reductions in unrecognized tax benefits as a result of positions taken during the prior year (20) (172)
Increases in unrecognized tax benefits as a result of positions taken during the current year 314 342
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (194) (345)
Balance at end of year $ 1,320 $ 1,220
v3.25.4
Industry Segment and Geographic Areas - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Segment
Segment Reporting [Abstract]  
Number of segments 1
v3.25.4
Industry Segment and Geographic Areas (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]                      
Revenues $ 220,706 $ 235,651 $ 238,095 $ 222,211 $ 205,182 $ 208,438 $ 216,658 $ 196,280 $ 916,663 $ 826,558 $ 703,592
Long-lived assets 79,636       74,260       79,636 74,260  
Total assets 973,577       816,413       973,577 816,413  
United States                      
Revenues From External Customers And Long Lived Assets [Line Items]                      
Revenues                 825,942 745,192 621,166
Long-lived assets 46,321       43,556       46,321 43,556  
Total assets 789,632       661,843       789,632 661,843  
Asia                      
Revenues From External Customers And Long Lived Assets [Line Items]                      
Revenues                 14,282 11,239 13,545
Canada                      
Revenues From External Customers And Long Lived Assets [Line Items]                      
Revenues                 15,232 10,447 12,958
Europe                      
Revenues From External Customers And Long Lived Assets [Line Items]                      
Revenues                 43,915 37,293 39,106
Long-lived assets 15,837       13,727       15,837 13,727  
Total assets 156,428       131,892       156,428 131,892  
Mexico                      
Revenues From External Customers And Long Lived Assets [Line Items]                      
Revenues                 2,688 3,620 4,258
Long-lived assets 17,478       16,977       17,478 16,977  
Total assets $ 27,517       $ 22,678       27,517 22,678  
Middle East                      
Revenues From External Customers And Long Lived Assets [Line Items]                      
Revenues                 10,985 16,776 10,381
Other                      
Revenues From External Customers And Long Lived Assets [Line Items]                      
Revenues                 $ 3,619 $ 1,991 $ 2,178
v3.25.4
Unaudited: Quarterly Results of Operations, Common Stock Price and Dividends (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
Stockholder
$ / shares
Sep. 30, 2025
USD ($)
$ / shares
Jun. 30, 2025
USD ($)
$ / shares
Mar. 31, 2025
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
Stockholder
$ / shares
Sep. 30, 2024
USD ($)
$ / shares
Jun. 30, 2024
USD ($)
$ / shares
Mar. 31, 2024
USD ($)
$ / shares
Dec. 31, 2025
USD ($)
Stockholder
$ / shares
Dec. 31, 2024
USD ($)
Stockholder
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Number of shareholders | Stockholder 549       562       549 562  
Net sales | $ $ 220,706 $ 235,651 $ 238,095 $ 222,211 $ 205,182 $ 208,438 $ 216,658 $ 196,280 $ 916,663 $ 826,558 $ 703,592
Gross margin | $ 92,987 95,836 97,810 95,437 82,760 83,878 85,368 77,178 382,070 329,184 276,438
Net Income (Loss) | $ $ 33,575 $ 35,077 $ 34,584 $ 38,398 $ 30,717 $ 32,038 $ 33,056 $ 29,131 $ 141,634 $ 124,942 $ 92,598
Earnings per share:                      
Basic $ 1.14 $ 1.19 $ 1.18 $ 1.31 $ 1.05 $ 1.09 $ 1.13 $ 0.99 $ 4.82 $ 4.26 $ 3.16
Diluted 1.14 1.19 1.17 1.30 1.04 1.08 1.12 0.99 4.79 4.23 3.14
Dividends declared 0.40 0.40 0.34 0.34 0.34 0.34 0.27 0.27 1.48 1.22 $ 0.99
Stock price 174.41 178.58 244.95 190.25 212.12 218.41 186.35 161.81 174.41 212.12  
High                      
Earnings per share:                      
Stock price 187.87 245.81 254.17 221.51 239.11 220.25 202.81 164.81 187.87 239.11  
Low                      
Earnings per share:                      
Stock price $ 168.16 $ 172.32 $ 170.72 $ 189.49 $ 193.00 $ 181.00 $ 151.18 $ 139.50 $ 168.16 $ 193.00  
v3.25.4
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]                      
Revenues $ 220,706 $ 235,651 $ 238,095 $ 222,211 $ 205,182 $ 208,438 $ 216,658 $ 196,280 $ 916,663 $ 826,558 $ 703,592
Revenue, remaining performance obligation, percentage                 100.00% 100.00%  
Revenue recognized over time                      
Disaggregation of Revenue [Line Items]                      
Revenues                 $ 89,685 $ 58,784  
Revenue recognized over time | Service Concentration Risk | Revenue Benchmark                      
Disaggregation of Revenue [Line Items]                      
Revenue, remaining performance obligation, percentage                 9.80% 7.10%  
Revenue recognized at a point in time                      
Disaggregation of Revenue [Line Items]                      
Revenues                 $ 826,978 $ 767,774  
Revenue recognized at a point in time | Product Concentration Risk | Revenue Benchmark                      
Disaggregation of Revenue [Line Items]                      
Revenue, remaining performance obligation, percentage                 90.20% 92.90%  
v3.25.4
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]    
Receivables $ 112,356 $ 84,325
Contract liabilities $ 97,046 $ 78,274
v3.25.4
Revenue Recognition - Schedule of SaaS Revenue From Service Used by Customer (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]                      
Revenues $ 220,706 $ 235,651 $ 238,095 $ 222,211 $ 205,182 $ 208,438 $ 216,658 $ 196,280 $ 916,663 $ 826,558 $ 703,592
SaaS                      
Disaggregation of Revenue [Line Items]                      
Revenues                 $ 73,641 $ 56,878 $ 42,208
v3.25.4
Revenue Recognition - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 97.0
v3.25.4
Revenue Recognition - Narrative 1 (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 97.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 24.3
Expected timing of performance obligation satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 9.6
Expected timing of performance obligation satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 8.1
Expected timing of performance obligation satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 7.1
Expected timing of performance obligation satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 5.9
Expected timing of performance obligation satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation $ 42.0
Expected timing of performance obligation satisfaction, period
v3.25.4
Revenue Recognition - Narrative 2 (Details )
Dec. 31, 2025
Maximum  
Capitalized Contract Cost [Line Items]  
Contract cost amortization period 1 year
v3.25.4
Revenue Recognition - Narrative 3 (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue, Practical Expedient [Abstract]    
Revenue of practical expedient elected from reporting period true true
Revenue practical expedient incremental cost true true
Revenue practical expedient financing component true true
v3.25.4
Leases - Narrative (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating leases, remaining lease term 6 years 9 months 18 days 6 years 10 months 24 days
Operating leases, discount rate 5.00% 5.00%
v3.25.4
Leases - Schedule of Right-of-Use Assets and the Corresponding Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Right-of-use assets $ 12,538 $ 5,858
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Lease liabilities $ 12,686 $ 6,014
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities, Other long-term liabilities Other current liabilities, Other long-term liabilities
v3.25.4
Leases - Schedule of Rent Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease expense $ 4,513 $ 3,626  
Variable and short-term lease expense 609 366  
Rent expense $ 5,122 $ 3,992 $ 3,600
v3.25.4
Leases - Schedule of Future Minimum Lease Payments to be Paid under Operating Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 3,518  
2027 2,826  
2028 2,538  
2029 2,057  
2030 1,848  
Thereafter 2,004  
Total future lease payments 14,791  
Present value adjustment (2,105)  
Present value of future lease payments $ 12,686 $ 6,014