XML 18 R10.htm IDEA: XBRL DOCUMENT
v3.22.4

Revenue Recognition Revenue Recognition | 6 Months Ended
--- | ---
Dec. 31, 2022
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION Disaggregation of Revenues The following tables present the Company's net sales by reportable segment and by geographic areas based on the location of the facility shipping the product for the three and six months ended December 31, 2022 and 2021. Other countries consist of Mexico, Australia, New Zealand, and Singapore.
| Three Months Ended December 31,
| 2022 |  | 2021
| Service Center Based Distribution | Engineered Solutions | Total |  | Service Center Based Distribution | Engineered Solutions | Total
Geographic Areas: |  |  |  |  |  |  |
United States | $ | 581,452 |  | $ | 347,745 |  | $ | 929,197 |  |  | $ | 474,412 |  | $ | 282,355 |  | $ | 756,767 |
Canada | 74,702 |  | — |  | 74,702 |  |  | 66,263 |  | — |  | 66,263 |
Other countries | 49,238 |  | 7,143 |  | 56,381 |  |  | 46,543 |  | 7,301 |  | 53,844 |
Total | $ | 705,392 |  | $ | 354,888 |  | $ | 1,060,280 |  |  | $ | 587,218 |  | $ | 289,656 |  | $ | 876,874 |
| Six Months Ended December 31,
| 2022 |  | 2021
| Service Center Based Distribution | Engineered Solutions | Total |  | Service Center Based Distribution | Engineered Solutions | Total
Geographic Areas: |  |  |  |  |  |  |
United States | $ | 1,166,332 |  | $ | 684,354 |  | $ | 1,850,686 |  |  | $ | 953,576 |  | $ | 567,399 |  | $ | 1,520,975 |
Canada | 154,472 |  | — |  | 154,472 |  |  | 140,829 |  | — |  | 140,829 |
Other countries | 102,576 |  | 14,951 |  | 117,527 |  |  | 93,684 |  | 13,067 |  | 106,751 |
Total | $ | 1,423,380 |  | $ | 699,305 |  | $ | 2,122,685 |  |  | $ | 1,188,089 |  | $ | 580,466 |  | $ | 1,768,555 |
The following tables present the Company’s percentage of revenue by reportable segment and major customer industry for the three and six months ended December 31, 2022 and 2021:
| Three Months Ended December 31,
| 2022 |  | 2021
| Service Center Based Distribution |  | Engineered Solutions |  | Total |  | Service Center Based Distribution |  | Engineered Solutions |  | Total
General Industry | 33.4 | % |  | 42.3 | % |  | 36.3 | % |  | 35.1 | % |  | 40.9 | % |  | 36.9 | %
Industrial Machinery | 10.3 | % |  | 27.4 | % |  | 16.0 | % |  | 10.5 | % |  | 29.0 | % |  | 16.6 | %
Metals | 10.6 | % |  | 7.4 | % |  | 9.5 | % |  | 11.1 | % |  | 7.1 | % |  | 9.8 | %
Food | 13.1 | % |  | 2.2 | % |  | 9.4 | % |  | 12.6 | % |  | 2.2 | % |  | 9.2 | %
Forest Products | 11.9 | % |  | 2.4 | % |  | 8.8 | % |  | 10.7 | % |  | 2.1 | % |  | 7.9 | %
Chem/Petrochem | 3.0 | % |  | 12.9 | % |  | 6.4 | % |  | 3.1 | % |  | 13.8 | % |  | 6.6 | %
Cement & Aggregate | 7.9 | % |  | 1.3 | % |  | 5.7 | % |  | 7.1 | % |  | 0.9 | % |  | 5.1 | %
Oil & Gas | 6.3 | % |  | 1.2 | % |  | 4.6 | % |  | 5.4 | % |  | 1.2 | % |  | 4.0 | %
Transportation | 3.5 | % |  | 2.9 | % |  | 3.3 | % |  | 4.4 | % |  | 2.8 | % |  | 3.9 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
| Six Months Ended December 31,
| 2022 |  | 2021
| Service Center Based Distribution |  | Engineered Solutions |  | Total |  | Service Center Based Distribution |  | Engineered Solutions |  | Total
General Industry | 33.7 | % |  | 41.0 | % |  | 36.1 | % |  | 34.8 | % |  | 39.9 | % |  | 36.6 | %
Industrial Machinery | 10.2 | % |  | 27.3 | % |  | 15.8 | % |  | 10.4 | % |  | 29.0 | % |  | 16.5 | %
Metals | 10.7 | % |  | 7.6 | % |  | 9.7 | % |  | 11.1 | % |  | 7.2 | % |  | 9.8 | %
Food | 12.9 | % |  | 2.5 | % |  | 9.5 | % |  | 12.6 | % |  | 2.4 | % |  | 9.2 | %
Forest Products | 11.9 | % |  | 2.5 | % |  | 8.8 | % |  | 10.5 | % |  | 2.3 | % |  | 7.8 | %
Chem/Petrochem | 2.9 | % |  | 13.4 | % |  | 6.3 | % |  | 3.3 | % |  | 13.8 | % |  | 6.7 | %
Cement & Aggregate | 7.8 | % |  | 1.4 | % |  | 5.7 | % |  | 7.8 | % |  | 1.0 | % |  | 5.6 | %
Oil & Gas | 6.3 | % |  | 1.3 | % |  | 4.7 | % |  | 5.3 | % |  | 1.2 | % |  | 3.9 | %
Transportation | 3.6 | % |  | 3.0 | % |  | 3.4 | % |  | 4.2 | % |  | 3.2 | % |  | 3.9 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
The following tables present the Company’s percentage of revenue by reportable segment and product line for the three and six months ended December 31, 2022 and 2021:
| Three Months Ended December 31,
| 2022 |  | 2021
| Service Center Based Distribution |  | Engineered Solutions |  | Total |  | Service Center Based Distribution |  | Engineered Solutions |  | Total
Power Transmission | 37.5 | % |  | 10.1 | % |  | 28.4 | % |  | 36.6 | % |  | 10.4 | % |  | 27.9 | %
General Maintenance: Hose Products & Other | 21.0 | % |  | 23.6 | % |  | 21.8 | % |  | 21.5 | % |  | 19.9 | % |  | 21.0 | %
Fluid Power | 13.3 | % |  | 34.8 | % |  | 20.5 | % |  | 13.0 | % |  | 37.4 | % |  | 21.1 | %
Bearings, Linear & Seals | 28.2 | % |  | 0.5 | % |  | 18.9 | % |  | 28.9 | % |  | 0.5 | % |  | 19.5 | %
Specialty Flow Control | — | % |  | 31.0 | % |  | 10.4 | % |  | — | % |  | 31.8 | % |  | 10.5 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
| Six Months Ended December 31,
| 2022 |  | 2021
| Service Center Based Distribution |  | Engineered Solutions |  | Total |  | Service Center Based Distribution |  | Engineered Solutions |  | Total
Power Transmission | 37.5 | % |  | 10.1 | % |  | 28.5 | % |  | 37.1 | % |  | 10.2 | % |  | 28.3 | %
General Maintenance; Hose Products & Other | 21.2 | % |  | 19.6 | % |  | 20.6 | % |  | 21.1 | % |  | 19.4 | % |  | 20.5 | %
Fluid Power | 13.1 | % |  | 35.1 | % |  | 20.4 | % |  | 12.9 | % |  | 37.5 | % |  | 21.0 | %
Bearings, Linear & Seals | 28.2 | % |  | 0.4 | % |  | 19.0 | % |  | 28.9 | % |  | 0.5 | % |  | 19.6 | %
Specialty Flow Control | — | % |  | 34.8 | % |  | 11.5 | % |  | — | % |  | 32.4 | % |  | 10.6 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
Contract Assets The Company’s contract assets consist of un-billed amounts resulting from contracts for which revenue is recognized over time using the cost-to-cost method, and for which revenue recognized exceeds the amount billed to the customer. Activity related to contract assets, which are included in other current assets on the condensed consolidated balance sheet, is as follows:
| December 31, 2022 | June 30, 2022 | $ Change | % Change
Contract assets | $ | 15,586 |  | $ | 18,050 |  | $ | (2,464) |  | (13.7) | %
The difference between the opening and closing balances of the Company's contract assets primarily results from the timing difference between the Company's performance and when the customer is billed.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration