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Revenue Recognition Revenue Recognition | 9 Months Ended
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Mar. 31, 2023
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 nine months ended March 31, 2023 and 2022. Other countries consist of Mexico, Australia, New Zealand, and Singapore.
| Three Months Ended March 31,
| 2023 |  | 2022
| Service Center Based Distribution | Engineered Solutions | Total |  | Service Center Based Distribution | Engineered Solutions | Total
Geographic Areas: |  |  |  |  |  |  |
United States | $ | 628,816 |  | $ | 363,945 |  | $ | 992,761 |  |  | $ | 541,622 |  | $ | 314,626 |  | $ | 856,248 |
Canada | 80,133 |  | — |  | 80,133 |  |  | 70,493 |  | — |  | 70,493 |
Other countries | 52,650 |  | 6,491 |  | 59,141 |  |  | 46,883 |  | 7,038 |  | 53,921 |
Total | $ | 761,599 |  | $ | 370,436 |  | $ | 1,132,035 |  |  | $ | 658,998 |  | $ | 321,664 |  | $ | 980,662 |
| Nine Months Ended March 31,
| 2023 |  | 2022
| Service Center Based Distribution | Engineered Solutions | Total |  | Service Center Based Distribution | Engineered Solutions | Total
Geographic Areas: |  |  |  |  |  |  |
United States | $ | 1,795,148 |  | $ | 1,048,299 |  | $ | 2,843,447 |  |  | $ | 1,495,198 |  | $ | 882,025 |  | $ | 2,377,223 |
Canada | 234,605 |  | — |  | 234,605 |  |  | 211,322 |  | — |  | 211,322 |
Other countries | 155,226 |  | 21,442 |  | 176,668 |  |  | 140,567 |  | 20,105 |  | 160,672 |
Total | $ | 2,184,979 |  | $ | 1,069,741 |  | $ | 3,254,720 |  |  | $ | 1,847,087 |  | $ | 902,130 |  | $ | 2,749,217 |
The following tables present the Company’s percentage of revenue by reportable segment and major customer industry for the three and nine months ended March 31, 2023 and 2022:
| Three Months Ended March 31,
| 2023 |  | 2022
| Service Center Based Distribution |  | Engineered Solutions |  | Total |  | Service Center Based Distribution |  | Engineered Solutions |  | Total
General Industry | 33.9 | % |  | 39.9 | % |  | 35.8 | % |  | 35.2 | % |  | 40.5 | % |  | 36.8 | %
Industrial Machinery | 9.7 | % |  | 25.9 | % |  | 15.0 | % |  | 10.6 | % |  | 27.9 | % |  | 16.3 | %
Metals | 10.6 | % |  | 7.8 | % |  | 9.7 | % |  | 11.4 | % |  | 7.7 | % |  | 10.2 | %
Food | 13.1 | % |  | 2.7 | % |  | 9.7 | % |  | 12.6 | % |  | 2.7 | % |  | 9.4 | %
Forest Products | 12.5 | % |  | 3.6 | % |  | 9.6 | % |  | 10.8 | % |  | 2.1 | % |  | 7.9 | %
Chem/Petrochem | 2.9 | % |  | 14.3 | % |  | 6.6 | % |  | 2.9 | % |  | 13.3 | % |  | 6.3 | %
Cement & Aggregate | 7.9 | % |  | 1.2 | % |  | 5.7 | % |  | 7.1 | % |  | 1.1 | % |  | 5.2 | %
Oil & Gas | 5.8 | % |  | 1.4 | % |  | 4.4 | % |  | 5.5 | % |  | 1.1 | % |  | 4.1 | %
Transportation | 3.6 | % |  | 3.2 | % |  | 3.5 | % |  | 3.9 | % |  | 3.6 | % |  | 3.8 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
| Nine Months Ended March 31,
| 2023 |  | 2022
| Service Center Based Distribution |  | Engineered Solutions |  | Total |  | Service Center Based Distribution |  | Engineered Solutions |  | Total
General Industry | 33.8 | % |  | 40.6 | % |  | 36.1 | % |  | 34.8 | % |  | 40.1 | % |  | 36.5 | %
Industrial Machinery | 10.0 | % |  | 26.8 | % |  | 15.5 | % |  | 10.5 | % |  | 28.6 | % |  | 16.4 | %
Metals | 10.7 | % |  | 7.7 | % |  | 9.7 | % |  | 11.2 | % |  | 7.4 | % |  | 10.0 | %
Food | 13.0 | % |  | 2.6 | % |  | 9.6 | % |  | 12.6 | % |  | 2.5 | % |  | 9.3 | %
Forest Products | 12.0 | % |  | 2.9 | % |  | 9.0 | % |  | 10.6 | % |  | 2.2 | % |  | 7.9 | %
Chem/Petrochem | 3.0 | % |  | 13.7 | % |  | 6.5 | % |  | 3.2 | % |  | 13.6 | % |  | 6.6 | %
Cement & Aggregate | 7.9 | % |  | 1.3 | % |  | 5.7 | % |  | 7.6 | % |  | 1.1 | % |  | 5.4 | %
Oil & Gas | 5.9 | % |  | 1.3 | % |  | 4.4 | % |  | 5.4 | % |  | 1.2 | % |  | 4.0 | %
Transportation | 3.7 | % |  | 3.1 | % |  | 3.5 | % |  | 4.1 | % |  | 3.3 | % |  | 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 nine months ended March 31, 2023 and 2022:
| Three Months Ended March 31,
| 2023 |  | 2022
| Service Center Based Distribution |  | Engineered Solutions |  | Total |  | Service Center Based Distribution |  | Engineered Solutions |  | Total
Power Transmission | 37.2 | % |  | 10.9 | % |  | 28.6 | % |  | 36.3 | % |  | 11.5 | % |  | 28.2 | %
Fluid Power | 13.2 | % |  | 34.3 | % |  | 20.1 | % |  | 12.7 | % |  | 36.5 | % |  | 20.5 | %
General Maintenance; Hose Products & Other | 20.6 | % |  | 19.1 | % |  | 20.1 | % |  | 21.1 | % |  | 18.8 | % |  | 20.4 | %
Bearings, Linear & Seals | 29.0 | % |  | 0.4 | % |  | 19.6 | % |  | 29.9 | % |  | 0.5 | % |  | 20.2 | %
Specialty Flow Control | — | % |  | 35.3 | % |  | 11.6 | % |  | — | % |  | 32.7 | % |  | 10.7 | %
Total | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
| Nine Months Ended March 31,
| 2023 |  | 2022
| Service Center Based Distribution |  | Engineered Solutions |  | Total |  | Service Center Based Distribution |  | Engineered Solutions |  | Total
Power Transmission | 37.4 | % |  | 10.4 | % |  | 28.5 | % |  | 36.8 | % |  | 10.7 | % |  | 28.3 | %
Fluid Power | 13.1 | % |  | 34.9 | % |  | 20.3 | % |  | 12.8 | % |  | 37.1 | % |  | 20.8 | %
General Maintenance; Hose Products & Other | 21.1 | % |  | 19.3 | % |  | 20.5 | % |  | 21.1 | % |  | 19.2 | % |  | 20.4 | %
Bearings, Linear & Seals | 28.4 | % |  | 0.4 | % |  | 19.2 | % |  | 29.3 | % |  | 0.5 | % |  | 19.8 | %
Specialty Flow Control | — | % |  | 35.0 | % |  | 11.5 | % |  | — | % |  | 32.5 | % |  | 10.7 | %
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:
| March 31, 2023 | June 30, 2022 | $ Change | % Change
Contract assets | $ | 19,356 |  | $ | 18,050 |  | $ | 1,306 |  | 7.2 | %
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.

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- 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
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