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Note 3 - Revenue From Contracts With Customers | 6 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | 3) Revenue From Contracts With Customers Most of the Company’s contracts have a single performance obligation which represents the product or service being sold to the customer. Some contracts include multiple performance obligations such as a product and the related installation and/or extended warranty. Additionally, most of the Company’s contracts offer assurance type warranties in connection with the sale of a product to customers. Assurance type warranties provide a customer with assurance that the product complies with agreed-upon specifications. Assurance type warranties do not represent a separate performance obligation. In general, the Company recognizes revenue at the point in time control transfers to its customer based on predetermined shipping terms. Revenue is recognized over time under certain long-term contracts within the Engineering Technologies and Engraving groups for highly customized customer products that have no alternative use and in which the contract specifies the Company has a right to payment for its costs, plus a reasonable margin. For products manufactured over time, the transfer of control is measured pro rata, based upon current estimates of costs to complete such contracts. Losses on contracts are fully recognized in the period in which the losses become determinable. Revisions in profit estimates are reflected on a cumulative basis in the period in which the basis for such revision becomes known. Disaggregation of Revenue from Contracts with Customers The following table presents revenue disaggregated by product line and segment (in thousands):
|  | Three Months Ended |
Revenue by Product Line |  | December 31, 2021 |  |  | December 31, 2020 |
Electronics |  | $ | 76,626 |  |  | $ | 60,156 |
Engraving Services |  |  | 34,321 |  |  |  | 34,976 |
Engraving Products |  |  | 2,323 |  |  |  | 2,974 |
Total Engraving |  |  | 36,644 |  |  |  | 37,950 |
Scientific |  |  | 24,636 |  |  |  | 17,893 |
Engineering Technologies |  |  | 18,095 |  |  |  | 17,507 |
Hydraulics Cylinders and Systems |  |  | 13,248 |  |  |  | 10,623 |
Merchandising & Display |  |  | 8,422 |  |  |  | 6,041 |
Pumps |  |  | 8,038 |  |  |  | 6,113 |
Total Specialty Solutions |  |  | 29,708 |  |  |  | 22,777 |
Total revenue by product line |  | $ | 185,709 |  |  | $ | 156,283 |
The following table presents revenue disaggregated by product line and segment (in thousands):
|  | Six Months Ended |
Revenue by Product Line |  | December 31, 2021 |  |  | December 31, 2020 |
Electronics |  | $ | 152,462 |  |  | $ | 115,427 |
Engraving Services |  |  | 67,238 |  |  |  | 69,296 |
Engraving Products |  |  | 4,576 |  |  |  | 5,055 |
Total Engraving |  |  | 71,814 |  |  |  | 74,351 |
Scientific |  |  | 46,165 |  |  |  | 34,556 |
Engineering Technologies |  |  | 35,668 |  |  |  | 35,140 |
Hydraulics Cylinders and Systems |  |  | 23,901 |  |  |  | 22,954 |
Merchandising & Display |  |  | 15,110 |  |  |  | 13,239 |
Pumps |  |  | 16,199 |  |  |  | 11,902 |
Total Specialty Solutions |  |  | 55,210 |  |  |  | 48,095 |
Total revenue by product line |  | $ | 361,319 |  |  | $ | 307,569 |
The following table presents revenue from continuing operations disaggregated by geography based on company’s locations (in thousands):
|  | Three Months Ended |  |  | Three Months Ended |  |  | Six Months Ended |  |  | Six Months Ended |
Net sales |  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2021 |  |  | December 31, 2020 |
United States |  | $ | 105,597 |  |  | $ | 91,392 |  |  | $ | 204,581 |  |  | $ | 183,506 |
Asia Pacific |  |  | 42,145 |  |  |  | 30,610 |  |  |  | 79,401 |  |  |  | 57,474 |
EMEA (1) |  |  | 34,877 |  |  |  | 30,364 |  |  |  | 70,878 |  |  |  | 59,182 |
Other Americas |  |  | 3,090 |  |  |  | 3,917 |  |  |  | 6,459 |  |  |  | 7,407 |
Total |  | $ | 185,709 |  |  | $ | 156,283 |  |  | $ | 361,319 |  |  | $ | 307,569 |
(1) EMEA consists primarily of Europe, Middle East and S. Africa. The following table presents revenue from continuing operations disaggregated by timing of recognition (in thousands) for the three months ended:
|  | Three Months Ended |
Timing of Revenue Recognition |  | December 31, 2021 |  |  | December 31, 2020 |
Products and services transferred at a point in time |  | $ | 175,616 |  |  | $ | 147,167 |
Products transferred over time |  |  | 10,093 |  |  |  | 9,116 |
Net sales |  | $ | 185,709 |  |  | $ | 156,283 |
|  | Six Months Ended |
Timing of Revenue Recognition |  | December 31, 2021 |  |  | December 31, 2020 |
Products and services transferred at a point in time |  | $ | 340,039 |  |  | $ | 290,638 |
Products transferred over time |  |  | 21,280 |  |  |  | 16,931 |
Net Sales |  | $ | 361,319 |  |  | $ | 307,569 |
Contract Balances Contract assets represent sales recognized in excess of billings related to work completed but not yet shipped for which revenue is recognized over time. Contract assets are recorded as prepaid expenses and other current assets. Contract liabilities are customer deposits for which revenue has not been recognized. Current contract liabilities are recorded as accrued liabilities. The timing of revenue recognition, invoicing and cash collections results in billed receivables, contract assets and contract liabilities on the consolidated balance sheets. When consideration is received from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after control of the goods and services are transferred to the customer and all revenue recognition criteria have been met. The following table provides information about contract assets and liability balances (in thousands):
|  | Balance at Beginning of Period |  |  | Additions |  |  | Amount Recognized |  |  | Balance at End of Period |
Six months ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | 15,013 |  |  | $ | 19,034 |  |  | $ | 14,678 |  |  | $ | 19,369 |
Contract liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer deposits |  |  | 471 |  |  |  | 6,472 |  |  |  | 6,691 |  |  |  | 252 |
|  | Balance at Beginning of Period |  |  | Additions |  |  | Amount Recognized |  |  | Balance at End of Period |
Six months ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets |  | $ | 9,140 |  |  | $ | 13,774 |  |  | $ | 13,305 |  |  | $ | 9,609 |
Contract liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer deposits |  |  | 2,298 |  |  |  | 4,382 |  |  |  | 6,315 |  |  |  | 365 |
We recognized the following revenue which was included in the contract liability beginning balances (in thousands):
|  | December 31, 2021 |
Revenue recognized in the period from: |  | Three months ended |  |  | Six months ended |
Amounts included in the contract liability balance at the beginning of the period |  | $ | 252 |  |  | $ | 471 |
|  | December 31, 2020 |
Revenue recognized in the period from: |  | Three months ended |  |  | Six months ended |
Amounts included in the contract liability balance at the beginning of the period |  | $ | 1,418 |  |  | $ | 2,298 |

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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 http://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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=123351226&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 http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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