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Note 3 - Revenue From Contracts With Customers

6 Months Ended

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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- References

No definition available.

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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
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
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-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
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-Section 50
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-Topic 606
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-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
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-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

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