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Note 3 - Revenue From Contracts With Customers

6 Months Ended

Dec. 31, 2022

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, 2022				December 31, 2021
Electronics		$	72,556			$	76,626
Engraving Services			36,221				34,321
Engraving Products			1,468				2,323
Total Engraving			37,689				36,644
Scientific			19,292				24,636
Engineering Technologies			24,193				18,095
Hydraulics Cylinders and Systems			17,538				13,248
Merchandising & Display			9,392				8,422
Pumps			7,129				8,038
Total Specialty Solutions			34,059				29,708
Total revenue by product line		$	187,789			$	185,709

		Six Months Ended
Revenue by Product Line		December 31, 2022				December 31, 2021
Electronics		$	147,755			$	152,462
Engraving Services			69,805				67,238
Engraving Products			2,908				4,576
Total Engraving			72,713				71,814
Scientific			37,748				46,165
Engineering Technologies			41,192				35,668
Hydraulics Cylinders and Systems			34,275				23,901
Merchandising & Display			18,957				15,110
Pumps			15,749				16,199
Total Specialty Solutions			68,981				55,210
Total revenue by product line		$	368,389			$	361,319

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, 2022				December 31, 2021				December 31, 2022				December 31, 2021
United States		$	116,303			$	105,597			$	226,462			$	204,581
Asia Pacific			33,861				42,145				66,654				79,401
EMEA (1)			33,401				34,877				67,326				70,878
Other Americas			4,224				3,090				7,947				6,459
Total		$	187,789			$	185,709			$	368,389			$	361,319

_⁽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, 2022				December 31, 2021
Products and services transferred at a point in time		$	165,728			$	175,616
Products transferred over time			22,061				10,093
Net sales		$	187,789			$	185,709

		Six Months Ended
Timing of Revenue Recognition		December 31, 2022				December 31, 2021
Products and services transferred at a point in time		$	331,421			$	340,039
Products transferred over time			36,968				21,280
Net sales		$	368,389			$	361,319

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				Deductions				Balance at End of Period
Six months ended December 31, 2022
Contract assets:
Prepaid expenses and other current assets		$	24,679			$	33,017			$	26,681			$	31,015
Contract liabilities:
Customer deposits			41				-				41				-

		Balance at Beginning of Period				Additions				Deductions				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

We recognized the following revenue which was included in the contract liability beginning balances (in thousands):

		December 31, 2022
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		$	38			$	41

		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

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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 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
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

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-Publisher FASB
-Name Accounting Standards Codification
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-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
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

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-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
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-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

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