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Note 3 - Revenue From Contracts With Customers

6 Months Ended

Dec. 31, 2023

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, 2023				December 31, 2022
Electronics		$	79,419			$	72,556
Engraving Services			38,467				36,221
Engraving Products			2,378				1,468
Total Engraving			40,845				37,689
Scientific			16,292				19,292
Engineering Technologies			19,887				24,193
Hydraulics Cylinders and Systems			11,881				17,538
Merchandising & Display			10,076				9,392
Pumps			-				7,129
Total Specialty Solutions			21,957				34,059
Total revenue by product line		$	178,400			$	187,789

		Six Months Ended
Revenue by Product Line		December 31, 2023				December 31, 2022
Electronics		$	161,107			$	147,755
Engraving Services			77,203				69,805
Engraving Products			4,436				2,908
Total Engraving			81,639				72,713
Scientific			34,485				37,748
Engineering Technologies			38,107				41,192
Hydraulics Cylinders and Systems			26,610				34,275
Merchandising & Display			21,226				18,957
Pumps			-				15,749
Total Specialty Solutions			47,836				68,981
Total revenue by product line		$	363,174			$	368,389

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, 2023				December 31, 2022				December 31, 2023				December 31, 2022
United States		$	110,167			$	116,303			$	224,668			$	226,462
Asia Pacific			32,742				33,861				64,151				66,654
EMEA (1)			31,632				33,401				66,100				67,326
Other Americas			3,859				4,224				8,255				7,947
Total		$	178,400			$	187,789			$	363,174			$	368,389

_⁽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):

		Three Months Ended
Timing of Revenue Recognition		December 31, 2023				December 31, 2022
Products and services transferred at a point in time		$	160,204			$	165,728
Products transferred over time			18,196				22,061
Net sales		$	178,400			$	187,789

		Six Months Ended
Timing of Revenue Recognition		December 31, 2023				December 31, 2022
Products and services transferred at a point in time		$	327,429			$	331,421
Products transferred over time			35,745				36,968
Net sales		$	363,174			$	368,389

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, 2023
Contract assets:
Prepaid expenses and other current assets		$	31,138			$	33,565			$	30,201			$	34,502

		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				-

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

There was no liability balance at the beginning of fiscal year 2024.

		December 31, 2022				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

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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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//606/tableOfContent

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