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Note 3 - Revenue From Contracts With Customers

6 Months Ended

Dec. 31, 2024

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 segments 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 from disaggregated by product line and segment (in thousands):

		Three Months Ended
Revenue by Product Line		December 31, 2024				December 31, 2023
Electronics		$	95,923			$	79,419
Engraving Services			28,844				38,467
Engraving Products			2,610				2,378
Total Engraving			31,454				40,845
Scientific			18,477				16,292
Engineering Technologies			22,649				19,887
Hydraulics Cylinders and Systems			12,067				11,881
Merchandising & Display			9,244				10,076
Total Specialty Solutions			21,311				21,957
Total revenue by product line		$	189,814			$	178,400

		Six Months Ended
Revenue by Product Line		December 31, 2024				December 31, 2023
Electronics		$	173,656			$	161,107
Engraving Services			58,664				77,203
Engraving Products			6,153				4,436
Total Engraving			64,817				81,639
Scientific			36,170				34,485
Engineering Technologies			43,179				38,107
Hydraulics Cylinders and Systems			23,689				26,610
Merchandising & Display			18,767				21,226
Total Specialty Solutions			42,456				47,836
Total revenue by product line		$	360,278			$	363,174

The following table presents revenue from continuing operations disaggregated by geography based on the Company’s locations (in thousands):

		Three Months Ended				Three Months Ended				Six Months Ended				Six Months Ended
Net sales		December 31, 2024				December 31, 2023				December 31, 2024				December 31, 2023
United States		$	111,532			$	110,167			$	212,268			$	224,668
Asia Pacific			49,706				32,742				87,401				64,151
EMEA (1)			26,368				31,632				55,638				66,100
Other Americas			2,208				3,859				4,971				8,255
Total		$	189,814			$	178,400			$	360,278			$	363,174

_⁽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, 2024				December 31, 2023
Products and services transferred at a point in time		$	169,034			$	160,204
Products transferred over time			20,780				18,196
Net sales		$	189,814			$	178,400

		Six Months Ended
Timing of Revenue Recognition		December 31, 2024				December 31, 2023
Products and services transferred at a point in time		$	321,721			$	327,429
Products transferred over time			38,557				35,745
Net sales		$	360,278			$	363,174

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):

		June 30, 2024				Additions				Deductions				December 31, 2024
Six months ended December 31, 2024
Contract assets:
Prepaid expenses and other current assets		$	45,393			$	36,004			$	25,798			$	55,599
Contract liabilities:
Customer deposits			1,766				1,805				2,377				1,194

		June 30, 2023				Additions				Deductions				December 31, 2023
Six months ended December 31, 2023
Contract assets:
Prepaid expenses and other current assets		$	31,138			$	33,565			$	30,201			$	34,502

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

		December 31, 2024				December 31, 2024
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		$	-			$	1,766

		December 31, 2023				December 31, 2023
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		$	-			$	-

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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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